Free Republic

CHICAGO (WLS) - A lot of reaction Wednesday morning to Congresswoman Jan Schakowsky's interview with Don Wade and Roma. Schakowsky said that Americans don't deserve to keep all of their money because we need taxes to support our society. “I’ll put it this way. You don’t deserve to keep all of it and it’s not a question of deserving because what government is, is those things that we decide to do together. And there are many things that we decide to do together like have our national security. Like have police and fire. What about the people that work at...

A plan to lessen Snohomish County’s dependence on fossil fuels while helping local farmers has fallen well short of expectations. Supporters urge patience. In time, they say, an improved economy will boost demand for locally grown oilseed crops, such as canola, which can be turned into biodiesel. Eventually, they maintain, a $1.2 million investment in a grain dryer and seed crusher at the county’s Cathcart facility south of Snohomish will prove worthwhile. ..snip.. Efforts to wean government vehicle fleets off fossil fuels have lagged. Snohomish County now runs about two-thirds of its diesel fleet on a blend of 20 percent...

Greg Royer ranks among the state's top-paid employees, with a salary of $304,000. But that's just part of his income. For nearly seven years, he's also collected an annual pension of $105,000. Royer, the vice president for business and finance at Washington State University, tops a long list of college administrative staff members who've been able to boost their incomes by up to 60 percent by exploiting a loophole in state retirement laws. A Seattle Times investigation has found that at least 40 university or community-college employees retired and were rehired within weeks, often returning to the same job without...

It’s been a long time since economic policy was forged in the states. Last May the Obama administration forced South Carolina not just to take its share of federal stimulus funds, but to spend the money on new programs rather than paying down the state’s debt. I was horrified. Obama, I felt, had killed fiscal federalism. Then I realized that fiscal federalism has been dead for a long time. Fiscal federalism is the idea that states should set their own economic policies rather than following directives from Washington. Libertarians have a particular attachment to the concept. If states can differentiate...

Free Shipping of Coins, Put on Credit Cards, Funds Trip to Tahiti; 'Mr. Pickles' Cleans Up Enthusiasts of frequent-flier mileage have all kinds of crazy strategies for racking up credits, but few have been as quick and easy as turning coins into miles. At least several hundred mile-junkies discovered that a free shipping offer on presidential and Native American $1 coins, sold at face value by the U.S. Mint, amounted to printing free frequent-flier miles. Mileage lovers ordered more than $1 million in coins until the Mint started identifying them and cutting them off. Coin buyers charged the purchases, sold...

At the small warehouse tucked away in the back side of the French Quarter, the shuckers at P&J Oyster Co. have arrived before daybreak for 133 years. Their in-shell and shucked oysters have been on the menus of generations of restaurateurs, from oysters on the halfshell at Acme Oyster House and Casemento’s to the seafood gumbo at Dickie Brennan’s Steakhouse. In less than two years, the tradition could become obsolete for seven months out of the year, based on newly announced oyster guidelines from the Food and Drug Administration. In an effort to reduce cases of a rare, but potentially...

Congressional Democrats are set to announce Tuesday legislation aimed at squeezing more information from foreign banks and U.S. citizens with offshore accounts to ferret out tax evaders. The bill from Senate Finance Chairman Max Baucus (D., Mont.), and House Ways and Means Committee Chairman Charles Rangel (D., N.Y.), includes some of President Barack Obama's proposals to fight offshore tax cheating. According to a summary of the bill obtained by Dow Jones Newswires, it is expected to raise $8.5 billion for the U.S. government over 10 years. Foreign banks with U.S. customers would face a 30% withholding tax on income from...

WASHINGTON (AP) — A Senate plan to tackle global warming would add about $100 a year to the energy costs for a typical household, according to an analysis by the Environmental Protection Agency. The analysis released late Friday by the office of Sen. Barbara Boxer, who heads the Senate Environment and Public Works Committee, generally mirrors the cost projected by the EPA when it examined similar legislation that the House passed in the summer. The Democratic bill calls for cutting greenhouse gases from power plants and large industrial facilities by shifting energy use away from fossil fuels, especially coal. It...

The government said the fund that protects consumer bank deposits has fallen into the red and will remain there into 2012, a pointed symbol of how the aftershocks of the financial crisis will reverberate for years as banks continue to fail at a high rate. The negative balance is a headache for the Federal Deposit Insurance Corp., which runs the fund. On Tuesday, it proposed the unprecedented step of having the banking industry prepay $45 billion in fees by the end of the year to give the government more breathing room to handle future failures.

Employee misconduct investigations, often involving workers accessing pornography from their government computers, grew sixfold last year inside the taxpayer-funded foundation that doles out billions of dollars of scientific research grants, according to budget documents and other records obtained by The Washington Times. The problems at the National Science Foundation (NSF) were so pervasive they swamped the agency's inspector general and forced the internal watchdog to cut back on its primary mission of investigating grant fraud and recovering misspent tax dollars. (snip) For instance, one senior executive spent at least 331 days looking at pornography on his government computer and chatting...

The Swedish armed forces have been hit by a major equipment problem, according to reports. Flimsy military brassieres are unable to stand up to the strains imposed when female Swedish troops perform "rigorous exercises", routinely bursting open or even catching fire - so forcing busty young conscripts to hurriedly strip off in the field. The revelations come courtesy of the Gothenburg Post and English-language Swedish journal The Local. The Post reported yesterday on concerns raised by the Swedish Conscription Council, an organisation concerned with the rights of conscript troops in the Swedish forces. Council spokesperson Paulina Rehbinder told The Local...

Just as the government's grip on the lending business for higher education tightens, the Department of Education is reporting that defaults on taxpayer-backed student loans surged in 2007 at the very beginning of the credit crisis, suggesting that more losses are baked in. The national student loan default rate increased to 6.7% in 2007, up from the 2006 rate of 5.2%, the agency reported Monday. "The economic downturn likely had a significant impact on the borrowers captured in these rates," U.S. Secretary of Education Arne Duncan said. "The Department is reaching out to make sure current and prospective student borrowers...

The Democratic-led House approved a bill Thursday that would overhaul college lending and spend tens of billions of dollars on student grants, community colleges, school construction and early childhood education. The bill would end a program that subsidizes private lenders that provide federally guaranteed student loans. The government itself would make all such federal loans as of July 1, effectively cutting out banks and other lenders as middlemen. That would be a major shift because direct government lending in the last academic year accounted for about a quarter of federal loan volume.

Regulators today won't define 'systemic risk,' unlike 25 years ago. With Congress back in session and the anniversary of the Lehman Brothers failure upon us, the Obama Administration is resuming its quest for greatly expanded authority to bail out American businesses. Under the Treasury reform blueprint, any financial company, whether a regulated bank or not, could be rescued or seized by the Federal Deposit Insurance Corporation if regulators believe it poses a systemic risk. If recent history is any guide, when the feds stage their next intervention, they will not define "systemic risk" and they will refuse to release the...

SAN FRANCISCO (MarketWatch) -- Regulators closed Chicago-based Corus Bank N.A. and Woodbury, Minn.-based Brickwell Community Bank on Friday, bringing the number of U.S. bank failures this year to 91 and costing the federal deposit-insurance fund more than $1.7 billion as the credit crisis continues claiming victims.

The US Federal Reserve's policy of printing money to buy Treasury debt threatens to set off a serious decline of the dollar and compel China to redesign its foreign reserve policy, according to a top member of the Communist hierarchy. BY AMBROSE EVANS-PRITCHARD Cernobbio, Italy. Cheng Siwei, former vice-chairman of the Standing Committee and now head of China's green energy drive, said Beijing was dismayed by the Fed's recourse to "credit easing". "We hope there will be a change in monetary policy as soon as they have positive growth again," he said at the Ambrosetti Workshop, a policy gathering on...

WASHINGTON – The government insurance fund that protects more than $4.5 trillion in U.S. bank deposits fell to just $10.4 billion at the end of June, as the banking industry continues to struggle with souring loans. The Federal Deposit Insurance Corp. fund is at its lowest level since mid-1993, during the savings-and-loan crisis. That makes it likely that the government will have to charge banks another special fee to recapitalize its reserves. Officials could also consider borrowing up to $100 billion from the Treasury Department, but they have avoided this option so far.

"We just can't afford it!" Not long ago, every American child heard that, at one time or another, in the home in which he or she was raised. "We just can't afford it!" It may have been a new car, or two weeks at the beach, or the new flat-panel TV screen. Every family knew there were times you had to do without. Every father and mother has had to disappoint their kids with those words. Why is it that what parents do many times a year politicians seem incapable of doing: saying no? How many times in the last...

On Friday, August 21, 2009, ebank, Atlanta, GA was closed by the Office of Thrift Supervision, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

A large Spanish bank has won the bidding for Austin-based Guaranty Financial Group, according to the Wall Street Journal and Bloomberg News. Federal regulators who have essentially been running Guaranty in recent months have chosen Banco Bilbao Vizcaya Argentaria as the buyer. The Wall Street Journal and Bloomberg News both said that regulators had chosen BBVA, citing unnamed sources close to the negotiations. The Federal Deposit Insurance Corp. is expected to make the announcement Friday. Under the expected scenario, the FDIC will seize Guaranty, then sell most or all of it to BBVA. Guaranty’s financial condition has been deteriorating for...