Latest Posts
Pedro’s Nightmare BP Scenario
By Greg Hunter’s
The possibility of a BP bankruptcy because of the ongoing Gulf oil spill is very real. Since the oil spill disaster on April 20, the company’s share price has been cut in half. BP has lost $90 billion in value for shareholders. The company dividend has been diverted to help pay for stopping the out-of-control well, cleanup and damages. At the beginning of this month, the President said, “Untold damage is being done to the environment — damage that could last for decades.” This broken well is spewing out an Exxon Valdez every 4 or 5 days, and experts say it will be at least 2 months before it is stopped. (more…)
The U.S. Dollar Falls by Fall
By Greg Hunter’s
Last week, three stories acted as signposts for the direction of the U.S. Dollar value. The first is about a letter President Obama sent to members of the G20 (Group of 20 major industrial countries) in advance of next weekend’s meeting in Canada. The President’s letter asked members to “reaffirm our unity of purpose to provide the policy support necessary to keep economic growth strong.” (more…)
Limited Fed Audits Will be Part of Financial Reform
By Greg Hunter’s
It’s not exactly the kind of audit Congressmen Ron Paul and Alan Grayson wanted in their original legislation, but it looks like their wish to peel away some of the Federal Reserve’s secret deals in lending and the securities market will be exposed for the first time in history. The House and Senate are working to reconcile two similar bills and make them into one to put on the President’s desk. (more…)
Obama Gulf Speech Takes a Wrong Turn
By Greg Hunter’s
Last night, President Obama addressed the nation from the Oval Office in the White House on the Gulf oil disaster. He got off to a great start by saying, “Already, this oil spill is the worst environmental disaster America has ever faced. (more…)
Recovery Hype and Fed Audit
Greg Hunter’s
It seems everyday I watch mainstream media there is a discussion about the ongoing so- called “recovery.” Yesterday was no exception. I was watching an anchor on MSNBC ask a guest why the “recovery” is so uneven and why it was hard to maintain upward momentum? I yelled out to my TV, “Because there is no recovery!” (more…)
Do the Opposite of Ben Bernanke
By Greg Hunter’s
Fed Chairman Ben Bernanke gave testimony to the U.S. House Budget Committee a couple of days ago. His preposterous statements seemed to go unquestioned by the Committee. So, I am going to tackle the highlights, ask a few questions and make several statements of my own that I think should have been made by our Congressmen. (more…)
Gold’s Flashing Warning Sign
By Greg Hunter’s USAWatchdog.com
Gold hit another all-time high yesterday! According to gold website Kitco.com, “. . . investors continue to seek out the precious yellow metal as a safe-haven asset amid heightened financial, economic and geopolitical uncertainty. One market watcher in a wire service report summed up nicely gold’s recent price action, saying “it’s a warm blanket on a cold day.” August Comex gold closed up $4.80 an ounce at $1,245.60 after hitting a new high of $1,254.50 in early trading.” (more…)
Downturn Coming, Not Recovery
By Greg Hunter’s USAWatchdog.com
A buddy of mine, who is a business broker, recently told me, “I have never in my life seen more broke people.” I told that little quote to a car salesman I was talking with over the weekend, and he told me, “Don’t I know it! I am in the car business, and I see it all the time.” Those are not the words you hear from the front lines of business that say a so called “recovery” is at hand–quite the opposite. (more…)
The Job Picture Is Not Improving as Much as You Think (Updated)
By Greg Hunter’s
There was a lot of talk this week about an improving job market. It seems everybody is talking up a turnaround in the labor market. Some CNBC anchors, yesterday, put their usual optimistic spin on the topic of May payroll and unemployment numbers due out today. Guess what? The numbers are already looking pretty good but not that good! (more…)
Damage that Could Last for Decades
By Greg Hunter’s
President Obama finally took ownership of the oil gusher in the Gulf yesterday. A National Commission on the BP oil spill has been formed by the White House and will be headed by former Senator Bob Graham of Florida and former EPA Administrator Bill Reilly. In prepared remarks, the President said the ongoing calamity off the coast of Louisiana, “. . .is now the greatest environmental disaster of its kind in our history. Their job, along with the other members of the commission, will be to thoroughly examine the spill and its causes, so that we never face such a catastrophe again.” (more…)
Remember the Fallen
By Greg Hunter’s USAWatchdog.com
Please remember the men and women of the U.S. Military who paid the ultimate price for the country on this Memorial Day. Their sacrifice and that of their families makes our freedom possible.
Dire Predictions
By Greg Hunter’s
I am seeing increasing chatter and stories on the Internet about a coming collapse or calamity. Below is a list of dire predictions put together on Rense.com. I have started with just the first two. The people making the predictions are legitimate and big thinkers. (more…)
Freeze BP’s Assets Now!
By Greg Hunter’s
The runaway gushing oil well in the Gulf of Mexico is an unmitigated national emergency. The mile deep, broken well is vomiting oil at a rate of at least 56,000 barrels a day according to Steven Wereley, an associate professor of mechanical engineering at Purdue University. That is 10 times higher than BP’s 5,000 barrel a day estimate. (more…)
Too Big to Fail Means Too Big to Exist
By Greg Hunter’s
Both the House of Representatives and the Senate have passed their versions of financial reform legislation. Now, the process of reconciliation takes place between both bodies of Congress to iron out a final bill the President can sign into law. There is plenty in the bill such as new consumer protection, increased power given to regulators to prevent systemic risk, and new powers to oversee the $600 trillion derivatives market. (more…)
FDIC Insurance Fund Still $20 Billion in the Hole
By Greg Hunter’s
While the stock market was beginning its 376 point plunge yesterday, the Federal Deposit Insurance Corporation was quietly putting the best face it could on a banking system in serious trouble. (more…)