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Keyword: debt

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  • Teen Genius Solves College Loan Conundrum that So Baffles President Obama

    05/22/2015 12:03:53 PM PDT · by SeekAndFind · 2 replies
    Townhall ^ | 05/22/2015 | Charlotte Hays
    A brilliant young man has single-handedly solved the problem of college loan debt. It was a daringly simple maneuver! Tennessee high school senior Ronald Nelson, Jr., who is a National Merit Scholar, star athlete, sax player, SAT high scorer, and student body president, turned down acceptances from eight Ivy League colleges and will instead attend the University of Alabama this fall. Young Ronald seems to have absorbed at an early age a lesson that eludes many youths (and those who have long since left youth behind): avoid going head over heels in debt. This is not to denigrate an Ivy...
  • Senate Democrats Demand More Money for Amtrak Repair Backlog

    05/21/2015 11:15:54 AM PDT · by Oldeconomybuyer · 20 replies
    ABC News ^ | May 21, 2015 | By JOAN LOWY
    Senate Democrats on Thursday demanded that Republicans provide more money for Amtrak so the railroad can tackle a $21 billion maintenance and repair backlog, including replacing tunnels more than a century old. Democrats at a news conference cited last week's deadly crash in Philadelphia and said the backlog is compromising safety and service. Democrats want to Congress to give Amtrak the entire $2 billion in subsidies the railroad requested for the budget year that starts Oct. 1. They say GOP lawmakers have starved the railroad financially for years. A Republican-controlled House panel approved a spending bill the day after the...
  • My 2015 Commencement Address

    05/17/2015 9:42:53 AM PDT · by Sean_Anthony · 1 replies
    Canada Free Press ^ | 05/17/15 | Al Caruba
    The best I can do is to wish you good luck. You’re going to need it. All manner of people are giving commencement speeches to students graduating from colleges and universities these days. It is doubtful that any will be remembered because the prospects of students depend in large part on the economy into which they are entering, the majors they pursued, their individual ambitions, and capacity for hard work. Then, too, there’s dumb luck which often plays a role. For those graduating this year, my profound sympathy because the economy could not be much worse short of being declared...
  • FOREIGN OWNERSHIP OF US DEBT RISES; CHINA RECLAIMS TOP SPOT

    05/16/2015 5:28:04 AM PDT · by 9thLife · 16 replies
    AP ^ | May 15, 4:26 PM EDT | BY CHRISTOPHER S. RUGABER
    WASHINGTON (AP) -- Foreign holdings of U.S. debt rose in March as China ramped up its purchases and displaced Japan as the leading owner of U.S. Treasury securities. The Treasury Department says overseas ownership of U.S. debt rose 2.1 percent in March to $6.18 trillion. That is below January's record of $6.22 trillion. China added $37.3 billion ... bringing its stockpile to $1.26 trillion... ahead of Japan, which added just $2.5 billion...to $1.23 trillion. ... The U.S. deficit topped $1 trillion from 2009 through 2012. Foreign governments...account for two-thirds of the foreign holdings...rose 1 percent from the previous month to...
  • Fed said to have emergency plan to intervene if U.S. defaulted on debt

    05/12/2015 1:12:16 PM PDT · by Citizen Zed · 26 replies
    Reuters ^ | 5-11-2015 | Sarah N. Lynch and Jason Lange
    The Federal Reserve drew up extensive plans for handling a U.S. debt default that included scheduling deferred payments and lending cash to investors, according to a lawmaker who cited Fed documents. America courted disaster in 2011 and 2013 when political fights over the national debt nearly left the federal government unable to pay its bills. Analysts and officials warned that missing payments could lead to economic calamity, and details have only slowly emerged over how financial officials braced for the unthinkable. In a June 2014 letter to Treasury Secretary Jack Lew seen by Reuters on Monday, Republican Representative Jeb Hensarling...
  • A Generational Storm Is Coming

    05/13/2015 8:40:08 AM PDT · by all the best · 11 replies
    Bonner & Partners ^ | May 12, 2015 | Bill Bonner
    Yesterday, we began our high-minded graduation speech to the Class of 2015. We explained how the young graduates were not only the most heavily indebted in history, but also the least likely to be able to pay their debts. Median wages have been going down since these graduates were about five years old… So have economic growth rates. Today, we continue the speech no one wants us to give… You are heirs to claptrap, nonsense, bogus theories, and trillions of dollars in debt. The systems, programs, and institutions your parents set up are mostly worthless scams. Worse, they produce outcomes...
  • Exclusive: Greece taps IMF reserves to pay IMF debt - sources

    05/12/2015 10:07:37 AM PDT · by tcrlaf · 8 replies
    Yahoo News ^ | 5-12-2015 | Lefteris Papadimas and George Georgiopoulos
    Greece emptied an IMF holding account to repay 750 million euros ($840 million) due to the fund, a Greek central bank official said, avoiding default but underscoring the dire state of the country's finances. With Athens close to running out of cash and a deal with its international creditors still elusive, there had been doubts about whether the leftist-led government would pay the IMF or opt to save cash to pay salaries and pensions later this month. Greece, like all other International Monetary Fund members, holds reserves from the IMF that are denominated in Special Drawing Rights (SDR), a basket...
  • Harvard, Dartmouth: Social Security forecasts have been too optimistic — and increasingly biased

    05/09/2015 2:14:24 PM PDT · by T Ruth · 26 replies
    Hot Air ^ | May 9, 2015 | Ed Morrissey
    [snip] Studies from Harvard and Dartmouth this week corroborate Bush’s warnings on Social Security, and further accuse the SSA of increasing bias in its analyses in order to maintain the illusion of a slower decline: [snip] researchers find that the SSA’s actuarial forecasts have been consistently overstating the financial health of the program’s trust funds since 2000. “These biases are getting bigger and they are substantial,” said Gary King, co-author of the studies and director of Harvard’s Institute for Quantitative Social Science. “[Social Security] is going to be insolvent before everyone thinks.” … Researchers examined forecasts published in the annual...
  • Plenty of ideas would trump that $2 billion train

    05/04/2015 6:29:56 AM PDT · by TurboZamboni · 10 replies
    Pioneer Press ^ | 4-28-15 | Joe Soucheray
    As recently as 2010, the estimated cost for the Southwest Light Rail Transit line was estimated to be $1.2 billion, or about the cost of a new football stadium. Then the cost jumped to $1.7 billion because somebody spun the magic wheel. Now the cost is projected to be $2 billion. OK, $1.994 billion, but if they find an endangered earthworm or an especially exotic cattail, all bets are off and the project will shoot over $2 billion in a European minute, for the Metropolitan Council loves to keep playing Europe. The train stops are called Royalston, West Lake, Blake...
  • Low Oil Prices Could Destabilize Financial System

    04/30/2015 12:06:48 PM PDT · by Opintel · 12 replies
    Oilprice.com ^ | 30-04-2015 | Mark Rutte
    Could the rising levels of debt in the oil industry contribute to destabilization in the financial system? The collapse in oil prices has forced drillers to turn to debt markets to keep their operations going. According to the Wall Street Journal, there has been $86.8 billion in new debt issued so far in 2015, a 10 percent increase over last year. But that trend is not necessarily new. The oil industry has relied on debt for quite some time, but the dramatic fall in oil prices has put a bright spotlight on the practice. The Bank for International Settlements concluded...
  • A Mathematics and History Lesson for Conservative Candidates for President

    04/28/2015 9:54:19 AM PDT · by Sean_Anthony · 11 replies
    Canada Free Press ^ | 04/28/15 | Dale Summitt
    From liberal Democrats and the radical left, the mindset of tax, borrow and spend has been their legacy throughout American history It was 1963, and I was a 16 year old high school junior, sitting attentively in an American History class, when our history teacher informed us that the national debt was 311.6 billion dollars. Being good at math even then, it was not difficult, knowing the population stood at about 180 million in 1963, that the debt amount to approximately 1600.00 for every adult and minor child in America. My reaction, even at age 16, was one of concern...
  • Oil-Industry Debt Mounts Up

    04/28/2015 6:17:41 AM PDT · by thackney · 12 replies
    Wall Street Journal ^ | April 27, 2015 | ERIC YEP And FIONA LAW
    Oil and gas companies are continuing to pile up debt, a trend some warn could extend the slump in energy prices and hit economies reliant on the sector for growth and tax revenue. Both independent and state-owned companies are involved in the borrowing bonanza, issuing $86.8 billion worth of bonds in dollars, euros and yen globally this year, up 10% from the same period in 2014, according to Dealogic, a data-tracking company. The rise is largely due to a high number of bond sales in Europe, the Middle East and Africa, and in the U.S., where both Exxon Mobil Corp....
  • Greece's Piraeus Bank offers relief to poverty-stricken borrowers (writes off debt)

    04/23/2015 6:41:40 PM PDT · by dynachrome · 5 replies
    Reuters ^ | 4-23-15 | George Georgiopoulos
    Piraeus Bank will write off credit cards and retail loans up to 20,000 euros ($21,484) for Greeks who qualify for help under a law the leftist government passed to provide relief to poverty-stricken borrowers, it said on Thursday.
  • Puerto Rico officials: Our government is likely to shut down and it will be devastating

    04/23/2015 7:58:50 AM PDT · by SeekAndFind · 38 replies
    Business Insider ^ | 04/23/2015 | EDWARD KRUDY, REUTERS
    Puerto Rico's top finance officials said the government of the US territory will most likely shut down in three months because of a looming liquidity crisis, and they warned of a devastating impact on the island's economy. In a letter to leading lawmakers, including Gov. Alejandro Padilla, the officials said a financing deal that could potentially salvage the government's finances looked unlikely to succeed. It warned of laying off government employees and reducing public services. "A government shutdown is very probable in the next three months due to the absence of liquidity to operate," the officials said. "The likelihood of...
  • The Biggest Ponzi Scheme in the History of the World "When She Blows It'll Be Krakatoa Redux"

    04/22/2015 2:11:51 PM PDT · by concernedcitizen76 · 73 replies
    April 22, 2015 | Self
  • Where your tax dollars go

    04/18/2015 9:31:14 AM PDT · by TurboZamboni · 5 replies
    Pioneer Press ^ | 4-14-15 | John Gray
    It's a question that naturally springs to mind when tax season rolls around: Where are all those tax dollars being spent? In total, Washington will spend $12,304 per citizen. Unfortunately, the government will collect only $10,878 in tax revenue per person. That means that, you, the American citizen, will be left with an additional tab of $1,426, on average. The $1,426-per-person represents this year's deficit of $455 billion. Perspective: Adjusting for inflation, the government spent $894 per person in 1940, $7,319 per person during the peak of World War II (1945), $6,026 per person in 1980 and slightly more than...
  • Are Student Loans the new Sub-Prime Bubble?

    04/17/2015 7:46:44 AM PDT · by SeekAndFind · 6 replies
    American Thinker ^ | 04/17/2015 | Chriss Street
    On April 15 Tax Day, Americans paid about the same amount of income tax as total student loans outstanding. The St. Louis Federal Reserve on the same day published a report titled ‘Student Loan Delinquency: A Big Problem Getting Worse?' The Fed has determined that of the $1.3 trillion in non-bankruptcy-dischargeable student loans, the delinquency rate for students in repayment is over 27 percent. With tuition at the University of California and other top schools growing faster than inflation, student loan defaults are skyrocketing. Prior published student loan reports have stated that the “30+ days delinquency rate for all student...
  • What the Medicare ‘Doc Fix’ Means for States

    04/15/2015 11:45:30 AM PDT · by ThethoughtsofGreg · 1 replies
    American Legislator ^ | 4-15-15 | Sean Riley
    The U.S. Senate late Tuesday evening passed legislation containing a permanent ‘doc fix’ for calculating physician reimbursements under Medicare. By doing away with a decades old formula, the bill staves off an automatic 21 percent cut in payments that would have gone into effect at midnight. While much of the focus has been on Congress and the impact of the legislation on the federal Medicare program, the measure raises three important issues for the states. First, the measure also includes a two year extension of the State Children’s Health Insurance Program (CHIP), the federal-state program extending coverage to low-income children...
  • Legacy

    04/15/2015 7:22:13 AM PDT · by Kaslin · 4 replies
    Townhall.com ^ | April 15, 2015 | Allen West
    One of the definitions of the word “legacy” is something transmitted by or received from an ancestor or predecessor, or from the past. Just this past weekend, 21 year-old Jordan Spieth became the second-youngest competitor to ever win the Masters Golf tournament. His impeccable, 18 under par finish ties that of Tiger Woods. During the spectacle we have come to know as “March Madness,” the University of Connecticut women’s basketball team continued to build an impressive legacy with their 10th national championship. And the Duke men’s basketball team won their 5th national championship. The University of Kentucky fell just two...
  • Elder Care Costs Keep Climbing; Nursing Home Bill Now $91K

    04/10/2015 4:23:36 PM PDT · by TurboZamboni · 60 replies
    keloland.com ^ | 4-9-15 | ap
    NEW YORK, NY - The cost of caring for the elderly continues to climb. An industry survey says the median bill for a private room in a nursing home is now $91,000 a year. The report says the cost has increased four percent every year over the last five years. The annual "Cost of Care" report comes from the insurance company Gemworth Financial, which sells policies to cover long-term care. It's a growing financial burden for families, governments and insurers. The head of long-term services at the National Council on Aging, Joe Caldwell, says, "Most people don't realize how expensive...
  • What Debt Ceiling? Just Stop the Clock!

    04/10/2015 9:38:56 AM PDT · by Citizen Zed · 5 replies
    The Blaze ^ | 4-10-2015 | John Linder
    Kabuki theater has returned to Washington, D.C. The statutory ceiling on borrowing was reached more than three weeks ago. The Treasury Department just stopped the clock on March 15. The total debt of the U.S. government remains at $18,112,975,000,000, which is $25 million below the statutory limit. In due course Congress will take up the issue of raising the debt ceiling. That will open the gates for front-page stories about a divided Republican Party risking a default and crashing credit markets across the globe. Some will try to use this vote to force policy changes such as ending Obamacare or...
  • The federal debt is worse than you think (210 Trillion)

    04/09/2015 4:31:35 PM PDT · by Kid Shelleen · 27 replies
    Brookings Institute ^ | 04/08/2015 | Ron Haskins
    Debt figures tell part of the story. When the Great Recession hit, the federal debt was equal to about 40 percent of GDP. But to fight the recession, Congress enacted an $800 billion dollar stimulus bill. Stimulus spending, combined with already enacted spending and tax policy, resulted in four years of trillion dollar deficits. As a result, the debt ballooned to 78 percent of GDP in 2013, almost twice the pre-recession level. --snip-- What's the word for our fiscal situation? Stunning? Shocking? Desperate? In recent testimony before the Senate Budget Committee, Boston University Economics Professor Laurence Kotlikoff, in effect, told...
  • Why Should Taxpayers Bail Out Students Buried in Debt?

    04/09/2015 2:10:09 PM PDT · by SeekAndFind · 68 replies
    IBD ^ | 04/09/2015 | JOHN MERLINE
    On Wednesday, National Public Radio had a spot about how some states are reviewing laws on their books that let them yank driver's or professional licenses from those who default on their student loans. To set the story up, the NPR reporter focused on the plight of Clementine Lindley, who recalls how after graduating she had to "decide whether to pay rent, buy food or make her student loan payments" because her debt was so massive. How did Lindley rack up so much debt? NPR doesn't say, but a little sleuthing shows that Lindley got her Bachelor's degree in "Liberal...
  • Financial System Will Collapse Just a Matter of When -Prof. Laurence Kotlikoff

    04/07/2015 10:02:03 PM PDT · by concernedcitizen76 · 27 replies
    USA Watchdog ^ | March 18, 2015 | Greg Hunter
    Renowned economist Laurence Kotlikoff recently testified at the U.S. Senate about the runaway U.S. budget. How bad is it? Kotlikoff says, “I told them the real (2014) deficit was $5 trillion, not the $500 billion or $300 billion or whatever it was announced to be this year. Almost all the liabilities of the government are being kept off the books by bogus accounting. The government is 58% underfinanced. Social Security is 33% underfinanced. So, the entire government enterprise is in worse fiscal shape than Social Security is, but they are both in terrible shape.” So, how much is America on...
  • 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.
  • Greece demands 279bn(Euros) from Germany in Nazi War Reparations

    04/07/2015 10:20:23 AM PDT · by tcrlaf · 44 replies
    UK Telegraph ^ | 4-7-2015 | Mehreen Khan
    Greece has demanded nearly €279bn in reparations from Germany, more than the value of its current bail-out, as the cash-strapped country continues to pursue compensation for crimes carried out by the Third Reich. A parliamentary committee established by Prime Minister Alexis Tsipras put an official number on the claim, which includes the cost of a forced Nazi loan made by the Bank of Greece and the return of archaeological treasures. Greece suffered a brutal occupation at the hands of the Third Reich in 1941, with over 40,000 people starving to death in Athens alone. SNIP--- Berlin moved to quickly to...
  • Stockman: Corporate America Is Cannibalizing Itself

    04/01/2015 12:35:16 AM PDT · by concernedcitizen76 · 13 replies
    NewsMax ^ | March 9, 2015 | John Morgan
    American businesses are borrowing at historic high levels, but the only thing growing as a result is how fast their equity capital is vanishing, according to David Stockman, White House budget chief during the Reagan administration. Stockman blamed the Fed and the Fed's Wall Street cheerleaders. He said the Fed’s balance sheet has ballooned by nine times since 2000, yet real net investment in the business sector has cratered by 33 percent during the same time period. “Once upon a time businesses borrowed long term money — if they borrowed at all — in order to fund plant, equipment and...
  • Ex OMB chief Stockman: "It is the biggest speculative disaster in human history."

    03/31/2015 7:59:48 PM PDT · by concernedcitizen76 · 52 replies
    Zero Hedge ^ | March 01, 2015 | Tyler Durden
    David Alan Stockman interviewed on CBS-TV 60 Minutes (October 2010) Highlights of recent interview by Harry Dent. David Stockman: People don't want to hear the reality and the truth that we're facing. But I think there is an enormous appetite out in the country to get a different perspective than what you have from the media day in and day out, so I say the fed is out of control. Its balance sheet is exploded. It's printing money like never before. Zero interest rates for 70 months have basically destroyed the pricing function in the financial markets. I said...
  • Fears of a new global crash as debts and dollar’s value rise

    03/29/2015 6:19:27 PM PDT · by 9thLife · 13 replies
    the guardian ^ | Saturday 28 March 2015 12.00 EDT | Heather Stewart
    Greek ministers are spending this weekend, almost five grinding years since Athens was first bailed out, wrangling over the details of the spending cuts and economic reforms they have drawn up to appease their creditors. As the recriminations fly between Europe’s capitals, campaigners are warning that the global community has failed to learn the lessons of the Greek debt crisis – or even of Argentina’s default in 2001, the consequences of which are still being contested furiously in courts on both sides of the Atlantic. As Janet Yellen’s Federal Reserve prepares to raise interest rates, boosting the value of the...
  • Is Stansberry right about the coming crises in the U.S. or is he just trying to sell something?

    03/28/2015 6:37:31 PM PDT · by MeneMeneTekelUpharsin · 27 replies
    28 March 2015 | Mene
    Just asking, that's all.
  • Budget Could Delay Local Highway Projects

    03/25/2015 6:44:17 AM PDT · by Tolerance Sucks Rocks · 23 replies
    Urban Milwaukee ^ | March 16, 2015 | Steven Walters
    It seemed to be a classic case of “firemen first,” a theory first put forth in 1976 by legendary Washington, D.C., journalist Charles Peters. Any bureaucrat, when asked to list what services or jobs would be cut because of a looming budget crisis, identifies the most painful losses in public services – firemen, police officers, EMTs, workers who fill potholes, etc. Bureaucrats use it to try and pressure elected officials, afraid of voter backlash, to soften the budget cuts. It played out in the Capitol on March 3, when state Transportation Secretary Mark Gottlieb was asked what major state highways...
  • Eligibility for public programs not properly checked, state review finds

    03/25/2015 5:26:03 AM PDT · by TurboZamboni · 1 replies
    star tribune ^ | 3-24-15 | chris serres
    A state legislative auditor’s report found that the Minnesota Department of Human Services (DHS) failed to ensure the eligibility of participants in large public assistance programs and that it did not always perform timely inspections of child care centers. The findings mirror those of other recent auditor reports and could fuel calls to reform the way state administrators verify eligibility for programs that together cost nearly $7 billion a year in federal money. For more than a decade, the legislative auditor has reported flaws in the way the state determines who qualifies for Medical Assistance, which provides health insurance to...
  • Washington’s $210 Trillion Deficit

    03/22/2015 8:14:15 PM PDT · by concernedcitizen76 · 55 replies
    Tea Party Economist ^ | March 12, 2015 | Gary North
    You read that right: $210 trillion. A trillion here, a trillion there: pretty soon, we’re talking big money. Professor Lawrence Kotlikoff of Boston University testified before the Senate Budget Committee. As usual, his testimony is shocking 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...
  • How The Fed Fostered The Oil Glut And Price Drop - Wall Street Losing Patience

    03/22/2015 7:28:54 AM PDT · by thackney · 19 replies
    Forbes ^ | 3/21/2015 | John S. Tobey
    Energy-sector deals have been a bright spot at a time when once-lucrative businesses, such as fixed-income trading and consumer lending, are flagging thanks to tighter rules, low interest rates and uneven economic growth, analysts said. Investment banks helped fuel the oil-and-gas exploration boom of the past decade by making loans valued at about $1 trillion to companies in the energy industry, most of which they sold to investors. The banks sold much of the debt to loan mutual funds, which grew rapidly from 2011 to 2013, but that demand dwindled as individual investors yanked $35 billion from the funds over...
  • California teachers are mad their pension fund still owns gun maker

    03/19/2015 3:46:01 PM PDT · by Red in Blue PA · 23 replies
    The California teachers' pension fund still hasn't shaken off its investment in gun maker Bushmaster, more than two years after the mass shooting at Sandy Hook Elementary School. And now the teachers are mad. California teachers are planning a protest at the fund's annual meeting on April 2.
  • Banks Struggle to Unload Oil Loans

    03/20/2015 5:10:35 AM PDT · by thackney · 13 replies
    Wall Street Journal ^ | March 18, 2015 | MATT WIRZ and GILLIAN TAN
    Citigroup Inc.,Goldman Sachs Group Inc.,UBS AG and other large banks face tens of millions of dollars in losses on loans they made to energy companies last year, a sign of investor jitters in a sector battered by the oil slump. The banks intended to sell the loans to investors but have struggled to unload them even after cutting prices, thanks to a nine-month-long plunge that has taken Nymex crude futures to their lowest level since 2009. The losses mark a setback for Wall Street, after global banks earned $31 billion in fees over the past five years by financing energy-company...
  • Debt-Default Crisis 2015: Raise, and Then Raze, the Debt Ceiling

    03/19/2015 9:03:09 AM PDT · by Citizen Zed · 6 replies
    Huffington Post ^ | 3-17-2015 | Victor Williams
    Interest rates will skyrocket, instability will roil the financial markets, the federal deficit will soar and the resulting "catastrophic" harm will last years. That is how Treasury Secretary Jacob J. Lew describes a debt-ceiling breach certain to cause a government default. Uncle Sam will be bankrupt. All national government operations will seize-up. All checks for Social Security, Medicare, Medicaid, veterans, contractors and vendors will bounce. At the stroke of midnight, March 16, 2015, the debt ceiling was again breached. The Treasury Department has begun "extraordinary measures" to forestall the certain default. Jack Lew must rob Peter to pay Paul. He...
  • Exclusive: San Bernardino (CA) has defaulted on $10 million in bond payments

    03/19/2015 7:32:02 AM PDT · by C19fan · 12 replies
    Reuters ^ | March 17, 2015 | Tim Reid
    The southern California city of San Bernardino has defaulted on nearly $10 million in payments on its privately placed pension bond debt since it declared bankruptcy in 2012, according to documents seen by Reuters. In addition, the city has not negotiated with its bondholders since September, according to a person familiar with the stalled negotiations. The missed payments illustrate the trend among cities in bankruptcy to favor payments to pension funds over bondholder obligations, which has increased the hostility between creditors and municipalities.
  • ECB Prepares For Grexit, Anticipates 95% Loss On Greek Debt

    03/18/2015 7:30:07 AM PDT · by SeekAndFind · 8 replies
    Zero Hedge ^ | 03/18/2015 | Tyler Durden
    Dear Greek readers: the writing is now on the wall, and it is in very clear 48-point, double bold, and underlined font: when the ECB "leaks" that it is modelling a Grexit, something Draghi lied about over and over in 2012 and directly in our face too, take it seriously, because it is time to start planning about what happens on "the day after." And incidentally to all those curious what the fair value of peripheral European bonds is excluding ECB backstops, the ECB has a handy back of the envelope calculation: a 95% loss. Which also is the...
  • The Federal Government Has Again Hit the Debt Ceiling. Now What?

    03/17/2015 7:10:35 AM PDT · by SeekAndFind · 20 replies
    The Blaze ^ | 03/17/2015 | Pete Kasperowicz
    While you were sleeping... The final debt figure for today will come out later this week, it’s expected to be a limit of about $18.2 trillion. But the government has some wiggle room for handling its debt situation while Congress considers whether and how to raise the debt ceiling, a process that could still take months to sort out. Most importantly, the Treasury Department can use “extraordinary measures” to cope with the debt, which are several tools the government has used before when up against its borrowing limit. For example, Treasury Secretary Jacob Lew told Congress on Friday that as...
  • Chasm Grows Within G.O.P. Over Spending (The return of borrow and spend?)

    03/16/2015 1:24:01 PM PDT · by NRx · 48 replies
    NY Times ^ | 03-15-2015 | JONATHAN WEISMAN
    WASHINGTON — The congressional push this week to secure the first Republican budget plan in nearly a decade is revealing a chasm between fiscal hawks determined to maintain strict spending caps and defense hawks who are threatening to derail any budget that does not ensure an increase for the military. “This is a war within the Republican Party,” said Senator Lindsey Graham, Republican of South Carolina, who has vowed to oppose a final budget that does not ensure more military spending. “You can shade it any way you want, but this is war.” The divisions will be laid bare Tuesday...
  • $100 Trillion American Economic Collapse with Jim Rickards

    12/11/2014 8:11:12 AM PST · by Ghost of SVR4 · 11 replies
    Youtube ^ | Oct 21, 2014 | Jim Rickards
    I don't know too much about Jim Rickards, just found this to be an interesting video about the overall economy and some tidbits about what our government agencies are up to. The video is a 45 minutes long interview of sorts and discussion. Just posting in the event other are interested.
  • "Cancel All Student Debt" - The Petitions Begin

    03/14/2015 6:33:43 PM PDT · by RightGeek · 53 replies
    Zero Hedge ^ | 3/14/2015 | Tyler Durden
    With global moral hazard having long ago become institutionalized, and codified as "monetary policy", catering almost exclusively to the TBTF entities in the financial sector, we were surprised it took as long as it did for Obama to announce (as he did last week), that the administration is now studying "new bankruptcy options" for student loan borrowers: code word for an across the board student debt moratorium, or forgiveness. To wit from "Student Aid Bill of Rights: Taking Action to Ensure Strong Consumer Protections for Student Loan Borrowers":The President is directing his Cabinet and White House advisers, working with the...
  • Britain finally repays all First World War debts more than 100 years after the outbreak of [tr]

    03/14/2015 7:19:45 AM PDT · by C19fan · 9 replies
    UK Daily Mail ^ | March 10, 2015 | Tom McTague
    Britain's First World War debt has finally be repaid in full – more than 100 years after the outbreak of the conflict. The Government repaid some £1.9billion still owed to more than 100,000 people who held 'War Bonds', issued in 1917 to help fund the military effort. George Osborne said he could pay off the debts because he can borrow the money cheaper elsewhere.
  • Greece Passes Law To Plunder Pension Funds

    03/12/2015 12:01:39 PM PDT · by tcrlaf · 50 replies
    Zerohedge ^ | 3-12-2015 | Durden
    Having previously hinted that they might 'dip' into public pensions funds for some short-term cash to payback The IMF, and then confirming that the plan is to repo that cash from pension cash reserves (raising concerns about how they will unwind the repo - i.e. pay it back); the Greek government finally signed the bill today that enables them to plunder the Greek people's pension funds (for their own good). The massive irony of this bill is the bill enables greek deposits to be fully invested in Greek sovereign bonds... which Tsipras and Varoufakis both admitted today is "unsustainable" and...
  • MARK CUBAN: Here's how to fix America's crippling student debt crisis

    03/11/2015 8:18:51 AM PDT · by SeekAndFind · 37 replies
    Business Insider ^ | 03/11/2015 | Peter Jacobs
    After 114 years, Sweet Briar College revealed last week that it would close after the spring 2015 semester, an abrupt announcement that shocked many in the world of academia. "This is just the beginning of the college implosion," Mark Cuban tweeted last week, after the news about Sweet Briar, an all-women's college in Virginia. Cuban, the well-known entrepreneur and billionaire investor, was not surprised by the news. For years, Cuban has warned of a "student loan bubble" created by skyrocketing tuition fueled by an endless supply of student loans. "At some point, it's going to pop," Cuban told Business Insider...
  • MUST READ:Global Bail-In Plan Could Still Leave Taxpayers Holding the Bag

    03/10/2015 6:03:55 PM PDT · by RaceBannon · 12 replies
    American Banker ^ | MAR 4, 2015 10:00am ET | CHRISTOPHER WHALEN
    BEWARE OF THE BAIL_IN The Government tells the banks to grab your assets to fill their coffers when they are insolvent, the way they took GREECE money The Banks are going to call YOUR money UNSECURED DEBT Now, Look at the first paragraph: http://www.americanbanker.com/bankthink/global-bail-in-plan-could-still-leave-taxpayers-holding-the-bag-1073068-1.html
  • 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
    CNSNews.com ^ | 03/09/2015 | Barbara Hollingsworth
    (CNSNews.com) -- 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...
  • Varoufakis unsettles Germans with admission Greece won't repay debts

    03/10/2015 8:42:13 AM PDT · by tcrlaf · 19 replies
    Reuters UK ^ | 3-10-2015 | Madeline Chambers
    Greek Finance Minister Yanis Varoufakis has described his country as the most bankrupt in the world and said European leaders knew all along that Athens would never repay its debts, in blunt comments that sparked a backlash in the German media on Tuesday. A documentary about the Greek debt crisis on German public broadcaster ARD was aired on the same day euro zone finance ministers met in Brussels to discuss whether to provide Athens with further funding in exchange for delivering reforms. "Clever people in Brussels, in Frankfurt and in Berlin knew back in May 2010 that Greece would never...