As companions, read please see: Ron Paul Revolution Excerpts: Economic Freedom and Ron Paul Revolution Excerpts: Money.
"Fed rules to protect home buyers" by Associated Press | July 9, 2008
WASHINGTON - The Federal Reserve will issue new rules next week aimed at protecting future home buyers from dubious lending practices, its most sweeping response to a housing crisis that has propelled foreclosures to record highs.
What, after they went to so much trouble to cause this mess?
Fed chairman Ben Bernanke spoke of the much-awaited rules in a broader speech yesterday about the challenges confronting policy makers in trying to stabilize a shaky US financial system. To that end, Bernanke said the Fed may give squeezed Wall Street firms more time to tap the central bank's emergency loan program.
--MORE--"Yup, banks are going to get MORE BAILOUTS, I see!
Because the $$$ WON'T be going to YOU, 'murkn homeowner!!!
Because it's TOO LATE!
"Paulson: Despite efforts, many in foreclosure are beyond help" by Associated Press | July 9, 2008
WASHINGTON - Faced with record-high foreclosure rates, the Bush administration has been scrambling to keep people from losing their homes, but many are beyond help, Treasury Secretary Henry Paulson said yesterday.
Lax lending standards that accompanied the once high-flying housing market allowed people to buy homes they could not afford, Paulson said.
"Many of today's unusually high number of foreclosures are not preventable," he said in prepared remarks to a mortgage lending forum meeting in Arlington, Va. "There is little public policy makers can, or should, do to compensate for untenable financial decisions."
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I've said it once, I've said it a million times: WE GOT TRILLIONS for occupations and BILLIONS for banks and Israel, and yet....
"Oil tumbles as slow economy spurs selling" by Bloomberg News | July 9, 2008
NEW YORK - Crude oil fell more than $5 a barrel yesterday, the biggest decline in three months, as signs that the global economy may slow prompted investors to sell commodities.
Oil in New York has dropped more than $9 since reaching a record $145.85 a barrel on Thursday. Gold, silver, copper, and corn also declined.
I'll bet gas went up, though!
"There is more concern about the US economy," said Kyle Cooper, an analyst at IAF Advisors in Houston. "There was a feeling that the US doesn't matter because of growth elsewhere, but the country is still responsible for about 25 percent of world oil consumption."
"We have strong concerns about the sharp rise in oil prices," the Group of Eight said in a statement yesterday in Tokyo, where the leaders are holding their annual summit. "The world economy is now facing uncertainty and downside risks persist."
The United States is "very close to a disaster" because it imports almost 70 percent of its oil, investor Boone Pickens said, unveiling a strategy to limit the country's dependence on foreign crude.
Pickens, founder and chairman of Dallas-based BP Capital LLC, made his comments as Congress has been investigating the role of speculators in oil's rise over the past year. Pickens said the gains are because global demand exceeds supplies.
No, shitter, (I guess that's why he was on ZNN this morning), it is the DECLINING DOLLAR!
Every single day in the business pages its the same old thing!
Oil also fell yesterday as negotiations continued between Iran and Western governments over that country's nuclear program. President Mahmoud Ahmadinejad dismissed the possibility of a war with the United States and Israel over his country's nuclear work, saying Iran is trying to avoid conflict.
Yeah, the Globe has been kind of quiet on all that!
Iran Says It Test-Fired Missiles
"One day after threatening to strike Tel Aviv and United States interests if attacked.... [Iran was] reported on Wednesday to have test-fired nine missiles, including one which Tehran claims has the range to reach Israel.... At the same time, United States and British warships have been conducting naval maneuvers in the Persian Gulf.... The semi-official Iranian news agency Fars has reported on recent military maneuvers by the Revolutionary Guards.... Israel insisted it did not want war with Iran...."
PFFT!
Also, the US dollar rose against the euro."
And THAT is why the price of oil dropped -- not the bogus supply and demand canard the liars toss out all the time!
--MORE--"
And look at all the GOOD NEWS, readers.
NEW YORK - US retail sales rose the most since early May last week as Independence Day sales enticed consumers to buy warm-weather apparel.
Even as summer clearance sales and federal tax rebates helped drive consumers into stores this month, they didn't significantly bolster spending beyond necessities as gasoline exceeds $4 a gallon, home values tumble, and food prices soar.
Oh, so it's not all that good, is it? Sigh!
Wal-Mart Stores Inc. and Costco Wholesale Corp. may have "disproportionately" benefited from federal tax-rebate checks spent in June, Craig Johnson, president of Customer Growth Partners LLC, a New Canaan, Conn.-based retail consulting firm, said Monday.
Translation: Your standard of living is going DOWN, Americans.
But then again, you already know that!
June same-store sales probably increased 3.3 percent at general-merchandise chains such as Wal-Mart and warehouse club Costco, and declined 5.7 percent at department stores, Citigroup Inc. said Sunday.
Wal-Mart rose $2.20, or 3.9 percent, to $59.11 in New York Stock Exchange composite trading. The shares have gained 24 percent this year, while the 29-member S&P 500 retailing index has fallen 13 percent.
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So Wal-Mart is doing JUST FINE!!!
How about you, America?
And ABOUT those bribes, I mean, REBATE CHECKS:
"Rebates helped drive May credit card spree" by Associated Press | July 9, 2008
WASHINGTON - Consumers boosted their borrowing in May, mostly reflecting heavy credit card use to finance their purchases. The pickup pushed total consumer debt up by $7.8 billion to $2.57 trillion.
I can't pay it, sorry!
The increase was led by much stronger demand for a category called revolving credit, which is primarily credit cards. The longer-term trend shows that consumers have been forced to charge more of their purchases on credit cards as banks have tightened lending standards on other types of loans.
Translation: Americans are using CREDIT CARDS to make NECESSARY PURCHASES!!!
You SEE WHERE THIS IS ALL GOING, don't you?
And WHERE DID ALL THAT BAILOUT $$$ GO?
Not to you or me, that's for sure!
The Fed's measure of consumer borrowing does not include any debt secured by real estate, such as mortgage or home equity loans. Economists closely watch consumers' behavior because their spending accounts for a big chunk of overall economic activity.
Translation: This economy is SHITTING the BED!!!!
--MORE--"
At least for us it is!
Please see: The Boston Globe Worships the Wealthy Elite
