Obama Presiding Over The Bankruptcy Of The United States

July 12, 2009 by Infowars Ireland

Bob Chapman
International Forecaster Weekly

Fed wont say what it is paying for CDOs, Bankruptcy growth, investigators start down Madoff Money trail and discover they are in Austria, pace of the economy continues to slow, Greenspan talks smack about the economy and little else, Revenues fall while spending increases

The Obama administration may start its program to spur purchases of mortgage-backed securities from banks with about $20 billion in public and private money, down from as much as $100 billion when the effort was announced in March, sources said. The Treasury Department will pro vide about $1.1 billion in capital to eight to 10 money managers it will select for its Public-Private Investment Program.

[It is interesting that no mention is made of the fact that the Fed is creating (monetization) $3 trillion to purchase US Treasuries, Fannie Mae and Freddie Mac bonds and CDO toxic waste from banks. The Fed will not tell us what they are paying for the CDOs and part of the game is that the banks rotate the money into Treasuries, a sweet little daisy chain. As you can see, the Treasury might get an additional $20 billion into CDOs. We don’t see it happening. The private interests don’t want to get involved. Bob]

US consumers made 675,351 bankruptcy filings in the first half of 2009, a 36.5 percent increase from a year ago, according to the American Bankruptcy Institute. June filings by consumers totaled 116,365, up 40.6 percent from the same period in 2008, the ABI said.

Oracle plans to cut as many as 1,000 jobs in Europe, the CFDT labor union said on its Internet site. Of the total, about 250 jobs will be lost in France, equivalent to 16 percent of the company’s workforce there.

British authorities have started an investigation into millions of dollars of payments from the operations of the convicted money manager Bernard L. Madoff to companies linked to the Austrian banker Sonja Kohn, an Austrian official confirmed yesterday.

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