US Housing Collapse Is Now Worse Than Great Depression

Housing prices have fallen some 33 percent since the market began its collapse, greater than the 31 percent that began in the late 1920s and culminated in the early 1930s, according to Case-Shiller data.

CFTC Delays Swaps Regulation By Another 6 Months To Comply With Wall Street Demands 

Submitted by Tyler Durden on 06/14/2011 11:40 -0400

One year after the passage of Dodd-Frank's provisions on swap regulation absolutely nothing has been implemented. And judging by the just announced yet another 6 month delay of rule implementation, it now appears pretty much certain that the $600 billion derivatives market will never be actually regulated, courtesy of conflicted interests at the CFTC. "The U.S. Commodity Futures Trading Commission proposed delaying rules for the huge derivatives market that had been automatically set to go into effect on July 16. One year after the passage of the Dodd-Frank financial overhaul that ordered a crack-down on the $600 trillion derivatives market, regulators have not been able to meet the deadline for translating the legislation into specific provisions. That prompted the CFTC on Tuesday to propose delaying some of the so-called "self-executing" rules until as late as the end of the year." After all, it is the CFTC's sworn duty to do anything to help the poor OTC traders who may experience a modest drop to their multi-million year end bonuses if profit margins are cut into by regulatory intervention: "Traders had feared that billions of dollars in transactions might suddenly fall into legal limbo. Without relief from the CFTC, a delay could have caused those contracts to lose the legal protection afforded them by a clause in the Commodity Futures Modernization Act of 2000 that created a framework that stated they were not illegal off-exchange futures." But lest someone suspect the fine upstanding gentlemen at the CFTC led by former Goldman Sachs employee Gary Gensler who has absolutely no interest in seeing his old firm continue along the confines of the status quo (very much like that other form Goldmanite Hank Paulson), the CFTC did provide this brilliant clarification: "The temporary relief proposals have "nothing to do with any outside pressure one way or the other to extend the rule-making or the effective date," a CFTC staff member said." Well, if they say so, it must be true. 

 

 

 

 

 

First Greek Parliamentary Departure Puts Bailout Vote In Question 

Submitted by Tyler Durden on 06/14/2011 11:57 -0400

It appears that the "guaranteed" political consensus required to pass the Troica's mid-term fiscal proposal, also known as the "bailout #2" vote, which will soon be voted upon in Parliament, may not be all that guaranteed. Reuters reports that a "Greek deputy says will leave ruling PASOK parliamentary group over new austerity plan." Could the government shake up discussed earlier be coming far sooner than G-Pap wanted, and should PASOK lose more deputies in the next several days, that will make the vote passage just a tad problematic. 

 

 

 

 

 

Trend forecaster Celente: We're on the "threshold of calamity"
"We're in the middle of an unprecedented global crisis. Make preparations, or suffer the consequences..." 

 

 

 

 

Paul plans to question Treasury on gold reserve at June 23 hearing

 

 

GoldMoney posts video of GATA Chairman Murphy's presentation in Munich in April

 

 

Goodbye Recovery, Hello Recession.   

 

 

 

 

Meaningful probability" of a China hard landing: Roubini



St. Louis Fed Chief Sees US Default as Big Global Risk
Fed: Default Would Be Dangerous 



Martin Armstrong: Is The End Near?



Pimco's Bill Gross Says Get Out of Treasuries 



30% of People With a 401(k) Have Taken a Loan Against It; New All Time Record