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Keyword: debt

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  • Will crash of 2016 be worse than 2008? Interview with Charles Ortel

    02/13/2016 7:15:33 AM PST · by Randall_S · 19 replies
    USA Transnational Report ^ | February 13, 2016 | USA Transnational Report
    Will the crash of 2016 be worse than 2008? Central banks have failed to solve the crisis, and instead have taken on more debt than any time in history. At the same time, western institutions are welcoming in Islamic money. Does this mean Sharia-compliant finance? Listen here: http://usatransnationalreport.org/2016/02/13/usa-transnational-report-february-13-2016-guest-charles-ortel/ While European banks, such as Deutsche Bank, falter, what does this mean for the U.S. economy? And what does the future look like? Charles Ortel is an investor and writer interested in economics, geo-politics, history, travel and just, lasting peace. He has done extensive research on the fraudulent activities of the Clinton...
  • Obama budget busts the $4 trillion mark

    02/12/2016 7:32:31 AM PST · by SeekAndFind · 20 replies
    Hotair ^ | 02/12/2016 | Ed Morrissey
    While the rest of the world focused on the New Hampshire primary, the White House dropped a budget bomb. Congress will get a $4.1 trillion spending plan for FY2017 from Barack Obama, complete with a massive $2.8 trillion tax hike and a set of assumptions that boggles the imagination nearly as much as the topline spending number:CLICK ABOVE LINK FOR THE VIDEO “The budget that we're releasing today reflects my priorities and the priorities that I believe will help advance security and prosperity in America for many years to come,” Obama told reporters at the White House. “It adheres...
  • Liberalism's Legacy: Debt and Dependency

    02/11/2016 9:38:50 AM PST · by Kaslin · 6 replies
    Townhall.com ^ | February 11, 2016 | Terry Jeffrey
    How will history remember the presidency of Barack Obama? In the budget message he sent Congress this week, Obama portrays himself as a president who led America back to economic good times. "When I took office, our nation was in the midst of the worst recession since the Great Depression," Obama wrote. "The economy was shedding 800,000 jobs a month. The auto industry was on the brink of collapse and our manufacturing sector was in decline. Many families were struggling to pay their bills and make ends meet. Millions more saw their savings evaporate, even as retirement neared. "But...
  • Interest costs will make up entire deficit in five years, White House projects

    02/09/2016 10:16:20 AM PST · by aimhigh · 42 replies
    MarketWatch ^ | 02/09/2016 | Greg Robb
    According to the latest White House budget projections, the government's interest costs are expected to more than triple to $787 billion by 2026, as interest rates rise, from $223 billion in 2015. By 2025 and 2026, the government will spend more on interest costs than all non-defense discretionary outlays. Under the White House budget, the national debt will increase from $19 trillion to more than $27 trillion over the next decade.
  • Debt, defaults, and devaluations: why this market crash is like nothing we've seen before

    02/06/2016 6:42:17 AM PST · by SkyPilot · 61 replies
    The Telegraph ^ | 6 Feb 16 | Mehreen Khan,
    A pernicious cycle of collapsing commodities, corporate defaults, and currency wars loom over the global economy. Can anything stop it from unravelling? A global recession is on the way. This truism of economics holds at any point in which the world is not in the grips of a contraction. The real question is always when and how deep the upcoming downturn will be. "The crash will come, but it would be nice if it came two years from now", Thomas Thygesen, head of economics at SEB told over 200 commodity investors and analysts in London last month. His audience was...
  • The $1 Trillion Elephant in the Room

    02/05/2016 11:32:27 AM PST · by Kaslin · 11 replies
    Townhall.com ^ | February 5, 2016 | Gretchen Hamel
    In the midst of the election circus and pageantry, it seems once again fiscal policy issues have taken a backseat. This might not matter if the issue were not of dire importance to Americans and their futures. But on the heels of the new Budget and Economic Outlook released by the Congressional Budget Office (CBO) last week, it has become all too clear that the fiscal issues our country faces are very real and must be dealt with. Every year, this non partisan analysis of our projected debt and deficit published doesn't mince words- the deficit only continues to get...
  • EXCLUSIVE: Secret Fed Docs Show Obama Misled Congress, Public During Debt Limit Crises

    01/31/2016 6:45:38 PM PST · by SoFloFreeper · 24 replies
    The Daily Caller ^ | 1/31/16 | Richard Pollock
    Federal Reserve Bank of New York officials secretly conducted real-time exercises during the 2011 and 2013 debt-limit crisis that demonstrated the federal government could function during a temporary shutdown by prioritizing spending, even as Treasury Secretary Jack Lew publicly claimed many times that such efforts were "unworkable," according to a new report by the House Financial Services Committee obtained by The Daily Caller News Foundation. The staff report, to be released Tuesday, charges that Lew and other Obama administration officials deliberately misled Congress and the public during the federal budget and debt limit showdowns in both years. The committee will...
  • EXCLUSIVE: Secret Fed Docs Show Obama Misled Congress, Public During Debt Limit Crises

    01/31/2016 10:11:50 PM PST · by Nachum · 22 replies
    Daily Caller ^ | 1/31/16 | Richard Pollack
    Federal Reserve Bank of New York officials secretly conducted real-time exercises during the 2011 and 2013 debt-limit crisis that demonstrated the federal government could function during a temporary shutdown by prioritizing spending, even as Treasury Secretary Jack Lew publicly claimed many times that such efforts were “unworkable,” according to a new report by the House Financial Services Committee obtained by The Daily Caller News Foundation. The staff report, to be released Tuesday, charges that Lew and other Obama administration officials deliberately misled Congress and the public during the federal budget and debt limit showdowns in both years. The committee will...
  • Trump -- debt creator and bailout-backer

    01/28/2016 5:41:31 AM PST · by Cincinatus' Wife · 57 replies
    The Washington Examiner ^ | January 28, 2016 | Editors
    The Tea Party movement began as a response to federal bailouts of Wall Street and auto makers in 2008 and 2009. These unprecedented government interventions in the economy padded the wallets of special interests by privatizing profits and socializing losses. Where was Donald Trump on this? As it happens, he appeared on television more than once to discuss what was happening. And when he did, he came in favor of the bailouts that soured conservative voters, especially Tea Partiers, on both George W. Bush and Barack Obama. Of the auto companies, which were failing because of years of union intransigence...
  • Stockman: We are at peak debt headed for a recession

    01/21/2016 8:22:39 PM PST · by Pan_Yan · 59 replies
    CNBC ^ | January 21, 2016 | David Stockman
    Video at link. David Stockman (Office of Budget and Management, Reagan Administration) explains why the market will not be going up any time soon.
  • Oil crash sends Dow diving 500 points

    01/20/2016 10:13:11 AM PST · by Signalman · 33 replies
    cnnmoney ^ | 1/20/2015 | Matt Egan
    The Dow plunged 540 points on Wednesday after crude oil plummeted another 7% and crashed below $27 a barrel. The S&P 500 slumped 3.5% to its lowest intraday level since October 2014. The Nasdaq is down another 3.5%. It's the latest blow in what's already been the worst start to a year on record for the stock market. The Dow is now down more than 11% in 2016. "Despite improving valuations, global equities continue to get hammered," Bespoke Investment Group wrote in a client note. The firm said the appetite for risk remains "awful." Turmoil in China and the crash...
  • National Debt? What’s That? Bernie & Hillary Want to Add to it, Republicans Not Addressing it

    01/20/2016 7:23:51 AM PST · by SeekAndFind · 16 replies
    National Review ^ | 01/20/2016 | Michael Tanner
    Does anyone remember the national debt? Judging from the presidential campaign so far, perhaps we should put the debt's image on a milk carton somewhere. In the last Republican debate, there was precisely one question on the debt -- and the candidates answered it by talking about their tax plans. That was far too typical. According to the FiveThirtyEight website, "the deficit" was mentioned an average of two times in the first five televised Republican debates (including the "undercard" debates) by all the candidates -- and the moderators -- combined. And "the national debt" was brought up an average of...
  • World faces wave of epic debt defaults, fears central bank veteran [Situation worse than 2007]

    01/20/2016 7:06:17 AM PST · by SeekAndFind · 21 replies
    The Telegraph ^ | 01/20/2016 | By Ambrose Evans-Pritchard, in Davos
    The global financial system has become dangerously unstable and faces an avalanche of bankruptcies that will test social and political stability, a leading monetary theorist has warned. "The situation is worse than it was in 2007. Our macroeconomic ammunition to fight downturns is essentially all used up," said William White, the Swiss-based chairman of the OECD's review committee and former chief economist of the Bank for International Settlements (BIS). "Debts have continued to build up over the last eight years and they have reached such levels in every part of the world that they have become a potent cause for...
  • Brazil is the New Greece

    01/18/2016 3:47:26 PM PST · by SeekAndFind · 10 replies
    Business Insider ^ | 01/18/2016
    Brazil is the new Greece, and 90% of government spending cannot be cut by law: At 70% of GDP, public debt is worryingly large for a middle-income country and rising fast. Because of high interest rates, the cost of servicing it is a crushing 7% of GDP. The Central Bank cannot easily use monetary policy to fight inflation, currently 10.5%, as higher rates risk destabilising the public finances even more by adding to the interest bill. Brazil therefore has little choice but to raise taxes and cut spending. Too often, at the popular level, there is a confusion between "austerity...
  • Puerto Rico Is Greece, & These 5 States Are Next To Go

    01/17/2016 10:47:05 AM PST · by MtnClimber · 41 replies
    Zero Hedge ^ | 3 Jan, 2016 | Tyler Durden
    As Wilbur Ross so eloquently noted, for Puerto Rico "it's the end of the beginning... and the beginning of the end," as he explained "Puerto Rico is the US version of Greece." However, as JPMorgan explains, for some states the pain is really just beginning as Municipal bond risk will only become more important over time, as assets of some severely underfunded plans are gradually depleted. But, as JPMorgan details, Muni risk is on the rise for US states, but broad generalizations do not apply (in other words, these five states are 'screwed')... The direct indebtedness of US states (excluding...
  • US to pay Iran $1.7 bn in debt and interest (dating to the Islamic revolution): Kerry

    01/17/2016 9:34:21 AM PST · by NormsRevenge · 36 replies
    AFP on Yahoo ^ | 1/17/16 | AFP
    Washington (AFP) - The United States is to repay Iran a $400 million debt and $1.3 billion in interest dating to the Islamic revolution, Secretary of State John Kerry said Sunday. The repayment, which settles a suit brought under an international legal tribunal, is separate from the tens of billions of dollars in frozen foreign accounts that Iran can now access after the end of nuclear sanctions. But the timing of the announcement, one day after the implementation of the Iran nuclear accord, will be seen as pointing to a broader clearing of the decks between the old foes. US...
  • The Deflation Monster Has Arrived

    01/16/2016 10:19:48 AM PST · by SkyPilot · 115 replies
    Zero Hedge ^ | 16 Jan 16 | Tyler Durden
    As we’ve been warning for quite a while (too long for my taste): the world’s grand experiment with debt has come to an end. And it’s now unraveling. Just in the two weeks since the start of 2016, the US equity markets are down almost 10%. Their worst start to the year in history. Many other markets across the world are suffering worse. If you watched stock prices today, you likely had flashbacks to the financial crisis of 2008. At one point the Dow was down over 500 points, the S&P cracked below key support at 1,900, and the price...
  • Tumbling oil trades below $30 a barrel for first time in 12 years

    01/12/2016 12:38:57 PM PST · by familyop · 13 replies
    Reuters, Yahoo News ^ | Jan 12, 2016 | Catherine Ngai
    NEW YORK (Reuters) - Oil fell briefly below $30 a barrel on Tuesday, extending a relentless selloff that has wiped almost 20 percent off prices this year amid deepening concerns about fragile Chinese demand and the absence of output restraint.
  • Saudi Devaluation Odds Highest In 20 Years, Kingdom Now More Likely To Default Than Portugal

    01/07/2016 9:23:58 AM PST · by SeekAndFind · 12 replies
    Zero Hedge ^ | 01/07/2016
    On Monday, we brought you "Saudi Default, Devaluation Odds Spike As Mid-East Careens Into Chaos," in which we outlined the jump in riyal forwards and widening of CDS spreads that Riyadh witnessed in the aftermath of the kingdom's move to cut diplomatic ties with Iran.In short: the market is getting worried that Riyadh is about to careen into crisis. In the face of slumping crude, the Saudis are staring down double digit budget deficits and the prospect of having to once again tap debt markets in order to offset the SAMA burn and keep the kingdom from having to...
  • Illinois Is The Sick Man Of America; Will Gov. Bruce Rauner Save It?

    01/06/2016 7:58:16 AM PST · by SeekAndFind · 9 replies
    IBD ^ | 01/06/2016 | Aaron M. Renn
    llinois is America's biggest basket case: Over $150 billion in unfunded retirement liabilities. The worst overall fiscal condition of any state. Two governors and a raft of other public officials sent to prison. Corruption that costs every citizen more than $1,300 a year. Job growth that trails all surrounding states. The slow-motion liquidation of Downstate's manufacturing economy. Over 300,000 more people fleeing the state just since 2010. The venal and bankrupt political class of both parties created this toxic mess. Those who benefited served as enablers, including public employees, unions and the big business interests who always seemed to cut...
  • Puerto Rico defaults on $37 mn in debt

    01/05/2016 4:20:57 PM PST · by bkopto · 12 replies
    La Prensa ^ | Jan 5, 2015 | staff
    The government of Puerto Rico has failed to make $37.3 million in debt repayments, a selective default dictated by lack of liquidity, Public Affairs Secretary Jesus Manuel Ortiz told EFE Tuesday. The island's government signaled last week that it would not make the payments, which were due by midnight Monday. The defaulted debt corresponds to $35.9 million in bonds issued by the Puerto Rico Infrastructure Finance Authority and $1.4 million in Public Finance Corp. bonds. Rating agency Standard & Poor's said Monday that if Puerto Rico didn't pay the $37.3 million by midnight, the bonds would be declared in default....
  • Puerto Rico Is Greece, and These 5 States Are Next To Go

    01/03/2016 6:22:48 PM PST · by SeekAndFind · 31 replies
    Zero Hedge ^ | 01/03/2016 | Tyler Durden
    <p>As Wilbur Ross so eloquently noted, for Puerto Rico "it's the end of the beginning... and the beginning of the end," as he explained "Puerto Rico is the US version of Greece." However, as JPMorgan explains, for some states the pain is really just beginning as Municipal bond risk will only become more important over time, as assets of some severely underfunded plans are gradually depleted.</p>
  • Puerto Rico Governor's Mansion Will Celebrate the Epiphany on January 5

    01/01/2016 5:26:13 PM PST · by rrstar96 · 8 replies
    ElVocero.com (Spanish) ^ | January 1, 2016 | Ayeza Diaz
    (English translation) While the [Puerto Rico] government is bracing for the consequences of partial non-payment of its debt with creditors, the Governor's Mansion is preparing to celebrate an Epiphany festivity on January 5. It was announced in an invitation released to the general public that the activity will begin with visits to the grounds of the Santa Catalina Palace [the Governor's Mansion] from 3:00 PM to 5:00 PM. The Executive Mansion will later present a musical performance by the Puerto Rico State Band under director and composer Angel "Cucco" Pena. According to the provided information, the concert is scheduled to...
  • Puerto Rico Panic

    12/30/2015 4:37:59 PM PST · by Retain Mike · 19 replies
    World Magazine ^ | December 11, 2015 | Marvin Olasky
    Liberals are trumpeting a looming “humanitarian crisis” that demands a federal bailout: Otherwise, Puerto Rico will have to cut spending on schools and hospitals. Conservatives are emphasizing a governance crisis: Many Puerto Rican politicians have won votes by overspending; and if they get away with it, their counterparts in California, Connecticut, Illinois, Massachusetts, New Jersey, New York, and other states will keep running toward the cliff. One piece of political evidence: New York Gov. Andrew Cuomo and New York City Mayor Bill de Blasio flew to Puerto Rico last month and marched with thousands who demanded that Washington send more...
  • Donald Trump's big tax cuts come at a big cost

    12/24/2015 4:29:53 PM PST · by RC one · 37 replies
    money.cnn ^ | 12/22/15 | Jeanne Sahadi
    When Donald Trump put out his four-page tax plan in September, he said it wouldn't increase deficits. The economic growth it would spur, along with his spending cuts, would compensate for any potential loss in revenue from tax cuts, he said. Under his tax plan, Trump said he'd have to pay more than he does today. But an analysis by the Tax Policy Center released Tuesday suggests neither of those assertions are particularly grounded in reality, given what he's proposed so far. Key provisions in Trump's tax planFewer and lower rates: Trump would reduce the current seven income tax rates...
  • Republicans Didn't Oppose Obama's Budget Because They Don't See a Country in Crisis

    12/21/2015 3:59:40 PM PST · by COBOL2Java · 21 replies
    The Rush Limbaugh Show ^ | 21 December 2015 | Rush Limbaugh
    BEGIN TRANSCRIPT RUSH: Sanford, Maine. David, great to have you, sir. Hi. CALLER: Nice to talk to Rush. I hope I don't leave anything on the table, but I want to just start with I was with you in 2007. I knew who Barack Obama was. I don't know why the American people didn't figure it out. Now, as far as this budget bill goes, the Republican Party, every one of them who voted for this bill should be primaried. And the first one we should take out is Paul Ryan, 'cause I saw him on one of his shows...
  • Ontarians urged to help province pay off its debt

    12/20/2015 4:19:03 PM PST · by mkleesma · 9 replies
    The Toronto Star ^ | 12/20/2015 | Rob Ferguson
    Would you donate your tax refund or write a cheque to defray Ontario’s $298.9 billion net debt? Don’t laugh. It happens. Think back 19 years. Former premier Mike Harris, a Progressive Conservative, created the Ontario Opportunities Fund to pay down debt that skyrocketed through five years of NDP rule under his predecessor Bob Rae, while a recession ravaged the province. So far, the fund has raised $2.8 million. “It’s an unusual thing for someone to do, but I would encourage any Ontarian who wants to make a contribution to feel free to do so,” said Deb Matthews, deputy premier to...
  • Yikes: More Than Half of Millennials Have Less Than $1000 in Savings

    12/13/2015 8:30:27 AM PST · by Kaslin · 106 replies
    Townhall.com ^ | December 13, 2015 | Christine Rousselle
    A new survey of Millennials (those between the ages of 18 and 34) by How Much shows that more than half of them have less than $1,000 in savings.
  • How to Fix the Student Debt Crisis

    12/02/2015 7:12:23 AM PST · by SeekAndFind · 22 replies
    City Journal ^ | 12/02/2015 | Steven Cohen
    Each of the Democratic presidential candidates has come out in favor of some version of a plan to make college "free." This staggeringly bad idea would cost a half-trillion dollars per year. Things that seem to "cost nothing" can often wind up being worth nothing. College is no different. Students need to have some "skin in the game." They will make more considered choices-about where they go to school, how much debt they take on, how hard they party, and how diligent they are in their studies-if they're paying something. That's not to say that growing student debt isn't a...
  • Are OPEC Countries Creditworthy At $50 Crude?

    12/01/2015 8:34:04 AM PST · by bananaman22
    Oilprice.com ^ | 01-12-2015 | Dalan McEndree
    As the December 4, 2015 OPEC meeting in Vienna approaches, all eyes are on Saudi Arabia and its Gulf Arab allies in OPEC—Kuwait, United Arab Emirates, and Qatar—and their decisions on crude output levels. Will these four influential crude producers or won’t they, governments, energy companies, and industry observers worldwide ask, accede to the wishes of their fellow OPEC members and proactively rebalance the global crude market to save their fellow OPEC members’ faltering economies and energy industries? Are governments, energy companies, and industry observers asking the right question? Probably not: these four influential OPEC members should be worrying about...
  • Debbie's Dilemma: Democrats Drenched in Debt

    11/30/2015 2:27:26 AM PST · by Libloather · 30 replies
    Sunshine State News ^ | 11/27/15 | Nancy Smith
    As the fight to control the U.S. Senate intensifies, the Democratic National Committee finds it has a money problem -- as in, not enough of it. The DNC is now $2.2 million in debt. The committee that Florida Congresswoman Debbie Wasserman Schultz chairs disclosed last week it spent $5.25 million in the past month but only brought in $4.45 million in contributions. It ended the reporting period with just $4.7 million in cash on hand. Compare that to the $6.9 million in debts it owes. Including a $2 million loan from union-owned Amalgamated Bank, the debt grew this month from...
  • U.S Drillers’ Operating Loses Could Surge In 2016

    11/25/2015 9:27:01 AM PST · by bananaman22 · 3 replies
    Oilprice.com ^ | 25-11-2015 | Mike
    What do you do when all of the low hanging fruit is gone? That question is one that oil producers are increasingly facing as they confront an oil price slump that is now more than a year old and shows no serious signs of abating. With oil prices having fallen by nearly half over the last sixteen months, it is little wonder that oil companies found their balance sheets under pressure. From Exxon to Continental all oil companies have faced problems in maintaining their capital spending and more importantly, their profitability. In light of that, it is little wonder that...
  • The Obama Debt Tracker: eight trillion bucks of national debt under Obama in less than seven years

    11/16/2015 7:40:13 AM PST · by jpl · 12 replies
    United States Department of the Treasury ^ | Monday November 16, 2015 | United States Department of the Treasury
    On Thursday November 12, 2015 America's national debt hit the staggering total combined amount of $18.65 trillion. Since President Barack Hussein Obama was inaugurated into office a little less than seven years ago, the democrats, and a few spineless republican "leaders" in congress have increased the total combined national debt by more than $8 trillion: Date Debt Held by the Public Intragovernmental HoldingsTotal Public Debt Outstanding 01/20/2009 6,307,310,739,681.66 4,319,566,309,231.42 10,626,877,048,913.08 11/12/2015 13,422,684,032,364.47 5,226,340,763,474.31...
  • "US Debt Is 3 Times More Than You Think" Warns Former Chief US Accountant

    11/08/2015 11:14:13 AM PST · by SeekAndFind · 57 replies
    Zero Hedge ^ | 11/08/2015 | Tyler Durden
    In a shocking admission for most of mainstream America, the former U.S. comptroller general says the real U.S. debt is closer to about $65 trillion than the oft-cited figure of $18 trillion, thanks to unfunded liabilities which simply cannot be ignored. As The Hill reports, unless economic growth accelerates, he warns, "you’re not going to be able to provide the kind of social safety net that we need in this country," adding unequivocially that Americans have "lost touch with reality" when it comes to spending.As The Hill reports, Dave Walker, who headed the Government Accountability Office (GAO) under Presidents...
  • Baby boomers are what’s wrong with America’s economy

    11/06/2015 8:07:55 AM PST · by MadIsh32 · 184 replies
    Washington Post ^ | 11/05/2015 | Jim Tankersley
    If anyone deserves to pay more to shore up the federal safety net, either through higher taxes or lower benefits, it’s boomers — the generation that was born into some of the strongest job growth in the history of America, gobbled up the best parts, and left its children and grandchildren with some bones to pick through and a big bill to pay. Politicians shouldn’t be talking about holding that generation harmless. They should be asking how future workers can claw back some of the spoils that the “Me Generation” hoarded for itself.
  • ...while you were sleeping the Senate voted to steal $150 billion dollars from Social Security...

    11/04/2015 4:20:53 AM PST · by FR_addict · 99 replies
    Twitter ^ | Oct 30, 2015 | Sen. Mike Lee
    See Mike Lee's Twitter page and his facebook post
  • Recent Years' Federal Government Economic Data

    11/02/2015 5:04:29 PM PST · by WilliamofCarmichael · 2 replies
    Federal government agencies ^ | Nov. 2, 2015 | Free Republic
    This updates years 2007 - 2015 of an earlier post of Federal Government Economic Data covering several decades. Both include links to the government agencies' tables. Updates include additional foreign-born data and annualized data for 2015 using 3rd quarter data.
  • $20 trillion man: National debt nearly doubles during Obama presidency

    11/01/2015 7:10:12 PM PST · by amorphous · 57 replies
    The Washington Times ^ | 1 Nov 2015 | Dave Boyer
    When President Obama signs into law the new two-year budget deal Monday, his action will bring into sharper focus a part of his legacy that he doesn’t like to talk about: He is the $20 trillion man. Mr. Obama’s spending agreement with Congress will suspend the nation’s debt limit and allow the Treasury to borrow another $1.5 trillion or so by the end of his presidency in 2017. Added to the current total national debt of more than $18.15 trillion, the red ink will likely be crowding the $20 trillion mark right around the time Mr. Obama leaves the White...
  • Fed proposal puts $168b debt burden on big US banks

    10/31/2015 4:00:34 PM PDT · by aimhigh · 10 replies
    Straitstimes.com ^ | 10/31/2015 | Straitstimes.com
    The largest United States banks would face a US$120 billion (S$168 billion) total shortfall of long-term debt under a Federal Reserve proposal aimed at ensuring their failure would not hurt the broader financial system. The rule on total loss-absorbing capacity, or TLAC, is a key part of regulators' efforts to avoid another financial crisis. If US banks were to fail, investors in their stock would lose everything, but the debt would be converted into equity in a new, reconstituted bank under the plan.
  • Senate Approves Budget Deal and Here's How They Voted

    10/30/2015 3:01:01 PM PDT · by arista · 58 replies
    therightscoop.com ^ | 10/30/15 | The Right Scoop
    The Senate approved the horrible budget deal last night while most of us were asleep at 3am: Ted Cruz last night called this budget deal a corrupt betrayal of the people as he spoke over an hour and a half. The vote was mostly Democrats voting to pass it but a fair number of Republicans voted for it as well. Here's how they voted: YEAs: 64 Alexander (R-TN) Ayotte (R-NH) Baldwin (D-WI) Barrasso (R-WY) Bennet (D-CO) Blumenthal (D-CT) Booker (D-NJ) Boxer (D-CA) Brown (D-OH) Cantwell (D-WA) Capito (R-WV) Cardin (D-MD) Carper (D-DE) Casey (D-PA) Cochran (R-MS) Collins (R-ME) Coons (D-DE)...
  • A Promise Made Is A Debt Unpaid

    10/30/2015 8:43:42 AM PDT · by Sean_Anthony · 1 replies
    Canada Free Press ^ | 10/30/15 | Jimmy Reed
    The Bible is the ultimate lesson giver. This is certainly true in the story about Jephthah’s tragic mistake, which confirms Robert Service’s truth: A promise made is a debt unpaid. In Robert Service’s poem, “The Cremation Of Sam McGee,” one line reads, “A promise made is a debt unpaid,” which reminds me of a story told to me by my boyhood best friend and mentor, Jaybird, by far the best storyteller I have ever known. The old black man had a powerful memory, and never forgot any of the Biblical tales read to him by his children or me, and...
  • 6 TEXAS REPUBLICAN REPS JOIN WITH DEMS IN APPROVING DEBT CEILING INCREASE

    10/29/2015 8:41:24 AM PDT · by TexasCajun · 6 replies
    NewsBusters.org ^ | Oct 29, 2015 | Bob Price
    Six Texas Republican representatives joined with the eleven Democrats in the state’s congressional delegation to vote in favor of the bill to raise the debt ceiling. Nineteen Texas Republicans voted nay in attempting to block the measure. On a national level, 79 Republicans joined with all 187 Democrat members of the House to pass the measure back to the Senate. Rep. Kevin Brady (R-TX)64% voted in favor of the bill with the Democrats, according to GovTrack.us. He announced this week that he seeks to replace Rep. Paul Ryan (R-WI)58% as chairman of the House Ways and Means Committee. Ryan is...
  • In a dozen years there will be no money to fund the military, roads or education

    10/29/2015 5:53:48 AM PDT · by SleeperCatcher · 16 replies
    Freedom.news ^ | Oct. 28, 2015 | Jon E Dougherty
    (Freedom.news) Americans who believe that they will still be alive 12 years from today had better brace themselves for the coming economic catastrophe that is the end result of a bipartisan effort to evade fiscal responsibility. As reported by The Washington Free Beacon, in a recent interview with C-SPAN, Rep. Dave Brat, R-Va., dropped a bombshell that should have been top-of-the-hour news stories on every major news broadcast (but, of course, wasn’t). By 2027, said Brat, the federal government will only take in enough money to cover entitlement programs and interest on the already unimaginably massive (and still growing) U.S....
  • House Freedom Caucus will oppose the budget deal

    10/28/2015 10:07:08 AM PDT · by SeekAndFind · 40 replies
    Hotair ^ | 10/28/2015 | Jazz Shaw
    We found out earlier this morning that Paul Ryan has changed his mind and will reluctantly support the upcoming budget deal even though “the process stinks.” Rand Paul wants nothing to do with it and wants to filibuster it in the Senate. But will it even get that far? We found out from the House Freedom Caucus earlier today that they will be opposing the scheme for a variety of reasons. Washington, DC – The House Freedom Caucus issued the following statement related to the Bipartisan Budget Act of 2015, H.R. 1314:“The latest budget deal continues the sad pattern...
  • Boehner On Debt Ceiling Deal: Process "Stinks" But Alternative Was Default

    10/27/2015 8:54:34 AM PDT · by SeekAndFind · 44 replies
    Zero Hedge ^ | 10/27/2015 | Tyler Durden
    When we presented America's new debt ceiling of $19.6 trillion lasting through March 2017 last week... ... some took offense saying a debt ceiling deal is nowhere near done, and that the conservatives would at least put up a token fight. A few days later, the deal is virtually complete, the Freedom Caucus has been isolated, Paul Ryan never even got his hands dirty, and Boehner has caved one last time corporate/democratic prerogatives, precisely as we said would happen. Yes, the republicans will pretend to demand concessions, such as a balanced budet and other "sound money" conditions but they...
  • If It Quacks Like an $11 Billion State Taxpayer Liability Duck, because this debts on you

    10/27/2015 8:16:04 AM PDT · by MichCapCon · 3 replies
    Michigan Capitol Confidential ^ | 10/25/2015 | Tom Gantert
    Detroit Public Schools recently borrowed $78.5 million from a "Michigan Finance Authority," and the same day made payment on another loan of $107.8 million taken out last May. Yet Department of Treasury spokesman Terry Stanton said the state was not lending money to the Detroit school district. To be clear, the State is not loaning the district money. The Michigan Finance Authority (MFA) facilitates these transactions on behalf of the district, Stanton stated. ForTheRecord says: Thats the official line. Heres the reality: The Michigan Finance Authority is an administrative entity created by past legislatures to oversee various government lending programs....
  • $19.6 Trillion Debt Ceiling: Done Deal?

    10/27/2015 6:31:35 AM PDT · by Citizen Zed · 26 replies
    ZeroHedge.com ^ | 10-27-2015 | Tyler Durden
    Last week, when reviewing the next steps in the 2015 version of the debt ceiling "drama" we said that "that the only certain outcome from the melodramatic debt ceiling fight over the next several days, is the following: the US is about to have a brand spanking new debt ceiling, one that should last it until March of 2017: $19,600,000,000,000." Sure enough, with just days left until the November 3rd D-Day when the Treasury runs out of emergency cash and is forced to prioritize debt repayments over government spending, moments ago Politico reported that "congressional leaders and the White House...
  • No, the U.S. will not default on its debt, no matter what

    10/21/2015 4:21:47 AM PDT · by expat_panama · 30 replies
    Market Watch ^ | Oct 20, 2015 | Caroline Baum
    [snipets:]If the Congress doesn't increase the debt limit, the Bipartisan Policy Center has estimated that the Treasury will no longer be able to pay all the government's bills from the cash it has on hand sometime between Nov. 10 and 19. Give Treasury Secretary Jacob Lew credit for a modicum of restraint in using the D word. Thats D as in default.......Look what happened during the 2013 debt-limit showdown. Lew and President Barack Obama tried to use the threat of default to their political advantage: to get the Republicans to stop holding the debt limit hostage to other priorities; and...
  • GOP votes scarce on debt-ceiling hike

    10/20/2015 11:44:04 AM PDT · by SeekAndFind · 16 replies
    The Hill ^ | 10/20/2015 | By Peter Schroeder
    Speaker John Boehner (R-Ohio) has his work cut out for him in passing a bill to raise the $18.1 trillion debt ceiling. The lame-duck Speaker needs to win 30 Republican votes to lift the governments borrowing limit, even if the entire House Democratic Caucus votes with him. Boehner was only able to pull 28 votes the last time the House approved a clean debt-ceiling increase and one-third of those lawmakers have since left Congress. Now Boehner is even weaker politically, and he has little time to act. Treasury Secretary Jack Lew has urged Congress to raise the debt limit...
  • What Threatens Liberty and Increases Abortion, Human Trafficking, Government Debt, and Poverty?

    10/18/2015 9:44:16 AM PDT · by Kaslin · 7 replies
    Townhall.com ^ | October 18, 2015 | Calvin Beisner
    Conservatives, Christian and non-Christian alike, share concerns about civil and religious liberty, abortion and the sanctity of human life, human trafficking and pornography and how they damage families, fiscal responsibility in government, and poverty. What many dont know is that there are links between climate alarmism and every one of these issues. Let me take them in reverse order. First, climate alarmism undermines fiscal responsibility in government. Not only do governments around the world spend nearly $1 billion per day just on research into climate change, but also policies meant to reduce global warming would...