(Reprint of original Aug 19th post with updates at the end.)

If you have bought in to the false hope that the economy has hit bottom and has turned a corner then think again. I had a chat this week with a banker friend who works for Wachovia. Wachovia, in case you forgot, was taken over by Wells Fargo. My friend told me that a spate of firings are coming up in the next two weeks. Several mid-level and senior bankers at Wachovia are going to lose their jobs. Their current jobs are basically duplicates of positions at Wells Fargo and, as the saying goes, “to the victor belongs the spoils.”

This is not an isolated instance. Remember the Colonial Bank take over?

Here’s what the Financial Times reported today on that bank collapse:

A consolation of failure should be lessons learnt from the experience. So it is troubling that bank collapses in this cycle are proving more expensive than in the past. Big bank busts, as a rule, cost relatively less than small ones. Estimated losses, say, from last week’s failure of Colonial, the Alabama-based lender with $25bn in assets, were unusually low at 11 per cent of assets. Its sale also included the first “clawback”, allowing the Federal Deposit Insurance Corporation to share in a buyer’s potential gains.

Yet analysis from Ely & Company, industry consultants, shows that across all failures in the past two years, the FDIC estimated its losses at a quarter of failed banks’ assets. That is much higher than between 1980 and 1995, when failures cost an average 11 per cent.

Regulators are at fault. The fact that banks are in such a sorry state by the time they fail suggests intervention should be occurring earlier – especially where soaring brokered deposits indicated rapid growth in low-quality assets. Meanwhile, drawn-out sales – such as that of Guaranty Financial, with $16bn assets – risk hurting the underlying business. Fears that the FDIC’s fund, which protects depositors, may run out are unfounded. True, its balance fell to $13bn at the end of March, or just 0.27 per cent of insured deposits – well below the statutory minimum. But that understates the funds available to absorb losses. The FDIC also had $28.5bn set aside for future bank failures. More important, it has a Treasury credit facility, increased to $500bn during this crisis. The deposit insurance fund is not a pot of cash that can be exhausted, but a way of keeping track of the premiums paid by banks versus the costs of failures.

Then there is the commercial real estate market. That shoe still has not dropped and when it does? Bye-bye more jobs. The USA Today offered this sobering analysis in Tuesday’s paper:

The commercial real estate downturn is deepening, threatening to slow the economic recovery.
To try to contain the damage, the Federal Reserve said Monday that it will extend into 2010 a program to help investors buy commercial property loans. But some say that will have limited impact.

“We seem to be nearing the end of the recession but the situation in the commercial real estate market is getting worse,” says Patrick Newport, an analyst at IHS Global Insight.

About $83 billion of office, retail, industrial and apartment properties have fallen into default, foreclosure or bankruptcy this year, says research firm Real Capital Analytics. The default rate for commercial mortgages jumped from 1.62% to 2.25% in the first quarter and should hit 4.1% by the end of the year, says Sam Chandan, president of Real Estate Econometrics. The carnage will likely cut half a percentage point off economic growth this year and in 2010, Newport says.

Fueled by easy credit, developers built too many shopping malls and office buildings from 2004 to 2007. As the economy soured, vacancy rates rose. Property values are down about 40% from their 2007 peak, Deutsch Bank says, and loans for commercial properties have come to a virtual standstill.

Hundreds of smaller regional banks, which are heavily exposed to commercial mortgages, could go bankrupt the next two years, Newport says.

If you think this means “good” news then you know nothing about economics. Sad thing is that the so-called “stimulus” package does nothing for this sector. Until this implosion ends the economy will continue a downward death spiral.

Even some of Obama’s financial gurus are starting to sweat the implications of Obama-nomics. Did you catch Warren Buffet’s piece in the NY Times:

IN nature, every action has consequences, a phenomenon called the butterfly effect. These consequences, moreover, are not necessarily proportional. For example, doubling the carbon dioxide we belch into the atmosphere may far more than double the subsequent problems for society. Realizing this, the world properly worries about greenhouse emissions.

The butterfly effect reaches into the financial world as well. Here, the United States is spewing a potentially damaging substance into our economy — greenback emissions.

To be sure, we’ve been doing this for a reason I resoundingly applaud. Last fall, our financial system stood on the brink of a collapse that threatened a depression. The crisis required our government to display wisdom, courage and decisiveness. Fortunately, the Federal Reserve and key economic officials in both the Bush and Obama administrations responded more than ably to the need.

They made mistakes, of course. How could it have been otherwise when supposedly indestructible pillars of our economic structure were tumbling all around them? A meltdown, though, was avoided, with a gusher of federal money playing an essential role in the rescue.

The United States economy is now out of the emergency room and appears to be on a slow path to recovery. But enormous dosages of monetary medicine continue to be administered and, before long, we will need to deal with their side effects. For now, most of those effects are invisible and could indeed remain latent for a long time. Still, their threat may be as ominous as that posed by the financial crisis itself.

To understand this threat, we need to look at where we stand historically. If we leave aside the war-impacted years of 1942 to 1946, the largest annual deficit the United States has incurred since 1920 was 6 percent of gross domestic product. This fiscal year, though, the deficit will rise to about 13 percent of G.D.P., more than twice the non-wartime record. In dollars, that equates to a staggering $1.8 trillion. Fiscally, we are in uncharted territory.

Because of this gigantic deficit, our country’s “net debt” (that is, the amount held publicly) is mushrooming. During this fiscal year, it will increase more than one percentage point per month, climbing to about 56 percent of G.D.P. from 41 percent. Admittedly, other countries, like Japan and Italy, have far higher ratios and no one can know the precise level of net debt to G.D.P. at which the United States will lose its reputation for financial integrity. But a few more years like this one and we will find out.

An increase in federal debt can be financed in three ways: borrowing from foreigners, borrowing from our own citizens or, through a roundabout process, printing money. Let’s look at the prospects for each individually — and in combination.

Warren can’t bring himself to admit that Obama has screwed the pooch but here’s the reality. If Obama-care goes forward and the so-called stimulus bill is not recalled the mad spending spree is going to accelerate and our nation’s plunge into uncharted debt waters will accelerate. Warren senses the danger but is still having trouble blowing the whistle on the Messiah’s gross incompetence when it comes to economic policy.

UPDATE:
Here’s the latest from Saskia Scholtes at the Financial Times:

More than one in eight US mortgage borrowers were behind on payments or facing foreclosure at the end of the second quarter as rising unemployment aggravated the housing crisis, the Mortgage Bankers Association said yesterday.

The percentage of loans in foreclosure or with at least one payment past due rose to 13.16 per cent, the highest since the MBA began records in 1972 and a jump of more than a percentage point since the first quarter.

Jay Brinkmann, chief economist at the MBA, said signs were growing that mortgage performance was being affected more by unemployment than by risky underwriting. It indicates a new stage in the foreclosure crisis that may not be easily addressed by government loan modification programmes.

“There has been a shift in the problem from one driven by the types of loans to one driven by macro problems in the economy and drops in house prices,” Mr Brinkmann said.

“It’s unlikely we will see meaningful reductions in the foreclosure and delinquency rates until the employment situation improves.”

He expected the peak in foreclosures to trail behind the jobless peak by about six months.

Saskia wrote on Thursday that the credit crunch for consumers was getting worse as well:

Banks reduced access to revolving loans such as credit cards and home equity lines of credit for about one in five US borrowers in the six months to April, according to a new study from Fico, the credit scoring group.

The study shows that as banks cut credit lines for a larger share of US consumers than they had in the previous six months, they also became more aggressive in their cuts. The average decrease to a consumer’s credit line was $5,100, or 15 per cent of average total revolving credit, more than double the $2,200 average reduction in the six months to October 2008.

Big lenders such as Bank of America, Citigroup and American Express have reacted to the economic crisis and rising defaults on consumer loans by raising interest rates, closing inactive accounts and paring credit lines. By reducing their potential exposure to consumer credit, banks are hoping to free up regulatory capital.

Consumer groups and some analysts have expressed concerns that wholesale reductions in credit lines could exacerbate the consumer credit crisis by pushing struggling borrowers closer to the brink.

I don’t want to see the economy continue to go down. It has a terrible human cost. People lose jobs, homes and ultimately families. This is real. The Washington Post had this awful story today:

Wallis and Julie Fay said life seemed to be closing in on them. They lost the Prince William County home, where they lived for more than 15 years, to foreclosure. Eviction was looming. And on Tuesday, Wallis Fay learned that the job transfer he was counting on had fallen through.

“He said: ‘I don’t know what to do. I’m at my last straw,’ ” said Bernice Fortune, a neighbor who answered a call from a shaken Wallis Fay just before 10 p.m. Tuesday. “I said: ‘Hold on to your faith. Hand it over to God.’ ”

Fortune, who was at a prayer group at a nearby IHOP, promised to call when she got home. There was no answer at the Fays a half-hour later. Assuming they had gone to sleep, Fortune left a prayer on their answering machine.

But by then, Fortune said, the couple might have been dead.

Ben Bernake’s happy talk is intended to persuade investors and bankers to hang in there. Hope for the best. But deluding ourselves that we’ve turned the corner when the real fundamentals continue to stink is not helpful. Trapped people do desperate, horrible things.

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Larry C. Johnson is a former analyst at the U.S. Central Intelligence Agency, who moved subsequently in 1989 to the U.S. Department of State, where he served four years as the deputy director for transportation security, antiterrorism assistance training, and special operations in the State Department's Office of Counterterrorism. He left government service in October 1993 and set up a consulting business. He currently is the co-owner and CEO of BERG Associates, LLC (Business Exposure Reduction Group) and is an expert in the fields of terrorism, aviation security, and crisis and risk management, and money laundering investigations. Johnson is the founder and main author of No Quarter, a weblog that addresses issues of terrorism and intelligence and politics. NoQuarterUSA was nominated as Best Political Blog of 2008.
  • Chicago

    I think the spaminator ate my post.

    • Chicago

      at any rate, not wanting to rehash a long post eaten by the spaminator.

      you all should read about the derivatives market that will unravel when the commercial real estate market finally melts down.

      the commercial real estate market meldown is just the tip of the iceberg. the derivatives that fueled the real estate bubble is worth over $500 TRILLION dollars and will bankrupt every large financial company that created and traded those derivatives. these are what Warren Buffett called “weapons of Mass Destruction.”

      if Obama does a bailout of the derivatives market, our currency is done for.

      • maryann

        Chicago…please any suggestions to protect our assets?
        How about buying good rentable forecosures? Metals? Mining stocks? Euros?
        PRETTY PLEASE!?

        • Chicago

          maryann,

          first, don’t take my post as an investment advice (gotta do the disclaimer thing first LOL!)

          precious metals is always a good headge during currency weakness. the dollar is still headed for a decline and when that happens precious metals always gain strength. don’t invest in those precious metals ETF, there are anomalies hidden within their accounting books were serial numbers of bars are listed in duplicate – means that those ETFs are not using all of their investors money to gain physical possession of silver or gold bars. insist on physical delivery of gold and silver bars.

          rentable real estate (non-commercial or non-retail space) can be good investments, provided you can ensure that all of your tenants are gainfully employed – not much assurance on that though. if you want to get into rental apartments make sure that you’re not too leveraged on it and have a couple years of operational expenses on hand.

          I don’t like the Euro. it may look strong compared to the dollar, but they are doing the same thing that the US is doing, printing more Euros and taking over banks. European banks have a lot of exposure to derivatives as well, when derivatives blow, their banks will be collateral damage as well.

          when currency values fall, inflation increases, when inflation increases, comodities go up. Look at what China has been doing for the past 8 months – they have been buying comodities. they are hedging their bets. they hold huge amount of US debt instruments and in order to be safe from a dollar collapse they bought and are still buying comodities. China had also set aside $2B for US real estate. when they start buying, you’ll be able to see the end of the real estate meltdown in a few months.

          stay away from stock that are heavily leveraged. that means many of the financial and real estate companies. mining stocks are good (comodities), agricultural stocks are good (again comodities), oil, natural gas, energy, and biotechs.

          only two trends are happening right now, first the dollar is in a decline, although it may bounce up a few times but it has been in a downtrend since March. when the dollar falls, comodities rise as inflation rises (although the government has been fooling everyone with their low CPI numbers. stocks go up when the dollar falls (as we’ve witnessed since March) but eventually only companies with solid cashflows will retain their values. since unemployment is still a problem, sale would always be sluggish, retail companies are still on shaky ground, same with service companies. comodity producers on the other hand have an advantage since their products prices just keeps going up with minimal increase in production cost (what they produce a few months ago already went up in price with little increase in production costs) that’s real profit.

          I like biotechs only because we are now experiencing global pandemic threats from bird flu to swine flu. there are shortages in vaccines and medicine in general.

          again, the trend is dollar decline and increasing inflation. comodities will do good, resellers/retailers/servicers/financials not so good.

          these are what I think are good right now. again, please consult with a financial advisor and take my words with a grain of salt.

          • Chicago

            just a little addendum, you might see a dip in gold and silver prices in the next couple of months, since many are predicting a dollar bounce in the short term. that’s a good time to buy into gold and silver.

            monitor the dollar index ($USD) every time you see it downtick, that’s a sure gain for gold, silver, and comodities in general. it’s also a positive sign for stocks in general but as I’ve stated in my post, when bull run ends those companies who have solid cashflows and low debt will retain their stock values and the “pretenders” (stocks that went up just because they got caught up in the short term euphoria of a market rally).

            monitor the Volatility index ($VIX). when it goes down, the stock market indices go up.

  • Chicago

    the eventual collapse of the Commercial Real Estate sector is just the proverbial tip of the iceberg.

    the large leveraged purchases that occured during the commercial real estate boom is what fueled the real estate derivatives market that is over 500 Trillion dollars and derivatives fueled the real estate market bubble at the same time. it was a vicious cycle that turned into a bubble that is now going to burst.

    the derivatives market is the real mother of all bombs that will unwind when the commercial real estate market finally starts its inevitable meltdown.

    I say let the bubble finally burst and deflate. there should be no government intervention or bailouts (Goldman Sachs, JP Morgan, AIG, and just about every financial company out there is neck deep in a derivatives market that has no government regulation). since the derivatives market is not controlled by any government regulatoray body, there should not be any taxpayer money used to save any idiot or any company that invested in it.

    the time for bailouts should end and the people who enabled this bubble should pay the price by losing their money in a market that was fueled by their greed….but who’d want to bet that Obama will do some sort of bailout for this idiotic derivatives market? this will be used as an excuse to inflate the deficit again and to print more dollars. “too big to fail” will be an ongoing mantra for years to come and the taxpayers will be taken to the woodshed over and over again.

    Below is a 2008 article that describes the danger of the direvatives market.

    http://www.independent.co.uk/news/business/news/a-163516-trillion-derivatives-timebomb-958699.html

    Not for nothing did US billionaire Warren Buffett call them the real ‘weapons of mass destruction’

    The market is worth more than $516 trillion, (£303 trillion), roughly 10 times the value of the entire world’s output: it’s been called the “ticking time-bomb”.

    It’s a market in which the lead protagonists – typically aggressive, highly educated, and now wealthy young men – have flourished in the derivatives boom. But it’s a market that is set to come to a crashing halt – the Great Unwind has begun….

    The complex and opaque derivatives markets in which these hedge funds played has been dubbed the world’s biggest black hole because they operate outside of the grasp of governments, tax inspectors and regulators. They operate in a parallel, shadow world to the rest of the banking system. They are private contracts between two companies or institutions which can’t be controlled or properly assessed. In themselves derivative contracts are not dangerous, but if one of them should go wrong – the bad 2 per cent as it’s been called – then it is the domino effect which could be so enormous and scary….

    In America the naysayers have been rather more vocal for longer. Famously, Warren Buffett, the billionaire who made his money the old-fashioned way, called them “weapons of mass destruction”. In the late 1990s when confidence was roaring in the midst of the dotcom boom, a small band of politicians, uncomfortable with the ease with which banks would be allowed to play in these burgeoning markets, were painted as Luddites failing to move with the times….

    What is a Derivative?

    Warren Buffett, the American investment guru, dubbed them “financial weapons of mass destruction”, but for the once-great-and-good of Wall Street they were the currency that enabled banks, hedge funds and other speculators to make billions.

    Anything that carries a price can spawn a derivatives market. They are financial contracts sold to pass on risk to others. The credit or bond derivatives market is one such example. It is thought that speculation in this area alone is worth more than $56 trillion (£33 trillion), although that probably underestimates the true figure since lax regulation has seen the market explode over the past two years.

    At the core of this market is the credit derivative swap, effectively an insurance policy against the default in the interest payment on a corporate bond. One doesn’t even need to own the bond itself. It is like Joe Public buying an insurance policy on someone else’s house and pocketing the full value if it burns down.

    As markets slid into crisis, and banks and corporations began to default on bond payments, many of these policies have proved worthless.

    Emilio Botin, the chairman of Santander, the Spanish bank that has enjoyed phenomenal success during the credit crunch, once said: “I never invest in something I don’t understand.” A wise man, you may think.

    Simon Evans

    • Chicago

      thanks for rescuing my post from the spaminator!

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  • tzada
  • tzada

    Part II

    Guaranty Bank, with 162 branches in Texas and California, saw its investments in real estate lending and mortgage-backed securities bought from other banks sour and had been teetering near collapse for weeks. Its parent, Guaranty Financial Group Inc. (GFG), reaffirmed Monday in a regulatory filing that the company was critically short of capital and didn’t believe it could stay in business.

    http://apnews.myway.com/article/20090822/D9A7RG480.html

  • tzada

    Part II

    The FDIC seized Austin-based Guaranty Bank, with about $13 billion in assets and $12 billion in deposits, and on Friday sold all of its deposits and $12 billion of its assets to BBVA Compass, the U.S. division of Banco Bilbao Vizcaya Argentaria SA, Spain’s second-largest bank. In addition, the FDIC agreed to share losses with BBVA on about $11 billion of Guaranty Bank’s loans and other assets.

    Guaranty Bank, with 162 branches in Texas and California, saw its investments in real estate lending and mortgage-backed securities bought from other banks sour and had been teetering near collapse for weeks. Its parent, Guaranty Financial Group Inc. (GFG), reaffirmed Monday in a regulatory filing that the company was critically short of capital and didn’t believe it could stay in business.

    This is just a guess on my part, but watch out limb here I come. I think that we will find out that the
    BBVA Compass, the U.S. division of Banco Bilbao Vizcaya Argentaria SA is somehow connected to Muslims or Chevez. There is going to be something that cannot be good.

    There was something during the primaries in a debate with McCain and Obama. Obama was distainful of something McCain said about Spain, and John just gave Obama a look. Wish John would have said what he was thinking. Looking back McCain was constantly being called hotheaded and told not to go after Obama, all was calculated to neutralize John. Wish he had have gone for Obama jugular, figure of speech only

    http://apnews.myway.com/article/20090822/D9A7RG480.html

  • tzada

    WASHINGTON (AP) – Guaranty Bank became the second-largest U.S. bank to fail this year after the Texas lender was shut down by regulators and most of its operations sold at a loss of billions of dollars for the U.S. government to a major Spanish bank.

    The transaction approved by the Federal Deposit Insurance Corp. marked the first time a foreign bank has bought a failed U.S. bank.

    The bank failure, the 10th largest in U.S. history, is expected to cost the deposit insurance fund an estimated $3 billion.

  • tzada

    Large Texas bank shut down by federal regulators

    WASHINGTON (AP) – Guaranty Bank became the second-largest U.S. bank to fail this year after the Texas lender was shut down by regulators and most of its operations sold at a loss of billions of dollars for the U.S. government to a major Spanish bank.

    The transaction approved by the Federal Deposit Insurance Corp. marked the first time a foreign bank has bought a failed U.S. bank.

    The bank failure, the 10th largest in U.S. history, is expected to cost the deposit insurance fund an estimated $3 billion.

    The FDIC seized Austin-based Guaranty Bank, with about $13 billion in assets and $12 billion in deposits, and on Friday sold all of its deposits and $12 billion of its assets to BBVA Compass, the U.S. division of Banco Bilbao Vizcaya Argentaria SA, Spain’s second-largest bank. In addition, the FDIC agreed to share losses with BBVA on about $11 billion of Guaranty Bank’s loans and other assets.

    Guaranty Bank, with 162 branches in Texas and California, saw its investments in real estate lending and mortgage-backed securities bought from other banks sour and had been teetering near collapse for weeks. Its parent, Guaranty Financial Group Inc. (GFG), reaffirmed Monday in a regulatory filing that the company was critically short of capital and didn’t believe it could stay in business.

    This is just a guess on my part, but watch out limb here I come. I think that we will find out that the
    BBVA Compass, the U.S. division of Banco Bilbao Vizcaya Argentaria SA is somehow connected to Muslims or Chevez. There is going to be something that cannot be good.

    There was something during the primaries in a debate with McCain and Obama. Obama was distainful of something McCain said about Spain, and John just gave Obama a look. Wish John would have said what he was thinking. Looking back McCain was constantly being called hotheaded and told not to go after Obama, all was calculated to neutralize John. Wish he had have gone for Obama jugular, figure of speech only

    http://apnews.myway.com/article/20090822/D9A7RG480.html

  • tzada

    testing the spaminator

  • NoBamaNoWay

    JOBS JOBS JOBS!!! without GOOD jobs here at home, the american economy will never recover. people don’t buy anything, and they can’t afford to pay off the debts they already have. the masses of average people are what drive the economy, and when they have very real fears for their finacial future (and present) they don’t buy anything and the economy comes to a halt.

    but american lawmakers are too busy catering to their fat-cat corporate campaign contributors who want to move their factories and assets out of the country, but still sell their products in america with no tariffs whatsoever.

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  • Peggy Sue

    Just to add a link and additional essay to what Larry has provided, I picked up this article/w link over at Liberal Rapture [very compatitible for NQ readers]. Sweet dreams? Don’t think so.

    http://www.lifeaftertheoilcrash.net/Archives2009/WhitneyDemolition.html

    Oh, Happy Days!

    • oowawa

      Good link, Peggy Sue–thanks. There’s something really comforting about disaster movies. Watching the horrendous cataclysmic destruction on a grand scale is at first horrifying, but after a while it gets soothing. Let it all fall down! Yay! I think it’s partly the knowledge that it’s only make-believe, that none of this is really happening. Just like with this financial . . . Oh wait, I hear something funny outside . . .

  • maq

    Still laughing at the new “Obama Clunker Bubble” which will expire on Monday.

    This fiasco sucked in a few more sub-prime borrowers.

    Obama kills the American Auto Industry (GM and Chrysler) then subsidies float to foreign car companies in an artificail bubble.

    ( BORROWED QUOTE from above commenter) Obama is running a foreign coup, was illegally financed, he’s an ineligible usurper, he’s a marxist, and he’s applying Alinksy and Cloward Piven strategies to systematically destroy America–that’s obvious.

  • Peggy Sue

    I’m sorry, Una. The only way you can be “hopeful” about the US economy is if you cover your eyes and stick your fingers in your ears. We are in critical state with no light in sight. Fraudlant accounting practices have seeped through the entire system; those toxic assets [an oxymoron if I ever heard one] are still on the books of the companies “too big to fail.” We’re printing money at a record speed, our debt is hitting outer space limits and as Larry mentioned the commericial real estate crisis is right around the corner as are the worst of the ARM resets. Add to that rising unemployment, the numbers of which are being tweaked to keep the public in a state of calm.

    But even that won’t last forever.

    Consumer confidence and spending are down. Exports, imports are down. “Down” is the word of the day. The numbers simply don’t add up to anything but financial disaster. And singing a happy tune or watching “Yes” movies will not change the math, which is what it is.

    • oowawa

      The only way you can be “hopeful” about the US economy is if you cover your eyes and stick your fingers in your ears.

      This is good advice, Peggy Sue, but I’ve found that it is much more effective if you chant the following mantra while closing eyes and sticking fingers in ears: “There’s no place like home! There’s no place like home!”

      Also, please note that you cannot cover eyes and stick fingers in ears at the same time, unless you have 4 hands. Don’t mean to be picky.

      • Peggy Sue

        I should have used the word “or,” oowawa. Unless, of course, you stuff your ears with Obama banners, and then cover your eyes. Or put on a blindfold, and then quickly plug the ears.

        Of course, if you’re double-jointed, you could use your toes :0).

        Only thing left is to sing lalala. Or request the condemned man’s last cigarette.

        The effect will be the same because the numbers are the numbers. And frankly, Bernake’s victory run the other day made me want to gag.

  • CG

    LJ, what do you conclude from Ben Bernanke’s speech on Friday at Jackson, Wyoming?

    • oowawa

      Ben Bernanke–isn’t he one of the guys who saved the world from financial disaster?

      Ben & the World Bankers:

      We are the champions – my friends
      And we’ll keep on fighting – till the end –
      We are the champions –
      We are the champions
      No time for losers
      ‘Cause we are the champions – of the world –

      If he pats himself on the back any harder, he’ll bruise his little self. All hail!

    • tzada

      Why Jackson Hole Wy I wonder?

  • Una

    The Economy Is Still Going South -but still 1,000,000 businesses start in the United States every year. Many of them fail, but enough succeed those young entrepreneurs in the film named ”The YES Movie” I watched , still hopeful.

    Btw, good movie- http://www.TheYESmovie.com by Louis Lautman.

  • sowsear
  • maryann

    I’m very curious why there’s this blithe “lalalala” numbing obliviousness to the obvious point which is that Obama is still a British citizen by his own admission and clearly ineligible and this whole charade is only legitimized by discussing this fraud’s “policies” instead of getting at the root…

    Obama is running a foreign coup, was illegally financed, he’s an ineligible usurper, he’s a marxist, and he’s applying Alinksy and Cloward Piven strategies to systematically destroy America–that’s obvious.

  • sowsear

    Here’s where BO stands today. good thing he’s out of town with the rest of his gang.

    Daily Presidential Tracking Poll
    Saturday, August 22, 2009
    The Rasmussen Reports daily Presidential Tracking Poll for Saturday shows that 29% of the nation’s voters Strongly Approve of the way that Barack Obama is performing his role as President. Thirty-nine percent (39%) Strongly Disapprove giving Obama a Presidential Approval Index rating of -10 This is the first time since July 31 that the President’s Approval Index has fallen to negative double digits

  • Cindy

    Goin’ south?? You said it.
    Honey chile, it’s a good thing I saved my Confederate $$….It’ll come in mighty handy, y’all.