Federal Reserve Open Market Committee Chairman Ben Bernanke's told the congressional Joint Economic Committee of Congress October 4 that he has the remedy for the ailing economic recovery he admits is "close to faltering": More of the same deficit spending, monetary stimulus, and work to re-inflate the housing bubble.
Americans have invested in homes in many ways for a long time. During the frontier days of the West, families would homestead property and so through grit and endless work transform a patch of prairie into a home, a barn, a farm, and an investment. Federal policies have gutted much of that wealth. Environmental regulations have interfered with the sensible activities of farmers (as if Big Government had a greater long term interest in the preservation of the land than those who lived and worked on it). Farm subsidies, beginning with the disastrous New Deal, contorted rational economic decision-making by farmers and induced them instead to enter the Never-Never Land of government subsidies, so that in Iowa — a politically potent state because of its early role in the primaries — the wasteful use of corn to produce ethanol is still sacrosanct. Federal estate taxes, too, have forced families to sell farms which their grandfathers intended to remain in the family forever.
With the United States’ official poverty rate now at a seventeen year high of 15.1 percent — and an actual poverty level that may be substantially higher — the absurdity of President Obama’s advocacy of so-called ‘green jobs’ is increasingly clear.
Information cited in a leaked 2009 diplomatic cable from the U.S. embassy in Beijing shows the Chinese regime knew about American and European suppression of gold prices to maintain dollar hegemony, but that it was buying more of the precious metal anyway.
The U.S. Bureau of Labor Statistics (BLS) reported that the economy added no new jobs during the month of August in a September 2 release. "Nonfarm payroll employment was unchanged (0) in August, and the unemployment rate held at 9.1 percent," the BLS reported.
Former Federal Reserve boss Alan Greenspan (left) made headlines this week when he said gold is indeed a currency and noted that the euro was falling apart, contradicting top officials on both sides of the Atlantic.
Steve Jobs, the CEO for Apple Inc., announced on Wednesday that he could no longer maintain his position at the company. Jobs garnered a reputation for being the man behind the iPhone, iPad, and other devices that virtually put Apple on the map, making it one of the most well-known companies in the world. Unfortunately, his health issues have rendered him unable to continue as CEO.
When Henry Blodgett explained that the reason for the decline in the price of Bank of America’s stock was because Wall Street thinks that Bank of America is worth less — much less — than what the bank itself thinks, bank spokesman Larry DiRita responded, “Mr. Blodgett is making exaggerated and unwarranted claims … [and that] as of June 30th, our tangible book value per share was $12.65.” At the time, B of A stock was selling for $6.42 a share.
The communist Chinese dictatorship blasted the U.S. government for endangering its massive dollar holdings, calling for America to rein in its out-of-control debt by slashing military spending and welfare. The regime also demanded international supervision of the dollar and even suggested the creation of a new global reserve currency.
George Soros, the hedge fund investor who called gold "the ultimate bubble," has divested his portfolio of nearly its entire investment in the precious metal, inciting many to fear that the price will very soon plummet, devaluing the specie-heavy portfolios of millions of investors.