The United States has accumulated over $70 trillion in unreported debt, an amount nearly six times the declared figure, according to a new study by University of California-San Diego economics Professor James Hamilton. The unique aspect of Hamilton’s study is that he examines federal debt that has not been publicly released, specifically the government’s support for “housing, other loan guarantees, deposit insurance,… Read more →
A new study by University of California-San Diego economics professor James Hamilton finds that the United States has over $70 trillion in off-balance sheet liabilities–an amount nearly six times the on-balance-sheet debt figure. The Treasury debt outstanding is $16.74 trillion. Of that, $4.84 trillion is money the U.S. owes itself. For that reason, explains Matt Phillips of Quartz, “many analysts tend to focus on… Read more →
WE’RE ON A THRESHOLD OF A MAJOR BANKING CRISIS. WHAT HE SHOWED ME WAS AN ISSUE WITH BANK OF AMERICA. I WON’T TELL THE WHOLE DREAM, BUT THERE WAS AN ISSUE WITH BANK OF AMERICA AND BANK OF AMERICA IS SHRINKING. BUT NOW BANK OF AMERICA HAS ANNOUNCED THAT THEY WILL LAY OFF 16,000 PEOPLE BY THE END OF THE… Read more →
***WARNING SOME STRONG LANGUAGE***
Last week, Reason.tv followed investment guru, radio show host, and unflappable defender of capitalism Peter Schiff as he spent three hours among the Occupy Wall Street protesters in Manhattan’s Zuccotti Park.
An unapologetic member of “the 1 Percent,” Schiff argued with all comers for the better part of an afternoon.
Schiff is no ordinary observer. As the prinicipal of the financial firm Euro Pacific Capital, he’s a full-fledged and unapologetic member of “the 1 Percent.” As an outspoken radio show host and commentator, he not only predicted the housing crash and financial crisis, he railed bank and auto-sector bailouts as they were happening. Schiff believes that capitalism offers is the only hope for young, frustrated people to have a vibrant and prosperous future. So he went to Occupy Wall Street to engage and debate the protesters.
The U.S. homeownership rate, which soared to a record high 69 percent in 2004, is back where it was two decades ago, before the housing bubble inflated, busted and ripped more than 7 million Americans from their homes. With ownership at 65 percent and home values rising, housing industry and consumer groups are pressing lawmakers to make the American Dream more inclusive by ensuring… Read more →
The former chief strategist for left-wing billionaire George Soros has joined Facebook’s Mark Zuckerberg in an effort to push amnesty for America’s illegal immigrants, Bloomberg reports. Stanley Druckenmiller, who Bloomberg reports served as Soros’s “chief strategist” for “more than 10 years” as a client money manager, has joined Zuckerberg’s efforts at FWD.us to push for comprehensive immigration reform. Druckenmiller served as… Read more →
Britain is calling on the EU to ease its tight regulations on genetically modified food with the country’s Environment Secretary saying GM farming is actually safer than many of the alternatives. Anti-GM activists are raising the alarm, they warn of side-effects ranging from simple allergies to devastating immune problems. RT’s Polly Boiko reports.
Well, we almost made it through a whole week without a new Obama Regime scandal, but the good folks at Judicial Watch never rest, and they announced today that they’ve obtained records from the Consumer Financial Protection Bureau (CFPB) exposing that millions of dollars have been spent by the agency on the warrantless collection and analysis of Americans’ financial transactions The full extent of… Read more →
Brazilian government bonds are suffering the biggest quarterly losses since the run-up to former President Luiz Inacio Lula da Silva’s election in 2002 led to speculation that the nation would default. Dollar-denominated bonds from Brazil, Latin America’s biggest nation, plunged 7.55 percent since the end of March, the biggest slide since a 16 percent drop in the third quarter of 2002 before Lula’s October… Read more →
Interest rates on student loans are set to double on Monday after lawmakers failed to find a bipartisan solution to keep the federally subsidized borrowing costs down.
The Senate adjourned Thursday night for the July 4 recess without approving a student loan rate package.
With the current, 3.4 percent interest rate on Stafford loans — the most popular funding for college students – set to expire on July 1, a host of 11th-hour fixes all failed to generate support from both sides of the aisle. Without new legislation — either to extend the cap, set a new one or find another way to peg the loans – the cap rises to 6.8 percent. Congress could always forge a solution in the following days, even lowering rates retroactively.
The higher rates would add about $3,000 to the total interest on a $23,000 student loan repaid over 10 years.
Fox News has the full article