Personal Bankruptcy soars to 5 yr high ~ Nevada continues to be hardest hit – feel the ‘Hope’ yet?

The American people are eagerly awaiting their chance to vote against this destructive, divisive agenda coming out of D.C. November cannot come soon enough. Hold On, voters are comin’, we will pull each other out of this morass the Obama Democrats have created. Please make sure EVERYONE you know is coming out to vote.

ZeroHedge:

The Administrative Office of the U.S. Courts reports that personal bankruptcy filings for the year ended June 30, 2010 surged to a five year high, hitting 1.57 million, a 20% increase from the prior year. Furthermore, in the period between April and June, there were 422,061 bankruptcy filings, a 9% increase from the 388,148 in the previous quarter, and up 11% from 381,073 a year earlier. As Reuters highlights, quarterly filings surpassed 400,000 for the first time since a record 667,431 bankruptcies were begun in the fourth quarter of 2005, when Congress overhauled federal bankruptcy laws and made it harder for people and businesses to file…

Nevada continues to be hardest hit in foreclosures and bankruptcies as well as unemployment, Harry Reid is killing his state on a Trifecta of issues with his ass backward economic ‘policies’,,,

If you are in Nevada, please take a look at Sharron Angle for Senate. I had initially backed Sue Lowden and donated to her campaign, but Sharron was the people’s choice and now any dillys I have for NV are going to Sharron who GETS IT. We need people who GET US, and GET AMERICA. Who GET free markets and fiscal responsibility. Please vote for Sharron Angle to turn NV around!

...Indicatively, Nevada had the highest rate of filings on a per capita basis in the last year, with 11.74 per 1,000 people)….

Obama is on my TV, again, this time BAMBOOZLING folks in Ohio and whining about how companies have plenty of money to hire and fully fund pensions. Good grief, the pension bailout is coming….Hold On America, we voters are comin’!!

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August 18, 2010. Tags: , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, Popular Culture, Taxes, Unemployment Statistics. Comments off.

The ‘recovery summer’ that wasn’t continues ~ retail sales dip for second month as consumers continue to vote NO on Obamanomics, refusing to spend


So this big plan wherein MNCs (Multi National Corporations) and Team Obama increase exports and Americans save more is kinda sorta half coming to fruition, in an unintended way.

The problem is we American consumers stopped spending but the world is NOT increasing consumption, it is continuing to export to us (and it made clear at the G20 that will continue so much for Obama;s vaunted charisma leading the world to new frontiers, lol).

WSJ:

–The dead cat has left the building: despite a record 9.0% plunge in building material sales for May, the category failed to receive the typical post-plunge rebound in June. We view the building materials and accompanying furniture sales drops as reflective of weak housing market demand, and ultimately it was the lack of a dead cat bounce in these categories that caused core sales to fall short of expectations. Building materials sales declines of an additional 1.0% point towards continued weakness in construction spending, as residential improvement projects represent about 15% of all US construction activity. –Guy LeBas, Janney Montgomery Scott

And of course there are no American jobs, that pesky housing market is continuing to drop to new lows and small business is out for the count. The MNCs can continue to cut costs for a while but the inventory build is over.

The high end is moving their income into 2010 to avoid the coming Taxapocolypse in ’11 which will make the back half of ’10 look much better than it is, and will also see the tide go out in ’11 and reveal the naked truth~ there is no recovery and there will not be one until we turnover Congress AND the Presidency.

We can stop the bleeding if the GOP takes Congress in November, but we will have to sit tight, preserve capital and wait it out til ’12 to get the American economic engine running again under a POTUS who is not actively trying to LOWER the American standard of living. VOTE!
CNBC:

…Retail spending dropped 0.5 percent in June, the Commerce Department reported Wednesday. That followed a 1.1 percent fall in May. Excluding autos, spending was down 0.1 percent in June. …
…Americans are spending less and that could threaten the pace of the recovery. Consumer spending accounts for 70 percent of economic activity. But consumers have held back because of high unemployment and other signs that have dampened their confidence, such as the volatile stock market and a struggling housing market.

The June decline in retail sales was larger than the 0.2 percent fall that economists had expected. …

ps Oil inventories PLUNGED 5 MBBPS forecast was a drawdown of 1.something MBBSand BP isn’t testing the cap shutoff~ WASS!! Take that summer RV vacation with the family now before gas goes up~yeah the markets are up 700 points on the Dow past few days, whee! gotta be Nukkin Futs to play this market IMO it is running on air, no volume and computerized trades, there is no THERE there, just like Obama. The souffle has fallen!!

July 14, 2010. Tags: , , , , , , . Economy, Finance, Housing, Obama Administration, Politics, Taxes, Unemployment Statistics, Wall St. Comments off.

Long Hot Slow Summer: ISM Services Index drops

Fade the rally! Tell me more about this mythical ‘recovery summer’. Pfft. GOLD is dropping, like a stone?!, down another $14. Buy the preccccious….

CalculatedRisk:

The June ISM Non-manufacturing index was at 53.8%, down from 55.4% in May – and below expectations of 55. The employment index showed contraction in June at 49.7%…….

July 6, 2010. Tags: , , , , . Economy, Finance, Obama Administration, Politics, Popular Culture, Taxes, Unemployment Statistics, Wall St. Comments off.

Market Mover Thursday: 2Q GDP, Weekly jobless claims…

wall-street2

2Q GDP -1%

1Q GDP -6.4%

MiM expects a 3Q GDP bump from the Cash for Clunkers and then another drop in Q4,Q1…

Weekly jobless data –

The number of U.S. workers filing new claims for jobless benefits fell last week to 570,000, and those collecting long-term unemployment benefits dropped to the lowest level since April…

Lowest since April? Wow that was a whole 3 months ago! What maroons. Tell me it is the lowest since 2005 and I’ll feel better, they are really reaching for good data and it just isn’t there IMO….recall we have been seeing the highest number of continuing claims in decades…

Analysts polled by Reuters had forecast new claims slipping to 565,000 in the week ending Aug. 22 from 580,000 the prior week, which had been previously reported as 576,000.

Continued claims fell to 6.133 million in the week ended Aug. 15 from 6.252 million the prior week….

August 27, 2009. Tags: , . Labor Department, Obama Administration, Politics, Unemployment Statistics, Wall St. Comments off.

Update: El-Erian on the imminent market pullback: Market Mover Friday: Consumer Sentiment plunges, CPI flat…

Vodpod videos no longer available.

CNBC: “The stock market has gotten ahead of reality, Pimco’s Mohamed El-Erian told CNBC Friday.

In a continuation of recent comments, El-Erian, co-chief executive officer of the largest bond fund manager in the world, said the US has yet to see a durable and sustainable recovery.

“Stock investors are making overly optimistic assumptions,” El-Erian said. “The key stimulus has already come into the consumer and has helped in the last few months. But for the third and fourth quarters looking ahead, I am not so sure things will be as good.”

Just three weeks ago, El-Erian told CNBC that the stock market spent July on a “sugar high,” rising to levels not justified by an economy that is still limping along….”

(more…)

August 14, 2009. Tags: , , , , , , , . Economy, Finance, Obama Administration, Politics, Unemployment Statistics, Wall St. Comments off.

Market Mover Wednesday: ADP jobs report, ISM manufacturing rises slightly-still a contraction at under 50…

ADP numbers out today, I don’t place much store in them. TOMORROW will be the BIG number., June job losses from the government

WSJ:

Private-sector jobs in the U.S. fell 473,000 in June, according to a national employment report published Wednesday by payroll giant Automatic Data Processing Inc. and consultancy Macroeconomic Advisers.

The expected loss exceeds the 400,000 drop forecast by economists in a Dow Jones Newswires survey and suggests that layoffs may be worsening.

Separately, the Institute for Supply Management’s manufacturing index rose a bit to 44.8 in June from 42.8 in May. The number indicates the sector is contracting at a slower pace. Meanwhile, spending on U.S. construction projects resumed falling in May, sent down by the soft housing market and a government sector scrambling for revenue in the recession. However, a measure of pending home sales rose in May.

The ADP survey tallies only private-sector jobs, while the Bureau of Labor Statistics’ nonfarm payroll data, to be released Thursday, include government workers. Economists surveyed by Dow Jones Newswires expect that the BLS will report June job cuts totaling 350,000, on top of a 345,000 loss in May. The May unemployment rate is projected to rise to 9.6% from 9.4% in May.

(more…)

July 1, 2009. Tags: , , , , . Economy, Finance, Obama Administration, Unemployment Statistics, Wall St. Comments off.

Market Mover Tuesday: Housing Data and the Treasury Auctions begin….

The Mortgage Bankers Association slashed their estimates yesterday, more on that later….for the next two days, we are also waiting for language after the Fed meeting wraps up to see the exit strategy….

This morning we get sales data:

WSJ:

…At 10 a.m., the National Association of Realtors will report on May sales of existing homes and the Federal Housing Finance Agency will release home-price data for April.

The Treasury Department will auction $60 billion in two-year notes Tuesday. Ahead of the sale, Treasurys were falling, with the two-year note sliding 3/32 to yield 1.174%, and the 10-year note sliding 10/32 to yield 3.722%….

June 23, 2009. Tags: , , , , , , , , . Economy, Finance, Housing, Music, Wall St. Comments off.

Market Mover Wednesday: CPI Rises Less Than Expected, Up 0.1% in May – CNBC.com

Vodpod videos no longer available.

more about “Market Mover Wednesday: CPI Rises Les…“, posted with vodpod

June 17, 2009. Tags: , , , , , , , , , . Economy, Finance, Wall St. Comments off.

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