Second Wave of Mortgage Defaults & Foreclosures Will Hit Economy This Year
The second wave of mortgage defaults and foreclosures will hit the economy this year. Not only will we have failure in prime loans and option-arm loans, but we are faced with a new crop of subprime and ALT-A loans put into motion by Fannie Mae, Freddie Mac, Ginnie Mae and FHA.
Continue Reading
GCN/AFP Exclusive: Fort Knox Gold ConundrumChinese say they received bogus bars of gold traced to U.S. |
Bernanke to Testify on Fed Exit Strategy on Feb. 10Federal Reserve Chairman Ben S. Bernanke plans to testify before the House Financial Services Committee on Feb. 10 about the central bank's plans to withdraw emergency stimulus from the U.S. economy, according to a committee memo to lawmakers on the panel. |
Will Obama Opt for War on Iran?Patrick Buchanan points out that this option is certainly a political temptation for Obama especially since Congress is pushing him in that direction. Buchanan cites Congress' effort to impose very stiff sanctions on refined petroleum exports to Iran as a move toward war. |
Internet Censorship: Major Truth-Providing Websites Blocked By Asia Netcom To New Zealand UsersHas Chinese-style internet censorship arrived in New Zealand this year? The question is posed because two major news websites, Infowars.com and Prisonplanet.com, both of which are run by documentary maker and radio show host Alex Jones, who is renowned for exposing the truths the mainstream media attempts to conceal, were found to be have been selectively blocked on Friday evening and were still unavailable at the time of writing. |
GCN Exclusive News: New Threat to Gun Owners May Come from Neighbors, Not BureaucratsThe threat of new laws prohibiting the ownership of firearms has driven firearm sales through the roof, resulting in sky-high prices for many guns, and in some cases, firearms have become as valuable as jewelry and precious metals, and opportunistic neighbors or criminals may target your firearms in the event of a crisis. |
The Census and DespotismThe lesson of the history of the U.S. census is this: Any power ceded to a government will be abused, given time. Today, the long-form of the census asks for details of your life that you would never tell a neighbor or a private business. A total of 52 questions, some outrageously intrusive, appear on it. |
Google to Enlist NSA to Help it Ward Off CyberattacksThe world's largest Internet search company and the world's most powerful electronic surveillance organization are teaming up in the name of cybersecurity. |
Give Me Liberty or Give Me JailIn the undated, handwritten letter, titled "Injustice Comes to Asheville," Innes asserts that his "alleged crime" amounts to no more than "trying to help small businesses by promoting the use of a local-acting, precious-metal currency as the United States Constitution says the whole country should be using." |
GCN Exclusive: Food Shortage Cover Up Creates Dangerous Conditions For 2010Data indicates imminent global food shortage while government agency predicts record harvest... |
Fed's Hoenig Says He Dissented Over 'Extended Period'Kansas City Federal Reserve Bank President Thomas Hoenig said he dissented from the Fed's last policy decision because promising to keep rates low for an "extended period" isn't appropriate as the crisis fades. |
On Palin's Endorsement of RandRon Paul told me another story on the phone the other day, about his 1996 race to get back into the House. He had to go up against the GOP Establishment and their hand-picked candidate, much like Rand is doing now. Mitch McConnell and the GOP Establishment may be backing Trey Grayson now, but if Rand wins, the whole game changes completely. |
GCN/AFP Exclusive: 10 Vermont Candidates Say Secession Is the TicketIndependent politicians in the Free State concerned government no longer in business of serving people. |
Patriot Act - Eight Years LaterAfter 2009 - a year when federal prosecutors charged more suspects with terrorism than in any year since the attacks of September 11, 2001 - and in today's atmosphere of heightened fear triggered by the aborted plot to blow up a Detroit-bound airliner on Christmas Day, Congress will begin again this month to consider reauthorization of key parts of the USA Patriot Act. |
Obama Submits Largest Budget in History, But Portrayed as Fiscal Conservative by NetworksPresident Obama just submitted a $3.8 trillion budget proposal, the largest federal budget ever, which will come with a "record amount of red ink." The projected deficit of that budget would be $1.6 trillion, yet the networks didn't criticize him for being spendy. |
Banks have $10 billion mortgage problemJust when they thought the worst of the mortgage crisis was behind them, billions of dollars in bad loans from the debacle may be rising from the dead and creeping back on the balance sheets of the largest U.S. banks. |
Stocks, Commodities Plunge, Dollar Gains on Debt, Jobs ConcernsStocks plunged around the globe, with the MSCI World Index dropping the most in four months, and commodities tumbled on concern an unexpected increase in U.S. jobless claims and growing sovereign debt will derail the economic recovery. The euro slid to the lowest level since May. |
Unemployment Filings Head HigherThe number of Americans filing for initial unemployment insurance rose last week, the government said Thursday. |
US Treasury Official Openly Serves on Council of Rothschild-founded "Earth Bank"Senior US Treasury Dept. Official William Pizer, the current Deputy Assistant Secretary for Environment and Energy is simultaneously a sitting council member on the Global Environment Facility ( www.thegef.org ), one of the largest funders of projects to "improve the global environment" (i.e. push through fraud-based carbon cap-and-trade programs). |
Europe's country debt riskier than U.S. companiesWith concerns about Greece's budget plan fading to concerns about Portugal's and Spain's fiscal scenarios, credit-default swaps are showing for the first time that European sovereign debt necessitates more insurance than the debt of U.S. companies. |
How HR 627 The Credit Card Act Blunts The Vampire Squids BeakH.R. 627 The Credit Card Act of 2009 is a sweeping reform of credit card law. Many consumers are concerned over how this act will affect their spending capacity throughout the new year. The act is called into effect in February, meaning consumers will have very little time to determine how to use the act to their advantage. |
Buffett Stripped of His Last AAA Rating as S&P Cuts BerkshireWarren Buffett's Berkshire Hathaway Inc. was stripped of its last AAA credit rating by Standard & Poor's after the billionaire investor agreed to buy railroad Burlington Northern Santa Fe Corp. |
Ex-Bank of America Chief Lewis Charged with FraudNew York Attorney General Andrew Cuomo unveiled a major legal action against senior Bank of America executives Thursday over its controversial purchase of Merrill Lynch, including bringing civil charges against its former CEO Ken Lewis. |
Containing Inflation Via Unlimited Money Creation: The Fed's StrategyThe Federal Reserve was well aware of the severe inflationary dangers when it directly created almost a trillion dollars as part of its separate bailout of Wall Street. |
Carbon Trade Phish Scam Disrupts ExchangesPhishing fraudsters have extended their net beyond harvesting e-banking credentials via a scam that resulted in the theft of 250,000 carbon permits worth over €3m. |
No Help in Sight, More Homeowners Walk AwayIn 2006, Benjamin Koellmann bought a condominium in Miami Beach. By his calculation, it will be about the year 2025 before he can sell his modest home for what he paid. Or maybe 2040. |
Obama's Make-Believe LifeI have this theory about Barack Obama. I think he's led a kind of make-believe life in which money was provided and doors were opened because at some point early on somebody or some group took a look at this tall, good looking, half-white, half-black, young man with an exotic African/Muslim name and concluded he could be guided toward a life in politics where his facile speaking skills could even put him in the White House. |
