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Chris Martenson

Big three ask for bailout

I know they’ve
wrapped it in other language such as “retool to make more fuel
efficient vehicles,” but the truth is that any money they receive will
disappear into the black holes that reside at the center of each
company. Besides the fact that they really should not have been caught
unawares again, I think that GM, Ford, and Chrysler should provide
clear plans for how they intend to return to profitability using
taxpayer money.

Home prices still not low enough to trigger real demand; more weakness ahead

Even at this late
stage, we still get these same tired articles, where the NAR churns out
some statistics showing improving sales and the media tirelessly
trumpets the results.

As always, the fact is left out that bank repossessions and foreclosure auctions count in these results.

Home prices still not low enough to trigger real demand; more weakness ahead

Even at this late
stage, we still get these same tired articles, where the NAR churns out
some statistics showing improving sales and the media tirelessly
trumpets the results.

As always, the fact is left out that bank repossessions and foreclosure auctions count in these results.

Even as the
government stubbornly clings to the illusion that we are not yet in a
recession (“Look! GDP is still positive and inflation is only 1%!), the
anecdotes from the real world tell a very different story.

By the time people are coughing up $300k boats and motor homes in “record amounts,” we are deep into recession territory.

Repo Man calls

By the time people are coughing up $300k boats and motor homes in “record amounts,” we are deep into recession territory.

Dead Banks Walking

This is your
“must read” article of the day. Bennet Sedacca has become one of my
very favorite writers on this unfolding credit mess.

In this
article, he details the process by which denial and then deception are
used, how they can be spotted, and which companies are pretty much
cooked.

Dead Banks Walking

This is your
“must read” article of the day. Bennet Sedacca has become one of my
very favorite writers on this unfolding credit mess.

In this
article, he details the process by which denial and then deception are
used, how they can be spotted, and which companies are pretty much
cooked.

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Saturday, August 24, 2008

Nobody can borrow and consume their way to wealth; no city can do it, no state, and no country either. For the past 25 years the US has been progressively producing less and less, consuming more and more, and borrowing to cover the difference.

Today I stacked wood for the winter, which is always satisfying, and thought about where we really are in this credit crisis. That was decidedly less satisfying.

It is important to remember that we did not get here all at once, and that this crisis was not caused by subprime mortgage defaults. Rather, those were effects, while the cause was the cumulation of 25 years of progressively larger borrowing…

Follow the Money

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Saturday, August 24, 2008

Today I stacked wood for the winter, which is always satisfying, and thought about where we really are in this credit crisis. That was decidedly less satisfying.