ragerunner

I agree, way to much gloom and wild talk at that link. Glad a different link has now been added. :-o

Actually the two week total went up by 4,000, there was no decline. U.S. jobless claims remain near 2012 high Applications for benefits top 380,000 mark for fifth straight week "Initial claims declined by 6,000 to a seasonally adjusted 386,000 in the week ended June 23, the Labor Department said. Economists surveyed by MarketWatch had projected they would fall slightly, to 385,000. Yet claims from two weeks ago were revised up to 392,000 from an original reading of 387,000, based on more complete data collected at the state level." http://www.marketwatch.com/story/us-jobless-claims-remain-near-2012-high-2012-06-28 Something tells me it will get deeper. Britain's recession deeper than feared "Britain's second recession in four years is deeper than originally feared as figures showed a sharper decline in the economy during the final quarter of last year." http://www.telegraph.co.uk/finance/economics/9361353/Britains-recession-deeper-than-feared.html

Here is another proven 'conspiracy' moment related to the banking industry and it looks like Barclay was not the only one involved. Just another day for the world banking organizations. Of course no one is going to jail for this and it will probably be like many of the other articles that are in the MSM about the banks illegal actions, in the news for one day and then gone. Bob Diamond forgoes bonus as Barclays fined for Libor manipulation "Barclays took part in an international conspiracy that could have meant customers paid millions more than they should have to borrow money from banks. The British and US authorities said they had found evidence Barclays had attempted to manipulate a key borrowing rate for years, meaning that home owners could have paid millions more in mortgage payments than they might otherwise have had to. Traders at the bank were discovered to have engaged in regular attempts to determine the London Interbank Offered Rate (Libor) from as early as 2005. The manipulation of Libor saw the bank make submissions to the setters of the rate that they knew to be wrong as they attempted to influence the level at which it was fixed. Barclays also attempted to suppress Libor, which means that savers could have potentially lost out on millions in interest due to the rate being lower than it should otherwise have been." http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9359362/Bob-Diamond-forgoes-bonus-as-Barclays-fined-for-Libor-manipulation.html

U.S. orders for durable goods climb in May First increase in three months led by aircraft, heavy machinery "Durable-goods orders rose a seasonally adjusted 1.1% last month, the Commerce Department said. Economists surveyed by MarketWatch had expected orders to be unchanged. The increase was led by the commercial-aircraft sector, whose orders rose 4.9%. Orders for motor vehicles increased by 0.5%. Excluding the transportation segment, orders rose a smaller 0.4%. While the increase in May is a positive sign, the manufacturing sector has clearly fallen off last year’s rapid pace. In the first five months of 2012, durable-good orders have fallen 5.7%, the worst performance since the end of the last recession." http://www.marketwatch.com/story/us-orders-for-durable-goods-climb-in-may-2012-06-27 Pending home sales climb to two-year high in May "Pending home sales climbed 5.9% in May, with an index reaching 101.1, the National Association of Realtors said Wednesday. The index matched the best level since the initially planned expiration of the home-buyer tax credit and was 13.3% above May 2011 levels." http://www.marketwatch.com/story/pending-home-sales-climb-to-two-year-high-in-may-2012-06-27?link=MW_story_insert

Maybe he should give Bernanke some honestly lessons. Recovery still five years away, Mervyn King warns "The British economy will not get back on track until at least 2017, the Bank of England Governor has warned in his bleakest outlook for the recovery yet. Sir Mervyn King’s comments, which extended his previous prediction for a fully-fledged recovery by three years, reflected the scale of problems in the eurozone as well as his fears for the global recovery. Addressing MPs at the Treasury Select Committee (TSC), Sir Mervyn said: “When this crisis began in 2007, most people did not believe we would still be here. I don’t think we’re halfway through this. I’ve always said that and I’m still saying it. “We have to regard this as a long-term project to get back to where we were, but we’re nowhere near starting that yet. We’re in a deep crisis with enormous challenges.” http://www.telegraph.co.uk/finance/economics/9356628/Recovery-still-five-years-away-Mervyn-King-warns.html

Lower expectations drag down consumer confidence "WASHINGTON (MarketWatch) — U.S. consumer confidence has declined for a fourth month, with gloomier views in June on future business conditions and income, the Conference Board reported Tuesday." http://www.marketwatch.com/story/lower-expectations-lead-consumer-confidence-down-2012-06-26 We had month over month gains last year that happened during the main selling season. Year over year prices are still falling. U.S. home prices jump 1.3% in April: Case-Shiller "WASHINGTON (MarketWatch) — U.S. home prices shot up in April to post the first monthly gain since last autumn, according to a closely followed index released Tuesday. The S&P/Case-Shiller 20-city composite index gained 1.3%, with 19 out of 20 cities registering gains, to take the year-on-year drop from 2.6% to 1.9%." http://www.marketwatch.com/story/us-home-prices-jump-13-in-april-case-shiller-2012-06-26 EU’s fiscal union road map gets cool reception "FRANKFURT (MarketWatch) — A document outlining a path to tighter fiscal integration across the euro zone and a European banking union got a cool reception from Germany and economists on Tuesday as European leaders prepare for a summit meeting later this week." http://www.marketwatch.com/story/eus-fiscal-union-road-map-gets-cool-reception-2012-06-26

I think it is still early to call the end of the european union, but things currently continue to get worse. The end of the road for Europe "After two years of "kicking the can down the road," Europe seems to have now come to the end of the road." "Here are the recent developments in this fast moving saga: 1. Thursday's and Friday's European summit in Brussels will be another pivotal event in the ongoing debt crisis as leaders try to get a handle on the rapidly deteriorating situation across the European Union. Italian Prime Minister Mario Monti last week said that Europe has a week to save the euro zone, and we can expect more volatility as the meeting approaches." (see all 12 items on this list at) http://www.marketwatch.com/story/the-end-of-the-road-for-europe-2012-06-25

One item missing from this discussion is that banks received significant taxpayer 'bailouts', cheep money at the fed discount window, and QE+ that were intented to cover there loses from failing prices on their balance sheets related to foreclosures. So are the banks double dipping by taking the 'bailouts' and trying to re-inflate the price of their foreclosure balance sheets as well?

I have no proof that banks are working together to control the flow of foreclosures onto the market to maintain a certain level of pricing. I have posted and read many articles that hint that this is happening, but no proof. I can tell you that people in the re industry that do foreclosures sales act like banks have organized the release of the 'shadow market' to maintain higher values of this inventory. I think both opinions discussed here have their place. It's very much like having a discussion about oil. If oil prices drop then oil companies start reducing the supply of oil in an effort to maintain certain prices points. Unfortunately the end user is the one getting hit with the 'artificially' created price. The difference/problem with banks trying to maintain certain prices points is that in general most residential prices are still not historically in line with incomes in America (no more than 30% of income going to housing). Thus, more people are purchasing homes that are requiring more than 30% of their income to cover the cost or being shut out of home buying (there are many opinions on this). This means more households have less room to take in financial 'shocks' when they come.

New-home sales at highest level in two years Low interest rates, warmer weather, attractive prices boost demand "WASHINGTON (MarketWatch) — Sales of new single-family homes rose 7.6% in May to reach the highest level in more than two years, the U.S. Commerce Department reported Monday." http://www.marketwatch.com/story/new-home-sales-at-highest-level-in-two-years-2012-06-25 The banks are working hard to alter the natural supply and demand process. Housing inventory plunges in some places But there’s plenty of shadow inventory waiting in the wings “The banks have dialed back the foreclosure spigot,” said Tim Ellis, real-estate analyst for Redfin. As lenders have become more thorough in processing foreclosures, it has taken longer for homes to complete the foreclosure process. Plus, there’s a sense that banks are withholding some foreclosure inventory, not listing it as markets struggle to recover. Another reality of the market affecting housing inventory: Millions of borrowers are currently underwater on their mortgages." http://www.marketwatch.com/story/housing-inventory-plunges-in-some-places-2012-06-25?pagenumber=2 Spain sends official aid request to EU "MADRID (MarketWatch) -- The Spanish government on Monday made its request for aid for the banking sector official, with a letter from Finance Minister Luis de Guindos to Eurogroup President Jean-Claude Juncker." http://www.marketwatch.com/story/spain-sends-official-aid-request-to-eu-2012-06-25

Not to sure he really makes a strong case why it would not happen (execept for his comment about the Philly index) but its a different point of view. Despite slowdown, recession not inevitable Commentary: Gloomy headlines are simply more of same bad news "WASHINGTON (MarketWatch) — There’s little to cheer about in today’s headlines about the global economy. From China to Europe to Philadelphia, the news is grim." http://www.marketwatch.com/story/despite-slowdown-recession-not-inevitable-2012-06-21

Philly Fed factory gauge plunges in June "The Philly Fed’s business outlook survey fell to negative 16.6 from negative 5.8 in May. This is the weakest reading since last August when economists were worried that the economy might stall. Details of the report were weak. The indexes for new orders, shipments and unfilled orders worsened to their lowest readings of the year. The price index dropped, showing that inflation pressures continue to ease." http://www.marketwatch.com/story/philly-fed-factory-gauge-plunges-in-june-2012-06-21 Sales of U.S. existing homes fall 1.5% in May Distressed sales at lowest level since at least 2008 "WASHINGTON (MarketWatch) — Sales of existing homes fell 1.5% in May as fewer cheap homes were sold, a trade group said Thursday." http://www.marketwatch.com/story/sales-of-us-existing-homes-fall-15-in-may-2012-06-21?link=MW_story_insert Claims actually went up a 1,000 for the two weeks not down. U.S. jobless claims edge slightly lower Latest report continues to reflects weaker hiring trends "WASHINGTON (MarketWatch) — The number of Americans who applied for unemployment benefits fell slightly last week but remained at a level indicating virtually no improvement in hiring trends or labor market conditions, according to the latest federal data. Jobless claims declined by 2,000 to a seasonally adjusted 387,000 in the week ended June 16, the Labor Department said Thursday. Claims from two weeks ago were revised up to 389,000 from an original reading of 386,000, based on more complete data collected at the state level." http://www.marketwatch.com/story/us-jobless-claims-edge-slightly-lower-2012-06-21

State manufacturing heading for slowdown, expert says "The robust rebound Indiana’s manufacturing sector has enjoyed the past 12 months is likely to fade during the next year amid more economic uncertainty, according to an annual report released Tuesday by Conexus Indiana." “We’re now in the fourth month of declining retail sales and declining job growth, said Michael Hicks, director of Ball State University’s Center for Business and Economic Research. “So, I’m sad to say, here we are, 36 months after the last recession, that we’re near, or at, the cliff of another recession.” "Most manufacturers, however, should be better prepared to ride out the economic turmoil this time because many built up stockpiles by not going on spending sprees during the recession and subsequent recovery, he said." http://www.ibj.com/state-manufacturing-heading-for-another-slowdown--expert-says/PARAMS/article/35075

Those in debt are going to help others in debt by going into more debt. What a great long term strategy. So we have $750 billion, plus $100 billion (to spain last week) and $210 billion to Greece and others. That would bring the current total new debt obligation for the Eurozone countries at just over $1 TRILLION in the last year or so. WOW! I guess a trillion is not what it use to be. Germany and France better have some really strong growth to flip this bill. Maybe our FED will announce QE3 tomorrow and all will be well again. The world will be awashed with money once again? Maybe they will just move all their debt into the ECB and then have it default on trillions and call it a day. Debt crisis: EU leaders set to announce €750bn Spain and Italy bailout deal "European leaders are poised to announce a 750 billion euro deal to bailout beleaguered Spain and Italy by buying the countries’ debts. Pan-European Government funds are set to be used to buy Spanish and Italian bonds, which have recently hit record highs – in a move which will send a strong signal to financial markets that the German administration is prepared to back its weaker economic neighbours. Angela Merkel and other European leaders have come under intense pressure at this week’s G20 summit to take radical action to stem the growing euro crisis which has pushed up the cost of Spanish bonds to unsustainable levels. Under the proposed deal, two European rescue funds – the 500 billion-euro European Stability Mechanism (ESM) and the 250-billion euro European Financial Stability Facility (EFSF) – will be able to buy bonds issued by beleaguered European countries. Previously, money in these funds – which has been provided by members of the single currency – has been used to bailout smaller European countries such as Greece, Portugal and Ireland. Governments in these countries are offered money direct in return for agreeing to austerity programmes. Under the new plan, the money in these funds will not be given directly to governments but will instead be used to buy up debts on the financial markets. The European Central Bank previously bought about 210 billion euros of bonds in this way but stopped last year." http://www.telegraph.co.uk/finance/financialcrisis/9342727/Debt-crisis-EU-leaders-set-to-announce-750bn-Spain-and-Italy-bailout-deal.html Germany to allow Europe funds to buy debt: reports "WASHINGTON (MarketWatch) -- Germany is going to allow the euro zone's bailout funds to buy the sovereign debt of troubled European nations, according to reports in British news outlets including the Guardian and Sky News, without attribution. The money would come from the 500 billion euro European Stability Mechanism and the 250 billion euro European Financial Stability Facility, the reports say. The move would be a reversal from the stance previously held by Germany's Angela Merkel." http://www.marketwatch.com/story/germany-to-allow-europe-funds-to-buy-debt-reports-2012-06-19?dist=countdown But then again, maybe not? Even if its not true it helped buy another day or two and spike the stock market higher. Germany says did not discuss EU bond buying plan at G20 summit "(Reuters) - There was no discussion at a G20 summit in Mexico this week about using Europe's rescue funds to buy up the bonds of stricken members of the euro zone, a German government official said." http://www.reuters.com/article/2012/06/19/us-g20-europe-bonds-idUSBRE85I1F620120619

I posted a few weeks ago that this summer was looking to be the best in years for new home construction. The question really is what will happen in the fall and next spring as the foreclosure numbers climb. U.S. housing starts fall in May, but permits surge "WASHINGTON (MarketWatch) — U.S. builders started work on new homes in May at a slightly slower pace, but permits for future construction jumped to the highest level in nearly four years, the Commerce Department said Tuesday. Housing starts fell 4.8% last month to an annual rate of 708,000 — below the 720,000 forecast of economists surveyed by MarketWatch. The data are seasonally adjusted." http://www.marketwatch.com/story/us-housing-starts-fall-in-may-but-permits-surge-2012-06-19 Job openings fall to 3.42 million in April "WASHINGTON (MarketWatch) -- The number of job openings in April fell to 3.42 million from 3.74 million in March, the Labor Department reported Tuesday, as there were fewer openings in manufacturing, professional and business services, and state and local government. The number of openings was 1.0 million higher than at the end of the recession in June 2009. The quits rate, which can serve as a measure of workers' willingness or ability to change jobs, was unchanged for total nonfarm, and essentially unchanged for total private and government. The ratio of unemployed people to available positions was 3.65 in April, down from postrecession highs but still above prerecession levels of around 2/" http://www.marketwatch.com/story/job-openings-fall-to-342-million-in-april-2012-06-19 Spain pleads for ECB rescue as bond markets slam shut "Europe's leaders have vowed to mobilise all possible means to counter the region's escalating crisis after Spain's borrowing costs threatened to spiral out of control. Yields on 10-year Spanish bonds surged to a record high of almost 7.3pc as investors ignored the victory of pro-bailout parties in Greece's elections. The closely-watched two-year yield rocketed by 65 basis points in a matter of hours, signalling a near-total collapse of confidence in Spain's €100bn (£80.3bn) rescue from the EU last week to shore up its banking system. Cristobal Montoro, the economy minister, warned that Spain is now in a "critical" condition and pleaded with the European Central Bank to act with "full force" to defeat markets hostile to the euro project. Bank of America said Spain may need a second rescue to tide it through the next three years, pushing the total loan package towards €450bn – a sum that would test the EU bail-out machinery and cause serious knock-on effects for Italy." http://www.telegraph.co.uk/finance/financialcrisis/9340073/Spain-pleads-for-ECB-rescue-as-bond-markets-slam-shut.html Should be interesting to see if the FEDs do another round of QE tomorrow, since the market is anticipating it. Of course if they do then the FEDs will be signaling that things are getting really bad again. G20 Summit and debt crisis: live "World stocks and the euro gained as Europe's worsening debt crisis and its impact on global growth encouraged talk of a policy response by the world's major central banks. Despite the terrible Spanish debt auction figures – a clear sign that borrowing costs are rising sharply and that a bailout will be necessary soon if relief does not come. The progress made by Spanish debt can be attributed to two hopes: first that the European Union will give leeway to Greece and work more closely for a mutually acceptable political path; and that the Federal Reserve will introduce another large quantitative easing package tomorrow." http://www.telegraph.co.uk/finance/debt-crisis-live/9340387/G20-Summit-and-debt-crisis-live.html

Fed expected to twist again "The move would serve several purposes, but would mainly show the Fed’s resolve to act and help shore up confidence, said Millan Mulraine, economist at TD Securities. The current $400 billion Twist program is set to expire at the end of June. It gets its name from the Fed trying to twist the yield curve by selling short-term securities that it holds while buying longer-term securities." http://www.marketwatch.com/story/fed-expected-to-twist-again-2012-06-17 G20 summit: Greece must 'get on with it' or face dangerous consequences, warns David Cameron "David Cameron has warned Greek politicians that a delay in forming a new Government “could be very dangerous”. http://www.telegraph.co.uk/finance/g20-summit/9338840/G20-summit-Greece-must-get-on-with-it-or-face-dangerous-consequences-warns-David-Cameron.html G20: Merkel says no to new bailout terms for Greece after election "German Chancellor says any relaxation of Greece's bailout terms would be unacceptable, as the crisis in Spain worsens." http://www.telegraph.co.uk/ Greek agony drags on as Asphyxiation Bloc wins "Europe’s establishment is delighted by the victory of New Democracy and pro-asphyxiation bloc. This relief is unlikely to last much beyond today, if that. Greece’s new leaders have a mandate from Hell. Almost 52pc of the popular vote went to parties that opposed the bail-out Memorandum in one way or another. There is no national acceptance of the Troika’s austerity policies whatsoever. The hard-Left Syriza party of Alexis Tsipras is arguably more dangerous in opposition, now fortified with big bloc of seats in Parliament. He can lacerate the government without responsibility as the state sheds 150,000 public sector workers, a fifth of the total." http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100017978/greek-agony-drags-on-as-asphyxiation-bloc-wins/

I think you are right. There is a lot of pain coming in Euroland (and it will impact us as well) but how long they can keep 'kicking' the can is probably the real question.

Gordon Brown: France and Italy may need a bail-out "Gordon Brown has warned the euro is reaching its "day of reckoning" and suggested France and Italy would follow Spain in needing a bail-out as the eurozone crisis deepens." http://www.telegraph.co.uk/finance/financialcrisis/9334866/Gordon-Brown-France-and-Italy-may-need-a-bail-out.html Debt crisis: UK recovery hopes dealt export blow "Hopes that Britain’s exporters will drag the country back to growth have been dealt a blow by the worst trade deficit in almost seven years." http://www.telegraph.co.uk/finance/financialcrisis/9333487/Debt-crisis-UK-recovery-hopes-dealt-export-blow.html IMF urges Europe to help refinance Irish bank bail-out "The International Monetary Fund on Friday urged Europe to help Ireland refinance its crippling bank bailout and consider taking equity in state-owned banks to help Dublin return to bond markets and avoid a second bailout next year." http://www.telegraph.co.uk/finance/financialcrisis/9334550/IMF-urges-Europe-to-help-refinance-Irish-bank-bail-out.html

We live in a very sad economic environment when the stock market rises on 'hope' that the economy is getting so bad again that the FED and other central banks will have to print another large amount of 'stimulus'. They then hope this will juice the stock market and commodities speculation once again. This then will cause main street to feel another large round of inflation. U.S. stocks rise on central-bank hopes "NEW YORK (MarketWatch) — U.S. stocks climbed Friday, extending weekly gains on continued optimism about potential coordinated action by global central banks to stabilize markets if needed after Greek elections." http://www.marketwatch.com/story/us-stocks-rise-on-central-bank-hopes-2012-06-15 Consumer sentiment lowest since December "WASHINGTON (MarketWatch) — Consumer sentiment fell this month to the lowest level since December, with gloomier views on current and future conditions, according a gauge released Friday by the University of Michigan and Thomson Reuters." http://www.marketwatch.com/story/consumer-sentiment-lowest-since-december-2012-06-15-101032356 Factory activity cools in New York region Empire State gauge downshifts to 2.3, weakest since November "WASHINGTON (MarketWatch) — Manufacturing growth in the New York region slowed in June to the worst reading in eight months, according to data released Friday — the latest piece to add to concerns over the weak pace of expansion of the U.S. economy." http://www.marketwatch.com/story/factory-activity-cools-in-new-york-region-2012-06-15 Industrial production slips 0.1% in May "WASHINGTON (MarketWatch) — Industrial production weakened in May as output of cars and other items slowed, according to data released Friday that show the impact of a deteriorating global economy." http://www.marketwatch.com/story/industrial-production-slips-01-in-may-2012-06-15 IMF: Spain likely to miss 2012 deficit target http://www.marketwatch.com/story/imf-spain-likely-to-miss-2012-deficit-target-2012-06-15-11913013

I enjoy House Hunters International. In House Hunters it always seems like the couples end up buying the cheap house, miles from their jobs, family, etc. They seem to always base their decision on outdoor space. Wow, you live. You must have stopped watching House Hunters and ventured onto the web. HAHA

Thought I would add some fresh 'conspiracy' to the thread. Senate treats JPMorgan CEO Dimon with kid gloves "It was billed as a tough grilling but ended up more like a light sauté. JPMorgan CEO Jamie Dimon lived up to his reputation for steadfastness and tough dealing Wednesday in a forthright, and sometimes combative, performance before the Senate Banking Committee. Dimon was expected to receive a frosty reception in his first congressional appearance since he announced the bank sustained a trading loss some analysts now estimate is at least $3 billion. It was a massive loss for the nation's biggest financial institution. Instead, Dimon, who has won praise for bringing JPMorgan (JPM) through the financial crisis relatively unscathed, was treated cordially by most of members of the Senate Banking Committee. They peppered him with questions about regulation and risky practices at the bank, but did not press him to give an update on the losses resulting from the trade." http://marketday.msnbc.msn.com/_news/2012/06/13/12205211-senate-treats-jpmorgan-ceo-dimon-with-kid-gloves?lite Fox Watching Chicken Coop? Senate Banking Committee and Dimon "MINYANVILLE ORIGINAL The Senate Banking Committee will meet today to question Jamie Dimon about JPMorgan's (JPM) $2-plus billion trading loss. So, will these be Mike-Wallace-for-60-Minutes pointed and informed hardballs, or will they be Barbara-Walters-10-Most-Fascinating-Financiers softballs, gently lobbed over the Senate aisle?" "Now the Senate Banking Committee has a few questions for Mr. Dimon. Exactly how much of a show will this be? That's hard to say but -- and thank you American Banker for running the numbers -- given that Senators on the committee have collectively been given at least $13 million in campaign contributions from the financial services sector, few are expecting them to bite the hand that feeds them too hard. A few tidbits from American Banker: • JPMorgan is Banking Committee Chairman Tim Johnson's second-largest contributor. • JPMorgan is third- and fourth-largest contributor to Banking Committee Members Mike Crapo and Charles Schumer. • Former JPMorgan chief lobbyist Naomi Campter is a top aid to Chairman Johnson. • In-house JPMorgan lobbyists include Kate Childress, a former aide to Senator Schumer." Read more: http://www.minyanville.com/business-news/editors-pick/articles/JPMorgan-Banking-Committee-Senate-Banking-Committee/6/13/2012/id/41696#ixzz1xmVmy02G

I can tell you are determined to believe that I have a political undertone to my comments. I guess there is not much more I can say except this is not true. The only 'political' opinion I have presented in this thread is that I believe both parties are bought and do whatever wall street/banks/FED want them to do. I also believe you absolutely can have and economic discussion without bring politics into the conversation. I find your last two sentences contradictory. You're an admitted conspiracy theorist. That's your political undertone and the more extreme points you choose to emphasize along that line of thought (through personal opinion or continual references to patently bias sources like zerohedge) is where I usually step in to comment. We can challenge each other without the personal attacks you want to continually lobby to try and undermine my points in lieu of substantive debate. Moving back to the economic discussion.

I know people that just love these HGTV housing shows. "House Hunters:" Subjects say it's fake "The blog Hooked on Houses is giving fans a dose of reality about the HGTV series "House Hunters." According to an interview with a former participant, Bobi Jensen, much of the popular show, which has been on the air since 1999, is faked." http://shine.yahoo.com/at-home/8216-house-hunters-8217-fake-172000660.html

U.S. current account deficit hits 3-year high First-quarter gap tips $137.3 billion, in part on goods and services "WASHINGTON (MarketWatch) — The nation’s current account deficit widened to a three-year high of $137.3 billion in the first quarter, the Commerce Department reported Thursday. The wider gap reflected a decrease in the surplus on income and a greater deficit on goods and services. It’s the largest U.S. deficit since the fourth quarter of 2008." http://www.marketwatch.com/story/us-current-account-deficit-hits-3-year-high-2012-06-14 U.S. weekly jobless claims climb to 386,000 Applications for unemployment benefits rise for 5th time in 6 weeks "Jobless claims climbed by 6,000 to a seasonally adjusted 386,000 in the week ended June 9, the Labor Department said. Claims from two weeks ago were revised up to 380,000 from an original reading of 377,000, based on more complete data collected at the state level. Economists surveyed by MarketWatch had projected claims would fall to 376,000." http://www.marketwatch.com/story/us-weekly-jobless-claims-climb-to-386000-2012-06-14 Italian borrowing costs soar at bond auction Sentiment sours toward euro zone’s third largest member "LONDON (MarketWatch) — The Italian government’s borrowing costs soared at a bond auction Thursday, a development that will make it more difficult for Prime Minister Mario Monti to avoid having to seek financial help from other euro-zone members." http://www.marketwatch.com/story/italian-borrowing-costs-soar-at-bond-auction-2012-06-14

I can tell you are determined to believe that I have a political undertone to my comments. I guess there is not much more I can say except this is not true. The only 'political' opinion I have presented in this thread is that I believe both parties are bought and do whatever wall street/banks/FED want them to do. I also believe you absolutely can have and economic discussion without bring politics into the conversation.