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Keyword: bankrupt

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  • 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 transparentcalifornia.com “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
    Townhall.com ^ | 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 FBO.gov, 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...
  • 2014 Federal Budget in Pictures

    02/13/2014 9:34:00 AM PST · by 1rudeboy · 20 replies
    Federal spending and debt are out of control If America does not change course, the future will be dramatically worse. Now more than ever, it is crucial that Americans understand what our nation's spending, taxes, and debt mean for them and their families. The Heritage Foundation's Federal Budget in Pictures offers a unique tool to learn about the federal budget in a clear and compelling way.
  • GOP struggles to find 'yes' debt votes (Cornyn doesn't have enough GOP cloture votes for Reid)

    02/12/2014 10:49:28 AM PST · by jimbo123 · 113 replies
    The Hill ^ | 2/12/14 | Erik Wasson and Peter Schroeder
    Republicans in the Senate are struggling to come up with the five votes they'd need to ensure passage on Wednesday of a House bill raising the debt ceiling. The measure is likely to win support from the upper chamber's 53 Democrats and the two Independents that caucus with Democrats. But only one Republican, Sen. Mark Kirk (Ill.), has so far said he would back the bill. The measure needs 60 votes because Sen. Ted Cruz (R-Texas) is filibustering the bill over the lack of spending reforms attached to it. Kirk told The Hill the vote would be close. “I think...
  • House passes debt-ceiling increase with no add-ons

    02/11/2014 2:35:53 PM PST · by Red in Blue PA · 206 replies
    This is a developing news story. An earlier version of the article follows: House GOP leaders announced Tuesday they will advance this week an increase in the government's borrowing cap that's free of any add-ons. A vote is scheduled for Tuesday night because of the threat of a winter storm. House Speaker John Boehner announced the plan after a poll of the Republican rank and file failed to show enough support for a plan to tie the hike in the debt limit to a plan to reverse a recently passed cut to military pensions. The Ohio Republican said he expected...
  • Voters in bankrupt San Bernardino sweep old guard from power

    02/06/2014 9:17:29 AM PST · by Beave Meister · 5 replies
    Reuters ^ | 2/5/2014 | TIM REID
    (Reuters) - Residents of bankrupt San Bernardino, California on Tuesday voted to complete a rout of the city's pro-union old guard, electing business-friendly pragmatists who have pledged to try to reduce pension costs and take on vested interests. As San Bernardino enters into a fourth month of mediation with its creditors, the biggest of which is Calpers, California's giant retirement system, voters on Tuesday elected Carey Davis as the crisis-hit city's new mayor. Davis, a businessman and political novice, ran in part on a campaign to reduce the city's pension obligations. In an interview in November, when he became one...
  • Bankruptcy In The USSA: Detroit Bondholders About To Be GM'ed In Favor Of Pensioners

    01/31/2014 3:39:07 PM PST · by Rusty0604 · 16 replies
    zerohedge ^ | 01/31/2014 | Tyler Durden
    First, the Obama administration showed during the course of the GM and Chrysler bankruptcy proceedings, that when it comes to Most Preferred Voter classes, some unsecured creditors - namely labor unions, and the millions of votes they bring - are more equal than other unsecured creditors - namely bondholders, and the zero votes they bring. Five years later we are about to get a stark reminder that under the superpriority rule of a community organizer for whom "fairness" trumps contract law any day, it is now Detroit's turn to make a mockery of the recovery waterfall. As it turns out,...
  • Dear Health Insurance Companies........

    01/31/2014 3:31:36 PM PST · by originalbuckeye · 3 replies
    1/31/14 | Originalbuckeye
    You are going to go bankrupt. There is talk that Obama may bail you out. Why would he do that when the whole point of Obamacare is to eliminate the competition for all those Health Care Dollars? Please, start gathering plans for after your demise. If we are ever able to get control again, we will need you to be ready to offer GOOD Health Care plans at reasonable prices. Please start writing new plans and streamline them. We don't want to have to pay to cover maternity care or pediatric dental care if we are over 60. We need...