Memo to Bernanke: "No Wage Growth; No Recovery"

By Mike Whitney

It should be fairly obvious by now that US consumers are undergoing a generational shift and will not be able to lead the way out of the recession as they have in the past. Nor will they miraculously "bounce back" and provide demand for products made abroad.

//www.informationclearinghouse.info/article23378.htm

 

Dress Rehearsal For Debt Peonage

Guns And Butter - Audio Interview

Dr. Michael Hudson on why the banks are returning the bailout money; bank fees and penalties; banks prefer default to foreclosure; debt as wealth; Obama's Financial Regulatory Reform Proposal and its six major flaws; the deregulation-by centralization ploy; failure to reform the economy will lead to debt peonage.

//www.informationclearinghouse.info/article23386.htm

 

The Spend-And-Borrow Economy

By Nouriel Roubini

Governments will have to manage perceptions. Today investors remain willing to bankroll federal spending without any clear or firm indication of how the fiscal crisis--and it is a crisis of extraordinary proportions--is going to be dealt with. That won't last.

//www.informationclearinghouse.info/article23383.htm

 

The Foreclosure Rescue Mirage

By Andy Kroll

How the government's flagship homeowner relief program hangs borrowers out to dry.
//www.informationclearinghouse.info/article23380.htm

 

One In Nine Americans Uses Food Stamps

By Tom Eley

In all, 34.4 million people used the Supplemental Nutrition Assistance Program (SNAP), a federal program that provides assistance to low-income people, an increase of more than 2 percent from the previous month, and a staggering increase of 6 million over the past year.

//www.informationclearinghouse.info/article23382.htm

 

Hummel: The US Will Default On Its Debt

The flood of debt that the US is taking on in its efforts rescue to economy will combine with huge social insurance obligations--Medicare, MedicaidSocial Security--to create an unsustainable level of public indebtedness, economist Jeffrey Rogers Hummel argues in at length here.

//www.businessinsider.com/hummel-the-us-will-default-on-its-debt-2009-8

 

1,000 Banks to Fail In Next Two Years: Bank CEO:

The US banking system will lose some 1,000 institutions over the next two years, said John Kanas, whose private equity firm bought BankUnited of Florida in May.

//www.cnbc.com/id/32581463

 

Lefrak: Commercial Real Estate Will Kill 500 Small Banks

The Real Deal passes along this video of Harrison Lefrak predicting 500 bank failures resulting from commercial real estate problems.

//snipurl.com/rgvbw


From Information Clearing House

 

//freepage.twoday.net/search?q=Obama
//freepage.twoday.net/search?q=Bernanke
//freepage.twoday.net/search?q=fiscal+crisis
//freepage.twoday.net/search?q=federal+spending
//freepage.twoday.net/search?q=banking+system
//freepage.twoday.net/search?q=real+estate
//freepage.twoday.net/search?q=recession
//freepage.twoday.net/search?q=bailout
//freepage.twoday.net/search?q=recovery
//freepage.twoday.net/search?q=foreclosure
//freepage.twoday.net/search?q=food+stamps
//freepage.twoday.net/search?q=Mike+Whitney
//freepage.twoday.net/search?q=Michael+Hudson
//freepage.twoday.net/search?q=Nouriel+Roubini
//freepage.twoday.net/search?q=Andy+Kroll
//freepage.twoday.net/search?q=Tom+Eley
//freepage.twoday.net/search?q=Jeffrey+Rogers+Hummel
//freepage.twoday.net/search?q=Harrison+Lefrak

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