What happens if Congress does not raise the US debt ceiling?

What happens if lawmakers fail to act by the Aug. 2 deadline? A failure to raise the debt ceiling would send shockwaves through the underpinnings of the financial system — and possibly ripple out to individual investors and consumers. If the debt ceiling isn’t raised, the federal government won’t be able to pay 44% of […]

True Cost of Fannie Freddie Bailouts $317 Billion

The Congressional Budget Office (CBO) says the real cost of the federal government guaranteeing the business of failed mortgage giants Fannie Mae and Freddie Mac is $317 billion — not the $130 billion normally claimed by the Obama administration. In a report delivered to the House Budget Committee on June 2, the CBO said a […]

Wall Street and its 10 most ridiculous lies of 2010

1.”Honest, we didn’t do it!” Sadly, their blame-shifting strategy worked, bamboozling the media and people across the political spectrum. Crooks? Morons? Take your pick. 2.”The overall costs will be incredibly small in comparison to almost any experience we can look at in the United States or around the world.” Ever since Treasury Secretary Timothy Geithner […]

Social Security Myths

As researched and presented by MoveOn.org: Myth 1: Social Security is going broke. Reality: There is no Social Security crisis. By 2023, Social Security will have a $4.3 trillion surplus (yes, trillion with a ‘T’). It can pay out all scheduled benefits for the next quarter-century with no changes whatsoever. After 2037, it’ll still be […]

Totalitarianism defined

If our country came under the control of a totalitarian regime, would we recognize it? This question is of utmost importance today, as we witness the regular passage of legislation designed to restrict and regulate, and the tendency of the Federal government to increase rather than decrease its power. The trouble with diagnosing our condition […]