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  • Alternative to the U.S. News College Rankings

    08/31/2015 6:10:35 AM PDT · by Academiadotorg · 7 replies
    Accuracy in Academia ^ | August 29, 2015 | Spencer Irvine
    A welcome alternative to the U.S. News college rankings. If you’re looking for an alternative to the U. S. News rankings of colleges, the Washington Monthly offers one. texas a&m students The U. S. News rankings generally focus on how much money goes into colleges, which mostly benefits administrators. Conversely, the Washington Monthly also looked at what students get out of college. Thus, the Washington Monthly guide gives higher marks to lesser-known schools which those who look at the U. S. News rankings might normally not encounter. The Washington Monthly guide rated schools on, among other things: ~ Student loan...
  • Earth to Paul Krugman and The New York Times: Debt Is Not Good

    08/29/2015 5:05:03 AM PDT · by Kaslin · 19 replies
    Townhall.com ^ | August 29, 2015 | John C. Goodman
    Source: Source information located at the bottom of column. First the good news. The federal governmentÂ’s tax receipts are coming in at a rate somewhat higher than what was expected a few months ago. That means a shut-down-the-government debt limit stalemate will be pushed back until November or December. It also means that the federal debt will actually decline a bit this year. Now for the bad news. We are experiencing the calm before the storm. The Congressional Budget Office reported Tuesday that although our fiscal situation is improving, by 2018 we will snap back to swelling deficits and unsustainable...
  • Frustrated college graduate tries to sell her college diploma on eBay for $50,000 - [tr]

    08/27/2015 10:53:59 AM PDT · by C19fan · 87 replies
    UK Daily Mail ^ | August 27, 2015 | Carly Stern
    One recent college graduate is so frustrated with her lack of job prospects that she's attempting to sell off her college degree - for $50,000. Stephanie Ritter, a 26-year-old Florida State University alum, has listed her diploma on eBay for the staggering sum to cover the 'actual cost' of attending the school. Now $40,000 in debt and living in Southern California, Stephanie is fed up with being unable to find a job in her field, despite having a Bachelor's degree - so she's come up with a drastic solution to pay off her loans and 'validate my use of time...
  • Donald Trump may be good news for India

    08/24/2015 9:05:16 PM PDT · by Jyotishi · 11 replies
    Niti Central, niticentral.com ^ | Tuesday, August 25, 2015 | Sitaramarao Yechuri
    There have been many news stories in recent days about Donald Trump's proposed policy on H1-B visas and how that would be bad for India. Trump has advocated raising the minimum wage for H1-B visas, lowering the H1-B visa cap and generally making H1-B visas more difficult to obtain. Trump points out that his competitor Florida Senator Marco Rubio has introduced a bill to triple the H-1B visas and Trump contends that this would lower the average wage because the H1-B workers are willing to work harder for a lower wage because they want to get a green card. News...
  • Free College Is Not Free, Hillary

    08/23/2015 7:08:34 AM PDT · by Kaslin · 5 replies
    Townhall.com ^ | August 23, 2015 | Bruce Bialosky
    I hate to kick a lady when she is down, but once again Hillary has forced me to respond to her. This time it is her recent nonsense which she refers to as “The New College Compact” and the rest of us can refer to as Hillary’s “Get Out Of College for Free Card.” There is definitely a problem with the cost of college today. The massive debt is inhibiting recent graduates from buying their own homes and starting their own businesses. That there is a problem is agreed to universally except for all the freeloaders at universities sucking up...
  • School-Loan Reckoning: 7 Million Are in Default. 17% of all borrowers severely delinquent.

    08/22/2015 7:09:57 PM PDT · by SeekAndFind · 66 replies
    Wall Street Journal ^ | 08/22/2015 | By JOSH MITCHELL
    Nearly 7 million Americans have gone at least a year without making a payment on their federal student loans, a high level of default that suggests a widening swath of households are unable or unwilling to pay back their school debt. As of July, 6.9 million Americans with student loans hadn’t sent a payment to the government in at least 60 days, quarterly data from the Education Department shows.
  • Paul Krugman "What Ails The World Right Now Is That Governments Aren’t Deep Enough In Debt"

    08/22/2015 11:37:31 AM PDT · by SeekAndFind · 53 replies
    Zero Hedge ^ | 08/22/2015 | Tyler Durden
    This was written by a Nobel prize winning economist without a trace or sarcasm, irony or humor. It is excerpted, and presented without commentary.From the New York Times:Debt Is Good... the point simply that public debt isn’t as bad as legend has it? Or can government debt actually be a good thing?Believe it or not, many economists argue that the economy needs a sufficient amount of public debt out there to function well. And how much is sufficient? Maybe more than we currently have. That is, there’s a reasonable argument to be made that part of what ails the...
  • Staring into a void, investors pull cash from harm's way

    08/20/2015 5:29:26 PM PDT · by SkyPilot · 59 replies
    Yahoo Finance ^ | 20 Aug 15 | By Michael Santoli
    If nature abhors a vacuum, investors aren’t so crazy about them either. It’s hard to avoid all the voids right now. The August Wall Street vacation evacuation is well underway, markets are facing an absence of inflation, huge air pockets underneath commodities and emerging-market currencies – and a vexing lack of clarity about what the Fed might do in less than a month’s time. The collective response to this environment devoid of strong conviction has been to pull cash out of riskier markets and wait. Barclays Capital says more than $90 billion has sought the shelter of money-market funds in...
  • RANKED: The world's national debts, from safest to most risky

    08/14/2015 6:19:30 AM PDT · by SeekAndFind · 4 replies
    Business Insider ^ | 08/14/2015 | Ben Moshinsky
    Bank of America's Transforming World Atlas has loads of lovely infographics in it, but one of the most colourful is a map of the world's riskiest sovereign debt.The map uses the prices of credit-default swaps, which are derivatives that pay out if a borrower defaults.Here's the map:BAML Sovereign credit-default swaps have been used as a type of insurance against sovereign governments not paying back the money they owe. As with any insurance product, the more expensive it is, the more likely the event you're insuring against will happen soon.
  • If a corporate CFO acted like Obama, he'd be in jail

    08/13/2015 8:03:03 PM PDT · by MtnClimber · 9 replies
    American Thinker ^ | August 13, 2015 | Newsmachete
    In other words, if Congress won't lift the debt limit, Obama will keep spending anyway and report phony numbers...... And that is the most troubling part. A person can jump off a building and close his eyes and tell himself he is not falling. For a time, it will work. But eventually, it will be a fact that can no longer be denied. There are laws of physics that we are aware of, but there are also laws of economics. You cannot forever spend money you do not have. Eventually there will be a collapse. In the meantime, Obama commits...
  • Millennial hawk: Why the GOP needs to answer Hillary’s $350B college subsidy plan

    08/13/2015 5:23:27 PM PDT · by SeekAndFind · 34 replies
    Hotair ^ | 08/13/2015 | Ed Morrissey
    Forget the Twitter blog for emoji responses to how millennials feel about student debt. As the New York Daily News’ Alejandro Alba notes, the condescending approach didn’t generate much respect from Hillary Clinton’s target audience. The beleagured Democrat tried to shift attention to policy from the e-mail scandal, focusing on her $350 billion proposal to overhaul higher-education finances, which is in a shambles largely due to federal government intervention in the first place.Mission not accomplished: While some users thought the question was “relatable,” others believed the question was offensive and condescending.Many users began to reply to the tweet with...
  • Hillary Proposal: Let’s spend $350 billion to make college … affordable?

    08/11/2015 10:05:03 AM PDT · by SeekAndFind · 23 replies
    Hotair ^ | 08/11/2015 | Ed Morrissey
    Perhaps Hillary Clinton has a different definition of “affordable” than most of us. A plan that spends $350 billion can be defined as many things, but affordable is not on that list. Still, Hillary’s plan raises the stakes among a demographic that Democrats cannot afford to lose: Hillary Rodham Clinton will announce a $350 billion plan Monday to make college affordable and relieve the burden of student debt for millions of Americans, drawing on popular tenets of the progressive wing of the Democratic Party. …At the heart of the plan, dubbed the New College Compact, is an incentive program...
  • There's a big problem with the government's offer to 'forgive' your mountain of student-loan debt

    08/11/2015 7:53:27 AM PDT · by SeekAndFind · 56 replies
    Business Insider ^ | 08/11/2015 | JONATHAN GARBER AND ANDY KIERSZ
    Student-loan debt is a big problem. The latest Federal Reserve data shows there is nearly $1.3 trillion in outstanding student-loan debt in the US. In late 2009 and early 2010, student-loan debt passed auto loans, credit cards, and home-equity lines of credit as the biggest debt burden Americans face. According to Debt.org, "The latest studies say that 70% of college graduates leave school with student-loan debt that in 2014 averaged $33,000." Realizing graduates were struggling to repay their heavy debt burdens, the government announced a few plans that would allow student debt to be forgiven over time. The loan-forgiveness repayment...
  • Hillary’s College Plan: A Jigger’s Worth of Good Ideas, a Keg’s Worth of Bad Ones

    08/11/2015 7:02:45 AM PDT · by SeekAndFind · 7 replies
    National Review ^ | 08/11/2015 | The Editors
    It is oft-remarked that the Democratic party is less an ideological enterprise than a mere coalition of interest groups. This is certainly true when it comes to higher-education reform, which Democrats reliably approach from the perspective of giving more money to college students, more money to college graduates, and more money to colleges themselves — all three groups, of course, leaning to the left. The college plan Hillary Clinton announced today is not quite as bad as typical attempts, since it incorporates a few decent ideas from the right and center that did not make it into President Obama’s community-college...
  • Bernie Sanders is unveiling a free college tuition bill. Will it work?

    08/10/2015 11:38:14 AM PDT · by SeekAndFind · 47 replies
    CS Monitor ^ | 08/10/2015 | By Rowena Lindsay
    Presidential hopeful Sen. Bernie Sanders (D) of Vermont is planning to unveil a bill that, if passed, will make tuition at four-year public colleges and universities free. In addition to eliminating college tuition at public colleges, Mr. Sanders' bill would expand work-study programs, and seeks to lower student debt and student loan rates – a system modeled after those of European countries such as Germany, Sweden, and Denmark. Earlier this year, Sanders called for free tuition for college freshman and sophomores, and recently other liberal politicians have also taken up the cause of making college more affordable for American students...
  • Hillary Clinton Unveils $350 billion plan to kill college debt

    08/10/2015 11:27:27 AM PDT · by SeekAndFind · 58 replies
    Politico ^ | 08/10/2015 | By NIRVI SHAH and KIMBERLY HEFLING
    Hillary Clinton on Monday rolled out a sweeping higher education plan — a $350 billion proposal that would help millions pay for college and reduce interest rates for people with student loans. The plan, which would change the way a large swath of Americans pay for college, borrows ideas from the left and the right and even expands a program enacted by her husband. It includes ideas already being discussed in Congress and for which groundwork has been laid by the Obama administration. The proposal, dubbed the New College Compact, is unlikely to win over many in the GOP because...
  • The Story Of America's Debt In 6 Easy Graphics

    08/09/2015 10:34:59 AM PDT · by SeekAndFind · 5 replies
    Zero Hedge ^ | 08/08/2015 | Tyler Durden
    Despite incessant pundit parroting of the "deleveraging households" meme, America is and probably always will be, addicted to debt. If you need proof, have a look at the latest statistics on non-mortgage debt, which, thanks to America’s twin trillion-dollar bubbles, recently soared to its highest level in a decade. To wit, from HousingWire, citing Black Knight Financial:  What we’ve found is that mortgage holders today are carrying more non-mortgage debt than at any point in the past 10 years, with an average of $25,000 per borrower. That’s $1,400 more on average than one year ago, and nearly $2,600 more...
  • Donald Trump Once Proposed the Biggest Tax Hike Ever

    08/07/2015 2:01:35 PM PDT · by arista · 69 replies
    ABC News ^ | 8/6/15 | Jonathan Karl
    Donald Trump takes a lot of flak for failing to offer specific policy proposals, but there was a time when he offered a very specific tax plan -- one that raised taxes on the wealthy so much it might have made Bernie Sanders blush. In classic Trump fashion, the plan was big and bold. If enacted, Trump's plan would have been biggest tax hike, in total raw dollars, in history. In a word, it would have been huge. The year was 1999 and Trump was toying with the idea of running for President as a third party candidate. The idea,...
  • Puerto Rico's 'death spiral' can be traced back to one mistake

    08/07/2015 9:27:38 AM PDT · by SeekAndFind · 5 replies
    Business Insider ^ | 08/07/2015 | Linette Lopez
    Puerto Rico is $72 billion in debt, and it will take a painful process to bring the island's finances back from the brink. It's a massive debt load for such a small territory, and the problem can really be traced to one issue — bad tax policy. After Puerto Rico let one tax break for manufacturers expire almost a decade ago, manufacturers started shutting down operations on the island. That caused a spike in unemployment. On top of that, business-friendly tax policies for some of the companies that remained allowed multinational giants to pay tax rates of little more than...
  • Deflation, Debt And Gravity

    08/06/2015 3:38:28 PM PDT · by blam · 14 replies
    The Market Oracle ^ | 8-6-2015 | Raul_I_Meijer
    August 06, 2015 Raul_I_Meijer Far too many people have already used lines like “We Are All Greeks Now” for the words to hold on to much if any meaning by now. But it’s still a very accurate description of what awaits us all. Just not for the same reasons most who used it, did. No, I don’t really want to talk about Greece again. I want to talk about where you live. And about how similar the two will be not too long from now. How Greece is holding up a lesson and a big red flashing warning sign for...
  • Liberal defenders of the poor still fascinated with Scott Walker’s credit card debt

    08/04/2015 5:38:33 PM PDT · by SeekAndFind · 23 replies
    Hotair ^ | 08/04/2015 | Jazz Shaw
    I suppose Scott Walker is still polling a little too well for the comfort level of liberal commentators. If that weren’t the case, one wonders if they would still be so obsessed with the financial situation of one of the least wealthy candidates for the presidency. But since this tired story is being whipped up for another lap around the campaign track, let’s check in on the latest financial burdens being discussed around the kitchen table in the Walker household. (National Journal) Gov. Scott Walker has two credit-card debts of more than $10,000 apiece on separate cards and is...
  • Puerto Rico defaults on debt repayment in first for a US commonwealth

    08/03/2015 2:47:20 PM PDT · by SeekAndFind · 12 replies
    The Guardian ^ | 08/03/2015
    Puerto Rico missed its first debt repayment on Monday, the first time the troubled US commonwealth has failed to pay its bills. The island paid just $628,000 toward a $58m debt due to creditors of its Public Finance Corporation. While the default was expected, it is likely to worsen the financial situation for the island as it struggles with debts estimated at $72bn.
  • Puerto Rico defaults on $58M debt payment

    08/03/2015 2:41:51 PM PDT · by tcrlaf · 25 replies
    UPI ^ | 8-4-2015 | Danielle Haes
    Puerto Rico paid only $628,000 on a $58 million debt bill due Monday, putting the country into default for the first time. The country's Government Development Bank was supposed to make the full payment on its Public Finance Corporation debt service, but failed to do so. Moody's said it considers the lack of payment a default, CNBC reported. "Due to the lack of appropriated funds for this fiscal year the entirety of the PFC payment was not made today (the first business day after the Saturday deadline)," GDB President Melba Acosta-Febo said in a statement.
  • Puerto Rico Decides to Skip Bond Payment

    08/03/2015 1:59:20 PM PDT · by C19fan · 18 replies
    NY Times ^ | August 3, 2015 | Mary Williams Walsh
    Puerto Rico chose not to make a $58 million bond payment on Monday, a move that essentially amounted to a default for the first time in its 117 years as a United States possession. Although the territory did make a payment on the interest of about $628,000, it said it lacked the funds to make the full payment.
  • Greek Debt Crisis Adds to a Spike in Burglaries and Robberies

    07/31/2015 6:39:30 PM PDT · by familyop · 3 replies
    The New York Times ^ | JULY 31, 2015 | ANEMONA HARTOCOLLIS
    One evening three weeks ago in Kifissia, an affluent garden suburb of Athens, a retired financial adviser and his wife decided to take in one of the delights of summer here, an outdoor movie. They pulled tight the shutters, set the alarm, locked the house and strolled off. Halfway through the movie the alarm company called, and they rushed home to find the alarm immersed in a bucket of water, the shutters jimmied and a safe emptied of jewelry. The speed and sophistication of the crime were astonishing, the financial adviser’s wife said, still feeling vulnerable and not willing to...
  • Debt Slaves: 7 Out Of 10 Americans Believe That Debt ‘Is A Necessity In Their Lives’

    07/31/2015 11:02:38 AM PDT · by SeekAndFind · 58 replies
    EAD ^ | 07/31/2015 | Michael Snyder
    Could you live without debt? Most Americans say that they cannot. According to a brand new Pew survey, approximately 7 out of every 10 Americans believe that “debt is a necessity in their lives”, and approximately 8 out of every 10 Americans actually have debt right now. Most of us like to think that “someday” we will get out of the hole and quit being debt slaves, but very few of us ever actually accomplish this. That is because the entire system is designed to trap us in debt before we even get out into the “real world” and keep...
  • [Church of Scientology Press Release] Medicare at 50 - Still Flawed, After All These Years

    Medicare at 50--Still Flawed, After All These Years ST. PAUL, Minn.—This Thursday, Medicare will mark a milestone—50 years since it was signed into law by President Lyndon B. Johnson on July 30, 1965. Designed as part of LBJ’s “Great Society” initiative, Medicare was intended to provide low-cost hospitalization and medical insurance for the nation’s elderly. But the program has been in crisis for years and needs an escape plan, not a rescue plan, says Twila Brase, president and co-founder of Citizens’ Council for Health Freedom (CCHF, www.cchfreedom.org), a national organization dedicated to preserving patient-centered health care and protecting patient and...
  • U.S. Bank Stadium could be coming in over budget, Duane Benson discusses future

    07/25/2015 1:31:29 PM PDT · by TurboZamboni · 20 replies
    kttc ^ | 7-23-15 | Ali Killam
    Some controversy is swirling around the new Vikings Stadium, as some are saying the project could be millions of dollars over budget. One member of the Minnesota Sports Facilities Authority is speaking out on the issue and facing opposition from other members. Duane Benson has served as the MSFA treasurer since the group's inception back in 2012, however, he is preparing to leave the group in light of recent turmoil and says the $1.1 billion project's finances are anything but in order at the moment. As the groundbreaking project continues to break the bank, Benson says there is a problem--perhaps...
  • This Is Why A Serious Decline In U.S Shale Plays Is Not Far Away

    07/24/2015 11:13:14 AM PDT · by bananaman22 · 12 replies
    Oilprice.com ^ | 24-07-2015 | KingKurt
    The plunge in oil prices last year led many to say that a decline in U.S. oil production wouldn't be far behind. This was because almost all the growth in U.S. production in recent years had come from high-cost tight oil deposits which could not be profitable at these new lower oil prices. These wells were also known to have production declines that averaged 40 percent per year. Overall U.S. production, however, confounded the conventional logic and continued to rise--until early June when it stalled and then dropped slightly. Anyone who understood that U.S. drillers in shale plays had large...
  • America’s government debt bomb [But No, we're not the next Greece]

    07/20/2015 4:54:30 AM PDT · by SeekAndFind · 10 replies
    Washington Times ^ | 07/20/2015 | Stephen Moore
    I’m asked every day if America is the next Greece or Detroit or Puerto Rico — and the answer is an unequivocal no. The U.S. economy — especially the private sector — is structurally very healthy. That wasn’t the case on the eve of the great financial meltdown of 2008 when American companies and households were leveraged up to their eyebrows. What’s different today from eight years ago is that now it’s the government that’s in the fiscal intensive care unit while companies and households have rebooted. The stunning improvement in business and family balance sheets is arguably the most...
  • Commodities crash could turn Australia into a new Greece

    07/19/2015 2:51:40 PM PDT · by BlopAndStop · 9 replies
    The Telegraph ^ | 19 July 2015 | Andrew Critchlow
    Last month Gina Rinehart, Australia’s richest woman and matriarch of Perth’s Hancock mining dynasty delivered an unwelcome shock to her workers in Western Australia: accept a possible 10pc pay cut or face the risk of future redundancies. Ms Rinehart, whose family have accumulated vast wealth from iron ore mining, has seen her fortune dwindle since commodity prices began their inexorable slide last year. The Australian mining mogul has seen her estimated wealth collapse to around $11bn (Ł7bn) from a fortune that was thought to be worth around $30bn just three years ago. This colossal collapse in wealth is symptomatic of...
  • Pension Shocker: Plans Face $2 Trillion Shortfall, Moody's Says

    07/18/2015 6:25:47 PM PDT · by SeekAndFind · 28 replies
    Zero Hedge ^ | 07/18/2015 | Tyler Durden
    Last month, in "Cities, States Shun Moody's For Blowing The Whistle On Pension Liabilities," we highlighted a rift between Moody’s and some local governments over the return assumptions for public pension plans. To recap, when it comes to underfunded pension liabilities, one major concern is that in a world characterized by ZIRP and NIRP, it’s not entirely clear that public pension funds are using realistic investment return assumptions. The lower the return assumption, the larger the unfunded liability. After 2008, Moody’s stopped relying on the investment return assumptions of cities and states opting instead to use its own models....
  • The Bankruptcy Of The Planet Accelerates – 24 Nations Are Currently Facing A Debt Crisis

    07/18/2015 6:20:56 PM PDT · by SeekAndFind · 8 replies
    There has been so much attention on Greece in recent weeks, but the truth is that Greece represents only a very tiny fraction of an unprecedented global debt bomb which threatens to explode at any moment. As you are about to see, there are 24 nations that are currently facing a full-blown debt crisis, and there are 14 more that are rapidly heading toward one. Right now, the debt to GDP ratio for the entire planet is up to an all-time record high of 286 percent, and globally there is approximately 200 TRILLION dollars of debt on the books. That...
  • The True Cost of Immigration

    07/17/2015 6:37:48 AM PDT · by Sean_Anthony · 2 replies
    Canada Free Press ^ | 07/17/15 | Arnold Ahlert
    Our unsustainable predicament Democrats, along with a number of equally feckless Republicans, are extolling the virtues of “comprehensive immigration reform.” Such jargon obscures their real agenda, which is the abandonment of the rule of law in favor of a political expediency that benefits the ruling class and its campaign contributors. A ruling class and campaign contributors who seek to “fundamentally transform the United States of America” into a nation where progressive power is permanent, and cheap labor is plentiful. Hence, while those virtues are put front and center before the public, the vices associated with illegal immigration are relegated to...
  • Our Economy Is More Like China’s and Europe’s Than We Care to Admit

    07/16/2015 5:05:53 AM PDT · by SeekAndFind · 2 replies
    National Review ^ | 07/16/2015 | Kevin Williamson
    In 2015, the human race will create about $75 trillion in economic output, well more than half of which will be the product of the three largest economies: those of the United States ($18 trillion), the European Union ($16 trillion), and China ($11 trillion). Two of those economies are in the midst of serious economic and political crises. The other is in the grip of something much more difficult to overcome: complacency. Europe is being convulsed by a debt crisis in which Greece is, for the moment, the lead player, but which very well may grow much more intense if...
  • A Scary Thought: Could America Become the Next Greece?

    07/15/2015 12:25:36 PM PDT · by SeekAndFind · 26 replies
    The National Interest ^ | 07/15/2015 | Romina Boccia
    In June, Greece defaulted on a €1.73 billion payment to the International Monetary Fund. In a national referendum shortly thereafter, the Greeks strongly rejected European conditions for receiving yet another bailout. For the first time in the Eurozone’s history, the exit of one of its member countries became a very real possibility. [SNIP] While there are important differences between the U.S. and Greek economies, policy makers and the public should be concerned with the dismal U.S. fiscal outlook. The Congressional Budget Office (CBO) estimates in its alternative fiscal scenario that U.S. publicly held debt will grow to 180 percent (exceeding...
  • And Now Italy – Non-Performing Bank Loans Hit a New Record High

    07/15/2015 8:26:07 AM PDT · by SeekAndFind · 4 replies
    Acting Man ^ | 07/15/2015 | Pater Tenebrarum
    While all Eyes are on Greece, Italy’s Banks are Drowning in Bad Debt The real danger to the euro area probably doesn’t emanate from Greece, but from two of its heavyweights, namely France and Italy. A small note in the European press reminds us that all is not well in at least one of these countries, least of all with its banks (currently this is only a “page 16 story”, but it has great potential to eventually move to the front page). Regional distribution of non-performing loans in Italy The note reads as follows:  “Rome – because of the recession of recent...
  • The U.S. and Greece: Far Too Much in Common

    07/15/2015 7:29:57 AM PDT · by SeekAndFind · 3 replies
    National Review ^ | 07/15/2015 | Michael Tanner
    Our situation is nowhere near as bad as Greece’s — but it’s bad enough. Last week, Keith Hall, director of the Congressional Budget Office, told Congress that the United States could be facing a Greek-style debt crisis down the road. “Unfortunately,” Hall testified, “there is no way to predict confidently whether or when such a fiscal crisis might occur in the United States. . . . But all else being equal, the larger a government’s debt, the greater the risk of a fiscal crisis.” That’s not exactly a ringing vote of confidence. Obviously there are big differences between the U.S....
  • Why a Financial Collapse Is a Certainty

    07/14/2015 6:26:33 PM PDT · by SkyPilot · 53 replies
    Rapture Ready ^ | Matt Ward
    There is an unsolvable problem at the heart of our financial system. The outcome of this problem is inevitable. The joblessness, increasing debt and recession that we see now is only the first stage of a crisis that is certain to come soon. Everything about our way of life is about to change. Many people believe that today is as bad as it will get and that things will not get worse. The truth is that this is just the start of what is about to unfold. We will all be witnesses to the real consequences of this coming collapse...
  • Should Congress Abolish the Federal Debt Limit?

    07/14/2015 3:57:37 AM PDT · by expat_panama · 35 replies
    Real Time Ec onomics ^ | Jul 10, 2015 | Nick Timiraos
    The U.S. Treasury has been using emergency measures to avoid breaching the federal borrowing limit since March. Is it time to ditch the debt ceiling?The Government Accountability Office raises that question in a new report that both quantifies the damage caused by past episodes of debt-ceiling brinksmanship and offers Congress with possible ways out.The report is particularly relevant right now because the U.S. Treasury has been using emergency measures to avoid breaching the federal borrowing limit since March. Budget analysts estimate that it can use those measures, such as halting certain pension investments, until it is unable to borrow money sometime in November...
  • For America's economy, the end is nigh [Fundamental Transformation Complete]

    07/13/2015 3:47:47 PM PDT · by Jan_Sobieski · 31 replies
    World Net Daily ^ | 7/12/2015 | Lord Monckton
    ...Mr. Obama’s mission to destroy America’s economy is complete. The damage he has done is irreversible. The dollar is history. The American economy is going down, and soon. The posh commentators say the collapse will be gradual rather than sudden. But few are now predicting there will not be collapse at all. Here are just some of the pointers. First and foremost, U.S. public debt is $18.3 trillion. By the time Mr. Obama leaves the White House late next year, he will have doubled it in a single “presidency.” On top of that, Uncle Sam has unfunded liabilities of at...
  • What Assets Did Greece Just Hand Over To Europe: "Airports, Airplanes, Infrastructure ...

    07/13/2015 8:55:22 AM PDT · by SeekAndFind · 23 replies
    Zero Hedge ^ | 07/13/2015 | Tyler Durden
    The Simpsons had it right all along: With the provocative and dramatic Greek "time out" language pulled from the final finmin and summit draft language, the two most humiliating aspects of the latest extend and pretend "deal" for the Greek people will be the return of the Troika's (surely we can call it the Troika again as part of the Greek capitulation) IMF mission to Athens, and the escrowing of some €50 billion in  Greek assets in a liquidation fund. Granted said fund will not be domiciled in Luxembourg as was originally envisioned, but Europe will still have control and...
  • European Leaders Reach Agreement to Resolve Greek Debt Crisis

    07/13/2015 5:09:22 AM PDT · by afraidfortherepublic · 11 replies
    New York Times ^ | 7-13-15 | JAMES KANTER and ANDREW HIGGINS
    BRUSSELS — Greece and its European creditors announced an agreement here on Monday that aims to resolve the country’s debt crisis and keep it in the eurozone, but that will require further budgetary belt-tightening that Primes Minister Alexis Tsipras could have trouble selling back in Athens. The agreement does not guarantee that Greece will receive its third bailout in five years. But it does allow the start of detailed negotiations on a new assistance package for Greece. One open question is whether the deal gives enough confidence to the European Central Bank to let it continue channeling sorely needed emergency...
  • Greece debt crisis: Eurozone summit strikes deal (Nullify Greek Vote)

    07/13/2015 4:51:34 AM PDT · by Enlightened1 · 8 replies
    BBC ^ | 07/13/15
    Eurozone leaders have agreed to offer Greece a third bailout, after marathon talks in Brussels. Amid one of the worst crises in the EU's history, the head of the European Commission said the risk of Greece leaving the eurozone had been averted. Greek Prime Minister Alexis Tsipras said that after a "tough battle", Greece had secured a "growth package" and debt restructuring. Greece will now have to pass reforms demanded by the eurozone by Wednesday. These include measures to streamline pensions, raise tax revenue and liberalise the labour market. An EU statement spoke of up to €86bn (Ł61bn) of financing...
  • Greece is a victim of its own cronyism and corruption

    07/13/2015 3:22:29 AM PDT · by familyop · 9 replies
    The Telegraph ^ | 10 Jul 2015 | Pavlos Eleftheriadis
    Starting in the Eighties populist spending and cronyism became the norm for both main parties, PaSoK and the conservative New Democracy party, which followed Papandreou’s practices when it returned to power in the 1990s. The civil service became part of the spoils of government. There was no room for universal benefits or long-term strategies of assisting the poor. Everyone was out to secure the best short-term outcome for themselves. The big winners were the public sector unions, the utility companies’ unions and the professionals: doctors, lawyers, engineers, pharmacists. The economy remained closed and protectionist, working largely for the benefit of...
  • CBO: Debt Headed To 103% GDP; Only Time That High Was WWII; Financial Crisis Could Strike Any Moment

    07/10/2015 6:05:02 PM PDT · by E. Pluribus Unum · 11 replies
    PatDollard.com ^ | 07/10/2015 | Darby Crash
    (CNSNews.com) – Testifying in the U.S Senate yesterday, Congressional Budget Office Director Keith Hall warned that the publicly held debt of the U.S. government, when measured as a percentage of Gross Domestic Product, is headed toward a level the United States has seen only once in its history—at the end of World War II.To simply keep the debt at the high historical level where it currently sits—74 percent of GDP–would require either significant increases in federal tax revenue or decreases in non-interest federal spending (or a combination of the two).Historically, U.S. government debt as a percentage of GDP hit its...
  • CBO: Debt Headed to 103% of GDP; Level Seen Only in WWII

    07/10/2015 5:24:07 PM PDT · by John W · 6 replies
    csnnews.com ^ | July 10, 2015 | Terence P. Jeffrey
    Testifying in the U.S Senate yesterday, Congressional Budget Office Director Keith Hall warned that the publicly held debt of the U.S. government, when measured as a percentage of Gross Domestic Product, is headed toward a level the United States has seen only once in its history—at the end of World War II. To simply keep the debt at the high historical level where it currently sits—74 percent of GDP--would require either significant increases in federal tax revenue or decreases in non-interest federal spending (or a combination of the two).
  • CBO: Debt Headed to 103% of GDP; Level Seen Only in WWII; 'No Way to Predict Whether or When' Fiscal

    07/10/2015 5:39:41 PM PDT · by Nachum · 23 replies
    cns news ^ | 7/10/15
    (CNSNews.com) - Testifying in the U.S Senate yesterday, Congressional Budget Office Director Keith Hall warned that the publicly held debt of the U.S. government, when measured as a percentage of Gross Domestic Product, is headed toward a level the United States has seen only once in its history—at the end of World War II. To simply keep the debt at the high historical level where it currently sits—74 percent of GDP--would require either significant increases in federal tax revenue or decreases in non-interest federal spending (or a combination of the two). Historically, U.S. government debt as a percentage of GDP...
  • America, Like Greece, May End with a Lawless Whimper

    07/10/2015 8:45:26 AM PDT · by SeekAndFind · 5 replies
    National Review ^ | 07/10/2015 | Victor Davis Hanson
    Barbarians at the gate usually don’t bring down once-successful civilizations. Nor does climate change. Even mass epidemics such as the plague that decimated sixth-century Byzantium do not necessarily destroy a culture. Far more dangerous are institutionalized corruption, a lack of transparency, and creeping neglect of existing laws. All the German euros in the world will not save Greece if Greeks continue to dodge taxes, featherbed government, and see corruption as a business model. Even obeying so-called minor laws counts. It is no coincidence that a country where drivers routinely flout traffic laws and throw trash out the window is also...
  • A Greek Tragedy: Could Federal Debt Turn the United States into Greece?

    07/10/2015 5:37:34 AM PDT · by Kaslin · 19 replies
    Townhall.com ^ | July 10, 2015 | Allen West
    Editor’s Note: This column was coauthored by Geno Lattus. The perfect formula for financial crisis: Imagine a country that spends more than it makes and continues to borrow to make up the difference, leaving it forever catching up on debt payments because of mounting interest. Another analysis on the Greek crisis? No. The United States is running its government in the same fundamental way as Greece and a meltdown may be coming soon. The Greek Formula. Greece recently defaulted on a $1.8 billion debt payment to the International Monetary Fund (IMF). After borrowing large sums, big bailouts and profligate government...