"Last week, the House approved another increase in the national debt ceiling. This means the government can borrow $1.9 trillion more to stay afloat and avoid default. It has been little more than a year since the last debt limit increase, and graphs showing the debt limit over time show a steep, almost vertical trend." Ron Paul, Weekly Update, Feb 8, 2010.
The National Association of State Budget Officers: Fiscal Survey of States, Fall 2009 report concludes: "States are currently facing one of the worst, if not the worst, fiscal periods since the Great Depression. Fiscal conditions significantly deteriorated for states during fiscal 2009, with the trend expected to continue through fiscal 2010 and even into 2011 and 2012. The severe national recession drastically reduced tax revenues from every revenue source during fiscal 2009 and revenue collections are expected to continue their decline in fiscal 2010. As state revenue collections historically lag behind any national economic recovery, state revenues will remain depressed throughout fiscal 2010 and likely be sluggish into fiscal years 2011 and 2012."
"These are the worst numbers we have ever seen." As the executive director of the National Association of State Budget Officers, Scott D. Pattison said that only federal stimulus funds that will soon be exhausted have prevented widespread paralysis.
Download full report.
Congressman Ron Paul speaks about President Obama considering the legality of assassinating an American citizen.
Full text of Gov. Christie's speech on the state budget, where he talks about cuts intended to plug state's $2.2 billion deficit.
Since our last post about failed banks 2010 has seen another 15 banks fail in January. They just keep on failing!
With the DOW turning and falling again, things have a long way down to go.
So far there is no let up for banks in 2010. If you have significant equity in a bank, put it in a safe bank. Check out Elliott Wave International for lists of safe banks.
