I know nothiiiinnngg !

Text - H.R.3293 - 113th Congress (2013-2014): Debt Limit Reform Act | Congress.gov | Library of Congress

Text - H.R.3293 - 113th Congress (2013-2014): Debt Limit Reform Act | Congress.gov | Library of Congress: " (b) Government-Held Debt Not Taken Into Account for Purposes of the
Public Debt Limit.--Section 3101 of title 31, United States Code, as
amended by subsection (a) is amended by adding at the end the following
new subsection:
``(e) Obligations held by the United States Government (including
any obligation which is classified as an intragovernmental holding by
the Secretary of the Treasury or which is held by any agency or
instrumentality of the United States) shall not be taken into account
for purposes of applying the limitation imposed under subsection "

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Michael Pettis Cautions China's Hidden Debt Must Still Be Repaid - This is the shadow banking debt/loans given by the Chinese Govt to companies to initially do business

Michael Pettis Cautions China's Hidden Debt Must Still Be Repaid | Zero Hedge: "Five or six years ago, a few skeptics first started pointing out that the credit dynamics underlying Chinese growth was creating an unsustainable increase in debt. This, they warned, would ultimately undermine the banking system and cause growth to collapse if it were not addressed in time."

THIS ADDRESSES CHINA'S VERSION OF OUR NEW BILL - HR 3293 THAT IS TRYING TO GET APPROVAL.
READ POST BELOW AND GOOGLE THE BILL. IT ALLOWS THE GOVT. TO DO JUST WHAT CHINA HAS DONE OVER THIS ENTIRE RUN UP IN THEIR STOCK MARKET.
THE ONLY DIFFERENCE IS THAT THE CHINESE ARE A HIGHLY PRODUCTIVE MANUFACTURING NATION WITH AN ULTRA HIGH SAVINGS RATE. NOT QUITE THE SCENARIO HERE WHERE WE MEASURE ECONOMIC HEALTH THROUGH A CONSUMPTION INDEX WHILE DISREGARDING HOW IT CORRELATES TO SAVINGS BEFORE SPENDING


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Summary of H.R. 3293 - Debt Limit Reform Act

 "10/15/2013--Introduced.
Debt Limit Reform Act - Grants the President, or the President's designee, authority to increase the public debt limit. Excludes from the public debt limit amount obligations held by the U.S. government."

This bill is in Congress and it specifically allows congressional authority to eliminate counting debt obligations held by the Fed and other Govt. agencies....EVEN IF THIS DEBT IS OWED TO SOCIAL SECURITY, MEDICARE AND MEDICAID.
What a racket !

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Fukushima Is Here | Zero Hedge

Fukushima Is Here | Zero Hedge: "Bluefin tuna on the California shore tested positive for radiation from Fukushima, and there are reports of highly radioactive fish in Canada. The CBS show The Doctors warned that we should be moderate with our fish intake, and children and pregnant women should be especially careful:"

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India hikes rates by 25 basis points to 7.75%

India hikes rates by 25 basis points to 7.75%: ""Monetary and fiscal policy cannot both be accommodative at the same time and have inflation where it is. Hence, the RBI has taken on some of the burden. It's telling you that though growth is so weak, they are still tightening essentially because they see fiscal slippage as a potential risk," said Radhika Rao, Economist at DBS."

A lesson in economics, badly needed by the U.S.A.


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Cancer Express Carries Sufferers of India’s Deadly Waters - Bloomberg

Cancer Express Carries Sufferers of India’s Deadly Waters - Bloomberg:

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Citigroup, Credit Suisse Said to Face U.S. MBS Probes - Bloomberg

Citigroup, Credit Suisse Said to Face U.S. MBS Probes - Bloomberg: "A task force created by President Barack Obama last year is making use of the law, a relic of the savings-and-loan crisis of the 1980s,"

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Citigroup, Credit Suisse Said to Face U.S. MBS Probes - Bloomberg

Citigroup, Credit Suisse Said to Face U.S. MBS Probes - Bloomberg: "The Justice Department is examining whether both companies violated the Financial Reform, Recovery and Enforcement Act, which targets misconduct affecting federally insured financial firms, according to people briefed on the situation. JPMorgan Chase & Co. (JPM) and Bank of America Corp. also are facing FIRREA inquiries, people familiar with those cases have said."

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Overbought? No sweat, thanks to 'Bernanke-care'

Overbought? No sweat, thanks to 'Bernanke-care': "The most recent American Association of Individual Investors sentiment poll, released Thursday, showed market optimism at a 21-month high. Bulls outweighed bears by margin of 49.2 percent to 17.6 percent.

Indeed, an overbought market alone is no reason to be sour on stocks."

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Jobless claims total 350,000 vs. expectations of 340,000

Jobless claims total 350,000 vs. expectations of 340,000: "Initial claims for state unemployment benefits fell 12,000 to a seasonally adjusted 350,000, the Labor Department said on Thursday. Claims for the prior week were revised to show 4,000 more applications filed than previously reported.

Economists polled by Reuters had expected first-time applications to fall to 340,000 last week."

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Bank of America loses fraud trial over mortgages

Bank of America loses fraud trial over mortgages: "A decision on how much to penalize the bank would be left to U.S. District Judge Jed Rakoff. The U.S. Department of Justice has said it would ask Rakoff to award up to $848.2 million, the gross loss it said Fannie and Freddie suffered on the loans."

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Families Blocked by Investors From Buying U.S. Homes - Bloomberg

Families Blocked by Investors From Buying U.S. Homes - Bloomberg: "Institutional purchases accounted for 14 percent of sales, according to a report today from RealtyTrac. That was the highest share since the real estate data firm began in 2011 to track transactions by that group, which it defines as buyers of 10 or more homes a year. All-cash sales rose to 49 percent from 40 percent in August and 30 percent a year earlier, a sign that rising mortgage rates since May have kept some people out of the market and that smaller investors are stepping up purchases."

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Payrolls in U.S. Rise Less Than Forecast - Bloomberg

Payrolls in U.S. Rise Less Than Forecast - Bloomberg:

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BofA’s Countrywide Found Liable for Defrauding Fannie Mae - Bloomberg

BofA’s Countrywide Found Liable for Defrauding Fannie Mae - Bloomberg: "U.S. District Judge Jed Rakoff, who presided over the trial, told lawyers he’ll determine the amount of any civil penalty at a later date. Assistant U.S. Attorney Pierre Armand asked the judge to impose a penalty of as much as $848 million, representing the gross losses to Fannie Mae (FNMA) and Freddie Mac. Armand said alternatively, Rakoff could fine Countrywide about $131 million, the estimated net losses to the two entities."

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Buffett Says Dimon Had to Bare Throat in Submission - Bloomberg

Buffett Says Dimon Had to Bare Throat in Submission - Bloomberg: "“If you’re a financial institution and you’re threatened with criminal prosecution, you have no ability to negotiate,” Buffett told Bloomberg Television’s Betty Liu in an interview today. “Basically, you’ve got to be like a wolf that bares its throat, you know, when it gets to the end. You cannot win.”"

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BofA Said to Face Three More Probes of Mortgage-Bond Sales - Bloomberg

BofA Said to Face Three More Probes of Mortgage-Bond Sales - Bloomberg: "“This incessant push for more cases where most thought the book had been closed creates an air of distrust for future dealings with the government,” said Jacob Frenkel, a former Securities and Exchange Commission lawyer who’s now a partner at Shulman Rogers Gandal Pordy & Ecker PA in Potomac, Maryland. “It appears to be a political response to political outrage.”"

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Warning: What This Dead Comedian Said About The "American Dream" Might Upset You | Zero Hedge

Warning: What This Dead Comedian Said About The "American Dream" Might Upset You | Zero Hedge:

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How the JPMorgan deal could curtail credit

How the JPMorgan deal could curtail credit: ""This is just going to make banks more conservative," said Jaret Seiberg of Guggenheim Securities. "If they're going to go after you for helping the government out in taking over distressed institutions in time of crisis, then why do you have any confidence that they're not going to go after you for some technical violations of the dozens of new rules coming down?"

New mortgage rules are scheduled to go into effect Jan. 1 that will further restrict lending. These include requirements that a lender show that the borrower has the ability to repay the loan, as well as restrictions on how much mortgage debt a borrower can have in relation to income."

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JPMorgan deal 'preposterous': Former prosecutor

JPMorgan deal 'preposterous': Former prosecutor: ""This number is absolutely preposterous," he said in a "Squawk Box" interview. "It's almost as if what we're getting out of federal regulators … is a roulette wheel or some kind of jackpot, how much can you jack up the fine.""

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Magnetar Goes Long Ohio Town While Shorting Its Tax Base - Bloomberg

Magnetar Goes Long Ohio Town While Shorting Its Tax Base - Bloomberg: "Demand for rental accommodations in the U.S. has grown as almost 8 million homes were repossessed through foreclosure or sold for a loss since 2007, according to RealtyTrac. The homeownership rate dropped to 65 percent in the first half of this year, its lowest since 1998, Census data show, and may keep falling as more owners lose their homes and slow income growth and tight credit limit people’s ability to buy.
Last year, U.S. home prices dropped to a low of 35 percent below their 2006 peak, triggering a wave of acquisitions from investors trying to turn a business that’s been dominated by mom and pop landlords into an institutional asset class resembling the apartment industry.
Blackstone Group LP (BX) has led the stampede, spending more than $7.5 billion on almost 40,000 properties, followed by American Homes 4 Rent (AMH) with more than 20,000. Investors have largely targeted Phoenix; Atlanta; Dallas; Charlotte, North Carolina; and Tampa, Florida, where growth in jobs and population is expected to drive up rents and home values."

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Families With Kids Go Homeless as U.S. Rents Exceed Pay: Economy - Bloomberg

Families With Kids Go Homeless as U.S. Rents Exceed Pay: Economy - Bloomberg: "Nationally, the average hourly wage among renters is $14.32 this year compared with the $18.79 needed to afford an apartment at a fair-market rent, as defined by the U.S. Department of Housing and Urban Development, without spending more than 30 percent of income on housing, a National Low Income Housing Coalition report found in March. The $4.47 gap this year is wider than the $4.10 differential in 2012."

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Wells Fargo Sued by New York Over Mortgage-Service Accord - Bloomberg

Wells Fargo Sued by New York Over Mortgage-Service Accord - Bloomberg:

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FHFA Is Said to Seek at Least $6 Billion From BofA for MBS Sales - Bloomberg

FHFA Is Said to Seek at Least $6 Billion From BofA for MBS Sales - Bloomberg:

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Who Really Wins if JPMorgan Pays $13 Billion? - Bloomberg

Who Really Wins if JPMorgan Pays $13 Billion? - Bloomberg:

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How Europe's "Benefits" Stack Up To The US Entitlement Society | Zero Hedge

How Europe's "Benefits" Stack Up To The US Entitlement Society | Zero Hedge:

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BBC News - Bee-friendly plants put to the test

BBC News - Bee-friendly plants put to the test: ""Gardeners and town planners should think carefully about the mixture of flowers they plant to ensure food is available for a wide range of bees and other important insect pollinators."

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Fed Gets Bigger in Markets as QE Prompts New Tools - Bloomberg

Fed Gets Bigger in Markets as QE Prompts New Tools - Bloomberg:

Fixed Rate Full Allotment Overnight Reverse Repo Facility

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Treasury Warns Asset Manager "Herding" Threatens US Financial System or ....HEY HEDGE FUNDS !! GO FIND YOUR OWN WAY TO CHEAT...THIS CHEATING IS ONLY ALLOWED BY THE POMO SCAMMERS !

Treasury Warns Asset Manager "Herding" Threatens US Financial System | Zero Hedge:

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