Economy

A $787-billion stimulus. Liabilities of $356 billion for the TARP bailout on the federal government's balance sheet. And that's in addition to other unfunded liabilities from federal entitlements like ObamaCare, Medicare, and Social Security. But that doesn't mean the U.S. is heading down the path toward socialism because they were one-time expenditures, according to CNBC senior economics…

David Ignatius, an op-ed columnist for the Washington Post, thinks a value-added tax (VAT) may be just the ticket to get the United States out of its deficit mess. That's what he argued in a column on April 29: "President Obama could champion the cause of deficit reduction. He could insist that the new bipartisan National Commission on Fiscal Responsibility and Reform that began work…

It doesn't take a rocket scientist to realize that so-called payday loans probably aren't the most reasonable option when it comes to short-term borrowing. But according to MSNBC's Rachel Maddow, it takes the federal government to let you know. On her April 28 program, Maddow charged that these lenders engage in unscrupulous practices, despite offering a service that their clientele is willing…

As congressional Democrats press on with their attempts to get financial legislation reform passed, a key component has been lacking from the debate: how to handle the government-sponsored enterprises Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE).  Although some Republican lawmakers have cried foul over the fact nothing has been included in a bill sponsored by Senate Banking Committee…

PolitiFact called it the Lie of the Year, and journalists left and right (but mostly left) dismissed the claim as hyperbole at best, and fear-mongering propaganda at worst. But Sarah Palin's "death panel" comment may not be as off the mark as so many have claimed. Don't take her word for it. White House budget director Peter Orszag apparently agrees.Well, Orszag didn't specifically address Palin'…

While questions swirl about the ins and outs of the Securities and Exchange Commission charges against Goldman Sachs (NYSE:GS), and the eventual result is no clearer. According to CNBC "Mad Money" host Jim Cramer, after the release of several e-mails from Goldman traders, including Fabrice Tourre, who described the investments at the firm "like Frankenstein," the investment bank finds…

In his weekly address today (video only at link; transcript was not present when this post was prepared), President Obama opened with these three sentences: It was a little more than one year ago that our country faced a potentially devastating crisis in our auto industry. Over the course of 2008, the industry shed 400,000 jobs. In the midst of a financial crisis and deep recession, both…

Does anyone remember when the liberal intellectuals decried populism coming from the likes of Glenn Beck and other conservatives that was aimed at the direction the country is going under the leadership of President Barack Obama and the Democratic-controlled Congress? Throughout 2009, that so-called "bottom-barrel demagogy," as Troy Patterson called it in an post for Slate one year ago, was the…

On Wednesday, the Detroit Free Press published the Mike Thompson cartoon seen at the right. It shows a GM bigwig carrying a briefcase telling a recoiling Barack Obama, Nancy Pelosi, and three other politicians that "We're going to pay off the loan." The cartoon's caption is, "The Seven Dirty Words You Can't Say in Washington." At his blog, where a full-size version of the cartoon can be found,…

In the past 20 months, liberal media members have routinely blamed 2008's financial crisis on George W. Bush, Republicans, Wall Street, and greed.Someone that has hardly ever been accused of having a hand in what led to the tumult is former President Bill Clinton.As NewsBusters has been reporting almost since the crash began, it was Clinton who signed into law two key bills -- the Financial…

On Friday's CBS Early Show, co-host Maggie Rodriguez declared that when it comes to financial reform legislation, "Democrats have all the leverage right now." Face the Nation host Bob Schieffer appeared on the show and observed that "They think this is the time to picture Republicans as trying to protect fat cat bankers, as it were." In her first question to Schieffer, Rodriguez wondered: "Do…

Ed Whitacre, Chairman of Government/General Motors, took to the Wall Street Journal on Wednesday to crow about repaying a loan (link may require subscription). Note the deceptive headline and its accompanying end-zone dance: The GM Bailout: Paid Back in Full The investment of U.S. and Canadian tax dollars worked. Whitacre can try to make a case that the government's loans have been repaid, but…

The Pentagon rescinded the invitation of evangelist Franklin Graham to speak at its May 6 National Day of Prayer event because of complaints about his previous comments about Islam. The Military Religious Freedom Foundation expressed its concern over Graham's involvement with the event in an April 19 letter sent to Secretary of Defense Robert Gates. MRFF's complaint about Graham, the son of…