In his January 29 column, "March of the Peacocks," we see proof of what I have been saying for years: Paul Krugman is not an economist. He is a political operative, period.
The government's response to the financial meltdown has made it more likely the US will face a deeper crisis in the future, an independent watchdog at the Treasury Dept. warned. The problems that led to the last crisis have not yet been addressed,
Bankers told The Times they understood that Mr Blankfein and other top Goldman bankers were set to receive some of the bank’s biggest-ever payouts, in defiance of President Obama’s attempt to shame banks into cutting bonuses.
Years after Mr. Obama has left the political scene [deficits] start rising again sharply, to more than 5% of gross domestic product. [Obama's] budget draws a picture of a nation that like many American homeowners simply cannot get above water.
S&P confirms that should all losses be recognized all at once, without the aid of accounting and regulatory gimmicks, the financial system is likely entirely underwater, and this is only on account of CRE exposure...
Using data provided by ProPublica we have been able to confirm that indeed standalone states are for the most part now bankrupt and have no reserves left in their coffers when it comes to funding ever increasing insurance benefits.
Well, it’s a new world, after all… Maybe we were wrong. Maybe the mainstream economists are right. You know, up to now all they’ve been good at was explaining why the forecasts they made in the past didn’t work out.
Reis economist Ryan Severino: "Our outlook for retail properties as a whole is bleak ... we do not foresee a recovery in the retail sector until late 2012 at the earliest."
Between “non-discretionary” and “security-related” spending, government expenditures excluded from Obama’s “freeze” proposal for 2011 come to about as much as total government expenditures did in 2005.
With economic data increasingly unreliable, and China having the ability to make or break the U.S., what is the point of continuing the charade that the U.S. is nothing more than an extension of the Chinese experiment across the Pacific.
The White House will predict a record budget deficit in the current fiscal year and more big shortfalls for the next decade in its upcoming budget proposal, a congressional source told Reuters on Sunday.
So it turns out there was no increase in 2004 and a minimal increase in 2005. The big increase was in 2001, the legacy of Clinton and Andrew Cuomo his HUD chief. Of course Bush embraced the housing goals and did increase them.
How bad is it?
The White House will predict a $1.6 trillion U.S. budget deficit in the 2010 fiscal year, a fresh record and the biggest since World War Two as a share of the economy.
Switzerland's justice minister warned in an interview on Sunday that top bank UBS could collapse if sensitive talks with the United States over a high-profile tax fraud investigation fall through. "The actions of UBS in the United States are very
The Obama administration endorsed spending an additional $100 billion to attack painfully high unemployment as it prepared to send Congress a $3.8 trillion budget that increass taxes on the wealthy and imposing a spending freeze on many government pr
A little flashback from Jon Stewart: CNBC Financial Advice
Although the number of failed banks was significantly higher in the late 1980s than it is now, the aggregate assets of failed banks during the current crisis far outweighs those from the 1980s.
That means that on average less than half the loan is recovered in liquidation. Surely, this is not the kind of news that REITs are looking for as they perch from atop 52 week highs.
Regulators shut down a big bank in California on Friday, along with two banks in Georgia and one each in Florida, Minnesota and Washington. That brought to 15 the number of bank failures so far in 2010 atop the 140 shuttered last year in the punishin
The Police Department would lose about 353 sworn positions, from patrol officers to assistant chiefs. The Fire Department would cut 144 sworn jobs. The cuts represent about 18 percent of the total sworn police and fire force.
The Senate has muscled through a plan to allow the government to go a whopping $1.9 trillion deeper in debt. 60 votes were required to approve the increase. The measure lifts the debt ceiling to $14.3 trillion. That's $45,000 for every American.
The company, whose fourth-quarter profit soundly beat Wall Street forecasts, attributed the full-year profit in part to cost-cutting, gains from debt reduction efforts, good results from its financing arm, and stronger pricing. The automaker repea
The shadow of homelessness is reaching across this country, even moreso today and there are few who are willing to face this beast head on and expose its tragic causes and even more tragic effects.
The paper system being founded on public confidence and having of itself no intrinsic value, it is liable to great and sudden fluctuations, thereby rendering property insecure and the wages of labor unsteady and uncertain.
On Tuesday night's Daily Show, bailout watchdog and financial reform advocate Elizabeth Warren told Jon Stewart that "this is really the moment" that will determine the future of America's middle class -- the system must be fixed or "the game really
The Federal Reserve is the central bank of the United States and controls national monetary policy. The Fed, not to be confused with the federal government of which it is not a part, also picks your pockets and raids your bank accounts.
Last year's $787 billion economic stimulus bill is going to be even more expensive -- $75 billion more. The additional cost also eats into the savings forecast from the budget freeze President Barack Obama is expected to propose during his State of t
A bill H.J. Res. 45, Increasing the Statutory Limit on the Public Debt, is currently up for vote on the Senate floor. The bill proposes a national debt ceiling hike to $13 trillion dollars, using “entitlement spending” to pay for it.
The Senate rejected a plan backed by President Obama to create a bipartisan task force to tackle the federal deficit this year despite glaring new figures showing the enormity of the red-ink threat. The special deficit panel would have attempted to p