Submitted by Charleston Voice
Apr. 10, 2005
"...In our first quarter this year, Chinese textile and apparel imports to the US grew 62.5%. The increase in cotton knit shirts was up 1,200% and cotton trousers were up 1,500%. The first quarter saw 17,200 jobs lost due to this influx and if allowed to continue, we will see a loss of 400,000 jobs and the jobs that depend on those jobs. Even imports of trousers from Mexico fell 5.4%. Let's hear it for free trade and globalization fellow Americans..."
"...The Supreme Court, in a unanimous decision, has ruled that creditors may not seize IRA's when people file for bankruptcy. IRA's now join pensions, 401(K's), Social Security and other benefits tied to age, illness or disability that are protected..."
"...From 1/04/04 to 1/05/05, the largest percentage changes of foreign holders of US Treasury securities were: the Caribbean up 92.3%, the UK up 77.6%, Canada 65.6%, Israel 52.4%, Mexico 49.5% and OPEC 49.1%. This shows you which official buyers were keeping the US afloat. We believe most of the Caribbean purchases were either by the FED or the US Treasury..."
"...The pure elitist Carlyle Corp, the largest private investment firm, raised $10 billion. That broke the $6.5 billion raised by the Blackstone Group, another top elitist group led by Pete Peterson, a major domo at the Council on Foreign Relations. They will be raising lots more in anticipation of the coming financial bad times. Via these leveraged groups, the insiders will make hundreds of billions of dollars as world markets collapse.
Some of our derivative-laden stocks that we have on the short list have broken down from massive tops. They are JPM, GE, GM, AIG, and FNM. Something big is going on in derivatives. We do not know as yet what it is, but the PPT and the FED are scrambling every day to keep the averages up. If it wasn't for Eliot Spitzer's comment on AIG, that a civil solution could be found, the market would have fallen lower on Monday. It is only a matter of time before there is big trouble.
Federal investigators, probing accounting problems at Fannie Mae, are not questioning how the #1 home finance company treated trusts that it set up to sell securities. These are known as special purpose entities, which are used to hide transactions in offshore entities. The insiders made sure all individuals had to shut down their offshore accounts, but not elitist corporations. Citicorp and JPM just paid $1 and $2 billion fines and now face civil actions for doing the same thing AIG did with Enron. Our sources say the loss at FNM was not $11 billion it was much, much more. That is why they were hiding the losses off balance sheets. These are instances of outright fraud..."
"...The Army fell almost one-third short of its recruiting goal in March, its second consecutive month of shortfall. In March, the recruiting goal was 6,800, but it was 2,150 short or 32%. That was worse than February's 27% shortfall. The Army Reserve did much worse the regular Army. It recruited barely 50% of the 1,600 soldiers it wanted for the month. It has not met a monthly goal since December 2004, and for the period from October 2004 through March, it has met only 82% of its goal. The Army has only met 89% of its full-year goal. It is only a matter of time until we have a draft..."
"...We have to hit home just one more time on Fannie Mae just to show you how precarious the situation is. They have $30 billion in equity supporting almost $1 trillion in assets, hedged with another trillion dollars in derivatives. When it and Freddie Mac fall, they will take the financial system with them..."
"...Forty-four percent of all corporate profits in the US come from the financial sector with only 10% coming from the manufacturing sector. That 10% is down from 40% twenty-five years ago. Retailing makes up another 10%. This distribution of income greatly degraded the quality of current corporate profits in the US..."
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