Top officials willfully concealed the true extent of the 2008-’09 bailouts from Congress and the public. We now have concrete evidence that Wall Street and Washington are running a secret government far removed from the democratic process. Through a freedom of information request by Bloomberg News, the public now has access to over 29,000 pages […]
The Small Business Lending Fund was cleverly named by its authors last Congress. Since its implementation, however, it would appear a more appropriate name would be the Bailed Out Bank Refinancing Fund. When Barney Frank and other supporters proposed the SBLF, it was believed banks would leverage the fund leading to hundreds of billions in […]
Act II of the European Summit is going to take place on Wednesday (Act I concluded on Sunday), when the world will see whether the hints about “progress” in stanching the European debt crisis have a basis in reality. It is now apparent that what Europe had tried to avoid for the past half year, a […]
The Occupy Wall Street protests that began in New York City more than three weeks ago have now spread across the country. The choice of Wall Street as the focal point for the protests — as even Federal Reserve Chairman Ben Bernanke said — makes sense due to the big bank malfeasance that led to the Great Recession. While the […]
News reports say that the Federal Housing Finance Agency (FHFA) will sue about 12 major banks in order to recover some of the losses that Fannie Mae and Freddie Mac sustained on mortgage-backed securities the banks issued. The suits will seek to make the banks repay a share of about $30 billion in losses from […]
(Hawaii Daily) Without an abundance of good jobs, the middle class in the United States is going to shrivel up and die. Right now, rampant unemployment is absolutely killing communities all over America. Hopelessness and poverty are exploding and many are now wondering if we are actually witnessing the slow death of the middle class. […]
Iceland maybe the first true free nation, and it intends to remain so, as long as its citizens wish to remain autonomous of the foreign domination of her would-be masters — in this case, international bankers. On April 9, the fiercely independent people of island-nation defeated a referendum that would have bailed out the UK […]
It has been said that statesmanship consists of choosing the lesser evil. The European Union believes that another bailout of Greece is the lesser evil compared to debt restructuring, giving creditors only part of their money back or giving it back in full later than was originally contracted. The economic wise men of Europe have chosen to […]
(By Andrew Lilico) It is when, not if. Financial markets merely aren’t sure whether it’ll be tomorrow, a month’s time, a year’s time, or two years’ time (it won’t be longer than that). Given that the ECB has played the “final card” it employed to force a bailout upon the Irish – threatening to bankrupt […]
Even the baseline scenario in places like Las Vegas and Miami is grim, where Case Shiller projects a 21% decline in home prices from 2010 to 2012. But in one scenario it could be worse. 6.7 million delinquent mortgages are waiting to flood the market around the country — and with near-zero cure rates most […]
