Economic Stories of Relevance in Today's World -- September 4, 2011

Black unemployment: Highest in 27 years - CNN Money - Annalyn Censky @CNNMoney September 2, 2011 - Black unemployment surged to 16.7% in August, its highest level since 1984, while the unemployment rate for whites fell slightly to 8%, the Labor Department reported... "This month's numbers continue to bear out that longstanding pattern that minorities have a much more challenging time getting jobs," said Bill Rodgers, chief economist with the Heldrich Center for Workforce Development at Rutgers University... Black unemployment has been roughly double that of whites since the government started tracking the figures in 1972. (The Sense of Urgency needs to shift from vacations and travel to how are we going to help the poor and middle class find jobs. The Black population needs to wake up to the fact that they have been used by Barack Obama and realize that he hasn't done anything to represent the socio-economic group that the vast majority of them belong to.)

U.S. creates no jobs in August - Active Post - September 2, 2011
Gallup: Unemployment Went Up—Again—in August - CNS News - Terence P. Jeffrey - September 1, 2011



Roubini Sees 60% Chance of A Double Dip in 2012, China and Brazil Also at Risk - Business Insider - EconMatters - Sep. 1, 2011 - Party heardy NYU economist Nouriel Roubini went on Bloomberg TV on Aug. 31 to give his latest prediction of the global economy: "We’ve reached a stall speed in the economy, not just in the U.S., but in the euro zone and the UK. We see probably a 60 percent probability of recession next year, and, unfortunately, we’re running out of policy tools.....and sovereigns cannot bail out their own distressed banks because they are distressed themselves."Regarding markets and QE3. "There’ll be more monetary easing and quantitative easing done by the Fed and other central banks, but the credit channel is broken. ...the market is rallying on the expectation of QE3, but I think it will be a short-lived rally. The macro data, ISM, employment, and housing numbers will come out worse and worse, the market will start to correct again."The bond market is already expecting a recession.

Precious Metals Surge As QE3 Now Merely A Formality - Tyler Durden - Zero Hedge - September 2, 2011


U.S. Is Set to Sue a Dozen Big Banks Over Mortgages - New York Times - NELSON D. SCHWARTZ - September 1, 2011 - The Federal Housing Finance Agency suits, which are expected to be filed in the coming days in federal court, are aimed at Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank, among others, according to three individuals briefed on the matter..  The suits stem from subpoenas the finance agency issued to banks a year ago. If the case is not filed Friday, they said, it will come Tuesday, shortly before a deadline expires for the housing agency to file claims...  The suits will argue the banks, which assembled the mortgages and marketed them as securities to investors, failed to perform the due diligence required under securities law and missed evidence that borrowers’ incomes were inflated or falsified. When many borrowers were unable to pay their mortgages, the securities backed by the mortgages quickly lost value.


DOJ Advises Gibson Guitar to Export Labor to Madagascar - Red State - Ben Howe - Wednesday, August 31, 2011 - Now, according to CEO Henry Juszkiewicz, agents of the United States government are bluntly informing them that they’d be better off shipping their manufacturing labor overseas. In an interview with KMJ AM’s “The Chris Daniel Show,” Juszkiewicz revealed some startling information.

CHRIS DANIEL:  Mr. Juszkiewicz, did an agent of the US government suggest to you that your problems would go away if you used Madagascar labor instead of American labor?
HENRY JUSZKIEWICZ:  They actually wrote that in a pleading.
CHRIS DANIEL:  Excuse me?
HENRY JUSKIEWICZ:   They actually wrote that it a pleading.
CHRIS DANIEL:  That your problems would go away if you used Madagascar labor instead of our labor?
HENRY JUSKIEWICZ:  Yes

In America The Rule Of Law Is Vacated Bank fraudsters, torturers, and war criminals running free -by Dr. Paul Craig Roberts - August 31, 2011 -With bank fraudsters, torturers, and war criminals running free, the US Department of Justice (sic) has nothing better to do than to harass the famous Tennessee guitar manufacturer, Gibson http://rt.com/usa/news/gibson-guitar-raid-wood-489/ , arrest organic food producers in California http://rt.com/usa/news/food-agents-year-milk/  and send 12 abusive FBI agents armed with assault rifles to bust down yet another wrong door of yet another innocent family, leaving parents, children, and grandmother traumatized. http://rt.com/usa/news/fbi-family-adams-home/...What law did Gibson Guitar Corp break that caused federal agents to disrupt Gibson’s plants in Nashville and Memphis, seize guitars, cause layoffs, and cost the company $3 million from disrupted operations...No US law was broken. The feds claim that Gibson broke a law that is on the books in India. 

Gerald Celente - Economy is going to get Much Worse: I begun trading   Gold   in 1978 , my first buy was at 187 dollars and fifty cents an ounce , and what's different now and then that people do not understand and why they think it is a bubble and it is not is back then it was only the United States that was really playing the gold market you had guys like The Hunt Brothers that had cornered the silver market for example it is a whole different world now , back then there was the red Chinese nobody was doing business with them and Russia and Eastern Europe were locked behind the Soviet Union's iron curtain , there is a whole global game going on it is a global meltdown and Gold is the ultimate golden safe heaven that's gold is going so high it is because everyone knows that the only way that the Europeans or the Americans can get their way out of this mess they are actually not going to get out of it but to keep the Ponzi scheme going is by printing more money but they put those white shoe boyz labels on it such as 'QE2' and 'QE3' it means just printing more money and by the way : interest rates the FED have said that they are going to keep them down near zero until mid 2013 and the European Central Bank ECB is talking about lowering them and so the lower the interest rates go and they stay low the higher the price of gold goes it is simple arithmetic ...there is another thing too that I wanted to mention when people are talking about comparing gold to the real estate bubble and the Dot Com bubble , those are real bubble , the Dot Com bubble was built on these silicon valley con artists that had no business plans but a lot of Wall Street barkers hype , and the real estate market was just that a bubble , they created remember they had those wonderful adds on TV you know your house is as good as a piggy bank take out a home equity loan , people flipping homes buying pre construction priced condominiums in Florida that's a bubble this is not a bubble , the bubble is the fake money that the Federal Reserve and the European Central Banks are printing ....