Fannie Mae and Freddie Mac Now Have a Blank Check
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...
Sectors
Airlines Face Hefty Fine for Delays
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...
Ford Offers to Buy Out U.S. Auto Workers
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...
Fed to Keep Rates Low for “Extended Period”
The Federal Reserve decided on December 16 to keep interest rates at historic lows near zero percent. The Fed released a statement declaring that even though there are signs of improvement,...
Jobless Claims Rise, Trade Gap Narrows
New claims for unemployment benefits rose more than analysts expected last week, while an unexpected narrowing in the trade gap in October provided some indication that the U.S. economy is steadily...
Ron Paul Calls for Competition in Money
Many years ago, John D. Rockefeller, Sr. famously stated, “Competition is a sin.” He preferred a monopoly, the very antithesis of economic freedom, in order to increase profits. ...
Buck Knives Bucks Trends
“The Buck knife saved my leg and maybe my life at least once when I carelessly caught a pant leg in the anchor winch.” So writes “Old Fool,” the retired aviator...
Bernanke Claims Economy Is Recovering
Federal Reserve Chairman Ben Bernanke told the Economic Club of Washington that the economy is recovering, even as it confronts “formidable headwinds.” ...
Ron Paul’s Audit the Fed Bill Advances
On November 19, the House Financial Services Committee advanced a bill that calls for the General Accounting Office to conduct a comprehensive audit of the Federal Reserve by the end of...
Millions of Taxpayers Will Repay Tax Break
Thanks to how the Internal Revenue Service implemented President Barack Obama’s tax break last spring, more than 15 million taxpayers may owe the government either $250 or $400 more for their...
Why Stimulus Funds Create Few Jobs
The Obama administration has recently reduced by 60,000 the number of jobs created or preserved by stimulus funds. The acknowledged overstatement of jobs underscores the problem with all government statistics: There...
GM’s Bailout Money May Go Overseas
General Motors has received $50 billion in taxpayer assistance, yet even as the company cuts thousands of jobs at U.S. locations, it is considering investing billions of those taxpayer dollars on...
There’s Gold in Them Thar Vaults!
The U.S. federal government possesses the largest stockpile of gold in the world, but even with record high prices, it isn’t likely to be selling any. In fact, other countries and...
Record Federal Deficit of $176 Billion in October
The federal deficit for October reached a record-setting level for that month: $176 billion. The Treasury Department made the announcement on November 13, saying the shortfall occurred as income of $135...
Small Banks Turn Down TARP Funds
Many small banks are turning down federal money from the Troubled Asset Relief Program (TARP) because they recognize that it comes with too many strings attached. Additionally, the small businesses they...