The Treasury Department’s Troubled Asset Relief Program (TARP) is wreaking havoc on hundreds of small banks that took bailout money, according to a new report issued by the Congressional Oversight Panel. The COP oversees the $700 billion in bailout funds.
The final version of the financial reform bill that has become a central component of President Obama’s New Deal-esque program to enormously enlarge the powers of the federal government is on the brink of passage by the Senate.
The rich as well as the poor are losing their homes to foreclosures. That fact helps demonstrate the vast silliness of the federal government helping those low-income Americans who are not creditworthy to get home loans. The poor and middle class in America have long had the ability to save up for a modest down payment and then to make equally modest mortgage payments. Older Americans, many of whom purchased three-bedroom, one-bath homes in pleasant but unassuming neighborhoods, have enjoyed all the benefits of homeownership without the federal government demanding that the rules of financial soundness be met.
The New York Times reports that many factories are ready to hire workers, but that applicants for jobs lack the skills in math and science to be productively employed in these good, high-technology jobs. Is this because government in America “invests” too little in education?
One ironclad rule of government programs is “if you subsidize something, you will get more of it.” Thus, paying poor, unmarried women to have children increases the number of children in single-parent families, and paying farmers to grow corn increases the amount of corn cultivated.
After a meeting with his economic team and Federal Reserve Chairman Ben Bernanke on June 29, President Obama announced "the economy is strengthening" and "we are into recovery." The recovery mantra, however, seems to be falling on more and more deaf ears these days.
The one thing that economists seem to agree on is that any economic recovery will be an uphill battle for some time to come. But if you’ve ever pulled a heavy wagon up a hill, you know what happens if your fellow pullers decide to become riders instead and jump on the wagon.
The results of a Gallup poll taken from June 11 through 13 and released on June 17 indicated that more Americans rate the economy and jobs as the nation’s biggest problems than the ongoing oil spill in the Gulf of Mexico.
The Wall Street Journal took another look at the $13 trillion national debt written about here last week and announced that, according to a study by economists Carmen Reinhart and Kenneth Rogoff, the economy has now reached the tipping point, the Reinhart-Rogoff Line, better known as the point of no return.
When CNBC announced that the number of workers filing new claims for unemployment benefits fell last week while private employers added new jobs in May, this was “further evidence [that] the labor market was improving.” In more muted fashion, the Associated Press called it a “slow-motion recovery,” but a recovery nevertheless.
The timing of the sellout by Senator Bernie Sanders (I-Vt.) could not have been more politically auspicious — or more suspicious. For months the Senator had been denouncing the secrecy of the Federal Reserve’s bailout operations, which have exceeded two trillion dollars. For months he had been pledging that he would push for a genuine audit of the Fed. He authored an amendment in the Senate identical to “Audit the Fed” legislation in the House (H.R. 1207) authored by Congressman Ron Paul (R-Texas).