In The News Today

Posted at 10:38 AM (CST) by & filed under In The News.

My Dear Friends,

Taking delivery of your share certificates and direct registration is to protect you from the MF syndrome.

The miscreants that permit shorting of gold shares are your gold funds and gold index funds. If they would stop hurting us and themselves to create income for themselves the market would turn a lot faster.

Regards,
Jim

 

“Jim, would you like one of my biskwits to help you keep your energy up?”

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Jim Sinclair’s Commentary

Recovery?

New round of mass layoffs in North America

By Barry Grey 
31 March 2012

The US electronics retail chain Best Buy on Thursday announced it would close 50 stores this year and lay off 400 corporate and support workers as part of a plan to cut $800 million in costs and restructure its business. The Minnesota-based firm was one of a series of American and Canadian companies that announced major layoffs this week.

Best Buy announced the downsizing and cost-cutting plan on the same day it reported a $1.7 billion loss for its fourth quarter, which ended March 3. The company, which has 1,450 locations nationwide and 2,900 globally, is seeking to avoid the fate of its former rival Circuit City, which went out of business in 2009, wiping out tens of thousands of jobs.

Best Buy’s announcement follows last month’s announcement by the retail giant Sears Holdings of plans to sell off 1,250 of its Sears and K-Mart stores in a bid to raise $770 million, following a $2.4 billion quarterly loss. Sears did not give an estimate of job losses, but the scale of the downsizing suggests the elimination of between 10,000 and 20,000 positions.

The crisis of these retail giants is indicative of the deepening impact of economic slump and mass unemployment three-and-a half years after the Wall Street crash of September 2008. It underscores the fragile and marginal character of the jobs “recovery” of which President Barack Obama has boasted over the past several months. Obama is seeking to boost his reelection chances by presenting himself as a job creator.

While the official jobless rate has declined from 9.1 percent to 8.3 percent since last September and US payrolls have, according to the Labor Department, netted a total increase of 774,000 jobs over the past three months, there are still 5 million fewer private-sector jobs than at the official start of the recession in December 2007.

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Jim Sinclair’s Commentary

I am actually surprised it takes Washington that long.

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Jim Sinclair’s Commentary

Recovery?

Americans brace for next foreclosure wave
By Nick Carey
GARFIELD HEIGHTS, Ohio | Wed Apr 4, 2012 7:09pm EDT

(Reuters) – Half a decade into the deepest U.S. housing crisis since the 1930s, many Americans are hoping the crisis is finally nearing its end. House sales are picking up across most of the country, the plunge in prices is slowing and attempts by lenders to claim back properties from struggling borrowers dropped by more than a third in 2011, hitting a four-year low.

But a painful part two of the slump looks set to unfold: Many more U.S. homeowners face the prospect of losing their homes this year as banks pick up the pace of foreclosures.

"We are right back where we were two years ago. I would put money on 2012 being a bigger year for foreclosures than 2010," said Mark Seifert, executive director of Empowering & Strengthening Ohio’s People (ESOP), a counseling group with 10 offices in Ohio.

"Last year was an anomaly, and not in a good way," he said.

In 2011, the "robo-signing" scandal, in which foreclosure documents were signed without properly reviewing individual cases, prompted banks to hold back on new foreclosures pending a settlement.

Five major banks eventually struck that settlement with 49 U.S. states in February. Signs are growing the pace of foreclosures is picking up again, something housing experts predict will again weigh on home prices before any sustained recovery can occur.

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Jim Sinclair’s Commentary

If you are suspected of owing $50,000, not just if you owe?

Owe The IRS? Bill Would Suspend Passport Rights For Delinquent Taxpayers
April 4, 2012 11:57 AM

LOS ANGELES (CBS) — A bill authored by a Southland lawmaker that could potentially allow the federal government to prevent any Americans who owe back taxes from traveling outside the U.S. is one step closer to becoming law.

Senate Bill 1813 was introduced back in November by Senator Barbara Boxer (D-Los Angeles) to “reauthorize Federal-aid highway and highway safety construction programs, and for other purposes” .

After clearing the Senate on a 74 – 22 vote on March 14, SB 1813 is now headed for a vote in the House of Representatives, where it’s expected to encounter stiffer opposition among the GOP majority.

In addition to authorizing appropriations for federal transportation and infrastructure programs, the “Moving Ahead for Progress in the 21st Century Act” or “MAP-21″ includes a provision that would allow for the “revocation or denial” of a passport for anyone with “certain unpaid taxes” or “tax delinquencies”.

Section 40304 of the legislation states that any individual who owes more than $50,000 to the Internal Revenue Service may be subject to “action with respect to denial, revocation, or limitation of a passport”.

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