Little noticed (so far) by the American public, a Christmas Eve announcement by the Obama administration to expand the amount of bailout monies available to ailing mortgage giants Fannie Mae and Freddie Mac is already stirring controversy among Capitol Hill lawmakers sick of fueling the bailout gravy train at the expense of an increasingly restive voter base.
The prime architect of the Federal Reserve was German immigrant Paul Warburg. Arriving in America in 1902 with brother Max, he married into the family controlling Kuhn, Loeb and Company, America’s prime international banking firm. By 1907, he was earning $500,000 annually, an enormously generous salary at a time when there was no income tax and inflation had not begun eroding the value of the dollar.
When MSNBC headlined the report that existing home sales surged by 7.4 percent in November (according to the National Association of Realtors), it suggested that such an improvement boosted “recovery hopes.” Others jumped on the recovery bandwagon, including Treasury Secretary Timothy Geithner, and former Vice Chairman of the Federal Reserve Board Alan Blinder.
Transportation Secretary Ray LaHood announced on December 21 that beginning this spring the federal government is going to impose hefty fines on airlines that keep passengers stranded on the tarmac without food, water, or letting them get off the plane. LaHood called this “President Obama's Passenger Bill of Rights.”
Ford Motor Company disclosed on December 21 that it is offering to buy out 41,000 United Auto Workers (UAW) union members with early retirement deals as the company attempts to reduce payroll costs and return to profitability by 2011.