Almighty Dollar

Now Or Never

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US DEPARTMENT OF LABOR NOW REDUCED TO SOVIET PROPAGANDA MINISTRY

by SIMON BLACK  

February 6th, 2012

In one of the most shamefully disingenuous reports we’ve seen in years, the US Labor Department released the latest employment figures on Friday showing that the headline US unemployment rate had fallen to 8.3%.

Champagne and sound bites were pre-positioned in Washington as the self-congratulatory praise flowed like the bubbly. President Obama, beaming like he’d just caught the winning touchdown pass, told the American people on Sunday that he ‘deserved’ a second term.

They call it the headline unemployment rate for a reason… it’s the only number that the papers tend to run. All weekend long, mainstream press ran headlines like:

“Unemployment rate falls to 8.3%; fifth straight monthly decline” (LA Times)

“Jobless rate drops to lowest level in almost three years” (MSNBC.com)

“Unemployment rate drops to 8.3 percent” (Christian Science Monitor)

“Hiring surges in January; jobless rate at 8.3 pct.” (Atlanta Journal Constitution)

“Jobless Rate Falls to 8.3%, Altering Face of Campaign” (New York Times)

“Unemployment report: January job gains have economists rethinking outlooks” (Washington Post)

Needless to say, few outlets with any meaningful reach covered the real story behind the employment figures– the Labor Department simply took 1.2 million Americans out of the labor force. In other words, the unemployment rate fell because the Labor Department deliberately did not count 1.2 million unemployed people.

[Note: I highly recommend that you read ZeroHedge.com, one of the only sources of undistorted economic reality on the Internet.]

It’s the same Orwellian style logic (WAR IS PEACE. DEBT IS WEALTH.) that prevailed during the Soviet Union– outright lies and deceitful reports painting a rosy picture of the economy and its glorious leaders, masking a dismal reality. It’s nothing but propaganda in the worst form.

This has been going on for years in the United States, as evidenced by the chart below:

Read more »

Filed under economy US Labor Department unemployment rate mainstream press sound bites jobless rate Labor Department Orwellian

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brosephstalin:

New York Attorney General sues big banks over electronic Mortgage fraud
Three big banks were hit on Friday with yet another lawsuit related to wrongful foreclosures. Democratic New York Attorney General Eric Schneiderman filed suit against Bank of America, JP Morgan Chase and Wells Fargo for deceptive and fraudulent use of a private database used to register mortgages, according to a Friday press release from his office.
Schneiderman has been outspoken in urging the Obama administration to hold the nation’s largest financial institutions accountable for their role in the foreclosure crisis, notably hesitating to join a larger nationwide case against the country’s five largest banks for mortgage fraud. States now have until Monday, according to the Iowa attorney general’s office, to decide to join that deal.
(Read More)

brosephstalin:

New York Attorney General sues big banks over electronic Mortgage fraud

Three big banks were hit on Friday with yet another lawsuit related to wrongful foreclosures. Democratic New York Attorney General Eric Schneiderman filed suit against Bank of America, JP Morgan Chase and Wells Fargo for deceptive and fraudulent use of a private database used to register mortgages, according to a Friday press release from his office.

Schneiderman has been outspoken in urging the Obama administration to hold the nation’s largest financial institutions accountable for their role in the foreclosure crisis, notably hesitating to join a larger nationwide case against the country’s five largest banks for mortgage fraud. States now have until Monday, according to the Iowa attorney general’s office, to decide to join that deal.

(Read More)

(via socialuprooting)

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Mainstream Media Keeps Putting Lipstick on Pig Economy

Hyperinflationary Depression 2012 - 2014: Mainstream Media Keeps Putting Lipstick on Pig Economy

By Greg Hunter’s USAWatchdog.com 

1 FEBRUARY 2012

If you only got your news from the mainstream media (MSM), it’s easy to understand whyso many people think the economy is not all that bad.  For example, yesterday, I heard the “R” word a lot.  No, I am not talking about recession but “recovery.”  This is preposterous when you consider the latest report from the Case-Shiller Home Price Index that was released yesterday.  The spin from the MSM said home prices were down from October to November by 1.3%.  Makes you think—ok, not too bad.  The real story is home prices declined on average by nearly 4% year over year.  A quote straight from the actual Case-Shiller press release said, “For a second consecutive month, 19 of the 20 cities covered by the indices also saw home prices decrease. The 10- and 20-City Composites posted annual returns of -3.6% and -3.7% versus November 2010, respectively. These are worse than the -3.2% and -3.4% respective rates reported for October.” (Click here for the complete Case-Shiller press release.)

Are you getting this?  The real estate market is getting worse.  The only city that saw an increase was the pork capital of the world—Washington D.C., and prices were only up by a paltry .5% year over year!     All the folks I heard, yesterday, on the MSM talked as if the so-called “recovery” was alive and well, when the evidence shows unfolding disaster.  Please keep in mind, home prices are falling despite the fact the Federal Reserve is suppressing interest rates.   A 30-year mortgage is going for around 4%.  What do you think will happen when rates rise to around 6.5% (a very good historical rate)?  Don’t you think home prices will continue to slide?

Yesterday, I heard at least two different “experts” say the economy was “getting better.”  The latest news about the Baltic Dry Index (BDI is mostly a measurement of global shipping rates) says just the opposite.  Brandon Smith, from Alt-Market.com, says the BDI “is plummeting like a wingless 747 into the swampy mire of what I believe will soon be historical lows.”   Smith says this is foretelling bad times, not good. (Click here to read his most excellent post.) 

Another ominous sign was brought to us by the Federal Reserve last week.  It announced it will hold a key interest rate to near 0% through 2014 instead of 2013.  Why is the Fed urgently extending this rate now?  Couldn’t the Fed have told us next year it was extending the 0% interest rate for another year?  Why now?  Because the economy sucks and they see it sucking for at least three more years.  This is NOT a recovery, and the Fed basically admitted it. 

Read more »

Filed under Federal Reserve economy housing crisis housing market mortgage rates recession recovery mainstream media

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US HOUSING STILL WEAK. IN OTHER NEWS, THE SKY IS BLUE

by SIMON BLACK  

February 1st, 2012

The latest Case-Shiller numbers released yesterday showed that the US residential housing market is still very weak. After three straight months of declines, home prices are now at 2003 levels. Duh.

To some, it was a shocking revelation. The pundits I saw discussing it yesterday practically had a seizure they were in such disbelief. CNBC even ran an article on their website in response, extolling the strong fundamentals of US housing.

Let’s look at those fundamentals:

Read more »

Filed under economy US housing U.S. housing housing market residential housing market mortgages

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