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Archive for January, 2013

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No Charge for That: Hiding Millions and Getting Away With It

Wednesday January 30th, 2013   •   Posted by K. Lloyd Billingsley at 7:30am PST   •   5 Comments

When we last addressed California’s hidden money scandal, the state’s Attorney General found that the state Parks had concealed only $20.5 million and the remaining $33 million was “simply obscured by long-term complexities in managing that fund.” The AG passed the buck by letting the state Natural Resources Agency decide whether to bring in…
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Ain’t That a Shame? Treasury Nominee Bagged Wall Street Bonus

Monday January 28th, 2013   •   Posted by K. Lloyd Billingsley at 9:43am PST   •   8 Comments

“That is the height of irresponsibility. It is shameful. And part of what we’re going to need is for the folks on Wall Street who are asking for help to show some restraint and show some discipline and show some sense of responsibility.” That was President Barack Obama in 2009 responding to news that…
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Bigger Than China

Friday January 25th, 2013   •   Posted by Craig Eyermann at 5:10am PST   •   0 Comments

CNSNews discovers that the U.S. Federal Reserve has become the single largest holder of U.S. government-issued debt, as it now owns a larger share of that debt than China! In data released Thursday afternoon, the Federal Reserve revealed that its holdings of U.S. government debt had increased to an all-time record of $1,696,691,000,000 as…
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Feds’ Allergy Problem

Thursday January 24th, 2013   •   Posted by K. Lloyd Billingsley at 9:18am PST   •   1 Comment

The United States Department of Justice has declared that food allergies can be considered a disability under the Americans With Disabilities Act, a legacy of the George H.W. Bush Administration. The declaration emerged in a little-noticed 2012 settlement with Lesley University, in Cambridge, Massachusetts. A student there complained to the federal government after Lesley…
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Federal Government Debt Undermines the Programs It Finances

Wednesday January 23rd, 2013   •   Posted by Randall Holcombe at 9:08am PST   •   1 Comment

Just looking at the rate at which the federal government’s debt is growing is unnerving. If you’re brave, you can look here. The table shows federal debt on September 30 of each year, the end of the federal government’s fiscal year. The numbers almost speak for themselves. About 37.6% of that debt was accumulated…
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The Major Holders of the National Debt

Wednesday January 23rd, 2013   •   Posted by Craig Eyermann at 5:25am PST   •   22 Comments

Another fiscal year for the U.S. Government has ended. Let’s take a look at just who the biggest holders of the U.S. national debt were at the end of Fiscal Year 2012: Here’s the overall summary of the data presented in the chart: The information presented in our chart above is preliminary, as the…
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I’m Forever Blowing Bubbles

Monday January 21st, 2013   •   Posted by Burt Abrams at 11:13am PST   •   1 Comment

Ben Bernanke and his Federal Reserve Bank seem to be determined to reinflate the real estate bubble. Ben was blind-sided by the bursting of the bubble in 2006 as evidenced by his earlier CNBC interview: “Well, I guess I don’t buy your premise [that there is a real estate bubble]. It’s a pretty unlikely…
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Hemp Madness

Monday January 21st, 2013   •   Posted by K. Lloyd Billingsley at 9:26am PST   •   4 Comments

As the Washington Post recently noted, the United States is the world’s leading consumer of products made from hemp, with sales of more than $43 million in 2011. All these products, however, come from outside the country, primarily Canada, because the United States is the only major industrialized country to ban the growing of…
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U.S. Treasury Secretary: The Size of the National Debt Is the Problem

Friday January 18th, 2013   •   Posted by Craig Eyermann at 5:00am PST   •   1 Comment

The outgoing Secretary of the U.S. Treasury, Timothy Geithner has issued the Citizen’s Guide to the 2012 Financial Report of the United States Government. There are two charts in the report that fully summarize the nation’s fiscal situation, which Geithner indicates should be considered together. Here they are: In this first chart, we see…
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Obama’s Resounding “No” to Raising Debt Ceiling

Thursday January 17th, 2013   •   Posted by Mary Theroux at 10:28pm PST   •   4 Comments

Thanks are due to the Wall Street Journal for running the impassioned speech of then-Sen. Barack Obama, delivered on the Senate floor, March 16, 2006: Mr. President, I rise today to talk about America’s debt problem. The fact that we are here today to debate raising America’s debt limit is a sign of leadership…
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