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Keyword: borrowing

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  • A million dollars a minute

    02/18/2018 11:26:07 AM PST · by Tolerance Sucks Rocks · 4 replies
    The Washington Times ^ | February 14, 2018 | Andrew P. Napolitano
    Imagine you open the faucet of your kitchen sink expecting water and instead out comes cash. Now imagine that it comes out at the rate of $1 million a minute. You call your plumber, who thinks you’re crazy. To get you off the phone, he opines that it is your sink and therefore must be your money. So you spend it wildly. Then you realize that the money wasn’t yours and you owe it back. Now imagine that this happens every minute of every day for the next three years. At the end of the three years, you owe back...
  • The World's Biggest Banks May Very Well Grow Even Larger

    02/23/2016 7:11:16 PM PST · by Tolerance Sucks Rocks · 14 replies
    Fortune ^ | February 23, 2016 | Eleanor Bloxham
    Ever since the financial crisis, many outside the wealthy elite (sometimes referred to as populists) have argued that the largest banks are too big and too risky. Minneapolis Federal Reserve president Neel Kashkari recently echoed those beliefs.Yet if a new Federal Reserve proposal goes through, Wells Fargo and other large banks might get even bigger and riskier, adding billions to their balance sheets that could increase the banks’ risk profiles.The Federal Reserve says the proposal, which specifies the amount and kind of debt that systemically important large banks must hold, could help make sure that those banks can be wound...
  • College Loans: Liberals Now Think It’s ‘Predatory’ to Expect Borrowers to Repay Taxpayers

    06/23/2015 7:07:02 AM PDT · by SeekAndFind · 18 replies
    National Review ^ | 06/23/2015 | by FREDERICK M. HESS
    That didn’t take long. Earlier this month, in reference to the Department of Education’s $3.5 billion bailout for Corinthian College students, I observed at NRO, “What’s especially worrisome here is the frontal attack the administration is mounting on notions of students’ responsibility.” The fear was that sensible attention to student debt would change into an excuse for borrowers to default and stick taxpayers with the tab. That moment has already arrived. Just last week, the Consumer Financial Protection Bureau issued a report that found that co-signers have a rough time getting released from their promises to repay private student loans....
  • Budget Could Delay Local Highway Projects

    03/25/2015 6:44:17 AM PDT · by Tolerance Sucks Rocks · 23 replies
    Urban Milwaukee ^ | March 16, 2015 | Steven Walters
    It seemed to be a classic case of “firemen first,” a theory first put forth in 1976 by legendary Washington, D.C., journalist Charles Peters. Any bureaucrat, when asked to list what services or jobs would be cut because of a looming budget crisis, identifies the most painful losses in public services – firemen, police officers, EMTs, workers who fill potholes, etc. Bureaucrats use it to try and pressure elected officials, afraid of voter backlash, to soften the budget cuts. It played out in the Capitol on March 3, when state Transportation Secretary Mark Gottlieb was asked what major state highways...
  • California couple struggling after being forced to pay deceased daughter’s student loans

    08/06/2014 6:47:14 AM PDT · by Innovative · 90 replies
    FoxNews ^ | Agu 6, 2014 | Fox News
    Lisa Mason had taken out close to $100,000 in student loans in order to pay for nursing school, and was making payments on the debt when she died. Steve Mason said he and his wife, who had co-signed the loans, were contacted immediately after his daughter’s death and were told they must start making payments. “We knew if she didn’t pay her debt we would be responsible by co-signing, but we didn’t know that if she died the debt would fall to us,” he said. Mason said his daughter’s debt has ballooned to $200,000 and the payments exceed $2,000 a...
  • Countdown: US Hits Debt Ceiling in 84 Days

    11/16/2013 4:15:22 AM PST · by stevie_d_64 · 22 replies
    Breitbart ^ | November 15, 2013 | Mike Flynn
    Twelve weeks from today, the US government will hit its borrowing limit. When Congress lifted the debt ceiling last month, for the first time ever, it pegged the increase to a specific date, rather than a dollar amount. The current borrowing authority expires in just 84 days, on February 7th.
  • What a ‘Shutdown’ Means: $63B Spent, $26B Taxed; $1.6B Borrowed; $1B Paid in Salaries—in Just 2 Days

    10/04/2013 10:48:57 AM PDT · by Olog-hai · 6 replies
    Cybercast News Service ^ | October 4, 2013 - 11:55 AM | Terence P. Jeffrey
    In general terms, politicians and the press may be referring to what has been happening in Washington, D.C., over the past few days as a government “shutdown” or a “partial government shutdown,” but the actual accounting sheets of the U.S. Treasury show that massive amounts of taxed and borrowed money were flowing in and out of the government during the first two days of fiscal 2014. … To put things in perspective, in the first two days of fiscal 2013 (Oct. 1-Oct. 2, 2012), when there was not a “shutdown,” the federal government spent $124.409 billion, collected $29.057 billion in...
  • US borrowing authority to be exhausted by Oct. 17

    09/25/2013 6:21:34 PM PDT · by Olog-hai · 13 replies
    Associated Press ^ | Sep 25, 2013 3:19 PM EDT | Andrew Taylor
    Treasury Secretary Jacob Lew said Wednesday the government will have exhausted its borrowing authority by Oct. 17, leaving the United States just $30 billion cash on hand to pay its bills. That’s a slightly worse financial position than Treasury predicted last month and adds to the pressure on Congress to increase the government’s borrowing cap soon to avert a first-ever U.S. default on its obligations. In a letter to top congressional leaders, Lew warned that a repeat of the debt brinksmanship of 2011 could inflict great harm on the economy and that “if the government should ultimately become unable to...
  • By the way: Total student loan debt now topping one trillion dollars

    04/12/2013 12:17:44 PM PDT · by SeekAndFind · 17 replies
    Hotair ^ | 04/12/2013 | Erika Johnsen
    It's a rough job market for anyone looking for work as we continue to just barely break stagnation levels in the Slowest Recovery Ever, but the picture is particularly bleak for the fresh-faced youths looking start careers. According to a new economic report, the situation is going to be “extremely difficult” for the crop of 2013 college graduates: Unemployment remains high for young college grads. For those who will find jobs, many will probably have to settle for low-level positions, the Economic Policy Institute said Wednesday.The unemployment rate for recent college grads between the ages of 21 to 24 has...
  • 'We're Getting Away With It' Does Not Excuse Federal Borrowing To Infinity

    03/07/2013 6:55:32 AM PST · by SeekAndFind · 19 replies
    Forbes ^ | 03/06/2013 | Daniel Shuchman
    You know the unpleasant facts. The federal government has been and will likely continue to run an annual deficit of $1 trillion indefinitely. It borrows or prints approximately 40% of every dollar spent. federal debt amounts to over $16 trillion. The debt/GDP ratio ranges between 70% and 100% (depending on the methodology you use) – historically dangerous territory for a government. Future entitlement obligations amount to tens of trillions and will overtake the budget in future years unless something significant changes. During the election campaign, the debate centered on whether our fiscal course should be stabilized with an emphasis on...
  • America’s Dreadful Debt Legacy

    02/15/2013 3:13:36 AM PST · by Kaslin · 5 replies ^ | February 15, 2013 | David Spady
    Americans live in a consumer culture. We like to buy things. When we can’t afford to purchase something we really want, we turn to credit cards and loans, even though we end up paying more due to interest payments. Over half the population paid interest on credit cards in the past year. “Buy now – pay later”. This mindset has resulted in the plague of personal debt many families struggling with. Unfortunately the “buy now – pay later” mentality is not limited to the individual consumer, Americans are also inclined to incur debt to fund government projects we can’t afford....
  • Boehner: “Zero” Chance Obama Would’ve Given Bush Unlimited Borrowing Power

    12/13/2012 4:01:00 PM PST · by Olog-hai · 7 replies
    Cybercast News Service ^ | December 13, 2012 | Elizabeth Harrington
    House Speaker John Boehner (R-Ohio) said there was “zero” chance that Senate Majority Leader Harry Reid (D-Nev.) and then-Sen. Barack Obama would have supported giving President George W. Bush the power to unilaterally raise the debt ceiling, as they propose giving the chief executive today. … “Do you think that Senator Reid or then-Senator Obama would have ever given to President George W. Bush the unlimited ability to raise the debt limit?” Boehner said. “They’re talking about doing it now,” a reporter replied. “I know they’re talking about doing it now,” Boehner said, jokingly. “Do you think there’s any chance...
  • The Deal the GOP Congress members should offer the president

    11/07/2012 3:11:00 PM PST · by JLS · 14 replies
    JLS | 7 November 2012 | JLS
    The GOP needs to use their one big chit in the tax negotiation. They need to demand that included in this deal is increasing the national debt limit. In return for increasing the national debt limit they need to get something tangible. Something like no tax increase. They can not accept illusions of spending cuts that will never happen. They could link the debt ceiling to the current tax code and everytime the debt limit comes up, the tax code would too.
  • Conservatives undermining our economic recovery ... Fiscal retrenchment is a drag on growth

    07/27/2012 1:58:26 PM PDT · by Zakeet · 19 replies
    Wall Street Journal Market Watch ^ | July 27, 2012 | Adam S. Hersh
    Today’s weak economic growth numbers were as predictable as they are disheartening — and the blame lies squarely with those who opposed the president’s American Jobs Act nearly a year ago, and have in fact opposed an array of sensible economic policies to expand public investments that create jobs and economic growth ever since President Barack Obama took office [Snip] Economists have known at least since last summer’s debt ceiling standoff in Congress that an economic slowdown was a high probability outcome if policy makers failed to reverse steep retrenchments in public investments that create jobs and strengthen growth. The...
  • Quite Possibly The Dumbest Thing I’ve Heard An Economist Say

    07/17/2012 1:12:56 PM PDT · by Zakeet · 19 replies
    Zero Hedge ^ | July 17, 2012 | Simon Black
    In the mid-1800s, a cousin of Charles Darwin by the name of Francis Galton wrote a series of works expanding on an old idea of selective breeding in human beings. Galton’s theory became known as eugenics. At its core, eugenics was underpinned by an assumption that talent and genius were hereditary traits, and that deliberate breeding could improve the human race. Within decades, intellectuals were spending their entire careers studying these ideas, quickly spawning a number of different fields dedicated to ‘racial sciences.’ Scholars began closely examining racial differences and building volumes of statistics on everything ranging from intelligence to...
  • O’Malley signs hundreds of bills that will tint Maryland a deeper shade of blue

    05/23/2012 7:51:09 PM PDT · by Tolerance Sucks Rocks · 17 replies
    The Washington Post ^ | May 22, 2012 | Aaron C. Davis
    Maryland Gov. Martin O’Malley signed into law a package of tax increases Tuesday targeting six-figure earners, tobacco users and companies engaged in real estate transactions to cover record spending on education. In a two-hour ceremony, it was easily the most recognizable measure O’Malley (D) signed but hardly the most popular. Rather, union members, minorities and interest groups crowded the State House to celebrate more than 200 lesser-known and often narrowly tailored bills. They passed the General Assembly with little fanfare but, taken together, will color the state’s social and political identity a slightly deeper shade of blue. The bills included...
  • Borrowing Your Way Out Of Debt And Other Normal Abnormalities

    02/20/2012 2:05:08 PM PST · by blam · 13 replies
    The Daily Reckoning ^ | 2-20-2012 | Bill Bonner
    Borrowing Your Way Out Of Debt And Other Normal Abnormalities By Bill Bonner 02/20/12 Buenos Aires, Argentina – Dow up 45 points on Friday. The 10-year T-note right on the 2% yield mark. Almost all the news is good. It looks like recovery is finally here. Or, are we just getting used to a punky economy…where even a little improvement looks like a boom? As far as we know, the US economy is still in a Great Correction…with plenty more correction ahead. But people get used to correction…and used to the feds pumping in cash and credit to keep things...
  • Senate Approves $500 Billion Increase in Borrowing Authority.(national debt $15.19 Trillion)

    09/09/2011 1:03:49 PM PDT · by rawhide · 29 replies
    Wall Street Journel ^ | September 8, 2011 | By Corey Boles
    The U.S. Senate, in an unusual procedure, cleared the way Thursday for the U.S. to lift its borrowing authority by $500 billion to $15.19 trillion, enough to keep the support federal government borrowing through late January or early February. The action came under an unusual legislative procedure spelled out under the August agreement to raise the U.S. debt ceiling and avoid a U.S. credit default. In a 52-45 vote, the Senate blocked an attempt by Republicans to slow down the process that will result in the $500 billion debt-ceiling increase. The increase stems from a deal between Congress and the...
  • The History Of American Debt (And What Has Changed)

    08/09/2011 8:26:21 AM PDT · by orthodoxyordeath · 7 replies
    The Band Of Patriots ^ | August 8th, 2011 | Matthew Monos
    If you've been watching the news today, you know the stock markets are plunging. The markets have only been open about four hours, but the DOW has already plunged over 300 points, update, make that over 600 points.. Everyone knows this is because Standard and Poor downgraded the credit rating of the USA from AAA to AA+. Add in the fact that they downgraded the credit of institutions such as Freddie Mac and Fannie Mae for being too reliant on government (shocker!), are mulling downgrades of Britain and France, and said they might downgrade the USA again in a few...
  • Valerie Jarrett: Obama 'getting absolutely no sleep' because of debt crisis

    07/29/2011 5:46:55 AM PDT · by Zakeet · 84 replies
    Washington Examiner ^ | July 29, 2011 | Charlie Spiering
    The White House is pushing back against the growing narrative that Obama is "sitting on the sidelines," as reported by the New York Times yesterday, and letting Congress do all the work. As John Boehner spent the night trying to wrestle members into place to support his debt ceiling deal, Valerie Jarret reminded reporters yesterday that it was President Obama who was losing sleep over the issue. "He's getting absolutely no sleep. He's working tirelessly, meeting with his economic team, doing a lot of outreach, exploring all kinds of possibilities for compromise," Jarrett said. Chief of Staff William Daley...