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Keyword: debt

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  • Moody's downgrades Chicago's debt rating (Baa2)

    02/27/2015 5:09:07 PM PST · by Libloather · 17 replies
    Chicago Tribune ^ | 2/27/15 | Heather Gillers, Hal Dardick
    The debt-plagued city of Chicago took another financial blow late Thursday when Moody's Investors Service downgraded the city's debt rating, citing its overwhelming pension burden. Even if recent state pension changes survive a court challenge, the ratings statement said, "we expect Chicago's unfunded pension liabilities — and the costs of servicing those liabilities — to continue to grow, placing significant strain on the city's financial operations." The drop, to a rating of Baa2, could drive up borrowing costs for the city and cause problems with some of Chicago's current interest-rate swap contracts.
  • The Hyperinflation Hype: Why the U.S. Can Never Be Weimar

    02/25/2015 10:26:02 AM PST · by ChildOfThe60s · 32 replies
    The Atlantic ^ | March 21, 2012 | Matthew O'Brien
    How are the United States' historic budget deficits, money-printing and depressed economy any different from the country's that have experienced hyper-inflation? The three-part answer is:(1) we don't have any problems selling our debt(2) we aren't actually printing money; and (3) the United States is a highly productive economy that is nothing like bombed-out Budapest.
  • There's a new mortgage crisis brewing [Richard Bove]

    02/24/2015 4:49:11 PM PST · by CutePuppy · 20 replies
    CNBC ^ | 2015 February 23 | Richard X. Bove
    In 2008, the nation entered into a financial crisis widely believed to have been caused by excesses in the residential mortgage industry. By 2010, the nation thought it had put in place a series of measures that not only would resolve the crisis but would insure that it never happened again. Yet, here we are in 2015 looking at another potential mortgage crisis. Only this time it is different. In 2008, funds flowed in waves into the mortgage industry. In 2015, it appears the funds are drying up. The solutions to the problem in 2010 and thereafter included: Suing and...
  • Most Americans Are Slaves And They Don’t Even Know It

    02/24/2015 3:15:00 PM PST · by SeekAndFind · 31 replies
    TEC ^ | 02/24/2015 | Michael Snyder
    Most Americans spend their lives working for others, paying off debts to others and performing tasks that others tell them that they “must” do. These days, we don’t like to think of ourselves as “servants” or “slaves”, but that is what the vast majority of us are. It is just that the mechanisms of our enslavement have become much more sophisticated over time. It has been said that the borrower is the servant of the lender, and most of us start going into debt very early into our adult years. In fact, those that go to college to “get an...
  • This Is The Biggest Problem Facing The World Today: 9 Countries Have Debt-To-GDP Over 300%

    02/23/2015 10:38:43 AM PST · by Enlightened1 · 13 replies
    Zero Hedge ^ | 2/23/15 | Tyler Durden
    If anyone has stopped to ask just why global central banks are in such a rush to create inflation (but only controlled inflation, not runaway hyperinflation... of course when they fail with the "controlled" part the money paradrop is only a matter of time) over the past 5 years, and have printed over $12 trillion in credit-money since Lehman, the bulk of which has ended up in the stock market, and which for the first time ever are about to monetize all global sovereign debt issuance in 2015, the answer is simple, and can be seen on the chart below....
  • W Reappraised, Sort Of

    02/11/2015 6:08:16 AM PST · by Academiadotorg · 21 replies
    Accuracy in Academia ^ | February 10, 2015 | Malcolm A. Kline
    We think we’ve found the closest thing you will ever see to a scholarly defense of George W. Bush. “Let me begin by acknowledging that George W. Bush is unlikely to be remembered as a great president,” Stephen F. Knott of the Naval War College wrote in an article which appeared in Citizens and Statesmen last year. “Bush’s management of the war in Iraq and of the aftermath of Hurricane Kartrina, his share of responsibility for the collapse of the economy in 2008, his contribution to the national debt, his excessive loyalty to incompetent subordinates (George Tenet) or to disloyal...
  • Greece's leaders stun Europe with escalating defiance

    02/09/2015 10:26:07 PM PST · by NRx · 36 replies
    The Telegraph ^ | 09-02-2015 | Ambrose Evans-Pritchard
    Greece’s finance minister Yanis Varoufakis has spelled out the negotiating strategy of the Syriza government with crystal clarity. “Exit from the euro does not even enter into our plans, quite simply because the euro is fragile. It is like a house of cards. If you pull away the Greek card, they all come down,” he said. “Do we really want Europe to break apart? Anybody who is tempted to think it possible to amputate Greece strategically from Europe should be careful. It is very dangerous. Who would be hit after us? Portugal? What would happen to Italy when it discovers...
  • Greece warns euro could collapse like house of cards

    02/09/2015 11:25:52 AM PST · by tcrlaf · 21 replies
    AFP ^ | 2-9-2015 | AFP
    A Greek exit from the euro would see the euro collapse like a house of cards, Finance Minister Yanis Varoufakis warned in comments that triggered a spat with Italy. "Greece's exit from the euro is not something that is part of our plans, simply because we believe it is like building a house of cards. If you take out the Greek card, the others will collapse," Varoufakis said in an interview with Italian public broadcaster RAI that was aired on Sunday. Varoufakis also incurred the wrath of his Italian counterpart Pier Carlo Padoan by comparing Italy's problem with its large...
  • Obama’s Big Fat Greek Budget

    02/08/2015 11:41:15 AM PST · by Sean_Anthony · 5 replies
    Canada Free Press ^ | 02/08/15 | Daniel Greenfield
    Debt is about more than just money. It's about the end of expectations and the death of hope In a speech at the Department of Homeland Security, Obama declared that he wants to “replace mindless austerity with smart investments that strengthen America”. Those “smart” investments scattered across a gargantuan $4 trillion budget include a $500 million Green Climate Fund for the Third World and $105 million to help the government build better websites. Obama is fond of putting the word “smart” in front of stupid ideas to make them seem less stupid. The $4 trillion budget is actually as stupid...
  • 5 Things you need to know about student loan debt

    02/04/2015 2:01:44 PM PST · by Jan_Sobieski · 33 replies
    PBS ^ | 10/19/2011 | Brianna Lee
    It’s hard not to notice one of the prevailing narratives coming out of the Occupy Wall Street protests: the weight of student debt. As one scholar summed up the grievances at the “We are the 99 percent” blog through a computer-scripted textual analysis: “Free us from the bondage of our debts and give us a basic ability to survive.” The current amount of borrowing and student debt has prompted a national conversation over whether these burdened students brought their misfortunes among themselves through poor decision-making or whether they are victims of a system that has failed to deliver on the...
  • Obama's Budget Is Dead on Arrival

    02/04/2015 11:11:53 AM PST · by SeekAndFind · 6 replies
    Townhall ^ | 02/04/2015 | Donald Lambro
    WASHINGTON -- President Obama wants Americans to foot the bill for the first $4 trillion budget in U.S. history, which will drive our country ever more deeply into debt. This isn't all that's at stake in the fiscal 2016 budget he sent Congress on Monday. It calls for major new taxes on our fragile economy that will hurt America's businesses, stunt wage growth and further weaken job creation. Obama made it crystal clear in his first year in office that raising federal spending was at the core of his presidency. And he's kept that promise. In 2009, his first year...
  • Obama’s Big Fat Greek Budget: His debt is Your Children's Future

    02/04/2015 9:14:48 AM PST · by SeekAndFind · 14 replies
    FrontPage Mag ^ | 02/04/2015 | Daniel Greenfield
    In a speech at the Department of Homeland Security, Obama declared that he wants to “replace mindless austerity with smart investments that strengthen America”. Those “smart” investments scattered across a gargantuan $4 trillion budget include a $500 million Green Climate Fund for the Third World and $105 million to help the government build better websites. Obama is fond of putting the word “smart” in front of stupid ideas to make them seem less stupid. The $4 trillion budget is actually as stupid as the new left-wing Greek government elected on a platform of not paying its debts. This new government...
  • Cost of servicing the debt will hit $800 billion by 2025: Four Times What it Costs Today

    02/04/2015 8:49:55 AM PST · by SeekAndFind · 18 replies
    American Thinker ^ | 02/04/2015 | Rick Moran
    The U.S. has gotten something of a free ride over the last 7 years as interest rates have hovered near zero. This has meant that the cost of servicing the debt – paying off some bonds and rolling others over – has been relatively low. This coming fiscal year, it's expected that the government will spend around $200 billion to keep the U.S. afloat. But the free ride is about to end. The Federal Reserve announced an end to their bond-buying program known as quantitative easing, and the resulting rise in interest rates will mean rising costs to service the...
  • Russia's credit risk is worse than Pakistan's

    02/04/2015 2:11:21 AM PST · by elhombrelibre · 7 replies
    Reuters ^ | 2 Feb 15 | Unknown
    Russian debt insurance costs and yield spreads on sovereign dollar bonds are near six-year highs, surpassing those of countries such as Pakistan whose credit ratings are several notches lower. Analysts said on Monday that last week's shock interest rate cut had worsened the situation by weakening the rouble, making debt repayment costlier for many companies and raising inflationary pressures. Russia is rated Baa3 by Moody's and BBB- by Fitch, their lowest investment-grade ratings, while Standard & Poor's cut its rating to a "junk'' grade BB+ last week.
  • [Walker] Budget would end Wisconsin DNR land purchases until 2028

    02/04/2015 2:09:58 AM PST · by Cincinatus' Wife · 28 replies
    San Francisco Chronicle ^ | February 3, 2015 | Todd Richmond
    MADISON, Wis. (AP) — Republican Gov. Scott Walker's budget would prohibit the state Department of Natural Resources from purchasing any land through its stewardship program until at least 2028 — if the program still exists then. The budget the governor released Tuesday would place a moratorium on stewardship land acquisitions. It would last until the DNR's debt service on purchases that already have been made drops to $1 for every $8 spent since the program's inception in 1989. The program won't reach that ratio until 2028. The moratorium is expected to save the state $13 million in debt by then,...
  • 5 Things To Know About Obama's $4 Trillion Budget

    02/03/2015 8:01:39 AM PST · by Kaslin · 3 replies
    Townhall.com ^ | February 2, 2015 | Conn Carroll
    resident Obama unveiled his fiscal year 2016 budget Monday, a proposal that would spend $3.99 trillion while running a $474 billion deficit. The document will serve as a blueprint for White House policy for upcoming fights with Republicans on immigration, health care, infrastructure, and tax reform. Highlights every conservative should know include:1. Higher SpendingObama's budget would increase spending by $74 billion in 2016 compared to current law, and by $322 billion over the next five years. Federal government spending as a percentage of GDP would rise from 20.3 percent in 2014 to 22.2 percent in 2025.The biggest spending increase items in Obama's budget...
  • Why Does Obama Get Job Performance Approval?

    02/02/2015 9:43:00 AM PST · by Sean_Anthony · 19 replies
    Canada Free Press ^ | 02/02/15 | Alan Caruba
    U.S. debt had increased by 70% under Obama It is one of the great mysteries. How does Barack Obama continue to generate job approval ratings that say he’s doing a good one? On a recent weekend Rasmussen Reports rated him at 51% while Gallup gave him a 49% rating. At the Pew Research Center, his rating was at 47%, but they noted that at this time in his presidency, George W. Bush had a job approval rating of 33% while Bill Clinton was rated at 63% approval. Of course, Bush and Clinton were President at different times dealing with different...
  • Obama proposes $3.99 trillion budget, sets up battle with Republicans

    02/02/2015 8:26:02 AM PST · by SeekAndFind · 20 replies
    Reuters ^ | 02/02/2015 | JEFF MASON
    President Barack Obama on Monday proposed a $3.99 trillion budget for fiscal year 2016 that sets up a battle with Republicans over programs to boost the middle class that are funded by higher taxes on corporations and wealthy Americans. The budget foresees a $474 billion deficit, which is 2.5 percent of U.S. gross domestic product. It projects deficits stabilizing at that rate over a 10-year period, senior administration officials said. Obama's budget fleshes out proposals from his State of the Union address last month and helps highlight Democratic priorities for the last two years of his presidency and the beginning...
  • Swamped by an underwater home

    01/31/2015 6:50:08 AM PST · by dynachrome · 120 replies
    Washington Post ^ | 1-26-15 | Kimbriell Kelly
    When they moved into the house in November 2005, Kofi was earning $82,740 as an IT consultant for a government contractor, and Comfort, then 43, was making $30,000 as an administrative assistant. But in the overheated mortgage market of the time, they said everyone told them that they could buy a $600,000 house. They made a $60,000 down payment and all their mortgage payments for more than 2˝ years — through September 2008. But the house was financed with subprime loans, which reset to higher rates after short time periods, creating what are known as “shock payments.” The Boatengs said...
  • Senate Democrats are $15M in debt

    01/31/2015 4:18:21 AM PST · by Libloather · 23 replies
    The Hill ^ | 1/30/15 | Cameron Joseph
    The Democratic Senatorial Campaign Committee begins their quest to retake the Senate in 2016 with $15 million in operational debt and $1 million in the bank, according to new numbers through the end of December. That's down from the $16.3 million in debt the DSCC carried shortly after the 2014 elections, and is slightly lower than the $15.8 million it started out with after the 2012 elections, though it's still one of the largest burdens the party has carried in decades. That operational debt doesn't include a $5 million loan the organization took out to buy a house adjacent to...
  • Reagan’s OMB head: Wealth inequality is a problem

    01/29/2015 5:20:04 PM PST · by logi_cal869 · 44 replies
    CNBC.com ^ | 01/29/2015 | Alex Rosenberg
    It might be hard to imagine President Ronald Reagan agreeing with President Barack Obama's take on wealth inequality. But Reagan's first director of the Office of Management and Budget, David Stockman, says that the disparity in household wealth is a major problem that ought to be addressed. He just has very different ideas about how to deal with it. (snip) But Stockman says blame lays not with the tax code (indeed, he pioneered a trickle-down approach to taxes under Reagan) but with the Fed. Obama "is talking about a symptom, but he's clueless as to the cause. The cause is...
  • Global debt expansion was led by developed economies until 2008...

    01/29/2015 1:53:05 PM PST · by alexmark1917 · 1 replies
    Global PUBLIC debt ~$58 TRILLION. Not included: unfunded liabilities. Anyone Qs how this ends? http://t.co/KMWvO8nVVx pic.twitter.com/7XQBYXfI2d — Peter Spina (@goldseek) January 29, 2015 -- The Global Slowdown Is Making Asia's Debt Mountain Even Worse - slides from Morgan Stanley http://t.co/U5LNGZcjcX pic.twitter.com/5OBLMb7XnD — Mike Bird (@Birdyword) January 27, 2015 The Global Slowdown Is Making Asia's Debt Mountain Even Worse Morgan Stanley just came out with a fresh chartbook looking through Asia's debt situation again. It's safe to say that it's still looking grim. While all eyes are on Europe, falling inflation (and the threat of full-blown deflation) are major hazards in...
  • Lack Of Reform, Not Austerity, Doomed Greek Economy

    01/29/2015 6:41:29 AM PST · by SeekAndFind · 4 replies
    IBD ^ | 01/28/2015 | Alvaro Vargas Llosa
    The real Greek tragedy is not that Alexis Tsipras from the radical left-wing Syriza party won that country's recent election, becoming prime minister in the cradle of democracy. Voters can reverse that mistake when they realize that his policies are doing more harm than good. The real tragedy is that Greek voters, like other Europeans who are embracing far-right or far-left parties, cast their ballots in response to draconian austerity measures, imposed by the European Union (EU) and International Monetary Fund (IMF), that they equate with free-market capitalism and globalization. The consequences of this ideological travesty will last much longer...
  • Teacher Pensions Going To Kill Us All

    01/28/2015 5:49:29 PM PST · by Tolerance Sucks Rocks · 27 replies
    The Daily Caller ^ | January 27, 2015 | Blake Neff
    Teacher pensions are a huge and growing crisis waiting to explode without major reforms, warns a new report released Tuesday by an educational think tank.“Do the math on teacher pensions and it just doesn’t add up,” argues the National Council on Teacher Quality in its report, Doing the Math on Teacher Pensions. Total unfunded teacher pension liabilities in 2014 were a whopping $499 billion dollars, the group found. That amount is surging rapidly; in 2012, the total was just $394 billion, meaning that pension debt is growing by over $50 billion a year.Some states are in a particularly huge hole....
  • Democrat and Republican politicians are working together to support the NSA, War, Spending...

    01/28/2015 4:54:30 PM PST · by alexmark1917 · 2 replies
    When Paul Martin was paying down our debt & creating surpluses in Canada, Bush was giving the US a war debt. #CdnPolipic.twitter.com/BvA5JrrDus — Meanwhile in Canada (@MeanwhileinCana) January 19, 2015 Mo Brooks: Republicans Back NSA Spying, Only Voted Against It To Avoid Campaign Attacks Rep. Mo Brooks (R-Ala.) told constituents on Tuesday that many Republicans in fact supported the National Security Agency's domestic spying programs, and had only recently opposed a measure to scale back the agency's broad data surveillance in order to avoid attracting primary challengers and attacks. Speaking at a town hall in Morgan County, Brooks -- who...
  • Global downsides: 1 high debt; 2 Lack of growth and deflation; 3 Fragile EM...

    01/28/2015 3:11:59 PM PST · by alexmark1917 · 1 replies
    Rajan: "Today, debt is making it difficult for developed countries to resume pre-2008 growth rates" http://t.co/hi4QoAqSA8 — Project Syndicate (@ProSyn) January 18, 2015 Today, debt is making it difficult for developed countries to resume pre-2008 growth rates, let alone restore the levels of GDP that would have been attained if the subsequent Great Recession had not happened. Meanwhile, industrial countries’ overall debt/GDP ratios are continuing to grow. In emerging markets, slow growth in the advanced economies has shut down a traditional development path: export-led growth. As a result, emerging markets have had to rely once again on domestic demand. This...
  • Euro crisis, banking crisis, debt crisis - 5 yrs rearranging deck chairs on the Titanic

    01/26/2015 5:24:20 AM PST · by alexmark1917 · 1 replies
    5 years into the euro zone crisis the ECB announces a €1.1 trillion quantitative easing programme to boost economy. Bolder than expected. Draghi Commits ECB to Trillion-Euro Asset-Purchase Plan to Fight Deflation Mario Draghi led the European Central Bank into a new era, committing to a quantitative easing program worth at least 1.1 trillion euros ($1.3 trillion) to counter the threat of a deflationary spiral. The ECB president shrugged off determined opposition led by German officials with a pledge to buy 60 billion euros every month through September next year in a once-and-for-all push to put more cash into circulation...
  • War Is At Our Footsteps, Countries Splurge To Do Whatever It Takes to Win.

    01/25/2015 4:37:06 AM PST · by alexmark1917 · 1 replies
    pic.twitter.com/uiT7ArqfWb — trutherbot (@trutherbot) January 20, 2015 Japan approves record defence budget, record $42b budget is to boost defences of disputed islands amid China's assertiveness in the region Japan's cabinet has approved the country's largest defence budget, with plans to buy surveillance aircraft and F-35 fighter jets to improve defences of disputed islands amid China's increasing assertiveness in the region. Prime Minister Shinzo Abe's Cabinet endorsed on Wednesday a nearly $42b defence budget for the year beginning in April, a two percent rise. The budget must still be approved by parliament, but Abe's coalition holds majorities in both houses. The...
  • What Democrats Want For Children (Quick Vanity)

    01/24/2015 9:41:11 AM PST · by Loud Mime · 13 replies
    FreeRepublic ^ | 1/24/2015 | Loud Mime
    Democrats want one of two things from all children, either to abort them or place them into horrible debt. I don't hate children enough to vote Democrat. Two lines I use when "debating" liberals.
  • Obama to the Nation: Debt, Debt and more Debt

    01/24/2015 4:51:51 AM PST · by Kaslin · 17 replies
    Townhall.com ^ | January 24, 2015 | John C. Goodman
    "The shadow of crisis has passed," President Obama told us on Tuesday night. “The State of the Union is strong," he added. But is it really? If you had accumulated a debt that is more than 20 times the size of your household income, would you say your household finances were in good shape? Well, that’s where we are as a country. Under about a dozen federal entitlement spending programs, we have made promises that we haven’t been willing to pay for. In the process, we are leaving an enormous financial burden for our children and grandchildren. So what did...
  • American Express Is Slashing 4,000 Jobs

    01/21/2015 2:40:22 PM PST · by SeekAndFind · 6 replies
    Business Insider ^ | 01/21/2015 | AKIN OYEDELE
    American Express will slash 4,000 jobs, even as the company reported that fourth quarter earnings were dented by foreign currency movements. Bloomberg reported that the job cuts are part of a restructuring, and a spokesperson said they will cut across the company. In its earnings release, the company said it is taking a pretax restructuring charge of $313 million to "improve operating efficiencies." After the bell Wednesday, American Express reported that fourth quarter profits rose 11% to $1.45 billion, or $1.39 a share, versus an expected $1.38 per share. Revenues rose to $9.1 billion from $8.5 billion, a 7% increase,...
  • SOTU Fact Check: Obama's Health Care Debt Bomb

    01/21/2015 4:07:24 AM PST · by Kaslin · 5 replies
    Townhall.com ^ | January 20, 2015 | Conn Carroll
    In his State of the Union Tuesday, President Obama claimed that Obamacare has helped cut the deficit by two thirds by slowing the rate of health care spending growth. Not only is this claim false, but Obamacare has created a deficit time bomb that will explode just as he is leaving office.Now it is true that the growth of health care spending has fallen during Obama's presidency. But that slowdown began not only before Obama passed Obamacare, but even before Obama took office. The reality is that larger economic factors, including the growth of cost-sharing health care plans, began slowing health care spending...
  • Obama Wants Huge Spending Hike As Debt Tops $18 Trillion

    01/19/2015 6:18:17 AM PST · by SeekAndFind · 12 replies
    IBD ^ | 01/19/2015
    President Obama's budget for next year will call for a $68 billion boost in spending. It's just another in a line of fiscally irresponsible plans that have been the hallmark of this administration. Obama's official budget plan won't come out until Feb. 2, but he's already leaked the fact that he wants a 7% boost in discretionary programs above the spending caps he agreed to in exchange for getting his tax hikes. He'd split the money evenly between national security and domestic programs. In Obama's mind, more spending only makes sense, since deficits have been tumbling in recent years —...
  • Obama to Lay the Wood S&P with $1B Fine After US Debt Downgrade

    01/17/2015 9:37:05 AM PST · by Kaslin · 36 replies
    Townhall.com ^ | January 17, 2014 | Neil McCabe
    The Justice Department is about to put the squeeze on the Standard & Poor's credit rating service for the tune of $1billion, roughly its 2014 profit, and a fine meant to send a message, according to a Jan. 12 report in The New York Times. The message: Do not tangle with the Obama administration. The charge: Standards & Poor's analysts misrepresented their sincere opinion of securities, and instead downplayed the amount of risk associated with the securities, specifically Residential Mortgage-Back Securities and Collateral Debt Obligations, in order to ingratiate themselves to the companies issuing the securities. This charge, which Attorney...
  • Tom Hanks Reminisces on Community College: 'Getting A's' and 'Looking at Girls'

    01/14/2015 10:53:36 AM PST · by Oldeconomybuyer · 56 replies
    ABC News ^ | January 14, 2015 | By MICHAEL ROTHMAN
    Tom Hanks is a big fan of the community college system. The Oscar winner graduated from high school in Oakland, California, in 1974 and with "lousy SAT scores" and no money for tuition, he enrolled at Chabot College nearby his home. In an op-ed in the New York Times published today, Hanks, 58, remembers those days where he went to a school that was basically "all free but for the effort and the cost of used textbooks." Then Hanks brings up President Obama's hope to "make two years of free community college accessible for up to nine million Americans." "I...
  • The Unsustainability of Federal Spending

    01/10/2015 12:14:48 PM PST · by Kaslin · 17 replies
    Townhall.com ^ | January 10, 2015 | Ed Feulner
    With so many high-profile, headline-grabbing issues facing the incoming Congress, lawmakers might be tempted to ignore one of the most persistent problems in Washington: overspending.How bad is it? In 2014, federal spending reached $3.5 trillion, and the one-year deficit was $486 billion. And these huge numbers represent “a small and temporary improvement in the nation’s fiscal situation,” a recent report by The Heritage Foundation notes.But as the authors point out, that doesn’t mean we’re on the right track. Far from it. A serious effort to cut spending -- not just trim a bit here and there -- is needed.“Without further...
  • What Happens When Progressives Tax (and Spend)

    01/08/2015 3:42:06 PM PST · by Sean_Anthony · 2 replies
    Canada Free Press ^ | 01/08/15 | Dr. Robert Owens
    To solve the problem of greedy people making more than others, envious people created a system to take what the greedy had earned. As Rush Limbaugh so rightly pointed out, “No nation has ever taxed itself into prosperity.” So many people have accepted the argument that progressive taxation is just, necessary, and fair, so I know this article will offend many. Hopefully it will also make a few people reconsider their acceptance of policy. Many who are vehemently opposed to socialism, collectivism, and all the other trappings of the centralized corporate state believe that any injustice that might result from...
  • When the national debt was zero: An overflowing Treasury bedeviled earlier presidents

    01/08/2015 7:07:53 AM PST · by SeekAndFind · 11 replies
    Washington Times ^ | 01/08/2015 | Thomas V. DiBacco
    On Jan. 8, 1835, the U.S. national debt stood at zero, the first and only time in its history. It was a remarkable turnabout from Jan. 1, 1791, when the federal government was in debt to the tune of $75,463,476.52. But that wasn’t the peak amount of indebtedness for the new nation ($120 million), which occurred at the end of the three-year War of 1812. To be sure, President Andrew Jackson, under whose watch the no-debt day was achieved, was jubilant, and a big Washington party overflowed with superlatives, as illustrated by Missouri Sen. Thomas Hart Benton’s remarks: “The apparition,...
  • Obama's State of the Union Sales Tour

    01/05/2015 9:06:19 AM PST · by Kaslin · 7 replies
    Townhall.com ^ | January 5, 2015 | Conn Carroll
    resident Obama will travel to three cities this week where he will offer a preview of his January 20th State of the Union address.In Detroit on Wednesday, Obama will celebrate the end of the "auto rescue" which he claims saved one million auto industry jobs and is responsible for the resurgence of manufacturing in the United States. Obama will make no mention that his bailout of General Motors and Chrysler cost taxpayers $16 billion according to the latest Troubled Asset Relief Program Inspector General's report. On Thursday, Obama will travel to Phoenix where he will claim his administration's Home Affordable Modification Program is responsible...
  • The 2015 Greek euro drama

    01/05/2015 7:02:09 AM PST · by Tolerance Sucks Rocks · 4 replies
    BBC News ^ | January 5, 2015 | Gavin Hewitt
    It did not take long. The game is very much in play. Greek voters are being bombarded with warnings about what is at stake when they go to the polls on 25 January. There is little that is coded in these messages. When a country has been bailed out to the tune of €240bn (Ł187bn; $286bn) there is no such thing as non-interference in Greece's internal politics. Most of the European political establishment does not want Greece to elect the radical left party Syriza led by Alexis Tsipras. The party is currently narrowly ahead in the polls. Mr Tsipras is...
  • If We Only Spent All the Money, Then Everyone Would Be Prosperous!

    01/02/2015 3:40:24 PM PST · by 2ndDivisionVet · 34 replies
    Reason Magazine ^ | January 2, 2015 | Matt Welch, editor-in-chief
    On the front of today's New York Times business section is a remarkable—or should I say remarkably unremarkable—news article whose entire premise, unchallenged in the course of 1,341 words and input from 10 sources, is that more government spending is a very good thing because it leads to more government jobs and therefore helps the economy. Hooray! If you think I am being unfair in this characterization, consider the headline: "Government Spending, Edging Up, Is a Stimulus." Or the headline on the jump page inside: "Rebound in Government Spending Starts to Aid Economy After Years of Cuts." Or the headline...
  • US Debt Soars By $100 Billion On Last Day Of 2014, Hits Record $18.14 Trillion

    01/02/2015 2:41:00 PM PST · by blam · 42 replies
    Zero Hedge ^ | 1-2-1015 | Tyler Durden
    Tyler Durden 01/02/2015 It seems like it was only yesterday when we reported that, in yet another slight of hand for the US Treasury and Social Security Administration, US debt rose by $32 billion on the last day of November sending total US debt above $18 trillion for the first time ever. As we further noted, it also meant "that total US debt has increased by 70% under Obama, from $10.625 trillion on January 21, 2009 to $18.005 trillion most recently." Fast forward to today when we are happy to report that according to the US Treasury, America's debt-funded spending...
  • Obamas welcome 2015 with $295-a-head dinner at Hawaii’s most acclaimed restaurant where caviar...

    01/02/2015 11:07:20 AM PST · by PROCON · 51 replies
    dailymail.co.uk ^ | Jan. 2, 2015 | Francesca Chambers
    President Barack Obama and First Lady Michelle Obama broke off from teenage daughters Sasha and Malia for a night out At the Honolulu, Hawaii, restaurant a 13-15 course, prix fixe meal costs a cool $295 a person and wine pairings add another $130 a head The total tab often nears $1,000 after taxes and tip Paintings that decorate the extravagant 32-seat restaurant are valued at more than $10 million a piece The president and first lady treated themselves to a five star dinner on New Year's Day at renowned Honolulu, Hawaii, restaurant Vintage Cave, where a 15 course, prix fixe...
  • IRS Goes After Nonprofit Hospitals On Asking Customers To Pay Bills

    12/30/2014 12:27:39 PM PST · by Tolerance Sucks Rocks · 45 replies
    The Daily Caller ^ | December 29, 2014 | Sarah Hurtubise
    The Obama administration announced new rules under Obamacare on Monday that target nonprofit hospitals’ efforts to get paid by their patients.Nonprofit hospitals, which serve a charitable purpose and are often religiously affiliated, will now be subject to strict rules on when and how they can collect payments from customers, thanks to regulations included in the health-care law. As a condition of their tax-exempt status, these hospitals must “take an active role in improving the health of the communities they serve,” Treasury Department deputy assistant secretary for tax policy Emily McMahon wrote in a blog post Monday. Under the new IRS...
  • Cheer up: The pessimists are wrong and America's future is bright

    12/30/2014 1:30:46 AM PST · by 2ndDivisionVet · 20 replies
    The Washington Examiner ^ | December 29, 2014 | Dan Hannan, MEP
    How do you think 2015 will be for you? If you’re typical, you’ll be pessimistic; and, if you’re typical, you’ll be wrong. Only 21 percent of Americans agree with the proposition that “life for our children’s generation will be better than it has been for us” — 76 percent disagree. Well, barring some unforeseeable calamity — what Nassim Taleb would call a “black swan,” or Donald Rumsfeld an “unknown unknown” — the 76 percent are mistaken. The next generation of Americans will lead healthier, happier, more fulfilled lives than the present one. That sentence could have been written at any...
  • That Debt From 1720? Britain’s Payment Is Coming

    12/29/2014 7:39:58 AM PST · by C19fan · 16 replies
    NY Times ^ | December 27, 2014 | Stephen Castle
    Share prices went through the roof, speculation ran wild and money poured into ill-fated ventures before the boom turned, inevitably and catastrophically, to bust. After that financial crash in 1720, called the South Sea Bubble, the British government was forced to undertake a bailout that eventually left several million pounds of debt on its books. Almost three centuries later, Britons are still paying interest on a small part of that obligation. Now, prompted by record low interest rates, the British government is planning to pay off some of the debts it racked up over hundreds of years, dating as far...
  • An 'Awesome Economy'? Not Even Close

    12/29/2014 7:27:45 AM PST · by SeekAndFind · 11 replies
    American Thinker ^ | 12/29/2014 | Joseph Gestetner
    "Everything is awesome", stated the headline of a recent Politico piece by Michael Grunwald which goes on to list many economic statistics showing how well things are going in the U.S. Indeed, some economic indicators are now better now than when compared to the height of the crisis, but those conditions were bound to change just as most of the water in New Orleans following Hurricane Katrina receded without anyone doing much to encourage it. All the same, current claims of doing “better” than during the depth of a major recession hide how bad things still are compared to before the crisis....
  • 'Argentina is capable of paying all of its creditors'

    12/29/2014 12:27:13 AM PST · by WhiskeyX · 2 replies
    Buenos Aries Herald ^ | Sunday, December 28, 2014 | Buenos Aries Herald
    Senior portfolio manager at NML Capital Jay Newman said that “Argentina is capable of paying all of its creditors” given its “vast natural ressources.” He blamed the government for not reaching a deal with the holdouts.
  • They are preparing for you

    12/27/2014 9:45:42 AM PST · by kindred · 41 replies
    conservativenewsandviews.com ^ | December 19, 2014 | Dwight Kehoe
    A wheelbarrow of money to buy a loaf of bread. This is what Obama, with his fiscal cliff plan, threatens us with. For many years now we have heard chilling tales about that elusive, powerful and manipulative entity conspiracy theorists have called “The New World Order”. Not only have the members of this group managed for the most part to remain anonymous, but their agenda has remained mysterious and obscure. So much so that many good people have been perfectly fine with ignoring its existence or viability. Whether or not this New World Order is in lockstep with World Communism...
  • How Japan Bankrupted Itself: The story of Japan’s decline — and the lessons for Europe.

    12/22/2014 4:18:21 PM PST · by SeekAndFind · 33 replies
    The Globalist ^ | 12/22/2014 | By Daniel Stelter
    Following the start of Abenomics in 2012, Japan moved back to the center of attention of global financial markets. After two and a half decades of economic stagnation, hopes were high that Japan would escape its long stagnation and deflation. Plenty of economists around the globe hoped that, in so doing, Japan would show the western world, mainly the Eurozone, the way to do the same and avoid a similar long period of low growth and stagnating incomes. Conversely, the failure of AbeÂ’s plan for JapanÂ’s recovery would not only be a disaster for the country of the rising sun....