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Facing A Total Breakdown Of Financial Markets
- Text size
Bob Chapman
The International Forecaster
October 30, 2009
Early Friday morning, state and federal agents walked into the Bank of Elmwood and closed the failed 49-year-old independent bank after a year of struggling to improve a bleak financial situation, officials announced Friday.
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| We have entered a phase where the Fed and the US Treasury recognize that they can no longer hold up the dollar. | |
The Wisconsin Department of Financial Institutions shut down the bank and turned it over to the Federal Deposit Insurance Corporation. The FDIC in turn sold it to an Oak Creek-based bank.
The FDIC entered into an agreement with the Oak Creek-based Tri City National Bank to assume all of the Bank of Elmwood deposits and assets.
As of Sept. 30, 2009, Bank of Elmwood had total assets of $327.4 million and total deposits of approximately $273.2 million.
No advance notice of the closing was given, according to FDIC officials.
Stock funds have had net outflows of capital out of the market for the past six weeks. Insiders at corporations are selling with glee. Thirty times more sell orders than buy orders. Even CALPERS, the world’s fourth largest pension fund has cut equity holdings to 49%, the lowest since 1993. British pensions have the lowest equity holdings in 35 years. This leads us to believe that, due to the character of pension plans, that long-term momentum has changed and will remain more conservative for some time to come. They could cut back much further and we may not see them on the long side in a big way until a bottom is reached and a decisive uptrend is in place. It is no wonder US Treasures are so strong. We know fiduciaries are perpetually wrong, but irrespective the trend for whatever reason is for less participation in the equity market. Maybe for once they are being smart and following the insiders who are selling 30 times more than they are buying. A recent example was the CEO of one of our short recommendations, Robert Toll, of Toll Brothers, a homebuilder, who last month sold 1.6 million shares of his company’s stock. Stock repurchases are off 65% as well.
During September and October we still saw short covering. We also see that 73% of NYSE trading was of the black box variety, program trading. There are 16 firms front-running all market trades and the SEC refuses to do anything about it, so that Goldman Sachs and JP Morgan chase can further enrich themselves, illegally. The SEC calls it flash-trading not what it really is, stealing. And, yes, the SEC still refuses to stop naked shorting, which is also illegal – another trove of riches for the anointed insiders at Illuminati run brokerage firms. The remainder of the market strength comes from banks, brokerage firms and insurance companies who are leveraging funds received from the Treasury and the Fed, some $12.7 trillion. That is what this really is all about.
This is the first time ever that the S&P 500 has ever rallied 60% in six months. The Dow reached 10,000, when it should not have exceeded 8,500. That shows you the distortion and manipulation going on and points up the now blatant activities of the President’s “Working Group on Financial Markets,” which, of course, operates in secret. As a tribute to this phony rally we have lost 2.5 million jobs over its tenure, when two million are normally created. Are there no professionals out there that get it? They cannot all be that dumb, and they are not that dumb. They are engaging in a conspiracy of silence. They want to be thought well by their peers at the club. They do not want to be ostracized in the Wall Street click. We know we were there for 28 years, of course, always on the outside looking in, permanently known as goldie. If you want to see where the US stock market is eventually going take a look at Japan from 1992 to today. 70% losses and still unable to get out of its own way with an economy still in depression. Incidentally, if the US market copies Japan, which we believe it will, we could easily fall to 3,800 to 4,200 on the Dow and we’ll be very lucky if it holds there. Others whose opinion we respect are looking for 2,800. Wall Street is pricing into the market earnings not only for 2010 but 2011 as well, which is very dangerous in such an environment. We are still in the worst credit crisis since the 1930s.
Trailing P/E on operating earnings is 27 times. When the Dow was 14,168 in 2007, it was 18.8 times. Reported trailing earnings are 180 times, whereas in 10/07, it was 23.4 times. In 10/87, it was 20.3 times. That should give you something to think about if you are in the market. Normally P/E’s should be 14.5 times. Instead of chasing an overpriced goose you should be participating in the bull markets in gold, silver and commodities. That is where safety, preservation of capital and possible large gains are to be found, both short and long term. Why fiddle with an overextended bear market rally when you can gain in relative safety. Get rid of those bonds, stocks, CDs, cash value life insurance policies and annuities, which are really uninsured and in the stock market waiting to again fall 40% to 70% in value. The crisis is not over; it is still in the beginning.
The Fed and Wall Street tell us the recession is over and soon policy actions will continue to a gradual resumption of sustainable economic growth. They see no inflation ahead, only the 1.2% presently. Needless to say, they are well aware that real inflation is 6.11%.
- A d v e r t i s e m e n t
We mentioned CALPERS earlier on as a seller of equities. CALPERS is closely watched by other funds and they probably will influence other pension plans to follow. The plan is to become more conservative as the boomer retirement wave hits. Worldwide retirees will jump to 1.3 billion in 2040 from 500 million plus last year. That will be 14% of the total population. It is inevitable that the market will head lower soon. Funds are not dumb, they see the trend as well and they’ll also be sellers. Now the question is when?
Most professionals, investors and the public still do not understand that we are facing a total breakdown of financial markets, which in turn will take down the economy as well, and will lead to a depression of five years or more. There are no solutions; the problem should have been attended to in 1990. After June of 2002, there was no turning back. The damage inflicted will take years to heal. Those who created the crisis, who are now supposedly trying to fix it, are playing for time. Many people are realizing what the bankers and Wall Street are up too, as bubbles deflate inflation is rising. Zero interest rates certainly do not induce people to save, although savings have risen to more than 4% of GDP, as debt is aggressively being reduced. As long as money and credit is being increased, monetization increases and no purge of the problem takes place, the economy will continue to deteriorate.
The Illuminist’s plans to destroy America are coming unglued. Their puppet in the White House has monstrous problems. Plunging approval ratings, Cap & Trade legislation being held up in the Senate, medical reform that is going nowhere, massive deficits and a stimulus package that isn’t working.
An issue the elitists did not think they would have to deal with is the question of whether Obama is a citizen or not. They thought they would be able to bamboozle the public. That question has become a cause celebre. Thus, if the President’s controllers want to dump him it will be easy. They will just make sure it is finally discovered he was born in Kenya. Then it is game over. The failure of Obama will further force the Illuminists to cut back on their plans for a new world order. They will try their best to extend the time frame. The dollar devaluation, rising unemployment that brings social problems, or a breakdown in society will be avoided at all costs. This means more and bigger injections of money and credit, more monetization, more stimulus and more subsidies. That means we definitely will have hyperinflation and a falling dollar. That means gold and silver will go higher. That could mean an abandonment of a green policy, and the failure of Cap & Trade, healthcare reform and Copenhagen. We will have to see how things develop.
From here on out the Fed isn’t going to get away with anything. Anyone who has been in the market for any length of time knows all of our current problems emanated straight from the fed. It is now obvious that the take down of the dollar is deliberate and there is little effort to save it; just an effort to bring it down slowly and incrementally. There is no question banks will continue to get cheap loans and either deposit the money with the Fed for a 3% gain to buy Treasuries or opportune the markets. An increase in interest rates is a year or more off. Higher rates mean a collapse not only in the economy, but in credit derivatives as well – some $600 billion worth. Besides who wants mortgage rates back up to 6-1/2% to 7%? That would send housing prices lower and unsold inventories higher and that would destroy bank balance sheets. That also means the phantom inventory would become much more visible. That would collapse many banks. We say no change in rates for a year or more. Next enters the dollar carry trade and once it ends the dollar will collapse and that should coincide with the official dollar devaluation, default and bank holiday. It is no wonder foreigners are issuing bonds in US dollars to capture the depreciation. Eventually this will lead to US tariffs on goods and services and trade war. It will also bring an end to the fraud and monetization. Either the US purges their financial system or no one will accept dollars. That is when monetization will finally end.
Is it any wonder some nations are buying gold, particularly China. We now have a Chinese put on gold just as the US stock market once had a Greenspan put to keep it at ridiculously high levels. The Chinese are working with an element that has been suppressed since 1968. We now know that from documents released via the FOIA. We saw it in secret gold sales in 1987 via London. Then we were subject to the President’s “Working Group on Financial Markets” since 1988. The suppression of the gold price by the US and UK all those years has made gold extremely cheap. Thus the Chinese have the perfect vehicle to dump their dollars into. Every time the US Treasury knocks gold down China and others are there as buyers.
Gold has entered phase 2, which we described in 2000. Phase 2 will carry to $2,500 to $3,000. That should be followed by phase 3 to $6,700. That will then allow gold to reflect real inflation since 1980. Needless to say, in 2000 we had no idea that China would be the propellant to move gold higher. As you know 96% of letter writers, analysts and economists have stated gold will fall below $1,000 again. They are wrong and as usual they will continue to be wrong. They cannot understand that this is psycho-political warfare and there are no rules. He who has the gold makes the rules. They all believe this is transitory and we will go back to business as usual. That is not the way it is going to be. The US is finished as an international imperial power. We wish it was otherwise, but those are the facts. The elitists who control our economies and financial system have deliberately destroyed it in order to bring about world government. Once these mallet heads understand what the game is they will realize where this is headed. Just stop and think, is it normal for a bank to leave lending at 8 to 10 to one of deposits to lend at 40 to one, as the Fed cheers them on? Of course not. Bankers know that is suicidal. So why did they do so? And, why are they still leveraged at those levels? It is because the big banks controlled by the Illuminists want the system to collapse in order to force Americans and Europeans to accept world government. If you can think of another reason let us know. These people are not stupid. They know exactly what they are doing. We wrote an article for Bull & Bear in August 1988, that described the new manipulation of the gold market, but no one was listening. Finally ten years later others discovered what we had discovered long before. Finally today many understand what the elitists are really up too. Even they though don’t understand the end game. If they do they are not writing about it.
We have entered a phase where the Fed and the US Treasury recognize that they can no longer hold up the dollar. They can only impede its downward progress. In that process US and British transnational conglomerates can make even more money by paying for goods in dollars and shorting the dollar simultaneously. This process began at the beginning of the year led by the Chinese and as a result Forex reserves of foreign central banks fell from 64.5% to 62.8% in dollar terms.
Those events have been accompanied by a flight into other currencies and gold and the use of the dollar in the carry trade. Zero US interest rates will stay at that level indefinitely irrespective of the inflation that will rage in the US and be transported worldwide. Once the dollar falls to long-term support at 71.18 to 72 on the USDX, there will probably be a rally and a retest. Sometime in 2010, 71.18 will be broken to the downside and we will then find out where the real bottom on the dollar will be. It could be 40 to 55, we won’t know until we get there. That is when official devaluation and default will occur, not only in the US dollar but in many other currencies. That will cause financial chaos worldwide and you had better have gold and silver if you want to survive.
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October 30th, 2009 at 9:36 am
I can’t afford to feed my cats!
BillyTK Reply:
October 30th, 2009 at 10:14 am
let your cats outside so they can hunt for themselves.
Francis Marion Reply:
October 30th, 2009 at 11:28 am
What would we do without Bob Chapman?
Bravo, EXPERT! Clear & informative article.
Shall we BUY SOME GOLD & SILVER TODAY,
on account of a PATRIOT VICTORY soon to come?
sammie Reply:
October 30th, 2009 at 6:11 pm
I would buy gold & silver all day everyday. Infact i got my share and intend on buying more.
http://www.bullion411.com
Matt L Reply:
October 30th, 2009 at 11:58 am
I don’t know what everyone else is doing but I’m buying as much silver as possible (all time low) and gold as well, even though it’s at an all time high.
http://www.bigmoneyforex.com
Bloated_Fury Reply:
October 30th, 2009 at 1:16 pm
That’s a mean thing to say you ASSHOLE.
WTF Reply:
October 30th, 2009 at 7:34 pm
You’re going to want your cat to be well fed, as you will have to eat it pretty soon.
corvettelady Reply:
October 30th, 2009 at 11:00 pm
I hate to break it to you bloatedfury, but with millions laid off, home foreclosures, no jobs, etc, there have been a huge increase in people leaving their pets behind, or drop off at pet shelters, because they don’t have the money to keep up with vet care and food. This is just so sad.
Bob Chapman is awesome. Already bought some gold & silver.
ROADTRAMP JIHAD Reply:
October 30th, 2009 at 10:20 am
I figger a lot of folks gonna be joinin’ me in this here travelin’ life shortly…I’ll be here to show you rookies the ropes…
danny2 Reply:
October 30th, 2009 at 11:48 am
I did that once for about a year… a few years back. fun times
ROADTRAMP JIHAD Reply:
October 30th, 2009 at 1:23 pm
No one was asking you…..
NewWorldOdour Reply:
October 31st, 2009 at 6:15 am
Lol. Nice one, Tramp with broadband!
Bobbipin Reply:
October 30th, 2009 at 1:14 pm
I’m going to stop paying rent and start sleeping around. I’ll just go back to shacking up with some guy until one of us gets sick of the other. Pocket my unemployment money and live off my food stamps.
Learendthehardway2000 Reply:
October 30th, 2009 at 2:12 pm
Now, why would anyone ever want to do such a thing to themselves??????
dopamine Reply:
October 31st, 2009 at 7:30 am
so in other words, a whore?
oh wait, all girls trade their “wares” for what they want.
Boffomet Reply:
October 30th, 2009 at 1:29 pm
i’ve already spent all my dollars. good timing too, as they will soon return to their actual paper value. here’s some Halloween music for truthers: http://www.myspace.com/boffomet
October 30th, 2009 at 9:39 am
thanks for the heads up..
October 30th, 2009 at 9:42 am
The rothschilds “give me control of a nations currency,and i care not who makes its laws”.
semperfortis Reply:
October 30th, 2009 at 11:13 am
“There is no crueler tyranny than that which is perpetuated under the shield of law and in the name of justice.”
^^^^Charles de Montesquieu^^^^
“Men had better be without education than be educated by their rulers;
for their education is but the mere breaking in of the steer to the yoke;
the mere discipline of the hunting dog, which, by dint of severity,
is made to forego the strongest impulse of his nature, and instead of
devouring his prey, to hasten with it to the feet of his master.”
^^^^Thomas Hodgskin^^^^
FREEDOM FIGHTER Reply:
October 30th, 2009 at 1:17 pm
We heard that one already, do you have anything new to say?
aMerkin Reply:
October 31st, 2009 at 6:46 am
The Others?
21 December 2012 FED will have secured all physical
gold stocks once belonging to the people of the USA.
At the end of their 99 year mandate, they have no
option but to secure another 99 years to avoid any
answers for their nefarious frauds in the great heist.
Hence the police state, rfid, cctv etc
http://www.youtube.com/watch?v=u03TfQN1pXo
October 30th, 2009 at 9:43 am
http://www.domenk.wordpress.com
Visit and support my blog-site. A NEW blog-post every week, regarding all sort of conspiracies, politics, war and so forth. My web-site is future supporter of Infowars.com, as it will soon be upgraded! I need YOUR help.
October 30th, 2009 at 9:43 am
Atila the hun “its not only one thing that i succeed but everyone else must fail”.
October 30th, 2009 at 9:45 am
Hitler “how fortunate that the people we govern dont think”.
Kulaks never learn Reply:
October 30th, 2009 at 12:27 pm
You lie.
Hitler was quoted as remarking, “how fortunate for governments that the people do not think”.
There is a difference.
joe Reply:
October 30th, 2009 at 1:18 pm
Fuck You.
Wow!!! Reply:
October 30th, 2009 at 3:30 pm
Nice Joe!!! As Kulaks says there is a difference, a freakin big one numbnutz
joe Reply:
October 30th, 2009 at 5:22 pm
That was not me.the. you lie guy I bet you and f you guy voted for obama.why you ask because I misquotedhitler I’m a liar.and anyone who says f you like that has got to be blind.
October 30th, 2009 at 9:50 am
The dollar hasn’t been worth much for years now, and it’ll probably soon to downgraded to fire tinder by several countries (including the US). The shame is, i’m not shocked.
October 30th, 2009 at 9:56 am
HA-HA-HA-HA-HA
American zombies can’t do anything against our system!
RJB Reply:
October 30th, 2009 at 3:13 pm
I just walked away from your “system”.
If I can do it, anyone can.
All we need to do is just walk away.
Our labor is like a football.
We take our ball and leave the game, and leave the Illuminati standing alone in the park, trying to figure out what to do with each other, and no balls to play with.
friend of a sheeple Reply:
October 30th, 2009 at 10:05 pm
I am preparing to do just that. That is the only way I can see for us to win. It is exactly like a ballgame. If we leave the game that’s it!. But it will be a long time before the government implodes upon itself. There is so much “money” in the system already that I have to wonder how long before the system will see that the game is over.
And also too I have to think they would just rather spray us all with cyanide then when we take our balls and just walk off the field. But I would rather go down with a big f.u. than just by rolling over begging to be raped.
So here’s to truly truly leaving the grid. If I can do it so can you. The time has come. I see no other way.
October 30th, 2009 at 9:57 am
It’s a mess…
What we are experiencing is much like the collapse of a building. The charges have been set, the ignitors are in place and the switch is wired. We cannot stop this collapse, but…We CAN pull the fire alarm and try to get as many people out as possible before it’s too late. We CAN cut as many wires as we can to slow the demolition process. We CAN wake people up and brace for impact. We CAN educate ourselves so that we will know what to do when things do come crashing down. But we CANNOT just pannic and give up hope. Otherwise, the building collapses, everyone dies, and we will only have ourselves to blame.
Get educated, prepare for the worst, get in shape, talk to people, spread the word, have a plan. Be prepared to step in to help before the government offers their version of “help”. Two doors are opening. One will be the popular rout…Tyrany masked as Security. The other door will be the hard rout…Freedom.
Don’t pannic, be prepared.
October 30th, 2009 at 10:08 am
Hopefully patriotic citizens will be able to regain control of the government. Foreign debt MUST be defaulted, just as the Red Chinese defaulted on 250 BILLION worth of foreign debt in 1946. The Banksters and ALL other Multimillionairs will have to have their assets seized after judicial review and imprisoned. Giver a 10% reward for disclosure. See how long it will take for their lakeys and secretaries turn them in for the MEGABUCKS! then we can:
1. Secure the borders
2. DRILL and BUILD
3. Reindustrialize
4. Quite bankrupting America, Fair Tax NOW
5. Turn on the water nad GROW our own food!
Joe Nobody Reply:
October 30th, 2009 at 11:32 am
Fuck the Fair tax!!!! Why in the hell would you want to give your money over to the fed government!?!?! Haven’t you learned anything?
Mac-101 Reply:
October 30th, 2009 at 12:27 pm
Mr Nobody, wether we like it or not a Federal Government is necessary to provide the services outline in the Constitution.
Joe Nobody Reply:
October 30th, 2009 at 1:21 pm
You know what, you’rea Commie Fuck who got Shits for a brain!!!!!!!!!! It seems that you Haven’t learned anything.
oldenough Reply:
October 30th, 2009 at 3:15 pm
Sorry buddy, some of us like the Constitution just the way it is. You want it changed?
Why? Got some “brilliant” plan? Better than our founding fathers?
olderthandirt Reply:
October 30th, 2009 at 3:27 pm
well, if ya like the constitution the way it its, stop paying an income tax to a private bank called federal reserve and dont support the fair tax. this fair tax is nothing but an additional taxation.
The real Joe Nobody Reply:
October 30th, 2009 at 1:56 pm
I didn’t say the fed govn’t wasnt necessary. The govrn’t survived very well before an income tax was invented (and there were no taxes on a person’s wage either).
oldenough Reply:
October 30th, 2009 at 3:59 pm
Oh, I know what you mean. . The entire system is going to have to be cleansed. What that means, and how it will happen is the million dollar question though, isn’t it?
IrishGal Reply:
October 30th, 2009 at 5:41 pm
I agree with your list except #4, there should be no tax on the American public at all. Seize all the assets of the corrupt banksters, corporations and government office holders, that will give the new government a jump start. Then let the private sector do it’s thing and let all government remain small and local, with little or no tax necessary.
RJB Reply:
October 30th, 2009 at 7:24 pm
The fair tax is anything but fair.
NO INCOME TAXES!
Taxing people’s labor directly needs to be made OFF LIMITS.
This country had no income tax for 130 years and became the most powerful country on earth in that time. The income tax is just a ponzi scheme, designed to bankrupt and control us.
October 30th, 2009 at 10:34 am
It’s true that gold and silver is a better holding then cash but I think stored long term food and spending cash to become more independent is more relevant. It’s not that the gold coins become more valuable but rather the paper money becoming increasingly worthless.
Let’s say you have a large garage full of long term stored food. If you have brought right you may have spent $5,000 on it and it will last around three years whilst your market garden gets the time to produce your own. Meanwhile your neighbour has brought 5, 1 0z gold eagles. There’s being no diesel for a week and all the shops are empty. How doe the gold owner feed himself and his family? There’s no way the stored food owner wants to trade. He might be interested in heating oil or whatever he is short of but gold is only transferable if someone wants it, over and above life necessaries.
Gols has been a traditional store of wealth because of it’s limited supply that can be cornered or monopolised by the ruling oligarchs. If the money system fails everyone is reduced to surviving on whatever they can amass which can be traded for other stuff or consuming.
The global elite own the vast majority of all gold. It’s not in coin form but in bullion. They have rigged the price down so they can buy more. Joe Soap is never going to compete with a few coins. Also, how can you own gold anomonously? If someone has a record of who owns and has brought what. If you have an invoice showing that you legally own the coins then someone at a banking level has the information and the next step is a swat team.
Stored food can be brought for cash from all sorts of different locations. There’s no way the government could possibly know who is holding what and how much. It’s much easier to trade and can be consumed. Gold has no function is an emergency situation. When the emergency is over, the people who have the most gold will try to take over but gold has no real function in the supply and trade of basic commodities. Once a local community can produce enough goods and services for it’s own needs it only needs a barter scrip currency issued, not by a bank but by the governing body of the community. This means that it’s a public commodity purely to facilitate trade and exchange between different producers and service providers The perceived value of the currency would be based on the essential services it could buy. Backing it up with a gold deposit or gold standard wouldn’t come into it.
The real wealth would be the community’s ability to sustain a productive base. those that use gold (Non-comsumable) to exchange for food and fuels (consumable) will of course have to spend their stash of gold and will eventually end up with no more gold and an empty stomach.
Remember, if the currency collapses all of the agriculture becomes instantly non operative. it fails with the end of government subsidy to pay for the fuel. This means that farmers with vast tracts of land would have to lease it in small lots to people growing by hand. As long as the people had enough stored food and essentials to make it through a year, their community has a chance.
The golden rule has always been “whoever has the most gold makes the rules” But have you ever thought who made that rule? The people with the most gold of course! If the global elite win humanity will largely be exterminated and the rule holds. If the global elite loses and the great majority of humanity survive then this rule will disappear with them. Stop thinking inside their box!
Mark Reply:
October 30th, 2009 at 11:18 am
A lot of what you are saying makes sense, but keep in mind that there will still be businesses that sell and grow food. There will still be farmers that will have surpluses and will trade them for other goods, foods, and gold and silver. Having 3 years worth of food is a little too much, it can spoil, get stolen, etc. 6-12 months seems more reasonable. If you have gold and silver you have real money that you can barter with to buy food, guns, shelter, etc. If you have dollars than you will really be screwed and not able to barter for anything.
Danny Cunnington Reply:
October 30th, 2009 at 1:46 pm
I agree. The only problem is the lack of smaller businesses that sell and grow food, in ratio to hungry mouths, in the immediate aftermath of a financial collapse. The reason for the three year supply is because I can trade up to half of it and I want the ability to help the community out.
Only about 6% of paper money is cash. The first thing to happen is that plastic stops working and the banks are closed with no prior warning. This causes readily available cash to suddenly become “the only game in town”. This doesn’t last although is may hold up for a surprisingly long time purely because the great mass of humanity refuse mentally to give up their faith in it. This is the opportunity to convert the sought after cash money into storables.
It’s certainly true that physically held gold and silver coins will have buying power but independent food producers need other inflows to facilitate their production. This becomes a factor later, when some sort of stability manifests itself.
I don’t have a crystal ball. I’m not sure how it will play out but surviving the first bit, with a pack of traumatised sheople is key to the rest. Anyone with excess capital that they want to insure long term should swap bank deposits for gold coins although in the critical early stages it’s harder to trade and using it to buy consumable staples means you will eventually go broke unless you can use it to facilitate your own sustainable production.
Good luck. (I think we are going to need it!).
October 30th, 2009 at 11:29 am
BREAKING INSIDE INFORMATON REGARDING TOMORROW’S FOOTBALL GAME IN PHILADELPHIA AT http://www.domenk.wordpress.com
Emmie Reply:
October 30th, 2009 at 12:58 pm
That’s a pretty big claim. We’ll find out tomorrow if you are right.
October 30th, 2009 at 11:36 am
WASHINGTON – About 650,000 jobs have been saved or created under President Barack Obama’s economic stimulus plan, the White House said Friday, saying it is on track to reach the president’s goal of 3.5 million jobs by the end of next year.
New job numbers from businesses, contractors, state and local governments, nonprofit groups and universities were scheduled to be released publicly later Friday. White House economic adviser Jared Bernstein said the figures will show that, when adding in jobs linked to $288 billion in tax cuts, the stimulus plan has created or saved more than 1 million jobs.
The data will be posted on recovery.gov, the Web site of the independent panel overseeing stimulus spending.
What a moroooon!
JCIS Reply:
October 30th, 2009 at 8:32 pm
How many of those jobs are in “security”?
October 30th, 2009 at 11:40 am
WASHINGTON – About 650,000 jobs have been saved or created under President Barack Obama’s economic stimulus plan, the White House said Friday, saying it is on track to reach the president’s goal of 3.5 million jobs by the end of next year.
New job numbers from businesses, contractors, state and local governments, nonprofit groups and universities were scheduled to be released publicly later Friday. White House economic adviser Jared Bernstein said the figures will show that, when adding in jobs linked to $288 billion in tax cuts, the stimulus plan has created or saved more than 1 million jobs.
The data will be posted on recovery.gov, the Web site of the independent panel overseeing stimulus spending.
October 30th, 2009 at 11:57 am
Lie, cheat, steal, repeat. Rinse, lather, repeat. If only getting rid of these thieving banksters were as easy as washing the dirt off your head and out your ass.
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October 30th, 2009 at 12:45 pm
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October 30th, 2009 at 1:13 pm
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http://thesecondrevolution.lefora.com
October 30th, 2009 at 1:20 pm
Finally! I thought Goldman Sachs would never fail. Hooray for the collapse of the financial enslavement system! I’m looking forward to seeing the green shoots of a bank-less recovery
October 30th, 2009 at 1:31 pm
they’ve been nothing but a pain in the ass.more trouble than their worth.their ‘best’ is no where good enough.their either completely corrupt or totally stupid,unfit to serve in a capacity to be of benefit to anything other than themselves.
October 30th, 2009 at 1:35 pm
its like meteorology only has to be 45%accurrate and keep their job.a moran can toss a coin and be more accurate.what if a home builder or a heart surgeon was accurrate less than half the time.
October 30th, 2009 at 2:06 pm
Wishful thinking Mr. Chapman. This massive downturn in the US has happened because according to the elite, it was time. They could have kept it all going for another 5 years or more had they wanted to. But now is the time. They’ve got a handle on this. Just look around. They’re getting their way on everything they’ve demanded thus far. No reason to believe that’s going to change anytime soon. The FED WILL get away with anything it wants because the majority of the people in this country are willing to trade short term gain for long term pain. Just as has been laid out hundreds of times, they will make us beg for their solution which in the short term, will be better for us than the alternative.
October 30th, 2009 at 9:05 pm
The fed is not the problem, they are the last ones who want this econmy to fail. The whitehouse are the ones who are bringing this house of cards down.
October 30th, 2009 at 11:02 pm
The future looks bleak.
October 31st, 2009 at 1:18 am
Joker, hate to break your bubble but the Fed owns the White House. That is why now the executive can give any amount of taxpayer money to the bankers. The banks behind the fed are Rothschilds’. It has been this way on and off for two hundred years or so.
October 31st, 2009 at 7:09 am
Zombie Banks
Pump ‘n’ Dump
“Plunge Protection Team”
bbc beck blitzer bolton breitbart coulter
cspan drudge gutfeld hannity huckabee imus
ingraham krauthammer kristol limbaugh malkin
north oreilly rivera rove scarborough stossel susteren
Gotta Serve Somebody by Bob Dylan
Ventura Sheehan Perot Paul Nader McKinney
Kucinich Kaptur Grayson Gravel
Gonzalez Clemente Choate
Carter Baldwin Anderson
October 31st, 2009 at 9:37 am
Of course the elite knew Obama was ineligible to run for office.
This way, he can be manipulated.
Just google Kay Griggs, and listen up.
Add a bit of vanity, and poof, there you go.