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Recently, a small town accountant tipped off the IRS that his employer was shorting the government on taxes. He was rewarded with a big fat check for $4.5 million (minus a 28% federal tax withholding, of course).
Treasury Secretary Timothy Geithner said on Wednesday that Congress will allow the country to borrow more by agreeing to increase the $14.3 trillion debt limit.
In the most damning official U.S. report yet produced on Wall Street's role in the financial crisis, a Senate panel accused powerhouse Goldman Sachs of misleading clients and manipulating markets, while also condemning greed, weak regulation and conf
The world's banks face a $3.6 trillion "wall of maturing debt" in the next two years and must compete with debt-laden governments to secure financing, the IMF warned on Wednesday.
That's ok Barry - you will either cut the crap or the market will do it for you. If you don't do it, you better get a prescription for some Zoloft or Ambien, because you're going to need it.
On Tuesday, Ron Paul appeared on CNN’s Anderson Cooper 360 to discuss the budget compromise, the lack of seriousness in the overall debate, and the upcoming battle over raising the debt ceiling.
President Barack Obama will on Wednesday seek to wrest control of Washington's fevered debate over the economy and bulging deficit, sure to be a dominant theme of his 2012 reelection bid.
Wow that was really good. Cutting US$38 billion from total obligations of some US$200 trillion was a big first step – even if a lot of the cutting is turning out to be "smoke and mirrors."
The Slavery of Government Courts - Murray Rothbard on the "justice system." / The Criminality of War - Can a Christian take part? Article by Laurence Vance. / About Your Gold Coins - Gary North on what veterans and newcomers need to know.
Apparently John Boehner has been reaching out to Wall Street, trying to get a sense of when financial markets will get spooked by GOP hesitance in raising the debt ceiling.
The US budget deficit shot up 15.7 percent in the first six months of fiscal 2011, the Treasury Department said Wednesday as political knives were being sharpened for a new budget battle.
Prolonging negotiations past mid-May when Washington will hit its debt limit could give Republicans more leverage to secure big spending cuts, but it could worry investors as the country runs up against a possible default.
Why did I put this up? Because I fully expect our government to be dumb enough to fail to deal with the deficit for the simple reason that doing so is going to force recognition of the hidden damage that they've been covering up...
Last week, Congress and the administration refused to seriously consider the problem of government spending. Despite the fear-mongering, a government shutdown would not have been as bad as claimed.
The buzz out of DC is that there are a significant number of GOPers who will vote no.
It turns out that so much smoke and mirrors was used to create the minuscule $38.5 billion in budget cuts, during the ciricus act budget negotiations, that the real cuts are, get this, microscopic: somewhere between $8 and $14 billion.
Did you ever see Minority Report? It’s one of Steven Spielberg’s often forgotten about movies based on the short story by Philip K. Dick. In the movie, pre-couch Tom Cruise plays a police officer in the year 2054 who works for the highly specialized
For those on the left or right, Tea Party or Coffee Party, these are economic facts. They are trivially reducible to third grade arithmetic. The fundamental equation of GDP is taught in your first formal economics exposure, no matter where you...
The IMF report notes that of all budget deficits in "selected countries", the US will hit the highest at 10.8%, the same as Ireland, and just ahead of Japan at 10%. And a direct stab at the US: "The United States needs to accelerate the adoption...
Like the dancing skeletons of film history, here come the elected office-holders of the US government cutting their capers in the graveyard of empire, giving the paying customer - er... citizens - a nice case of the Friday night heebie-jeebies...
The White House warned Republicans on Monday that failing to raise the $14.29 trillion US debt limit would spark "Armageddon-like" consequences for the slowly recovering US economy.
Liberal Dems claim the plan eliminates deficit by 2021.
The grueling 2011 budget debate that brought the federal government to the brink of a shutdown might end up looking mild in the face of the next fiscal battle: the debt ceiling.
Tax the rich, end the wars, slash oil subsidies, invest in jobs / Liberal Dems claim the plan eliminates deficit by 2021
In March, Pimco's flagship Total Return Fund (TRF) has now taken an active short position in US government debt: -3% on a Market Value basis (or $7.1 billion), and a whopping -18% on a Duration Weighted Exposure basis.
Surely we would see a collapse of the dollar. The cost of everything we import would triple++ in a very short period of time. The price of gas would be $10? 50? 100?
D.C. is nothing but a smokescreen to Wall Street which demands either more dollars in circulation or more public debt issued in order to keep the wheels turning. Without either of these it's game over.
Let the real battle begin...
Once upon a time there was a deficit...
With QE II now certain to end in June, the question is what buyer will enter the market place to replace the Federal Reserve?
