The Tidal Wave Stops at California (ugh)

Moonbeam Retread for Gov.

Box-o-Rocks Retread for Sen.

*deep sigh*

VOTE!!!

FOR GOD'S SAKE, GET OUT THERE AND VOTE!!!

Terrorism Alert!!!

(via Fox News, Hot Air & Ace of Spades)

Suspicious packages from Yemen (as many as 10-20 sought) on UPS International cargo planes from Yemen through Europe to Newark, NJ, Philadelphia, NYC.

Wires attached to toner cartridge and white powder from a Yemen flight stopped in the UK with a Chicago destination.

Suspicious package outside Maine courthouse.

Marine Corp Museum shot at... again... in D.C.

Is this all being coordinated?

"Punish your enemies" and make 'em "sit in the back"???

(both stories via Gateway Pundit here & here)

So, this is what "The One" is saying in the final week of the mid-term campaign:

“If Latinos sit out the election instead of saying, ‘We’re gonna punish our enemies and we’re gonna reward our friends who stand with us on issues that are important to us,’ if they don’t see that kind of upsurge in voting in this election, then I think it’s gonna be harder and that’s why I think it’s so important that people focus on voting on November 2."

He also said this:

"We don’t mind the Republicans joining us. They can come for the ride, but they gotta sit in back."

Oh, reeeeeeeeally!!!

TUESDAY... VOTE!!!

Fannie & Freddie returning to the trough...

Fannie Mae & Freddie Mac now want an ADDITIONAL $215 BILLION in bailout cash from the Feds. Un-effing-believable.

BofA refiles, and plans to restart the FORE process...

Bank of America re-files 102,000 foreclosure applications in 23 states that require a judge/court review, and plans to restart the foreclosure process again. the other 27 states will also slowly begin again as each of those states has it's own unique process to follow. This will also open up the foreclosures of new homes that are "under water," and add to the foreclosure glut.

FORE-GONE CONCLUSION...

September foreclosures hit an all-time one-month high, going over 100k for the month:

Banks foreclosed on 102,134 properties in September, the first single month above the century mark, RealtyTrac said. There were 347,420 total foreclosure filings in September, 3 percent higher than August and 1 percent higher than a year earlier...

For the quarter, there were 930,437 foreclosure filings, an increase of 4 percent over the prior three months... The firm said foreclosures could spike after a brief lull if lenders are able to quickly resolve the paperwork questions.

"However, if the documentation issue cannot be quickly resolved and expands to more lenders we could see a chilling effect on the overall housing market as sales of pre-foreclosure and foreclosed properties, which account for nearly one-third of all sales, dry up and the shadow inventory of distressed properties grows - causing more uncertainty about home prices," [James] Saccacio said.

So, we had as many foreclosures in just one month last month as we had in ALL of 2005.

Meanwhile, remember those TARP contracts to FannieMae and FreddieMac???

The Treasury Department has relied heavily on private companies and troubled mortgage giants Fannie Mae and Freddie Mac to manage the $700 billion Wall Street bailout, a report released on Thursday said.

The report by the congressional panel overseeing the Troubled Asset Relief Program (TARP), said that the $437 million in Treasury contracts to Fannie Mae, Freddie Mac and private companies to manage critical aspects of the bailout program raised a number of concerns about public oversight and conflicts of interest.

4.4 + 4.8 + ? = ...

From the AP:

More people applied for unemployment benefits last week, the first rise in three weeks and evidence that companies are reluctant to hire in a slow economy.

Initial claims for unemployment aid rose by 13,000 to a seasonally adjusted 462,000, the Labor Department said Thursday. It was only the second rise in two months.

Jobless claims have been stuck near 450,000 all year. Few employers see much reason to create many jobs, and some are still laying off workers.

Seems the AP can't add:

The number of people continuing to receive benefits fell by 112,000 to just under 4.4 million, the department said. But that doesn't include several million people who are receiving benefits under extended programs approved by Congress.

The number of people on extended benefits dropped by about 340,000 to about 4.8 million in the week ending Sept. 25, the latest data available. All told, about 8.6 million people received unemployment aid that week.

Ummm... 4.4 + 4.8 = 9.2 million, not 8.6.

So, add the 9.2 million to the many more people who are no longer receiving benefits, yet are still unemployed. Add to that those who are under-employed (part-timers who would much prefer to be working full-time but can't, and those who have received cuts in pay that diminish their income and savings/buying power). And what do you get?

Via Hot Air, this article/analysis will give you a clue:

...the U6 unemployment rate, which includes the unemployed, those marginally attached to the labor force (discouraged), and those working part time for economic reasons, at 17.1%. That is the highest point over the past year, and probably since the Great Depression...

...the average recession since World War II has been 10 months, with the longest previously being 16 months. The recession began in December, 2007, 34 months ago by now...

Based on the long standing history and rhythms of the American economy, we should have had a booming recovery by now. Even more so, since the deeper the recession the stronger the recovery. Real economic growth in the first 4 quarters of Reagan's recovery from the deep 1981-82 recession was a whopping 7.7%. Even the recovery under President Ford from the deep 1973-74 recession sported real economic growth of 6.2%.

But under President Obama we are already in another downward spiral, with real growth falling from 5% in the fourth quarter of 2009, to 3.7% in the first quarter of this year, to 1.7% in the second quarter.

Thomas Sowell, in the article, is quoted as stating:

No president of the United States can create either a budget deficit or a budget surplus. All spending bills originate in the House of Representatives, and all taxes are voted into law by Congress. Democrats controlled both houses of Congress before Barack Obama became President. The deficit he inherited was created by the Congressional Democrats, including Sen. Barack Obama, who did absolutely nothing to oppose the runaway spending. He was one of the biggest spenders.

*sigh*

Remember, mid-term elections are less than 3 weeks away.

FORE!!!

Even though BofA and other banks are temporarily halting foreclosures while they double-check their paperwork for "mistakes", foreclosures are up. And they're gonna get worse.

If you think the U.S. housing market is in bad shape now, prepare yourself for the "tsunami" that's coming. That's what at least one financial expert is saying.

Charles Brown of CB3 Financial says that instead of selling foreclosed homes, banks have been hanging onto them, waiting for the economy to improve. "These banks that have all this pent-up inventory will unleash it on the market, as soon as they see a minor uptick in real estate prices," Brown said, which will, in turn, reduce housing prices even further.

Experts agree that we have not hit rock bottom yet. People are still losing their jobs. Homes are going into foreclosure at a rate of 120,000 a month. Many who feared foreclosure in their future say they tried to work with the banks for "loan modification" -- but they "were denied or given the runaround," Rep. Mike Quigley of Illinois said. The banks weren't working with people so they made the problem worse. "Servicers are famous for delay tactics...like claiming the fax machine was out of paper," he said.

I kept telling you people about this.

Bankruptcies are also up, as well.

And so is unemployment (via Gallup).

Meanwhile, "The One" is mulling over another stealth bailout bill.

End of Month Wrap-up...

(The first two stories via The Daily Eudemon)

Thomas Sowell speaks on Gold and Governments.

Barron's reports on world governments and currency devaluations. (with an eerie look back at the Great Depression...)

Hot Air reports that 2Q GDP was "re-adjusted" down significantly. (hmmm...)

California's unemployment now up to 12.4%.

And home foreclosures are up 25% for the year. (tick-tick-tick...)

8/28 D.C. Rally...

Via Gateway Pundit, the 8/28 Rally in Washington D.C. gathered between 300,000-500,000 people.

Next up? The 9/12 Rally in St Louis.

Comparing 8/28/10 Rally to the 1/20/08 inauguration.

Dow Jones back under 10k...

The Dow Jows closed under 10,000 today.

More importantly as an indicator, the S&P 500 is inching towards going under 1,000. It's come close several times. And, if it does so and remains there, THAT could be a sign of bad things to come.

Three Biggies Leave the Golden State...

EBay (the on-line auction giant), EA Games (possibly the biggest PC computer game software company) and Adobe (makers of Photoshop, Illustrator and Acrobat PDF software) are all leaving California for a better business climate. Kinko's left in 2001 for Texas before being sold to Tennessee-based FedEx..

Economy Update (surprise, surprise)...

Jobs market goes south as unemployment rises.

Mortgage rates hit another new low. But that doesn't do much for potential buyers.

U.S. trade gap is at a 20-year high.

U.S. dollar falls to a 15-year low against the yen.

The Fed tries to "fix" the economy by using cash from maturing mortgage bonds to buy more debt. (???)

Stock market (Dow & S&P) drops 3-4% over the last few days, and oil (which has been volatile) dropped from approx. $83 to $76 in a week.

UPDATE: Summer sales numbers are slumping compared to last year (which had a false boost with the "Cash For Clunkers" gimmick).

Ground Zero Mosque Updates...

Via Ace, NYC panel cleared the way for the 15-story mosque at Ground Zero.

Via HotAir, a muslim columnist says "yes" it is a provocation to have it built there.

A Canadian muslim wonders aloud why it would be built there (funny, but Mayor Bloomberg and The One don't question it at all).

Even muslim victims of 9/11 say it should be built somewhere else.

So, in the name of dialogue and tolerance, someone decided that a muslim gay bar should also be opened up right next door to the mosque. (Hah!)

Apparently, the mosque builders aren't too happy about that. (hehehe)

UPDATE: Gateway Pundit had this tidbit in June about the mosque's links to the Gaza flotilla.

Additional questionable funding here.

Also, guess what?! WE also are paying for it with our tax dollars! Niiiiiiiice.

My take on the whole thing... when a Jewish synagogue and a Catholic cathedral are built, protected and respected in Mecca... THEN we can have a mosque built at Ground Zero. (I ain't holdin' my breath for that to happen, though.)

Meanwhile............ the Obomination Administration removes the Taliban from the list of terrorist organizations.

Hmmm... the November election's gonna be verrrrrrry interesting.

Tea Party 2.0 update...

Via Gateway Pundit guest blogger John Burns (who previously posted a 3-part series) has a new post on the Tea Party movement.

Housing Hits...

Housing continues to take a hit as AP announces that foreclosures will hit the 1 million mark before the end of the year.

More than 1 million American households are likely to lose their homes to foreclosure this year, as lenders work their way through a huge backlog of borrowers who have fallen behind on their loans.

Nearly 528,000 homes were taken over by lenders in the first six months of the year, a rate that is on track to eclipse the more than 900,000 homes repossessed in 2009, according to data released Thursday by RealtyTrac Inc., a foreclosure listing service.

"That would be unprecedented," said Rick Sharga, a senior vice president at RealtyTrac.

By comparison, lenders have historically taken over about 100,000 homes a year, Sharga said.

Hot Air also links to the story that mortgage applications are now at a 13-year low.

Hump Day Hit Parade...

Retail Sales dropped 0.5% in June.

The Fed Reserve catches the "unexpectedly" disease. The Feds also have a weaker view of growth and employment.

CBS & NBC refuse to air an ad opposing the 13-story Ground Zero mosque being built (scheduled to open on 9/11/11)!!!

But NASA has a new mission... yes, a new reason for existing! Krauthammer goes berserk about it.

Supposed myths of home ownership.

UPDATED:

A great article on razor blades:

New razors have been fodder for parody for more than a quarter century. In 1975, the inaugural episode of "Saturday Night Live" included a mock commercial for a three-blade razor with the slogan, "Because you'll believe anything."

The introduction of Gillette's Fusion razor, kept secret until its debut in 2005, was eerily predicted the year before by the satirical Onion newspaper, which ran a fake memo from a shaving executive bragging about besting a competitor's four-blade razor by making one with five...

The companies know they're pushing the bounds of credulity. "When we talk to guys, we hear them say, 'It's all a bunch of hype,'" says Gillette spokesman Damon Jones. "Our strategy was to tackle the skeptics head on," giving away hundreds of thousands of free ProGlide razors around the launch last month.

"As we enter into any innovation, obviously there's a level of skepticism," says Dan Kinton, senior brand manager for Schick's Hydro...

Brian Crowell says he has driven up to 20 miles to find a store that stocks two-bladed Gillette Good News disposable razors, introduced in 1976.

"If these disappear one day, I will be devastated," says Mr. Crowell, a 44-year-old professional golfer in Bedford Hills, N.Y.

He, too, keeps a stash at home. But he keeps it secret, lest his wife or daughters snag one. "I'm uncomfortable revealing my hiding spot," he says...

Mr. Myers says it best:

Mr. Meyers is considering investing in a supply of Gillette's two-blade Sensor Excel, introduced in the U.S. in 1994, which he used years ago. "Frankly, that gives a beautiful shave," he says.

It's the only blade I've used these last 16 years, and the price you have to pay for them is ridiculous.

Tea Party Update (Part III)

Gateway Pundit finally posted the final part in their 3-part series on the Tea Party Movement.

Part 1 is here.

Part 2 is here.

And Part 3 is here.

Unexpectedly...

AP news story here:

Stocks began the third quarter with more selling after disappointing reports on jobs, housing and manufacturing deepened concerns about the economy... The government said initial claims for jobless benefits rose by 13,000 last week to 472,000. Economists had forecast a drop. The report comes a day after payroll company ADP said private employers didn't ramp up hiring as much as expected last month.