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Think the Fed is some distant,, shadowy, financial beasty that has no impact on you and your family? And that ECB “over there in Europe”–that’s too far away to affect you? Wrong, Very wrong. And if you are middle class, doubly wrong. Reid explains in simple terms what QE3 is–and what it is about to do to your pocketbook, your lifestyle, your children’s future and the dollar. Couple that with Reid’s explanation of the new taxes coming our way, and the Alternative Minimum Tax. Almost $3,000 from the pockets of 32 MILLION families starting 2013–and that’s not all. Couple those sobering explanations with the observations of the decline of the middle class by Chris Hedges in Failure and Futility, and the chilling observations on violence and potential revolution in a Stansberry interview of noted Historian Richard Maybury. Put these all together, combine them with what you have heard from Reid’s three national interviews of Elliot, Klein, and D’ Souza over the past month, mix in the sorry spectacle of a President lying to the American public on recent mid east and economic events, and it is all worth a long thought–or two.
Housing’s Mini-Bubble Has Popped
Written by Gary North on July 18, 2013
Mortgage rates are up. Mortgage applications are down. New home permits are down. New home construction is down. Not a little down. “Falling off the burning trestle” down.
Mortgage applications. Zero Hedge comments:
For the 9th week of the last 10 mortgage applications fell (led by refis – down 55% from their peak). Now down an incredible 45% from its May highs – the largest 10-week plunge since December 2010 – overall mortgage activity is languishing around the lowest levels of the post-recession ‘recovery’. Year-over-year, applications have dropped 44% which is close to the worst on record as applications and mortgage rates track one another in their ‘whocouldaknowed’ perfectly correlated manner. It seems – for all those blinkered pollyannas – given this morning starts and permits disaster, that home sales are the next shoe to drop and judging by the empirical relationship with apps and rates, the ‘surprise’ could be significant for many who remain hopeful.
CATO’s O’Driscoll: Bernanke’s Fed Isn’t Independent of White House
Friday, 01 Mar 2013 By Dan Weil
The notion of Federal Reserve independence is a myth, and that’s clearly illustrated by the relationship of Ben Bernanke’s Fed with the White House, says Gerald O’Driscoll, a senior fellow at the Cato Institute.
“It is difficult to portray the Fed under Chairman Ben Bernanke as operating independently in any meaningful sense,” he writes in The Wall Street Journal.
For example, the Fed is acting as the government’s creditor, snapping up 77 percent of new Treasurys in 2011, says O’Driscoll, a former Dallas Fed vice president.
Editor’s Note: The ‘Unthinkable’ Could Happen — Wall Street Journal. Prepare for Meltdown
