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Scrump's Newsletter 10/2010 *Total Economic Collapse: Showtime*

 
ScrumpTheTexan
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10/04/2010 08:27 PM

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Scrump's Newsletter 10/2010 *Total Economic Collapse: Showtime*
Scrump's Newsletter 10/2010 *Total Economic Collapse: Showtime*





Do you feel it?

It's almost here... they're telegraphing their punches.

2008 was a warm-up... call it a test-run, or maybe just a bit of 'practice' for those in control of the World's finances...

We ain't seen nothin' yet.

The Absolute (and planned) Economic Collapse that's imminently facing America will go down in the History books as the worst and most destructive event since our inception...

Of course, that's only my opinion (and currently only opinion... we'll see).

But I believe the 'Crash' (read: softening-up) of 2008 will barely be mentioned... and of course, that's predicated on the assumption that there will be enough of America left for there to be a reason to continue documenting American History... After.

America is a financial house of cards about to come tumbling down... and when we fall, the rest of the World will fall with us.

This is intentional... but not to worry, there's something behind the coming chaos that's ready & waiting in the wings... but we're not going to like it when it gets here.

Protect Yourselves.

Scrump.

The Articles
--------------------------------------------------------

Nothing Has Changed
Ed Wallace Friday, Jul. 09, 2010

"Funny business, you know? Lure people into that calm and then totally [expletive deleted] 'em."

-- Bankers Trust trader, describing how they cheated Procter & Gamble out of $157 million using derivatives

"He just [expletive deleted] California. He steals money to the tune of about a million!"

-- Enron trader, laughing about how he falsely hiked electricity rates

"The whole building is about to collapse anytime now. Only potential survivor, the fabulous Fab."

-- Goldman Sachs trader, Fabrice Tourre, bragging about selling junk mortgages to investors


"One [expletive deleted] deal!"

-- Goldman Sachs head of sales, describing a mortgage deal sold to investors

***

These quotes make it clear that certain investment banks and trading companies such as Enron see their clients as contemptible and easy marks. So it's hard to believe that, though these quotes have all come to light over the past 15 years, public outrage hasn't resulted in a single one of these traders' imprisonment.

Imagine if you will that an undercover TV news investigation caught a car dealer talking with their salespeople that way about their customers. Or what if hidden cameras caught automotive executives talking this graphically in private about actual major problems in their vehicles -- or laughing about getting away with lying to their customers about the cause of the serious accidents they were in?

That dealership would be put out of business by a furious public, which would likewise destroy the car company. Yet, though tens of thousands of hours of audiotapes exist, and who knows how many e-mails, brought out in court cases and public testimony -- in which financial traders knowingly stole from customers, then derided their marks as "expletive deleted" idiots...

Nothing has been done.

That's not the worst part.

Congress recently passed a Finance Reform Act that will do nothing to bring back ethical standards to the financial service industry. And yet they claim a victory for making "the most sweeping reforms to our financial system since the Great Depression."

How wrong they are.

The most sweeping reforms to America's financial system happened barely over 10 years ago. That's when we ended Glass-Steagall, passed the Commodity Futures Modernization Act and changed the rules on floating IPOs (new stock offerings) to the public.

Which Enabled Catastrophe...

Read more: [link to www.star-telegram.com]

offtheedge

How The World Almost Came To An End At 2PM On September 18
Posted by Tyler Durden Sunday, February 8, 2009 at 12:56 PM

On Thursday (Sept 18), at 11am the Federal Reserve noticed a tremendous draw-down of money market accounts in the U.S., to the tune of $550 billion was being drawn out in the matter of an hour or two.

The Treasury opened up its window to help and pumped a $105 billion in the system and quickly realized that they could not stem the tide.

We were having an electronic run on the banks.

They decided to close the operation, close down the money accounts and announce a guarantee of $250,000 per account so there wouldn't be further panic out there.

If they had not done that, their estimation is that by 2pm that afternoon, $5.5 trillion would have been drawn out of the money market system of the U.S., would have collapsed the entire economy of the U.S., and within 24 hours the world economy would have collapsed.

It would have been the end of our economic system and our political system as we know it
...

[link to zerohedge.blogspot.com]




No, TARP Was Not A Success

We're now getting a flurry of stories from the Treasury telling us that TARP, unpopular though it may be, was not only effective but cheaper than the worst case scenarios that the government envisioned when the program began.

The New York Times says the program is only going to wind up costing $50 billion, rather than the $700 billion committed or the nearly $400 billion spent. If our exits from AIG, GM and Ally Financial go well, we could even make money!

Before I call shenanigans on this, a little background:

Every time the government bails out private industry it winds up with the government later trying to convince its citizens that the bailout didn't cost as much as was feared and that, over time, the taxpayer even made money.

Every time.

It happened after the government bailed out Lockheed in the 70s, after it bailed out Chrysler in the 80s and after it bailed out the S&L's in the 90s,

Now it's happening again.

"See, it worked," is the governments best argument in support of future bailouts...

[link to dagblog.com]


Echoes of the Great Depression

As in the 1930s, policy uncertainty and hostility to business have retarded recovery. At least this time around the political price for economic failure promises to be swift.


By Phil Graham

This may not be your grandfather's Great Depression, but many aspects of today's situation would remind him of the 1930s. If the recession that officially ended a year ago feels uncomfortably surreal to you yet familiar to him, it's probably because the recovery went missing.

During the average recovery since World War II, gross domestic product (GDP) surpassed the pre-recession high five quarters after the recession began. It has never taken longer than seven quarters. Yet today, after 11 quarters, GDP is still below what it was in the fourth quarter of 2007. The economy is growing at only about a third of the rate of previous postwar recoveries from major recessions.

Obama administration officials such as Treasury Secretary Tim Geithner have argued that without their policies the economy would be worse, and we might have fallen "off a cliff." While this assertion cannot be tested, we can compare the recent experience of other countries to our own...

IdentaDOW

...using data from the League of Nations' World Economic Survey, we can look at unemployment in developed nations between 1929 and the end of 1938. Ten years after the stock market crash, total employment in the U.S. was still almost 20% below the pre-Depression level. The decline in France was similar. But in the U.K. and Italy, total employment was up 10% and 12%, respectively. Industrial production on average in the six most developed countries was almost 16% above their 1929 levels by the end of 1938, but industrial production had declined by 20% in the U.S.

Today's lagging growth and persistent high unemployment are reminiscent of the 1930s, perhaps because in no other period of American history has our government followed policies as similar to those of the Great Depression era. Federal debt by the end of 1938 was almost 150% above the 1929 level. Federal spending grew by 77% from 1932 to 1934 as the New Deal was implemented—unprecedented for peacetime.

Still the economy did not take off.

Winston Churchill gave a contemporary evaluation of the Roosevelt policy by observing, in the April 24, 1935, Daily Mail, "Nearly two thousand millions Sterling have been poured out to prime the pump of prosperity; but prosperity has not begun to flow."

The top individual income tax rate rose from 24% to 63% to 79% during the Hoover and Roosevelt administrations. Corporate rates were increased to 15% from 11%, and when private businesses did not invest, Congress imposed a 27% undistributed profits tax...

[link to online.wsj.com]





Timing is big question for more U.S. stimulus

MARTIN MITTELSTAEDT

Investors are betting huge amounts that Ben Bernanke is as good as his word.

Markets have been on a tear since the U.S. Federal Reserve chairman indicated at the end of August that he’s open to another round of unconventional monetary stimulus, known as quantitative easing, should the U.S. economy remain in the doldrums.

In reaction, U.S. stocks have had their best September since the Great Depression despite a sputtering economy...

[link to www.ctv.ca]


Best September Since 1939!

Posted 2010-09-30 09:51
by Karl Denninger


Gee, what came next? A FORTY PERCENT loss over the next 2-1/2 years!

Notice how the 1939 is trumpeted loudly, but what's not said is that this was a failed breakout from the 1937/1938 timeframe.

Why is this so important? That's not mentioned either. Anywhere.

There were in fact two depressions in the 1930s. The first one is the one you read about in the history books - that began with the collapse of the stock market in 1929.

The second was a Depression that began in 1937, when despite all the claims that FDR "saved" the nation and the economy with his policies, IN FACT THERE WAS A DEPRESSION INSIDE THE DEPRESSION!

In 1939 the economy was allegedly in a "recovery" from that second downturn, just as allegedly in 2010 we are in the "recovery" from the second downturn after 2000.

And just as in 1939, we had a furious rally in September, while the signs of serious economic weakness were all around us...

[link to market-ticker.org]


'Thank God' For Bailouts

Posted by Colin Barr
September 20, 2010 3:26 pm


Tired of all the mealy-mouthing over the bailouts? Charlie Munger's your man.

Munger, the billionaire value investor who is Warren Buffett's sounding board and vice chairman of Berkshire Hathaway (BRKA), told students at the University of Michigan this month that the Troubled Asset Relief Program and other handouts to bankers were "absolutely required to save your civilization."

Munger, 86 years old, also rejected the idea of bailing out people whose economic decision making was as bad as the banks', saying individuals must "suck it in and cope" – or society will collapse...

[link to finance.fortune.cnn.com]


Gas Is Going To $5 A Gallon, Consumer Spending Is Dead, And House Prices Will Fall Another 20%

John Maudlin Oct. 2, 2010

Oil at $125 a Barrel, Gasoline at $5

John Hofmeister is the former president of Shell Oil and now CEO of the public-policy group Citizens for Affordable Energy. He paints a very stark (even bleak, as he gets further into the speech) picture of the future of energy production in the US unless we change our current policies.

First, because of the aftereffects of the moratorium.

It is his belief that the drilling moratorium will effectively still be in place until at least the middle of 2012. There won't even be new rules until the end of 2011, and then the lawsuits start.

Gulf oil production will be down by up to 1 million barrels a day. Imported oil is now 67% of oil usage but will go to 75% by 2012. He thinks crude oil will be up to $125 and gasoline between $4-$5 at the pump. And it will only get worse.

He describes the problem with the electricity from coal production. The average coal plant is 38 years old, with a planned-for life of 50 years. Our energy production capability is rapidly aging, and we are not updating it fast enough...

Read more: [link to www.businessinsider.com]


Global slowdown could be start of downward plunge

Douglas Hamilton 4 Oct 2010

Global economic growth is likely to slow down in the second half of this year, but a slide into a new recession appears unlikely this year although it cannot be ruled out in 2011.

The recovery from the worst slump since the Great Depression of the 1930 remains patchy.

The United States – the world’s biggest economy – is hobbled by high unemployment, feeble consumer confidence and modest growth...

[link to www.heraldscotland.com]


China Cuts Long-Term Treasuries By Most Ever as Yields Drop
By Wes Goodman and Daniel Kruger - Aug 17, 2010 3:19 AM CT

China cut its holdings of Treasury notes and bonds by the most ever, raising speculation a plunge in U.S. yields that sent two-year rates to a record low has made government securities unattractive.

The Asian nation’s holdings of long-term Treasuries fell by $21.2 billion in June to $839.7 billion, a U.S. government report showed yesterday. Total Chinese investment in U.S. debt declined 2.8 percent to $843.7 billion, the least in a year, following a 3.6 percent slide in May.

China, America’s largest creditor, is cutting back after scrapping its currency peg in June, giving it less reason to buy dollars and invest them in Treasuries.

China is also turning more bullish on Europe and Japan, purchasing bonds of both nations. The shift comes as President Barack Obama increases U.S. debt to record levels, counting on overseas investors to buy, as he borrows to sustain the U.S. economic expansion...

[link to www.bloomberg.com]



Wall Street Sees World Economy Decoupling From U.S.

By Simon Kennedy - Oct 4, 2010 10:50 AM CT

Wall Street economists are reviving a bet that the global economy will withstand the U.S. slowdown.

Just three years since America began dragging the world into its deepest recession in seven decades, Goldman Sachs Group Inc., Credit Suisse Holdings USA Inc. and BofA Merrill Lynch Global Research are forecasting that this time will be different. Goldman Sachs predicts worldwide growth will slow 0.2 percentage point to 4.6 percent in 2011, even as expansion in the U.S. falls to 1.8 percent from 2.6 percent...

[link to www.bloomberg.com]


American households lose $1.5tr
Sat Sep 18, 2010 6:56AM

American households have lost 2.3 percent or $1.5 trillion of their net worth from April to June last quarter, according to the Federal Reserve.

This makes a setback for Americans' efforts to repair finances battered by the recession, Bloomberg reported.

Weak stock portfolios were the biggest force dragging down wealth, and the ailing real estate market was the next major factor for Americans' shrinking wealth, AP reported...

[link to www.presstv.ir]


Recession "Over" As Consumer Bankruptcies On Track To Hit 1.6 Million Total For 2010
Submitted by Tyler Durden on 10/04/2010 16:08 -0500

After declining in August by a solid 8%, September consumer bankruptcy filings once again are on the rise, with the monthly total hitting 130,329, 4.4% higher than the prior month. Overall, YTD bankruptcies of 1,046,449 are 11% higher than compared to the same period last year, as America revels in its newly found post-recession reality by going straight to bankruptcy go and not passing go.

As Dow Jones reports, "the bankruptcy filings so far in 2010 represent the highest total since 2005" and are on track to hit 1.6 million by the end of the year...

[link to www.zerohedge.com]

Ron Paul Warns of The Coming Collapse and Tyranny






Guest Post: The Purpose Behind Engineered Economic Collapse

By Giordano Bruno, of Neithercorp Press / Submitted by Tyler Durden on 08/17/2010 08:47 -0500

The Purpose Behind Engineered Economic Collapse

“From now on, depressions will be scientifically created.” — Congressman Charles A. Lindbergh Sr. , 1913

Everyone loves money.

Even people like myself who abhor the abuse of money and commerce, who understand the fraudulent nature of the system we live in, still work hard and save so that we might attain a sense of stability within that system.

Many people see money as a focal point to their existence. But is it really money that they are after, or is it something else entirely?

In truth, money represents ‘security’ in the minds of the masses. Money affords us the ability to survive, and the more of it we have, the safer we all feel. Because we subconsciously associate the extension of our very life with the variable health of the economic structure in which we live, we tend to become unwitting devotees to its continued existence, even if it is corrupt and condemned to failure.

We gullibly deny the system or the currency that supports it is doomed to the contrary of all evidence because, even though it has beaten us bloody, we have never known anything else.

In light of this entrenched way of perceiving things, especially in the U.S., it is difficult enough to convince some people that the economy is in fact not providing the security they desire, but is actually destroying their future completely.

To explain to them that this is deliberate, that the economy is designed to self-destruct, that is another prospect altogether...


[link to www.zerohedge.com]


Economic Collapse Update: Acceleration In Autumn

By Giordano Bruno
Neithercorp Press – 09/29/2010


Our current economy is a shell game.

A grand fraud designed to siphon more and more tangible wealth (not fiat wealth) from the average person and transport it post-haste into the silk lined pockets of a corporate banking minority.

The goal?

To reduce the self sufficiency of American citizens to the point of total fiscal and social dependence on the top 1% richest men in the world.

Conspiracy theory? Not in the slightest. Just a cold hard fact of history.

“Feudalism” is, sadly, rampant in the annals of human culture.

Anyone who believes that our modern era is somehow different is simply fooling themselves. Elitists seek power over others, they always have and they always will, and, the most efficient way to gain control over the lives of the masses is through engineered imbalances in economy.

Every time you hear the term “bailout”, or “quantitative easing”, just think “wealth transference”.

Every dollar that is printed from thin air by the private Federal Reserve and handed to a globalist entity like Goldman Sachs or AIG through our Treasury represents yet another dollar of debt (and another percentage of interest) that you, the U.S. taxpayer, and your children, are expected to eventually pay for without ever seeing any benefits.

Right now, at this very moment, you and your descendents for generations to come are being enslaved by forcefully imposed usury.

Our country has been “volunteered” for a financial debasement on a scale that dwarfs the Great Depression or even the Weimar catastrophe.

We ignore this reality at our peril...


[link to neithercorp.us]


College Loan Debt: A Big Problem for Borrowers, Lenders and Government
by: John Lounsbury August 02, 2010

MSN Money and The Wall Street Journal have combined to produce an article detailing some of the problems that exist for those with college loans debt. Among the situations cited is a 41-year old MD with $550,000 outstanding college debt. The debt was much less (about $250,000) when this individual graduated from medical school in 2003, but has ballooned to the present amount through mismanagement...

...There is an estimated $730 billion in outstanding federal and private student-loan debt, says Mark Kantrowitz of FinAid, a Web site that tracks financial-aid issues -- and only 40% of that debt is actively being repaid. The rest is in default, or in deferment, which means payments and interest are halted, or in forbearance, which means payments are stopped while interest accrues...

[link to seekingalpha.com]


Jim Rickards Compares The Collapse Of The Roman Empire To The US, Concludes That We Are Far Worse Off
Submitted by Tyler Durden on 07/28/2010 17:19 -0500

In the latest two-part interview with Jim Rickards by Eric King, the former LTCM General Counsel goes on a lengthy compare and contrast between the Roman Empire (and especially the critical part where it collapses) and the U.S. in it current form.

And while we say contrast, there are few actual contrasts to observe: alas, the similarities are just far too many, starting with the debasement of the currencies, whereby Rome's silver dinarius started out pure and eventually barely had a 5% content, and the ever increasing taxation of the population, and especially the most productive segment - the farmers, by the emperors, to the point where the downfall of empire was actually greeted by the bulk of the people as the barbarians were welcomed at the gate with open arms.

The one key difference highlighted by Rickards:

That Rome was not as indebted to the gills as is the US. Accordingly, the US is in fact in a far worse shape than Rome, as the ever increasing cost of funding the debt can only come from further currency debasement, which in turn merely stimulates greater taxation, and more printing of debt, accelerating the downward loop of social disintegration...

[link to www.zerohedge.com]


Hinde Capital's Ben Davies: Currency Interventions Mark End Of Dollar Era And First Step Toward War
Gus Lubin | Sep. 29, 2010, 12:15 PM

Hinde Capital CEO Ben Davies has compared the spate of currency interventions to a pre-World War II moment when 25 devaluations in a week set off a flight toward worldwide inflation...

Read more: [link to www.businessinsider.com]

Dollar tumbles, gold hits record high
(AFP) – 5 days ago

LONDON — The dollar sank against the euro and hit a record low point against the Swiss franc on Wednesday while gold struck a new all-time peak, as traders mulled possible US moves to boost its ailing economy...

[link to www.google.com]


Dollar Set for Biggest Monthly Loss Since 2008 Versus Euro on U.S. Economy
By Yoshiaki Nohara and Ron Harui - Sep 29, 2010 11:36 PM CT

The dollar headed for its biggest monthly loss since 2008 versus the euro as signs the U.S. economy is slowing damped demand for the nation’s assets.

The dollar was set for a quarterly drop versus all of its major counterparts before data forecast to show U.S. business activity and manufacturing slowed. Federal Reserve Chairman Ben S. Bernanke is scheduled to testify in Washington today amid speculation the central bank is preparing to buy more U.S. debt...

[link to www.bloomberg.com]

Fed Bal Sheet

Why QE2 + QE Lite Mean The Fed Will Purchase Almost $3 Trillion In Treasurys And Set The Stage For The Monetary Endgame
Submitted by Tyler Durden on 09/25/2010 23:56 -0500

Recently the debate over when QE2 will occur has taken a back seat over the question of what the implications of the Fed's latest intervention in monetary policy will be, as it is now certain that Bernanke will attempt a fresh round of monetary stimulus to prevent the recent deceleration in the economy from transforming into outright deflation.

Whether or not the Fed will decide to engage in QE2 on its November 3 meeting, or as others have suggested December 14, and maybe even as far out as January 25, the actual event is now a certainty.

And while many have discussed this topic in big picture terms, most notably David Tepper, who on Friday stated that no matter what, stocks will benefit from QE2, few if any have actually considered what the impact of QE2 will be on the Fed's balance sheet, and how the change in composition in Fed assets will impact all marketable asset classes.

We have conducted a rough analysis on how QE2 will reshape the Fed's balance sheet.

We were stunned to realize that over the next 6 months the Fed may be the net buyer of nearly $3 trillion in Treasurys, an action which will likely set off a chain of events which could result in rates dropping all the way to zero, stocks surging, and gold (and other precious metals) going from current price levels to well in the 5 digit range...

[link to www.zerohedge.com]





U.S. Money Printing Presses at Warp Speed, Stealth Monetization of U.S. Debt

By: LewRockwell US Debt Sep 24, 2010 - 07:28 AM

Gonzalo Lira writes: Insofar as money is concerned, governments and central banks should be kept as far away from one another as a pedophile from Dakota Fanning. If ever the twain should meet, very bad things would happen. This is because of the disparate natures of government, on the one hand, and the central bank, on the other.

Governments spend money. They spend money on social programs to keep the people docile and happy, wars to keep up the illusion of safety and security, and – almost as an afterthought – infrastructure. Ordinarily, they get the money for all of these things from taxes and other fees that the government collects.

On the other hand, central banks print money. Most of the world’s economies depend on fiat currency – currency that has value because someone says it has value. The person who says it has value is the central bank. They are the custodians of the currency – they take care that it retains its value...

[link to www.marketoracle.co.uk]


The FED Cannot Keep Stocks Up
September 30th, 2010 by Michael Krieger

What the future will hold is such a dramatic sharp burst to astonishing new price levels of several thousands of dollars.

This does not even require hyperinflation. It is not likely that the United States would enter a hyperinflation mode... The system would collapse long before that takes place.

The much more likely result will be a complete currency default with a replacement of a new currency. This is one way government defaults by using a shell game so that the average person does not understand he was just taken to the cleaners...

[link to maxkeiser.com]


They're warning... but intentionally underestimating the coming carnage...


Bank of America Chief Technical Strategist Anticipates 10-12% Pullback In Nasdaq
Submitted by Tyler Durden on 10/04/2010 12:25 -0500

Mary Ann Bartels, BofA's technical research analyst looks at the NDX large spec positions reported in last week's COT report, and does not like what she sees:

"Large speculators aggressively bought NDX futures last week to a net long of $3.2bn notional from $0.8bn notional previously. Readings are in a crowded long. Between mid Feb and early April of 2010, HFs accumulated NDX aggressively into a crowded long position and S&P 500 went up 7.9% for this time period. The market corrected 10.2% from the peak crowded readings in the NDX in later April and May. We are estimating a market pullback of 10%-12%...

[link to www.zerohedge.com]



John Williams Sees The Onset Of Hyperinflation In As Little As 6 To 9 Months As Fed "Tap Dances On A Land Mine"

Submitted by Tyler Durden on 09/14/2010 08:22 -0500

John Williams, arguably one of the best trackers of real, unmanipulated government data via his Shadow Stats blog, has just released a note to clients in which he warns that hyperinflation may hit as soon as 6 to 9 months from today.

With so many established economists and pundits seeing nothing but deflation as far as the eye can see, and the Fed doing all in its power to halt the deleveraging cycle, both in the open and shadow economies, what is Williams' argument?

Read on.

(Link to The Hyperinflation Report)

[link to www.shadowstats.com]

Incidentally, even if some fellow bloggers disagree with Mr. Williams' assesment, we believe it is in our readers' best interest to have them make up their own mind on this most critical economic development...

[link to www.zerohedge.com]


A Trillion Dollar Bailout To The States?






Trucking Volume Collapses, Falls Most Month To Month Since March 2009

Gregory White | Sep. 28, 2010, 4:29 PM

Truck tonnage may have increased 2.9% year-over-year in August, but the collapse in month-over-month levels is much more illuminating.

Tonnage fell by 2.7% from July to August, according to the American Trucking Association...

Read more: [link to www.businessinsider.com]

Read more: [link to www.businessinsider.com]


Manufacturing ISM Is Actually COLLAPSING
Posted 2010-10-01 10:24
by Karl Denninger


I hope you read this before you go out and buy equities on the "> 50" reading this morning.....

<chart>

That's good, right? Continues higher.

Weeeeellll... .here's the whole table.

<chart>

Now that's a bit different picture. There are only two parts of the index that are up, and both are bad.

Prices - bad news, very bad news, as that spells margin compression - this is prices PAID, not received. And inventories - remember, we know that truck shipments have CRATERED.

Commodities squeezing margins? Here 'ya go...

[link to market-ticker.org]


Guest Post: A Termite-Riddled House: Treasury Bonds
Submitted by Gonzalo Lira

A Termite-Riddled House: Treasury Bonds


When termites eat your house, you don’t notice a thing. You don’t hear a thing, you don’t see a thing—you’re house stands there, silent and staid, while you and your family happily go about your days, without a care in the world—

Until your house crashes on top of your head.


Right now, we are at a stage where Treasury bonds are as weakened as a termite-riddled house. They look fine: Nice glossy coat of paint, pretty shingles, bright clear windows, sturdy-looking plankings on the open-aired porch.

But Treasuries are well on their way to a complete collapse.

Why?

Because of the way they have been mishandled and mistreated by the Federal Reserve Board, and the U.S. Treasury. Whether by incompetence or by design, U.S. Treasury bonds have become the New & Improved Toxic Asset. The question is no longer if they will collapse—it’s when.

Let me explain why.

First of all, what exactly were Toxic Assets—does anybody remember? I do...

[link to www.lewrockwell.com]

Latest Real Estate Time Bomb: Title of Foreclosed Properties Clouded; Wells Fargo Dumping Risk on Hapless Buyers
Saturday, September 18, 2010

Another ticking time bomb in the realm of real estate bad behavior is bound to go off sooner rather than later, and it is likely to impede normalization of values of residential property.

As readers no doubt know, there is a lot of actual and shadow residential real estate inventory in the US. The time from serious delinquency to foreclosure has lengthened considerably, due not just to crowded court dockets, but also bank/servicer disinclination to take possession (reasons include that investors take a dim view of bank real estate holdings; the bank is liable for expenses, most important real estate taxes, once it takes possession; more foreclosures would lead banks to have to write down clearly overvalued second mortgages, leading to losses and lowering bank capital levels).
...

But what if this resolution process has new land mines planted in it...

[link to www.nakedcapitalism.com]


Here Comes The Spin! (Foreclosure Fraud)
Posted 2010-10-01 09:06 by Karl Denninger

GMAC has acknowledged legal missteps in processing mortgages, and JPMorgan Chase has acknowledged the possibility of missteps, and both have suspended all foreclosures in the 23 states where they need a court’s approval. That’s 56,000 in the case of Chase alone; GMAC declined to provide a number...

[link to market-ticker.org]





There's far too much going on right now & imminently in America to even begin to adequately describe the danger we face with this in a single post... more to come.

Protect Yourselves.

Scrump
-----------------------------------------------------

If you’d like to be put on the mailing list for the Newsletter, send me an email at: Jsc102468@yahoo.com.

Since I’ve started this Newsletter, I've had many tell me that the Info is Important, and that they're using it.

If that's the case and it's proving useful, then know that every edition (and much, much more) is now available HERE:

[link to www.godlikeproductions.com]

God Bless You.

Do you believe what you see on TV?

Have you ever seen the movie “Wag The Dog”?

Would you believe me if I told you that CNN, “The Most Trusted Name in News”, FAKED coverage of The First Gulf War?

No?

Watch This…

CNN’s Hoax on America




This "What's Happening" series of emails is something I'm putting together (most) each day to shed light on things not normally heard on TV.

If you want to be taken off the email list, let me know.

Scrump

I am a Christian.

Christian does not equal doormat or pushover.

SickOfItAll

"I Have Sworn upon the Altar of God... Eternal Hostility against every form of Tyranny over the mind of man." -Thomas Jefferson, Sep. 23, 1800

MedinaD
For previous Newsletters, click 'Scrump's News Letters' @ [link to www.godlikeproductions.com]
Evil Twin

10/04/2010 08:32 PM
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Re: Scrump's Newsletter 10/2010 *Total Economic Collapse: Showtime*
I see your fan club is here...2 one star votes faster than anyone could read the thread, lol.
humbird

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10/04/2010 08:33 PM
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Re: Scrump's Newsletter 10/2010 *Total Economic Collapse: Showtime*
good ECONODOOM!
Aside from the small band of Forteans scattered around the world, nobody seems to notice all aspects of this phantasmagoria.(John A. Keel)
Resister

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10/04/2010 08:37 PM
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Re: Scrump's Newsletter 10/2010 *Total Economic Collapse: Showtime*
Wow. Wall-o-info.

Nice post Scrump. thumbs
"God forbid we should ever be 20 years without such a rebellion. The people cannot be all, & always, well informed... If they remain quiet under such misconceptions it is a lethargy, the forerunner of death to the public liberty... Let them take arms... What signify a few lives lost in a century or two? The tree of liberty must be refreshed from time to time with the blood of patriots & tyrants. " - Thomas Jefferson in 1787
[link to line-in-the-sand.spam]
PhennommennonnModerator
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10/04/2010 08:38 PM

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ahh

Last Edited by Phennommennonn on 10/04/2010 08:38 PM
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Anonymous Coward
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10/04/2010 08:38 PM
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Re: Scrump's Newsletter 10/2010 *Total Economic Collapse: Showtime*
.
... I don't expect there to be any history books around to even record what happens ...
.
... what will happen will erase everything! ...
.
Evil Twin

10/04/2010 08:38 PM
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Re: Scrump's Newsletter 10/2010 *Total Economic Collapse: Showtime*
Today's lagging growth and persistent high unemployment are reminiscent of the 1930s, perhaps because in no other period of American history has our government followed policies as similar to those of the Great Depression era. Federal debt by the end of 1938 was almost 150% above the 1929 level. Federal spending grew by 77% from 1932 to 1934 as the New Deal was implemented—unprecedented for peacetime.

Still the economy did not take off.

Winston Churchill gave a contemporary evaluation of the Roosevelt policy by observing, in the April 24, 1935, Daily Mail, "Nearly two thousand millions Sterling have been poured out to prime the pump of prosperity; but prosperity has not begun to flow."

The top individual income tax rate rose from 24% to 63% to 79% during the Hoover and Roosevelt administrations. Corporate rates were increased to 15% from 11%, and when private businesses did not invest, Congress imposed a 27% undistributed profits tax...
 Quoting: Scrump


Following the pattern to a 'T'...

Last Edited by Evil Twin on 10/04/2010 08:39 PM
I Do Know It All

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10/04/2010 08:38 PM
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Re: Scrump's Newsletter 10/2010 *Total Economic Collapse: Showtime*
I see your fan club is here...2 one star votes faster than anyone could read the thread, lol.
 Quoting: Evil Twin

Scrump that is a huge post and mostly on the money (so to speak) I have found that a debate with you on any subject means wrapping your mind around some real reading....you keep writing I will keep reading......4 stars
I Work --- I Party --- I Live
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!#%&&(^#%@*!

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10/04/2010 08:40 PM

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Nice Scrump!


as always ...


~clappa~
cibrell
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10/04/2010 08:41 PM
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Re: Scrump's Newsletter 10/2010 *Total Economic Collapse: Showtime*
Thanks .... that was kind of depressing though.
Anonymous Coward
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10/04/2010 08:42 PM
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Re: Scrump's Newsletter 10/2010 *Total Economic Collapse: Showtime*
"America is a financial house of cards about to come tumbling down... "
Yeah, sort of!


"and when we fall, the rest of the World will fall with us."
LOL! s226 s226 s226 s226 s226 s226
Madigan

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10/04/2010 08:42 PM
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Re: Scrump's Newsletter 10/2010 *Total Economic Collapse: Showtime*
Ok...only 1/10 of the way through....still reading.

But I have long since thought that what was suppose to happen in 2008 was far worse than most suspect. What "they" did not expect...was that America is far more of a challenge to take down. (Thank god)

Now "they'll" just hit it harder.
Aquarius 7

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10/04/2010 08:45 PM
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Re: Scrump's Newsletter 10/2010 *Total Economic Collapse: Showtime*
ahh
 Quoting: Phennommennonn

. .

aq agreed
.

Cayce: “… The greater portion of Japan must go into the sea. …. then we may know it has begun …”. www.near-death.com/experiences/cayce11.html
.
"Be kind, for everyone you know is fighting a hard battle" - Plato
.
"Those who are at peace in their hearts already are in the Great Shelter of life." ~ Hopi Prophecy
.
Anonymous Coward
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10/04/2010 08:46 PM
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Re: Scrump's Newsletter 10/2010 *Total Economic Collapse: Showtime*
when?
Sandpiper
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10/04/2010 08:47 PM
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Re: Scrump's Newsletter 10/2010 *Total Economic Collapse: Showtime*
Thanks again and again for your hard work and sharing with us. You are a star!
huhh
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10/04/2010 08:47 PM
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Re: Scrump's Newsletter 10/2010 *Total Economic Collapse: Showtime*
thank you for your effort so much good info!!!!!!!
again the reason im still with glp is scrump.... otoc and sickscemt.... cool2 can i get an amen!!!
BloodRed

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10/04/2010 08:47 PM
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Re: Scrump's Newsletter 10/2010 *Total Economic Collapse: Showtime*
~ As always, Mr.Scrump, VERY thorough... we may not see eye-to-eye on some things, but I respect your ability to whip up some SERIOUS econodoom!! lol

~ Here, I 'smilied' this so I could share it with y'all:

:ThenAndNow1:
~ Y'all Are CrAzY Doom Tards!! But I love y'all anyway... well, not the shills, not so much... ~

~ Wanna know what we're all here for? THEY know: [link to www.youtube.com] ... So if _THEY_ can manage this, why in the world are WE such hateful fail-tards, people ........ ? ~
Anonymous Coward
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10/04/2010 08:51 PM
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Re: Scrump's Newsletter 10/2010 *Total Economic Collapse: Showtime*
"Of course, that's only my opinion"

lol

really? gee thanks- i thought it was the opinion of like all the samrt people that are like doctors and
stuff and don;t write "newsletters" on a conspiracy site

lol
Anonymous Coward
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10/04/2010 08:52 PM
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Re: Scrump's Newsletter 10/2010 *Total Economic Collapse: Showtime*
when?
 Quoting: Anonymous Coward 886008



if your 65 or younger,probably in your lifetime.

peace
Anonymous Coward
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10/04/2010 08:54 PM
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Re: Scrump's Newsletter 10/2010 *Total Economic Collapse: Showtime*
If oil is gong to be five bucks a gallon, the should spend any extra money they have on fixig the electric grid. People will freeze and businesses will go bankrupt. They should put an end to all forein spending. They should stop all immiration like they did in the 1930's.
Anonymous Coward
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10/04/2010 08:55 PM
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Re: Scrump's Newsletter 10/2010 *Total Economic Collapse: Showtime*
Scrump's Newsletter 10/2010 *Total Economic Collapse: Showtime*



Nothing Has Changed
Ed Wallace Friday, Jul. 09, 2010

"Funny business, you know? Lure people into that calm and then totally [expletive deleted] 'em."

-- Bankers Trust trader, describing how they cheated Procter & Gamble out of $157 million using derivatives

"He just [expletive deleted] California. He steals money to the tune of about a million!"

-- Enron trader, laughing about how he falsely hiked electricity rates

"The whole building is about to collapse anytime now. Only potential survivor, the fabulous Fab."

-- Goldman Sachs trader, Fabrice Tourre, bragging about selling junk mortgages to investors


"One [expletive deleted] deal!"

-- Goldman Sachs head of sales, describing a mortgage deal sold to investors

***

These quotes make it clear that certain investment banks and trading companies such as Enron see their clients as contemptible and easy marks. So it's hard to believe that, though these quotes have all come to light over the past 15 years, public outrage hasn't resulted in a single one of these traders' imprisonment.

Imagine if you will that an undercover TV news investigation caught a car dealer talking with their salespeople that way about their customers. Or what if hidden cameras caught automotive executives talking this graphically in private about actual major problems in their vehicles -- or laughing about getting away with lying to their customers about the cause of the serious accidents they were in?

That dealership would be put out of business by a furious public, which would likewise destroy the car company. Yet, though tens of thousands of hours of audiotapes exist, and who knows how many e-mails, brought out in court cases and public testimony -- in which financial traders knowingly stole from customers, then derided their marks as "expletive deleted" idiots...

Nothing has been done.


 Quoting: ScrumpTheTexan



Not quite...

Many of our futures (401k/pensions) have been tied into this scam.

Their deception has been rewarded with government funneling money to them.

5 stars Scrump.
Anonymous Coward
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10/04/2010 08:55 PM
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Re: Scrump's Newsletter 10/2010 *Total Economic Collapse: Showtime*
what do you imagine will be the eventual outcome OP?

My view of history suggests that the only way out of this economic collapse will be a war.
A large war.
Ice
ice

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10/04/2010 08:55 PM

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Re: Scrump's Newsletter 10/2010 *Total Economic Collapse: Showtime*
Scrump

- dollar fall

- freedom fall

- American Military might - fall


you are spot on and get ready bro

pray often - Jesus is the only door


the sands are falling off the edge
Chill - Enjoy - Relax
Anonymous Coward
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10/04/2010 08:56 PM
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Re: Scrump's Newsletter 10/2010 *Total Economic Collapse: Showtime*
"When termites eat your house, you don’t notice a thing. You don’t hear a thing, you don’t see a thing—you’re house stands there, silent and staid, while you and your family happily go about your days, without a care in the world—

Until your house crashes on top of your head.
"

lol

its like a longfellow metaphor?

lol

no one is a daft as you glp'rs would like to assume

they can see termites for one thing- they walk in a line and stuff and you call Orkin

I know that Scump thinks that people don;t get termite protection, or read , or watch the news, but here's a tip

everyone that owns a house that i know gets it checked for termites - without exception

The real deal is this- the ol black swan- some are preparing for the "known" like the guntards and the bean and gold horders, - when it is more likely that any immediate dramatic shift whould have to be from the unknown-

the evidence is clear- Thanks for the "news" its like real insightful

lol
Anonymous Coward
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10/04/2010 08:58 PM
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Re: Scrump's Newsletter 10/2010 *Total Economic Collapse: Showtime*
Do you feel it?

 Quoting: ScrumpTheTexan



whatever
Anonymous Coward
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Australia
10/04/2010 09:00 PM
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Re: Scrump's Newsletter 10/2010 *Total Economic Collapse: Showtime*
AHHH yes..its that time of the months again for old scrumpy....

Nothing quite cheers you up..lifts your spirits..and raises your hope in the future quite like one of scrumps POST OF TOTAL AND IMMINEBNT ECONODOOOOOOOOM!!!
\
Good one scrumpy...you just keep that hope and change flowing dude..we could all use a lift.


hf
Anonymous Coward
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10/04/2010 09:00 PM
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Re: Scrump's Newsletter 10/2010 *Total Economic Collapse: Showtime*
"When termites eat your house, you don’t notice a thing. You don’t hear a thing, you don’t see a thing—you’re house stands there, silent and staid, while you and your family happily go about your days, without a care in the world—

Until your house crashes on top of your head.
"

lol

its like a longfellow metaphor?

lol

no one is a daft as you glp'rs would like to assume

they can see termites for one thing- they walk in a line and stuff and you call Orkin

I know that Scump thinks that people don;t get termite protection, or read , or watch the news, but here's a tip

everyone that owns a house that i know gets it checked for termites - without exception

The real deal is this- the ol black swan- some are preparing for the "known" like the guntards and the bean and gold horders, - when it is more likely that any immediate dramatic shift whould have to be from the unknown-

the evidence is clear- Thanks for the "news" its like real insightful

lol
 Quoting: Anonymous Coward 1117314

Pud?

we all know you're the ONLY one who thinks scrump's full of shit!
Anonymous Coward
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Canada
10/04/2010 09:02 PM
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Re: Scrump's Newsletter 10/2010 *Total Economic Collapse: Showtime*
I see your fan club is here...2 one star votes faster than anyone could read the thread, lol.
 Quoting: Evil Twin

lol. they're is just something about scrump and his avatar that says "christian scumbag shill". don't know what it is but its there.
Anonymous Coward
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10/04/2010 09:03 PM
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Re: Scrump's Newsletter 10/2010 *Total Economic Collapse: Showtime*

aVian

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10/04/2010 09:05 PM
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Re: Scrump's Newsletter 10/2010 *Total Economic Collapse: Showtime*
I forget how fast and furious its becoming and how many stories I have read over the past couple months

until


I see them all chronicled by you bro

hats off for keeping track of the "hints" that the wheels have been engineered to come off

at a


high rate of speed


abomb
"When plunder becomes a way of life for a group of men living together in society, they create for themselves, in the course of time, a legal system that authorizes it and a moral code that glorifies it."
- Frédéric Bastiat

food, water, ammo, weapons, battery back up solar, hand well pump, wood stove and 1 year of food...oh yeah PM's too...good luck
ScrumpTheTexan (OP)
-Controverter-

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10/04/2010 09:06 PM

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Re: Scrump's Newsletter 10/2010 *Total Economic Collapse: Showtime*
what do you imagine will be the eventual outcome OP?

My view of history suggests that the only way out of this economic collapse will be a war.
A large war.
 Quoting: Anonymous Coward 1118493


A very large (Wordwide) War & an absolute restructuring of the World's financial system, with a single World currency being the ultimate goal of the entire farce.

Which one will come first?

Dunno.
I am a Christian.

Christian does not equal doormat or pushover.

SickOfItAll

"I Have Sworn upon the Altar of God... Eternal Hostility against every form of Tyranny over the mind of man." -Thomas Jefferson, Sep. 23, 1800

MedinaD
For previous Newsletters, click 'Scrump's News Letters' @ [link to www.godlikeproductions.com]

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