Tag Archive: Depression


Upstate New York Is Becoming Detroit With Grass

 

 

” Binghamton, New York — once a powerhouse of industry — is now approaching Detroit in many economic measures, according to the U.S. Census. In Binghamton, more than 31 percent of city residents are at or below the federal poverty level compared to 38 percent in Detroit. Average household income in Binghamton at $30,179 in 2012 barely outpaces Detroit’s $26,955. By some metrics, Binghamton is behind Detroit. Some 45 percent of Binghamton residents own their dwellings while more than 52 percent of Detroit residents are homeowners. Both “Rust Belt” cities have lost more than 2 percent of their populations.

  Binghamton is not alone. Upstate New York — that vast 50,000-square mile region north of New York City — seems to be in an economic death spiral.

  The fate of the area is a small scene in a larger story playing out across rural America. As the balance of population shifts from farms to cities, urban elites are increasingly favoring laws and regulations that benefit urban voters over those who live in small towns or out in the country. The implications are more than just economic: it’s a trend that fuels the intense populism and angry politics that has shattered the post-World War II consensus and divided the nation.

  Upstate New York, the portion that lies beyond the New York metropolitan area, has become “The Land That Time Forgot,” a broad swath of depressed cities and low-profit farmlands that stretches from Newburgh and Poughkeepsie in the Hudson Valley through the old manufacturing centers of Schenectady and Troy, across the Allegheny Plateau to Syracuse, Rochester and Buffalo, all the way west to Jamestown, the city with the lowest percentage of college graduates in America.”

Story continues

 

 

 

 

 

 

 

 

 

The World’s Next Credit Crunch Could Make 2008 Look Like A Hiccup

 

 

 

 

” We are certainly living in strange times. An unprecedented monetary experiment is coming to a staggered end and no one knows the potential repercussions – a plague of frogs cannot be entirely ruled out.

  For the time being, the markets remain sanguine, expecting, for example, a gentle increase in the Bank of England’s main interest rate to just 1.5pc by the end of the decade. And, who knows, maybe the markets are right.

  But maybe it’s too quiet. Last week, Ray Dalio, the founder of the $165bn (£110bn) hedge fund Bridgewater Associates, wrote a widely-circulated note warning his clients that the US Federal Reserve risked setting off a 1937-style crash when it starts raising interest rates again.

  Then, as now, the central bank had spent years printing money in order to help the American economy recover from the 1929 crash. But the side effect was a stock market bubble, which promptly burst when the Fed prematurely increased rates. Mr Dalio is worried about a repeat performance: “We don’t know – nor does the Fed – exactly how much tightening will knock over the apple cart.”

  It’s true that the policy and regulatory response to the last crisis often sows the seeds for the next. It is not hard to map out a sequence of events in which that proves to be the case again. If it were, a US stock market crash might be the least of our problems.”

 

Read more at the Telegraph

 

 

 

 

 

 

 

 

 

 

 

 

With White-Knuckle Grip, February’s Cold Clings To New York

 

 

 

 

” As it limps away, February will not be missed. With the average temperature for the month lingering around 24 degrees, some 11 degrees shy of normal by the National Weather Service’s calculation, this insult of a month looks as though it will clock in as the coldest recorded February in New York City since 1934. That is 81 years of weather. That is all the way back to the Depression, when there were so many more dire things to worry about than whether 7-Eleven had salt or whose turn it was to walk the dog.

  That year, February averaged 19.9 degrees and included the lowest daily reading ever registered for New York: On Feb. 9 the mercury sank to a ridiculous 15 degrees below zero. “

 

Read more at The New York Times

 

 

 

 

 

 

 

 

 

 

 

 

Plan To Limit Some Drugs In Medicare Is Criticized

 

 

 

 

” An alliance of drug companies and patient advocates, joined by Democrats and Republicans in Congress, is fiercely opposing an Obama administration proposal that would allow insurers to limit Medicare coverage for certain classes of drugs, including those used to treat depression and schizophrenia.

  Opponents warn that the proposal, if enacted, could harm patients. Federal officials say it would lower costs and reduce overuse of the drugs.

  The proposed rule, which would lift a requirement that insurers cover “all or substantially all” drugs in certain treatment areas, is just one of a series of changes to the drug program that are being opposed by the unlikely alliance. Even insurers and drug benefit managers, who have previously supported added limits on drug coverage, oppose the rule. They object to provisions including changes to so-called preferred pharmacy networks, where consumers are steered toward a limited network of pharmacies, and to reducing the number of plans that insurers can offer in any one region.”

 

    So all that talk of drug rationing was just another conspiracy theory cooked up by the “vast right-wing conspiracy” , was it ?

Source: NY Times 

 

 

 

 

 

 

From Brandon Smith At Personal Liberty

 

 

 

” The idea that our government has indeed run economic collapse scenarios, found the United States in mortal danger and done absolutely nothing to fix the problem is bad enough. I have my doubts, however, that the Pentagon or partnered private think tanks like the RAND Corporation did not run scenarios on dollar collapse before 2009. In fact, I believe there is much evidence to suggest that the military industrial complex has not only been aware of the fiscal weaknesses of the U.S. system for decades, but they have also been actively engaged in exploiting those weaknesses in order to manipulate the American public with fears of cultural catastrophe.

History teaches us that most economic crisis events are followed or preceded immediately by international or domestic conflict. War is the looming shadow behind nearly all fiscal disasters. I suspect that numerous corporate think tanks and the Department Of Defense are perfectly aware of this relationship and have war gamed such events as well. Internal strife and civil war are often natural side effects of economic despair within any population.

Has a second civil war been “gamed” by our government? And are Americans being swindled into fighting and killing each other while the banksters who created the mess observe at their leisure, waiting until the dust settles to return to the scene and collect their prize? Here are some examples of how both sides of the false left/right paradigm are being goaded into turning on each other.”

 

 

    The signs are ominous . Anyone who strives to keep themselves well-informed should have cause for concern . There are certainly strong indications that our present course is leading us ever-closer to class warfare , civil strife and yes , maybe even civil war . Is it intentional ? Is it Alinskyite ? Cloward-Piven

 

 

 

 

 

 

10 Reasons To Give Up Diet Soda

 

 

” When taken at face value, diet soda seems like a health-conscious choice. It saves you the 140-plus calories you’d find in a sugary soft drink while still satisfying your urge for something sweet with artificial sweeteners like aspartame, saccharin, and sucralose. But there’s more to this chemical cocktail than meets the eye.

Artificial sweeteners have more intense flavor than real sugar, so over time products like diet soda dull our senses to naturally sweet foods like fruit, says Dr. Brooke Alpert, author of The Sugar Detox.Even more troubling, these sugar stand-ins have been shown to have the same effect on your body as sugar. “Artificial sweeteners trigger insulin, which sends your body into fat storage mode and leads to weight gain,” Alpert says.

A recent study presented at a the American Academy of Neurology meeting found that over the course of 10 years, people who drank more than four cups or cans of soda a day were 30 percent more likely to develop depression than those who steered clear of sugary drinks. The correlation held true for both regular and diet drinks, but researchers were sure to note that the risk appeared to be greater for those who primarily drank diet sodas and fruit punches. Although this type of study can’t prove cause and effect, its findings are worth considering. “

 

 

 

 

 

 

 

 

From Zero Hedge

 

1913 Just Happens To Be The Year Of The Fed’s Creation … Co-incidence ?

 

” The Fed claims it can generate a “recovery.” It cannot. The Fed’s devaluation of our currency is the very reason why the economy is a disaster.

According to the NY Times the average net worth for Middle class Americans in 2010 was 6% lower adjusted for inflation than their average net worth in 1989.

As the articles notes, housing costs 56% more than in 1989, our of pocket healthcare expenses rose 155%, college expenses are up in the double digits

The Fed is responsible for the Dollar devaluation that caused this. The Fed is the one that eviscerated the Middle Class. Its policies have lowered the quality of life for Americans. Period. End of story.”

 

 

 

 

 

 

 

 

 

Please Share With Everyone You Know

 

 

As we approach the 100 year anniversary of the creation of the Federal Reserve, it is absolutely imperative that we get the American people to understand that the Fed is at the very heart of our economic problems.  It is a system of money that was created by the bankers and that operates for the benefit of the bankers.  The American people like to think that we have a “democratic system”, but there is nothing “democratic” about the Federal Reserve.  Unelected, unaccountable central planners from a private central bank run our financial system and manage our economy.  There is a reason why financial markets respond with a yawn when Barack Obama says something about the economy, but they swing wildly whenever Federal Reserve Chairman Ben Bernanke opens his mouth.  The Federal Reserve has far more power over the U.S. economy than anyone else does by a huge margin.  The Fed is the biggest Ponzi scheme in the history of the world, and if the American people truly understood how it really works, they would be screaming for it to be abolished immediately.  The following are 25 fast facts about the Federal Reserve that everyone should know…

 

#1 The greatest period of economic growth in U.S. history was when there was no central bank.

#2 The United States never had a persistent, ongoing problem with inflation until the Federal Reserve was created.  In the century before the Federal Reserve was created, the average annual rate of inflation was about half a percent.  In the century since the Federal Reserve was created, the average annual rate of inflation has been about 3.5 percent, and it would be even higher than that if the inflation numbers were not being so grossly manipulated.

#3 Even using the official numbers, the value of the U.S. dollar has declined by more than 95 percent since the Federal Reserve was created nearly 100 years ago.

#4 The secret November 1910 gathering at Jekyll Island, Georgia during which the plan for the Federal Reserve was hatched was attended by U.S. Senator Nelson W. Aldrich, Assistant Secretary of the Treasury Department A.P. Andrews and a whole host of representatives from the upper crust of the Wall Street banking establishment.

#5 In 1913, Congress was promised that if the Federal Reserve Act was passed that it would eliminate the business cycle.

#6 The following comes directly from the Fed’s official mission statement: “To provide the nation with a safer, more flexible, and more stable monetary and financial system. Over the years, its role in banking and the economy has expanded.”

#7 It was not an accident that a permanent income tax was also introduced the same year when the Federal Reserve system was established.  The whole idea was to transfer wealth from our pockets to the federal government and from the federal government to the bankers.

#8 Within 20 years of the creation of the Federal Reserve, the U.S. economy was plunged into the Great Depression.

#9 If you can believe it, there have been 10 different economic recessions since 1950.  The Federal Reserve created the “dotcom bubble”, the Federal Reserve created the “housing bubble” and now it has created the largest bond bubble in the history of the planet.

#10 According to an official government report, the Federal Reserve made 16.1 trillion dollars in secret loans to the big banks during the last financial crisis.  The following is a list of loan recipients that was taken directly from page 131 of the report…

Citigroup – $2.513 trillion
Morgan Stanley – $2.041 trillion
Merrill Lynch – $1.949 trillion
Bank of America – $1.344 trillion
Barclays PLC – $868 billion
Bear Sterns – $853 billion
Goldman Sachs – $814 billion
Royal Bank of Scotland – $541 billion
JP Morgan Chase – $391 billion
Deutsche Bank – $354 billion
UBS – $287 billion
Credit Suisse – $262 billion
Lehman Brothers – $183 billion
Bank of Scotland – $181 billion
BNP Paribas – $175 billion
Wells Fargo – $159 billion
Dexia – $159 billion
Wachovia – $142 billion
Dresdner Bank – $135 billion
Societe Generale – $124 billion
“All Other Borrowers” – $2.639 trillion “

 

 

Read On

 

 

 

 

 

 

 

 

 

Study unlocks structure of protein causing depression and anxiety

” Scientists at Heptares Therapeutics, a company based in the UK, have determined the structure of a protein molecule produced by the pituitary gland responsible for feelings of stress, anxiety and depression in humans.

  Scientists have long known that the pituitary gland plays an important role in stress, depression and anxiety responses by releasing stress chemicals into the blood.

  However, this is the first time that scientists have been able to describe the molecular structure of the protein receptor CRF1 and confirm its role as the chemical responsible for triggering the stress response.”

America in a whole new light: Rare color photographs of the Great Depression and World War II show the hardships of life

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” These vivid photos from the Great Depression and World War II capture an era in America generally seen only in black-and-white and bring it to life in full color.

  These rare pictures document the stories of those people in small towns and rural areas who were still poverty-stricken, as well as the lives of workers in inner city factories and workshops.”

image

  ” The images were taken by photographers for the United States Farm Security Administration and the Office of War Information and the collection of photographs from this time makes up a valuable record of the country and its people during the tough years between 1935 and 1944.”

Lot’s more at the link

UNPRECEDENTED Shortages Of Ammo, Physical Gold And Physical Silver

 

 

 

 

 

” Recent events have helped fuel a “buying frenzy” that threatens to spiral out of control.  Gun shops all over the nation are reporting that they have never seen it this bad, and in many cases any ammo that they are able to get is being sold even before it hits the shelves. 

The ammo shortage has already become so severe that police departments all over America are saying that they are being told that it is going to take six months to a year to get their orders.  In fact, many police departments have begun to trade and barter with one another to get the ammo that they need.  Meanwhile, the takedown of paper gold and paper silver has unleashed an avalanche of “panic buying” of physical gold and physical silver all over the planet. 

In the United States, some dealers are charging premiums of more than 25 percent over the spot price for gold and silver and they are getting it.  People are paying these prices even though they are being told that delivery will not happen for a month or two in many cases. ”

 

 

 

 

 

 

The Tunnel People That Live Under The Streets Of America

 

 

” Did you know that there are thousands upon thousands of homeless people that are living underground beneath the streets of major U.S. cities?  It is happening in Las Vegas, it is happening in New York City and it is even happening in Kansas City.  As the economy crumbles, poverty in the United States is absolutely exploding and so is homelessness.

The New York Post followed one homeless man known as “John Travolta” on a tour through the underground world.  What they discovered was a world that is very much different from what most New Yorkers experience…

 
 

In the tunnels, their world is one of malt liquor, tight spaces, schizophrenic neighbors, hunger and spells of heat and cold. Travolta and the others eat fairly well, living on a regimented schedule of restaurant leftovers, dumped each night at different times around the neighborhood above his foreboding home.

Even as the Dow hits record high after record high, poverty in New York City continues to rise at a very frightening pace.  Incredibly, the number of homeless people sleeping in the homeless shelters of New York City has increased by a whopping 19 percent over the past year.”

 

HT/THE INTERNET POST

 

 

 

 

 

 

History of Federal Reserve & JFK’s Executive Order 11110 Pt 1.

History of Federal Reserve & JFK’s Executive Order 11110 Pt 2.

Biden: Americans ‘No Longer Worried’ About Economy

 

” In remarks today at the White House, Vice President Joe Biden said that Americans don’t have the same economic worries they did when President Barack Obama came into office:

 

Biden Strikes Again

 

 

   He is right , to a degree … we don’t have the SAME worries … We have countless MORE since he and his boss took over .

The Cloward-Piven Way

 

 

 

 

” If the Cloward and Piven agenda were being implemented, would it look any different?

In all likelihood, they would be delighted with the massive deficits and the “spillage” that is the lax implementation of government entitlements.

1966 Article by Columbia Professors Cloward and Piven was a hot topic for awhile, but has since fell from attention.  But isn’t now the time to reconsider exactly how this administration is steering people into record government program participation?

Some quotes from the 1966 article that reveal the mission.  Increase the entitlement roles, redistribute wealth, guarantee income, and reduce qualifications for participating in these programs.  Use organizing, demonstrating and a “climate of militancy”.”

New Study Confirms Economy Was Destroyed By Democrat Policies

 

U.S. Rep. Barney Frank (D-MA), Sen. Charles Schumer (D-NY) and Sen. Christopher Dodd (D-CT) brief the media after a meeting on Capitol Hill

Alex Wong:Getty Images

 

 

” A new study from the widely respected National Bureau of Economic Research released this week has confirmed beyond question that the left’s race-baiting attacks on the housing market (the Community Reinvestment Act–enacted under Carter, made shockingly more aggressive under Clinton) is directly responsible for imploding the housing market and destroying the economy.

The study painstakingly sorted through failed home loans that caused the housing market collapse and identified an overwhelming connection between them and CRA mortgages.

Again, let’s review:

-President Bush went to Congress repeatedly for years warning them that Fannie Mae and Freddie Mac were going to destroy the economy (17 times in 2008 alone). Democrats continuously ignored him, shut down his proposals along party lines and continued raiding the institutions for campaign contributions on their way down.”

 

  Not really news to us that pay attention , but still nice to see in print from a significant news source .

NEGATIVE GROWTH: ECONOMY TANKS IN FOURTH QUARTER

 

 

 

    A simple perusal of the above table will show that in 19 quarters of Obama governance there have only been 8 quarters with growth at 2% or above . That is anemic “growth” at best . Three quarters with negative growth and three quarters with growth in the 3% range . Pathetic . For a sitting president to be re-elected with this economic record is not only unprecedented but an embarrassment .

 

 

 ” The American economy has taken a nosedive.For the first time in over three years, the U.S. Gross Domestic Product shrank. Between October and December of 2012, the GDP had a negative growth of 0.1. And let’s remember that this is the same quarter where we saw the media go into hyper-drive to spin Obama’s anemic job and GDP growth into a repeat of the Roaring Twenties.”

 

   Media corruption is the obvious answer . If the MSM did their job even half a diligently in the age of Obama as they did with Bush we would all be better off . 

 

” The media is just as bad. The biggest story in our country today should be the increase in poverty and an unemployment crisis so dire our labor force has shrunk to thirty-year lows. But neither will speak of it. We do, however, know all about some idiot and his phony girlfriend. We know all about a “heckle” that didn’t happen. One wonders which is the bread and which is the circus.”

 

   We anxiously await the ” unexpected ” nature of the first quarter report for 2013 . With the tax hikes and Obamacare mandates kicking in as of January first we wager that this quarter is going to be a real winner .

 

Reddit Co-Founder Commits Suicide

 

 

Picture of Aaron Swartz

Picture of Aaron Swartz (Photo credit: Wikipedia)

 

 

” The Internet genius behind the popular Web site Reddit.com committed suicide at his Brooklyn home today, police sources and friends said.

Cops discovered Aaron Swartz unconscious at 9:30 a.m. and are now investigating whether he hanged himself, law enforcement sources said.

Swartz helped create Reddit and drafted an early version of the RSS format, a “Web feed” that syndicates popular headlines.

Friends yesterday called him a prolific intellectual — and a computer geek legend — who had long suffered from depression.

“We have lost someone today who had more work to do — and who made the world a better place,” his pal Cory Doctorow wrote on the blog Biong Boing.

Swartz was also an avid Internet activist, who pushed to make web files open to the public. He opposed the “Stop Online Piracy Act,” which keeps hackers from swiping web content such as music and movies. “

What Happens If Obama Loses?

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” The Politico takes an interesting look at what kind of blamestorming will occur if Obama loses on Tuesday

   A defeat for Barack Obama on
Tuesday would be no ordinary loss
for Democrats.

   It would be a traumatic experience: the death of the dream of liberal realignment embodied in Obama’s insurgent 2008 campaign. And it would be all the more distressing to Democrats because so many of them fervently believe they will win tomorrow. “

Welcome To Obamaville 

 

 

” ‘I would like to say to Milton and Anna: Regarding the Great Depression. You’re right, we did it. We’re very sorry. But thanks to you, we won’t do it again.” – Ben Bernanke, November 8, 2002.

That was how Federal Reserve chairman Ben Bernanke concluded his remarks at a conference honouring Milton Friedman on his 90th birthday. Anna Schwartz was Friedman’s less famous yet no less significant collaborator; she died in June.

Bernanke refers to Friedman and Schwartz’s A Monetary History of the United States: 1867-1960, published in 1963, as “the leading and most persuasive explanation of the worst economic disaster in American history, the onset of the Great Depression”. Their research, which countered decades of Keynesian orthodoxy on the 1930s, placed the blame for what they dubbed the Great Contraction of 1929 to 1933 squarely at the feet of the Fed.

Bernanke read Monetary History as a graduate student and became a self-described Great Depression buff. Not convinced the 1929 to 1933 contraction of the money supply was sufficient to account for the fall in output, he offered an additional explanation in a 1983 paper, “Nonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression”.”








  Things to come ?

” So the Bernanke Put is a lie. The markets will be realizing this in the coming months if not sooner. When they do, we’ll see the REAL
Collapse: the one to which 2008 was just a warm-up. “

  Mort Zuckerman on the sorry economic state of affairs in the age of “hope & change”

  “It’s time to adjust the gambit that
people in all situations commonly use when reporting results to a supervisor: What do you want first, the good news or the bad? The formula that more aptly applies to the latest indicator of America’s economic predicament is: What do you want first, the bad news or the even worse news? “

Via Gatewaypundit

” Even top Democrats admit Barack Obama’s economic policies failed. Rep. Henry Waxman(D-CA) told CSPAN today,

“The economy has not recovered… I think
it’s a depression.” ”

   In this bizarre world of Obama we find ourselves once again in a ” if pigs could fly ” moment …. We are in substantial agreement with another hardline liberal , Henry Waxman .