On September 24, President George W. Bush—a self-professed devotee of the free market—addressed the nation in an effort to drum up support for an unprecedented intervention in the U.S. economy. The political elite, left and right, were united in their desire to spend other people’s money to purchase depressed financial assets at premium prices. . . . → Read More: House Rejects Bailout Plan: Wall Street Loses, America Wins
Based on a September 18 Times (UK) report regarding the meeting of Middle Eastern finance ministers, the question was asked about the veracity of a plan for a single currency for the Middle East based on oil.
The answer is both true and false and maybe.
Yes, the immediate goal of the meeting last . . . → Read More: Is Oil-Based Currency a Reality?
In the late 1970s, the total compensation of chief executives in large American corporations was 35 times that of the average American worker. In 1993, Congress limited the tax deductibility of executive salaries to $1 million unless it could be demonstrated that the extra pay was linked to performance incentives. This contributed to . . . → Read More: The Bailout Plan & Wall Street CEOs’ Pays
“OK, everyone, stay calm. Hand over the $700 billion right now, and no one gets hurt. Make a wrong move, and the whole economy goes down! Make it quick, or you can all kiss your retirements good-bye!”
Dialog from an old-fashioned “stick-em-up” Western? No, actually, this drama was playing out in real-time . . . → Read More: Why Did Paulson’s Bailout Plan Fail in Congress?
One of our readers left an interesting comment regarding the medical profession and its desire to seek profits for its members. I quote from his comment:
The nature of the AMA, a protected and virtually untouchable union, certainly believes in maximizing its members’ profits. It clearly restricts the supply (as all unions do) in . . . → Read More: Doctors’ Shortage: Why Doctors Are the Main Problem
On September 18, the Food and Drug Administration (FDA) issued a press release on a document regulating the use of genetically modified (GM) animals and products in the United States1. This document is open for public comment until November 18 and can be read here. In it, it states that GM animal developers are . . . → Read More: Genetically Modified Animals One Step Closer to Our Dinner Plate
If you watch the news at all these days (and a case could definitely be made for avoiding this habit), then you already know that the United States imports way more cheap stuff from China than it sends over there for sale to the Chinese people. That big difference between the huge amount we . . . → Read More: Fannie Mae, Freddie Mac Bailout: We Are Now at the Mercy of the Chinese
The present financial crisis – probably the worst in decades – is making the lawmakers in Washington, D.C., strongly consider the need to dust off a 1980’s era plan to help save the banking industry and stabilize the economy.
The idea of setting up a government corporation to deal with toxic assets . . . → Read More: Congress’ Solution to AIG, Fannie Mae and Freddie Mac: A Supertrustee
When the Federal Reserve fronted $80 billion to insurance giant AIG last week, most people were blinded by the staggering size of the bailout. Few people took time to consider the fact that the Fed—a pseudo-private banking cartel with the government-granted monopoly power to create money out of thin air—made this purchase/loan with no . . . → Read More: SEC Bans Short Selling of 79 Financial Stocks (In Defense of Speculators, Part II)