Five hundred pages of redactions. Mostly blank pages. That's what the public gets to see in the transcripts of the Federal Reserve Open Market Committee (FROMC) meetings for 2007-2010. The long-awaited transcripts, released on March 7, pursuant to a Freedom Of Information Act request by MSNBC's Dylan Ratigan Show, undoubtedly hold some very important information about the Fed's activities and decisions during and since the financial crisis, including to whom the Fed has given trillions of taxpayer dollars in "loans" and bailouts -- and on what terms.
Tax Armageddon, or "Taxmageddon," looms on the horizon, as $500 billion in tax cuts will all be expiring at the end of the year. While Americans were hustling on April 17 to complete their taxes, experts were warning about a much larger tax day — January 1, 2013. And if Congress doesn’t take action, American households will be hit with an average tax hike of $3,800, according to the Heritage Foundation.
When Hostess Brands, maker of Wonder Bread, Twinkies, and Ding Dongs, declared bankruptcy on January 12, it said it can’t make interest payments on its $860 million of outstanding debt and make payments into its unions’ pension plans as well. So it stopped making the pension plan contributions.
On Monday, April 16, the U.S. Senate is scheduled to vote on a procedural motion intended to move the so-called Buffett Rule forward. The motion, if agreed to by at least 60 votes, would invoke "cloture," stopping a Republican filibuster and allowing the Senate to proceed to a vote on the Buffett Rule itself.
Federal Reserve Chairman Ben Bernanke declared this week that too much borrowing and spending will eventually destroy the nation’s economy. Of course, a number of others have made similar assertions all along, but coming from the Federal Reserve chairman, who has seemingly attempted to mislead the public on the state of the economy, it is a surprising declaration.