A point that needs to be made: This fight over whether to shut down the government for a few days is chicken-scratch.
No credible proposal can ignore interest on the national debt. I counted 10 instances of the phrase "excluding interest" in the CBO reply.
When is a "Government shutdown" not really a "government shutdown"? When the government shuts down! Confused? Think of it more as a political football! I was on my way back to my office listening to Rush when he brought up the potential for
Last week I was both surprised and pleased when the Supreme Court upheld lower court decisions requiring the Federal Reserve Bank to comply with requests for information made by Bloomberg under the Freedom of Information Act ("FOIA").
The U.S. Treasury has released a final statement for the month of March that demonstrates that financial madness has gripped the federal government.
The United States will hit the legal limit on its ability to borrow no later than May 16, Treasury Secretary Timothy Geithner said on Monday, ramping up the pressure on Congress to act to avoid a default.
Defaulting on legal obligations of the United States would lead to sharply higher interest rates and borrowing costs, declining home values and reduced retirement savings for Americans. Default would cause a financial crisis potentially more severe..
Who Will Pay and How?" The obvious answer is naturally the Fed. The unobvious answer, according to the IMF, is the impossible: a slashing all of USSA's entitlement benefits by a whopping 35% combined with a hike in all tax rates.
Greece didn't "choose" their impending default. Neither did Iceland. Neither did Ireland. All three had it thrust upon them due to the insane policies of their governments. Such it will be in our case, without fear or favor.
There is a solution to every economic crisis, even PIGish over-spending. Friends help friends, after all, and nations help nations.
The fact the builders are finally letting up is a good thing. They were trying to introduce more supply to an oversupplied market.
I am confident that this country will default on its debt; not in conventional ways, but by picking the pocket of savers via a combination of less observable, yet historically verifiable policies – inflation, currency devaluation...
Jamie Dimon: I wouldn’t panic about what I’m about to say. You’re going to see some municipalities not make it. I don’t think it’s going to shatter America, I just think it’s a part of the credit cycle.
Senate Democrats on Tuesday posed an ultimatum to Speaker John Boehner (R-OH) on the budget: Bring your tea party "extremists" in line or prepare for a government shutdown come April 8.
Watching Political Journalism on NBC (owned mostly by GE): "Meet the Press is Sponsored by GE: Imagination at Work" while a GE "Imagination at Work" logo filled the screen.
One week after an international military coalition intervened in Libya, the cost to U.S. taxpayers has reached at least $600 million, according figures provided by the Pentagon.
Ready for another cash for clunkers program? It looks like General Motors is attempting to replace it's own consumer incentives with tax payer money.
Last week the Obama Administration took the United States to war against Libya without bothering to notify Congress, much less obtain a Constitutionally-mandated declaration of war.
Oh…and you can imagine what this does to the poor householder. He’s caught in the middle. The real economy pushes the value of his main asset down…while the feds push up the cost of his most important supplies – food and energy.
Tea Partiers rightly fear national ruin unless government spending is reduced. The numbers quickly show such reductions must include the defense budget.
What? $105.4 billion in change in tax receipts in one month? Please tell me I'm reading this wrong. My current estimate is about $2 trillion for Calendar Year 2011; this would boost that to near $2.5 trillion!
More than 250,000 people have attended a march and rally in central London against public spending cuts.
Todd Harrison, a senior fellow at the Center for Strategic and Budgetary Assessments, said the U.S. costs could “easily pass the $1 billion mark on this operation, regardless of how well things go.”
Very few people have either the time or patience to sift through the data released by the Treasury Department in the wake of its bond auctions.
The US ranks near the bottom of developed global economies in terms of financial stability and will stay there unless it addresses its burgeoning debt problems, a new study has found.
$100 billion in spending reductions from pre-planned increase levels when you're spending $1,700 billion more than you are taking in via taxes is not "real action" and do nothing to take us away from that "tipping point." It is in fact mashing the...
U.S. military operations in Libya could wipe out a significant chunk of the budget cuts won by congressional Republicans in recent weeks, defense analysts say.
Bill Bonner: Neither. It is in a Great Correction of the credit expansion that began after WWII. This will continue for many years to come and probably lead to enough excess money-printing by the feds to create a hyperinflationary blow-up.
It requires income to service debts, not some trumped up measurement of production. Even using our crooked $14 Trillion current debt number, it is 583% of our nation’s $2.4 trillion annual income:
Those deficits are the mental deficits of our leaders.