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Keyword: bankrupt

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  • Feds Thinking About Killing 31,000 Mining Jobs To Protect A Chicken

    10/08/2016 5:26:46 PM PDT · by george76 · 35 replies
    The Daily Caller News ^ | 10/08/2016 | Andrew Follett
    A new report has government officials considering setting 10 million acres of across six states in the American west off limits to mining and development to protect the chicken-like Greater Sage Grouse, which is not an endangered species. The U.S. Geological Survey (USGS) report found that much of the Sage Grouse’s habitat sits on top of extremely valuable deposits of minerals including gold, copper, lithium, silver, uranium and many others. The USGS report means that the government’s most restrictive grouse protection plan could kill even more than 31,000 jobs and lead to more than $5.6 billion in reduced annual economic...
  • Dallas Morning News Headed For Bankruptcy for Attacking Trump

    09/24/2016 3:37:31 AM PDT · by V K Lee · 85 replies ^ | Sep 22, 2016 | Brenda Corpian
    Due to the one of the most asinine endorsements of the century, revenue has hit rock bottom for the Dallas Morning News as thousands of the Dallas newspaper subscribers are cancelling their subscriptions. The moronic endorsement broke a 75-year streak in the paper’s history of endorsing Republicans, and generated a lot of reader pushback in the form of angry comments and vows to unsubscribe from the paper. Although Dallas is relatively liberal, the state hasn’t gone Democrat in a presidential election in 40 years. On September 6th the Morning News foolishly announced that they were refusing to endorse Donald J....
  • "It's Bordering Chaos": $14 Billion In Cargo Stranded At Sea, Crews "Go Crazy" On Hanjin Ghost Ships

    09/08/2016 4:45:48 PM PDT · by dynachrome · 30 replies
    Zero Hedge ^ | 9-8-16 | Tyler Durden
    But while manufactured cargo can survive indefinitely, crews on ships can not, and as Hanjin ships drift at sea, their crews face increasing uncertainties and diminishing supplies. “We usually have food and water for about two weeks,” said the captain of a Hanjin-operated ship speaking by satellite phone from the South China Sea. But, after 12 days at sea, “everything is getting tight—food, water and fuel,” he said.The captain added that he is rationing water and cutting back air conditioning to save energy. “The heat is driving the crew crazy,” he said. His ship was carrying lubricants and home appliances...
  • Global Supply Chains Paralyzed After World's 7th Largest Container Shipper Files Bankruptcy

    09/01/2016 6:23:59 AM PDT · by Enlightened1 · 28 replies
    Zero Hedge ^ | 08/31/16 | Tyler Durden
    South Korea's biggest shipping firm, announced the filing for receivership and a request to the court to freeze its assets, which the Seoul Central District Court planned to grant, a judge told Reuters. As part of the company's insolvency process, the court will now decide whether Hanjin Shipping should remain as a going concern or be dissolved, a process that usually takes one or two months but is expected to be accelerated in Hanjin's case, the judge said. A bankruptcy for Hanjin Shipping would be the largest ever for a container shipper in terms of capacity, according to consultancy Alphaliner,...
  • Get ahead of Hillary's lie about Trump Bankruptcies!

    05/25/2016 8:17:54 AM PDT · by AuntB · 53 replies
    TheTownCrier ^ | May 25, 2016 | TheTownCrier
    Hillary Clinton is a lawyer, unlike most of the population out there, and KNOWS Trump never liquidated creditors in a typical bankruptcy. Every media report repeated her lie dozens of times yesterday. People think there is one kind of bankruptcy and have no clue about Chapter 11 reorganization to PAY OFF THE CREDITORS. (photo) Donald Trump has NEVER filed personal bankruptcy! Law Dictionary: How is Donald Trump Able to File for Bankruptcy So Many Times? Written by James Hirby | Fact checked by The Law Dictionary staff People might ask "How is Donald Trump able to file for bankruptcy...
  • Ivanka Trump Scarves Recalled Because Of "Burn Risk"

    04/06/2016 7:48:51 PM PDT · by Steelfish · 80 replies
    CBSNews ^ | April 6, 2016
    April 6, 2016 Ivanka Trump Scarves Recalled Because Of "Burn Risk" Scarves made in China and sold as part of Ivanka Trump's fashion line are being recalled because they are too flammable and pose a "burn risk" to consumers. The U.S. Consumer Product Safety Commission said Wednesday that no injuries have been reported. The recall involves about 20,000 rayon scarves, sold from October 2014 through January 2016 in department stores and online. They range in cost from $12 to $68. A representative for the Ivanka Trump brand, which includes clothing, accessories and fragrances, said that it is disappointed for the...
  • Republic Air files for bankruptcy protection, blames pilot shortage

    02/25/2016 3:32:07 PM PST · by tcrlaf · 14 replies
    Reuters ^ | 2-25-2015 | Traci Rucinski
    Regional carrier Republic Airways Holdings Inc filed for Chapter 11 bankruptcy protection on Thursday, blaming several quarters of falling revenue after having to ground aircraft amid a pilot shortage. The Indianapolis-based short-haul carrier, which feeds flights to American Airlines, Delta and United brands, listed assets of $3.6 billion and $3.0 billion of liabilities, court documents showed. Republic said the bankruptcy process would allow it to continue normal business while restructuring its finances and contracts. "We worked hard to avoid this step," Republic Chairman Bryan Bedford said in a statement but added that the restructuring would "restore our airline and take...
  • White House steps up aid for financially ailing Puerto Rico

    02/25/2016 9:49:05 AM PST · by Olog-hai · 23 replies
    Associated Press ^ | Feb 25, 2016 11:41 AM EST | Kevin Freking
    Hoping to spur economic development in financially ailing Puerto Rice, the White House said Thursday it will speed access to almost $400 million for roads and other public works projects on the island. [...] But the White House also said Congress needs to give Puerto Rico the ability to seek bankruptcy protection under a framework reserved for U.S. territories. That proposal has drawn objections in Congress, with some Republican leaders saying Puerto Rico has the tools to restructure a large portion of its debt voluntarily. ...
  • Boondoggle Train

    11/05/2015 10:55:03 PM PST · by Brad from Tennessee · 8 replies
    City Journal ^ | November 4, 2015 | By Chris Reed
    In November 2008, California voters narrowly approved Proposition 1A, which provided $9.95 billion in government money for a statewide bullet-train network. The initiative passed, even though the California High-Speed Rail Authority had been legally required to release a detailed, updated business plan by October 1 of that year, so that voters would have time to learn exactly how the state planned to finance what was then billed as a $43 billion project—and no updated plan was in view. Rail officials failed even to release a preliminary report before the election, claiming that state legislators’ long delay in passing the fiscal...
  • Mooch Gives Big US Money To Schools In Muslim Countries As Our Kids Struggle In Shoddy Public...

    10/30/2015 7:44:54 AM PDT · by blueyon · 7 replies
    Rickwells.US ^ | 10/30/15 | Rick Wells
    "Mooch Gives Big US Money To Schools In Muslim Countries As Our Kids Struggle In Shoddy Public Schools" All those black inner-city kids who are attending sub-standard, under-performing, often violent schools that could benefit from millions more in funding might want to sit up and pay attention to this information, of how their own racial blindness and with it their continued support of Democrats is damaging their own children. Their loyalty to Hussein Obama, which is based solely on his identifying as being black, continues to cost all Americans dearly, most particularly, poor kids in the worst schools, a high...
  • In Chicago, Rahm Emanuel Faces a Crisis Brought on by Progressive Politics

    10/15/2015 5:08:14 AM PDT · by Cincinatus' Wife · 22 replies
    National Review ^ | October 14, 2015 | George Will
    ..........It is not Emanuel’s fault that Chicago’s three largest employers, after the federal government, are the public-school system, the city government, and Cook County’s government. Although Emanuel is a product of the Chicago politics that made Barack Obama, the crisis brought on by such politics now requires Emanuel to take many measures to make Chicago an exception to the nation’s economic lethargy under Obama. Emanuel’s task—condign punishment for any Democrat—is to salvage the blue model by making the private sector dynamic enough to generate tax revenues sufficient to fund improvident public contracts and their pension promises. Hence Emanuel’s focus on...
  • Everything you want to know about Donald Trump's bankruptcies

    09/06/2015 2:12:30 AM PDT · by Cincinatus' Wife · 204 replies
    CNN-Money ^ | September 1, 2015 | Chris Isidore
    ".... Trump claims that successful businesses file for bankruptcy all the time. At the debate he said "virtually every person that you read about on the front page of the business sections, they've used the [bankruptcy] law." But the facts don't back that comment up. Despite high profile examples, including General Motors (GM), Lehman Brothers and most of the nation's major airlines, fewer than 20% of public companies with assets of $1 billion or more have filed for bankruptcy in the last 30 years, according to data from and S&P Capital IQ. Trump has never filed for personal bankruptcy....
  • Bankrupt 50 Cent seeks court's permission to pay basic bills for his lavish mansion...

    09/04/2015 6:56:25 PM PDT · by Libloather · 61 replies
    Daily Mail ^ | 9/04/15 | Caitlin O'toole
    Bankrupt 50 Cent seeks court's permission to pay basic bills for his lavish mansion... which costs 72K a month to maintain Bankrupt 50 Cent has asked the court to let him keep paying the bills for the upkeep of his lavish mansion. The entertainer, real name Curtis Jackson III, ususally shells out $72,000 in monthly expenses at his Connecticut estate. But after filing for bankruptcy in July, the 40-year-old rapper must now get court permission to pay all bills, no matter how basic, reportsTMZ.
  • New Zealand's First Booze-Free Bar Flops ... "No One Showed Up"

    08/10/2015 9:53:36 PM PDT · by DogByte6RER · 19 replies
    The Spirits Business ^ | 10th August, 2015 | Melita Kiely
    New Zealand's First Booze-Free Bar Flops The first alcohol-free bar in New Zealand has been forced to permanently close after just five weeks of trading after “no one showed up”. Situated in Auckland, Tap Bar – which stands for The After Party – charged NZ$15 for entry and non-alcoholic drinks started from NZ$5. The venue opened at midnight in the hope it would be a hot spot for customers rolling out of local nightclubs at 4am, but those revellers who did frequent the bar drank only water. “We gave it a shot and Auckland drinking culture just didn’t tie in...
  • Covering poor children without legal status is first step, say California advocates

    07/12/2015 7:59:35 AM PDT · by artichokegrower · 14 replies
    The Orange County Register ^ | July 12, 2015 | ANNA GORMAN
    When Fabiola Ortiz heard California had granted health coverage to poor children lacking legal immigration status, she was grateful. Since arriving in the U.S. illegally 12 years ago, she has taken her two youngest children to the doctor only for required school physicals and relied on home remedies for everything else.
  • Thank Goodness The Stupid, Socialist Greeks Said "No" To A Bailout!

    07/07/2015 5:29:11 AM PDT · by Kaslin · 21 replies ^ | July 7, 2015 | John Hawkins
    “The problem with socialism is that you eventually run out of other people's money.” – Margaret Thatcher Greece is liberal economics on steroids, Detroit writ large, and a place where the "takers" outnumber the "makers." In other words, if you want to know what the end road is for the sort of economics pushed by people like Barack Obama, Hillary Clinton and Paul Krugman, Greece is it. According to the World Bank, Greece’s labor participation rate is only 53%. It’s hard for private industry to take advantage of an underemployed populace because government regulations and powerful unions make it difficult...
  • Greenfield: Socialism’s Greek Staring Contest

    07/06/2015 4:06:57 AM PDT · by Louis Foxwell · 9 replies
    FrontPage ^ | Daniel Greenfield
    Socialism’s Greek Staring Contest The day will come when America faces its own inner Greece. July 5, 2015 Daniel Greenfield, a Shillman Journalism Fellow at the Freedom Center, is a New York writer focusing on radical Islam. The Greeks gambled in their referendum that European elites were more committed to their ideological obsession with integrating Europe than with mere economics. Stand up to a bunch of corrupt Greek civil servants and Europe risks going back to the bad old days of nation states and independent economies. It is likely that their bet will pay off. After all even a cursory...
  • This hedge fund manager just lost millions on Greece (Clinton Son-in-Law LOL!!!)

    06/30/2015 5:08:18 PM PDT · by PJ-Comix · 41 replies
    Fortune ^ | June 29, 2015 | Stephen Gandel
    Talk about a horrible way to start the week. A number of hedge funds that were already bracing for losses on Greek debt also found out late Sunday night that they would likely have to swallow big losses on investments in Puerto Rico as well. [SNIP!] ...Another loser in Greece has been Marc Mezvinsky, the husband of former, and potentially future, first child Chelsea Clinton. Mezvinsky’s firm EagleVale, which has made bets in Greece, was down nearly 4% last year. A small fund the firm runs that is completely dedicated to investing in Greece was down 48%.
  • Puerto Rico’s governor on need to postpone debt payments for years: ‘It’s about math’

    06/29/2015 4:16:46 PM PDT · by mojito · 18 replies
    WaPo ^ | 6/29/2015 | Michael A. Fletcher
    The governor of Puerto Rico said in a televised address Monday that the island cannot pay back more than $70 billion in debt, setting up an unprecedented financial crisis that could rock the municipal bond market and lead to higher borrowing costs for governments across the United States. “This is not about politics,” said Puerto Rico’s governor, Alejandro Garcia Padilla. “It’s about math.” “The first step is to revive economic growth...We will never get out of this vicious cycle,” said Garcia Padilla. “But we need to do more—much more—to return to riches and to become more competitive and have an...
  • Puerto Rico’s Governor Says Island’s Debts Are ‘Not Payable’

    06/28/2015 6:37:41 PM PDT · by tcrlaf · 48 replies
    Puerto Rico’s governor, saying he needs to pull the island out of a “death spiral,” has concluded that the commonwealth cannot pay its roughly $72 billion in debts, an admission that will probably have wide-reaching financial repercussions. The governor, Alejandro García Padilla, and senior members of his staff said in an interview last week that they would probably seek significant concessions from as many as all of the island’s creditors, which could include deferring some debt payments for as long as five years or extending the timetable for repayment. “The debt is not payable,” Mr. García Padilla said. “There is...
  • The UN Is Conquering America through the Control of All Water ( Detroit, then .. )

    06/22/2015 8:32:39 AM PDT · by george76 · 30 replies
    Freedom Outpost ^ | 6-22-2015 | Dave Hodges
    Do you remember when Detroit when bankrupt and resident Obama refused to intervene in order to help Americans in a beleaguered American city? This was both baffling and maddening to the American people. After all, this "hope and change" resident promised to fundamentally transform America. Little did we realize that the Detroit bankruptcy would open the floodgates to the total foreign control of American's most precious resource, namely water, where the UN has gained a significant foothold in Detroit and its influence is spreading across the country. When Obama refused to help Detroit's bankruptcy and its ensuing water crisis, subsequent...
  • San Bernardino: Broken City

    06/15/2015 6:43:47 PM PDT · by artichokegrower · 37 replies
    Los Angles Times ^ | June 14, 2015 | Joe Mozingo
    San Bernardino, once a sturdy, middle class "All-America City," is now bankrupt, the poorest city of its size in California, and a symbol of the nation's worst urban woes.
  • Ex-Nazis got $20.2 million in Social Security

    06/01/2015 5:42:52 AM PDT · by TurboZamboni · 22 replies
    Pioneer Press ^ | 6-1-15 | Richard Lardner, David Rising and Randy Herschaft
    WASHINGTON -- Elfriede Rinkel's past as a Nazi concentration camp guard didn't keep her from collecting nearly $120,000 in U.S. Social Security benefits. Rinkel admitted to being stationed at the Ravensbrueck camp during World War II, where she worked with an attack dog trained by the SS, according to U.S. Justice Department records. She immigrated to California and married a German-born Jew whose parents had been killed in the Holocaust. She agreed to leave the U.S. in 2006 and remains the only woman the Justice Department's Nazi-hunting unit ever initiated deportation proceedings against. Yet after Rinkel departed, the Social Security...
  • Illinois Supreme Court Strikes Down Law to Rein in Public Sector Pensions

    05/08/2015 7:36:14 PM PDT · by TurboZamboni · 70 replies
    WSJ ^ | 5-8-15 | Joe Barrett and Ben Kesling
    The Illinois Supreme Court struck down the state’s 2013 pension overhaul, unraveling an effort by lawmakers to rein in benefits for the consistently underfunded public-sector system. The current pension shortfall is estimated at $111 billion, one of the largest nationally. The high court affirmed a decision in November by a state circuit court that the legislative changes violated pension protections written into the state constitution. The decision is a victory for a consortium of public-sector unions while creating a huge challenge for new Republican Gov. Bruce Rauner, who already faces a yawning budget deficit for the coming fiscal year.
  • Here's Moody's latest sobering take on Chicago's pension crisis

    05/02/2015 8:00:06 AM PDT · by george76 · 15 replies
    Crain's Chicago Business ^ | May 01, 2015 | Thomas A. Corfman
    Chicago has a simple financial choice: Stay in frying pan or get in the fire. That in simple terms is what Moody's Investors Service said in a report today about the difficult options the Emanuel administration faces over the city's woefully underfunded pension funds. The city must cut spending and raise taxes now or the risks of becoming insolvent will grow, forcing even harsher decisions later. The credit rating agency offers a sobering reminder of what's at stake in the eight-page report, which focuses on the pensions problems. ... A CUT ABOVE JUNK. Moody's, typically the most conservative of the...
  • With New Immigration Proposals, State Lawmakers Hope To Build Momentum [Medicaid For Illegals!]

    04/07/2015 5:50:53 PM PDT · by Steelfish · 4 replies
    LATimes ^ | April 07, 2015 | MELANIE MASON
    With new immigration proposals, state lawmakers hope to build By MELANIE MASON California lawmakers hope to keep momentum going with new immigration-related proposals Proposal would offer Medi-Cal to people who qualify regardless of immigration status. Democratic lawmakers will unveil a slew of new immigration-related proposals Tuesday, including measures that would extend state-paid health coverage to those in the country illegally and offer more protection against deportation. Legislators behind the 10-bill package aim to build on the landmark immigration laws passed in California in recent years, such as one that allows people without legal residency to obtain driver's licenses. By keeping...
  • California lawmakers propose expanding benefits to undocumented immigrants

    04/07/2015 3:31:57 PM PDT · by artichokegrower · 16 replies
    San Francisco Chronicle ^ | April 7, 2015 | Melody Gutierrez
    California legislative leaders took a bold step Tuesday toward protecting immigrants living in the country without documentation by backing legislation to offer Medi-Cal and other public services to a population they said they want to help move out of the shadows. The leaders of the California Senate and Assembly joined lawmakers and advocates in announcing the “Immigrants Shape California” legislative package at a press conference in Sacramento, saying the federal government’s inaction on immigration reform forced them to act.
  • Outrageous public pensions could bankrupt these states

    03/30/2015 5:31:21 PM PDT · by george76 · 25 replies
    Yahoo -FT ^ | 3-30-2015 | Steven Malanga
    Some of the worst public-sector pension problems in America are playing out in states and cities where legislation or local court rulings have granted extraordinary protections to workers’ retirement benefits—far beyond those enjoyed by private-sector employees. ... One can see a glimpse of Illinois’s possible future in Arizona. Last year, the state’s Supreme Court overturned 2011 pension reforms that, among other things, sought to curb expensive annual cost-of-living increases for judges, legislators, and ... The predicament faced by Illinois and Arizona should be a warning, especially to other states where government pensions enjoy extraordinary legal protections. Raising benefits or shortchanging...
  • Economist Tells Congress: U.S. May Be in ‘Worse Fiscal Shape’ Than Greece

    03/10/2015 3:11:57 PM PDT · by Jan_Sobieski · 86 replies ^ | 03/09/2015 | Barbara Hollingsworth
    ( -- The U.S. has a $210 trillion “fiscal gap” and “may well be in worse fiscal shape than any developed country, including Greece,” Boston University economist Laurence Kotlikoff told members of the Senate Budget Committee in written and oral testimony on Feb. 25. “The first point I want to get across is that our nation is broke,” Kotlikoff testified. “Our nation’s broke, and it’s not broke in 75 years or 50 years or 25 years or 10 years. It’s broke today. "Indeed, it may well be in worse fiscal shape than any developed country, including Greece," he said. (See...
  • The Trillion-Dollar Pension Crisis Is Only Getting Worse Because People Are Living Too Long

    02/16/2015 10:47:39 AM PST · by blam · 22 replies
    BI ^ | 2-16-2014 | John Mauldin
    John Mauldin February 16, 2015We do not have to look to Greece to find massively underfunded obligations. Here in the US we can find hundreds of examples, willingly created by politicians and businessmen who proclaim they are working for the public good. We call them pension funds, but they’re just another form of unfunded debt. A sovereign bond is a promise to pay a certain amount of money over time. A defined-benefit pension fund is a promise to pay a certain amount of income over time. The value of either is determined by the ability of the government or the...
  • Judge says $178 million Detroit bankruptcy fee tab 'reasonable'

    02/12/2015 10:10:35 PM PST · by Libloather · 8 replies
    Reuters via MSN ^ | 2/12/15 | Karen Pierog
    The federal judge who oversaw Detroit's historic bankruptcy case ruled on Thursday that the nearly $178 million charged to the city by law firms and consultants for fees and expenses was reasonable. U.S. Bankruptcy Court Judge Steven Rhodes said he based his decision mainly on the complexity of the bankruptcy case filed in July 2013 as well as substantial reductions that the firms agreed to make in their bills. "The city is now on a path to success precisely because of the expertise, skill, commitment, endurance, personal sacrifice, civility and proficiency of all of the professionals in the case, including...
  • Squatters In ‘Abandonminiums’ Slow Detroit’s Plan To Bulldoze Way To Prosperity

    01/29/2015 2:43:16 PM PST · by Libloather · 26 replies
    CBS Local ^ | 1/29/15 | Corey Williams
    DETROIT (AP) – Chris Mathews’ crew showed up this month to demolish one of the thousands of vacant homes destined for demolition as part of Detroit’s grand plan to bulldoze its way to prosperity when a call from his office stopped them in their tracks: Someone was living there. A middle-aged woman who watched the crew tear away the home’s warped wooden steps the day before had called their company, Adamo Demolition, to point out she was living on the second floor, despite no power, heat or gas and a flooded basement. “It was like a swimming pool. We would...
  • Illinois Horse racing tracks tied to Blagojevich scandal file for bankruptcy (Balmoral, Maywood)

    12/25/2014 4:52:46 PM PST · by Libloather · 4 replies
    Chicago Tribune ^ | 12/24/14 | Tony Briscoe
    Illinois' only two harness horse racing tracks kept their promise to the Illinois Racing Board as they filed for bankruptcy on Wednesday to continue operations into 2015 and protect themselves against property seizure. Balmoral Racing Club Inc. and Maywood Park Trotting Association Inc. filed for Chapter 11 bankruptcy after a state court handed down a $78 million lawsuit judgment earlier this month for the tracks' ownership's role in an extortion scandal involving former Gov. Rod Blagojevich. **SNIP** The ruling stems from a federal racketeering suit that claims that John Johnston acquiesced to Blagojevich's request for a $100,000 campaign contribution in...
  • Illinois Pension Debt Soars To $111 Billion

    11/18/2014 3:40:41 AM PST · by george76 · 12 replies
    Zero Hedge ^ | 11/17/2014 | Tyler Durden
    Pension debt in the Land of Lincoln is a big problem. So big, in fact, that it would take three years of a complete government shutdown, during which the entire general fund went toward pensions, just to break even. No funding for schools, no money for public safety and nothing for health care and human services. Illinois’ unfunded pension liability grew to more than $111 billion this year, according to official estimates. That’s a $48 billion increase just since 2009. ... That $111 billion pension shortfall means the state now has only 39 cents of every dollar it should have...
  • One Bankruptcy, Many Adversaries

    08/06/2014 7:48:12 AM PDT · by fishtank · 1 replies
    Institute for Creation Research ^ | Aug. 2014 | James J. S. Johnson, J.D., Th.D.
    One Bankruptcy, Many Adversaries by James J. S. Johnson, J.D., Th.D. * Theistic evolution is like a mega-bankruptcy case containing an almost countless number of adversaries and contests, like piecemeal mini-lawsuits that in aggregate address smaller conflicts within a large-scale mess.1 Within this big picture it’s important to keep in mind that every small-scale “contested matter” and every “adversary” conflict is an important opportunity to advocate for truth.2 Imagine the component problems involved in these famous bankruptcies: Texaco, Chrysler, Enron, CIT Group, Worldcom, General Motors, Washington Mutual, and Lehman Brothers.1 Let’s quickly review some federal bankruptcy law.
  • Americans Got $2 Trillion in Benefits from Federal Government in 2013

    08/04/2014 8:07:02 PM PDT · by Olog-hai · 38 replies
    Cybercast News Service ^ | August 4, 2014 - 4:53 PM | Ali Meyer
    The federal government paid $2,007,358,200,000 in benefits and entitlements in fiscal year 2013 from government programs, according to data from the Bureau of the Fiscal Service’s Monthly Treasury Statement. The treasury statement summarizes the financial activities of the federal government, including data on government receipts, outlays, and surplus and deficit totals. The September 2013 monthly treasury statement calculates these metrics for the entire fiscal year of 2013, which began on October 1, 2012 and ended on September 30, 2013. According to the statement, the federal government’s total outlays, otherwise known as spending, for means-tested and non-means tested government programs—not including...
  • US is Bankrupt: $89.5 Tril. in US Liabilities vs. $82 Tril. in Household Net Worth & Gap is Growing.

    08/04/2014 7:19:38 PM PDT · by SeekAndFind · 29 replies
    Biderman's Money Blog ^ | 08/04/2014 | Chris Hamilton
    There are many ways to look at the United States government debt, obligations, and assets. Liabilities include Treasury debt held by the public or more broadly total Treasury debt outstanding. ThereÂ’s unfunded liabilities like Medicare and Social Security. And then the assets of all the real estate, all the equities, all the bonds, all the depositsÂ…all at todayÂ’s valuations. But letÂ’s cut straight to the bottom line and add it all upÂ…$89.5 trillion in liabilities and $82 trillion in assets. There. ItÂ’s not a secret anymoreÂ…and although these are all government numbers, for some strange reason the government never adds...
  • Shock: 80% of U.S. population growth is from immigrants, resources being sucked dry

    07/30/2014 2:32:34 PM PDT · by Nachum · 44 replies
    Washington Examiner ^ | 7/30/14 | Paul Bedard
    A group dedicated to saving the planet by cutting runaway population increases is raising a new and shocking issue in Washington’s bitter fight over immigration reform: Most of the nation’s population growth is from immigrants, and they are consuming resources dangerously fast. According to Negative Population Growth Inc., 80 percent of the growth in U.S. population comes from immigration, legal, illegal and among American-born children of immigrants. “With increased population, we see a direct increase in the problems our nation faces on a daily basis: pollution, over-consumption, traffic gridlock, crowded schools and hospitals, overburdened social services, unemployment, crumbling infrastructure, urban
  • Teacher pay averages $84,489; LAUSD data missing

    07/29/2014 7:10:04 PM PDT · by TurboZamboni · 23 replies
    contra costa times ^ | 7-25-14 | Thomas Himes
    A newly released survey of 653 of California’s 1,058 school systems reports teachers were paid on average $84,489, while 33 administrators earned more than $250,000 in pay alone last year. The pay and compensation information was complied by The California Policy Center, a nonpartisan conservative public policy think tank that runs Transparent California, which posted the survey for the public to review at “We’re doing this because the public employs the public sector; and members of the public, as voters are being continually asked to approve tax increase and bond measures,” Policy Center Director Ed Ring said. “You can’t...
  • Debt servants: how sustainable are states’ legacy costs?

    07/29/2014 6:58:16 PM PDT · by TurboZamboni · 7 replies
    public sector inc ^ | 7-27-14 | Iliya Atanasov
    A recent report by JP Morgan’s Michael Cembalest provides a fresh look at the problem of state indebtedness. Cembalest, global head of investment strategy, is best known for his writings on housing and for flagging Bernard Madoff’s fund and refusing to invest in it, even while other divisions at JPMorgan gleefully did so. Cembalest looks at state governments’ annual payments towards bonded debt interest and retirement liabilities (defined-benefit and defined-contribution pensions as well as retiree healthcare benefits) expressed as percentage of total annual revenue. In addition to assessing states’ default risk, this approach quantifies exactly how much debt expenditures are...
  • Waves of immigrant minors present crisis for Obama, Congress

    05/28/2014 7:04:08 PM PDT · by mandaladon · 32 replies
    Yahoo News ^ | 28 May 2014 | Richard Cowan
    WASHINGTON (Reuters) - Tens of thousands of children unaccompanied by parents or relatives are flooding across the southern U.S. border illegally, forcing the Obama administration and Congress to grapple with both a humanitarian crisis and a budget dilemma. An estimated 60,000 such children will pour into the United States this year, according to the administration, up from about 6,000 in 2011. Now, Washington is trying to figure out how to pay for their food, housing and transportation once they are taken into custody. The flow is expected to grow. The number of unaccompanied, undocumented immigrants who are under 18 will...
  • Ain’t it grand: Detroit selling homes for just $1,000

    05/02/2014 11:26:19 PM PDT · by Olog-hai · 21 replies
    Fox News ^ | May 02, 2014 | Garrett Tenney
    The Motor City has a deal for you—classical homes with a starting price of just $1,000. The online auction for abandoned, but sturdy homes is the latest plan by city leaders to fight blight and boost property values as Detroit crawls its way out of bankruptcy. […] The city isn’t hiding the fact that nearly all of the homes up for auction will require a lot of work to repair. …
  • Solar companies learn to play nice with environmentalists [setting aside land]

    04/17/2014 5:00:27 PM PDT · by Jim Robinson · 36 replies
    GIGAOM ^ | flashback AUG. 9, 2011 | by Ucilia Wang
    As more solar farms arise in the sunny corners of the U.S., it’s inevitable that solar developers will have to play ball with environmentalists. First Solar and SunPower announced an agreement with the environmental groups to add thousands of acres near their projects for wildlife protection. As more solar farms arise in the sunny corners of the U.S., it’s inevitable that solar developers will have to play ball with environmental groups. First Solar and SunPower announced an agreement on Tuesday with the Sierra Club and others to add thousands of acres near their proposed projects for wildlife protection. The agreement...
  • 85% of Pension Funds to Fail in Three Decades

    04/12/2014 11:54:28 AM PDT · by Kaslin · 19 replies ^ | April 12, 2014 | Mike Shedlock
    Bridgewater Associates did an analysis of pension funds recently and concluded 85% of them will fail if returns average 4%. Bridgewater notes that public pensions have just $3 trillion in assets to invest to cover future retirement payments of $10 trillion over the next many decades. It would take an investment return of roughly 9% a year to meet those obligations. With the 30-Year long bond yielding a mere 3.5% and with stock valuation through the roof, I expect negative returns for 7-10 years. Stretched out over 30 years, 4% seems about right. 9% is out of the question. CNBC...
  • Report: New Yorkers Forced to Choose Between Groceries and Obamacare

    04/01/2014 7:10:46 PM PDT · by 2ndDivisionVet · 58 replies
    Legal Insurrection ^ | April 1, 2014 | Rusty Weiss
    A new report from WHEC in Rochester is painting a very bleak scenario for New Yorkers, some forced to choose between buying groceries or purchasing Obamacare plans, some concerned about going bankrupt after falling ill. So why are New Yorkers concerned about going bankrupt due to Obamacare? Especially when the President has continually made such statements as, “I am as proud as I’ve ever been by the work we did to make sure that in this country, if you get sick you don’t go bankrupt and that you can get the health care that you need”? And why are they...
  • The Obama Debt Tracker - Obama doubles America's publicly held debt in just 5.2 years

    04/01/2014 3:22:05 PM PDT · by jpl · 20 replies
    The United States Department of the Treasury ^ | Monday, April 1, 2014 | The United States Department of the Treasury
    I wish that this were just another bad April Fools' Day joke, but sadly, this story is all too real. Since President Barack Hussein Obama was inaugurated into office a little over five years ago, Obama, Pelosi, and Reid have doubled America's publicly held debt, an increase of more than 6.3 trillion dollars: Date                   Debt Held by the Public         Intragovernmental Holdings   Total Public Debt Outstanding 03/31/2014        6,307,310,739,681.66          4,319,566,309,231.42          10,626,877,048,913.08 8/19/2011          12,619,319,113,193.99 ...
  • Wayne State University offers college course on Detroit bankruptcy

    03/30/2014 3:40:07 PM PDT · by Libloather · 33 replies
    M Live ^ | 3/30/14 | Gus Burns
    DETROIT, MI -- Wayne State administrators are using Detroit's financial calamity to teach. A new course, "Detroit: Metropolis in Transition," will be offered by the the Department of Urban Studies and Planning beginning this summer. **SNIP** The lecture will cover Detroit's history up to present day and "issues such as the city's frustrated attempts at regionalism and its persistence as the largest metro are in the United States without a comprehensive, rail-based public transit system."
  • Obamacare: Taxpayers in the Hole for $1.5 Trillion

    03/27/2014 10:18:04 AM PDT · by Star Traveler · 18 replies
    The Fiscal Times ^ | Thursday, March 27, 2014 | Edward Morrissey
    “What the hell is this, a joke?” Speaker of the House John Boehner said in reaction to news this week that yet another “deadline” in the Affordable Care Act had been unilaterally delayed by the Obama administration. Unfortunately, the answer to that question is yes, and it’s becoming increasingly clear that the joke is on the American taxpayer. Late Tuesday, the Department of Health and Human Services – which has taken to bragging about “enrollment” numbers that fall millions short of their original goals – announced that the March 31st deadline for open enrollment had become more of a guideline....
  • 3 huge cities flirting with bankruptcy (NYC, Chicago, LA)

    03/03/2014 4:18:34 PM PST · by Libloather · 40 replies
    MSN ^ | 3/03/14 | Karen Riccio
    Detroit's looming bankruptcy is making news again, this time focusing on current restructuring plans aimed to wipe out $18 billion in debt by axing pension checks of city retirees, including police and fire. Massive long-term retirement and healthcare promises were by no means solely responsible for the city's fall, but these massive pensions coupled with a tax base weakened by high unemployment and housing vacancies caused the budget to bleed out quicker. The Michigan city may be the most recent victim of bankruptcy, but many of the 61 largest U.S. cities have adopted the same retirement legacy leading to $118...
  • Post Office Latest Federal Agency to Ask for Ammunition

    02/15/2014 8:16:23 AM PST · by detective · 34 replies
    The New American ^ | 2/13/2014 | Joe Wolverton
    The U.S. Postal Service (USPS) has posted a request to purchase “assorted small arms ammunition,” reports political analyst Michael Lotfi. The solicitation by the USPS was posted on, the federal government’s federal business opportunities website. The process is now underway to arrange for the purchase of guns and ammo for some undisclosed use by the post office. As Lotfi points out, it is curious that the postal service can afford to arm itself given their precarious financial position: The USPS has been posting $1-5 billion quarterly losses for years. In fiscal year (FY) 2012 alone the USPS lost a...