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View Full Version : We Are Frekin'' Doombed !!!



LETMYSILVERGO
8th September 2009, 00:50
Planned job cuts by US employers fell to 76,456 in August, down 21% from 97,373 in July says, Challenger, Gray & Christmas. Although job cuts slowed they are up 1.07 million from January through August - 60% higher yoy.



The Inspector General has found the SEC incompetent, but not corrupt. We disagree - the SEC is corrupt, particularly in the Madoff scam. The current SEC Madoff probe is another scam. Money has yet to be found in any substantial amounts. The Fed, the NY fed and the Treasury know where all the money went and that is to offshore havens and Israel. That means high-ranking members of the SEC were in on it. We have not heard the end of this yet, and the results will be shocking.



James Traficant, former Ohio representative, walked out of a Minnesota prison yesterday morning after serving a seven-year sentence for bribery and racketeering.



Federal prosecutors hit Pfizer Inc. with a record-breaking $2.3 billion in fines yesterday and called the world’s largest drug maker a repeating corporate cheat for illegal drug promotions that plied doctors with free golf, massages, and resort junkets.



Announcing the penalty as a warning to all drug manufacturers, Justice Department officials said the overall settlement is the largest ever paid by a drug company for alleged violations of federal drug rules, and the $1.2 billion criminal fine is the largest ever in any US criminal case. The total includes $1 billion in civil penalties and a $100 million criminal forfeiture.



Drug maker Schering-Plough Corp. has been denied a $473 million tax refund by a federal judge who ruled the company made two transactions just to avoid paying taxes on $690 million in profits from overseas subsidiaries.



The money was repatriated, or brought back into the United States. However, US District Judge Katherine S. Hayden in Newark, N.J., found Schering-Plough owed taxes on it, the Justice Department said in a statement yesterday.



A spokesman said Schering-Plough is considering an appeal.



The transactions, which occurred in 1991 and 1992, involved interest rate swap agreements created by Merrill Lynch, financial adviser to Schering-Plough, a maker of hepatitis treatments and allergy drugs including Nasonex and Clarinex.



“The transactions were designed to bring previously untaxed profits made by Schering-Plough’s foreign subsidiaries into the United States without paying the tax owed on repatriation,’’ the statement said.



It said the court found “the transactions lacked economic substance, did not have a genuine business purpose, and were designed to avoid tax.’’

Bankruptcy filings by U.S. consumers rose 24 percent in August compared with a year earlier and could reach 1.4 million this year, according to an American Bankruptcy Institute and National Bankruptcy Research Center report released on Wednesday.



Despite the spike, consumer bankruptcy filings last month were down 5 percent from July.



The August bankruptcies brought the 2009 number to 922,000.



In 2008, a total of 1.1 million consumers filed for bankruptcy, according to ABI.

Large businesses, defined as those with 500 or more workers, saw employment decline by 60,000, while medium-size businesses with between 50 and 499 workers declined 116,000.



Employment among small-size businesses, defined as those with fewer than 50 workers, declined 122,000. Since reaching peak employment in January 2008, small-size businesses have shed nearly 2.5 million jobs.



In August, construction employment dropped 73,000. This was its thirty-first consecutive monthly decline, and brings the total decline in construction jobs since the peak in January 2007 to 1,562,000.


http://news.goldseek.com/InternationalForecaster/1252390080.php

Cup-of-Ruin
8th September 2009, 01:46
Planned job cuts by US employers fell to 76,456 in August, down 21% from 97,373 in July says, Challenger, Gray & Christmas. Although job cuts slowed they are up 1.07 million from January through August - 60% higher yoy.



The Inspector General has found the SEC incompetent, but not corrupt. We disagree - the SEC is corrupt, particularly in the Madoff scam. The current SEC Madoff probe is another scam. Money has yet to be found in any substantial amounts. The Fed, the NY fed and the Treasury know where all the money went and that is to offshore havens and Israel. That means high-ranking members of the SEC were in on it. We have not heard the end of this yet, and the results will be shocking.



James Traficant, former Ohio representative, walked out of a Minnesota prison yesterday morning after serving a seven-year sentence for bribery and racketeering.



Federal prosecutors hit Pfizer Inc. with a record-breaking $2.3 billion in fines yesterday and called the world’s largest drug maker a repeating corporate cheat for illegal drug promotions that plied doctors with free golf, massages, and resort junkets.



Announcing the penalty as a warning to all drug manufacturers, Justice Department officials said the overall settlement is the largest ever paid by a drug company for alleged violations of federal drug rules, and the $1.2 billion criminal fine is the largest ever in any US criminal case. The total includes $1 billion in civil penalties and a $100 million criminal forfeiture.



Drug maker Schering-Plough Corp. has been denied a $473 million tax refund by a federal judge who ruled the company made two transactions just to avoid paying taxes on $690 million in profits from overseas subsidiaries.



The money was repatriated, or brought back into the United States. However, US District Judge Katherine S. Hayden in Newark, N.J., found Schering-Plough owed taxes on it, the Justice Department said in a statement yesterday.



A spokesman said Schering-Plough is considering an appeal.



The transactions, which occurred in 1991 and 1992, involved interest rate swap agreements created by Merrill Lynch, financial adviser to Schering-Plough, a maker of hepatitis treatments and allergy drugs including Nasonex and Clarinex.



“The transactions were designed to bring previously untaxed profits made by Schering-Plough’s foreign subsidiaries into the United States without paying the tax owed on repatriation,’’ the statement said.



It said the court found “the transactions lacked economic substance, did not have a genuine business purpose, and were designed to avoid tax.’’

Bankruptcy filings by U.S. consumers rose 24 percent in August compared with a year earlier and could reach 1.4 million this year, according to an American Bankruptcy Institute and National Bankruptcy Research Center report released on Wednesday.



Despite the spike, consumer bankruptcy filings last month were down 5 percent from July.



The August bankruptcies brought the 2009 number to 922,000.



In 2008, a total of 1.1 million consumers filed for bankruptcy, according to ABI.

Large businesses, defined as those with 500 or more workers, saw employment decline by 60,000, while medium-size businesses with between 50 and 499 workers declined 116,000.



Employment among small-size businesses, defined as those with fewer than 50 workers, declined 122,000. Since reaching peak employment in January 2008, small-size businesses have shed nearly 2.5 million jobs.



In August, construction employment dropped 73,000. This was its thirty-first consecutive monthly decline, and brings the total decline in construction jobs since the peak in January 2007 to 1,562,000.


http://news.goldseek.com/InternationalForecaster/1252390080.php

You know it's really funny that here in Australia we have the Journo's and the pollie's and those funny little talking puppets they have on the Televitzian and stuff, and they are spruiking that the econonmy has 'rebounded' and is 'stable' and is 'recovering' due to the successful 'economic stimulus packages' etc, etc, and ahhhh these goons are clearly all insane, they really believe everythings going to go on as it was before and soon Ben Bernanke will appear on Oprah and everyone in the world will recieve a one million dollar pay check for being a happy little global dumpling head! But they don't realize that are all actually FREAKING DOOMED!!!! It's like watching wiley cayote race of a cliff with his feet still running but there is nothing but fresh air between him and the valley floor 2 km's below and a 100KG iron weight strapped to one hind leg! We all know he's screwed but ol' cayote don't know it yet cause he hasn't looked down...

Argyria
8th September 2009, 08:40
You know it's really funny that here in Australia we have the Journo's and the pollie's and those funny little talking puppets they have on the Televitzian and stuff, and they are spruiking that the econonmy has 'rebounded' and is 'stable' and is 'recovering' due to the successful 'economic stimulus packages' etc, etc, and ahhhh these goons are clearly all insane, they really believe everythings going to go on as it was before and soon Ben Bernanke will appear on Oprah and everyone in the world will recieve a one million dollar pay check for being a happy little global dumpling head! But they don't realize that are all actually FREAKING DOOMED!!!! It's like watching wiley cayote race of a cliff with his feet still running but there is nothing but fresh air between him and the valley floor 2 km's below and a 100KG iron weight strapped to one hind leg! We all know he's screwed but ol' cayote don't know it yet cause he hasn't looked down...

If you refuse to acknowledge gravity, it won't affect you.

ccjoe
8th September 2009, 09:59
You know it's really funny that here in Australia we have the Journo's and the pollie's and those funny little talking puppets they have on the Televitzian and stuff, and they are spruiking that the econonmy has 'rebounded' and is 'stable' and is 'recovering' due to the successful 'economic stimulus packages' etc, etc, and ahhhh these goons are clearly all insane, they really believe everythings going to go on as it was before and soon Ben Bernanke will appear on Oprah and everyone in the world will recieve a one million dollar pay check for being a happy little global dumpling head! But they don't realize that are all actually FREAKING DOOMED!!!! It's like watching wiley cayote race of a cliff with his feet still running but there is nothing but fresh air between him and the valley floor 2 km's below and a 100KG iron weight strapped to one hind leg! We all know he's screwed but ol' cayote don't know it yet cause he hasn't looked down...

Perfectly apt post cup
FYI--- My wife seriously asked if tshtf if we could move and we both automatically said Australia would be the place.
We had a great time with a young couple from Melbourne many years ago which made us prejudiced I suppose in favor of the land down under.