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Keyword: bankrupt

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  • Covering poor children without legal status is first step, say California advocates

    07/12/2015 7:59:35 AM PDT · by artichokegrower · 14 replies
    The Orange County Register ^ | July 12, 2015 | ANNA GORMAN
    When Fabiola Ortiz heard California had granted health coverage to poor children lacking legal immigration status, she was grateful. Since arriving in the U.S. illegally 12 years ago, she has taken her two youngest children to the doctor only for required school physicals and relied on home remedies for everything else.
  • Thank Goodness The Stupid, Socialist Greeks Said "No" To A Bailout!

    07/07/2015 5:29:11 AM PDT · by Kaslin · 21 replies
    Townhall.com ^ | July 7, 2015 | John Hawkins
    “The problem with socialism is that you eventually run out of other people's money.” – Margaret Thatcher Greece is liberal economics on steroids, Detroit writ large, and a place where the "takers" outnumber the "makers." In other words, if you want to know what the end road is for the sort of economics pushed by people like Barack Obama, Hillary Clinton and Paul Krugman, Greece is it. According to the World Bank, Greece’s labor participation rate is only 53%. It’s hard for private industry to take advantage of an underemployed populace because government regulations and powerful unions make it difficult...
  • Greenfield: Socialisms Greek Staring Contest

    07/06/2015 4:06:57 AM PDT · by Louis Foxwell · 9 replies
    FrontPage ^ | Daniel Greenfield
    Socialisms Greek Staring Contest The day will come when America faces its own inner Greece. July 5, 2015 Daniel Greenfield, a Shillman Journalism Fellow at the Freedom Center, is a New York writer focusing on radical Islam. The Greeks gambled in their referendum that European elites were more committed to their ideological obsession with integrating Europe than with mere economics. Stand up to a bunch of corrupt Greek civil servants and Europe risks going back to the bad old days of nation states and independent economies. It is likely that their bet will pay off. After all even a cursory...
  • This hedge fund manager just lost millions on Greece (Clinton Son-in-Law LOL!!!)

    06/30/2015 5:08:18 PM PDT · by PJ-Comix · 41 replies
    Fortune ^ | June 29, 2015 | Stephen Gandel
    Talk about a horrible way to start the week. A number of hedge funds that were already bracing for losses on Greek debt also found out late Sunday night that they would likely have to swallow big losses on investments in Puerto Rico as well. [SNIP!] ...Another loser in Greece has been Marc Mezvinsky, the husband of former, and potentially future, first child Chelsea Clinton. Mezvinskys firm EagleVale, which has made bets in Greece, was down nearly 4% last year. A small fund the firm runs that is completely dedicated to investing in Greece was down 48%.
  • Puerto Ricos governor on need to postpone debt payments for years: Its about math

    06/29/2015 4:16:46 PM PDT · by mojito · 18 replies
    WaPo ^ | 6/29/2015 | Michael A. Fletcher
    The governor of Puerto Rico said in a televised address Monday that the island cannot pay back more than $70 billion in debt, setting up an unprecedented financial crisis that could rock the municipal bond market and lead to higher borrowing costs for governments across the United States. This is not about politics, said Puerto Ricos governor, Alejandro Garcia Padilla. Its about math. The first step is to revive economic growth...We will never get out of this vicious cycle, said Garcia Padilla. But we need to do moremuch moreto return to riches and to become more competitive and have an...
  • Puerto Ricos Governor Says Islands Debts Are Not Payable

    06/28/2015 6:37:41 PM PDT · by tcrlaf · 48 replies
    NYTimes ^ | 6-28-2015 | MICHAEL CORKERY and MARY WILLIAMS WALSH
    Puerto Ricos governor, saying he needs to pull the island out of a death spiral, has concluded that the commonwealth cannot pay its roughly $72 billion in debts, an admission that will probably have wide-reaching financial repercussions. The governor, Alejandro Garca Padilla, and senior members of his staff said in an interview last week that they would probably seek significant concessions from as many as all of the islands creditors, which could include deferring some debt payments for as long as five years or extending the timetable for repayment. The debt is not payable, Mr. Garca Padilla said. There is...
  • The UN Is Conquering America through the Control of All Water ( Detroit, then .. )

    06/22/2015 8:32:39 AM PDT · by george76 · 30 replies
    Freedom Outpost ^ | 6-22-2015 | Dave Hodges
    Do you remember when Detroit when bankrupt and resident Obama refused to intervene in order to help Americans in a beleaguered American city? This was both baffling and maddening to the American people. After all, this "hope and change" resident promised to fundamentally transform America. Little did we realize that the Detroit bankruptcy would open the floodgates to the total foreign control of American's most precious resource, namely water, where the UN has gained a significant foothold in Detroit and its influence is spreading across the country. When Obama refused to help Detroit's bankruptcy and its ensuing water crisis, subsequent...
  • San Bernardino: Broken City

    06/15/2015 6:43:47 PM PDT · by artichokegrower · 37 replies
    Los Angles Times ^ | June 14, 2015 | Joe Mozingo
    San Bernardino, once a sturdy, middle class "All-America City," is now bankrupt, the poorest city of its size in California, and a symbol of the nation's worst urban woes.
  • Ex-Nazis got $20.2 million in Social Security

    06/01/2015 5:42:52 AM PDT · by TurboZamboni · 22 replies
    Pioneer Press ^ | 6-1-15 | Richard Lardner, David Rising and Randy Herschaft
    WASHINGTON -- Elfriede Rinkel's past as a Nazi concentration camp guard didn't keep her from collecting nearly $120,000 in U.S. Social Security benefits. Rinkel admitted to being stationed at the Ravensbrueck camp during World War II, where she worked with an attack dog trained by the SS, according to U.S. Justice Department records. She immigrated to California and married a German-born Jew whose parents had been killed in the Holocaust. She agreed to leave the U.S. in 2006 and remains the only woman the Justice Department's Nazi-hunting unit ever initiated deportation proceedings against. Yet after Rinkel departed, the Social Security...
  • Illinois Supreme Court Strikes Down Law to Rein in Public Sector Pensions

    05/08/2015 7:36:14 PM PDT · by TurboZamboni · 70 replies
    WSJ ^ | 5-8-15 | Joe Barrett and Ben Kesling
    The Illinois Supreme Court struck down the states 2013 pension overhaul, unraveling an effort by lawmakers to rein in benefits for the consistently underfunded public-sector system. The current pension shortfall is estimated at $111 billion, one of the largest nationally. The high court affirmed a decision in November by a state circuit court that the legislative changes violated pension protections written into the state constitution. The decision is a victory for a consortium of public-sector unions while creating a huge challenge for new Republican Gov. Bruce Rauner, who already faces a yawning budget deficit for the coming fiscal year.
  • Here's Moody's latest sobering take on Chicago's pension crisis

    05/02/2015 8:00:06 AM PDT · by george76 · 15 replies
    Crain's Chicago Business ^ | May 01, 2015 | Thomas A. Corfman
    Chicago has a simple financial choice: Stay in frying pan or get in the fire. That in simple terms is what Moody's Investors Service said in a report today about the difficult options the Emanuel administration faces over the city's woefully underfunded pension funds. The city must cut spending and raise taxes now or the risks of becoming insolvent will grow, forcing even harsher decisions later. The credit rating agency offers a sobering reminder of what's at stake in the eight-page report, which focuses on the pensions problems. ... A CUT ABOVE JUNK. Moody's, typically the most conservative of the...
  • With New Immigration Proposals, State Lawmakers Hope To Build Momentum [Medicaid For Illegals!]

    04/07/2015 5:50:53 PM PDT · by Steelfish · 4 replies
    LATimes ^ | April 07, 2015 | MELANIE MASON
    With new immigration proposals, state lawmakers hope to build By MELANIE MASON California lawmakers hope to keep momentum going with new immigration-related proposals Proposal would offer Medi-Cal to people who qualify regardless of immigration status. Democratic lawmakers will unveil a slew of new immigration-related proposals Tuesday, including measures that would extend state-paid health coverage to those in the country illegally and offer more protection against deportation. Legislators behind the 10-bill package aim to build on the landmark immigration laws passed in California in recent years, such as one that allows people without legal residency to obtain driver's licenses. By keeping...
  • California lawmakers propose expanding benefits to undocumented immigrants

    04/07/2015 3:31:57 PM PDT · by artichokegrower · 16 replies
    San Francisco Chronicle ^ | April 7, 2015 | Melody Gutierrez
    California legislative leaders took a bold step Tuesday toward protecting immigrants living in the country without documentation by backing legislation to offer Medi-Cal and other public services to a population they said they want to help move out of the shadows. The leaders of the California Senate and Assembly joined lawmakers and advocates in announcing the Immigrants Shape California legislative package at a press conference in Sacramento, saying the federal governments inaction on immigration reform forced them to act.
  • Outrageous public pensions could bankrupt these states

    03/30/2015 5:31:21 PM PDT · by george76 · 25 replies
    Yahoo -FT ^ | 3-30-2015 | Steven Malanga
    Some of the worst public-sector pension problems in America are playing out in states and cities where legislation or local court rulings have granted extraordinary protections to workers retirement benefitsfar beyond those enjoyed by private-sector employees. ... One can see a glimpse of Illinoiss possible future in Arizona. Last year, the states Supreme Court overturned 2011 pension reforms that, among other things, sought to curb expensive annual cost-of-living increases for judges, legislators, and ... The predicament faced by Illinois and Arizona should be a warning, especially to other states where government pensions enjoy extraordinary legal protections. Raising benefits or shortchanging...
  • Economist Tells Congress: U.S. May Be in Worse Fiscal Shape Than Greece

    03/10/2015 3:11:57 PM PDT · by Jan_Sobieski · 86 replies
    CNSNews.com ^ | 03/09/2015 | Barbara Hollingsworth
    (CNSNews.com) -- The U.S. has a $210 trillion fiscal gap and may well be in worse fiscal shape than any developed country, including Greece, Boston University economist Laurence Kotlikoff told members of the Senate Budget Committee in written and oral testimony on Feb. 25. The first point I want to get across is that our nation is broke, Kotlikoff testified. Our nations broke, and its not broke in 75 years or 50 years or 25 years or 10 years. Its broke today. "Indeed, it may well be in worse fiscal shape than any developed country, including Greece," he said. (See...
  • The Trillion-Dollar Pension Crisis Is Only Getting Worse Because People Are Living Too Long

    02/16/2015 10:47:39 AM PST · by blam · 22 replies
    BI ^ | 2-16-2014 | John Mauldin
    John Mauldin February 16, 2015We do not have to look to Greece to find massively underfunded obligations. Here in the US we can find hundreds of examples, willingly created by politicians and businessmen who proclaim they are working for the public good. We call them pension funds, but theyre just another form of unfunded debt. A sovereign bond is a promise to pay a certain amount of money over time. A defined-benefit pension fund is a promise to pay a certain amount of income over time. The value of either is determined by the ability of the government or the...
  • Judge says $178 million Detroit bankruptcy fee tab 'reasonable'

    02/12/2015 10:10:35 PM PST · by Libloather · 8 replies
    Reuters via MSN ^ | 2/12/15 | Karen Pierog
    The federal judge who oversaw Detroit's historic bankruptcy case ruled on Thursday that the nearly $178 million charged to the city by law firms and consultants for fees and expenses was reasonable. U.S. Bankruptcy Court Judge Steven Rhodes said he based his decision mainly on the complexity of the bankruptcy case filed in July 2013 as well as substantial reductions that the firms agreed to make in their bills. "The city is now on a path to success precisely because of the expertise, skill, commitment, endurance, personal sacrifice, civility and proficiency of all of the professionals in the case, including...
  • Squatters In Abandonminiums Slow Detroits Plan To Bulldoze Way To Prosperity

    01/29/2015 2:43:16 PM PST · by Libloather · 26 replies
    CBS Local ^ | 1/29/15 | Corey Williams
    DETROIT (AP) Chris Mathews crew showed up this month to demolish one of the thousands of vacant homes destined for demolition as part of Detroits grand plan to bulldoze its way to prosperity when a call from his office stopped them in their tracks: Someone was living there. A middle-aged woman who watched the crew tear away the homes warped wooden steps the day before had called their company, Adamo Demolition, to point out she was living on the second floor, despite no power, heat or gas and a flooded basement. It was like a swimming pool. We would...
  • Illinois Horse racing tracks tied to Blagojevich scandal file for bankruptcy (Balmoral, Maywood)

    12/25/2014 4:52:46 PM PST · by Libloather · 4 replies
    Chicago Tribune ^ | 12/24/14 | Tony Briscoe
    Illinois' only two harness horse racing tracks kept their promise to the Illinois Racing Board as they filed for bankruptcy on Wednesday to continue operations into 2015 and protect themselves against property seizure. Balmoral Racing Club Inc. and Maywood Park Trotting Association Inc. filed for Chapter 11 bankruptcy after a state court handed down a $78 million lawsuit judgment earlier this month for the tracks' ownership's role in an extortion scandal involving former Gov. Rod Blagojevich. **SNIP** The ruling stems from a federal racketeering suit that claims that John Johnston acquiesced to Blagojevich's request for a $100,000 campaign contribution in...
  • Illinois Pension Debt Soars To $111 Billion

    11/18/2014 3:40:41 AM PST · by george76 · 12 replies
    Zero Hedge ^ | 11/17/2014 | Tyler Durden
    Pension debt in the Land of Lincoln is a big problem. So big, in fact, that it would take three years of a complete government shutdown, during which the entire general fund went toward pensions, just to break even. No funding for schools, no money for public safety and nothing for health care and human services. Illinois unfunded pension liability grew to more than $111 billion this year, according to official estimates. Thats a $48 billion increase just since 2009. ... That $111 billion pension shortfall means the state now has only 39 cents of every dollar it should have...
  • One Bankruptcy, Many Adversaries

    08/06/2014 7:48:12 AM PDT · by fishtank · 1 replies
    Institute for Creation Research ^ | Aug. 2014 | James J. S. Johnson, J.D., Th.D.
    One Bankruptcy, Many Adversaries by James J. S. Johnson, J.D., Th.D. * Theistic evolution is like a mega-bankruptcy case containing an almost countless number of adversaries and contests, like piecemeal mini-lawsuits that in aggregate address smaller conflicts within a large-scale mess.1 Within this big picture its important to keep in mind that every small-scale contested matter and every adversary conflict is an important opportunity to advocate for truth.2 Imagine the component problems involved in these famous bankruptcies: Texaco, Chrysler, Enron, CIT Group, Worldcom, General Motors, Washington Mutual, and Lehman Brothers.1 Lets quickly review some federal bankruptcy law.
  • Americans Got $2 Trillion in Benefits from Federal Government in 2013

    08/04/2014 8:07:02 PM PDT · by Olog-hai · 38 replies
    Cybercast News Service ^ | August 4, 2014 - 4:53 PM | Ali Meyer
    The federal government paid $2,007,358,200,000 in benefits and entitlements in fiscal year 2013 from government programs, according to data from the Bureau of the Fiscal Services Monthly Treasury Statement. The treasury statement summarizes the financial activities of the federal government, including data on government receipts, outlays, and surplus and deficit totals. The September 2013 monthly treasury statement calculates these metrics for the entire fiscal year of 2013, which began on October 1, 2012 and ended on September 30, 2013. According to the statement, the federal governments total outlays, otherwise known as spending, for means-tested and non-means tested government programsnot including...
  • US is Bankrupt: $89.5 Tril. in US Liabilities vs. $82 Tril. in Household Net Worth & Gap is Growing.

    08/04/2014 7:19:38 PM PDT · by SeekAndFind · 29 replies
    Biderman's Money Blog ^ | 08/04/2014 | Chris Hamilton
    There are many ways to look at the United States government debt, obligations, and assets. Liabilities include Treasury debt held by the public or more broadly total Treasury debt outstanding. There’s unfunded liabilities like Medicare and Social Security. And then the assets of all the real estate, all the equities, all the bonds, all the deposits…all at today’s valuations. But let’s cut straight to the bottom line and add it all up…$89.5 trillion in liabilities and $82 trillion in assets. There. It’s not a secret anymore…and although these are all government numbers, for some strange reason the government never adds...
  • Shock: 80% of U.S. population growth is from immigrants, resources being sucked dry

    07/30/2014 2:32:34 PM PDT · by Nachum · 44 replies
    Washington Examiner ^ | 7/30/14 | Paul Bedard
    A group dedicated to saving the planet by cutting runaway population increases is raising a new and shocking issue in Washingtons bitter fight over immigration reform: Most of the nations population growth is from immigrants, and they are consuming resources dangerously fast. According to Negative Population Growth Inc., 80 percent of the growth in U.S. population comes from immigration, legal, illegal and among American-born children of immigrants. With increased population, we see a direct increase in the problems our nation faces on a daily basis: pollution, over-consumption, traffic gridlock, crowded schools and hospitals, overburdened social services, unemployment, crumbling infrastructure, urban
  • Teacher pay averages $84,489; LAUSD data missing

    07/29/2014 7:10:04 PM PDT · by TurboZamboni · 23 replies
    contra costa times ^ | 7-25-14 | Thomas Himes
    A newly released survey of 653 of Californias 1,058 school systems reports teachers were paid on average $84,489, while 33 administrators earned more than $250,000 in pay alone last year. The pay and compensation information was complied by The California Policy Center, a nonpartisan conservative public policy think tank that runs Transparent California, which posted the survey for the public to review at transparentcalifornia.com Were doing this because the public employs the public sector; and members of the public, as voters are being continually asked to approve tax increase and bond measures, Policy Center Director Ed Ring said. You cant...
  • Debt servants: how sustainable are states legacy costs?

    07/29/2014 6:58:16 PM PDT · by TurboZamboni · 7 replies
    public sector inc ^ | 7-27-14 | Iliya Atanasov
    A recent report by JP Morgans Michael Cembalest provides a fresh look at the problem of state indebtedness. Cembalest, global head of investment strategy, is best known for his writings on housing and for flagging Bernard Madoffs fund and refusing to invest in it, even while other divisions at JPMorgan gleefully did so. Cembalest looks at state governments annual payments towards bonded debt interest and retirement liabilities (defined-benefit and defined-contribution pensions as well as retiree healthcare benefits) expressed as percentage of total annual revenue. In addition to assessing states default risk, this approach quantifies exactly how much debt expenditures are...
  • Waves of immigrant minors present crisis for Obama, Congress

    05/28/2014 7:04:08 PM PDT · by mandaladon · 32 replies
    Yahoo News ^ | 28 May 2014 | Richard Cowan
    WASHINGTON (Reuters) - Tens of thousands of children unaccompanied by parents or relatives are flooding across the southern U.S. border illegally, forcing the Obama administration and Congress to grapple with both a humanitarian crisis and a budget dilemma. An estimated 60,000 such children will pour into the United States this year, according to the administration, up from about 6,000 in 2011. Now, Washington is trying to figure out how to pay for their food, housing and transportation once they are taken into custody. The flow is expected to grow. The number of unaccompanied, undocumented immigrants who are under 18 will...
  • Aint it grand: Detroit selling homes for just $1,000

    05/02/2014 11:26:19 PM PDT · by Olog-hai · 21 replies
    Fox News ^ | May 02, 2014 | Garrett Tenney
    The Motor City has a deal for youclassical homes with a starting price of just $1,000. The online auction for abandoned, but sturdy homes is the latest plan by city leaders to fight blight and boost property values as Detroit crawls its way out of bankruptcy. [] The city isnt hiding the fact that nearly all of the homes up for auction will require a lot of work to repair.
  • Solar companies learn to play nice with environmentalists [setting aside land]

    04/17/2014 5:00:27 PM PDT · by Jim Robinson · 36 replies
    GIGAOM ^ | flashback AUG. 9, 2011 | by Ucilia Wang
    As more solar farms arise in the sunny corners of the U.S., its inevitable that solar developers will have to play ball with environmentalists. First Solar and SunPower announced an agreement with the environmental groups to add thousands of acres near their projects for wildlife protection. As more solar farms arise in the sunny corners of the U.S., its inevitable that solar developers will have to play ball with environmental groups. First Solar and SunPower announced an agreement on Tuesday with the Sierra Club and others to add thousands of acres near their proposed projects for wildlife protection. The agreement...
  • 85% of Pension Funds to Fail in Three Decades

    04/12/2014 11:54:28 AM PDT · by Kaslin · 19 replies
    Townhall.com ^ | April 12, 2014 | Mike Shedlock
    Bridgewater Associates did an analysis of pension funds recently and concluded 85% of them will fail if returns average 4%. Bridgewater notes that public pensions have just $3 trillion in assets to invest to cover future retirement payments of $10 trillion over the next many decades. It would take an investment return of roughly 9% a year to meet those obligations. With the 30-Year long bond yielding a mere 3.5% and with stock valuation through the roof, I expect negative returns for 7-10 years. Stretched out over 30 years, 4% seems about right. 9% is out of the question. CNBC...
  • Report: New Yorkers Forced to Choose Between Groceries and Obamacare

    04/01/2014 7:10:46 PM PDT · by 2ndDivisionVet · 58 replies
    Legal Insurrection ^ | April 1, 2014 | Rusty Weiss
    A new report from WHEC in Rochester is painting a very bleak scenario for New Yorkers, some forced to choose between buying groceries or purchasing Obamacare plans, some concerned about going bankrupt after falling ill. So why are New Yorkers concerned about going bankrupt due to Obamacare? Especially when the President has continually made such statements as, I am as proud as Ive ever been by the work we did to make sure that in this country, if you get sick you dont go bankrupt and that you can get the health care that you need? And why are they...
  • The Obama Debt Tracker - Obama doubles America's publicly held debt in just 5.2 years

    04/01/2014 3:22:05 PM PDT · by jpl · 20 replies
    The United States Department of the Treasury ^ | Monday, April 1, 2014 | The United States Department of the Treasury
    I wish that this were just another bad April Fools' Day joke, but sadly, this story is all too real. Since President Barack Hussein Obama was inaugurated into office a little over five years ago, Obama, Pelosi, and Reid have doubled America's publicly held debt, an increase of more than 6.3 trillion dollars: Date Debt Held by the Public Intragovernmental Holdings Total Public Debt Outstanding 03/31/2014 6,307,310,739,681.66 4,319,566,309,231.42 10,626,877,048,913.08 8/19/2011 12,619,319,113,193.99...
  • Wayne State University offers college course on Detroit bankruptcy

    03/30/2014 3:40:07 PM PDT · by Libloather · 33 replies
    M Live ^ | 3/30/14 | Gus Burns
    DETROIT, MI -- Wayne State administrators are using Detroit's financial calamity to teach. A new course, "Detroit: Metropolis in Transition," will be offered by the the Department of Urban Studies and Planning beginning this summer. **SNIP** The lecture will cover Detroit's history up to present day and "issues such as the city's frustrated attempts at regionalism and its persistence as the largest metro are in the United States without a comprehensive, rail-based public transit system."
  • Obamacare: Taxpayers in the Hole for $1.5 Trillion

    03/27/2014 10:18:04 AM PDT · by Star Traveler · 18 replies
    The Fiscal Times ^ | Thursday, March 27, 2014 | Edward Morrissey
    What the hell is this, a joke? Speaker of the House John Boehner said in reaction to news this week that yet another deadline in the Affordable Care Act had been unilaterally delayed by the Obama administration. Unfortunately, the answer to that question is yes, and its becoming increasingly clear that the joke is on the American taxpayer. Late Tuesday, the Department of Health and Human Services which has taken to bragging about enrollment numbers that fall millions short of their original goals announced that the March 31st deadline for open enrollment had become more of a guideline....
  • 3 huge cities flirting with bankruptcy (NYC, Chicago, LA)

    03/03/2014 4:18:34 PM PST · by Libloather · 40 replies
    MSN ^ | 3/03/14 | Karen Riccio
    Detroit's looming bankruptcy is making news again, this time focusing on current restructuring plans aimed to wipe out $18 billion in debt by axing pension checks of city retirees, including police and fire. Massive long-term retirement and healthcare promises were by no means solely responsible for the city's fall, but these massive pensions coupled with a tax base weakened by high unemployment and housing vacancies caused the budget to bleed out quicker. The Michigan city may be the most recent victim of bankruptcy, but many of the 61 largest U.S. cities have adopted the same retirement legacy leading to $118...
  • Post Office Latest Federal Agency to Ask for Ammunition

    02/15/2014 8:16:23 AM PST · by detective · 34 replies
    The New American ^ | 2/13/2014 | Joe Wolverton
    The U.S. Postal Service (USPS) has posted a request to purchase assorted small arms ammunition, reports political analyst Michael Lotfi. The solicitation by the USPS was posted on FBO.gov, the federal governments federal business opportunities website. The process is now underway to arrange for the purchase of guns and ammo for some undisclosed use by the post office. As Lotfi points out, it is curious that the postal service can afford to arm itself given their precarious financial position: The USPS has been posting $1-5 billion quarterly losses for years. In fiscal year (FY) 2012 alone the USPS lost a...
  • 2014 Federal Budget in Pictures

    02/13/2014 9:34:00 AM PST · by 1rudeboy · 20 replies
    Federal spending and debt are out of control If America does not change course, the future will be dramatically worse. Now more than ever, it is crucial that Americans understand what our nation's spending, taxes, and debt mean for them and their families. The Heritage Foundation's Federal Budget in Pictures offers a unique tool to learn about the federal budget in a clear and compelling way.
  • GOP struggles to find 'yes' debt votes (Cornyn doesn't have enough GOP cloture votes for Reid)

    02/12/2014 10:49:28 AM PST · by jimbo123 · 113 replies
    The Hill ^ | 2/12/14 | Erik Wasson and Peter Schroeder
    Republicans in the Senate are struggling to come up with the five votes they'd need to ensure passage on Wednesday of a House bill raising the debt ceiling. The measure is likely to win support from the upper chamber's 53 Democrats and the two Independents that caucus with Democrats. But only one Republican, Sen. Mark Kirk (Ill.), has so far said he would back the bill. The measure needs 60 votes because Sen. Ted Cruz (R-Texas) is filibustering the bill over the lack of spending reforms attached to it. Kirk told The Hill the vote would be close. I think...
  • House passes debt-ceiling increase with no add-ons

    02/11/2014 2:35:53 PM PST · by Red in Blue PA · 206 replies
    This is a developing news story. An earlier version of the article follows: House GOP leaders announced Tuesday they will advance this week an increase in the government's borrowing cap that's free of any add-ons. A vote is scheduled for Tuesday night because of the threat of a winter storm. House Speaker John Boehner announced the plan after a poll of the Republican rank and file failed to show enough support for a plan to tie the hike in the debt limit to a plan to reverse a recently passed cut to military pensions. The Ohio Republican said he expected...
  • Voters in bankrupt San Bernardino sweep old guard from power

    02/06/2014 9:17:29 AM PST · by Beave Meister · 5 replies
    Reuters ^ | 2/5/2014 | TIM REID
    (Reuters) - Residents of bankrupt San Bernardino, California on Tuesday voted to complete a rout of the city's pro-union old guard, electing business-friendly pragmatists who have pledged to try to reduce pension costs and take on vested interests. As San Bernardino enters into a fourth month of mediation with its creditors, the biggest of which is Calpers, California's giant retirement system, voters on Tuesday elected Carey Davis as the crisis-hit city's new mayor. Davis, a businessman and political novice, ran in part on a campaign to reduce the city's pension obligations. In an interview in November, when he became one...
  • Bankruptcy In The USSA: Detroit Bondholders About To Be GM'ed In Favor Of Pensioners

    01/31/2014 3:39:07 PM PST · by Rusty0604 · 16 replies
    zerohedge ^ | 01/31/2014 | Tyler Durden
    First, the Obama administration showed during the course of the GM and Chrysler bankruptcy proceedings, that when it comes to Most Preferred Voter classes, some unsecured creditors - namely labor unions, and the millions of votes they bring - are more equal than other unsecured creditors - namely bondholders, and the zero votes they bring. Five years later we are about to get a stark reminder that under the superpriority rule of a community organizer for whom "fairness" trumps contract law any day, it is now Detroit's turn to make a mockery of the recovery waterfall. As it turns out,...
  • Dear Health Insurance Companies........

    01/31/2014 3:31:36 PM PST · by originalbuckeye · 3 replies
    1/31/14 | Originalbuckeye
    You are going to go bankrupt. There is talk that Obama may bail you out. Why would he do that when the whole point of Obamacare is to eliminate the competition for all those Health Care Dollars? Please, start gathering plans for after your demise. If we are ever able to get control again, we will need you to be ready to offer GOOD Health Care plans at reasonable prices. Please start writing new plans and streamline them. We don't want to have to pay to cover maternity care or pediatric dental care if we are over 60. We need...
  • California spends $1.37M on ObamaCare web stream featuring Richard Simmons

    01/31/2014 5:19:58 AM PST · by TurboZamboni · 10 replies
    Fox ^ | 1-30-14 | watchdog.org
    Facing a $78 million budget shortfall, Californias ObamaCare exchange has spent $1.37 million to fund an outreach video featuring exercise guru Richard Simmons gyrating on the floor and hugging a contortionist who is kneeling with his buttocks in the air. The Tell a Friend Get Covered campaign by Covered California features other celebrities Olivia Wilde, comic Billy Eirchner, Fran Drescher and Tatyana Ali. The centerpiece of the effort was an eight-hour live web stream that ran on Jan. 16. None of the celebrities were paid for their work, Covered California said.
  • Chicago pension crisis called worst in nation

    12/31/2013 5:49:17 AM PST · by SeekAndFind · 18 replies
    American Thinker ^ | 12/31/2013 | Rick Moran
    Calling the Chicago pension crisis the worst in the nation is saying something - like, how bad can it get? The city's underfunded pension system for teachers, firefighters, police, and transit workers threatens to punch a hole in the city budget that would devastate city services. The teachers' alone are $1 billion short of funds, while the city as a whole is looking at a whopping $27 billion shortfall. The state of Illinois is even worse off with more than $100 billion in unfunded pension liabilities. Where is the money going to come from to fix the problem? Financial Times:...
  • Canada to phase out home mail delivery to cut big losses

    12/17/2013 12:41:41 PM PST · by TurboZamboni · 44 replies
    Rooters ^ | 12-11-13 | David Ljunggren
    Dec 11 (Reuters) - Canada's postal service will phase out urban home delivery within five years and hike the cost of postage stamps to try to stem soaring losses, the post office said on Wednesday. Canada Post, like the U.S. Postal Service, is suffering as customers switch to digital communications. In August it said it was on track to run short of cash by the middle of 2014 unless major changes were made. The government-owned corporation - which has a mandate to be self-financing - last month reported a third-quarter loss of C$109 million ($103 million) before tax and said...
  • Detroit mayor touts accomplishments in last speech

    12/11/2013 7:53:54 PM PST · by Olog-hai · 15 replies
    Associated Press ^ | Dec 11, 2013 5:52 PM EST | Corey Williams
    Dave Bing delivered his final official speech as Detroits mayor on Wednesday, proclaiming that the city is much stronger now than it was four years ago despite going through the largest municipal bankruptcy in U.S. history. During the luncheon speech to the Detroit Economic Club, the former NBA basketball player lamented that his efforts to fix the citys beleaguered finances were slowed by rules governing contracts with workers and an often adversarial City Council. [] Detroit has been under state oversight since March when Gov. Rick Snyder appointed turnaround specialist Kevyn Orr as emergency manager. Under state law, Orr has...
  • QUIT CLAIM DEED to the city of Detroit

    12/03/2013 10:09:46 PM PST · by doug from upland · 30 replies
    ebay ^ | 12-3-13 | dfu
    Until they pull it, here you go. QUIT CLAIM DEED TO THE CITY OF DETROIT
  • Report: DOE Withheld Data on Bankrupt Green Energy Company

    11/05/2013 4:42:40 PM PST · by Nachum · 11 replies
    Free Beacon ^ | 11/5/13 | Lachlan Markay
    The Department of Energy withheld troubling cost and performance data on a major stimulus award from a federal watchdog before the company servicing the award went bankrupt, according to a report released on Tuesday. The report focuses on the departments handling of a pair of federal awards worth about $126 million for ECOtality, a San Francisco-based green energy company that declared bankruptcy in September. DOEs inspector general, which authored Tuesdays report, released an audit in July that expressed concerns about the departments management of ECOtalitys $100 million stimulus award for the installation of electric vehicle charging stations. The report revealed...
  • Stanley Druckenmiller: How Washington Really Redistributes Income

    10/27/2013 10:56:52 AM PDT · by TurboZamboni · 28 replies
    WSJ ^ | 10-21-13 | James Freeman
    Stan Druckenmiller makes an unlikely class warrior. He's a member of the 1%make that the 0.001%one of the most successful money managers of all time, and 60 years old to boot. But lately he has been touring college campuses promoting a message of income redistribution you don't hear out of Washington. It's how federal entitlements like Medicare and Social Security are letting Mr. Druckenmiller's generation rip off all those doting Barack Obama voters in Generation X, Y and Z. "I have been shocked at the reception. I had planned to only visit Bowdoin, " his alma mater in Maine, he...
  • Congressman: 'Constitutional Crisis' if GOP Caves on Debt Ceiling

    10/15/2013 10:34:02 AM PDT · by 11th_VA · 62 replies
    http://www.breitbart.com/Big-Go ^ | 15 October 2013 | Matthew Boyle
    On the House floor on Monday, Rep. Tom McClintock (R-CA) argued that President Barack Obamas activities during the government shutdown over Obamacare are a sign to him that Obama would act nefariously to attack the full faith and credit of the United States of America by taking the country into a default in a debt ceiling crisis if the president does not get everything he wants in negotiations. Given the ruthless and vindictive way the shutdown has been handled, I now believe that this president would willfully act to destroy the full faith and credit of the United States unless...