Archive for the ‘Economics’ Category
Does Obama Have Any Idea Why New Deal Failed?
Actually, the world war didn’t really get us out of the depression, it just hid the depression while we waged war. The depression really ended when government spending decreased from $106 billion in 1945 to $36 billion in 1947.
Fed Shouldn’t Reveal Crisis Loans, Banks Vow to Tell High Court
Continued legal appeals will delay or block the first public look at details of the central bank’s $2 trillion in emergency lending during the 2008 financial crisis. The Clearing House Association LLC, a group that includes Bank of America Corp. and JPMorgan Chase & Co., joined the Fed in defense of a lawsuit brought by Bloomberg LP, the parent company of Bloomberg News, seeking release of records related to four Fed lending programs.
The U.S. Court of Appeals in Manhattan ruled March 19 that the central bank must release the documents. A three-judge panel of the appellate court rejected the Fed’s argument that disclosure would stigmatize borrowers and discourage banks from seeking emergency help.
“Social justice” is an oxymoron — a contradiction of terms, built on a lie.
I am for doing good to the poor, but I differ in opinion of the means. I think the best way of doing good to the poor, is not making them easy in poverty, but leading or driving them out of it. In my youth I travelled much, and I observed in different countries, that the more public provisions were made for the poor, the less they provided for themselves, and of course became poorer. And, on the contrary, the less was done for them, the more they did for themselves, and became richer.
Obama Plots Assault on Non-Union Businesses
Moreover, a wave of new draconian federal regulations is about to come crashing down on businesses as a result of the healthcare reform law and other bills now pending in Congress, including Obama’s “cap and trade” energy tax legislation that has passed the House and the financial regulation bill now pending in the Senate that will unleash an army of bureaucrats and a sea of regulations, taxes and fees on businesses large and small.
One ominous sign: Preparations are in the works to hire thousands of new Internal Revenue Service agents to crack down on employers and workers alike to collect healthcare taxes and to impose penalties on workers and businesses who do not provide or purchase healthcare plans government bureaucrats approve of.
Campus Communism
My generation needs an economic wake-up call. We have not been brought up in the ways of free enterprise. The average college student can’t even explain the advantages of trade. My college, like many colleges, requires me to take three science classes and zero economics or business classes.
The Fed Admits To Breaking The Law
The Fed has effectively usurped Article 1 Section 7 of The Constituion which reads in part:
All bills for raising Revenue shall originate in the House of Representatives; but the Senate may propose or concur with Amendments as on other Bills.
The Fed effectively appropriated taxpayer funds without authorization of Congress. At the time these facilities were put in place neither TARP or any other Congressional authorization existed for them to do so, and to date no bill has been put through Congress authorizing the expenditure of taxpayer funds, either through putting them at risk or via outright expense, for this purpose.
Nor does it stop with a “mere” Constitutional violation – The Federal Reserve Act’s Sections 13 and 14 do not permit Fed asset purchases except, once again, for items carrying “full faith and credit” guarantees. Credit-default swaps and trash mortgages most certainly do not meet these qualifications.