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Keyword: cronycapitalism

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  • Donald Trump: I didn't expect business backlash to be "quite this severe"

    07/04/2015 8:23:49 PM PDT · by Mariner · 105 replies
    CBS News ^ | July 4th, 2015 | By Reena Flores
    On the heels of several major corporations distancing themselves from Donald Trump's various business interests, the Republican presidential candidate admitted Saturday that he didn't think the corporate backlash to his inflammatory comments about Mexican immigrants would be "quite this severe." "I knew it was going to be bad because I was told this. All my life I have been told this: If you are successful, you don't run for office," Trump said in an interview on Fox News, addressing the recent spate of businesses that have severed their relationships with his brand. "I didn't know it was going to be...
  • Hack the vote: Cyber experts say ballot machines easy targets

    06/11/2015 3:19:00 PM PDT · by Oldeconomybuyer · 9 replies
    FOX News ^ | June 11, 2015 | By Malia Zimmerman
    The recent cyber theft of millions of personnel records from the federal government was sophisticated and potentially crippling, but hackers with just rudimentary skills could easily do even more damage by targeting voting machines, according to security experts. In many cases, even the electronic ballots could be manipulated remotely, according to a new report. The report found that the AVS WINVote machines Virginia has used since 2002 have such flimsy security that an amateur hacker could change votes from outside a polling location. “This means anyone could have broken into the machines from the parking lot,” said Cris Thomas, a...
  • Life in Ameritopia

    06/14/2015 5:50:13 PM PDT · by Sean_Anthony · 4 replies
    Canada Free Press ^ | 06/14/15 | Sandy Stringfellow
    The country in which we live today is not the “pioneering spirit of free associations and entrepreneurial creativity born in personal liberty” America of the Founders and Framers: it is Ameritopia Senator Ted Cruz was interviewed by Jeff Kuhner during his radio program on Friday, June 12th, 2015; the day of the vote in which the Trade Promotion Authority (TPA) – part of the prescribed legislative pathway to passage of the Trans-Pacific Partnership (TPP) – was smacked down in the House by Nancy Pelosi’s Democrats working along side 34 Republicans against King Barry and the Progressive RINO Establishment: led by...
  • Ted Cruz ,Pit of Vipers and the Council on Foreign Relations member in his family

    06/14/2015 6:37:02 AM PDT · by ncalburt · 333 replies
    Wing Right News ^ | May 28 2012 | B Nuchols
    http://wingright.org/2012/05/28/ted-cruz-pit-of-vipers-and-the-council-on-foreign-relations-member-in-his-family/
  • Going for the Golden Climate Change Dollars - "Bootlegger and Baptist"

    06/11/2015 9:12:44 AM PDT · by Cincinatus' Wife · 6 replies
    E21 - Economic Policies ^ | William O'Keefe
    In 1848, the discovery of gold in California lead to one of the most dramatic population shifts in US history. People hoping to strike it rich migrated from all over the country, South America, and even as far as China. The non-native American population of California went from under 1,000 to over 100,000 in a little over one year. Today, there is another gold rush taking place in Washington D.C. as political entrepreneurs seek to strike it rich by mining the climate change mother lode. According to the 2013 Federal Climate Change Expenditures Report to Congress, the Federal Government is...
  • Tesla loses its shot at direct car sales in Texas

    06/02/2015 9:00:27 AM PDT · by Conscience of a Conservative · 23 replies
    Engadget ^ | May 31, 2015 | Jon Fingas
    If you want to buy a Model S in Texas, you're going to have to jump through some hoops for at least the next couple of years. Bills that would let Tesla sell cars directly to customers aren't going to get a vote before the state's legislative session wraps up on June 1st, leaving the electric vehicle maker high and dry until the next session kicks off in 2017. This doesn't mean that you're completely out of luck if you want Tesla-made transportation in Austin (see above for proof), but you can't simply pick one up. The setback isn't completely...
  • The Congressional Board of Exchange

    05/24/2015 6:44:28 AM PDT · by Sean_Anthony
    Canada Free Press ^ | 05/24/15 | Sandy Stringfellow
    Congress is forgetting its duty: to improve jobs and wages for Americans We are living in a political world of the UniParty; it’s sort of like the Chicago Mercantile Exchange, a historic commodity and – in these modern times – financial derivative exchange based in Chicago. Naturally, the UniParty isn’t quite as obvious as the Chicago floor traders standing in a trading pit, calling out orders, prices, and quantities of particular commodities while dressed in color-coded jackets indicating their function on the trading floor; nor are those in the Senate usually observed gesticulating with complex hand signals to communicate the...
  • You Can’t Read the TPP, But These Huge Corporations Can

    05/15/2015 11:49:40 AM PDT · by Lorianne · 12 replies
    Intercept, the ^ | 12 May 2015 | Alleen Brown
    The Senate today is holding a key procedural vote that would allow the Trans-Pacific Partnership to be “fast-tracked.” So who can read the text of the TPP? Not you, it’s classified. Even members of Congress can only look at it one section at a time in the Capitol’s basement, without most of their staff or the ability to keep notes. But there’s an exception: if you’re part of one of 28 U.S. government-appointed trade advisory committees providing advice to the U.S. negotiators. The committees with the most access to what’s going on in the negotiations are 16 “Industry Trade Advisory...
  • Obama Signs Disaster Declaration for January Blizzard

    04/13/2015 4:32:18 PM PDT · by Oldeconomybuyer · 18 replies
    ABC News ^ | April 13, 2015
    President Obama signed a disaster declaration on Monday for Massachusetts and ordered federal aid to help the state recover from the blizzard that hit the region from Jan. 26-28. The state's costs total about $400 million. The aid is available to state, tribal and eligible local governments and certain private nonprofit organizations. It also covers state and local government snow-removal costs for a continuous 48-hour period during or after the storm and the costs of related hazard mitigation.
  • Senators seek probe of claims US workers fired, forced to train foreign replacements

    04/12/2015 8:29:39 PM PDT · by Olog-hai · 50 replies
    Fox News ^ | April 10, 2015 | (Judson Berger/AP)
    A popular visa program allegedly is being misused by U.S. companies to lay off thousands of American workers and replace them with foreign labor. And, adding insult to injury, many of the laid-off workers allegedly have been forced to train their replacements, in what one anonymous whistleblower called a “humiliating” experience. The allegations have caught the attention of a bipartisan group of senators -- including immigration hawk Sen. Jeff Sessions, R-Ala., and the No. 2 Senate Democrat, Illinois’ Dick Durbin -- who are calling for a federal probe. A letter sent by 10 senators urging an investigation specifically cited reports...
  • Demand for electric vehicles in Western Pennsylvania still low

    04/08/2015 2:05:29 AM PDT · by Cincinatus' Wife · 44 replies
    Pittsburg Tribune-Review ^ | April 7, 2015 | David Conti
    Jake Pultorak chuckles at the mention of “range anxiety,” the fear among some electric vehicle owners that their car's battery will run out of juice before the driver can find a charger. “I had that as a gas-car driver, but the anxiety was over how much I had to pay to get where I was going,” said Pultorak, 44, of Franklin Park, who has owned an all-electric Tesla Model S for about two years. Worries at the gas pumps have diminished over the past nine months as the global crash in oil prices brought the cost of gasoline to its...
  • Professor: Indiana RFRA ‘Fix’ Could Send Christians to Jail

    04/02/2015 11:01:19 AM PDT · by E. Pluribus Unum · 56 replies
    Breitbart.com ^ | 04/02/2015 | Austin Ruse
    The greatly anticipated “fix” to the Indiana religious freedom law has been released by the Indiana legislative committee, and it is far worse than conservatives feared. According to law professor Mark Rienzi, the new fix will allow the state to prosecute Christians criminally for denying gay weddings their professional affirmation.Rienzi, of the Becket Fund and Catholic University School of Law and who was lead attorney in the Hobby Lobby Supreme Court case that upheld a claim under the federal religious freedom law, said this would “criminalize religious objectors.”
  • MIKE PENCE AND INDIANA REPUBLICANS CAPITULATE TO TYRANNY, ARE ARKANSAS REPUBLICANS NEXT?

    04/01/2015 4:38:54 AM PDT · by Nextrush · 42 replies
    4/1/2015 | Self
    Just as surely as Marshal Petain capitulated to Naziism in France in 1940, Governor Mike Pence and the Republican legislative leaders of Indiana have capitulated to Corporatism in 2015. Big Business and professional sports organizations backed by the corporate elites attacked the religious freedom bill in Indiana and the Republicans caved, more evidence of a Uniparty system where corporate elites dictate policy, This adds to other issues like Amnesty and Common Core, where Big Business drives the agenda and the politicians march in lockstep. The House in Arkansas has now passed a similar religious freedom bill, but the business elites...
  • (Michelle Obama Approved) Flamin’ Hot Cheetos Qualify as ‘Smart Snack’ Under Federal Guidelines

    03/29/2015 3:13:16 PM PDT · by DogByte6RER · 29 replies
    NPR ^ | March 28, 2015 | Monica Eng
    Guess What Makes The Cut As A 'Smart Snack' In Schools? Hot Cheetos Flamin' Hot Cheetos might conjure a lot of descriptors: spicy, crunchy, unnaturally fiery red. But it's a good bet that "healthy" didn't exactly spring to mind. Yet it turns out that those fiery Cheetos beloved by school children (some kids even made an epic rap paean to Hot Cheetos a few years ago) actually qualify as a "Smart Snack" under revised federal nutrition guidelines for schools. The Obama administration rolled out the new guidelines last year in a bid to limit the amount of junk food kids...
  • GOP Candidates Continue to Toss Money Down Cornhole

    03/24/2015 9:44:39 AM PDT · by Sean_Anthony · 5 replies
    Canada Free Press ^ | 03/24/15 | Michael Shannon
    Until Republicans can stop “pleasin’” crony capitalists with subsidies at the expense of the public, taxpayers will continue to be subject to regular “squeezin.” The really big difference between Republican and Democrat handout recipients is their ability to be sympathetically photogenic. When pressed, the average Democrat welfare recipient can hide the flat–screen TV, stash the cellphone in a drawer and refrain from cigarette smoking. And it’s not too much trouble to pretend to fill out the job application or limp convincingly to prove the bad back disability claim as long as photographers and media are around. The Republican dependency class...
  • Chamber Of Commerce CEO: Ted Cruz Hasn’t Proven He Can Actually Get Anything Done [10/21/2013]

    03/21/2015 1:18:25 PM PDT · by SoConPubbie · 45 replies
    BuzzFeed ^ | Oct. 21, 2013
    “I think of him as a tennis player. You know, if you’re going to rush the net all the time you better have a lot of motion to the left and the right. And he hasn’t proven that to me yet,” Chamber CEO Tom Donahue said. He also remains bullish on immigration reform. WASHINGTON — U.S. Chamber of Commerce CEO Tom Donohue Monday criticized Sen. Ted Cruz, who led the quixotic campaign to defund Obamacare that ended up shutting down the government, saying he has yet to prove he is capable of legislating. “Well I don’t know Sen. Cruz,”...
  • Utah Passes White-Collar Felon Registry

    03/13/2015 2:50:48 PM PDT · by Theoria · 21 replies
    The New York Times ^ | 11 March 2015 | Ben Protess
    With just a point and a click, you can browse a face book of felons, a new government website that will warn of the danger these criminals pose to society.Only these are not the faces of sex offenders and serial killers. These criminals are mortgage schemers and inside traders, most likely armed with nothing more than an M.B.A. or a law degree.Their faces will soon appear online courtesy of the Utah Legislature, which on Wednesday approved a measure to build the nation’s first white-collar offender registry, appending a scarlet letter of sorts on the state’s financial felons. The registry —...
  • Reid helped steer tax dollars to well-connected green energy operators

    03/09/2015 12:10:41 PM PDT · by E. Pluribus Unum · 22 replies
    Washington Examiner ^ | 03/09/2015 | Sarah Westwood
    Senate Minority Leader Harry Reid helped steer billions of federal tax dollars to companies supporting a green energy group run by two of his former staff members and a current campaign operative.The Nevada Democrat pushed for millions of dollars in grants and billions more in federal loan guarantees for corporations that donated to the Clean Energy Project, a nonprofit founded by a pair of former staffers with close ties to both Reid and to a major Democratic PAC associated with the senator, Lachlan Markay of the Washington Free Beacon reported.One such company, California-based Fulcrum Bioenergy, received a hefty federal grant...
  • Iowa Ag Summit Applauds Ted Cruz Even When He Opposes Their Interests

    03/07/2015 1:59:13 PM PST · by 2ndDivisionVet · 14 replies
    The National Review's The Corner ^ | March 7, 2015 | Joel Gehrke
    Senator Ted Cruz (R., Texas) managed to turn a disagreement with a crowd of Iowa businesses and farmers into an applause line at the Iowa Agriculture Summit. Cruz reiterated his opposition to the Renewable Fuels Standard, a popular policy in Iowa that presents a thorny problem for many Republicans who campaign against crony capitalism but want to win the GOP presidential nomination. “I recognize that this is a gathering of a lot of folks where the answer you’d like me to give is ‘I’m for the RFS, darnit;’ that’d be the easy thing to do,” he said. “But I’ll tell...
  • President Grover Cleveland on federal welfare/entitlements

    02/24/2015 2:44:05 PM PST · by ctdonath2 · 8 replies
    Wait But Why ^ | Around 1886, retold February 2015 | Grover Cleveland
    ...when there was a Texas drought that hurt the crops of farmers there, Congress allotted $10,000 to buy seed grain to help them recover. But [President Grover] Cleveland vetoed the expenditure and explained why like this:I can find no warrant for such an appropriation in the Constitution, and I do not believe that the power and duty of the general government ought to be extended to the relief of individual suffering which is in no manner properly related to the public service or benefit. A prevalent tendency to disregard the limited mission of this power and duty should, I think,...
  • Al Sharpton: Accidental Anti-Tax Crusader (Cough Cough, Ahem)

    02/06/2015 1:21:30 PM PST · by Kaslin · 8 replies
    Townhall.com ^ | February 6, 2015 | Michael Schaus
    Al Capone, America’s “favorite” gangster, went to prison because he failed to pay $215,000 in taxes from his gambling profits. Al Sharpton, on the other hand, is still romping around screaming about racism despite the fact that he owes roughly $4 million to Federal and State revenuers. I guess the IRS is just too busy harassing conservatives to care about some uppity liberal who’s a few million dollars behind on his taxes.The gaffable (is that a word?) Al Sharpton personally faces Federal tax liens for more than $3 million in back taxes. He has over $770,000 in state tax liens. Two...
  • Peer-reviewed pocket-calculator climate model exposes serious errors in complex computer models

    01/26/2015 1:26:22 AM PST · by Cincinatus' Wife · 9 replies
    Physics Organization News ^ | January 21, 2015
    Near-term global warming projections (brick-red region) on[0.13, 0.50] K decade-1, compared with observations (green region)that fall on [0.0, 0.11] K decade-1, and the simple model's 21stcentury warming projections (yellow arrow), falling on 0.09 [0.06,0.12] K decade-1. Credit: Science China PressA major peer-reviewed climate physics paper in the first issue (January 2015: vol. 60 no. 1) of the prestigious Science Bulletin (formerly Chinese Science Bulletin), the journal of the Chinese Academy of Sciences, exposes elementary but serious errors in the general-circulation models relied on by the UN's climate panel, the IPCC. The errors were the reason for concern about Man's effect...
  • Ted Cruz sounded a whole lot like Elizabeth Warren on Fox News last night

    01/21/2015 5:23:42 PM PST · by 2ndDivisionVet · 60 replies
    Vox ^ | January 21, 2015 | Andrew Prokop
    On Tuesday night, Senator Ted Cruz appeared on Fox News to respond to the State of the Union address — and talked about how the US economy was only working for the "top 1 percent," who he said have gotten "fat and happy" under Obama's administration.(VIDEO-AT-LINK)Cruz's rhetorical move is unusual for a prominent Republican, particularly a presidential contender. This emphasis on the "the 1 percent" has long been condemned by many in the party as class warfare. For instance, Sen. Marco Rubio said in 2012 that "convincing one group that their life isn't doing better because another is doing too...
  • Clinton's Walmart connection fueling Left's doubts

    01/19/2015 1:33:51 AM PST · by Cincinatus' Wife · 33 replies
    The Washington Examiner ^ | January 18, 2015 | Sean Higgins
    .........For many on the Left, the Arkansas company is emblematic of all that is wrong with corporate America. It is particularly detested by organized labor — a key Democratic constituency — because the company has doggedly fought all efforts to organize its workers. Clinton's ties to Walmart go back to 1986, when she joined the company's board of directors. She remained there until 1992, when husband Bill Clinton ran for the White House. For years afterwards they both maintained close ties to the retail giant. More recently, Clinton has distanced herself from the company and criticized some of its business...
  • Newbie Asks a Question: What is "Crony Capitalism"? (Vanity)

    01/11/2015 6:53:29 AM PST · by Regal · 59 replies
    Vanity Question ^ | Jan 11, 2015 | Regal
    I have just recently become an active poster (responder), and have seen the term "Crony Capitalism" used without explanation. Recently I saw the term associated with Communism, which confused me further. A "google" does little to clear things up, particularly in regards to how it might be interchangeable with communism. Can anyone help clear things up?
  • Cromnibus Puts Taxpayers on Hook for Bank Losses [satire]

    12/13/2014 9:37:16 AM PST · by John Semmens · 4 replies
    Semi-News/Semi-Satire ^ | 13 Dec 2014 | John Semmens
    The House-passed $1.1 trillion Continuing Resolution contains a clause that exposes taxpayers to a potential $300 trillion liability for bank losses in derivatives trading. The rider to the CR was the “brain child” of Citigroup. The rider is opposed by both tea party Republicans and left wing Democrats, but is strongly supported by House GOP leadership and President Obama. House Minority Leader Nancy Pelosi (D-Calif), charged that “this maneuver puts the lie to the contention that the GOP is the Party of small government. This is a big government pay off to Wall Street financiers. I’m enormously disappointed that the...
  • The Liberal Policies that are Killing A Gun Company

    12/07/2014 8:24:06 AM PST · by Kaslin · 80 replies
    Townhall.com ^ | December 7, 2014 | Michael Schaus
    Given that our Commander in Chief is a surprisingly decent firearm salesman, it’s a little odd that one of America’s most prolific gun manufacturers might soon be facing an agonizing financial death. But, that’s exactly where Colt is headed if things don’t change drastically. It takes a very specialized form of failure for a gun company to miss out on the Obama-inspired run on guns, the “assault weapon” craze of the 2000’s, and the proliferation of Concealed Carry in the 1990’s, but that’s exactly what happened. And, worse, this isn’t Colt’s first foray into fiscal failure. In fact, this...
  • Obama Sues Companies for Complying with Obamacare

    12/05/2014 9:55:26 AM PST · by Kaslin · 35 replies
    Townhall.com ^ | December 5, 2014 | Michael Schaus
    What’s the easiest way to avoid getting sued by the Obama Administration? Well… If you come up with an answer, let the rest of us know. A company that has supported the President and his Affordable Care Act, is currently being sued by Obama for following the law. (Wait… “Affordable” Care Act? Can we sue Democrats for false advertising yet?)Welcome to Obama’s America. Where you can literally get sued for trying to comply with the law. (Boy… That’ll teach you.)Honeywell International Inc., and two smaller firms, are being sued for taking advantage of a specific provision in the ACA that...
  • Taking the Crony Out of Capitalism

    11/23/2014 11:54:09 AM PST · by Kaslin · 20 replies
    Townhall.com ^ | November 23, 2014 | Paul Jacob
    “What too few in Washington appreciate — and what the new Republican Congress must if we hope to succeed — is that the American people’s current distrust of their public institutions is totally justified.” So wrote Sen. Mike Lee (R-Utah) in The Federalist shortly after the big election earlier this month. “Americans are fed up with Washington, and they have every right to be.” You can say that again. When Democrats swept the 2006 mid-term elections to re-take control of the U.S. House of Representatives, it was much more a repudiation of the pork-barreling, corrupt crony behavior of that Republican...
  • How ObamaCare Turned Insurers Into Big Gov't Lovers

    11/19/2014 4:12:59 AM PST · by IBD editorial writer · 13 replies
    Investor's Business Daily ^ | 11/18/2014 | IBD Staff
    Crony Capitalism: The New York Times this week reports that ObamaCare has made strange bedfellows between the insurance industry and the federal government. Who could have imagined that?
  • GOP oil titan: Keystone’s irrelevant (Harold Hamm)

    11/15/2014 4:11:28 PM PST · by Olog-hai · 40 replies
    Politico ^ | 11/14/14 2:26 PM EST | Updated 11/14/14 8:42 PM EST | Darren Goode
    Republican oil mogul Harold Hamm says Congress is wasting its time debating the Keystone XL pipeline. “It’s not relevant at all, in my opinion. And here we are making it relevant now? Forget it,” the billionaire CEO of Oklahoma-based Continental Resources told Politoco in an interview Friday, just before the House passed a bill aimed at approving the pipeline. […] Hamm said his company, which had planned to use Keystone to ship some of its North Dakota crude, is already using other pipelines for half of its oil. And the percentage is growing. “We’re supporting other pipelines out there; we’re...
  • The Big Money Behind the Push for an Immigration Overhaul

    11/14/2014 12:23:17 PM PST · by Oldeconomybuyer · 26 replies
    New York Times ^ | November 14, 2014 | By JULIA PRESTON
    ... The White House calls — and the president’s decision itself — reflected the clout the immigrant movement has built up in recent years, as it grew from a cluster of scattered Washington lobbying groups into a national force. A vital part of that expansion has involved money: major donations from some of the nation’s wealthiest liberal foundations, including the Ford Foundation, the Carnegie Corporation of New York, the Open Society Foundations of the financier George Soros, and the Atlantic Philanthropies. Over the last decade those donors have invested more than $300 million in immigrant organizations, including many fighting for...
  • Report: Major federal lab misused contract funds

    11/12/2014 3:39:55 PM PST · by Olog-hai · 8 replies
    Associated Press ^ | Nov 12, 2014 5:50 PM EST | Susan Montoya Bryan
    Managers at one of the nation’s premier federal laboratories improperly used taxpayer funds to influence members of Congress and other officials as part of an effort to extend the lab’s $2.4 billion management contract, the U.S. Department of Energy’s Office of Inspector General said in a report Wednesday. A review of documents determined that Sandia National Laboratories formed a team and worked with consultants beginning in 2009 to develop a plan for securing a contract extension without having to go through a competitive process. That plan called for lobbying Congress, trying to influence key advisers to then-Energy Secretary Steven Chu...
  • How the Chamber beat the tea party in 2014

    11/10/2014 4:17:00 AM PST · by Timber Rattler · 42 replies
    Politico ^ | November 9, 2014 | MAGGIE HABERMAN |
    After the 2012 election, the U.S. Chamber of Commerce’s top political adviser, Scott Reed, surveyed the damage – tens of millions of dollars spent only to lose the White House and a slew of winnable Senate races — and vowed that 2014 would be different. Some $70 million and a Republican wave later, the business lobby, one of the biggest spenders in the midterm elections, is feeling very good about its return on investment. Its conclusion after 2012 — that they had to take on tea party challengers in primaries and create a more business-friendly slate of general election candidates...
  • California Obamacare cronies got paid big via no bid state contracts

    10/15/2014 1:18:55 PM PDT · by Kaslin · 5 replies
    Townhall.com ^ | October 15, 2014 | Nick Sorrentino
    <p>I feel like I have to say this every time a story like this comes out of California, and stories like these come out of California all the time.</p> <p>California’s health insurance exchange has awarded $184 million in contracts without the competitive bidding and oversight that is standard practice across state government, including deals that sent millions of dollars to a firm whose employees have long-standing ties to the agency’s executive director.</p>
  • Obama to publicly name San Gabriel Mountains a national monument today (Oct 10 2014)

    10/10/2014 11:40:42 AM PDT · by fifedom · 30 replies
    Los Angeles Times ^ | Oct 10 2014 | Louis Sahagun
    residents within and near the monument's footprint, say they've been kept in the dark about the effects of the designation, and fear that the new status will hamper growth and fire safety. (A)bout 150 people protested Monday in front of the Pasadena office of Rep. Judy Chu (D-Monterey Park). Many said they were unsure about its potential effects on private property rights, flood control and emergency services. And the San Bernardino County Board of Supervisors recently approved a resolution opposing a monument designation in its region, where there has not been a public meeting held to discuss the issues.
  • I.M.F. Takes Aim at Wall Street’s Pay System

    10/10/2014 8:00:21 AM PDT · by SeekAndFind · 7 replies
    New York Times ^ | 10/10/2014 | WILLIAM D. COHAN
    We don’t like to concede that a primary cause of the financial crisis was a Wall Street compensation system that rewarded executives, bankers and traders for taking big risks with other people’s money without holding them the least bit accountable. And because we don’t like to discuss such things in polite company, it is certainly unsurprising that six years later, not a single fundamental aspect of how Wall Street pays its top people has changed. The incentive system that handed out millions of dollars in bonuses to bankers and traders who packaged shoddy mortgages into securities and sold them as...
  • China Overtakes US As World’s Largest Economy

    10/08/2014 2:01:33 PM PDT · by SeekAndFind · 73 replies
    Daily Caller ^ | 10/08/2014
    The Chinese economy just surpassed the U.S. economy to become the world’s largest in terms of purchasing power, according to the International Monetary Fund.The IMF measures economic strength by Gross Domestic Product (GDP) in both market exchange rates and average purchasing power, the latter being where China has overtaken the U.S. with a GDP of $17.6 trillion by the end of 2014 — 16.4 percent of the world’s purchasing power. The U.S. will close out the year with a purchasing-power adjusted GDP of $17.4 trillion, or 16.2 percent of the world’s total.Financial Times predicted the change in April and illustrated...
  • Elizabeth Warren: The Secret New York Fed Tapes Confirm The Game Is Rigged

    10/02/2014 1:13:15 PM PDT · by Olog-hai · 37 replies
    Business Insider ^ | OCT. 1, 2014, 3:32 PM | Myles Udland
    Sen. Elizabeth Warren (D-Mass.), who has called for congressional hearings regarding conduct at the Federal Reserve following the ProPublica and This American Life report from last week, told NPR in an interview on Wednesday that the report, “tells us exactly what we already knew.” Warren told NPR’s Steve Inskeep that the report, “ultimately this report tells us exactly what we already knew—that the relationship between regulators and the financial institutions they oversee is too cozy to provide the kind of tough oversight that's really needed.” […] Listening to the tapes, Warren said two things jumped out: the lack of truthful...
  • Boeing VP rips Congress over Ex-Im Bank

    10/01/2014 4:06:18 AM PDT · by Cincinatus' Wife · 15 replies
    The Hill ^ | October 1, 2014 | Kevin Cirilli
    A top Boeing official criticized Congress on Tuesday for failing to pass a long-term reauthorization of the Export-Import Bank. He also argued that an extension of the Bank’s charter until next summer leaves supporters in a worse position than they were in before. “Mostly far-right political consultants, think tanks and congressmen banded together in a fit of ideological road rage to kill the bank,” Boeing senior vice president Timothy Keating said in prepared remarks at an aerospace conference in Everett, Wash. “The temporary extension recently enacted in many respects leaves us worse off than before,” Keating continued. “The extension is...
  • Who Are You Calling the Party of the Rich?

    09/30/2014 2:09:02 AM PDT · by markomalley · 6 replies
    Townhall ^ | 9/30/2014 | Mona Charen
    The median American household saw its net worth decline by 36 percent during the Great Recession. That is a hard reality. A Republican held the White House when the crash hit, and voters, in no mood to be charitable, blamed the GOP. Besides, Democrats were ready with an explanation that slid right into an existing groove of American thinking: The financial crisis was caused by Republicans going easy on their big banker friends. By 2012, the recession had been over for three-plus years, and yet the average American saw little improvement. Average net worth continued to drift downward. Long-term unemployment...
  • The Meaning of Crony Capitalism

    09/29/2014 8:16:53 PM PDT · by jespasinthru · 28 replies
    Vanity | 9/29/2014 | jespasinthru
    Last year I took an Ethics class at school. Our professor gave us a lecture about the pros and cons of Capitalism. And at the end of the lecture, he asked us if we could define "crony capitalism". We all drew a blank. We'd all heard the phrase, but we didn't quite understand it. So he broke it down to us in very simplistic terms: "Let's sat that you own a cow. And your neighbor owns one hundred cows. But he's so greedy that he wants your cow, too. So he bribes corrupt politicians to pass laws that will take...
  • Clinton Promises World Without Profits

    09/25/2014 11:15:35 AM PDT · by Kaslin · 43 replies
    Townhall.com ^ | September 25, 2014 | John Ransom
    Democrats convened their real presidential convention for 2016 a bit early. In NYC.At the U.N. In what is becoming a proxy for what the public believes is the Democrat National Committee, the media, world government organizations and activists who think that some small, few men should decide what every other man gets to have—or not have—met in public and private in New York City this week. They harangued and proselytized, raised money and “awareness” in a purely show-business attempt to re-set the agenda off their failed policies.If only by sheer volume of their arguments, they have tried to convince America...
  • House GOP Setting the Stage for Massive Crony Capitalist Pay Backs in a Lame Duck

    09/09/2014 10:54:17 AM PDT · by cotton1706 · 19 replies
    redstate.com ^ | 9/9/14 | Erick Erickson
    House Republicans are preparing a continuing resolution to keep the government open. In doing so, they’ve decided to be total sluts for K Street and Wall Street. The Crony Capitalists, emboldened by the Chamber of Commerce’s help during primary season, are doing some very unusual things. Here’s what I hear is happening. First, they will reauthorize the Ex-Im bank, which is something K Street is desperate to see happen. Second, current reports are that they will spend more than the original Paul Ryan — Patti Murray deal that had included a tax hike. However, that is subject to change. Third,...
  • Cruz to House GOP: Punt Spending Debate Into 2015

    09/11/2014 1:53:48 AM PDT · by Cincinatus' Wife · 4 replies
    Roll Call ^ | September 10, 2014 | Niels Lesniewski with Matt Fuller
    Sen. Ted Cruz is launching an effort to push the House into a continuing resolution that funds the government into the next Congress. “It would be a serious mistake for House Republicans to pass a Continuing Resolution that would ensure that Harry Reid and the Senate Democrats would come back to Washington, after many of them will have likely lost their seats, for a no-holds barred lame duck session where they will be free to pass legislation that the American people will never be able to hold them responsible for,” the Texas Republican said in a statement provided to CQ...
  • Obama Silent on Chrysler Tax Inversion Deal

    09/09/2014 9:19:47 AM PDT · by jazusamo · 13 replies
    NLPC ^ | September 9, 2014 | Mark Modica
    It's official. Chrysler has now wholly-merged with Italian auto maker, Fiat. It had taken a bit over five years for Fiat to gain total control of the bailed out, once-American Chrysler Corporation. Back in June of 2009, President Obama gifted (payment was made in the form of "technology") an initial 20% stake in Chrysler to Fiat as part of his orchestrated auto bailout process. Fiat parlayed that into full ownership and is now showing its gratitude to the American taxpayers who helped fund the deal by relocating Chrysler's headquarters to London ; a move which will lessen the company's...
  • Stimulus bill enabled billions in waste, exploitation of employees

    09/08/2014 7:43:45 PM PDT · by SeekAndFind · 14 replies
    Hotair ^ | 09/08/2014 | Ed Morrissey
    When Barack Obama and the Democrats on Capitol Hill forced the $800 billion stimulus bill into law, they insisted that waste, fraud, and abuse would not be tolerated. They put “Sheriff” Joe Biden on the case in March 2009, with Obama warning stimulus recipients that “around the White House, we call him the Sheriff — because if you’re misusing taxpayer money, you’ll have to answer to him.” The Department of Transportation employees gathered for the speech laughed at that statement, according to the White House transcript — and well they should have. An in-depth report from McClatchy and ProPublica...
  • $60 Million For 34 States To Boost Obamacare Enrollment

    09/08/2014 4:10:45 PM PDT · by Oldeconomybuyer · 15 replies
    Kaiser Health News ^ | September 8, 2014 | By Phil Galewitz
    Two Planned Parenthood chapters, two United Way organizations, a food bank association and a Catholic hospital system are among 90 nonprofit groups that will receive a total of $60 million to help people sign up for health insurance, the Department of Health and Human Services announced today. Planned Parenthood chapters in Montana and Iowa received grants totaling about $500,000. Ascension Health, the nation’s largest Catholic hospital system, won a $241,000 grant to help people in Kansas. The Ohio Association of Food Banks will receive a $2.1 million grant. Florida Covering Kids & Families, based at the University of South Florida,...
  • An Obamacare Test for Republicans [fight corporate welfare and crony capitalism]

    09/08/2014 5:31:47 AM PDT · by Cincinatus' Wife · 4 replies
    National Review ^ | September 8, 2014 | Editors
    Congressional Republicans keep saying they oppose Obamacare. Yet they’re refusing to take the simplest and easiest action against it. The way the law is designed, insurance companies get taxpayer subsidies if they incur big losses on the exchanges. That guarantee has encouraged them to participate in the exchanges. It has also enabled them to charge lower premiums, since they do not have to cover their risks. Republicans could force supporters of Obamacare to defend these taxpayer subsidies by advancing legislation to stop them, as Senator Marco Rubio (R., Fla.) and Representative Tim Griffin (R., Ark.) have proposed. But their colleagues...
  • Michael Bloomberg returning to lead Bloomberg LP

    09/03/2014 9:14:34 PM PDT · by Olog-hai · 3 replies
    Associated Press ^ | Sep 3, 2014 10:40 PM EDT
    Former Mayor Michael Bloomberg is returning to lead the financial data and news company he founded in 1981 but left to serve three terms in City Hall. The company, Bloomberg LP, said Wednesday that current CEO Daniel Doctoroff will step down at the end of the year. Doctoroff was a deputy mayor under Bloomberg. His departure makes way for Bloomberg to take back the helm of the company, of which he still owns more than 85 percent. …