September 29, 2008
Finance, Politics, Taxes, U.S. Law and Policy
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Commentary: Bankruptcy, not bailout, is the right answer
By Jeffrey A. Miron
Special to CNN
Editor’s
note: Jeffrey A. Miron is senior lecturer in economics at Harvard
University. A Libertarian, he was one of 166 academic economists who
signed a letter to congressional leaders last week opposing the
government bailout plan.
CAMBRIDGE, Massachusetts (CNN) — Congress has balked at the
Bush administration’s proposed $700 billion bailout of Wall Street.
Under this plan, the Treasury would have bought the “troubled assets”
of financial institutions in an attempt to avoid economic meltdown.
This bailout was a terrible idea. Here’s why.
The current
mess would never have occurred in the absence of ill-conceived federal
policies. The federal government chartered Fannie Mae in 1938 and
Freddie Mac in 1970….
Read the rest of Mr. Miron’s explanation
September 29, 2008
Elections, Finance, Politics, Taxes, U.S. Law and Policy
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The people still do not know what is going on and the REAL news is hard to find.
ANP:
September 17, 2008
Finance, TV, Taxes
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Richard Fuld
CEO Lehman Brothers
Made $354,000,000 - Million Dollars from 2004-2007
As reported in Forbes 400 Richest American People
$466,000,000 - Million while At Lehmann Brothers (NY Times)
John Thain
CEO Merrill Lynch
Came on in 2007
at $50,000,000 - Million a Year
With estimated earnings of $100,000,000-$120,000,000 Million a Year
Associated Press Reported he made $93.1 Million Dollars and Earned the Title of "Highest Paid CEO Among the S&P Companies"
Stan O’Neal
Former CEO Merrill Lynch Ran for more than 5 years before John Thain and deserves recognition for the current financial mess.
Also was the first Black Man to Hold the Top postion of a Major Investment Firm.
In 2006 earned $48,000,000- Million Dollars
Sept 2007 Merrill Lynch reported $8,000,000,000 - Billion in Losses
Oct 2007 O’Neal Retired "out of the blue" and took with him a severance pakage of $161,500,000 - Million Dollars
James Cayne
CEO Bear Stearns
Architect of Financial Behemoth Collapse
Forbes Reports Cayne earned $138,000,000 Million Dollars between 2003-2007
The Day after J.P. Morgan Chase Make the Deal to buy his Firm (Bear Stearns) and the deal is backed by the Federal Reserve a.k. Taxpayers Treasures, he sold all his shares and made over $66,000,000 Million Dollars.
This is beyond gross oversight and extremely loose regulation.
September 17, 2008
Elections, Finance, John Mccain, Obama, Politics
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Nick Timiraos reports from Elko, Nev., on the presidential race.
John McCain and Barack Obama didn’t
criticize the government’s decision to bailout insurance giant AIG, but
the two presidential hopefuls did continued to jockey Wednesday over
who would better extinguish the nation’s financial fires.
Obama mused that it had been “really interesting” to watch McCain
respond to the crisis by calling for better regulation after years in
Congress of advocating deregulation. The Democratic candidate didn’t
elaborate on his own economic policies Wednesday, but mocked his
Repubican rival, saying McCain got “a little carried away” on Tuesday
with a promise to challenge “the old boys’ network in Washington.”
“The old boys’ network?” Obama asked. “In the McCain campaign, that’s called a staff meeting.”
A McCain campaign spokesman dismissed the rhetoric as an attempt to “disguise [Obama’s] non-existent record.”
The Obama campaign has tried to link McCain to a decades-long push
to deregulate financial markets, which culminated with the 1999
Gramm-Leach-Bliley Act that repealed New Deal-era securities
regulations. Phil Gramm, a McCain adviser and former senator, helped lead that push, but Clinton Treasury Secretary Robert Rubin, who has advised Obama, helped to secure passage of the bill.
The Obama campaign, meanwhile, charged that McCain had been shaky on
AIG, rejecting a taxpayer bailout on Tuesday. McCain was asked on CNBC,
“If you were in the Fed’s position, do you let it fail?” He responded:
“I think you have to,………….
Rest….
September 17, 2008
Finance, Politics, Presidents, Taxes, U.S. Law and Policy
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President Clinton announces another record budget surplus
From CNN White House Correspondent Kelly Wallace
September 27, 2000
WASHINGTON (CNN) — President Clinton announced Wednesday that the
federal budget surplus for fiscal year 2000 amounted to at least $230
billion, making it the largest in U.S. history and topping last year’s
record surplus of $122.7 billion.
“Eight years ago, our future was at risk,” Clinton said Wednesday
morning. “Economic growth was low, unemployment was high, interest
rates were high, the federal debt had quadrupled in the previous 12
years. When Vice President Gore and I took office, the budget deficit
was $290 billion, and it was projected this year the budget deficit
would be $455 billion.”
Read Rest Here
Confused over Budgets, National Debt, or Deficits?
Great reading over here at Federal Budget.com
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