Presenting The Wall Of Worry: The 50 Ugliest Facts About The US eCONomy

Tyler Durden's picture

As we close on another week replete with ugly economic data and the usual bizarro counterintuitive market, here is a summary of the 50 most underreported facts about the state of the US economy, courtesy of the Coto report. After reading these it almost makes sense that the market has become completely desensitized to the sad reality now pervasive in this country. Readers are encouraged to add their own observations to this list.
Surely if the list is doubled, the market will go up to 72,000 instead
of just 36,000.

 

#50) In 2010 the U.S. government is projected to issue almost as much
new debt as
the rest of the governments of the world combined
.

#49) It is being projected that the U.S. government will have a
budget deficit of
approximately 1.6 trillion dollars
 in 2010.

#48) If you went out and spent one dollar every single second, it
would take you more than 31,000
years
to spend a trillion dollars.

#47) In fact, if you spent one million dollars every single day since
the birth of Christ, you still would
not have spent one trillion dollars
by now.

#46) Total U.S. government debt is now up to 90
percent
of gross domestic product.

#45) Total credit market debt in the United States, including
government, corporate and personal debt, has
reached 360 percent of GDP
.

#44) U.S. corporate income tax receipts were
down 55%
(to $138 billion) for the year ending September 30th,
2009.

#43) There are now 8 counties in the state of California that have
unemployment rates of
over 20 percent
.

#42) In the area around Sacramento, California there is one closed business for every six that are still open.

#41) In February, there were 5.5
unemployed Americans for every job opening
.

#40) According
to a Pew Research Center study
, approximately 37% of all Americans
between the ages of 18 and 29 have either been unemployed or
underemployed at some point during the recession.

#39) More
than 40%
of those employed in the United States are now working in
low-wage service jobs.

#38) According to one new survey, 24% of American workers say that they
have postponed their planned retirement age
 in the past year.

#37) Over 1.4 million Americans filed for personal bankruptcy in
2009, which represented a
32 percent increase over 2008
.  Not only that, more
Americans filed for bankruptcy in March 2010
 than during any month
since U.S. bankruptcy law was tightened in October 2005.

#36) Mortgage purchase applications in the United States are down nearly 40 percent
from a month ago to their lowest level since April of 1997.

#35) RealtyTrac has announced that foreclosure filings in the U.S. established
an all time record for the second consecutive year
in 2009.

#34) According to RealtyTrac, foreclosure filings were
reported on 367,056 properties in March 2010
, an increase of nearly
19 percent from February, an increase of nearly 8 percent from March
2009 and the highest monthly total since RealtyTrac began issuing its
report in January 2005.

#33) In Pinellas and Pasco counties, which include St. Petersburg,
Florida and the suburbs to the north, there
are 34,000 open foreclosure cases
.  Ten years ago, there were
only about 4,000.

#32) In California’s Central Valley, 1 out of every 16 homes is
in some phase of foreclosure
.

#31) The Mortgage Bankers Association recently announced that more
than 10 percent of all U.S. homeowners with a mortgage had missed at
least one payment during the January to March time period.  That was a record high and up from 9.1 percent a
year ago.

#30) U.S. banks repossessed
nearly 258,000 homes nationwide
 in the first quarter of 2010, a 35
percent jump from the first quarter of 2009.

#29) For the first time in U.S. history, banks
own a greater share of residential housing net worth in the United
States
than all individual Americans put together.

#28) More than 24% of all homes with mortgages in the United States were underwater as of the end of 2009.

#27) U.S. commercial property values are
down approximately 40 percent
since 2007 and currently 18 percent
of all office space in the United States is sitting vacant.

#26) Defaults on apartment building mortgages held by U.S. banks
climbed to
a record 4.6 percent
in the first quarter of 2010.  That was almost
twice the level of a year earlier.

#25) In 2009, U.S. banks posted their sharpest decline in private
lending since 1942.

#24) New York state has
delayed paying bills totalling $2.5 billion
 as a short-term way of
staying solvent but officials are warning that its cash crunch could
soon get even worse.

#23) To make up for a projected 2010 budget shortfall of $280
million, Detroit issued $250 million of 20-year municipal notes in
March. The bond issuance followed on the heels of a warning from Detroit
officials that if its financial state didn’t improve, it
could be forced to declare bankruptcy
.

#22) The National League of Cities says that municipal governments
will probably come up between
$56 billion and $83 billion short
between now and 2012.

#21) Half a dozen cash-poor U.S. states have announced that
they are delaying their tax refund checks
.

#20) Two university professors recently calculated that the combined
unfunded pension liability for all 50 U.S. states is
3.2 trillion dollars

#19) According to EconomicPolicyJournal.com, 32
U.S. states have already run out of funds to make unemployment benefit
payments
and so the federal government has been supplying these
states with funds so that they can make their  payments to the
unemployed.

#18) This most recession has erased 8
million private sector jobs
in the United States.

#17) Paychecks from private business shrank to
their smallest share of personal income in U.S. history
during the
first quarter of 2010.

#16) U.S. government-provided benefits (including Social Security,
unemployment insurance, food stamps and other programs) rose
to a record high
during the first three months of 2010.

#15) 39.68
million Americans
 are now on food stamps, which represents a new
all-time record.  But things look like they are going to get even
worse.  The U.S. Department of Agriculture is forecasting that
enrollment in the food stamp program will exceed 43 million Americans in
2011.

#14) Phoenix, Arizona features an
astounding annual car theft rate of 57,000 vehicles
 and has become
the new “Car Theft Capital of the World”.

#13) U.S. law enforcement authorities claim that there are now over 1
million members of criminal gangs inside the country. These 1 million
gang members are responsible for
up to 80% of the crimes committed
in the United States each year.

#12) The U.S. health care system was already facing a shortage of
approximately 150,000 doctors in the next decade or so, but thanks to
the health care “reform” bill passed by Congress, that number
could swell by
several hundred thousand more
.

#11) According
to an analysis by the Congressional Joint Committee on Taxation
the
health care “reform” bill will generate $409.2 billion in additional
taxes on the American people by 2019.

#10) The Dow Jones Industrial Average just experienced the
worst May
it has seen since 1940.

#9) In 1950, the ratio of the average executive’s paycheck to the
average worker’s paycheck was about 30 to 1.  Since the year 2000,
that ratio has exploded
to between 300 to 500 to one
.

#8) Approximately 40%
of all retail spending
currently comes from the 20% of American
households that have the highest incomes.

#7) According to economists Thomas Piketty and Emmanuel Saez,
two-thirds of income increases in the U.S. between 2002 and 2007 went to
the wealthiest 1% of all Americans
.

#6) The bottom 40 percent of income earners in the United States now
collectively own less than 1 percent of the nation’s wealth.

#5) If you only make the minimum payment each and every time, a
$6,000 credit card bill can
end up costing you over $30,000
(depending on the interest rate).

#4) According to a new report based on U.S. Census Bureau data, only
26 percent of American teens between the ages of 16 and 19 had jobs in
late 2009 which represents a record low since statistics
began to be kept back in 1948.

#3) According to a National Foundation for Credit Counseling survey,
only 58% of those in “Generation Y” pay
their monthly bills on time
.

#2) During the first quarter of 2010, the total number of loans that
are at least three months past due in the United States increased for
the 16th consecutive quarter
.

#1) According
to the Tax Foundation’s Microsimulation Model
, to erase the 2010
U.S. budget deficit, the U.S. Congress would have to multiply each tax
rate by 2.4.  Thus, the 10 percent rate would be 24 percent, the 15
percent rate would be 36 percent, and the 35 percent rate would have to
be 85 percent.

h/t Teddy KGB

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Tom Servo's picture

We need a video of Walstreetpro2 reading an ad-lib'd version of this list.... and it'll go viral.

Crab Cake's picture

I really miss that guy.

FEDbuster's picture

I would really like to know what happened to Kevin Roland aka walstreetpro2.  He checks in on his youtube channel, but hasn't posted anything in months.

Mr. Anonymous's picture

I love this guy.  What happened, did he get taken out by the gold-carry credit card scam he was foolishly bragging about?

Brother Revegend Magoun's picture

#0) Great majority of the US population doesn't realize what had happened, what are the consequences, and who is responsible for p. #1) - #50) above. 

 

Sad truth.

TexasAggie's picture

and they get to vote for hope and change.

The economy depends on rails and pipelines. The pipelines, I cannot see, but I was in Houston, TX and traveling to San Antonio. In Katy, TX (named for the Kansas and Texas railroad, and a major labor change point, every siding was full of railroad cars not being used. At several other locations, I saw sidings full of railroad cars.

Bananamerican's picture

#14) Phoenix, Arizona features an astounding annual car theft rate of 57,000 vehicles and has become the new “Car Theft Capital of the World”.

#13) U.S. law enforcement authorities claim that there are now over 1 million members of criminal gangs inside the country. These 1 million gang members are responsible for up to 80% of the crimes committed in the United States each year.

 

Hey

Thanks mexicans!

FEDbuster's picture

#13.5) Phoenix, AZ is also has the second highest kidnap rate in the world, #1 in U.S. (Thanks Mexican illegals).

Dr. Sandi's picture

Thanks, War on Drugs for making it so damned profitable!

FEDbuster's picture

Illegal drugs are Mexico's second largest export behind oil, estimated at $50 billion +.  Mexico won't be shutting that down anytime soon, only fighting for control and profits. 

If illegals can't find jobs or get welfare benefits, their only option is crime.   Many are gang members already when they cross, but some join up once they get here.  Mexican Mafia, MS13, etc... coming to a town or city near you.

New_Meat's picture

Watch Costa Rica "exercise" starting up.  Report is 7,000 Marines (but really just the shipping and berthing capability) and huge TF (really a Fleet).

I have no idea where they could gather a half-MEB to put on a bunch of gray boats, FMF is kinda tapped out with what all is going on.  Could stage units through the platforms to "exercise". e.g.

http://rawstory.com/rs/2010/0711/anger-costa-rica-deal-invite-us-warships/

But this puts TF under "Coast Guard" command; oh, everything is legal then.  SouthCOM is so clever.  Must have brought a DHS officer into DoD as a "temporary" measure.

and all of the "personnel" who could get to wander around might never have seen Parris Island, Quantico, or San Diego.

Dang, more work in the research dep't.  Military use in civilian law enforcement situations, e.g.:

http://en.wikipedia.org/wiki/Posse_Comitatus_Act

I'm smelling Hillary and Jim Jones.

- Ned

russki standart's picture

No wonder economics is called the dismal science. After reading this list I feel like sitting in the bathtub, drinking an 18 Macallan and slitting my wrists. The good news is when the whole mess crumbles, we can still rely on CNBC to cheerlead the way..

Patrick Bateman's picture

I am laughing my ass off barely being able to type this correctly. Hey, isn't Fast Money coming on? YES!

Patrick Bateman's picture

Running on the hampster wheel as usual. We're fucked.

B9K9's picture

For some reason I feel a certain affinity towards my fellow ZH space monkeys, so I'm gonna give everyone some free advice: start inching towards the door.

No, you don't have to sell/liquidate all your assets, move off to the boondocks and buy a farm. (Even though if you're already there, you certainly don't want to move.) Rather, you need to start making mental preparations in terms of who you can trust, what your support network may look like, how will critical resources (basic staples, medicine, etc) be acquired, stored, managed & distributed, etc. (Again, I'm assuming you've already made basic physical preparations in terms of PM, weapons, food, etc.)

Believe it or not, the best place to start meeting people who already think along these lines are in existing community support networks: the emergency response volunteers, charitable organizations (both churches and secular NPOs), grass-roots political parties, etc.

Denninger & Ilargi (@TAE) were/are both correct - there's gonna be millions handled by relief camps. No, not food stamps, but real, honest to doG soup lines dispensing  standard 'family of four' weekly rice/bean rations and allotments. You want to be part of the management team of these types of organizations.

Think it through. Obama was just a place keeper to assuage the voting public emotions about what happened in 2007-08. The next real leader is gonna lay out the truth, which means de-leveraging & working through the malinvestment. There is NO OTHER WAY out - it must be done in order to re-orient the economy towards a new (as yet undiscovered) growth paradigm.

The fallout, of course, will be a cessation/restriction of many/most existing support/entitlement programs. That means kids/parents/grandparents re-forming nuclear families. That means relaxation of current prohibitions (like drugs) and release of millions of non-violent criminals. That means a return to neighborhood security & support.

Think it through. There isn't any going back to the way "things were". It's not gonna be Mad Max, there will be no glamour, no drama, no shoot outs, no roving mobs. Just a long grind 'em out process of restoring out-of-whack balance sheets in order to measure real ROI so as to incentivize real capital investment. All real basic, mundane, facts-of-life types of shit.

FrankIvy's picture

B9K9 - Denninger is an idiot.  He was convinced that there was no way that they would ever do a QE event because "they would never hurt the dollar like that."  So narrow minded so as to be naive by choice.  To the extent he was right about anything, it wasn't substantially more than seeing that the economy was shit and due for deflation.  Big whoop.

Ask him why we're in Afghanistan - he'll tell you we're looking for Bin Laden and spreading democracy.  He's an idiot.

 

 

Alexandre Stavisky's picture

Denninger gets it, he just can't connect all the dots to complete his understanding.  His blind adherence to a fiat paper money is an example.  As a debt back instrument birthed through issuing bonds promising futurative interest coupons, AT ITS BIRTH, the US FRN is immediately debased.  Add QE, stealth "unbacked" printing and other dilutive effects and the value of US money erodes inevitably over time.  Small dimunitions can be suffered by a long-suffering populace who are still able to make gain over an above dilution in times of expansion.  Contraction--structural, long term necessary contraction--though severely exacerbates the US FRNs intermediate-to-long term storage limitations.

I am seeing this now incipiently.  The early adopter crowd knows that the US dollar is not to be slept upon.  This is an early indication of budding currency repudiation.  Currency should be nearly infinitely divisible in order to make the most minute of discriminations of value assignation, should be readily recognizable and hold confidence for hour-to-hour transactions.  It should also (in a perfect world) act as a reservoir of value preserving purchasing power not just day-to-day, but perennially.  We all know that hasn't been the case for a generation, but the decay is exponentially increasing.  The FRNs variability of value is making a BIFURCATION of the medium of exchange.

People are holding their dollars for acquisition of the daily needs.  However, the greenbacks are coming out of the safes presently and savers are exchanging for precious metals.  Dollars only for short term.  PMs for length.

When the populace have come to this view universally, we are in the meat'n'potatoes of Gresham's Law.  Paper for ease of exchange.  Gold for preservation.

What events portend, if all refuse to hold the nation's currency for anything except short term?

We are nearing those events.

FrankIvy's picture

A. Stavisky wrote: Denninger gets it, he just can't connect all the dots to complete his understanding.

No sir, no way.  Denninger is like a chemist who has figured out some narrow portion of basic chemical theory - for example, that oxygen causes rust only if water is present to catalyze the reaction - but steadfastly refuses to accept the periodicity of the elements because it's contrary to his religious beliefs.

He's a blind dog who stumbled on a bone, and has done nothing but run around slamming into other things, all the while trumpetting his uncanny finding of the bone.

Let's keep it simple.  The guy doesn't undestand that the wars are about resources and control.  He - honest to goodness gracious and shove some apple pie up my ass - thinks we're over there fighting terrorists.  Anybody who is that stupid DOES NOT "get it."

He "got" only one thing - credit expansion peaked and contraction must occur thereafter.  That's it.  His entire mantra revolves around having been right on that single leaf in the tree.  But he is completely naive about the role of the U.S. in the world, and the basic congruousness of democrats and republicans.

Anybody who is that simple minded does not "get it."

And to reiterate the point, the guy is such a flag waving buffoon he posted several times that the U.S. would never devalue the dollar by printing.

Seriously, how full of shit do you have to be to not get that the folks running the show don't give a shit about U.S. national sovereignty or the fucking dollar?  Don't defend him.  He's an intellectual punk that got one question right and now spends his days reminding everybody about it, despite his inability to get any further question right.

 

Cindy_Dies_In_The_End's picture

Frank-- good luck posting a link from KD saying "he posted several times that the U.S. would never devalue the dollar by printing."

 

To my recollection he has never said that. In fact, he has said the Benny boy will soon print himself into a complete corner clusterfuck.

 

Its okay to be a hater, but atleast get your facts straight.

 

My problem with KD is that he seems to think that despite all the failings of the government, that somehow government can save us if only all the bad guys would be put in jail. Historically, this has never, ever happened. Ever.

Some of the circular logic is amusing, but he means well.

 

 

 

 

 

 

FrankIvy's picture

Cindy dies said - Frank-- good luck posting a link from KD saying "he posted several times that the U.S. would never devalue the dollar by printing." To my recollection he has never said that. In fact, he has said the Benny boy will soon print himself into a complete corner clusterfuck.

Oh, no doubt the moron is currently singing the obvious tune.  As for rooting through TF to find the post from 18 months before QE1 to find when the moron said, indefatigably, that the U.S. would "never" print money because they would "never" destroy the dollar, no thank you.

The guy is a moron, he's extremely narrow minded, and not only does he not see the forest, he can't even look up to see the canopy.

He wrote it.  Here's how you know he wrote it - I read it.  Multiple times.  On multiple threads. 

Now, he runs his site like he's a 12 year old at his own birthday party, he doesn't allow any conflicting opinion to see the light of day for more than the few hours it takes one of his echo-box toadies to report the dissension, and, as noted above, the vain douchebag actually thinks that some day somebody will look back fondly and note how Dickheadger saw it all coming.  Good luck with that.

So you think he doesn't sterilize his own posts?

He's the worst kind of idiot - he's an idiot who is just smart enough to sound smart but not smart enough to analyze information that is contrary to his paradigm of living. In order for him to stop being a moron, he would have to give up his apple-pie-up-his-ass paradigm, and that ain't happening.  When the black ops kick in his door and drag him away for economic terrorism, the idiot will be convinced it's anglo-looking Muslims who done him in.

As a final note, he speaks poorly, his writing is unfocused and unnecessarily profane, and his vanity driven shot of being known outside his mini-cabal of TF readers in 20 years is about the same as the dollar being more valuable then than now.

Look at it this way.  The guy is a big Republican supporter, keeps noting how "change" in November and a new president is all we need, and actually - GET THIS! - tries to rally the troops to "email and call" your senator/rep each time a new bat is being shoved up our proverbial asses.  I remember reading him and his main stooges posting to "urgently" call your rep. so that the financial bail-out bill wouldn't pass.  Please.  If he wasn't a moron he'd understand these 2 things - 1. The republicans are not the answer - they're 1/2 the problem. 2. Calling your senator is about as effective as putting your dick in a blender to stop it because the on/off button isn't working.

Bendromeda Strain's picture

Actually - his takedown of Krugman was reprint worthy. Anytime I share KDs work, I always add a caveat (or two), but in the end, Jim Willie is mostly correct. Karl Denninger has excellent forensic ability when it comes to what was and what is. Trees, not forest with Karl. For what should and will likely happen, I go elsewhere, although he does amuse me with his references to "Granny getting her shotgun". 

Shylockracy's picture

Bonjour, Alexandre. We need more of your prose to see more of the invisible.

B9K9's picture

I am amongst the many who have been bounced from his forum. In a moment of honesty, he told me he's not really interested in carrying on a reasoned debate. He is writing for the ages - he knows he will be proven right & wants his words studied decades from now.

Btw, KD is not an idiot - he may have allegiances to certain ideas/ideals, but who doesn't? After all, who amongst us can shed the vestiges of our evolutionary belief systems? If they weren't so powerful & ingrained, religion wouldn't exist. I, for example, believe America can recover & that our citizens possess some intrinsic spirit that will ultimately guide the way. Am I wrong? Who knows; I guess we'll find out.

In terms of using basic math to derive inescapable conclusions, well, the truth behind the numbers is evident for anyone who wishes to see.

FrankIvy's picture

B9K9 wrote: I am amongst the many who have been bounced from his forum. In a moment of honesty, he told me he's not really interested in carrying on a reasoned debate. He is writing for the ages - he knows he will be proven right & wants his words studied decades from now

He's already been proven grossly wrong.  He said, emphatically and repeatedly, that the U.S. would never try to print its way out of the mess.  It is, in fact, exactly what we are doing so far.  In essense, he missed the most critical aspect of all of this.  Anybody with a 6th grade education and some gumption could have gleaned from the publicly available numbers that excess credit was out there and that the chickens would eventually come home to roost.  He got that.  I got that.  Shiff got that.  I'd guess TD got it, but it was before my time here.  But Dickenger missed the critical next step, which is - how would the U.S. respond.  Shiff got it, I got it, and many others did - by printing.  Denninger didn't get it.  It's nice to know that the bomb is about to blow.  It's much better to know where the bomb is, however.  He didn't.

 

B9K9 wrote: . . . .Btw, KD is not an idiot.

 

Well, we can disagree on that one.  "I sez Duck." Little Bill.

 

paladin's picture

Denninger is an idiot

 

 

no you are wrong.....Denninger gets    it....

 

 

paladin's picture

I have not posted on Karl's site as I am a gold bug.

I save myself the BS to be removed....LOL

Karl gets it..you have not read his site over the years

as a gold bug .....Karl has posted over the years the need and love of a FED bank.....

he loves paper money....

read this....Martin Armstrong.

 

 

 http://www.martinarmstrong.org/files/Can-the-Euro-Survive-a-Sovereign-Debt-Crisis-6-14-10.pdf

 

 

sorry I had to look for it...paladin

 

 

 

 

Wynn's picture

Such a scenario is not yet certain. No one can possibly know how this plays out. Governments/central banks/bond holders have more cards yet to play.

 

Hansel's picture

This is the game that never ends.

bernorange's picture

Welcome back my friends to the show that never ends
We're so glad you could attend
...

reading's picture

As they say, "you can check out, but you can never leave..."

CrockettAlmanac.com's picture

Why did you throw the jack of hearts away? It was the only card in the deck that I had left to play.

B9K9's picture

Study history a little bit more & get back to me. Actions always regress to the mean. As horrible as Nazi Germany was, it only lasted 12 years. Napoleon a little over 15 years. The tug of time ages all. Generations get tired & give way to new energies.

Spend some time around our youth. Spend some time around our military eg go to an airshow. If you think they are going to roll over and take it up the ass like the passive boomers & Gen Xers, well, good luck with that bet.

You see, they're not (yet) stakeholders, nor do they have any immediate prospects of becoming stakeholders. They don't have homes, they don't have investments, they don't have careers; all they have is debt. They have nothing to look forward to except a crappy future paying for the excesses of previous generations.

Like I said, study history a little bit. This shit never lasts.

papaswamp's picture

The Roman Empire lasted much longer. Nazi Germany and Napoleon were based around 1 person...this is not. This has been building for the last 100 yrs and is beginning to seriously exert it's influence and power. The question is...will the troops (military) follow? So far the answer is yes...but that is in a foreign country. There has been a few tests here, but I suspect more will follow. Additionally, there is a fly in the ointment...most notably China, which appears to not want to play the game on the banksters terms. Purely my tinfoil hat opinion.

As to your statements about preparing...I agree whole heartedly.

 

Inspector Asset's picture

 

China will get strong armed into playing along.  That's the point of the military, to back the actions of the bankers.

Tin Foil Hat on:

I have assumed for the last couple years that the titans of finance, the titans of oil, the titans of technonlogy, and pharma, had all come together to deliver on the plans of the new world order.  Through, the work of the Bilderberg meetings and secret societies, these industries were working together to deliver on this NWO or ENDGAME as Alex Jones like to term it.

 

Tin foil HAt turbo status:

What if the titans finace/liberals/Keynesians were actually at war with the titans of oil/militarycomplex/conservatives school.

What if the BP spill was actually an attack of sabotage by the banking cartel/carbon credits/green energy

on the oil cartel/old school camp, who has no interest in seeing Green energy?

What if the pipeline was blown up by the bankers to usher in the carbon credit scheme, and to create billions and billions of checks that need to be cut to the victims, and fast track ourselves to Peak Oil.

I would say from an GNP economic perspective, the checks being cut to the victims along with the cost of the clean up will total MORE than the lost revenue in tourism?

 

From a Keynesian perspective, the oil spill is a quick way to disburse stimulus cash and and to the bottom line of GDP.

 

You think im crazy?

FDR during the depression would pay people to dig ditches and pay other people to bury those ditches. Better known as the TVA or WPA?

Now I am purely looking at what motivational forces could of be in play if there was sabotage involved in the oil spill? 

There is plenty of other suspicous acitivty around the spill that is to long to go into here, but here is the story http://www.infowars.com/evidence-points-to-bp-oil-spill-false-flag/

Can some one answer me this question? Is there a rift/feud between the banking cartel and the oil cartel?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CD's picture

No answer, just further speculation. The timing of the DWH explosion and subsequent catastrophe is certainly auspicious from many angles, the GS sale of BP assets being only one of them (think of the capital such a sale might have freed for shorting, buying CDS,  puts, whatever) and the imminent introduction of energy/climate legislation. But what I wanted to point to is your viewpoint about the GOM crisis acting as a Keynesian stimulus measure, read and weep:

""If we look at the oil spill on a strictly financial basis, on a cash in, cash out basis, it may be revenue neutral, or even positive," agreed Michael Hecht, president of GNO Inc., a nonprofit regional economic development agency based in New Orleans."

http://www.latimes.com/news/nationworld/world/la-na-oil-spill-economy-20100709,0,2508857,full.story

DosZap's picture

papa,

As far as the military following?.

I seriously doubt it. I had a long conversation with a Lifer Ret.Major.

When I posed a hypothetical to him about the citizens ONCE more rising up, what did he think would happen?.

He said, HE seriously doubted they would get invloved,as they took an Oath, that they take very seriously( and have a long history on).

IF it were a popular civilian uprising, he said he thought they would at WORST "STAND DOWN".

Their first and Chief Order is to Protect & Defend the Constitution.............

If true(and this man is a soldiers, soldier,long family trad),then WE THE PEOPLE have almost a cakewalk, if God forbid it came to that.

Betty Swallsack's picture

Frank ignorantly stated:

Spend some time around our youth. Spend some time around our military, e.g. go to an airshow. If you think they are going to roll over and take it up the ass like the passive boomers & Gen Xers, well, good luck with that bet.

You see, they're not (yet) stakeholders, nor do they have any immediate prospects of becoming stakeholders. They don't have homes, they don't have investments, they don't have careers; all they have is debt. They have nothing to look forward to except a crappy future paying for the excesses of previous generations.

Buffoonery at it's finest. Contradictory as well.  Perhaps sticking your head in the sand is the best way to deal with the reality that is contained within this article from this past April, 2010:

Generation Y's steep financial hurdles: Huge debt, no savings (April 23, 2010 - USA Today)

Excerpts:

Kristen Ammerman, 21, a senior at Michigan State University, faces such challenges and sees her Gen Y classmates struggling with financial issues — while seemingly oblivious to the potential consequences. "I work at a part-time job, have incredible debt and get food stamps," she says. "I'm still short on rent every month. ... My friends all want the newest and best things. They spend money on them any chance they get."

---

Only 58% pay monthly bills on time, a National Foundation for Credit Counseling (NFCC) 2010 survey said.

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Nearly 70% of Gen Y members are not building up a cash cushion, and 43% are amassing too much credit card debt, says a November MetLife poll.

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On average, Gen Yers each have more than three credit cards, and 20% carry a balance of more than $10,000, according to Fidelity Investments.

---

Even so, not all Gen Y members have learned from the harsh realities they face. This year, 25% of Gen Y members say they are spending more than last year, compared with 18% of all adults, according to the NFCC survey.

---

Frank Lennon, 27, an analyst in the hospitality industry in Nashville, acknowledges that during his college years and after graduation, he spent more money than he made. "I was greedy," he says. "I made a lot of poor financial decisions without thinking of the big picture. I should have known better." Lennon's wife, Erin, 26, is still in college and has $28,000 in student loans. It was only when they were married in October that they became aware of their total credit card and college loan debts. "The real shock was on our wedding day, when we realized that we were $104,000 in debt," Frank says.

Full article:

http://www.usatoday.com/money/economy/2010-04-23-1Ageny23_CV_N.htm

But, according to you, all of what is contained within this article is the fault of 'previous generations'. Riiiiight. Typical formulation and rationale for a failed experiment; blame the previous generations for the stupidity and wrecklessness of the current one(s). Good luck with that.

I've paid my bills, taxes and have saved money and made preparations for whatever future may lie ahead. Looks as though the Gen Y'ers are creating and amassing a world of their own problems. And as usual, need a scapegoat since Mommy and Daddy aren't standing by to pick up the pieces.  If anything, all of that debt is absorbed and swirled into everyone elses bills through interest rate hikes. So, Frankie, if you need someone to blame, look no futher than to the closest mirror.


 

juangrande's picture

Who raised them to be this way?

DosZap's picture

THE MEDIA#1,peer pressure,.........................and the ignorance of thinking everything will always remain the same, I am young, and I have time................until the person in the mirror staring back, is no longer youthful.

Reality BITES.

WaterWings's picture

Trips to Europe (and/or Cancun, Hawaii), $50+ weekend bar tabs, iPods (+ iTunes music, movies to fill it), DVDs, car (insurance, gas, stereo/other mods), cinema, eating out, etc, etc, etc - consuming as if they already made $60,000 a year.

Sex tapes! Lindsey Lohan is going to jail! Get your online degree! Sex Tapes! Lebron snuffed Cleveland! Sex Tapes! Mel Gibson is a racist! What's your credit score! Weight loss tips from Playboy Bunnies! 

If you follow the formula you are either a hermit/foreigner and/or focused. Imagine if you have no outside assistance from well-off parents/extended family.

Sex tapes! Lindsey Lohan is going to jail! Get your online degree! Sex Tapes! Lebron snuffed Cleveland! Sex Tapes! Mel Gibson is a racist! What's your credit score! Weight loss tips from Playboy Bunnies!  

Too many inflated degrees, not enough real job skills, not enough jobs, loans...heavy loans to repay...and the bankers didn't have to break a *sweat*. The bankers even get a bonus. It's not like America didn't have fun, but it's subprime for all.

Sex tapes! Lindsey Lohan is going to jail! Get your online degree! Sex Tapes! Lebron snuffed Cleveland! Sex Tapes! Mel Gibson is a racist! What's your credit score! Weight loss tips from Playboy Bunnies! 

I see foreign investors eagerly waiting for the fire sales to really kick in. US prime real estate in exchange for debt service. Homeless in the country of our birth. Clueless millions.

Sex tapes! Lindsey Lohan is going to jail! Get your online degree! Sex Tapes! Lebron snuffed Cleveland! Sex Tapes! Mel Gibson is a racist! What's your credit score! Weight loss tips from Playboy Bunnies!  

GoinFawr's picture

Shampoo Planet!

Mircroserfs!

"We are behaving like insects."

It's all Douglas Coupland

 

Regards

Dr. Sandi's picture

Nobody raised them.

THAT'S THE PROBLEM!

 

Haywood Jablowme's picture

Exactly.  Generation Y'ers have been too dumbed down and are at the bottom of the brainwash chain to be able to see what's going on.  Hell, these are the same people who probably went ahead and voted for Obama so they could be part of the "cool" crowd, piling up debts for useless degrees to try and secure glorified paper shuffling positions in the process.

 

Who were they raised by?  The same group of people whose greedy intentions got us into this shit-storm in the first place - the BABY BOOMERS.  Because it just wasn't enough to "keep up with the Joneses."  You think the majority of that generation gives a rat's ass?  Hell fucking no. 

 

As long as their social security and pension checks keep coming in, most don't give a flying fuck about the generations following. To put it bluntly, "You're on your own kid."  The few Boomers that do and have come to realization they had the opportunity to set things straight while time was still on their side, they're too busy these days fiddling with their dialysis pumps to stay in the fight.

 

If any group is going to save what's left of this country, it will rest on the shoulders of Generation X'ers whose minds haven't yet succombed to the greed and "I" mentality found prevalent amongst the Elitist Boomers sitting at the round table.

 

 

 

 

 

CrackSmokeRepublican's picture

"In Berlin, on the afternoon of January 31, 1933, the National Socialist German Students' League staged its own parade, which ended up in front of the Berlin Stock Exchange ('The "Mecca" of German Jewry', as a right-wing newspaper put it).

Emerging Jewish stockbrokers were greeted by the students with chants of 'Judah Perish!' "

 

http://theinfounderground.com/forum/viewtopic.php?f=33&t=10864&p=43765

 

 

On one point there should be no doubt: we will not let the Jews slit our gullets and not defend ourselves. Today in Berlin they may already be arranging their festival-dinners with the Jewish hangmen of Soviet Russia - that they will never do here. They may today begin to set up the Cheka - the Extraordinary Commission - in Germany, they may give it free scope, we surrender to such a Jewish Commission never! We have the conviction, firm as a rock, that, if in this State seven million men are determined to stand by their 'No' to the very last, the evil specter will collapse into nothingness in the rest of the Reich. For what Germany needs today, what Germany longs for ardently, is a symbol of power, and strength.

So as I come to the end of my speech I want to ask something of those among you who are young. And for that there is a very special reason. The old parties train their youth in the gift of the gab, we prefer to train them to use their bodily strength. For I tell you: the young man who does not find his way to the place where in the last resort the destiny of his people is most truly represented, only studies philosophy and in a time like this buries himself behind his books or sits at home by the fire, he is no German youth! I call upon you! Join our Storm Divisions! And however many insults and slanders you may hear if you do join, you all know that the Storm Divisions have been formed for our protection, for your protection, and at the same time not merely for the protection of the Movement, but for the protection of a Germany that is to be. If you are reviled and insulted, good luck to you, my boys! You have the good fortune already at eighteen or nineteen years of age to be hated by the greatest of scoundrels. What others can win only after a lifetime of toil, this highest gift of distinguishing between the honest man and the brigand, falls as a piece of luck into your lap while you are but youths. You can be assured that the more they revile you, the more we respect you. We know that if you were not there, none of us would make another speech. We know, we see clearly that our Movement would be cudgelled down if you did not protect it! You are the defense of a Movement that is called one day to remodel Germany in revolutionary fashion from its very foundations in order that there may come to birth what perhaps so many expected on the ninth of November: a German Reich and a Germanic and, so far as in us lies, a German Republic.

Every battle must be fought to the end - better that it come early than late. And he ever stands most securely who from the first goes to the fight with the greatest confidence. And this highest confidence we can carry with us in our hearts. For he who on our side is today the leader of the German people, God's truth! he has nothing to win but perhaps only everything to lose. He who today fights on our side cannot win great laurels, far less can he win great material goods - it is more likely that he will end up in jail. He who today is leader must be an idealist, if only for the reason that he leads those against whom it would seem that everything has conspired.

But in that very fact there lies an inexhaustible source of strength. The conviction that our Movement is not sustained by money or the lust for gold, but only by our love for the people, that must ever give us fresh heart, that must ever fill us with courage for the fray.

Cathartes Aura's picture

I sincerely hope everyone reads, and comprehends, what you've posted here. . . because all this nonsense about taking an "Oath" or loyalty to the "real amrkns" or  whatever will fall by the wayside when those who pull the strings start cooing in the ears of all the youth who see ZERO future ahead of them. . . when they are told

If you are reviled and insulted, good luck to you, my boys! You have the good fortune already at eighteen or nineteen years of age to be hated by the greatest of scoundrels. What others can win only after a lifetime of toil, this highest gift of distinguishing between the honest man and the brigand, falls as a piece of luck into your lap while you are but youths. You can be assured that the more they revile you, the more we respect you.

when those who will feed, and arm them in droves tell them how special they are, how chosen, don't expect mercy.

this is how they do it, you know - turn generations against each other, children against their families - it's the oldest divide and rule going - get the people to hate & kill each other for the good of the "future". . . Cultural Revolution?

The world is yours, as well as ours, but in the last analysis, it is yours. You young people, full of vigor and vitality, are in the bloom of life, like the sun at eight or nine in the morning. Our hope is placed on you ... The world belongs to you. China's future belongs to you.

there's a Little Red Book quote to ponder. . .

look at this thread alone, all the hatred against the "boomers" for sucking up all the money and resources, blahblahblah - oh! and the OBESE, man, they've got it coming, they're probably on FOOD STAMPS and WELFARE, and lazy useless eaters - kill 'em all nao!!!!1!

no, I harbour zero illusions about what may play out in the "future". . . some may feel loyalty to their communities, but the majority will be looking out for "#1" - they'll be armed, fed propaganda,  and you don't want to get in their way. . .

CrackSmokeRepublican's picture

 

Keep in mind -- Communism has always been Jewish Shetlism and Talmudic in nature as well. It is found with Jews:

Mao & Sidney Rittenberg

http://www.plu.edu/scene/issue/2003/summer/IMAGES/rittenbergmao.jpg

http://jewishfaces.com/china.html

 

Three CPPCC members celebrate 90th birthday     

Three CPPCC members with foreign origins celebrated their 90th birthday together at Jingfeng Hotel, one of the hotels in Beijing appointed for the NPC and CPPCC sessions, on March 8.

Israel Epstein, Sidney Shapiro (Sha Boli) and Chen Bidi were born in Poland, the United States and Canada respectively, and they obtained Chinese nationality in 1957 and 1963. As experts who have long been working in the field of foreign publicity, they witnessed China's revolution and socialist modernization drive.

http://english.peopledaily.com.cn/200503/09/eng20050309_176153.html

Marla And Me's picture

Now quoting Hitler speeches is fashionable here on ZH?  Good grief.  Gentlemen, do us all a favor and go outside to meet people who are nothing like you.  It might help you expand your understanding of this world.  There are communist jews, capitalist jews, anarchist jews, mafia jews, and just plain old main street jews.  The fact that you lump us all together in this vitriol and decry divide & conquer tactics in the same breath is rather amusing.  Clearly, irony is rather lost on you.  I am always thankful of our first amendment right.  The fact that you use it unabashedly helps us see men like you coming from a mile around.  Having a scapegoat as convenient as the jews is great for you; it enables you to blame someone else for something that each of us is responsible for.  I admire your logic...