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Keyword: fiscalcliff

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  • US DoJ hits Deutsche Bank with record $14bn fine

    09/17/2016 6:43:40 AM PDT · by Olog-hai · 14 replies
    TheLocal.de ^ | 17 Sep 2016 08:55 GMT+02:00 | AFP
    US authorities are targeting Deutsche Bank for a record $14 billion fine, mark(ing) the latest blow to Germany’s biggest lender, which since the 2008 financial crisis has run a gauntlet of setbacks. The weighty demand from the Department of Justice (DoJ) comes after Deutsche has already paid out billions in fines over interest-rate fixing and sanctions violations, and as it battles through some 8,000 ongoing legal cases and a painful restructuring. […] Deutsche Bank is among several major financial institutions accused by US authorities of misleading investors about the values and quality of complex mortgage-backed securities sold before the 2008...
  • Obama’s Tax Collections Surpass $20,000,000,000,000; Still Runs Up Debt by $8,878,290,996,028

    09/14/2016 5:20:00 AM PDT · by Olog-hai · 12 replies
    Cybercast News Service ^ | September 13, 2016 | 2:45 PM EDT | Terence P. Jeffrey
    With the additional $231,327,000,000 in taxes that the U.S. Treasury collected in August, according to the Monthly Treasury Statement released today, President Barack Obama has now presided over more than $20,000,000,000,000 in federal tax collections during the 91 full months he has served in the Oval Office. From February 2009 through August 2016, the Treasury collected approximately $20,197,437,000,000 in tax revenues (in non-inflation-adjusted dollars), according to the Monthly Treasury Statements. During those same 91 months, the federal debt rose from $10,632,005,246,736.97 to $19,510,296,242,765.66—an increase of $8,878,290,996,028.69. …
  • The shipping industry sinks as global trade slows

    08/31/2016 9:31:00 PM PDT · by Olog-hai · 17 replies
    Marketplace Business News ^ | August 31, 2016 | 11:12 AM | Ashley Milne-Tyte
    Today a big Korean shipping company called Hanjin declared bankruptcy. It may be far away, but that move is a testament to an industry in trouble. Volume is way down all over the world as trade remains sluggish. Add to that the fact that just as demand wanes, a whole load of new vessels come online, and there’s a problem. Shipping hit a crisis in 2008 as demand for goods plunged. It’s never fully returned. John Butler is CEO of the World Shipping Council. He said after the financial crisis, when oil prices were spiking, “There was an expectation that...
  • Federal Taxes Did Not Set Record Through June; $400,847,000,000 Deficit for First 9 Months of FY16

    07/14/2016 12:25:29 PM PDT · by Olog-hai · 15 replies
    Cybercast News Service ^ | July 14, 2016 | 2:36 PM EDT | Terence P. Jeffrey
    The federal government collected approximately $2,468,827,000,000 in tax receipts in the first nine months of fiscal 2016 (October through June), according to the Monthly Treasury Statement released today. Unlike May, when the federal government set a record for inflation-adjusted tax revenues collected in the first eight months of a fiscal year, the federal taxes collected through June did not set a record for inflation-adjusted tax revenues in the first nine months of a fiscal year. While bringing in $2,468,827,000,000 in tax revenues during the first nine months of fiscal 2016, the federal government spent approximately $2,869,674,000,000—running a deficit of $400,847,000,000....
  • Republican ex-Treasury chief Paulson slams Trump, to vote for Clinton

    06/25/2016 7:28:18 AM PDT · by Olog-hai · 90 replies
    Reuters ^ | Fri Jun 24, 2016 8:37pm EDT | Eric Beech
    Henry Paulson, a Republican who was U.S. Treasury secretary during the 2008 financial meltdown, on Friday called a Donald Trump presidency “unthinkable” and said he will vote for Democrat Hillary Clinton. Paulson joins a growing list of establishment Republicans who say they will not cast a ballot in the Nov. 8 election for Trump, the party’s presumptive nominee and a political neophyte whose populist rhetoric runs counter to many long-held Republican principles. […] “I’ll be voting for Hillary Clinton, with the hope that she can bring Americans together to do the things necessary to strengthen our economy, our environment and...
  • Nation's largest banks all pass Fed's 'stress tests'

    06/23/2016 10:48:30 PM PDT · by Olog-hai · 7 replies
    Associated Press ^ | Jun 23, 2016 5:36 PM EDT | Ken Sweet
    The largest U.S. financial institutions have enough armor to withstand the turmoil of a major and prolonged national and global recession, the Federal Reserve said Thursday. The central bank’s annual “stress tests” show that the 33 largest financial institutions — including JPMorgan Chase, Citigroup, Bank of America and Wells Fargo — all hold more capital than at any time since the 2008 financial crisis. They also hold enough capital that, even if faced with billions of dollars in losses from loans as a result of an economic crisis, they would continue to function. The stress tests were created in the...
  • Janet Yellen says Fed could raise rates in coming months

    05/27/2016 4:16:45 PM PDT · by Olog-hai · 33 replies
    Associated Press ^ | May 27, 2016 4:08 PM EDT
    Federal Reserve Chair Janet Yellen said Friday that an interest rate hike would be appropriate in the coming months if the economy keeps improving. While economic growth was relatively weak at the end of last year and beginning of this year, it appears to be picking up now based on recent data, Yellen said during a discussion at Harvard University. She said she expects the Fed to “gradually and cautiously increase” its key interest rate “and probably in the coming months, such a move would be appropriate.” …
  • Speaker Ryan Booed at Trump Rally in Speaker's Wis. Hometown

    03/29/2016 5:23:27 PM PDT · by cotton1706 · 56 replies
    newsmax.com ^ | 3/29/16 | Todd Beamon
    Speaker Paul Ryan was booed Tuesday after Republican presidential front-runner Donald Trump mentioned him during a rally in his hometown in Wisconsin. "How do you like Paul Ryan?" Trump asked supporters at a rally in Janesville, The Hill reports. "You like him?" The boos overtook the cheers inside the Janesville Conference Center. "I was told to be nice to Paul Ryan," the developer added. "He's the speaker, he's a nice guy. "He called me the other day. He was very nice." Trump then asked the crowd whether they were Republicans and conservative. The supporters cheered in response to both questions,...
  • Job totals trail pre-recession levels in 10 US states

    03/25/2016 9:22:44 AM PDT · by Olog-hai · 6 replies
    Associated Press ^ | Mar. 25, 2016 12:18 PM EDT | Christopher S. Rugaber
    Ten U.S. states still have not regained all the jobs they lost in the Great Recession, even after six and a half years of recovery, while many more have seen only modest gains. […] Wyoming had 3 percent fewer jobs last month than it did in December 2007, when the recession began, the Labor Department said Friday. That is the biggest percentage decline among the states. Alabama's job total trails its pre-recession level by 2.7 percent, followed by New Mexico, where job totals are 2.6 percent lower. Some larger states are also still behind. New Jersey has nearly 1 percent...
  • House GOP likely to move ahead with budget plan

    03/14/2016 7:59:02 PM PDT · by Olog-hai · 28 replies
    Associated Press ^ | Mar. 14, 2016 10:07 PM EDT | Andrew Taylor
    Republicans controlling the House are pressing ahead with an annual fiscal measure despite hardening opposition from tea party conservatives over its endorsement of higher spending permitted by last year’s bipartisan budget and debt deal. Several GOP lawmakers exiting a Monday evening strategy session said House Budget Committee Chairman Tom Price is expected to unveil a 10-year budget plan on Tuesday and hold a committee vote this week. The committee confirmed later Monday that it is moving ahead. […] Price, R-Ga., has worked hard to try to develop consensus but has so far been stymied by several dozen conservatives who continue...
  • Obama Blames Republicans For Slow Economic Recovery

    03/04/2016 4:13:43 PM PST · by Nachum · 38 replies
    daily caller ^ | 3/4/16 | Connor D. Wolf
    President Barack Obama responded to reports of slow job growth Friday by blaming Republicans who have opposed parts of his economic agenda. The Bureau of Labor Statistics (BLS) report found the economy added 242,000 new jobs in February. The latest number highlights a long-running trend of slow, yet positive, economic growth. Obama credits the growth to his agenda but its slowness to Republicans for their opposition to his plan. “The plans that we have put in place to grow the economy have worked,” the president declared in the Oval Office. “They would work even faster if we did not have...
  • Obama accuses economy skeptics of living in ´alternative reality´

    03/04/2016 3:24:56 PM PST · by Nachum · 22 replies
    Washington Examiner ^ | 3/4/16 | Joseph Lawler
    (Video) Political candidates who are telling voters that the economy is bad are living in an "alternative reality," President Obama said Friday. Touting the jobs report Friday morning that showed relatively strong growth, Obama accused people skeptical of the economy of engaging in "fantasy." "There seems to be an alternative reality from some of the political folks that America´s down in the dumps. It´s not. America´s pretty darn great right now," Obama said in brief remarks delivered at the White House. Obama boasted that the unemployment rate remained below 5 percent in February while 1.5 million workers have entered the
  • Fed proposes rules to boost stability of financial system

    03/04/2016 2:33:51 PM PST · by Olog-hai · 13 replies
    Associated Press ^ | Mar. 4, 2016 5:26 PM EST | Martin Crutsinger
    The Federal Reserve has put forward new rules aimed at addressing one of the primary causes of the 2008 financial crisis -- the financial exposures that the biggest banks had with each other. The Fed is proposing new limits on that exposure. It hopes the new rules will prevent the type of crisis that engulfed the U.S. financial system in September 2008 when the collapse of Lehman Brothers raised fears about the stability of other banks that had made loans to Lehman. [...] The rules would implement a portion of the Dodd-Frank Act passed by Congress in 2010 in response...
  • In Defense of the GOP Establishment [Understanding the limitations of what they have to work with]

    02/03/2016 8:04:34 AM PST · by SeekAndFind · 21 replies
    American Thinker ^ | 02/03/2016 | James Arlandson
    When you were a rowdy teen, your parents were the Establishment. Now that you're a parent, what are you? The anti-establishment, cool parent? Not likely. Rather, you're a grownup who tries to keep the peace in your discordant household; who tries to negotiate among self-interested, imperfect family members who have competing goods and goals; and who tries to instill a long-range vision for the future in your desire-ridden family who wants instant self-gratification. Welcome to the Establishment. You're a bona fide member now. Here's a defense of the amorphous, notional Establishment, as I see it, if it even exists in...
  • Federal Debt Just Exceeded $19 Trillion: $58,000 for Each Person in U.S.

    02/03/2016 2:41:30 PM PST · by Olog-hai · 43 replies
    Cybercast News Service ^ | February 3, 2016 | 10:18 AM EST | Romina Boccia
    On Monday the U.S. national debt hit a new record: $19,012,827,698,418. This is the first time the national debt has ever exceeded $19 trillion. That's more than $58,000 for each person who lives in the U.S. today (including children). The main culprit behind the rising deficits and debt is growing federal spending--especially among Social Security, Medicare, Medicaid, and Obamacare. Traditionally, Congress has set a limit for how much debt the U.S. may take on, known simply as the debt limit. But rather than put a higher limit on the debt, lawmakers and the president have repeatedly suspended the debt limit,...
  • Ryan calls for unity, less anger from his fractious GOP (trouble in RINOland)

    02/03/2016 10:32:26 AM PST · by Olog-hai · 34 replies
    Associated Press ^ | Feb 3, 2016 11:07 AM EST | Alan Fram
    House Speaker Paul Ryan called on Republicans Wednesday to stop fighting angrily among themselves and not to be distracted by guns or other "hot-button" issues that President Barack Obama raises this election year. "We can't fall into the progressives' trap of acting like angry reactionaries," Ryan, R-Wis., said at a Heritage Action for America policy meeting. "The left would love nothing more than for a fragmented conservative movement to stand in a circular firing squad, so the progressives can win by default." ...
  • House GOP in election-year probe of presidential 'overreach'

    01/12/2016 9:26:36 PM PST · by Olog-hai · 16 replies
    Associated Press ^ | Jan 12, 2016 4:53 PM EST | Alan Fram
    House Republicans said Tuesday that they will launch an election-year study of what they say has been executive overreach by President Barack Obama and other recent presidents. House Judiciary Committee Chairman Bob Goodlatte, R-Va., said that his panel would vote in coming weeks on creating a task force to conduct the investigation. Goodlatte said the probe would be led by Iowa Republican Rep. Steve King, a conservative and frequent Obama critic. Goodlatte announced the examination at a time when Republicans have repeatedly accused Obama of exceeding his constitutional powers. ...
  • Puerto Rican Gov. pushes Congress to change its mind on debt

    12/17/2015 1:14:41 PM PST · by Olog-hai · 12 replies
    Associated Press ^ | Dec. 17, 2015 4:03 PM EST | Mary Clare Jalonick
    Puerto Rico's governor pressured Congress on Thursday in a last-ditch effort to win debt relief for his territory before the end of the year, warning that the island is headed toward a "humanitarian crisis under the United States flag." Gov. Alejandro Garcia Padilla lobbied lawmakers to oppose a massive year-end spending bill that fails to include the debt restructuring that Puerto Rico is seeking. In an interview with The Associated Press, he said Congress must act soon and he was hoping negotiators would change the bill, a step Republican leadership has ruled out. ...
  • Rep. Dave Brat: 'We Have a Fundamental Budget Problem Coming Our Way in 11 Years'

    12/17/2015 9:21:56 AM PST · by Olog-hai · 18 replies
    Cybercast News Service ^ | December 17, 2015 | 11:28 AM EST | Susan Jones
    Rep. Dave Brat (R-Va.), a member of the conservative House Freedom Caucus, says he came to Washington to cut spending, not add to the deficits and debt that will crush future generations. He spoke on Thursday, one day after House leaders, working with the White House, produced a $1.1 trillion spending bill. And Brat warned of worse to come. ...
  • 2,009-Page, $1,205,146,000,000 Republican Spending Deal Allows Funding of Planned Parenthood

    12/16/2015 3:20:15 PM PST · by xzins · 98 replies
    CNS ^ | December 16, 2015 | Terence P. Jeffrey
    The 2,009 page fiscal 2016 spending deal that the Republican House leadership released today authorizes $1,205,146,000,000 in federal outlays between now and the end of fiscal 2016, according to the Congressional Budget Office, and it does not prohibit funding of Planned Parenthood, according to the House Appropriations Committee. The spending bill is paired with a separate 233-page tax bill. “We are maintaining all of our pro-life protections, including the Hyde Amendment, and we are making cuts to the UNFPA program,” House Speaker Paul Ryan said of the omnibus spending bill at a press conference today. Planned Parenthood is the nation’s...