Keyword: default

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  • BEWARE! Americaís 2nd War for Independence has begun!

    07/31/2016 12:28:14 PM PDT · by HomerBohn · 45 replies
    Tea Party Email | 7/30/2016
    Know this: Sedition has infested our government and a diabolical scheme to commandeer America has been exposed. Our citizen-driven Republic is being turned into a totalitarian state right under our nose! What the Global Elitists canít have they now seek to destroy. Think Iím kidding? Keep reading! BREXIT was the UKís Tea Party. The UK figured out the Global Elitistís secret weapon. They discovered that the use of uncontrolled migration was the kingpin to commandeer any nationÖ leaving it helpless in the face of the advancing hordes. Watch out! Just like the Global Elitists tightened their grip on the throats...
  • A staggering percentage of Americans are too poor to shop

    07/08/2016 8:29:44 PM PDT · by dynachrome · 207 replies
    NY Post ^ | 7-6-16 | Lisa Fickenscher
    Retailers have blamed the weather, slow job growth and millennials for their poor results this past year, but a new study claims that more than 20 percent of Americans are simply too poor to shop. These 26 million Americans are juggling two to three jobs, earning just around $27,000 a year and supporting two to four children ó and exist largely under the radar, according to Americaís Research Group, which has been tracking consumer shopping trends since 1979.
  • Nigel Farage: Looks Like Remain Will Edge It

    06/23/2016 2:40:16 PM PDT · by Callahan · 43 replies
    Sky ^ | 6/23/16 | Anon.
    Nigel Farage has told Sky News it "looks like Remain will edge it" as votes are counted in the EU referendum. The UKIP leader said it had been an "extraordinary" campaign and it looked like turnout had been "exceptionally high". He also insisted UKIP were "going nowhere" and predicted the party would "continue to grow stronger in the future". Although a long time campaigner for the UK to split from Brussels, Mr Farage is not the official leader of the Leave camp.
  • IMF warns the US over high poverty

    06/22/2016 3:48:05 PM PDT · by Ennis85 · 47 replies
    BBC news ^ | June 22th 2016 | BBC news
    The US has been warned about its high poverty rate in the International Monetary Fund's annual assessment of the economy. The fund said about one in seven people were living in poverty and that it needed to be tackled urgently. It recommended raising the minimum wage and offering paid maternity leave to women to encourage them to work.
  • Why I Refuse To Apologize For My Son Wearing a Dress

    06/21/2016 7:47:02 PM PDT · by GuavaCheesePuff · 59 replies
    The Huffington Post ^ | June 20, 2016 | Martie Sirois
    Transgender: The American ďhot buttonĒ du jour. Even as I type this article, Dr. Phil is on the TV in the background, interviewing a man who is sobbing over the pain he feels with his adult son transitioning to female. He feels that ďsomeone has got him;Ē that ďsomething has come overĒ his son. He absolutely cannot accept his son as anything other than male. He is shaking and seething as Dr. Phil says, ďWeíre going to soon meet ĎStephí,Ē (the manís trans daughter, who wishes to debut as her ďauthentic selfĒ on national TV). Earlier today, Kathie Lee &...
  • ďWorldís First 24/7 Solar Power Plant Powers 75,000 HomesĒ for 3 hours per day.

    06/21/2016 11:11:48 AM PDT · by rktman · 31 replies
    wattsupwiththat.com ^ | 6/21/2016 | David Middleton
    While the production will almost certainly improve this summer, ďSolarReserveís Crescent Dunes Project in Tonopah, Nevada [isnít even] quietly providing clean, green solar energy to 75,000 homes in the Silver State even when the sun [is] shiningĒÖ The average U.S. residential utility customer uses about 900 kWh per month. 75,000 homes * 900 KWh/month = 67,500,000 kWh/month = 67,500 MWh/month In its best month so far, Crescent Dunes generated 9,095 MWhÖ About 3 hours of electricity per day for 75,000 homes. This is the Venezuela version of 24/7 /SARC.
  • Fewer low-income men are working

    06/19/2016 5:46:40 PM PDT · by 2ndDivisionVet · 46 replies
    CNN Money ^ | June 15, 2016 | Tami Luhby
    Men have been disappearing from the workforce for decades. But a closer look at the data reveals that lower-income men account for much of the change -- and that reflects a big problem with the economy. Only 69% of these men, ages 25 to 54, are employed, according to new research from the Brookings Institution. That figure was 80% in 1980. Among middle class and upper-income men, 92% are working, down only slightly from 94% in 1980....
  • GOP Agrees to Vote on Gun Control After 15-Hour Filibuster

    06/16/2016 10:26:03 AM PDT · by PROCON · 112 replies
    time.com ^ | June 16, 2016 | Justin Worland
    A nearly 15-hour filibuster led by Sen. Chris Murphy of Connecticut ended early Thursday morning after Republicans agreed to hold votes on gun control measures. The Senate will vote on a measure banning gun sales to people on the terrorist watch list and a provision requiring background checks at shows and over the internet. Republicans may also offer their own gun control measures. The filibuster comes just days after a shooting in Orlando that killed 49 people and wounded dozens others. Murphy, joined by most of his Democratic colleagues, recalled his own stateís loss of 27 people during the 2012...
  • Spain's public debt surpasses 100% in 20-year high

    06/15/2016 10:34:36 AM PDT · by familyop · 7 replies
    AFP, Yahoo News ^ | June 15, 2016 | AFP
    Madrid (AFP) - Spain's public debt rose above 100 percent in the first quarter to its highest level in 20 years, the central bank said Wednesday as Madrid faces an EU sanctions threat for public overspending. Debt as a proportion of economic output hit 100.5 percent in the first quarter up from 99.2 percent at the end of 2015, the bank said in a statement.
  • Congress is Close to Drafting Our Daughters

    06/14/2016 10:31:01 AM PDT · by Kaslin · 38 replies
    Townhall.com ^ | June 14, 2016 | Phyllis Schlafly
    Ever since Donald Trump effectively won the Republican presidential nomination by decisively defeating Ted Cruz in the Indiana primary, Congressional Republicans led by House Speaker Paul Ryan and Senate Majority Leader Mitch McConnell have engaged in unseemly public hand-wringing about whether they will or will not accept the people's choice. Unwilling to support the positions that Trump campaigned on -- reducing immigration, adopting a pro-American trade policy, and returning education to the local level -- Speaker Ryan dusted off his own policy agenda and promised to roll out a series of position papers to compete with those of the presumptive...
  • Orlando Killer Worked For Company Transporting Illegal Immigrants Inside US; Was Interviewed By FBI

    06/12/2016 1:58:56 PM PDT · by Helicondelta · 137 replies
    zerohedge.com ^ | June 12, 2016
    In a surprising discovery, the Palm Beach Post first reported that according to state records, Orlando shooter Omar Mateen - who as we reported earlier was licensed as a security guard and also holds a firearms license - was employed by the US subsidiary of G4S plc, a British multinational security services company, whose US-headquarters are located in Jupiter, Fla, and which also happens to be the world's largest security company by revenue. ... But where it gets more disturbing is that as Judicial Watch reported several days ago, in a post titled, "DHS Quietly Moving, Releasing Vanloads Of Illegal...
  • US unemployed have quit looking for jobs at a 'frightening' level: Survey

    06/08/2016 1:11:17 PM PDT · by 2ndDivisionVet · 24 replies
    CNBC ^ | June 8, 2016 | Jeff Cox
    Nearly half of unemployed Americans have quit looking for work, and the numbers are even worse for the long-term jobless, according to a poll released Wednesday that paints a grim picture of the labor market. Some 59 percent of those who have been out of work for two years or more say they have stopped looking, the Harris Poll of unemployed Americans showed. Overall, 43 percent of the jobless said they have given up, according to the poll released in conjunction with Express Employment Professionals, a job placement service. "This is a tale of two economies," Express CEO Bob Funk...
  • VANITY: So What Will Venezuela Eat Once Dogs, Cats & Horses Are Gone?

    06/02/2016 7:27:41 PM PDT · by Cruz_West_Paul2016 · 95 replies
    Have anyone of us contemplated this dilemma? Here we have a nation, run by liberals and socialists. And this year we have seen how it all ended. Just like in Greece and Maybe Puerto Rico. No Money, and in the case of Venezuela, no food. By now they have probably wiped out most of their pets and farm animals. But they have to eat meat once in a while. What are they going to do? cross over in their neighboring nations and kidnap any animal walking the streets and take them back home for dinner?
  • Boykin bounced: Fort Riley cancels Delta Force hero's prayer breakfast speech

    06/02/2016 3:46:50 PM PDT · by jazusamo · 37 replies
    Fox News ^ | June 2, 2016 | Todd Starnes
    A Kansas military base abruptly canceled an upcoming prayer breakfast that featured retired Lt. General Jerry Boykin after complaints were lodged that Boykin is anti-Muslim and anti-gay. Military Religious Freedom Foundation founder Mikey Weinstein told Army Times that Boykinís invitation had caused great angst among soldiers at Fort Riley Ė leading some to break down in tears. ďI have clients of ours weeping on the phone about this,Ē he said. Weeping? Oh, please. ďI sincerely doubt that America can expect to win wars if the people who are tasked to do so are frightened by an old retired general with...
  • The last time there were this many unsold $100M+ homes on the market, the world economy imploded

    05/30/2016 6:18:16 PM PDT · by SoFloFreeper · 48 replies
    boing boing.net ^ | 5/30/16 | Cory Doctorow
    Depending on how much credence you give to "whisper listings," there are between 27 and 50 $100,000,000+ houses on the market; last year, only two houses in that bracket sold worldwide. The glut of super-duper-ultra-luxury houses on the market worries economy-watchers, who view the oversupply as a bellwether for a housing crash -- the last glut (which wasn't nearly as pronounced as the current one) was in 2007/8.
  • Meet Your New Co-worker: The Robot

    05/27/2016 3:39:02 PM PDT · by nickcarraway · 24 replies
    Voice of America ^ | May 27, 2016 | Tina Trinh
    At the RoboUniverse expo in New York City, robots of all shapes and sizes were being put to work. Companies showed off automated machines designed to perform tasks that many humans would consider less than desirable. ďThere are certain tasks in our societyÖ that will stay on and not be attractive for humans to do. And we cannot get rid of them if we want to live our lives in the usual fashion,Ē said Preben HjÝrnet, founder and CEO of robotics startup Blue Workforce. ďRobots have no conscience, no self-awareness, so theyíll never be social,Ē HjÝrnet added, ďBut they donít...
  • After delays, House GOP moves forward to help Puerto Rico

    05/18/2016 10:36:06 PM PDT · by Olog-hai · 26 replies
    Associated Press ^ | May 19, 2016 1:26 AM EDT | Mary Clare Jalonick
    After weeks of delays, House Republicans are moving forward with legislation to help Puerto Rico manage $70 billion in debt. A revised bill introduced late Wednesday would create a control board to help manage the U.S. territoryís financial obligations and oversee some debt restructuring. Though it is the third version of the legislation, those objectives remain unchanged. House Natural Resources Committee Chairman Rob Bishop, R-Utah, has led negotiations on the bill and has worked closely with House Speaker Paul Ryan, R-Wisc., congressional Democrats and the White House. The aim has been to write legislation that could pass both the House...
  • U.S. intelligence officials fear Venezuelan coup, government crackdown

    05/14/2016 1:23:57 PM PDT · by Kaslin · 57 replies
    Hot Air.com ^ | May 14, 2016 | JOHN SEXTON
    U.S. intelligence officials said Friday they are concerned Venezuela is slipping into a crisis that could lead to a coup attempt or a government crackdown on dissent. Reuters reports: In a bleak assessment of Venezuela‚Äôs worsening crisis, the senior officials expressed doubt that unpopular leftist President Nicolas Maduro would allow a recall referendum this year, despite opposition-led protests demanding a vote to decide whether he stays in office‚ĶThey said one ¬ďplausible¬Ē scenario would be that Maduro¬ís own party or powerful political figures would force him out and would not rule out the possibility of a military coup. Still, they said...
  • Trump: U.S. can never default because it prints money

    05/09/2016 6:09:29 AM PDT · by GIdget2004 · 183 replies
    Politico ^ | 05/09/2016 | Nick Gass
    Donald Trump assailed the media on Monday for what he said was a misrepresentation of his comments on debt, rejecting the notion that he would have the United States default on his debt. "I said if we can buy back government debt as a discount. In other words, if interest rates go up and we can buy bonds back as a discount, if we are liquid enough as a country we should do that. In other words, we can buy back debt as a discount," the presumptive Republican nominee said in a telephone interview on CNN's "New Day." Those who...
  • Puerto Rico Says Will Default Tomorrow, Begs Congress For Help "Or Else Crisis Will Get Worse"

    05/01/2016 4:39:02 PM PDT · by tcrlaf · 64 replies
    Zerohedge ^ | 5-1-2016 | Durden
    Update: PR Governor Padilla has spoken... -PUERTO RICO GOVERNOR SAYS WON'T PAY DEBT TOMORROW -PUERTO RICO GOVERNOR SAYS ISLAND WON'T PAY DEBT MONDAY -PUERTO RICO GOVERNOR: GOVERNMENT SIGNED MORATORIUM BILL YESTERDAY -PUERTO RICO NEEDS DEAL W/ CREDITORS AND/OR CONGRESS: GARCIA And of course, demands a bailout... -PUERTO RICO GOVERNOR CALLS ON U.S. CONGRESS, PAUL RYAN FOR HELP And then threatens... -CRISIS WILL GET WORSE IF U.S. CONGRESS DOESN'T HELP: GARCIA -PUERTO RICO GOVERNOR CONCLUDES REMARKS TO COMMONWEALTH A default on the $422 million due today is "virtually certain," S&P Global Ratings said April 11.
  • Atlantic City, Americaís Worst-Rated Town, Stares at Default

    04/29/2016 10:40:44 AM PDT · by C19fan · 30 replies
    Wall Street Journal ^ | April 28, 2016 | Timothy W. Martin and Heather Gillers
    Atlantic City has so little money left that it could miss a $1.8 million bond payment due Sunday, a step that would make it the first New Jersey municipality to default on debt since the Great Depression. The Jersey Shore gambling destination has endured years of strain as a third of its casinos shut down. But now its cash levels are low enough that bankruptcy is a possibility for the 39,000-population city, according to Mayor Don Guardian.
  • Trump: Sanders should run as independent

    04/26/2016 9:56:32 AM PDT · by McGruff · 81 replies
    POLITICO ^ | April 26, 2016 | NICK GASS
    Suggesting that Bernie Sanders has been treated unfairly by the Democratic Party, Donald Trump on Tuesday said that the Vermont senator should abandon his run for the Democratic nomination and instead seek an independent path to the White House. "Bernie Sanders has been treated terribly by the Democrats ó both with delegates & otherwise," Trump tweeted. "He should show them, and run as an Independent!" Sanders and his campaign have indicated that the senator, who was still listed as an independent on his Senate website as early as this month, will continue to be a Democrat in future elections.
  • Toxic oil loans create trouble for big banks

    04/14/2016 9:45:02 AM PDT · by PAR35 · 7 replies
    CNN ^ | April 14, 2016: 11:55 AM ET | Matt Egan
    ... Bank of America (BAC) on Thursday announced it set aside $997 million to protect from loan losses, mainly in the bank's $22 billion energy portfolio. Wells Fargo (WFC) warned of "significant stress" and "deterioration" in the oil and gas space. The problems there forced Wells Fargo to add $200 million in loan-loss reserves, its first increase to this rainy-day fund since 2009. And JPMorgan Chase increased its provisions for credit losses by 88%, mostly due to the oil, natural gas and pipeline business. It was enough to cause JPMorgan's (JPM) first drop in profits since late 2014. ...
  • A code violation and a housing crisis

    03/06/2016 9:18:16 AM PST · by artichokegrower · 17 replies
    Santa Cruz Sentinel ^ | 03/05/16 | Micah Posner
    The Sentinel has offered to let me publicly take responsibility for my recent building code violation. I appreciate that. Until very recently, I have had a tenant in a small room behind my house. Renting out this unit was not permitted under the cityís Building Code. As someone making rules about housing, I should not have been breaking the rules. This was a mistake. I am sorry.
  • "The GOP Is On The Verge Of A Meltdown": Senior Republicans Threaten To Vote For Hillary

    02/29/2016 4:12:35 PM PST · by Enlightened1 · 165 replies
    Zero Hedge ^ | 02/29/16 | Tyler Durden
    With Donald Trump set for a yuuge victory in tomorrow's Super Tuesday slugfest - oddsmakers see 80% chance of Trump being the nominee - tensions are mounting dramatically within the Republican establishment. As The FT reports, many mainstream Republicans believe Mr Trump would struggle to beat Hillary Clinton and are urgently rallying around their man Rubio with some senior Republicans saying privately that they might consider voting for Mrs Clinton if Mr Trump were to end up as their party nominee as one conservative commentator exclaimed "we are on the verge of a real meltdown in the Republican party." Trump's...
  • Donald Trump: Since RNC 'In Default,' Pledge Now Voided, I 'Can Do What' I 'Have To Do' To Win

    02/15/2016 3:15:09 PM PST · by House Atreides · 259 replies
    Breitbart Big Government ^ | February 15, 2016 | Matthew Boyle
    HANAHAN, South Carolina -- 2016 GOP presidential frontrunner Donald J. Trump tells reporters here that his pledge to support the eventual GOP nominee is now void because the Republican National Committee, along with local and state GOP factions, is stacking debate audiences with donor class officials. "The RNC is in default," Trump said at the press conference. "Just so you understand, the RNC is in default. When somebody is in default, that means the other side can do what they have to do. The RNC is in default." Trump's point is that the RNC has defaulted--through its actions against his...
  • Tea Party Revolts Against Obama‚Äôs Budget as Debt Exceeds $19 Trillion

    02/06/2016 7:08:26 PM PST · by Lorianne · 14 replies
    Fiscal Times ^ | 04 February 2016 | Eric Pianin
    n what appears to be an extraordinary snub of White House budget director Shaun Donovan, the Republican chairs of the House and Senate Budget Committees announced on Thursday they would not host Donovan’s testimony on President Obama’s final budget submission next week. Obama will unveil his fiscal 2017 budget request next Tuesday, just barely meeting the statutory deadline for submitting a new budget to Congress. But Senate Budget Committee Chair Mike Enzi (R-WY) and House Budget Committee chief Tom Price (R-GA) issued a joint statement tonight saying Donovan wasn’t welcome to testify because the administration wasn’t serious about addressing the...
  • EXCLUSIVE: Secret Fed Docs Show Obama Misled Congress, Public During Debt Limit Crises

    01/31/2016 10:11:50 PM PST · by Nachum · 22 replies
    Daily Caller ^ | 1/31/16 | Richard Pollack
    Federal Reserve Bank of New York officials secretly conducted real-time exercises during the 2011 and 2013 debt-limit crisis that demonstrated the federal government could function during a temporary shutdown by prioritizing spending, even as Treasury Secretary Jack Lew publicly claimed many times that such efforts were ‚Äúunworkable,‚ÄĚ according to a new report by the House Financial Services Committee obtained by The Daily Caller News Foundation. The staff report, to be released Tuesday, charges that Lew and other Obama administration officials deliberately misled Congress and the public during the federal budget and debt limit showdowns in both years. The committee will...
  • Survey Reveals Bankers in China Fearing High Credit Risk

    01/25/2016 5:00:14 PM PST · by TigerLikesRooster · 3 replies
    CBN ^ | January 25, 2016 | Faraz Haleem
    Survey Reveals Bankers in China Fearing High Credit Risk By: Faraz Haleem Published: January 25, 2016 at 06:56 am EST The recent slowdown in the world's second largest economy has created several economic challenges, such as industries overcapacity and decline in manufacturing activities. The situation has mounted pressure on banking sector, owing to the rise in credit and default risks. China Banking Association (CBA) and PwC jointly released a survey; showing that 82% bankers believed that credit risk is high in industries with excess capacity. The industries include steel, iron, shipping, and cement, according to "China bankers' survey report (2015)",...
  • Saudis 'will not destroy the US shale industry'

    01/24/2016 11:17:44 PM PST · by Cincinatus' Wife · 34 replies
    The Telegraph ^ | January 24, 2016 | Ambrose Evans-Pritchard, International Business Editor, Davos
    "...Daniel Yergin, founder of IHS Cambridge Energy Research Associates, said it is impossible for OPEC to knock out the US shale industry though a war of attrition even if large numbers of frackers fall by the wayside over coming months. Mr Yergin said groups with deep pockets such as Blackstone and Carlyle will take over the infrastructure when the distressed assets are cheap enough, and bide their time until the oil cycle turns. "The management may change and the companies may change but the resources will still be there," he told the Daily Telegraph. "It takes $10bn and five to...
  • 'Worse than 2007': Top banker warns of looming wave of worldwide bankruptcies

    01/20/2016 11:44:23 AM PST · by Roman_War_Criminal · 27 replies
    Business Insider ^ | 1/20/2016 | David Scutt
    The world's financial system has become dangerously unstable and faces an avalanche of bankruptcies that will test social and political stability, according to a leading global banker. William White, chairman of the OECD's review committee and former chief economist of the Bank for International Settlements, suggests the stresses in the financial system are "worse than it was in 2007." Speaking with the UK Telegraph's Ambrose Evans-Pritchard before the start of the World Economic Forum in Davos, Switzerland, White warned that macroeconomic ammunition to fight further economic downturns was essentially "all used up."
  • World faces wave of epic debt defaults, fears central bank veteran [Situation worse than 2007]

    01/20/2016 7:06:17 AM PST · by SeekAndFind · 21 replies
    The Telegraph ^ | 01/20/2016 | By Ambrose Evans-Pritchard, in Davos
    The global financial system has become dangerously unstable and faces an avalanche of bankruptcies that will test social and political stability, a leading monetary theorist has warned. "The situation is worse than it was in 2007. Our macroeconomic ammunition to fight downturns is essentially all used up," said William White, the Swiss-based chairman of the OECD's review committee and former chief economist of the Bank for International Settlements (BIS). "Debts have continued to build up over the last eight years and they have reached such levels in every part of the world that they have become a potent cause for...
  • Saudi Devaluation Odds Highest In 20 Years, Kingdom Now More Likely To Default Than Portugal

    01/07/2016 9:23:58 AM PST · by SeekAndFind · 12 replies
    Zero Hedge ^ | 01/07/2016
    On Monday, we brought you "Saudi Default, Devaluation Odds Spike As Mid-East Careens Into Chaos," in which we outlined the jump in riyal forwards and widening of CDS spreads that Riyadh witnessed in the aftermath of the kingdom's move to cut diplomatic ties with Iran.In short: the market is getting worried that Riyadh is about to careen into crisis. In the face of slumping crude, the Saudis are staring down double digit budget deficits and the prospect of having to once again tap debt markets in order to offset the SAMA burn and keep the kingdom from having to...
  • Puerto Rico Is Greece, and These 5 States Are Next To Go

    01/03/2016 6:22:48 PM PST · by SeekAndFind · 31 replies
    Zero Hedge ^ | 01/03/2016 | Tyler Durden
    <p>As Wilbur Ross so eloquently noted, for Puerto Rico "it's the end of the beginning... and the beginning of the end," as he explained "Puerto Rico is the US version of Greece." However, as JPMorgan explains, for some states the pain is really just beginning as Municipal bond risk will only become more important over time, as assets of some severely underfunded plans are gradually depleted.</p>
  • Puerto Rican Gov. pushes Congress to change its mind on debt

    12/17/2015 1:14:41 PM PST · by Olog-hai · 12 replies
    Associated Press ^ | Dec. 17, 2015 4:03 PM EST | Mary Clare Jalonick
    Puerto Rico's governor pressured Congress on Thursday in a last-ditch effort to win debt relief for his territory before the end of the year, warning that the island is headed toward a "humanitarian crisis under the United States flag." Gov. Alejandro Garcia Padilla lobbied lawmakers to oppose a massive year-end spending bill that fails to include the debt restructuring that Puerto Rico is seeking. In an interview with The Associated Press, he said Congress must act soon and he was hoping negotiators would change the bill, a step Republican leadership has ruled out. ...
  • Boehner On Debt Ceiling Deal: Process "Stinks" But Alternative Was Default

    10/27/2015 8:54:34 AM PDT · by SeekAndFind · 44 replies
    Zero Hedge ^ | 10/27/2015 | Tyler Durden
    When we presented America's new debt ceiling of $19.6 trillion lasting through March 2017 last week... †... some took offense saying a debt ceiling deal is nowhere near done, and that the conservatives would at least put up a token fight. A few days later, the deal is virtually complete, the Freedom Caucus has been isolated, Paul Ryan never even got his hands dirty, and Boehner has caved one last time corporate/democratic prerogatives, precisely as we said would happen. Yes, the republicans will pretend to demand concessions, such as a balanced budet and other "sound money" conditions but they...
  • Once-thriving Puerto Rico mountain town finds itself at economic abyss amid population flight

    09/21/2015 8:04:37 AM PDT · by george76 · 44 replies
    ap ^ | September 18, 2015
    LARES, Puerto Rico Ė Ismael Rodriguez looked out on a nearly empty plaza from the clothing store he opened in 1960, now hemmed in by padlocked businesses in this mountain town in northwestern Puerto Rico... experiencing the deepest malaise of just about any community on this island in the depths of an economic crisis. "I have seen the destruction of a town," Rodriguez, 67, said as he gestured toward the plaza. "Look at all the shuttered stores." Lares has become emblematic of the economic stagnation that is overwhelming Puerto Rico, and those who live here believe it is a warning...
  • Puerto Rico's 'death spiral' can be traced back to one mistake

    08/07/2015 9:27:38 AM PDT · by SeekAndFind · 6 replies
    Business Insider ^ | 08/07/2015 | Linette Lopez
    Puerto Rico is $72 billion in debt, and it will take a painful process to bring the island's finances back from the brink. It's a massive debt load for such a small territory, and the problem can really be traced to one issue ó bad tax policy. After Puerto Rico let one tax break for manufacturers expire almost a decade ago, manufacturers started shutting down operations on the island. That caused a spike in unemployment. On top of that, business-friendly tax policies for some of the companies that remained allowed multinational giants to pay tax rates of little more than...
  • Puerto Rico just defaulted for the first time

    08/03/2015 5:27:56 PM PDT · by Enlightened1 · 23 replies
    CNN ^ | 08/03/15
    Puerto Rico just went into default for the first time in its history. The commonwealth paid a mere $628,000 toward a $58 million debt bill due Monday to creditors of its Public Finance Corporation. This will hurt the island's residents, not Wall Street. The debt is mostly owned by ordinary Puerto Ricans through credit unions. "This was a decision that reflects the serious concerns about the Commonwealth's liquidity in combination with the balance of obligations to our creditors and the equally important obligations to the people of Puerto Rico," Puerto Rico's Government Development Bank president Melba Acosta Febo said in...
  • Puerto Rico defaults on debt repayment in first for a US commonwealth

    08/03/2015 2:47:20 PM PDT · by SeekAndFind · 12 replies
    The Guardian ^ | 08/03/2015
    Puerto Rico missed its first debt repayment on Monday, the first time the troubled US commonwealth has failed to pay its bills. The island paid just $628,000 toward a $58m debt due to creditors of its Public Finance Corporation. While the default was expected, it is likely to worsen the financial situation for the island as it struggles with debts estimated at $72bn.
  • Puerto Rico defaults on $58M debt payment

    08/03/2015 2:41:51 PM PDT · by tcrlaf · 25 replies
    UPI ^ | 8-4-2015 | Danielle Haes
    Puerto Rico paid only $628,000 on a $58 million debt bill due Monday, putting the country into default for the first time. The country's Government Development Bank was supposed to make the full payment on its Public Finance Corporation debt service, but failed to do so. Moody's said it considers the lack of payment a default, CNBC reported. "Due to the lack of appropriated funds for this fiscal year the entirety of the PFC payment was not made today (the first business day after the Saturday deadline)," GDB President Melba Acosta-Febo said in a statement.
  • Greek Debt Crisis Adds to a Spike in Burglaries and Robberies

    07/31/2015 6:39:30 PM PDT · by familyop · 3 replies
    The New York Times ^ | JULY 31, 2015 | ANEMONA HARTOCOLLIS
    One evening three weeks ago in Kifissia, an affluent garden suburb of Athens, a retired financial adviser and his wife decided to take in one of the delights of summer here, an outdoor movie. They pulled tight the shutters, set the alarm, locked the house and strolled off. Halfway through the movie the alarm company called, and they rushed home to find the alarm immersed in a bucket of water, the shutters jimmied and a safe emptied of jewelry. The speed and sophistication of the crime were astonishing, the financial adviserís wife said, still feeling vulnerable and not willing to...
  • UBS backs away from its Puerto Rico funds after downgrades

    07/28/2015 4:13:10 PM PDT · by jimbo123 · 10 replies
    Reuters ^ | 7/23/15 | SUZANNE BARLYN
    UBS AG is backing away from its own Puerto Rico bond funds, warning clients that they can no longer use them as collateral for certain loans after the island's financial troubles resulted in downgrades by major credit rating agencies. In a July 13 letter to clients, reviewed by Reuters, UBSí Puerto Rico arm said it would contact investors to discuss alternatives. ďThe firm will also reduce to zero the collateral value assigned to all Puerto Rico closed-end funds shares,Ē UBS wrote to investors. Puerto Ricoís Governor Alejandro Garcia Padilla dropped a bombshell on holders of its $72 billion debt in...
  • Puerto Rico bond default deadline is Saturday

    07/28/2015 3:56:18 PM PDT · by jimbo123 · 6 replies
    CNBC ^ | 7/28/15 | Dawn Giel
    As yet another key debt payment date closes in on Puerto Rico, here's a primer on what you should know, and who it will affect the most ahead of the deadline. Q: If the Puerto Rico Public Finance Corporation (PFC) doesn't pay bondholders on Aug. 1, will it be considered a default? A: Yes. According to Moody's vice president and senior credit officer, Ted Hampton, if there is no payment made on Friday, it will be the first default of a U.S. state, or state-like entity, since Arkansas couldn't make its bond payments during the Great Depression in 1933. Q:...
  • Bankruptcy is the only way Greece can fashion a new beginning

    07/06/2015 11:52:23 AM PDT · by Tolerance Sucks Rocks · 32 replies
    The Washington Times ^ | July 5, 2015 | Stephen Moore
    Almost every option facing debt-drenched Greece is bad, but there is only one that will end this Greek tragedy for good. Let Greece go bankrupt. Then let this once-rich nation, hit the restart button to rebuild its economy. What Iím suggesting for Greece is what might be called the Detroit option. Put Greece under receivership and let these new authorities figure out how to manage the debt and decide who will take a haircut and how big. Pensioners, bondholders, welfare recipients, government workers, the International Monetary Fund, all will have to settle for less ó maybe a lot less. Itís...
  • The Greeks should vote ďno!Ē

    07/04/2015 10:27:15 AM PDT · by Tolerance Sucks Rocks · 61 replies
    The Washington Times ^ | July 2, 2015 | Peter Morici
    Sunday, Greeks should vote ‚Äúno‚ÄĚ!Hellenic voters are being asked whether they accept the terms offered by the European Union, European Central Bank and International Monetary Fund to extend the bailout for Athens‚Äė troubled finances or give Prime Minister Tsipras a mandate to insist on a better deal.Those conditions include more cuts in government supported pensions, higher taxes and labor market reforms other European governments‚Äô are often not inclined to accept in the conduct of their own affairs.Urging a Yes vote, European leaders and their supporters in private institutions claim more austerity would reinvigorate the Greek economy and permit Greeks to...
  • How will the National Socialist Leftís excuse the failure of socialism in Greece?

    07/01/2015 2:37:24 PM PDT · by Voice of Reason1 · 38 replies
    Itís axiomatic that when a socialist regime hits the skids, the left will generally try to claim that such regime is Ďright wingí somehow. Such claims can and will be completely irrational on their face, but for the national socialist Left itís all about talking points and a simplistic ( but Ďsuperiorí) mentality that favors headlines and shallow thought on the subject And before you complain that I dare use the word Ďnationalí next to the word Ďsocialistí I would ask that you please explain in detail (with documentation) Just how in Hadesí the word national modifies the meaning of...
  • U.S. debt headed toward Greek levels [Psalms 9:17]

    07/01/2015 9:11:48 AM PDT · by Jan_Sobieski · 10 replies
    Washington Examiner ^ | 6/30/2015 | Jason Russell
    United States' projected debt over the next 25 years looks a lot like Greece's over the past 25. With all the chaos unravelling in Greece, Congress would be wise to do what it takes to avoid reaching Greek debt levels. But it's not a matter of sticking to the status quo and avoiding bad decisions that would put the budget on a Greek-like path, because the budget is on that path already. A quarter-century ago, Greek debt levels were roughly 75 percent of Greece's economy ó about equal to what the U.S. has now. As of 2014, Greek debt...
  • Greek Debt Crisis: How Goldman Sachs Helped Greece to Mask its True Debt

    07/01/2015 7:45:42 AM PDT · by SeekAndFind · 8 replies
    Der Spiegel ^ | 02/08/2010 | By Beat Balzli
    Goldman Sachs helped the Greek government to mask the true extent of its deficit with the help of a derivatives deal that legally circumvented the EU Maastricht deficit rules. At some point the so-called cross currency swaps will mature, and swell the country's already bloated deficit. Greeks aren't very welcome in the Rue Alphones Weicker in Luxembourg. It's home to Eurostat, the European Union's statistical office. The number crunchers there are deeply annoyed with Athens. Investigative reports state that important data "cannot be confirmed" or has been requested but "not received." Creative accounting took priority when it came to totting...
  • Puerto Rico's Financial Crisis Is U.S.' Crisis, Too

    07/01/2015 6:33:34 AM PDT · by SeekAndFind · 14 replies
    IBD ^ | 07/01/2015
    With the financial world transfixed by Greece's debt-driven meltdown, Puerto Rico announces it can't pay its $73 billion in debt. Once again, we're learning that welfare statism is no replacement for fiscal responsibility. Compared to Greece's $353 billion in debt, Puerto Rico's $73 billion doesn't sound so big. On a per capita basis, it's about a third less. But appearances deceive. Puerto Rico is in deep, owing actually much more than that amount. We learned this after a report on Monday, co-authored by former International Monetary Fund No. 2 Anne Krueger, revealed the island's finances are a shambles. The devastating...