Eurozone Recession in Overdrive

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Editor’s Comment:

France, Italy, Spain All at record lows in GDP

Mish Shedlock nails it in the article below. We are reminded again that where the banks get control of political policy, every avenue will be explored before Governments do the right thing — or the country explodes into chaos and a new Government is born. For those who have studied French history, these reports sound earily like the conditions that preceded the French Revolution and the bloodbath that followed. Rioting is commonplace. And the rioters are not just expressing outrage; they have lost faith in the their government, their currency and their prospects. Japanese seminars abound on how to store money and move to other countries. Malasia looks good to them. 

And here in the United States, the steam keeps building under the lid while the banks, realtors and other groups try to convince us that the recession, and the mortgage crisis that brought it on, is over and will NOW recover. Despite years of such “prosperity is just around the corners’ spinning, and some people still believe it when they hear it, we know from history, including our own, that revolution of one sort or another, doesn’t take a majority of citizens to get involved. In fact, every major revolution in every major country occurred with a small band of “fringe” people leading the way until their sucesses attracted the mainstream people who thought they could ride the storm and survive the aftermath.

Over the next 60 days, long-term unemployment benefits are over in this country. GDP is in for another hit. That was money going into the hands of people who were spending it the moment they received it. The full multiplier effect has been keeping our economy floating and now THAT is going away. 

Home prices are now at their lowest level since 2002 and all responsible analysts tell us that housing prices are going down another 15% and I think they are right. The economies of the world are crashing because the people have no money to spend. Even the employed are underemployed and can’t make enouogh money to pay for housing and other major purchases except on a much lower scale. 

We are in a depression, not a recession and the fact that this Depression is not yet as bad as the Great Depression should not lull us into a false sense that this is just a cycle that will run its course. It isn’t. This is the end of modern commerce unless we do something about it. And the ONLY thing left to do is to provide a mechanism where the middle class is suddenly redeployed with cash in their hands to buy things and cause commerce to renew. Don’t look to China or India either which are experiencing sharp decines in GDP. 

There is only one piece of currency that will restore the middle class . Iceland proved it as have other countries. FORCE BANKS TO REDUCE HOUSEHOLD DEBT. Between the mortgage chicanery and credit cards, government borrowing on terms they didn’t understand, and most banks that were “in the game” without knowing the rules, the money is gone. It isn’t the bank that has been robbed, nor government spending that is ripping the economies of the world apart. It is the banks themselves that siphoned off all our currency and our liquidity, and won’t put it back. They have lost their franchise through greed. It is time to nationalize the banks and then let them operate privately as utilities regulated as though they provide the lifeblood of the world.   

The “anti-regulators” are mere apologists for the new aristoracy that has pulled off a coup d’etat and pulled the wool over the eyes of the media and the public.

Eurozone Retail Sales Crash: Record Declines in France and Italy, Overall Revenues Drop at Near Record Pace

by Mike “Mish” Shedlock

Retail sales in France, Italy, and the eurozone as a whole hit the skids according to Markit. Retail sales in Germany were positive, but barely.

Steepest Decline in French History

Further sharp fall in French retail sales during May

 Key points:

  • Month-on-month decline in sales matches April’s survey-record
  • Steepest year-on-year decline in series history
  • Purchase price inflation eases to near-stagnation

Sales fell on an annual basis at the steepest pace recorded since the inception of the survey in January 2004. Margins continued to be squeezed amid an intense competitive environment, despite purchase price inflation easing to near-stagnation.

The headline Retail PMI® registered 41.4 in May, matching April’s survey-record low. French retailers indicated that actual sales came in well below previously set targets during May. The degree of undershoot was the greatest since February 2010.

Record Declines in Italy

Record year-on-year decrease in Italian retail sales in May

 Key points:

  • High street spending down sharply, albeit at weaker monthly rate
  • Job shedding steepest in series history
  • Discounting and cost inflation reduce profitability

Summary:

The Italian retail sector remained in contraction during May, with sales again falling sharply in spite of widespread discounting. Cost pressures meanwhile grew from April’s recent low on the back of rising transport costs, thereby adding more pressure to margins. Consequently, firms shed staff at a marked and accelerated rate that was the steepest since data were first compiled in January 2004.

High street spending across Italy contracted sharply on the month during May, albeit at a slightly slower rate than that registered during April. This was signalled by the seasonally adjusted Italian Retail PMI® posting at 35.8, up from 32.8. Sales fell for the fifteenth month straight, and panellists continued to highlight low consumer confidence and falling disposable incomes as the main factors behind the decline.

German Sales Show Slight Growth

German retail sales return to growth in May

 Key points:

  • Retail PMI points to marginal month-on-month rise in sales
  • Like-for-like sales higher than one year earlier
  • Wholesale price inflation eases markedly

The seasonally adjusted Germany Retail PMI rose from 47.4 in April to 50.7 in May, to indicate a marginal increase in sales on a month-on-month basis. That said, the rate of expansion was lower than those seen throughout the first quarter of 2012. Companies that reported a rise in sales since April generally noted that more favourable weather conditions had resulted in higher customer footfall.

Survey respondents indicated that actual sales fell short of initial targets for the second month running in May.

Sharp Drop in Overall Sales, Revenues Decline at Near Record Pace

Eurozone retail sales continue to fall sharply in May

 Key points: 

  • Retail PMI improves to 43.3, but still signals steep monthly drop in sales
  • Near-record annual fall in sales
  • Wholesale price inflation slows sharply

Summary of May findings:

The Eurozone retail sector remained firmly in contraction in May, according to PMI® data from Markit. Sales fell sharply on a month-on-month basis, and revenues compared with a year ago were down at a near-record rate. There were signs of easing pressure on retailer’s purchasing costs, however, as the rate of purchase price inflation slowed sharply to a 19-month low.

This should bury the notion the eurozone recession will be short and shallow.


40 Responses

  1. […] Read more… Posted in Banks, MERS, News Around The Country, States « Zillow Raises Estimate Again: 16 Million Homes Underwater Are the Big Banks Playing “Hide the Default” from Investors? » You can leave a response, or trackback from your own site. […]

  2. For anyone who missed it—Dr. Lan Pham fired from the Congressional Budget Office for attempting to reveal fraud—how DARE she!!!

  3. “…since the “loan” refinances (subprime/alt-a), and jumbo new purchases were non-compliant and non-performing manufactured defaults, no funding at all was necessary (except for the cash-out for the loans). The warehouse lines of credit never actually transferred any actual cash for funding. These lines of credit were simply “credit lines” that the “Depositor” would provide to their correspondent lenders. Once the “loan” refinance origination was completed the Depositor would then reverse the “credit” owed by the correspondent (originator). This never involved any actual deposit of cash proceeds —- the “funding” payoff check is never “deposited” into any bank account. The check is routed to a security derivative clearing house — who then simply cancels the credit-line transaction.”

    “DERIVATIVES —- It goes through an automated clearing house — no actual cash exchanged.
    Derivative clearing house — just “cancels” “ownership” by the exchange— all in the name of the trustee — who refuses to disclose the “derivative” holder. “Funding” –is not funding at all. It is a “SWAP” — “swap out” of collection rights. The SEC explained this…quite some time ago. Knew about derivatives — but the SEC confirmed. There is no CASH exchange in the “funding.” It is simply a “Swap-out” of collection rights. And, all in the name of a false “creditor” — a trustee —for undisclosed, deregulated, creditor entity.
    SWAP OUT DERIVATIVE. NO cash funding.”

  4. @AA

    “…just maybe it could keep people in their homes…”

    ANONYMOUS, on December 11, 2011 at 5:36 pm said:
    (the banks are)…debt buyers themselves. Is it not ironic that the “goal” by these so called “investors” is to “keep people in their homes?” That should NOT be the “goal”, because “keeping people in their homes” by their terms, means continued victims and continued fraud. The goal should be to EXPOSE THE FRAUD and to allow people to rightfully OWN their homes. You cannot promote home ownership by continued fraud. The goal MUST BE to expose the fraud that has been perpetrated by the “investors” and then let the people “KEEP their homes” — not “keep people in their homes” by continued fraud.
    We are not talking securitization of cash flows, that is a separate issue, and those are “security investors” that are not the lender or creditor. We are talking debt buyer “investors” of (fraudulent) collection rights.
    Debt buyers do not want homeowners to keep their homes because to rightfully keep their homes, the fraud MUST be exposed. And, certainly, debt buyers have no incentive or desire to expose that mass fraud.

  5. I need to rant again, It is possible and highly likely that given the geometrical design and demography that they consulted a vast army of leadership and this is one of the back up plans to keep this premeditated, predatory and highly organized part of the original Master plan as any one thing on this magnitude that this is one plan (abcdeof) as they run full tilt and finally get stopped in their tracks.
    It is time to “ROLL” get our money out of the big 5 fat cat rat piggy bankster’s.
    Tomorrow is the first Tuesday of June and we must occupy the sales at the County Court house steps, come out with signs and by all means do not cause any trouble. I will be there tomorrow with camera and video on hand. Come one come all. The sale date may very state to state but get down there and be witness to the continuing disgraceful thing this Country has ever done.
    Thanks and get off you couch (not intended to insult any one, but if I did good now you have something to do that could help put a stop to this land grab!

  6. http://stopforeclosurefraud.com/2012/06/03/bank-of-america-tries-renting-to-distressed-homeowners-about-40-less-than-their-old-mortgage/

    A bit off target but highly relevant, BOA is getting desperate as their tactics are getting more arrogant and I think it is that they are running out of resources and what a slap in the face for home (owners) occupiers.
    I for one would tell them right where to go…

    If they offered a closer number barring the Fraudulent Appraisals like half off and then 40/month less than the re- amortization and NPV, they could even get some dignity back and win some good loyal consumers [ good “PR”] back.then maybe just maybe it could keep people in their homes. I say stop the cash flow to the fat cats and pretender lenders. But until that happens people en-mass need to migrate to the smaller banks. Do not kid your self, as all the fees are going up, and I bet they have stoner’s with high end medical weed dreaming up new ways to charge new junk fees, a fee for this and fee for that on and on and on the keep going.

    Just a rant…………..

  7. It is a long hard fight to get the rage out of ones system. On orders like this from the 9th Circuit for an order to Stay Deutsche Bank and Onewest. No bond. Had to present to BAP 9th who denied the motion. The BK courts should only be appealed to the District Court. I made a mistake.
    Full filings with briefs.

    http://www.scribd.com/doc/94903639/Emergency-Motion-to-Stay-Pending-Appeal-to-9th-Circuit-Court-of-Appeals-GRANTED

  8. “The push is on to turn single-family rental homes into an asset class that can be bought and sold on Wall Street”……….

    “the company has access to thousands of single-family properties that might work as rentals through its deals with the federal government. Colony has bought distressed loans valued at more than $4 billion in seven separate transactions with the Federal Deposit Insurance Corp. over the last few years. Hundreds of these loans have been distressed single-family home loans, which Colony now owns in partnership with the FDIC. Mr. Fuhrman said putting those homes into the new REIT could be an option.”

    http://blogs.wsj.com/developments/2012/05/16/single-family-rentals-keep-pulling-in-investors/

  9. The sea will burn and rocks will melt before these bastrds go to jail

    http://www.bloomberg.com/news/2012-06-03/sec-s-top-enforcer-defends-lack-of-cases-against-execs.html

  10. http://www.youtube.com/embed/MDOrzF7B2Kg?rel=0

    Once in a while, there is an uplifting story that makes me think: “There’s more good than bad in everyone (give or take a few rotten to the core). We will NOT collapse. We Will pull together. We WILL successfully remove than cancer from humanity once and for all.

    Uplifting for a few hours. ‘Till next time I see something terribly dimonish and stumpful.

  11. I love to see them squirm!

  12. @ Colleendd, you wrote, Mrs. Dimon???? …. “REALLY NOT as CLEVER as your writings ability’s of the past.”

    OK, I’ll admit I’ve received my share of rejection notices for short story submissions in the 2,500 to 7,000 word category. I’ve been blown off by publishers for efforts at novellas in the 20,000 to 50,000 word count. I’ll even fess up to having been embarrassed by multiple returns of manuscripts with Dear John letters attached to a few novels in the 70,000 to 100,000 word range. Andrew Ross Sorkin has little to fear from me.

    But this is my absolute first rejection in the 1 to 2 word category! A first! I didn’t know I could sink this low! Thank you!

  13. HAHAHA!!! Some very strange people popping up all of a sudden.

    Hey, Toile, are we still on for that mega fiesta at Neils mansion, when we’ve gotten rid of all the vermin? Remember our deal, right?

  14. @all

    usedkarguy, on June 2, 2012 at 1:09 pm said:

    @concerned: picked up a copy of the funding check for the Wells Fargo mortgage. It was a Deutsche bank check that funded the loan.
    That said, everybody should have been at their closing/title company office requesting a copy of all the docs related to the funding and closing of the loan already

    Here is the truth—AGAIN:

    Derivatives — usedkarguy — DERIVATIVES —- It goes through an automated clearing house — no actual cash exchanged.

    Derivative clearing house — just “cancels” “ownership” by the exchange— all in the name of the trustee — who refuses to disclose the “derivative” holder. “Funding” –is not funding at all. It is a “SWAP” — “swap out” of collection rights. The SEC explained this…quite some time ago. Knew about derivatives — but the SEC confirmed. There is no CASH exchange in the “funding.” It is simply a “Swap-out” of collection rights. And, all in the name of a false “creditor” — a trustee —for undisclosed, deregulated, creditor entity.

    SWAP OUT DERIVATIVE. NO cash funding.

  15. OH, E.TOLLE, I think you are confusing me with ENRAGED.
    Her choice of her post name says it all as to what she’s putting on here LOOK at the names-and what’s written. I’m not doing it. She is.

    And-, Please foist your sky is-falling mentality somewhere else.

    Mrs. Dimon???? REALLY NOT as CLEVER as your writings ability’s of the past. Maybe your losin it?
    too bad…….

  16. Colleendd, Please foist your sky is-falling mentality somewhere else.

    Mrs. Dimon???? 🙁

  17. And in case you didn’t know, Fukushima blew a few days ago. You won’t find it on the web. It was there yesterday. It disappeared within hours.

    Global Genetic Disaster Revealed …
    Must Read Related Articles .. link .. Links ~ Monsanto – Agriculture

    June 2, 2012

    Obama Moves To Crush Poland After Global Genetic Disaster Revealed

    A Ministry of Foreign Affairs report circulating in the Kremlin today states that United States President Obama has undertaken a campaign to “crush” the nation of Poland after its government this past week officially banned the planting of Monsanto’s MON810, a genetically-modified (GM) variety of maize (corn) that produces its own built-in Bt insecticide in every kernel and is held to be responsible for the global collapse of bee populations and the catastrophic killing of all bat species in North America.

    To understand Obama’s anger against Poland and his ties to the most dangerous food ever known to man we can read as reported by Ronnie Cummins, Founder and Director of the Organic Consumers Association:

    President Obama knows that agribusiness cannot be trusted with the policy and regulatory powers of government. On the campaign trail in 2007, he promised:

    “We’ll tell ConAgra that it’s not the Department of Agribusiness. It’s the Department of Agriculture. We’re going to put the people’s interests ahead of the special interests.”

    But, starting with his choice for USDA Secretary, the pro-biotech former governor of Iowa, Tom Vilsack (who in a stunning reversal greenlighted Monsanto’s genetically modified alfalfa without testing), Obama has let Monsanto, DuPont and the other pesticide and genetic engineering companies know they’ll have plenty of friends and supporters within his administration.

    President Obama has taken his team of food and farming leaders directly from the biotech companies and their lobbying, research, and philanthropic arms.

    Michael Taylor, former Monsanto Vice President, is now the FDA Deputy Commissioner for Foods.

    Roger Beachy, former director of the Monsanto-funded Danforth Plant Science Center, is now the director of the USDA National Institute of Food and Agriculture.

    Islam Siddiqui, Vice President of the Monsanto and DuPont-funded pesticide-promoting lobbying group, CropLife, is now the Agriculture Negotiator for the US Trade Representative.

    Rajiv Shah, former agricultural-development director for the pro-biotech Gates Foundation (a frequent Monsanto partner), served as Obama’s USDA Under Secretary for Research Education and Economics and Chief Scientist and is now head of USAID.

    Solicitor General Elena Kagan, who took Monsanto’s side against organic farmers in the Roundup Ready alfalfa case, has been nominated to the Supreme Court.

    Now, Ramona Romero, corporate counsel to DuPont, has been nominated by President Obama to serve as General Counsel for the U.S. Department of Agriculture.

    DuPont’s lengthy record of lies, crimes and misdeeds are well known, and the company’s efforts to deceive the public and cover-up risks of its products continue to this day.

    Corporate Crime Daily further reports:

    “DuPont brought genetically engineered “Bt” crops to market, despite concerns raised by scientists, environmentalists and organic growers who noted that the Bt crops threaten to destroy the usefulness of Bt sprays, valued by many as the world’s safest and most important biological pesticide.

    Genetically engineered Bt is not the same as the long-used Bt sprays. It is an activated, high-dose toxin. DuPont claims its Bt products are safe, but there is evidence that Bt crops can trigger allergies and there have been many reports of sickness and death in animals exposed to Bt crops.

    Installing a DuPont lawyer at the USDA would create a terrible conflict that would no doubt be resolved in favor of this powerful company rather than the people’s interest in food safety, public health and environmental sustainability.”

    The decision by Poland to ban Monsanto’s genetically-modified corn comes after thousands of protesters recently took to the streets in demonstration of the undeniable fact that both MON810 and the chemicals applied to it are at least partially responsible for causing Colony Collapse Disorder (CCD), the worldwide phenomenon in which entire swarms of honey bees disappear or turn up dead.

    “The decree is in the works. It introduces a complete ban on the MON810 strain of maize in Poland,” said Polish Agriculture Minister Marek Sawicki, who also explained to the press that pollen from MON810 appears to be responsible for further devastating the already dwindling bee population throughout the country and elsewhere.

    According to reports, Poland’s decision to ban MON810 makes it the first nation to formally acknowledge that Monsanto’s GM corn is definitively linked to CCD. It also affirms the findings of several earlier studies that have identified a link between Bt GM crops and bee deaths, including independent research conducted by Pennsylvania beekeeper John McDonald.

    Important to note is that France, under extreme pressure from the Obama regime, allowed the planting of Monsanto MON810 corn this past November (2011), but after tens of thousands began protesting this past March against this “frankenfood” it instituted a new ban which they show no signs of lifting any time soon.

    Obama’s first reaction to Poland’s banning of Monsanto’s genetically-modified corn was to blame the Poles for the German Nazi death camps which “deeply wounded” the pride of these proud peoples and caused a national uproar.

    Although Obama did offer an expression of ‘regret’ to Poland over what the US says was his inadvertent ‘death camp’ gaffe, he was quick to add “insult to injury” after his regime banned Lech Walesa, the Nobel Prize winning Polish hero who defeated communism and former President of Poland, from the White House this past week.

    According to the Wall Street Journal, Polish officials requested that Walesa accept the Medal of Freedom on behalf of Jan Karski, a member of the Polish Underground during World War II who was being honored posthumously this week. The request makes sense. Walesa and Karski shared a burning desire to rid Poland of tyrannical subjugation. But President Obama said no.

    Obama regime officials, also, told the National Journal that Walesa is too “political.” And as they reported:

    “A man who was arrested by Soviet officials for dissenting against the government for being “political” is being shunned by the United States of America for the same reason 30 years later. Meanwhile, one of the recipients of the Medal was Dolores Huerta, the honorary chair of the Democratic Socialists of America. So socialist politics are acceptable, but not the politics of a man who stood up and fought socialism.”

    To why Obama became so enraged after Poland banned Monsanto’s genetically-modified corn, this report says, was due to the Polish governments linking this most dangerous of plants to the deaths of bees worldwide, and should the American people discover this fact would undermine his regimes goal of destroying all independent agriculture in the United States.

    So catastrophic has the situation become in the United States due to Monsanto’s genetically-modified corn that in the last few weeks alone beekeepers have reported staggering losses in Minnesota, Nebraska and Ohio after their hives foraged on pesticide-treated fields and an even grimmer scientific report warns that a “superweed” explosion threatens Monsanto heartlands.

    Equally disturbing are the links emerging linking Monsanto’s genetically-modified corn to the genocide of all bat species in North America that has ravaged the Eastern parts of the US and now is reported to be moving west threatening the extinction of one of nature’s most prolific pollinators.

    And if the American people thought this catastrophic situation couldn’t get any worse they would horribly wrong, and as we can read, in part, as reported by the Natural News Service:

    “Amid all the controversy over genetically-modified (GM) crops and their pesticides and herbicides decimating bee populations all around the world, biotechnology behemoth Monsanto has decided to buy out one of the major international firms devoted to studying and protecting bees. According to a company announcement, Beeologics handed over the reins to Monsanto back on September 28, 2011, which means the gene-manipulating giant will now be able to control the flow of information and products coming from Beeologics for colony collapse disorder.”

    To what the Americans will do to protect themselves from the “mad scientists” unleashed by the Obama regime against them there appears to be nothing as, and as always, their mainstream propaganda media organs will not let them know the truth, while at the same time they refuse to listen to any others.

    Even worse, this past February when the US-based non-profit group Public Employees for Environmental Responsibility (PEER) demanded that the White House comply with a FOIA request for information about their links to Monsanto the Obama regime flat-out refused to release anything they were required to do by law.

    June 2, 2012 © EU and US all rights reserved. Permission to use this report in its entirety is granted under the condition it is linked back to its original source at WhatDoesItMean.Com. Freebase content licensed under CC-BY and GFDL.

  18. One more way Obama committed treason: while promissing to investigate Monsanto and GMOs during his 2008 campaign, he has now given Monsanto people free reign to poison earth as they please.

    If you believe that GMOs are harmless, watch this video. Then, you’ll understand why China, India, countries in Europe and many other countries are up in arms against GMOs. We owe them Mad cow disease, diabetes, extinction of the bees, extinction of species and the massive immuno-deficiencies found in humans in the past 15 years.

    Our own DNA is being tampered with daily with the food being sold to us. Sobering…

    http://goingglobaleastmeetswest.blogspot.com/

  19. […] Filed under: foreclosure Tagged: China, Eurozone, French Revolution, Gdp, Germany, Great Depression, housing prices, ICELAND, india, Italy, Japanese, Malasia, Mish Shedlock, Mortgage Crisis, recession, riot, UNITED STATES Livinglies’s Weblog […]

  20. You gotta hand it out to Mandelman: the guy would make lemonade out of anything remotely sour. Then again, this time, he is really onto something…

    http://mandelman.ml-implode.com/2012/06/my-financial-recovery-plan-for-the-middle-class-whistle-while-you-work/

    My Financial Recovery Plan for the Middle Class: Whistle While You Work

    So, we all should know the deal by now, right? It’s over… and we lost.
    That’s right… you heard me correctly… I’m calling our Faux Recovery Game early, so if you want to get out before the traffic, do it. There’s no reason to stay until the bottom of the ninth. We lost… the financial oligarchy in this country won. I realize you don’t like it, none of us likes it when our home team loses the series. But, it’ll be okay.

    I’m not just saying that, I actually have an honorary PhD in the Psychology of Un-fair and On-going Loss, and a Masters in Self-loathing from Punk U. You see, my wife is a Cubs’ fan, and I grew up in Pittsburgh during the 1970s, so obviously, you can trust me when I say that the feelings of utter despair will diminish over time and you’ll learn to live with it. You may want to consider taking up drinking heavily during the transition if you feel you need a crutch.

    Just in case, I’ll write you an Rx: One Pint “Old Kessler,” taken early in the morning
    without food. And I apologize about the photo on the right… it’s already afternoon here.

    Special Instructions: Drinking with bottle in a brown paper bag while seated on a bench staring at a drainage ditch or at bus stop can help stimulate feelings of self-loathing. TUMS chaser optional, but recommended for patients over 50.

    Okay, so the average American income is down by more than ten percent nationally, however, if you deduct Wall Street CEO pay, data from North Dakota, and illegal rents from foreclosed homes, the national average is expected to smash through the very important 30 percent decline marker later this year.

    The New Obamanomics…
    I think it’s helpful to gain an understanding of the new Obamanomics as it helps to reduce the inexplicable and fleeting pangs of hope for the future that distract us from the mission at hand, which is feigning recovery as we continue racing towards the bottom.

    Economists refer to the 30 percent national income decline marker as “Geithner’s Peak,” and it’s considered important because reaching it means that we could be approaching the halfway point in our national decline. Now, the point at which the average income loss reaches 60 percent nationally, it’s called “Summers’ Trough,” and the period between Geithner’s Peak and Summer’s Trough is called: “The Mid-Terms.”

    Once we’re down in Summers’ Trough, it’s forecasted to only be a short time before we can expect to see the acceleration of pretend prosperity, which is characterized by sharp increases in bubble wealth at the top… and the amassing of prodigious amounts of predatory debt among the middle class… which is the period called the “Bernanke Blow Job.”

    As good as it feels at the time, however, eventually we cum through it, Ben’s bubble pops, and we start blaming whoever’s having the hardest time getting the gum out of their collective hair as we once again sink towards Geithner’s Peak once again.

    The good news is that from stump to flummox, the whole cycle can take fewer than five years, although it can take linger, depending on the GOP’s use of the filibuster, and the degree to which House Democrats can remain insipid.

    Follow my new plan, and join the 1%…
    Here’s what you probably haven’t realized yet… we can all be in the 1%. All it takes is making the commitment to consistently take unfair advantage of each other… and an unchecked willingness to exploit any and all opportunities as they present themselves.

    Just one look at the new Forbes 400 Richest List reinforces this point. The list won’t be made public for a few months, but I have it on good authority that seventeen of the new elites making the list all come from the fastest growing segment of the emerging Nebulous Benefit Products industry, which we all know as, “Forensic Loan Audit Producers,” or FLAP.

    It’s probably too late to get in on the ground floor of this maturing field, but there are still plenty of people out there FLAPPING their gums about one report or another… and all it takes is one hot report and within months you can be a One Percenter.

    But, that’s not the news I’m talking about… what my plan is based on is a new emerging form of financial innovation… the brand new red hot, “Whistleblowing Futures” market.

    Here’s how you get in and there’s no time to lose, so you might want to get a pencil and start taking some notes. Starting the next available business day, work up a resume designed to make you appear as qualified as possible for any job working within a financial services company. Obviously, the high up the better, but there’s no need to be too concerned… even low level employees are eligible for Whistleblowing Futures.

    Next get to work applying for every single position available at every single financial institution you can find. Don’t worry that others will be doing the same thing, or that the job is hundreds of miles away… because even if you get it, you’ll only be working there for a week or two, and turnover at these places is so high that thousands of people can all hold the same job over the course of only a handful of weeks or months.

    With my new plan, scarcity is a thing of the past… there’s room for everyone at the top, but be sure to check with a lawyer in each state where you’ll be “employed” to make sure you’re aware of any state employment law restrictions that could limit future awards.

    After that, just answer your cell and emails… interview well, and you’ll be a part of the family at any number of the titans the financial services industry. Once on the job, grab that whistle and just like you’ve seen Bernanke do on countless occasions… start blowing your ass off.

    Report the company for whom you’re now working for everything you can think of… it doesn’t matter whether you know for sure if they did it or not, settlements don’t admit or deny guilt anyway… and besides… they ALL did it… because they ALL did everything.

    So, if you’re working for a credit card company like Capitol One, report them for every conceivable predatory violation of federal law you can find in the statutes… systemic misapplication of payments, fraudulent credit score schemes, failure to comply with whatever they were supposed to comply with… it doesn’t matter… as long as it’s a way for them to take advantage and make money.

    So, be creative… even if they haven’t done it yet, so what? Who’s going to know? You can bet your boots they will do it before too long and when they do… Ka-Ching… and that whistle you’ll hear will be your train coming into the station.

    Make a list of potential individuals or group of individuals that a bank or brokerage could potentially lie to in order to reap some sort of reward or unfair advantage… it doesn’t matter how large or small in monetary terms it seems to you.

    Remember… what looks to you like petty theft, to the CEO of Wells Fargo, could exceed the GDP of most European countries. Once you have your list of the potentially affected… no matter how remote the possibility… blow, blow, blow the whistle.

    I envision a secondary market forming for the trading of Whistleblowing Futures, for those that have secured positions that could take years to mature and show their true worth.

    For instance, tomorrow, I’m turning in Goldman Sachs CEO Lloyd Blankfein for insider trading, securities fraud, bank robbery, collusion, and a whole list of other very serious legal sounding things. I realize some are long-shots and others may pay off next week, but I’ve already got interested parties making offers to take over my positions in years 2016-2018 and 2020-2024.

    But, I’m no dummy. I’m not going to sell my entire future whistle blowing position outright. Nor sir. I’m already arranging to pool my positions and securitize them using tranches, which I’m confident will get ratings from AAA all the way down to the NIM. My first issue has 27 tranches, and I’m retaining the servicing rights, so there’s a very nice revenue stream right there from day one.

    Who knows… I’m told that Blankfein himself may be interested in buying the NIM if the returns on my Power Point slides look right… and since I’m making color slides, I’d say my chances for a quick sale are excellent. (I happen to know he is partial to orange bar charts, but let’s keep that between us, okay?)

    Fun for the whole family!
    To really maximize the potential of your family’s future fortune, don’t forget to get your children involved. Teach them how a career in Whistleblowing beats the heck out of dying from friendly fire while working as a receptionist-in-uniform for some one-star General in charge of Recreation Rhetoric & Trash Removal on some make-shift Air Force base in Afghanistan… or working for RiteAid where everyone hopes for raises that come in amounts past the decimal point to the right.

    Even the younger ones are getting into the act these days… so what are you waiting for? If you’re old enough to BLOW, you’re old enough to KNOW about Whistleblowing!

    There’s no reason to wait another day to begin building your Whislteblowing Futures Empire. It requires the smallest if investments, and the leverage involved can turn out to be off the charts… I mean, we’re talking tens of thousands to one.

    I’ve also expanded my thinking and now am looking around to acquire minority interests in Whistleblowing Futures held by the children of today’s banking CEOs, and I’ve got a call into Kyle Bass to see if he’ll issue a WhistleStop Default Swap on certain positions.

    Laugh all you want, but I’ve already had several exploratory conversations with the ex-boyfriend of Jamie Dinon’s daughter’s cousin. I can’t say anything more about that at the moment, as we’re in the quiet period, but let’s just say that things are looking up around the Mandelman Mansion.

    Hey, and if I make what I think I will on that deal… I might even consider not strategically defaulting on my mortgage, how about that? Why not? No sense in getting greedy… and in fact, just to show you what kind if guy I am… I’ve already decided… let’s say I make $10 million on my own bank’s future malfeasance… you know what I’m going to do?

    I’m going to go ahead and pay off my $70,000 underwater second. I’m not kidding, I’m really going to do it.

    I mean, maybe not at 100 cents on the dollar… but if they’d agree to a reasonable modification to say 1 percent with a principal reduction, recapitalization, waiving of all late fees and interest, a term extension and, of course, they’d have to agree to fix my credit report to erase the fact that I didn’t make a payment for those 38 months after I took the cash out… and maybe back rubs by the CEO’s wife for a year… but yeppers… if they’re willing to be reasonable, then why not? I’ll go ahead and throw them a bone.

    Well, and maybe not right away, but let’s say within five years, depending on LIBOR trending… I’m still working out the details with my attorney, but the point is… my heart’s in the right place… I do want to do the responsible thing and pay my bills.

    I WANT YOU
    IN MY WHISTLEBLOWER ARMY!

    Plus, the beauty of whistleblowing is that none gets hurt. It’s a true win-win-win proposition. Stay with me here… I blow the whistle… Chase has to pay me $20 million, which it gets at zero percent interest loan from the Fed that it doesn’t have to ever pay back. Or, Chase’s insurance company pays the claim, goes under, but is too big too fail, so gets bailed out by Treasury, and everybody’s happy again.

    I’m telling you… it’s practically bullet proof people… it’s the answer we’ve been waiting for and it’s all set and ready to go. And let’s face it… this is a market that’s not going anywhere. It’s likely to be around as long as we have malfeasance among Wall Street’s bankers and banking institutions… and you’ve got to think that’ll be around longer than fossil fuels.

    Of course, I could be wrong I suppose… maybe the bankers will all go straight and stop committing even the slightest of violations of any kind… start running pristine institutions for the benefit of their shareholders and humanity…

    I mean… that could happen, right? Anything is possible.

    And on the “anything is possible scale,” I’d have to say that the possibility of “pristine banks and bankers” would be listed right after the possibility of monkeys flying out of your ass.

    Hahahahahahahahaha! Yes, well… it may seem like they may be wining and we may be losing, but they can’t take away our ability to laugh at them… and he who laughs last… laughs best.

    Right? Damn right.

    Mandelman out.

  21. Whatever.

  22. Your diarrea constipates me you know-it-all.

  23. @Colleendd,

    Something seriously wrong with you… Starting with bad manners and lack of humor. Noticed I wasn’t addressing you but rather a specific individual? Chronic constipation maybe? Get a laxative: that helps.

  24. Mean Enraged?
    Stupid on your part as it looks like you CHOOSE to only see the
    negative on this internet! You want to wallow? Please foist your sky
    is-falling mentality somewhere else. It’s insulting to this site.
    Look up things pertaining to the truth sometimes as YOU maybe able to sleep better at night as will we all would JUST reading you!

  25. @Enraged,

    You said:

    “We don’t have aristocrates per se but i can see a few heads I’d like to see roll…”

    If it walks like a duck and talks like a duck….It’s a DUCK!

    Off with their heads!!!

  26. Maybe it is time to file Crimes against Humanity charges against the Big Banksters in Europe or maybe even some US legislators or Juges? Obama?

    Food For thought. America is not well loved these days.

    NEVER AGAIN
    BE STRONG AND COURAGEOUS

  27. I don’t know about you but JPM seems to wallow in dirt. Lately, every time there is a scandal, there it is! The dirtier it is and the richer it gets. And it keeps pulling out millions here, billions there. Hey, money doesn’t grow on trees… but it sure as hell grows on JP Morgan!
    “Go Green”, they keep saying. Greener than that, I can’t imagine…

    http://online.wsj.com/article/SB10001424052702304821304577440693850068120.html?mod=rss_whats_news_us_business&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+wsj%2Fxml%2Frss%2F3_7014+%28WSJ.com%3A+US+Business%29

    MF’s Bank Returns $600 Million
    BUSINESSUpdated June 1, 2012, 8:02 p.m. ET.

    MF’s Bank Returns $600 Million .

    BY AARON LUCCHETTI J.P. Morgan Chase & Co. has returned roughly $600 million that was ensnared at the bank when MF Global Holdings Ltd. collapsed in October, people familiar with the matter said.
    Most of the payments haven’t been disclosed publicly, and a bankruptcy trustee representing customers of the failed securities firm might pursue J.P. Morgan for as much as several hundred million dollars in additional claims, according to a person familiar with the investigation.
    Still, the New York bank’s payments are a sign of progress in efforts to fill the estimated $1.6 billion hole left in customer accounts at MF Global.

  28. Thanks, Ann. Just what the doctor ordered to give us back some hope and the courage to keep fighting.

  29. Woman Who Couldn’t Be Intimidated by Citigroup Wins $31 Million
    By Bob Ivry on May 31, 2012

    …Instead, she took her employer to court — and won. In August 2011, five months after the meeting with Polkinghorne, Hunt sued Citigroup in Manhattan federal court, accusing its home-loan division of systematically violating U.S. mortgage regulations.

    The U.S. Justice Department decided to join her suit in January. Citigroup didn’t dispute any of Hunt’s facts; it didn’t mount a defense in public or in court. On Feb. 15, 2012, the bank agreed to pay $158.3 million to the U.S. government to settle the case.

    Citigroup admitted approving loans for government insurance that didn’t qualify under Federal Housing Administration rules. Prosecutors kept open the possibility of bringing criminal charges, without specifying targets.

    ‘Pure Myth’
    Citigroup behaving badly as late as 2012 shows how a big bank hasn’t yet absorbed the lessons of the credit crisis despite billions of dollars in bailouts, says Neil Barofsky, former special inspector general of the Troubled Asset Relief Program.

    “This case demonstrates that the notion that the bailed-out banks have somehow found God and have reformed their ways in the aftermath of the financial crisis is pure myth,” he says.

    As a reward for blowing the whistle on her employer, Hunt, the country girl turned banker, got $31 million out of the settlement paid by Citigroup.

    Read more at http://www.businessweek.com/news/2012-05-31/woman-who-couldn-t-be-intimidated-by-citigroup-wins-31-million#p2

  30. BOMBSHELL! TRIAL COURT ASSERTS BANK MAY HAVE CONSPIRED AGAINST BORROWER BY DECLARING FRAUDULENT DEFAULT, “TRIPLE DIPPING” ON LOSS SHARE PAYMENTS
    May 31st, 2012 | Author: Matthew D. Weidner, Esq.
    http://mattweidnerlaw.com/blog/2012/05/bombshell-trial-court-asserts-bank-may-have-conspired-against-borrower-by-declaring-fraudulent-default-triple-dipping-on-loss-share-payments/

    Finally, trial judges are starting to wake up to the lies, the fraud, the perverse and improper incentives the banks, conspiring with the federal government are engaged in. Down here in the trenches, we’ve been screaming for years that the banks are conspiring against homeowners and everyday Americans, fabricating defaults, urging homeowners not to pay and then throwing them into foreclosure.

    The phenomena is so widespread, it’s near universal. Well, now we’ve got it established in an incredible Trial Court Opinion….

    The evidence adduced at trial and considered by the court demonstrated that Plaintiff breached its duties of good faith and fair dealing in contractual relationship with Defendants.

    The evidence also demonstrated that Plaintiff was motivated to behave in such a manner as a direct result of the Purchase and Assumption Agreement; that is, Plaintiff stood to profit by declaring a fraudulent default under the subject loan, collecting from the FDIC under the PSA for such default, and then enforcing the subject loan against Defendants, and retaining the property until such time as a real estate turnaround occurred in hopes to dispose of the property at the peak of the market.

    In fact, Mr. Bruni testified that Plaintiff may have already applied to the FDIC for a loss share payment on this loan.

    Plaintiff might be “double dipping”, and possibly “triple dipping” if market conditions favorably change and the property likewise increases in value!

    bbt JUDGMENT
    http://mattweidnerlaw.com/blog/wp-content/uploads/2012/05/bbt.pdf

  31. Illinois State Representative Erupts in Fury Over Legislative Tyranny
    Mac Slavo
    May 31st, 2012
    SHTFplan.com

    Comments (186)
    Read by 8,158 people

    Illinois state representative Mike Bost loses his cool on the House floor Tuesday afternoon after lawmakers call for a quick vote on a new pension reform proposal.

    Bost, R-Murphysboro, angry over a Democrat-led, last-minute plan to overhaul state pensions, launched into a screaming tirade Tuesday.

    Bost’s outburst, directed at Speaker of the House Michael Madigan, D-Chicago, was shown on state and national media outlets Wednesday morning.

    Bost tore into Madigan for purportedly making rules that bind legislators and go against the idea of representative democracy.

    Source: QC times

    If only we could get the 535 Congressional legislators on the Hill in DC to argue with such fury and passion as Representative Bost did we might actually see some real debate and discussion on the legislation being pumped through Congress. It would certainly be a win for the American people if our Senators and Representatives were vehemently arguing among each other rather than voting on legislation they haven’t read and don’t understand on a daily basis.

    [Video follows excerpts]

    Total power in one person’s hands… not the American Way!

    These damn bills that come out here all the damn time… they come out here the last second and I gotta try to figure out how to vote for my people. You should be ashamed of yourselves.

    I’m sick of it. Every year we give power to one person. It was not made that way in the Constitution.

    We pass rules that stop each one of us. Enough! I feel like somebody trying to be released from Egypt. Let my people go!

    My God they sent me here to vote for ‘em. They sent me here to vote for them, to argue for them, but I’m trapped. I’m trapped by rules that have been forced down our throats.

    Folks, we live in a democracy. But not here, not here.

    Via The Daily Sheeple:

    http://www.shtfplan.com/headline-news/illinois-state-representative-erupts-in-fury-over-legislative-tyranny_05312012

    Holy Sh…! Watch that video. I hadn’t even heard of that but someone is working himself into a heart attack over that insanity of legislating everything, from how we live, how we think, what we do with our money, etc.

  32. You’ve got to love! “Banks MAY have conspired… fraudulent defaults (duh!!!)… triple dipping on loss share payments (Isn’t that how you grow 60 trillions into 600 trillions? Triple dipping is way understated, buddy. Redo the math!)”

    http://mattweidnerlaw.com/blog/

    BOMBSHELL! TRIAL COURT ASSERTS BANK MAY HAVE CONSPIRED AGAINST BORROWER BY DECLARING FRAUDULENT DEFAULT, “TRIPLE DIPPING” ON LOSS SHARE PAYMENTS
    May 31st, 2012 | Author: Matthew D. Weidner, Esq.

    Finally, trial judges are starting to wake up to the lies, the fraud, the perverse and improper incentives the banks, conspiring with the federal government are engaged in. Down here in the trenches, we’ve been screaming for years that the banks are conspiring against homeowners and everyday Americans, fabricating defaults, urging homeowners not to pay and then throwing them into foreclosure.

    The phenomena is so widespread, it’s near universal. Well, now we’ve got it established in an incredible Trial Court Opinion….

    The evidence adduced at trial and considered by the court demonstrated that Plaintiff breached its duties of good faith and fair dealing in contractual relationship with Defendants.

    The evidence also demonstrated that Plaintiff was motivated to behave in such a manner as a direct result of the Purchase and Assumption Agreement; that is, Plaintiff stood to profit by declaring a fraudulent default under the subject loan, collecting from the FDIC under the PSA for such default, and then enforcing the subject loan against Defendants, and retaining the property until such time as a real estate turnaround occurred in hopes to dispose of the property at the peak of the market.

    In fact, Mr. Bruni testified that Plaintiff may have already applied to the FDIC for a loss share payment on this loan.

    Plaintiff might be “double dipping”, and possibly “triple dipping” if market conditions favorably change and the property likewise increases in value!

    bbt JUDGMENT

  33. @Toile,

    Pie keeps the secrecy. He tantalizes us but won’t say what that “July 2nd” date is supposed to mean. I think he’s just being plain mean!

    “For those who have studied French history, these reports sound earily like the conditions that preceded the French Revolution and the bloodbath that followed.” I like that. The idea of “bloodbath”. People who lost their heads were aristocrates who had squeezed every cent out of the paysans for centuries. We don’t have aristocrates per se but i can see a few heads I’d like to see roll…

  34. July 02, 2012 is all that needs to be said.

    Actually, I could use some enlightenment on that. What’s going down on the 2nd that I don’t know about?

  35. Eurozone will quickly recover if it pulls the plug on subsidizing counterfeit U.S. $$$. In their own words: “$700 Trillions is worth $20” (in reality not even $7) http://en.wikipedia.org/wiki/Derivative_(finance)#cite_note-afgh-13 ^ BIS survey: The Bank for International Settlements (BIS) semi-annual OTC [derivatives market report, for end of June 2008, shows US$683.7 trillion total notional amounts outstanding of OTC derivatives with agross market value of US$20 trillion. See also Prior Period Regular OTC Derivatives Market Statistics.
    http://www.youtube.com/watch?v=tznt-Q9Uf58&feature=related
    http://www.youtube.com/watch?v=hAj22xF5d_c&feature=fvwrel

  36. July 02, 2012 is all that needs to be said.

  37. Wonderful news! More signs the Golden Age is coming!!!

  38. Gold was up $60+ today ,, everyone is thinking a new round of printing is coming soon to inflate the DJIA/R2000 … and we discovered yesterday that Obama was given the option in the first days of his admin to force the banks to write down the bad mortgage debt in return for all the $$$$ Paulson brought them ,, and he instead opted for five to 6 years (longer now) of foreclosures to reset the pricing…

  39. the crash is coming.,….should have it in 2008…….guess its going to be even worse now……..please prepare !

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