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The Obama plan for the student loan bubble

When data and statistics are as manipulated and corrupt, as what comes out of the Executive Branch in U.S. government reports, it is not surprising that both Congress and the White House regularly respond to crises with a reactionary tone, and far past the point where simple solutions would have easily resolved the issue. For over two years, student loans have been the highest and by far largest consumer cr ...

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Pension shortfalls force states to put retirees money at risk

If there is one thing most politicians fail at, it is their ability to project and plan for the future, when it often more beneficial to their careers to sell out for today.  And because politicians for the most part are tied to 2-4 year election cycles, it rarely behooves them to make policies that are beneficial to constituents over the long run, and instead are more apt to sacrifice the future for their ...

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Russia adds another feather to its cap in war against the dollar

In the business world, there are three ways to conduct a transaction.  First, there is a negotiated plan where both sides achieve exactly what they want and are happy with the terms of the deal.  Secondly, there are deals that involve one side offering incentives to the other side, giving the second party a short-term advantage in the hopes by the first party that they will win out in the long-term. Then th ...

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ECB to kill savers with new Negative Interest Rate Policy

After two years of continuous jawboning, the head of the European Central Bank (ECB) finally acted and laid down a new policy that will destroy savers and anyone who wishes to protect their cash in the fiat currency system. On June 5, Mario Draghi lowered the interest rate for banks to a negative interest rate in an attempt to stave off the massive deflation that was creeping into the EU and in essence, kic ...

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U.S. Gasoline Consumption Plummets By Nearly 75%

Read this a couple days ago on ETF Daily News and frankly it left me dumbfounded. The article has since been picked up by ZeroHedge and as I've not seen it posted... well, here it is. Frankly after reading this twice I'm still not sure if this can be true but if it is then it is proof that the US economy is completely broken. Read the entire article and decide for yourself. Mods I placed this in the Global ...

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Fed patriarch Paul Volcker says its time for a new Bretton Woods

The original Bretton Woods conference of July 1944 was the primary foundation for the U.S. dollar becoming the global reserve currency during the final stages of World War II.  And while the original charter lasted until 1971 when President Nixon took the dollar off the gold standard, its significance and name has been used as a springboard for any future reserve currency discussions. On May 21 at the annua ...

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FDIC closes bank in Maryland bringing total number of failed banks in 2014 to 9

Slavie Federal Savings Bank., located in Bel Air, MD, was closed down by the FDIC on Friday, May 30.  This bank failure is the third one for the month of May and brings the total amount of bank closures in 2014 to nine. 5/30/2014 *** MD *** Bel Air *** Slavie Federal Savings Bank *** $6.6 million dollar estimated FDIC DIF cost. The total DIF for failed banks this week is $6.6 million. If you were banking at ...

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Britain joins Italy in adding revenues from hookers and drugs to increase their GDP

Yesterday, the United States came out with their revised GDP numbers, and the world discovered that the largest economy in the world had a negative growth rate for the first quarter of 2014.  In fact, the actual number was so bad that it was nearly 4% worse than the lowest projected growth prediction made by analysts for this reporting period. So if the United States is now in negative growth, and for all i ...

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Growth of first quarter 2014 came in a negative 1% of revisions

Back in May, the initial first quarter GDP numbers were announced, with economic growth climbing a dismal .1%, and far below analyst expectations of 2.5 to 3%.  However, like most government models, the revised outcome would be much worse than the original numbers indicated. On May 29, the revised first quarter GDP was publicized, and the results were a negative growth in the economy for the first time sinc ...

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Michael Pento: Fed stopped QE because economy is cratering

On May 29, long time financial strategist Michael Pento spoke on the sudden drop in bond prices, and the ramifications of the falling Treasury notes.  During his 15 minutes interview with King World News, Pento laid out the only conclusion that could be drawn from both the Fed tapering, and the bond market falling... The realization that the economy is cratering. Eric King: Let's start with the bonds... the ...

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World Trade Center once again key indicator for economic recession

One of the more interesting side notes regarding the World Trade Center back in September of 2001 was that the Silverstein Group was hemorrhaging tenets and experiencing vast vacancies of office leasers.  This of course changed after the Twin Towers came down, as Larry Silverstein made a mint off the insurance that followed the terrorist attacks. But like all things, the World Trade Center was rebuilt as a ...

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FDIC closes bank in Ohio bringing total number of failed banks in 2014 to 8

Columbia Savings Bank., located in Cincinnati, OH, was closed down by the FDIC on Friday, May 23.  This bank failure is the second one in the month of May and brings the total amount of bank closures in 2014 to eight. 5/23/2014 *** OH *** Cincinnati *** Columbia Savings Bank *** $5.3 million dollar estimated FDIC DIF cost. The total DIF for failed banks this week is $5.3 million. If you were banking at Colu ...

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