Global Economy Bursting?

[Randolph Kinney]

City for sale

Cash-strapped Los Angeles seeks new revenue streams

http://www.dailynews.com/news/ci_18682400

Facing continual, massive budget deficits year after year, how can the city come up with new sources of revenue, without resorting to soaking every taxpayer?

Ideas the city has looked at range from putting new fees on emergency services to posting more "no-parking" signs for street sweeping to privatizing facilities like the Los Angeles Zoo and the Convention Center, to a new tax on sports and entertainment events.

"We think the list we have put before the council is fairly extensive," said City Administrative Officer Miguel Santana. "About the only thing left are bake sales, car washes and selling candy bars.

 

[Mile High Trout]

I want one of those caps...

Ronpaul.com has the bumper stickers and some caps left. Ran across them when I was reading up on this 16 trillion secret lender funds story which just hit this july and has not received nearly enough attention.

You can always go into the website from a linked forum picture too. R click view image. Crop the top address bar to the simple home page. Press enter. You're in business at the other site where the picture came from. Does not work with that hat because I picked the pic from a secondary site, but can work sometimes if the picture inclusion link is redirected from original content.

 

[Austin]

[FONT=ARIAL,VERDANA,HELVETICA][SIZE=+7]UBS Quantifies Costs Of Euro Break Up, Warns Of Collapse Of Banking System And Civil War...

[/SIZE][/FONT]This ought to get your day off to a good start.

 

[Workbox]

[FONT=ARIAL,VERDANA,HELVETICA][SIZE=+7]UBS Quantifies Costs Of Euro Break Up, Warns Of Collapse Of Banking System And Civil War...[/SIZE][/FONT]

This ought to get your day off to a good start.

Nope, try living with your mother-in-law. :icon_mrgreen:

 

[Randolph Kinney]

Just like Argentina and other South American countries that defaulted on their sovereign debt, so Europe will go. And, just like countries before, the U.S. will step in to underwrite the solution.

The only real question to answer, is there any value left in buying pre-defaulted bonds for investors? If not, the ECB will have to buy all that refunding debt or let Greece go under as it is first. That will hasten the demise of the rest of the PIIGS and complete destruction of the Euro.


Markets Indicate Greek Default is Imminent

http://www.etfguide.com/research/645/23/Markets-Indicate-Greek-Default-is-Imminent/

 

[Restrain]

German courts approved Germany's support of the Euro and common debt. So, the debt will sink into a quagmire. However, the German ruling party is in big trouble with the Prime Minister facing being replaced.

 

[Randolph Kinney]

Feds say Bank of America worse than Countrywide

Federal lawsuit says even Mozilo was shocked

http://www.marketwatch.com/story/fe...worse-than-countrywide-2011-09-07?siteid=nbkh

 

[Randolph Kinney]

How to instill confidence - shuffle management as if those clowns thrown out are the ones that caused the problems and the new clowns know how to fix the problems.

BofA consumer bank, brokerage chiefs to step down

http://www.reuters.com/article/2011/09/07/us-bankofamerica-reorganization-idUSTRE78571E20110907

The reorganization comes as Bank of America hustles to shed assets to bolster its capital base and continues battling lawsuits related to its 2008 purchase of Countrywide, once the nation's largest home lender.

 

[Randolph Kinney]

Roubini: Slowdown Brings Forward New Crisis

http://www.bloomberg.com/news/2011-...wdown-accelerating-next-financial-crisis.html

“You need to restore economic growth, not five years from now, you need to restore it today,” Roubini said. “In the short term, we need to do massive stimulus, otherwise there’s going to be another Great Depression. Things are getting worse and the big difference between now and a few years ago is that this time around we’re running out of policy bullets.”

Roubini said if he had large amounts of money to invest, he would “mostly keep it in cash,” especially in dollars, as the U.S. currency tends to strengthen during financial crises. “If we see a nasty global recession, then risky assets, starting with equities, are going to hurt and going to hurt big time,” Roubini said.

 

[Austin]

David Stockman was on Cavuto last night and he painted about the same picture: Fasten your seat belts, put your head between your legs and kiss your sweet Arse goodby. He said put your money in gold or cash. A lot of level headed people are saying the same thing.