New York transit authority approves drastic service cuts
• ReutersNew York's Metropolitan Transportation Authority on Wednesday approved drastic service cuts as part of its new budget that must close a nearly $400 million deficit.
Contents Pages by Subject
Economy - Economics USA
War bonds proposed to pay for Afghanistan, Iraq conflicts
• McClatchy NewsLawmakers in both houses of Congress introduced legislation to pay for the wars in Afghanistan and Iraq using a throwback to prior U.S. conflicts: war bonds. Saying it would "promote national shared sacrifice and responsibility," Rep. Meek, D-Fla.,
Democrats vow to close Medicare 'doughnut hole'
• APMedicare's coverage gap for prescription drugs -- $3,610 next year -- has steadily gotten bigger since the benefit's inception. If Democrats have their way on health care the hole will shrink by $500 right away and go away altogether by 2019.
2010 Economic Contraction Risk
• arcleinFewer than 1 in 3 Americans think the economy will improve in the next six months....Only 32 percent of poll respondents believe the country is headed in the right direction, down from 40 percent who said so in September." (Bloomberg)
Congress investigating charges of a 'protection racket' by Afghanistan contractors
• Washington PostA House oversight subcommittee said Wednesday that it has begun a wide-ranging investigation into allegations that private security companies hired to protect Defense Department convoys in Afghanistan are paying off warlords and the Taliban to ensure
Bills Pass on Debt and War Funds
• NY TimesThe House narrowly approved a short-term, $290 billion increase in federal borrowing power, setting the stage for a major fight over national fiscal policy in 2010. It also included short extensions of the USA Patriot Act, and several other expiring
The President in the Plastic Bubble
• http://papatodd.comBarack Obama obliviously lives a sheltered life. But no one had a clue to level the president has been isolated from the real world. While it is common knowledge that all presidents have their team of “handlers” to help them deal with issues such a
From Weight Loss to Debt Loss
Bill BonnerGrowth requires finance. Capital needs to be raised and allocated. Then, earnings must be distributed and invested. And, of course, consumers want credit too.
What Likely Lurks Around the Corner
Jeff ClarkIn the short term, a catastrophic deflation is quite possible. But in the long term, extremely high levels of inflation are now inevitable. The situation is very serious. Gold is the best hedge against both of these things. The better part of your fi
Prof. David Epstein debates Peter Schiff on Obama's economic policies
• Organized Exploitation (video)Columbia University's David Epstein explains how President Obama's policies are saving the economy. Unfortunately for him, his opponent in this debate is Peter Schiff. A tour de force in Keynesian Economics vs. Austrian Economics.
Today on LewRockwell.com - Dec 13 2009
• LewRockwell.comIt's Time To Leave Afghanistan - Now, Ron Paul tells Gen. Stanley McChrystal / The Future of Gold and the Dollar - Peter Schiff shares his insights / Stay Away From US Stocks and Bonds - Gold? Jim Rogers wouldn't think of selling it /
Senate set to vote on $1.1 trillion spending bill boosting money for agencies, other programs
• APSenate Democrats overcame a Republican filibuster to clear the way for a vote Sunday on a huge end-of-year $1.1 trillion spending bill that gives budget increases far exceeding inflation to much of the government. The Democratic-controlled Senate vot
New New Deal: House passes sweeping financial regulation
• McClatchy NewsThe House of Representatives passed legislation Friday designed to bring the most sweeping rewrite of financial regulation since the New Deal era following the Great Depression. The Wall Street Reform and Consumer Protection Act of 2009 would, amo
Regulators shut banks in Florida, Arizona, Kansas
• APRegulators have shut down banks in Florida, Arizona and Kansas, bringing to 133 the number of U.S. banks that have failed to hold up this year against the struggling economy and a cascade of loan defaults.
John Stossel's new show premiered last night
• FOX BusinessJohn Stossel joined FOX Business and FOX News in October 2009. His show, Stossel, airs on the Fox Business Network on Thursdays at 8 p.m. ET. The New York Times best-selling author of Give Me A Break and Myths, Lies and Downright Stupidity. His "Give
Crude Oil Tumbles for an Eighth Day as Dollar Strengthens
•Dec. 11 (Bloomberg) -- Crude oil tumbled for an eighth day, the longest stretch in six years, as the dollar rose against the euro, curbing investor appetite for commodities.
Today on LewRockwell.com - Dec. 11th 2009
• LewRockwell.comWe’ve Been Had - Walter Williams on the climate change rope-a-dope / Ron Paul's Hour of Power - Bring on the auditors, says Pat Buchanan / The Underground Economy Grows - The free, cash economy, that is
House approves $447 billion omnibus spending measure
• Washington PostThe House voted Thursday to approve half a dozen spending bills contained in one large package, as the chamber races to complete its work before adjourning for the year.
Dems to lift debt ceiling by $1.8 trillion, fear 2010 backlash
• PoliticoDemocrats are preparing to raise the federal debt ceiling by $1.8 trillion before New Year’s rather than have to face the issue again prior to the 2010 elections. “We’ve incurred this debt. We have to pay our bills,” House Majority Leader Hoyer told
Who is Blythe Masters????
• Naked CapitalismShe is the JP Morgan employee who invented credit default swaps, and is now heading the JPM' carbon trading efforts. As Bloomberg notes (this and all remaining quotes are from the above-lined Bloomberg article): Masters, 40, oversees the New York b
Obama urges major new stimulus, jobs spending
• Yahoo.comWASHINGTON – President Barack Obama called for a major new burst of federal spending Tuesday, perhaps $150 billion or more, aiming to jolt the wobbly economy into a stronger recovery and reduce painfully persistent double-digit unemployment.
Today on LewRockwell.com - Dec 8th 2009
• LewRockwell.comSocial Security Is Going, Going, Gone - Gary North on the great bankruptcy of 2010. / Drunk Driving Is Not a Crime - Don't treat it like one. Article by Mark Crovelli. / Only a Fool Defends His Country - As versus himself, says Jon Kolkey. / An
Stock market slides as dollar strengthens
• APInvestors dumped stocks and sought safe-haven assets like the dollar and Treasurys on signs that the global economy is still struggling. The Dow Jones industrial average lost 100 points in afternoon trading Tuesday but recovered some of its earlie
Congress urged to extend emergency jobless benefits
• McClatchy NewsState labor officials urged Congress to renew emergency jobless benefits that have been available through economic stimulus funds, but are due to expire this month. "This is a lifeline," said the secretary of the Kansas Labor Dept.
In debate over nation's growing debt, a surplus of worry
• Washington PostOn the ninth floor of an unremarkable office building in downtown Washington. Half a dozen staffers sit at computer monitors, staring at incoming data. "Five minutes to go!" This is the auction room of the Bureau of the Public Debt.
Drug cartels no longer want US dollars
• GuardianInternational drug cartels have abandoned the US dollar for high denomination euros to launder millions in illegal profits, Europol has revealed. The gangs no longer use $100 bills because €500 notes – the largest denomination of euro – take up less
Cost-benefit analysis of jobs stimulus
• ReutersThe Obama Administration's job stimulus program spent $246,436 per job based on the $157.8bn that has been awarded so far! Total annual compensation earned by the average payroll employee was $59,867. If the government had simply used the funds award
Commodity funds get physical
• Financial TimesThe retired civil servants of San Bernardino County could soon be in the livestock business. The public pension fund in the county, the largest by area in the state of California, has agreed to place $30m with a fund manager who is considering
Factory orders rise unexpectedly in October
• APOrders to U.S. factories unexpectedly rose in October, the sixth gain in the past seven months. It was further evidence that the manufacturing sector is beginning to recover, which will help support the overall economy.
Gold takes a hit after surprise U.S. jobs data
• ReutersGold slid below $1,180 a troy ounce on Friday as the dollar rose on a stronger than expected U.S. employment report that raised sentiment on growth and dented gold as a currency hedge.
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