Keyword: debt

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  • Bailouts, Bail-ins, and the Greeksí Trojan Horse

    06/29/2015 12:59:47 PM PDT · by Sean_Anthony · 3 replies
    Canada Free Press ^ | 06/29/15 | Dr. Ileana Johnson Paugh
    The Greek market may be shocked and defaults of various debt instruments may emerge. While Americans are eagerly signing petitions to ban the American flag on the heels of Louis Farrakhanís Nation of Islam leader call to ban the Stars and Stripes ďdue to its links to racismĒ or are busily banning anything attached in any way to the Confederate flag and our history, the United States and the world are in serious financial trouble driven by out-of-control debt, particularly the most visible nation of all, Greece. Healthcare for illegals, gay marriage, and other non-stop crises occupy American overwhelmed minds,...
  • It's Not Politics, It's Math

    06/29/2015 11:19:04 AM PDT · by SatinDoll · 15 replies
    The Market-Ticker ^ | June 29, 2015 | Karl Denninger
    No, really? (smiley face) ďThe debt is not payable,Ē Mr. GarcŪa Padilla said. ďThere is no other option. I would love to have an easier option. This is not politics, this is math.Ē Well I'll be damned. On the other side of the table, of course, are hedge funds that bought the debt when Puerto Rico got in trouble at a deep discount and expect 100 cents on the dollar. They're not inclined to bargain, and will now (of course) look to the government to hand them a gun to use on Padilla. Unfortunately that doesn't change the math either....
  • Unpaid Internships Are Worth it: Suck it Up Millennials

    06/29/2015 7:50:18 AM PDT · by Kaslin · 27 replies
    Townhall.com ^ | June 29, 2015 | Kristan Hawkins
    A die-hard Hillary Clinton supporter Ė a young, female Millennial Ė recently applied to be a fellow with the campaign and was accepted. However, she was asked to move out of state and work for free. It was hard not to laugh at her over-the-top, entitled millennial reaction published in USA Today: ďFinding out that Hillary perpetuates the exploitation known as unpaid internships was like discovering that Santa wasn't real.Ē Poor baby. Millennials are in a tough position right now. They are hard pressed to find work, with 14% of them unemployed, others barely able to make it on a...
  • Puerto Rico now belongs to Wall Street [Governor Admits Debts Cannot be Paid]

    06/29/2015 9:27:01 AM PDT · by SeekAndFind · 33 replies
    Business Insider ^ | 06/29/2015 | LINETTE LOPEZ AND SHANE FERRO
    The governor of Puerto Rico has admitted that it can't keep paying down the over $72 billion worth of public debt obligations. As a result, it finds itself in a uniquely awful position. It can't go into bankruptcy according to its own laws, so now it has to deal exclusively with its creditors to restructure its debt. That means it has to deal with Wall Street. "I think the surprise was that it happened this quickly," said Brian Kelly, CEO of Connecticut-based fund Brian Kelly Capital. "We thought it would take 6 months to a year... the solution is a...
  • If you like the Greek debt crisis, you'll love the Puerto Rico meltdown

    06/29/2015 6:43:57 AM PDT · by SeekAndFind · 31 replies
    American Thinker ^ | 06/29/2015 | Rick Moran
    The governor of Puerto Rico told the New York Times that the island cannot pay back it's $72 billion debt and will seek permission from its creditors†to defer payments. The news precedes an address by Governor†Alejandro Garcia to the Puerto Rican legislature, where he will unveil a budget that cuts about $670 million from a $9.8 billion budget, while setting aside another $1.5 billion to pay the debt. Fox News: Gov. Alejandro Garcia Padilla's spokesman, Jesus Manuel Ortiz, confirmed that the island's government is seeking to defer payments while negotiating with creditors. He confirmed comments by Garcia that appeared...
  • The sooner Greece defaults and dumps the Euro the better

    06/28/2015 6:46:15 PM PDT · by Tolerance Sucks Rocks · 17 replies
    The Washington Times ^ | June 26, 2015 | Peter Morici
    <p>Greece and its principal creditorsóthe European Union, European Central Bank and International Monetary Fundóshould acknowledge that Athens will never be able to repay the Ä131 billion it owes, write down its debt and let the Aegean nation exit the euro gracefully.</p>
  • Puerto Ricoís Governor Says Islandís Debts Are ĎNot Payableí

    06/28/2015 6:37:41 PM PDT · by tcrlaf · 48 replies
    NYTimes ^ | 6-28-2015 | MICHAEL CORKERY and MARY WILLIAMS WALSH
    Puerto Ricoís governor, saying he needs to pull the island out of a ďdeath spiral,Ē 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 GarcŪa 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 islandís creditors, which could include deferring some debt payments for as long as five years or extending the timetable for repayment. ďThe debt is not payable,Ē Mr. GarcŪa Padilla said. ďThere is...
  • Ignoring Tsipras Plea For Calm, Greeks Storm ATMs, Stores, Gas Stations

    06/28/2015 2:18:22 PM PDT · by tcrlaf · 66 replies
    Zerohedge ^ | 6-28-2015 | Durden
    Just a few hours ago Greek PM Tsipras addressed his nation imploring then to "remain calm" and reassuring them that their "deposits were safe." It appears the Greeks did not believe him. Many were wondering where the Greek bank lines were for the past several months. Turns out the local depositors were merely waiting until just after the last minute to withdraw their funds... horde gas... and stack food. Greece, it appears is Venezuela - the new socialist paradise. Keep Calm...
  • 5 Mistakes That Will Lead To The Fall of America

    06/27/2015 6:15:27 AM PDT · by Kaslin · 50 replies
    Townhall.com ^ | June 27, 2015 | John Hawkins
    Thousands of years after the Roman Empire fell, people are still speculating about how such a powerful empire became too feeble to defend itself. Did it become corrupt? Was its taxes too high? Was it widespread lead poisoning? The refusal to break up tribes it assimilated? Was it the loss of traditional values? Did it over-expand? There are all sorts of theories, but nobody really knows. However, if American falls, historians wonít have to speculate because the problems that are destroying our country are right there for anyone to see. You want to know how to break the greatest nation...
  • Fiscal Hawk Obama Worried The National Debt Will Increase If ObamaCare Is Repealed

    06/23/2015 2:00:21 PM PDT · by Cheerio · 11 replies
    PJ Media ^ | June 22, 2015 | Debra Heine:
    Did you know that the national debt could skyrocket if fiscally irresponsible Republicans decide to repeal ObamaCare? President Barack Obama, sounding a bit like a member of the Tea Party on Twitter Monday, warned that the national debt could increase by $137 billion if his signature achievement is repealed. This marks the first time Obama has ever shown concern about the national debt ó which has exploded under his stewardship:The United Statesí national debt has now passed the $18 trillion mark and is up by a whopping 70 percent since President Obama took office.
  • College Loans: Liberals Now Think Itís ĎPredatoryí 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 didnít take long. Earlier this month, in reference to the Department of Educationís $3.5 billion bailout for Corinthian College students, I observed at NRO, ďWhatís especially worrisome here is the frontal attack the administration is mounting on notions of studentsí responsibility.Ē 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....
  • Puerto Rico is Americaís Greece

    06/23/2015 4:41:20 AM PDT · by SeekAndFind · 7 replies
    Washington Times ^ | 06/23/2015 | By Richard W. Rahn
    Like Greece, the Puerto Rican government has more debt than it can service, and some are calling for a bailout by U.S. taxpayers. The major Puerto Rican state-owned or controlled enterprises are all losing money, including the power authority which is insolvent. Puerto Rico is an American territory that was acquired from Spain in 1898 during the Spanish-American War. The island has a population of about 3.6 million, which is declining as many Puerto Ricans emigrate to the U.S. mainland or elsewhere because of the continuing economic stagnation. Puerto Ricans are American citizens, but their per capita income is about...
  • Living in Detroit Surprisingly expensive

    06/19/2015 2:15:44 AM PDT · by Cronos · 23 replies
    The Economist ^ | 4 Feb 2015 | DK
    DETROIT may be one of the only cities in the rich world where it is possible for someone on a fairly modest income to buy a street. At the edges of Boston-Edison, a historic district of gorgeous old houses built as one of the cityís first wealthy suburbs, so low has the cost of housing fallen that fairly grand houses can be acquired simply for the cost of back property taxes. ..Chief among the costs that are higher in Detroit is transport. One of the reasons people who live in Manhattan donít mind paying so much for housing is that...
  • We Might As Well Face It Ė America Is Addicted To Debt

    06/18/2015 10:36:21 AM PDT · by SeekAndFind · 13 replies
    TEC ^ | 06/18/2015 | Michael Snyder
    Corporations, individuals and the federal government continue to rack up debt at a rate that is far faster than the overall rate of economic growth. We are literally drowning in red ink from sea to shining sea, and yet we just can‚Äôt help ourselves. Consumer credit has doubled since the year 2000. Student loan debt has doubled over the course of the past decade. Business debt has doubled since 2006. And of course the debt of the federal government has doubled since 2007. Anyone that believes that this is ‚Äúsustainable‚ÄĚ in any way, shape or form is crazy. We have...
  • 90 Days: Treasury Says Debt Has Been Frozen at $18,112,975,000,000

    06/15/2015 10:19:03 AM PDT · by SaveFerris · 39 replies
    CNSNews.com ^ | June 15, 2015 | 12:48 PM EDT | Terence P. Jeffrey
    (CNSNews.com) - The portion of the federal debt that is subject to a legal limit set by Congress closed Thursday, June 11, at $18,112,975,000,000, according to the latest Daily Treasury Statement, which was published at 4:00 p.m. on Friday. That, according to the Treasury's statements, makes 90 straight days the debt subject to the limit has been frozen at $18,112,975,000,000. $18,112,975,000,000 is about $25 million below the current legal debt limit of $18,113,000,080,959.35.
  • 'Drive-By' Default: Lee Siegel's Poor Financial Advice

    06/15/2015 6:45:10 AM PDT · by DWW1990 · 5 replies
    American Thinker ^ | June 15, 2015 | Trevor Thomas
    Chalk this one up to yet another New York Times liberal who wants others to pay his bills. (Paul Krugman must be proud.) On the 71st anniversary of what some considered the most important day of the twentieth century, a day where thousands of men, for the sake of others, paid with all that they had, the opinion pages of the New York Times ran the ďbraveĒ piece, ďWhy I Defaulted on My Student Loans.Ē (I suppose the author will receive the Bruce Jenner award for courage.)
  • The intangible value of a college education

    06/13/2015 5:32:07 AM PDT · by TurboZamboni · 26 replies
    Oakland Press ^ | 6-9-15 | Hunter Rawlings
    Pick up any paper or magazine, and youíre likely to see a front-page article on college: It costs too much, spawns too much debt is or isnít worth it. I entered academia 52 years ago as a student of Latin and Greek expecting to enter a placid sector of American life, and now find my chosen profession at the center of a media maelstrom. With college replacing high school as the required ticket for a career, what used to be a quiet corner is now a favorite target of policymakers and pundits. Unfortunately, most commentary on the value of college...
  • Reforming anti-poverty programs: Results and data matter

    06/11/2015 5:06:13 AM PDT · by TurboZamboni · 5 replies
    Washington Post ^ | 6-7-15 | Jennifer Rubin
    The U.S. and other wealthy nations have spent trillions of dollars over the past half-century trying to lift the worldís poorest people out of penury, with largely disappointing results. In 1966, shortly after President Lyndon B. Johnson declared war on poverty, 14.7% of Americans were poor, under the official definition of the U.S. Census Bureau. In 2013, 14.5% of Americans were poor. Finally, after decades of failure there is a movement afoot to launch ďa new generation of experimental programs focusing not on large-scale social support and development but on helping the poor and indebted to save more, live better...
  • Government plans to erase student debt for Corinthian students

    06/09/2015 6:00:07 AM PDT · by TurboZamboni · 10 replies
    Pioneer Press ^ | 6-8-15 | Anne Flaherty
    The federal government will erase much of the debt of students who attended the now-defunct Corinthian Colleges, officials announced Monday, as part of a new plan that could cost taxpayers as much as $3.6 billion. Corinthian Colleges was one of the largest for-profit schools when it nearly collapsed last year and became a symbol of fraud in the world of higher education and student loans. According to investigators, Corinthian schools charged exorbitant fees, lied about job prospects for its graduates and, in some cases, encouraged students to lie about their circumstances to get more federal aid. In a plan orchestrated...
  • In their universe, a costly train is success

    06/03/2015 6:39:35 AM PDT · by TurboZamboni · 14 replies
    Pioneer Press ^ | 6-3-15 | Joe Soucheray
    The political class -- they build themselves new office buildings and such -- live in a different universe from the rest of us, and the rest of us are getting routinely pickpocketed. No greater proof of this truth exists than the remarks of St. Paul's own City Council Member Dave Thune last week after Metro Transit released the financial figures for the first six months of the Green Line. Passengers boarding the Green Line from its debut in June, 2014 through the end of the year paid $6.21 million into the farebox, or about 35.8 percent of what it costs...
  • Millies

    06/01/2015 8:30:04 AM PDT · by Sean_Anthony · 7 replies
    Canada Free Press ^ | 06/01/15 | Michael Obrendorf
    Half of the Millies are out of work and up to their eyebrows in student loan debt, Millies Millenialsópeople born between 1980 and 2000óhave become a hot topic for politicos, economists, marketers, the ďmainstreamĒ media (read: Leftist Democrat Propaganda Machine) and a host of others in recent months. Itís estimated that there are about 80 million of these Millies in the U.S., a pretty hefty demographic comprising about a third of our population. Though the 2016 elections are nearly a year-and-a-half away, this significant bloc of potential voters is being looked at with increasing interestómore like with drooling jowls -...
  • Green Line's $6.21M in 2014 fares pay 35.8 percent of expenses

    05/29/2015 6:16:02 AM PDT · by TurboZamboni · 17 replies
    Pioneer Press ^ | 5-28-15 | Fredrick Melo
    While Metro Transit's Green Line isn't exactly paying for itself through passenger fares, it's doing a better job than most other Minnesota public transit options. Passengers boarding the state's second light-rail line from its debut in June through the end of 2014 paid $6.21 million into the fare box, or about 35.8 percent of what it costs to operate the 11-mile route. "I think 35 percent is a really good percentage," said St. Paul City Council member Dave Thune. "I love it. I think it has been a success. The kind of traffic it's seeing, going from one end of...
  • Fedís Bullard says he now favors targeting nominal GDP

    05/28/2015 10:12:50 AM PDT · by Oldeconomybuyer · 2 replies
    Market Watch ^ | May 28, 2015 | By Greg Robb
    The uneven results of the Federal Reserveís monetary policy since the financial crisis should cause new thinking about how to conduct interest rate policy, said St. Louis Fed President James Bullard on Thursday in advocating for a new, controversial target. Standard economic theory predicted that the Fedís decision to leave rates at zero and buy trillions of dollars of bonds would result in a consumption boom and above-average inflation, but that has not happened, sending economists back to the drawing board. Under Bullardís proposal, the Fed would set an overall inflation target. In good times, the central bank would keep...
  • Poroshenko Signs Moratorium on Foreign Debt Repayment (Ukraine)

    05/28/2015 9:21:20 AM PDT · by tcrlaf · 1 replies
    Sputnik ^ | 5-28-2015 | Sputnik
    Ukrainian President Petro Poroshenko has signed a law allowing Ukraine to impose a moratorium on repayment of its foreign debt until at least July 2016, a press release on Poroshenko's official website said Thursday. The Ukrainian parliament approved the bill, which could affect repayment of the country's $3-billion debt to Russia on May 19. Russian President Vladimir Putin said earlier the bill de facto was an announcement of a default, casting a negative light on the professionalism of Ukraine's leadership. Moreover, Russian Finance Minister Anton Siluanov said that Moscow would turn to an international court if the Ukrainian president signed...
  • The world is drowning in debt warns Goldman Sachs

    05/26/2015 3:46:19 PM PDT · by concernedcitizen76 · 31 replies
    UK Telegraph ^ | May 26, 2015 | Szu Ping Chan
    The world is sinking under too much debt and an ageing global population means countries' debt piles are in danger of growing out of control, the European chief executive of Goldman Sachs Asset Management has warned. Andrew Wilson, head of Europe, Middle East and Africa (EMEA), said growing debt piles around the world posed one of the biggest threats to the global economy.
  • It Is Mathematically Impossible To Pay Off All Of Our Debt

    05/22/2015 5:14:38 PM PDT · by fhayek · 133 replies
    Zero Hedge ^ | 5/22/15 | Michael Snyder/Tyler Durden
    Did you know that if you took every single penny away from everyone in the United States that it still would not be enough to pay off the national debt? Today, the debt of the federal government exceeds $145,000 per household, and it is getting worse with each passing year. Many believe that if we paid it off a little bit at a time that we could eventually pay it all off, but as you will see below that isnít going to work either. It has been projected that ďmandatoryĒ federal spending on programs such as Social Security, Medicaid and...
  • Teen Genius Solves College Loan Conundrum that So Baffles President Obama

    05/22/2015 12:03:53 PM PDT · by SeekAndFind · 27 replies
    Townhall ^ | 05/22/2015 | Charlotte Hays
    A brilliant young man has single-handedly solved the problem of college loan debt. It was a daringly simple maneuver! Tennessee high school senior Ronald Nelson, Jr., who is a National Merit Scholar, star athlete, sax player, SAT high scorer, and student body president, turned down acceptances from eight Ivy League colleges and will instead attend the University of Alabama this fall. Young Ronald seems to have absorbed at an early age a lesson that eludes many youths (and those who have long since left youth behind): avoid going head over heels in debt. This is not to denigrate an Ivy...
  • Senate Democrats Demand More Money for Amtrak Repair Backlog

    05/21/2015 11:15:54 AM PDT · by Oldeconomybuyer · 20 replies
    ABC News ^ | May 21, 2015 | By JOAN LOWY
    Senate Democrats on Thursday demanded that Republicans provide more money for Amtrak so the railroad can tackle a $21 billion maintenance and repair backlog, including replacing tunnels more than a century old. Democrats at a news conference cited last week's deadly crash in Philadelphia and said the backlog is compromising safety and service. Democrats want to Congress to give Amtrak the entire $2 billion in subsidies the railroad requested for the budget year that starts Oct. 1. They say GOP lawmakers have starved the railroad financially for years. A Republican-controlled House panel approved a spending bill the day after the...
  • My 2015 Commencement Address

    05/17/2015 9:42:53 AM PDT · by Sean_Anthony · 1 replies
    Canada Free Press ^ | 05/17/15 | Al Caruba
    The best I can do is to wish you good luck. Youíre going to need it. All manner of people are giving commencement speeches to students graduating from colleges and universities these days. It is doubtful that any will be remembered because the prospects of students depend in large part on the economy into which they are entering, the majors they pursued, their individual ambitions, and capacity for hard work. Then, too, thereís dumb luck which often plays a role. For those graduating this year, my profound sympathy because the economy could not be much worse short of being declared...
  • FOREIGN OWNERSHIP OF US DEBT RISES; CHINA RECLAIMS TOP SPOT

    05/16/2015 5:28:04 AM PDT · by 9thLife · 16 replies
    AP ^ | May 15, 4:26 PM EDT | BY CHRISTOPHER S. RUGABER
    WASHINGTON (AP) -- Foreign holdings of U.S. debt rose in March as China ramped up its purchases and displaced Japan as the leading owner of U.S. Treasury securities. The Treasury Department says overseas ownership of U.S. debt rose 2.1 percent in March to $6.18 trillion. That is below January's record of $6.22 trillion. China added $37.3 billion ... bringing its stockpile to $1.26 trillion... ahead of Japan, which added just $2.5 billion...to $1.23 trillion. ... The U.S. deficit topped $1 trillion from 2009 through 2012. Foreign governments...account for two-thirds of the foreign holdings...rose 1 percent from the previous month to...
  • Fed said to have emergency plan to intervene if U.S. defaulted on debt

    05/12/2015 1:12:16 PM PDT · by Citizen Zed · 26 replies
    Reuters ^ | 5-11-2015 | Sarah N. Lynch and Jason Lange
    The Federal Reserve drew up extensive plans for handling a U.S. debt default that included scheduling deferred payments and lending cash to investors, according to a lawmaker who cited Fed documents. America courted disaster in 2011 and 2013 when political fights over the national debt nearly left the federal government unable to pay its bills. Analysts and officials warned that missing payments could lead to economic calamity, and details have only slowly emerged over how financial officials braced for the unthinkable. In a June 2014 letter to Treasury Secretary Jack Lew seen by Reuters on Monday, Republican Representative Jeb Hensarling...
  • A Generational Storm Is Coming

    05/13/2015 8:40:08 AM PDT · by all the best · 11 replies
    Bonner & Partners ^ | May 12, 2015 | Bill Bonner
    Yesterday, we began our high-minded graduation speech to the Class of 2015. We explained how the young graduates were not only the most heavily indebted in history, but also the least likely to be able to pay their debts. Median wages have been going down since these graduates were about five years oldÖ So have economic growth rates. Today, we continue the speech no one wants us to giveÖ You are heirs to claptrap, nonsense, bogus theories, and trillions of dollars in debt. The systems, programs, and institutions your parents set up are mostly worthless scams. Worse, they produce outcomes...
  • Exclusive: Greece taps IMF reserves to pay IMF debt - sources

    05/12/2015 10:07:37 AM PDT · by tcrlaf · 8 replies
    Yahoo News ^ | 5-12-2015 | Lefteris Papadimas and George Georgiopoulos
    Greece emptied an IMF holding account to repay 750 million euros ($840 million) due to the fund, a Greek central bank official said, avoiding default but underscoring the dire state of the country's finances. With Athens close to running out of cash and a deal with its international creditors still elusive, there had been doubts about whether the leftist-led government would pay the IMF or opt to save cash to pay salaries and pensions later this month. Greece, like all other International Monetary Fund members, holds reserves from the IMF that are denominated in Special Drawing Rights (SDR), a basket...
  • Harvard, Dartmouth: Social Security forecasts have been too optimistic ó and increasingly biased

    05/09/2015 2:14:24 PM PDT · by T Ruth · 26 replies
    Hot Air ^ | May 9, 2015 | Ed Morrissey
    [snip] Studies from Harvard and Dartmouth this week corroborate Bushís warnings on Social Security, and further accuse the SSA of increasing bias in its analyses in order to maintain the illusion of a slower decline: [snip] researchers find that the SSAís actuarial forecasts have been consistently overstating the financial health of the programís trust funds since 2000. ďThese biases are getting bigger and they are substantial,Ē said Gary King, co-author of the studies and director of Harvardís Institute for Quantitative Social Science. ď[Social Security] is going to be insolvent before everyone thinks.Ē Ö Researchers examined forecasts published in the annual...
  • Plenty of ideas would trump that $2 billion train

    05/04/2015 6:29:56 AM PDT · by TurboZamboni · 10 replies
    Pioneer Press ^ | 4-28-15 | Joe Soucheray
    As recently as 2010, the estimated cost for the Southwest Light Rail Transit line was estimated to be $1.2 billion, or about the cost of a new football stadium. Then the cost jumped to $1.7 billion because somebody spun the magic wheel. Now the cost is projected to be $2 billion. OK, $1.994 billion, but if they find an endangered earthworm or an especially exotic cattail, all bets are off and the project will shoot over $2 billion in a European minute, for the Metropolitan Council loves to keep playing Europe. The train stops are called Royalston, West Lake, Blake...
  • Low Oil Prices Could Destabilize Financial System

    04/30/2015 12:06:48 PM PDT · by Opintel · 12 replies
    Oilprice.com ^ | 30-04-2015 | Mark Rutte
    Could the rising levels of debt in the oil industry contribute to destabilization in the financial system? The collapse in oil prices has forced drillers to turn to debt markets to keep their operations going. According to the Wall Street Journal, there has been $86.8 billion in new debt issued so far in 2015, a 10 percent increase over last year. But that trend is not necessarily new. The oil industry has relied on debt for quite some time, but the dramatic fall in oil prices has put a bright spotlight on the practice. The Bank for International Settlements concluded...
  • A Mathematics and History Lesson for Conservative Candidates for President

    04/28/2015 9:54:19 AM PDT · by Sean_Anthony · 11 replies
    Canada Free Press ^ | 04/28/15 | Dale Summitt
    From liberal Democrats and the radical left, the mindset of tax, borrow and spend has been their legacy throughout American history It was 1963, and I was a 16 year old high school junior, sitting attentively in an American History class, when our history teacher informed us that the national debt was 311.6 billion dollars. Being good at math even then, it was not difficult, knowing the population stood at about 180 million in 1963, that the debt amount to approximately 1600.00 for every adult and minor child in America. My reaction, even at age 16, was one of concern...
  • Oil-Industry Debt Mounts Up

    04/28/2015 6:17:41 AM PDT · by thackney · 12 replies
    Wall Street Journal ^ | April 27, 2015 | ERIC YEP And FIONA LAW
    Oil and gas companies are continuing to pile up debt, a trend some warn could extend the slump in energy prices and hit economies reliant on the sector for growth and tax revenue. Both independent and state-owned companies are involved in the borrowing bonanza, issuing $86.8 billion worth of bonds in dollars, euros and yen globally this year, up 10% from the same period in 2014, according to Dealogic, a data-tracking company. The rise is largely due to a high number of bond sales in Europe, the Middle East and Africa, and in the U.S., where both Exxon Mobil Corp....
  • Greece's Piraeus Bank offers relief to poverty-stricken borrowers (writes off debt)

    04/23/2015 6:41:40 PM PDT · by dynachrome · 5 replies
    Reuters ^ | 4-23-15 | George Georgiopoulos
    Piraeus Bank will write off credit cards and retail loans up to 20,000 euros ($21,484) for Greeks who qualify for help under a law the leftist government passed to provide relief to poverty-stricken borrowers, it said on Thursday.
  • Puerto Rico officials: Our government is likely to shut down and it will be devastating

    04/23/2015 7:58:50 AM PDT · by SeekAndFind · 38 replies
    Business Insider ^ | 04/23/2015 | EDWARD KRUDY, REUTERS
    Puerto Rico's top finance officials said the government of the US territory will most likely shut down in three months because of a looming liquidity crisis, and they warned of a devastating impact on the island's economy. In a letter to leading lawmakers, including Gov. Alejandro Padilla, the officials said a financing deal that could potentially salvage the government's finances looked unlikely to succeed. It warned of laying off government employees and reducing public services. "A government shutdown is very probable in the next three months due to the absence of liquidity to operate," the officials said. "The likelihood of...
  • The Biggest Ponzi Scheme in the History of the World "When She Blows It'll Be Krakatoa Redux"

    04/22/2015 2:11:51 PM PDT · by concernedcitizen76 · 73 replies
    April 22, 2015 | Self
  • Where your tax dollars go

    04/18/2015 9:31:14 AM PDT · by TurboZamboni · 5 replies
    Pioneer Press ^ | 4-14-15 | John Gray
    It's a question that naturally springs to mind when tax season rolls around: Where are all those tax dollars being spent? In total, Washington will spend $12,304 per citizen. Unfortunately, the government will collect only $10,878 in tax revenue per person. That means that, you, the American citizen, will be left with an additional tab of $1,426, on average. The $1,426-per-person represents this year's deficit of $455 billion. Perspective: Adjusting for inflation, the government spent $894 per person in 1940, $7,319 per person during the peak of World War II (1945), $6,026 per person in 1980 and slightly more than...
  • Are Student Loans the new Sub-Prime Bubble?

    04/17/2015 7:46:44 AM PDT · by SeekAndFind · 6 replies
    American Thinker ^ | 04/17/2015 | Chriss Street
    On April 15 Tax Day,¬†Americans paid about the same amount of income tax as total student loans outstanding. The St. Louis Federal Reserve on the same day published a report titled ‚ÄėStudent Loan Delinquency: A Big Problem Getting Worse?' The Fed has determined that of the $1.3 trillion in non-bankruptcy-dischargeable student loans, the delinquency rate for students in repayment is over 27 percent. With tuition at the University of California and other top schools growing faster than inflation, student loan defaults are skyrocketing. Prior published student loan reports have stated that the ‚Äú30+ days delinquency rate for all student...
  • What the Medicare ĎDoc Fixí Means for States

    04/15/2015 11:45:30 AM PDT · by ThethoughtsofGreg · 1 replies
    American Legislator ^ | 4-15-15 | Sean Riley
    The U.S. Senate late Tuesday evening passed legislation containing a permanent Ďdoc fixí for calculating physician reimbursements under Medicare. By doing away with a decades old formula, the bill staves off an automatic 21 percent cut in payments that would have gone into effect at midnight. While much of the focus has been on Congress and the impact of the legislation on the federal Medicare program, the measure raises three important issues for the states. First, the measure also includes a two year extension of the State Childrenís Health Insurance Program (CHIP), the federal-state program extending coverage to low-income children...
  • Legacy

    04/15/2015 7:22:13 AM PDT · by Kaslin · 4 replies
    Townhall.com ^ | April 15, 2015 | Allen West
    One of the definitions of the word ďlegacyĒ is something transmitted by or received from an ancestor or predecessor, or from the past. Just this past weekend, 21 year-old Jordan Spieth became the second-youngest competitor to ever win the Masters Golf tournament. His impeccable, 18 under par finish ties that of Tiger Woods. During the spectacle we have come to know as ďMarch Madness,Ē the University of Connecticut womenís basketball team continued to build an impressive legacy with their 10th national championship. And the Duke menís basketball team won their 5th national championship. The University of Kentucky fell just two...
  • Elder Care Costs Keep Climbing; Nursing Home Bill Now $91K

    04/10/2015 4:23:36 PM PDT · by TurboZamboni · 60 replies
    keloland.com ^ | 4-9-15 | ap
    NEW YORK, NY - The cost of caring for the elderly continues to climb. An industry survey says the median bill for a private room in a nursing home is now $91,000 a year. The report says the cost has increased four percent every year over the last five years. The annual "Cost of Care" report comes from the insurance company Gemworth Financial, which sells policies to cover long-term care. It's a growing financial burden for families, governments and insurers. The head of long-term services at the National Council on Aging, Joe Caldwell, says, "Most people don't realize how expensive...
  • What Debt Ceiling? Just Stop the Clock!

    04/10/2015 9:38:56 AM PDT · by Citizen Zed · 5 replies
    The Blaze ^ | 4-10-2015 | John Linder
    Kabuki theater has returned to Washington, D.C. The statutory ceiling on borrowing was reached more than three weeks ago. The Treasury Department just stopped the clock on March 15. The total debt of the U.S. government remains at $18,112,975,000,000, which is $25 million below the statutory limit. In due course Congress will take up the issue of raising the debt ceiling. That will open the gates for front-page stories about a divided Republican Party risking a default and crashing credit markets across the globe. Some will try to use this vote to force policy changes such as ending Obamacare or...
  • The federal debt is worse than you think (210 Trillion)

    04/09/2015 4:31:35 PM PDT · by Kid Shelleen · 27 replies
    Brookings Institute ^ | 04/08/2015 | Ron Haskins
    Debt figures tell part of the story. When the Great Recession hit, the federal debt was equal to about 40 percent of GDP. But to fight the recession, Congress enacted an $800 billion dollar stimulus bill. Stimulus spending, combined with already enacted spending and tax policy, resulted in four years of trillion dollar deficits. As a result, the debt ballooned to 78 percent of GDP in 2013, almost twice the pre-recession level. --snip-- What's the word for our fiscal situation? Stunning? Shocking? Desperate? In recent testimony before the Senate Budget Committee, Boston University Economics Professor Laurence Kotlikoff, in effect, told...
  • Why Should Taxpayers Bail Out Students Buried in Debt?

    04/09/2015 2:10:09 PM PDT · by SeekAndFind · 68 replies
    IBD ^ | 04/09/2015 | JOHN MERLINE
    On Wednesday, National Public Radio had a spot about how some states are reviewing laws on their books that let them yank driver's or professional licenses from those who default on their student loans. To set the story up, the NPR reporter focused on the plight of Clementine Lindley, who recalls how after graduating she had to "decide whether to pay rent, buy food or make her student loan payments" because her debt was so massive. How did Lindley rack up so much debt? NPR doesn't say, but a little sleuthing shows that Lindley got her Bachelor's degree in "Liberal...
  • Financial System Will Collapse Just a Matter of When -Prof. Laurence Kotlikoff

    04/07/2015 10:02:03 PM PDT · by concernedcitizen76 · 27 replies
    USA Watchdog ^ | March 18, 2015 | Greg Hunter
    Renowned economist Laurence Kotlikoff recently testified at the U.S. Senate about the runaway U.S. budget. How bad is it? Kotlikoff says, ďI told them the real (2014) deficit was $5 trillion, not the $500 billion or $300 billion or whatever it was announced to be this year. Almost all the liabilities of the government are being kept off the books by bogus accounting. The government is 58% underfinanced. Social Security is 33% underfinanced. So, the entire government enterprise is in worse fiscal shape than Social Security is, but they are both in terrible shape.Ē So, how much is America on...