Goldman Sachs sent $4.3 billion in federal tax money to 32 entities, including many overseas banks, hedge funds and pensions, according to information made public Friday night.
Read the whole story at USA Today
It’s clear from recent news and official government stats that the budget cutting at the state level is proving to be a real drag on growth, via lost jobs.
Not surprisingly, Obama wants another bailout.
NYT (via Calculated Risk):
In a letter to Democratic and Republican Congressional leaders, Mr. Obama said the “mounting employment crisis” in the states […]
Next Bailout:Democrat lawmaker proposes $165 billion bailout for unions (What’s America Turning Into?)
Taxpayers could be on the hook for another $165 billion if a bill to bail out private union pension funds makes it through Congress.
A Democratic senator is introducing legislation for a bailout of troubled union pension funds. If passed, the bill could put another $165 billion in liabilities on the shoulders of American taxpayers.
The bill, […]
32 States Borrowed $37.8 billion from the Federal Government to Make Unemployment Payments; California Has Borrowed $7 Billion (Collapse of America?)
EconomicPolicyJournal.com has learned that 32 states have run out funds to make unemployment benefit payments and that the federal governmant has been supplying these states with funds so that they can make their payments to the unemployed. In some cases, states have borrowed billions. As of May 20, the total balance outstanding by 32 states […]
A growing number of Republicans say Americans have seen enough bailouts at home, and their tax dollars should not be going to rescue foreign governments.Sen. John Cornyn (R-Texas) on Wednesday introduced an amendment to the financial regulatory reform bill that would bar American taxpayers from bailing out “irresponsible” foreign governments.
The amendment would require the president […]
With the stroke of a pen, the socialist Obama administration has nationalized the student-loan industry. So far, so bad. The first casualties will be 2,500 of the 8,000 employees at Sallie Mae, formerly the largest provider of student loans. Don’t be surprised if the laid-off end up drawing government paychecks as Uncle Sam muscles out […]
Even as many Americans still struggle to recover from the country’s worst economic downturn since the Great Depression, another crisis – one that will be even worse than the current one – is looming, according to a new report from a group of leading economists, financiers, and former federal regulators.
In the report, the panel, that […]
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The current economic crisis is not a failure of capitalism, but a failure of culture. Generation Zero explores the cultural roots of the global financial meltdown - beginning with the narcissism of the 1960’s, spreading like a virus through the self-indulgent 90’s, and exploding […]
Next in Line for a Bailout: Social Security (Wake Up America, Vote a Good Change, Not for a Socialist)
Don’t look now. But even as the bank bailout is winding down, another huge bailout is starting, this time for the Social Security system.
A report from the Congressional Budget Office shows that for the first time in 25 years, Social Security is taking in less in taxes than it is spending on benefits.
Instead of helping […]
U.S. to Lose $400 Billion on Fannie, Freddie, Wallison Says (This is really sad - What’s America turning into?)
Read the whole story at Bloomberg.com
The U.S. is injecting another $3.8 billion into GMAC Financial Services to help cover mortgage losses, in a bailout that makes the government the majority owner of the auto and home finance company.
GMAC said after the capital infusion it does not expect to record more major losses from its mortgage lending unit, which should help […]
Obama Stimulus 2.0:New $6,500 tax credit for homeowners who have lived in their current home for at least five years
Senator Harry Reid, the Nevada Democrat and majority leader, said he expects the Senate this week to approve an extra 14 weeks of unemployment aid for those who have exhausted their benefits. People out of work in states where the unemployment rate is more than 8.5 percent would get up to 20 weeks.
In addition to […]
Ford Posts an Unexpected Profit of $997 Million (The only US car company that did not receive Obama bailout)
Ford has been having more success than its cross-town rivals at attracting customers, and its newest vehicles are winning commendations from third-party sources like the magazine Consumer Reports, which last week declared Ford’s quality to be “as dependable — or better than — some of the industry’s best.”
The company’s sales in the United States are […]
The seven companies that received the biggest bailouts are expected to cut the salaries of their 25 best-paid executives by an average of about 90 percent from last year.
(Excerpt) Read more at nytimes.com …
Al Qaeda operative had $50k in unsecured loans from bailout banks
This story comes from Karl Denninger at Market Ticker. It seems the admitted Afghan Al-Qaeda operative currently being questioned by the FBI for a possible attack against NY targets, Najibullah Zazi, had obtained unsecured credit cards amounting to $50,000 by the time he declared bankruptcy […]
Barack Hussein Obama says the United States is in a deep recession …it will take considerable time to recover
Big government spending programs — having opposite desired effect
Wall Street Journal: ‘The Obama administration’s behavior in the Chrysler bankruptcy is a profound challenge to the rule of law’…
The rule of law, not of men — an ideal tracing back to the ancient Greeks and well-known to our Founding Fathers — is the animating principle of the American experiment. While the rest of the world in 1787 was governed by the whims of kings and dukes, the U.S. Constitution was established to circumscribe […]
The U.S. government is pouring billions into General Motors in hopes of reviving the domestic economy, but when the automaker completes its restructuring plan, many of the company’s new jobs will be filled by workers overseas.
According to an outline the company has been sharing privately with Washington legislators, the number of cars that GM sells […]
Read full story Treasury Borrows Record $361 Billion for 2nd Quarter of 2009