Keyword: porkulus
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Paul Krugman, a liberal economist and New York Times columnist, said increased government spending is key to economic recovery. During an interview on Friday on “Moyers & Company,” on PBS, Bill Moyers asked, “And you argue that this could actually be solved in two years?” …
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WASHINGTON (Reuters) – President Barack Obama will name close aide Tom Donilon as his new national security adviser on Friday in a move that could have implications for the struggli
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And the probe doesn’t involve some bit players in an obscure program, either. The 1603 Program was one of the centerpieces of Barack Obama’s 2009 stimulus, designed to subsidize a transition from hydrocarbon-based energy to renewables in the residential market, and federal government sunk $13 billion into the effort. Now the Inspector General of Treasury has opened a probe of the three largest providers of solar panel installations, who gained the most from the 1603 Program, and who may have fraudulently calculated their bills in order to claim more taxpayer cash: Three of the country’s most prolific installers of...
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Amid all the political and media hoopla about the "fiscal cliff" crisis, there are a few facts that are worth noting. First of all, despite all the melodrama about raising taxes on "the rich," even if that is done it will scarcely make a dent in the government's financial problems. Raising the tax rates on everybody in the top two percent will not get enough additional tax revenue to run the government for ten days. And what will the government do to pay for the other 355 days in the year? All the political angst and moral melodrama about getting...
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The California High-Speed Rail Authority said Thursday that it was adding 12 months to the construction schedule for 130 miles of track in the Central Valley, easing what some outside experts have contended was an overly aggressive and risky timeline. Construction industry experts have said that the job of building the $6 billion of track through the Central Valley would require spending $3.5 million per day, one of the fastest rates of transportation project spending in history.
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New Jersey Democratic Sen. Bob Menendez had loud sex with different women nightly in his Washington, D.C., apartment, his former neighbor told the liberal gossip website Gawker. “We lived below him,” the former neighbor said, according to the website. “It was outrageous. When it started, we thought it was a one-time thing. But it went on for months — hours and hours of headbanging sex.” The report in the liberal Gawker comes on the heels of The Daily Caller’s early Thursday article about how Menendez allegedly paid two women in the Dominican Republic for sex.
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Obama: ‘Some of the Businesses We Encourage Will Fail’ By Matt Cover November 1, 2012 (CNSNews.com) – President Obama told a campaign rally that “some of the businesses we encourage will fail” while talking about his plans for increased green energy subsidies in a possible second term. “Today there are thousands of workers building long-lasting batteries and wind turbines and solar panels all across the country, jobs that weren’t there four years ago,” Obama said, touting his administration’s efforts to subsidize the green energy industry. Obama then admitted that not everything the government will “bet on” will be successful, admitting...
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Chatham County’s plan to use a $300,000 energy grant for a green jobs training program was abandoned after savings failed to live up to expectations and a materials purchase violated federal requirements. After installing efficient lighting, window inserts for improved insulation and a geothermal system, Chatham reduced annual energy costs by an estimated $60,000, instead of the $340,000 decrease that had initially been expected. The Georgia Energy Finance Authority grant, funded by the federal stimulus, had to be amended after some lighting improvements violated a “Buy American Act” provision and no longer qualified for reimbursement.
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The $831,000,000,000 economic “stimulus” that President Obama spearheaded and signed into law requires his administration to release quarterly reports on its effects. But “the most transparent administration in the history of our country” is now four reports behind schedule and has so far not released any reports whatsoever in 2012. Its most recent quarterly report is for the quarter than ended on June 30, 2011. One wonders how the administration would treat a private citizen who acted like such a scofflaw in response to one of Obama’s principal legislative initiatives. It certainly appears that this administration, which is so very...
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Title and link only.........
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Waltham-based electric car battery maker A123 Systems, which has received hundreds of millions in state and federal funding, expects to default today on certain debt payments and could be headed for bankruptcy, according to a document the company has filed with the Securities and Exchange Commission."No assurance can be given that the company will be able to avoid restructuring, reorganization or a bankruptcy filing," the troubled firm said in a filing yesterday. A123 Systems said it expects to miss its October interest payment on $143,750,000 worth of 2016 corporate notes. The company said it also expects to miss a payment...
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I missed this last week, but hey, who doesn't love being regaled with yet another example of the many ways in which the government's unceasing market interference continually goes awry? The federal government never seems to tire of fancying itself a venture capitalist with our tax dollars, no matter how many instances of hilarious ineptitude are thrown back in their face. (As ever, I only laugh to keep from weeping.)On Friday, Reuters reported that a foreign wind manufacturer with plants in the United States has decided to lay off upwards of 800 workers, due largely to uncertainty over the looming...
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In Thursday night’s Vice Presidential debate, the Administration’s green agenda was, once again, part of the verbal sparring. The exchange ended with Congressman Ryan’s unanswered question: “Where are the 5 million green jobs…?” Moderator Martha Raddatz cut him off mid-question, steering the conversation elsewhere: “I want to move on here to Medicare and entitlements. I think we've gone over this quite enough.” Ryan didn’t finish his question. Vice President Biden wasn’t pressed into an uncomfortable answer that would have wiped the smile off his face. Had Ryan not been interrupted and been allowed to finished the question, he likely would...
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President Barack Obama sought on Saturday to sustain momentum from Vice President Joe Biden's strong debate showing by touting the benefits of one of his signature actions, the rescue of the U.S. auto industry, as he prepared for his next debate with Republican Mitt Romney. "We refused to let Detroit go bankrupt," Obama said in his weekly radio address. "We bet on American workers and American ingenuity, and three years later, that bet is paying off in a big way."
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Players big and small in the state's rapidly growing industry worry a Romney win will strip them of federal subsidies they say are key to clean energy's future. SACRAMENTO — On 7,300 isolated acres in eastern Kern County, a plan for dozens of wind turbines 20 stories high to generate enough electricity for tens of thousands of homes may hinge on who is elected president. Millions of dollars have been spent laying the groundwork. Permits are in order, contractors are lined up, government planners are on board. But like many other green energy efforts in California, the Avalon Wind Project...
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The Internal Revenue Service urged a bankruptcy judge to reject solar panel maker Solyndra LLC’s bankruptcy plan Wednesday, saying it amounts to little more than an avenue for owners of an empty corporate shell to avoid paying taxes. “The undeniable conclusion is that tax benefits drive this plan,” attorneys for the IRS wrote in a bankruptcy pleading. What’s more, government attorneys said that as far back as 2010, owners had “planned meticulously” to be able to use Solyndra’s net operating losses to offset future tax liabilities. “The only reason for the shell corporation to exist post-confirmation is to enable its...
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Robert Ferguson, named today by General Motors Co. to the new position of “vice president, global Cadillac,” is not a “car guy,” in the Detroit parlance. He’s a government guy, and before that, a deal guy and a phone guy. This is a sign of how things are changing at GM as it tries to rebuild itself post-bankruptcy. Mr. Ferguson, 53, joined GM in 2010 and until today was GM’s vice president for public policy, aka chief lobbyist in Washington. He led GM’s negotiations with Obama administration officials over the details of the president’s plan to nearly double the fuel...
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This grant was brought to you by the letters “A” and “R” — as in American Recovery and Reinvestment Act, aka the “stimulus bill.” Sesame Workshop, the independent nonprofit corporation that produces the popular childrens’ program Sesame Street, received a $1,067,532 stimulus bill grant in August 2010, via the Department of Health and Human Services. The funding was to promote healthy eating according to the federal Recovery.gov website: SW [i.e., Sesame Workshop] will carry out an expansion of its highly successful Healthy Habits for Life initiative, which promotes improved nutrition and increased physical activity, targeting low-income preschool-aged children and their...
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Misuse of the FHA Preforeclosure Sale Program may have cost the Department of Housing and Urban Development (HUD) over a billion dollars for claims that did not meet program according to an audit released this week by the HUD's Region 7 Office of Inspector General (OIG). OIG initiated the audit after noticing significant deficiencies in borrower qualifications during an audit of program claims at one large lender. The Preforeclosure Sale Program allows borrowers in default due to an adverse an unavoidable financial situation to sell their home at fair market value and use the proceeds to pay off an FHA-guaranteed...
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The Federal Reserve fulfilled expectations of more stimulus for the faltering economy, taking aim now at driving down mortgage rates. The Fed said it will buy $40 billion of mortgages per month in an attempt to foster a nascent recovery in the real estate market. The purchases will be open-ended, meaning that they will continue until the Fed is satisfied that economic conditions, primarily in unemployment, improve. There's strong hints that they'll do Treasurys next," Joe LaVorgna, chief economist at Deutsche Bank Advisors, said in a phone interview from London."They're pulling out all the stops to try to get this...
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