US States Are Facing Total Debt of Over $4 Trillion – The nonprofit State Budget Solutions combined states’ major debt and future liabilities, primarily for pensions and employee healthcare, unemployment insurance loans, outstanding bonds and projected fiscal 2011 budget gaps. It found that in total, states are in debt for $4.2 trillion. Yep, $4.2 TRILLION!
They want $lice of the occu-pie – Occupy Wall Street’s Finance Committee has nearly $500,000 in the bank, and donations continue to pour in — but its reluctance to share the wealth with other protesters is fraying tempers. LOL The human nature….
Madoff ‘loves’ jail – Evil Ponzi schemer Bernie Madoff loves prison and even boasted in a jailhouse letter that he is “quite the celebrity” and is treated like a “Mafia don” behind bars. For sure he is safer their than on NY streets
Home Prices Fall More Than Forecast in August – Home prices in 20 U.S. cities dropped more than forecast in August, highlighting one of the obstacles facing the economic recovery in its third year.
Consumer confidence tumbles in October – Consumer confidence unexpectedly dropped to its lowest level in two-and-a-half years in October as consumers fretted about job and income prospects. Unexpectedly???
Possible study of anthrax vaccine’s effectiveness in children stirs debate – The vaccine has been tested extensively in adults and has been administered to more than 2.6 million people in the military. But the shots have never been tested on or given to children, leaving it uncertain how well the vaccine works in younger people and at what dose, and whether it is safe. Unlike with measles, mumps and other diseases, the chance that children will be exposed to anthrax is theoretical, making the risk-benefit calculus of testing a vaccine on them much more questionable. Here we go. Our government wants to turn our kids into a test subjects.
Why Politicians Lose So Much Money Trying To Pick Winners – The Solyndra scandal offers us a reminder that government isn’t very good at picking winners and shouldn’t try to do it. Thanks to Obama administration connections, this California‑based solar panel maker had a $535 million spending blowout at the taxpayers’ expense, then fired everybody – some 1,100 jobs. But there continues to be relentless lobbying for government to back other ventures touted as essential for our future.
Prolonging The Foreclosure Mess – Say a borrower going through HARP decides that a few hundred bucks in monthly savings don’t outweigh the tens of thousands of dollars owed beyond the value of the house. He walks on it anyway.
Guess who takes the loss? Taxpayer-backed Fannie Mae or Freddie Mac, that’s who.
Occupy Wall Street campground becoming spot for vagrants, ex-cons & ‘takers’ to call home – “If you’re going to come here and get our food, bedding and clothing, have books and medical supplies for no charge, they need to give back,” Digioia said. “There’s a lot of takers here and they feel entitled.” LOL How ironic is this situation…
Occupy Toronto: The one-week anniversary party – “It’s weird protesting on Bay Street. You get there at 9 a.m. and the rich bankers who you want to hurl insults at and change their worldview have been at work for two hours already. And then when it’s time to go, they’re still there. I guess that’s why they call them the one per cent. I mean, who wants to work those kinds of hours? That’s the power of greed.” – Jeremy, 38 . Jeremy will never understand why he is going to be poor all his life
Business to pols: Shape up – The chief executives at some of Illinois’ largest companies think economic conditions are better in neighboring states. They expect economic growth here to lag the nation’s growth. They believe Illinois taxes are a roadblock to investment. They have no faith that political leaders will use the 67 percent income tax increase imposed this year to put state government on firmer financial ground.
Can the Youth Vote Be Bought For a Trillion Dollars? – For those not paying close attention, outstanding student loan debt will soon pass the trillion dollar mark, exceeding the nation’s total credit card debt. Following the arc of the now-nationalized home mortgage market, the student loan market has evolved from being privately managed to government subsidized, to government guaranteed, and finally to government owned and operated.
U.S. Refinance Fix Viewed as Unlikely to ‘Shock and Awe’ Economy – Lawmakers and analysts briefed on plans by the independent Federal Housing Finance Agency estimate they will help less than 1 million borrowers — and perhaps as few as 600,000 — of the 11 million whose mortgages are higher than the value of their homes.