According to the Daily Treasury Statement for July 26, which the Treasury released this afternoon, the federal debt has been stuck at exactly $16,699,396,000,000.00 for 70 straight days.
These two charts say it all, personal income growth is crashing, while the cost of renting a house is climbing. Not a good combination. Rents are climbing because there IS price inflation thanks to Fed money printing. Personal income is declining tha
”I felt like a guy in the boiler room of the Titanic, desperately bailing to keep the ship afloat for a few more hours while the DOJ attorneys complained from their first-class cabin that their champagne wasn’t properly chilled.” Bill Nojay, the r
That is, he proposes measures sure to make even more people poor. The study described below got headlines by revealing that four out of five Americans have been or are in or near poverty. At this site, we have consistently argued that present e
The Windy City’s bond rating just got hammered making borrowing more expensive. The cash cushion is draining away quickly. Emanuel is looking for more cuts but unionized teachers still get their exorbitant pay and benefits because he caved to their p
We’re giving the average schmuck exactly what he wants: orders to follow and someone to blame. And we get paid a lot of money for it.”
The U.S. military has a reputation as a somewhat secretive organization. But in one respect, at least, the Pentagon is one of the most "open" of our government agencies.
Video description: In the war on Wall Street, Lyndon LaRouche has launched three critical flanks: 1. A new Pecora Commission must be convened; 2. We need a full expose of who in Congress actually belongs to Wall Street; 3. In the wake of what h
John Stossel discusses the demise that is Detroit with guests Darcy Olsen and Shikha Dalmia, regarding causes behind the Detroit collapse and other cities following a different model running in the black unlike the bankrupt situation facing Detroit.
The mainstream media would have us believe that the U.S. economy must be in great shape since the stock market has been setting new all-time record highs this month. But is that really true? Yes, surging stock prices have enabled sales of beach hom
“If he appoints Larry Summers it is over,” he remarked. “There is no one that can make the case that President Obama is actually a progressive at heart. ‘Oh, wait for the second term. In the second term he’ll be really progressive.’
Congress needs to raise the debt limit and take away the "cloud of uncertainty" about the nation's ability to pay its bills, Treasury Secretary Jack Lew said in an interview broadcast Sunday.
A state board on Wednesday unanimously gave the go-ahead for a new Red Wings hockey arena in downtown Detroit to be paid for in part with $284 million in tax dollars even as the broke city works through bankruptcy proceedings.
If our leaders could have recognized the signs ahead of time, do you think that they could have prevented the financial crisis of 2008? That is a very timely question, because so many of the warning signs that we saw just before and during the last
Many on Wall Street believe the Federal Reserve's monetary policy is behind record corporate earnings and the stock market's surge to all-time highs this year.
Not that far behind. In fact, the cost per resident to just payoff pension liabilities is greater in Chicago, Los Angeles and Baltimore than in Detroit.
I have a plan that would cost the state of Michigan nothing – not a cent. It wouldn’t cost DC anything either, and it would turn Detroit into the most thriving city in North America. As a bonus, it would give the remaining property owners in Detroit
The pension nightmare that is at the heart of the horrific financial crisis in Detroit is just the tip of the iceberg of the coming retirement crisis that will shake America to the core. Right now, more than 10,000 Baby Boomers are hitting the age o
Having closed 11 percent of the city’s public schools in May, Chicago Public Schools (CPS) has now been forced to fire 2,000 employees, including 1,000 teachers—half of whom were tenured.
Federal Reserve Chairman Bernanke delivered ... Congressional testimony before leaving the Federal Reserve.... Bernanke inadvertently made clear was that the needs of Wall Street trump Main street, the economy, and sound money.
In reality, of course, markets don’t just reward the enterprising. They reward the price-fixers and the union-busters, the monopolists and the just-plain lucky. And if you inherit grand fortune, the market will merrily heap rewards your way year af
Anyone that thinks that the U.S. economy can keep going along like this is absolutely crazy. We are in the terminal phase of an unprecedented debt spiral which has allowed us to live far, far beyond our means for the last several decades. Unfortuna
Detroit's historic bankruptcy filing has ignited a largely uncharted legal front in the closely watched battle between public employee unions and governments across the country struggling to meet costly pension obligations.
Looking to retake the initiative on Americans’ number 1 concern, President Obama will deliver 3 speeches on the economy. The addresses, set for Wednesday and Thursday, come as Obama has been struggling with issues largely
A CBC News interview with Heidi Ewing discussing the economic plight facing the city and residence of Detroit, Michigan along with her documentary Detropia.
Everything is going to be just great. Haven’t you heard? The stock market is at an all-time high, Federal Reserve Chairman Ben Bernanke says that inflation is incredibly low, and the official unemployment rate has been steadily declining since earl
The fact is, long after Detroit’s decline had become obvious, the city’s government kept borrowing and lenders kept lending. Some of the municipal debt against the future was hidden in the city’s own books in the form of off-balance-sheet pension
But for the big unions to use these terms publicly gives you an idea just how bad an idea Obamcare is. That they would hand such language to their opponents is remarkable. Think about how bad they must think things are going to get for the Teamsters
As is often the case, Matthew Yglesias offers up an unsophisticated and lifeless assessment of the issue in about 190 dull-as-dishwater words. Ho hum. But he made it into the “firsters” club.
Presenting default you can believe in, as the largest municipal bankruptcy in US history, involing the one-time iconic "motor city" which now has a population of 700,000 and some $20 billion in liabilities, is about to become reality.