Free Republic

Under the CARES Act, Congress has invited millions of Americans to stop paying their mortgages. The impact of this massive unfunded mandate is that the U.S. financial system is headed for a potential default when the cash flow expected from millions of Americans does not arrive.

https://thefederalist.com/wp-content/uploads/2020/03/Trump-Mnuchin-And-Cabinet-Meet-With-China.-White-House.-Shealah-Craighead.-e1584750455621-998x649.jpg> Just beyond -- and in the midst of -- the public health and financial liquidity crises is the expansive and potentially devastating solvency crisis. The U.S. economy is in trouble, and if you can believe it, that trouble isn’t simply the closure of Main Street, the massive number of nationwide layoffs, and the danger of financial crisis we’ve all heard about. As companies run out of cash, pushing them toward insolvency, our country’s business-to-business trust is at risk of coming apart — tearing and ultimately collapsing the delicate system that keeps industries as diverse as farming, chemicals, and aluminum...

The total of U.S. federal, state, and local debt, in combination with future spending commitments, foreshadows the most predictable financial disaster in human history. Washington’s obligations, growing at an estimated $1 trillion annually, now exceed $23 trillion, while neither of America’s two largest entitlement programs, Social Security and Medicare, are on sound footing.Going down to the state and local levels, a May 2018 report by Harvard’s Kennedy School of Government reveals that public pension funding in New Jersey and Kentucky is already at “high risk of insolvency,” with California, Connecticut, Massachusetts, Illinois, Pennsylvania, and several large cities close behind....

Argentina’s currency collapsed on Monday and stocks and bonds crashed to a degree not seen in 18 years as voters flirted with a return to interventionist economics by snubbing President Mauricio Macri and his market-friendly approach in favor of the opposition in the country’s primary vote on Sunday. The Argentine peso initially dropped 30.3 percent, to a record low of 65 per one United States dollar, after Alberto Fernández, the opposition candidate whose running mate is Cristina Fernández de Kirchner, the former president, dominated the primary by a 15.5 percentage point margin that was much wider than expected. The currency...

I'm referring to the Credit Card Accountability, Responsibility,and Disclosure Act of 2009. Been doing some searches on the web and it appears to be legit. Anyway, got a letter the other day that was labeled my Certified Benefits Statement which says I'm eligible for a 65% reduction of my past due debt. Says my benefits must be redeemed by midnight, April 2th. Anyone familiar with this law?

Has Trump suckered the Democrats and deep state into a trap

Rick Tallini didn't worry much about the $55,000 in federal student loans he took out for law school in the 1990s. His future seemed bright. Yet in the decades since he graduated, he's struggled to find employment and pay the bills. His original student loan balance, meanwhile, has soared to well over $300,000. "They'll tack this thing to my coffin at this point," Tallini, 61, said.

BEIJING/SHANGHAI, Feb 7 (Reuters) - An HNA Group company has failed to make an early payment it had agreed to on a 1.7 billion yuan ($271.9 million) trust product that falls due next week, two sources with direct knowledge of the situation said, the latest indication of financial stress at the highly leveraged conglomerate.

Disaster/CR/Debt Bill Postpones Fiscal Cliff to Dec. 8, 2017 On Sept. 8, 2017 President Trump signed HR 601, an emergency measure negotiated with congressional Democratic leaders... all the “no” votes being Republican. The bill has four components: 1. Provides $15.25 billion in emergency supplemental appropriations ... 2. Extends the National Flood Insurance program... 3. Suspends the debt ceiling through December 8, 2017, temporarily avoiding a Treasury default on U.S. obligations; and 4. Provides continuing appropriations

Venezuela slipped inexorably towards a formal debt default Friday, with analysts saying it was all but inevitable for the sinking OPEC state... “One way or another, the government and PDVSA will default. We are in the end-game and it’s now become a matter of days, not weeks, until default is confirmed,” Edward Glossop of Capital Economics said in a note. A default would immediately cut Venezuela off from international financial markets, removing its capacity to borrow. Greatly complicating its situation, Washington has banned it from any new debt transactions in the US market.

Hillary Clinton’s campaign took over the Democratic National Committee's funding and day-to-day operations early in the primary season and may have used that power to undermine her rival Senator Bernie Sanders, according to the party's one-time interim chairwoman. The DNC official, Donna Brazile, now a political analyst, wrote in Politico Magazine on Thursday that she discovered an August 2015 agreement between the national committee and Clinton’s campaign and fundraising arm that gave Clinton “control (of) the party’s finances, strategy, and all the money raised” in exchange for taking care of the massive debt leftover from President Barack Obama’s 2012 campaign....

SHIFT IN THOUGHT   In a world awash in red ink, Argentina’s reforms since 2015 show how attitudes can shift toward excessive debt. The world’s largest economies are awash in red ink, the International Monetary Fund reported in October. And they are hard-pressed to service their debts, which on average amount to more than twice their domestic output. China accounts for much of this global rise in debt. After a leadership reshuffle this week, Beijing may start to finally tackle the problem. But one country in particular, Argentina, has shown how to change attitudes and turn around an unhealthy dependence...

When you leave the classroom or office and go into the world, you see at first its richness and confusions, the variety and tumult. Then, if you keep moving and do not quit looking, commonalties begin to emerge. National success is eccentric. But national failure is programmed and predictable. Spotting the future losers among the world's states becomes so easy it loses its entertainment value. In this world of multiple and simultaneous revolutions--in technology, information, social organization, biology, economics, and convenience--the rules of international competition have changed. There is a global marketplace and, increasingly, a global economy. While there is...

Senate Majority Leader Mitch McConnell says there is “zero chance” Congress will allow the country to default on its debts by voting to not increase the borrowing limit. McConnell’s comments came Monday during a joint appearance in his home state of Kentucky with U.S. Treasury Secretary Steven Mnuchin. It was one of McConnell’s first public appearances since President Donald Trump publicly criticized him for failing to pass a repeal and replacement of former President Barack Obama’s health care law. McConnell did not mention Trump in his remarks, and he did not take questions from reporters after the event. But in...

New York Senator Charles Schumer was instrumental in getting Bharara appointed to that position and in return was asked from time to time to do favors for the senator and his allies. Up until recently, President Trump had no idea what was really going on. Once President Trump’s staff understood the quid pro quo, they had no choice but to ask for Bharara’s resignation. In 2015, Puerto Rico defaulted on $70 billion in municipal bonds. Those involved panicked. There was ample evidence that the issuing agencies were technically bankrupt when they issued the bonds and that they purchased fraudulent credit...

Ever since 2012 we have warned that one of the biggest threats arising from the US student loan bubble - which is no longer disputed by anyone except perhaps members of the outgoing administration - is not that it is soaring at an unprecedented pace, that's obvious for anyone with the latest loan total number over $1.4 trillion, rising at a pace of nearly $100 billion per year, but that the government - either on purpose or due to honest miscalculation - was not correctly accounting for the true extent of delinquencies and defaults. Today, we finally got confirmation...

There is a lot of talk out there about the auto-loan market right now. Hedge fund manager Jim Chanos has said the auto-lending market should "scare the heck out of everybody," while the auto-lending practices of some used-car dealerships has been given the John Oliver treatment on TV. It's a topic we've been paying attention to as well. In a presentation in September at the Barclays Financial Services Conference, Gordon Smith, the chief executive for consumer and community banking at JPMorgan, set out some eye-opening statistics on the market. Now the New York Federal Reserve is taking a closer look...

Know this: Sedition has infested our government and a diabolical scheme to commandeer America has been exposed. Our citizen-driven Republic is being turned into a totalitarian state right under our nose! What the Global Elitists can’t have they now seek to destroy. Think I’m kidding? Keep reading! BREXIT was the UK’s Tea Party. The UK figured out the Global Elitist’s secret weapon. They discovered that the use of uncontrolled migration was the kingpin to commandeer any nation… leaving it helpless in the face of the advancing hordes. Watch out! Just like the Global Elitists tightened their grip on the throats...

Retailers have blamed the weather, slow job growth and millennials for their poor results this past year, but a new study claims that more than 20 percent of Americans are simply too poor to shop. These 26 million Americans are juggling two to three jobs, earning just around $27,000 a year and supporting two to four children — and exist largely under the radar, according to America’s Research Group, which has been tracking consumer shopping trends since 1979.

Nigel Farage has told Sky News it "looks like Remain will edge it" as votes are counted in the EU referendum. The UKIP leader said it had been an "extraordinary" campaign and it looked like turnout had been "exceptionally high". He also insisted UKIP were "going nowhere" and predicted the party would "continue to grow stronger in the future". Although a long time campaigner for the UK to split from Brussels, Mr Farage is not the official leader of the Leave camp.