What is NOT Broke????
Fannie Mae: $18.9 Billion Loss, Requests Another $15 Billion
Let's See...In 9.09 We KNEW The FDIC, FHA, Fannie Mae, and Pension Guaranty were out of money......now Fannie is coming back to the trough and CIT has gone under.
Ambac: Heading for credit default???
We also now know that many of our Pension Fund managers took improper payments and now most of our pension funds our running out money and woefully underfunded:
Pension underfunding eventually will make it impossible for some governments to raise money in bond markets and will require federal intervention through explicit or “implied guarantees” of municipal debt, Kramer, 64, said in an interview today at Bloomberg News headquarters in New York.
“The collective deficits should not be and will not be overcome by an aggressive investment strategy,” Kramer said. “I think that actually, ultimately, the severity of the problem will become publicly visible and you’ll have more entities that will have difficulty accessing the bond markets.”
Pension Funds, Facing $1 Trillion Gap, Next In Line For Government Pittance
$1 Trillion????? That means many cities, counties, and states are bankrupt. We just had a city in Alabama go bankrupt last week over pension issues.
When a nation runs out of money...historicially it starts taking protective measures which only serve to slow the economy further....
Nov. 5 (Bloomberg) -- The U.S. imposed duties of as much as 99 percent on steel pipe from China after American producers led by U.S. Steel Corp. complained that the imports were being dumped at below-market prices.
At this point...based on the fact that the banks are not marking assets to market...it is really hard to tell what is solvent and what is not anymore...the only thing we know is we are seeing unprecedented tax revenue slowdowns and unprecedented sales slowdowns.
It is the first time on record that year-over-year online sales have declined for two straight quarters, after dropping one percent in the second quarter. Online sales have declined from previous year totals in three of the last four quarters.
“The third quarter showed negative marginal growth for the second consecutive quarter, the first time on record we’ve witnessed sustained dips in U.S. e-commerce spending.....
At this point, it is difficult to pinpoint exactly where things are going...but to say the recession is over seems remote at best....especially in light of the fact that we are still losing over 500K jobs per week and historically very few are hiring or expanding.
My guess is prepare for something you are unprepared for.....11.10.9.....you will feel.