Kentucky Sen. Rand Paul said preliminary details of a potential fiscal cliff deal that emerged Monday are a “deal killer” for him because they don’t slash spending, though he conceded a scaled-back deal could pass both chambers with bipartisan support.
“Not only are they raising taxes — maybe on a smaller percentage of people but a large amount of money — but they’re also going to spend more money,” Paul said. “So it’s a spending bill.”
The tiny Nordic European island country of Iceland is presently experiencing one of the greatest economic comebacks of all time. After the privatization of the banking sector completed in 200o, the economy was thrown into a tailspin when over a five year period, private bankers borrowed 120 billion dollars (10 times the size of Iceland’s economy). A huge economic bubble was created, causing house prices to double, and making a small percentage of Iceland’s population rich enough to buy up overseas investments, mansions, yachts, and private jets, while leaving an absolutely un-payable debt for all Icelanders. Iceland was facing national bankruptcy. Read The Full Story
THE collapse of John Boehner's "Plan B" reveals the Republican Party to be in a politically disastrous position.
The media narrative is shaping up to pin the full blame for sending the country over the fiscal cliff on the Republicans. News coverage of Mr Boehner is characterised by a mixture of disdain and pity. The tea-party congressmen who have sabotaged his position are portrayed as delusional zealots unable to connect their professed goals to their actions in a rational fashion. Read The Full Story
A report just released by the US Government Accountability Office explains how the Federal Reserve divvied up more than $4 trillion in low-interest loans after the fiscal crisis of 2008, and the news shouldn’t be all that surprising.
When the Federal Reserve looked towards bailing out some of the biggest banks in the country, more than one dozen of the financial institutions that benefited from the Fed’s Hail Mary were members of the central bank’s own board, reports the GAO. At least 18 current and former directors of the Fed’s regional branches saw to it that their own banks were awarded loans with often next-to-no interest by the country’s central bank during the height of the financial crisis that crippled the American economy and spurred rampant unemployment and home foreclosures for those unable to receive assistance. Read The Full Story
The other day, the Southern Poverty Law Center discovered a set of ideas that had to be stomped out of existence: anarcho-capitalism. That’s LewRockwell.com, of course. But the SPLC will have to get in line behind the rest of the neocons: the NY Times, the Washington Post, National Review, the Wall Street Journal, Commentary, the Weekly Standard, and the rest of the gang – none of them much like this site. Read The Full Story