"FISCALLY, WE ARE IN UNCHARTED TERRITORY.”
— WARREN BUFFETT, BILLIONAIRE,
AUGUST 19, 2009
We usually speak of budget deficit in terms of year: In 2009, our country ran a $1.4 trillion deficit, and in 2010, the Congressional Budget Office (CBO) projects that we’ll run a $1.5 trillion deficit. But these budget deficits don’t materialize all at once; rather, they accrue as the federal government spends more money than it takes in, month after month after month.
The CBO keeps track of the federal budget deficit in its “Monthly Budget Review”. There we can watch the debt as it accumulates throughout the year. Our federal budget is going in the wrong direction – quickly – and it’s crucial to understand that by spending more money than we have each month, we’re making the problem much, much worse.
The CBO keeps track of the federal budget deficit in its “Monthly Budget Review”. There we can watch the debt as it accumulates throughout the year. Our federal budget is going in the wrong direction – quickly – and it’s crucial to understand that by spending more money than we have each month, we’re making the problem much, much worse.
You're going to love this one.
ReplyDeleteIt's reported in the news that one out of every five houses in Florida, is at least 90 days behind on their mortgage.
That's going to be a total disaster when it hits the fan.
Oh, wow! I saw some figures a while back, but it's apparently it's getting far worse. There were some numbers also out a while back that showed several ARM's as well as CR that would be at or near default in the fall of this year, expending well into 2011.
ReplyDelete33 states out of money to fund unemployment benefits
ReplyDeleteYahoo!Finance is reporting 33 states out of money to fund unemployment benefits
A total of 33 states and the Virgin Islands have depleted their funds and borrowed more than $38.7 billion to provide a safety net, according to a report released Thursday by the National Employment Law Project. Four others are at the brink of insolvency.
Debt-challenged California has borrowed the most, totaling more than $8.4 billion, followed by Michigan and New York, which have loans worth more than $3 billion. Nine other states have borrowed at least $1 billion from the federal government.
"The nation's financing system for jobless benefits is under unprecedented stress," said Andrew Stettner, deputy director of the New York-based advocacy group for the unemployed. "While the recession has certainly made things worse, this funding crisis has been developing for years."
At the onset of the recession, only 19 states met the recommended funding level, which is one year of reserves equal to the highest amount of unemployment insurance paid out during prior recessions.
http://finance.yahoo.com/news/33-states-out-of-money-to-hmoney-3844815431.html/print?x=0
Just keep everything crossed that we sell this house and get out of here, before it hits the fan.
ReplyDeleteDidn't know you were moving! Whoa! Best of luck with the sell.
ReplyDeleteGold climbing up on the weaker dollar - $1168.70 has been the 2010 high.
Gold Price
ReplyDelete$1165.33 ▲4.27 0.37%
It's really moving today.
That is indeed a fact. 19.3+% behind 90 or more days. Not a good thing. Additionally, there are some heavy weights who just applied for bank charters to absorb failed banks. Ya think they know what's comin? You bet!
ReplyDeleteGlad to see ya back cowboy! :)
http://www.bizjournals.com/tampabay/stories/2010/04/05/daily53.html
http://washington.bizjournals.com/washington/stories/2010/04/05/daily60.html
Lookout Loretta!
Check your banks star rating and abide by the the suggestion from this site. Just sayin --
http://www.bauerfinancial.com/home.html
Hey, Oss. Yeah, gonna try to make good here until I can get some other stuff figured out. The FL news is quite disheartening.
ReplyDeleteGood to see you, friend. Thanks for posting.
Beach First National Bank Closes, Bank Failures for 2010 Hit 42
ReplyDeleteWith the closing of Beach First National Bank, South Carolina’s first bank failure since 1999, this year’s count of failed banks reaches 42.
FDIC regulators last Friday seized the Myrtle, S.C.-based bank with $585.1 million in assets and $516 million in deposits as of December 31. Bank of North Carolina based in Thomasville, N.C., through its subsidiary BNC Bancorp, is slated to take over the bank, and has agreed to share with the FDIC the losses on $497.9 million of Beach First’s loans and other assets. All in all, the closure of Beach First National Bank will cost the FDIC Deposit Insurance Fund about $130 million.