Free Republic

Over the past 40 years, the federal government has shut down 21 times due to political disagreements over funding. Most of America, including the government itself, goes largely unaffected by a government shutdown. But for federal workers who are furloughed or required to work without a paycheck, a lapse in government funding can cause financial problems, leading some to default on debt or miss rent payments. This can result in real hardships up to and including eviction. The blame for this rests squarely on the lawmakers who fail to fund the government. Remarkably, though, some Democrats in Congress believe that...

Old notes will be accepted at government hospitals, petrol stations and toll booths for 10 more days. A day after Prime Minister Narendra chaired a meeting to review the demonetisation of Rs. 500 and Rs. 1,000 notes and its impact, Economic Affairs Secretary Shaktikanta Das on Monday announced that the now defunct currency would be accepted at government hospitals, petrol stations and toll booths till November 24. The Prime Minister’s meeting came amid continuing chaos and growing public anger across the country over limited cash availability following the surprise demonetisation of the two higher value notes. On Sunday, the cash...

Will Michele Bachmann make it to Iowa? Insiders are whispering that the Tea Party darling’s financials are grim and she may be out of the race before she makes it to the Iowa caucus in February, even though she has a strong base in the state. Sources tell us say Bachmann’s skeletal staff are holding their collective breath until the deadline to disclose her fundraising report on Oct. 15. Meanwhile, we hear a computer vendor has called her campaign headquarters threatening to shut down the power due to an outstanding bill. Sources say she had about $400,000 at the beginning...

Todd Martin, an Asia equity strategist at Societe General SA, talks about the outlook for China's economy and credit market. Martin also discusses global stocks and commodities. He speaks with Rishaad Salamat on Bloomberg Television's "On the Move Asia." The interview starts off with a very weak idea "fundamentals have been thrown out the window". However the analysis gets much better as the video progresses. Here are a few key ideas from Todd Martin. RMB offshore vs. onshore rate is at a historic low. This shows Hong Kong or China mainlanders are hoarding cash, possibly to repay debts.The liquidation phase...

SAN FRANCISCO (Reuters) – Standard & Poor's cut California's main debt rating on Wednesday by one notch, saying the government of the most populous U.S. state could nearly run out of cash in March -- and another rating cut might follow. The state government's nearly $20 billion budget gap over the next year and a half leaves it in a precarious situation, requiring tax increases or spending cuts, either of which may slow economic recovery, the agency said. "If economic or revenue trends substantially falter, we could lower the state rating during the next six to 12 months," S&P said...

Elephant carwash raises zoo cash A wildlife safari in Oregon, USA, has come up with an unusual way to raise money in the tough economic climate. For $20, visitors can have their car washed by the zoo's elephants, who scrub with sponges and rinse with their trunks.

Local toll authority likely to carry more of the burden for designing, building second wave of Austin-area toll roads The Texas Department of Transportation after February will cease awarding contracts for new or expanded roads, a belt-tightening that probably will indefinitely delay a number of Central Texas highway projects. Work on some local projects, such as widening FM 1460 between Round Rock and Georgetown, RM 2338 in Williamson County, and Texas 195, which runs from Interstate 35 in Williamson County to Killeen, will be shelved for now. In addition, the edict will force Central Texas' local toll authority to carry...