The poverty rate jumped to 14.3 percent in 2009, up from 13.2 percent a year earlier and the highest rate since 1994, the Census Bureau said Thursday. Last year, a record 43.6 million people were in poverty, up from 39.8 million in 2008 — the third consecutive increase. “The number of people in poverty in […]
The stories of Greek unrest that came to a head this past summer shocked the world. There, people had become so dependent upon government programs that when parliament tried to dismantle the welfare state, left-wing terrorist and anarchist groups lashed out. One “radical leftist group” called Revolutionary Struggle is accused of shooting an Athens police officer […]
A small bank in Chicago called SHORE BANK almost went bankrupt during the recession. The bank made a profit on its foreign micro-loans (see below) but had lost money in sub-prime mortgages in the US. It was facing likely closure by federal regulators. However, because the bank’s executives were well connected with members of the […]
Every day, federal, state and local governments stifle small businesses to privilege well-connected incumbent companies. It’s a system of protectionism for influential insiders who don’t want competition. Every locality has its share of business moguls who are cozy with politicians. Together, they use the power of government to keep competition down and prices high. The […]
The eurozone debt crisis is about to enter a critical phase as governments prepare to step up borrowing in the capital markets to fund their faltering economies. Some strategists are warning that some of the weaker economies could fail to raise the amount of money they need as eurozone governments attempt to issue double the […]
by Chana Ya’ar The real estate developer behind New York City’s impending Ground Zero Mosque allegedly is delinquent on paying the property taxes for the site. The company, 45 Park Place Partners, is listed in arrears on the January 2010 and July 2010 payments for the site – the old Burlington Coat factory — a total […]
Paul L. Williams, Ph.D.– Iran is the fourth-largest oil producing country in the world; yet, it is now running out of gas. The Shiite country lacks the refining capacity to transform their oil reserves into gasoline or diesel. In order to meet the demands of domestic consumption, Teheran must import 130,000 to 150,000 barrels of […]
Peter Schiff– Watching economists and media analysts react to breaking economic news is a bit like looking at a flock of pigeons flying over the New York skyline. A true wonder of the urban landscape, the flocks can include hundreds of individuals who show an uncanny ability to stay in tight formation as the group […]
By Matt Taibbi – Rolling Stone How the nation’s biggest banks are ripping off American cities with the same predatory deals that brought down Greece If you want to know what life in the Third World is like, just ask Lisa Pack, an administrative assistant who works in the roads and transportation department in Jefferson […]
WASHINGTON (AP) – Nearly half of the 1.3 million homeowners who enrolled in the Obama administration’s flagship mortgage-relief program have fallen out. The program is intended to help those at risk of foreclosure by lowering their monthly mortgage payments. Friday’s report from the Treasury Department suggests the $75 billion government effort is failing to slow […]
