In this 10 minute interview Michael Hudson rips the Obama administration and explains how the US has become a kleptocracy run by the oligarchs...
Barack Obama has shown that he is as capable of doublespeak as any other politician when he announced an end to the war in Iraq. Combat troops are to be pulled out of Iraq by August 2010, he said, but some 50,000 occupation troops will remain behind.
President Obama promised, “We will make the immediate investments necessary to ensure that within five years all of America’s medical records are computerized.”
Even though President Barack Obama has repeatedly pledged to ban congressional earmarks, White House Chief of Staff Rahm Emanuel has 16 such projects, worth about $8.5 million, in the bill the Senate is scheduled to begin debating Tuesday.
Another Obama administration nominee has tax troubles. This time, it's Ron Kirk, the president's choice to be U.S. trade representative. Kirk owes an estimated $10,000 in back taxes from earlier in the decade and has agreed to pay them
Well it's not just a bailout of the shareholders of AIG, but a bailout of the counterparties to AIG, their creditors like GS, ML and every bank and broker here and in Europe, and without all this $160 billion dollars --- all these institutions wo
If the government fails in securing funding, a very high probability of systemic collapse.”
President Obama has presented the most irresponsible budget in US history. His fiscal year 2010 budget projects federal spending of $3.5 trillion and a federal deficit of $1.75 trillion. In other words, 50 percent of the government’s budget consists
On CNN, Admiral Michael Mullen declared that Iran had enough nuclear fuel to make a bomb, adding that “Iran having nuclear weapons, I’ve believed for a long time, is a very very bad outcome - for the region and for the world.”
Before you say, "they can't do that", recall the effective confiscation of gold in the Great Depression. rationing, wage and price controls, the suspension of habeus corpus. There is a good deal that the Feds could do if they chose to,
What is a Confidence Man and what makes us say President Obama is conning the public? A con man succeeds by gaining the confidence of the victim. In this case the victim is the taxpayer
This is not some abstract failure in the market - this is a series of actions that have been taken with the full intention of screwing you, by both Democrats and Republicans, so that a handful of robber barons masquerading as capitalists do not have
The source of all these bailouts, aid packages, stimulus, and so on is primarily funded by one thing: borrowing. Here’s what I found when perusing through the headlines today:
Take the large-cap companies that have held up "reasonably well" thus far and also are "legacy" firms - that is, firms that have been around for a long time and thus have pension obligations on their books. Zero the stock price of
Obama’s proposal to make the government the sole provider of federally backed college lending threatens to diminish Sallie Mae and leave it a servicer and debt collector...
This country is broken and the pirates are running off with the loot. For some reason we are running after them begging to take our last pennies and then to throw us off a cliff.
If this plan stays and we go forward with this, we can forget about nationalization since so much money will be given into the furnace that is our financial sector. That is, we will burn through our capital and it will be too late.
The addition of economic news to the daily roundup of terrorist attacks and surveillance reports appears to reflect a growing belief among intelligence officials that the economic meltdown is now preeminent among security threats facing the United St
The spy shop that brought you the Bush administration's warrantless wiretapping program wants to expand its power under President Barack Obama, the nation's top intelligence chief told Congress Wednesday, in a little-noticed intelligence grab
Dr. Wortham is author of The Other Side of Racism: A Philosophical Study of Black Race Consciousness which analyzes how race consciousness is transformed into political strategies and policy issues.
Mr. President, Fannie Mae Reported A Fourth Quarter Loss Of $25.2 Billion. Can you please tell us where you draw the line on taxpayer bailouts of Fannie Mae? Freddie Mac? AIG? Mr. President is there a line anywhere, on anything?
Well, the higher investment stake creates an enormous incentive for John Q. Public to continue to pour money into Citi, regardless of valuation. The inept banking giant then has access to infinite amount of capital, courtesy of you, the 1040 filers.
There’s no price tag on the CAP, at least until the stress tests are over in April. If most of the 19 banks were determined to need additional capital, the Obama administration would have to seek much more Wall Street bailout money from Congress.
Troubled US mortgage finance giant Fannie Mae said Thursday it lost almost 60 billion dollars last year and asked the Treasury Department for a further 15.2 billion dollars in aid.
Former US Ambassador Chas Freeman is tapped as the next chairman of the National Council of Intelligence. And while there is grumbling about his ties to the Saudi royal family and his views on Israel, this uncovered is pretty stunning:
“Counterparties around the world continue to have significant exposure to AIG, and market conditions continue to be fragile and sensitive to the potential disorderly failure of AIG,” said the Federal Reserve. Can you say China...
In his book, “The Plan: Big Ideas for America,” Emanuel writes: “It’s time for a real Patriot Act that brings out the patriot in all of us. We propose universal civilian service for every young American. Americans between the ages of 18 and 25 will b
“The Rahm Emanuel and Amy Rule Charitable Trust was formed in 2002, when the Chicago lawmaker was first elected. The former Clinton White House aide and his wife, Amy Rule, are its only donors.”
Even with all the savings, the cost of the $787 billion economic stimulus bill will push the deficit for this year to $1.75 trillion, a level - as a percentage of the economy - not seen since World War II.
Expect taxpayers to be forced into supporting Citigroup at substantially above market prices. Remember, taxpayers are on the hook for $300 billion in debt guarantees for which we got a lousy $7 billion in preferred shares.