Today more people are aware of the Federal Reserve's activities than ever before, mostly owing to the Ron Paul movement or H.R. 1207, Rep. Paul’s Federal Reserve Transparency Act, which had 317 cosponsors in the House. The spotlight on the Fed this past year did not prevent it from taking in a record-breaking $45 billion in profits last year, as recorded in public documents and reported by the Washington Post. The Fed's largest previous profit was $34.6 billion, in 2007.
Long-renowned economist Paul Samuelson died on December 13 at his home in Belmont, Massachusetts, at the age of 94. In addition to writing Economics in 1948 — which became the best selling economics textbook for several decades, having been translated into forty-one languages and selling over four million copies — Samuelson also won the Nobel Memorial Prize in Economic Sciences in 1970.
Speaker of the House Nancy Pelosi (D-Calif.) is the Will Rogers of big government: She never met a tax she didn’t like. Her latest pet project is the neither nimbly nor accurately named “Let Wall Street Pay for the Restoration of Main Street Act of 2009.” The bill, introduced by Peter DeFazio (D-Ore.), was referred to various House committees Friday and benefits from the cosponsorship of over 25 Congressmen.
In its attempt to glorify “the 10 who shaped the U.S. economy the most since 2000”, ABC News did a great favor for those interested in the interconnections among the “elite” who are impacting the current world economic and political scene.
Top Washington Democrats are planning another round of "stimulus" spending legislation to create jobs, according to the Los Angeles Times for November 27. “The renewed push to create jobs is driven by a recognition that the $787-billion stimulus program enacted in February is not a sufficient remedy for an unemployment rate that stands at 10.2%,” the Times reported, adding that “Congressional aides said the new program could cost tens of billions of dollars. Democratic House members who had wanted a larger stimulus said they would press for a substantial spending plan this time.”
When Bob Schieffer of NBC News asked the rhetorical question: "...has going a trillion dollars in hock to one country [China] made us more secure?", he was reminded of Everett Dirksen (Illinois Senator for nearly 20 years) and his famous comment: "...a billion here and a billion there and pretty soon you're talking about real money!".
MSNBC reported on November 23 that America may be looking at a two-tier system of medical care. The news organization described the care at a clinic with two doors, one for those who pay for their medical services when the service is given, and the other for those who want the clinic to bill the patient’s insurer.