“The largest transfer of wealth from the public to private sector is about to begin. The federal government will be bulk-selling the massive portfolio of foreclosed homes now owned by HUD, Fannie Mae and Freddie Mac to private investors — vulture funds.”
So warned Roger Arnold, chief economist for ALM Advisors of Pasadena, California, in a column for RealMoney on August 11, 2011, that first lifted the lid on this latest colossal scandal to come out of the 2008-2009 financial crisis.
The real unemployment rate is remarkably stable and it hovers around 41 percent. Demographically, about 80,000,000 Americans are minors and about 40,000,000 are age 65 or older. That leaves approximately 190,000,000 Americans who are adults of working age. About half of those do not have a fulltime job.
In a landmark step with global implications, the Federal Reserve — despite national security concerns — approved the first communist Chinese takeover of a U.S. bank: New York's Bank of East Asia.
Agriculture Secretary Tom Vilsack says spending cuts proposed by House Republicans are creating an obstacle for passage of a new farm bill.