Veteran analyst Meredith Whitney is making waves, via Fortune, with a report arguing that local-government budget gaps are the next big foreboding cloud on the horizon, promising massive job losses, bond defaults and other recovery-threatening problems in the next few years. The fiscal woes are worst in California, New More…
This week, with Congress back from the Memorial Day recess, legislators will again push for a $23 billion aid bill to keep public-school teachers in their classrooms. Sen. Tom Harkin’s (D-Iowa) proposal, the Keep Our Educators Working Act, would help prevent the firing of as many as 300,000 educators. More…
Speaking this morning at the Peter G. Peterson Foundation’s fiscal summit, former President Bill Clinton forcefully argued that immigration reform is crucial to solving the country’s long-term deficit problem. Clinton, who said he had recently visited Arizona — whose governor last week signed a highly controversial and highly stringent More…
As Capitol Hill Democrats consider proposals to pull the country out of its huge deficit hole, they’re repeatedly running into a formidable impediment: themselves.
On issues as diverse as health care and student lending, provisions designed to rein in deficit spending have all run smack into the ubiquitous inclination of More…
The two central theories behind the deficit commission created yesterday by President Obama are (1) Congress is too dysfunctional to make these tough choices on its own, and (2) everything must be left on the table as a possible solution to runaway deficit spending. That means that liberals More…
Think the $700-billion bailout package was expensive? Well, you ain’t seen nothin’ yet.
Over the next few decades, promised federal spending threatens to drown the economy to a degree that would make the recently enacted financial bailout plan seem cheap, David M. Walker, the former comptroller general, said Wednesday. Including More…
Last week, as White House officials were making the rounds on Capitol Hill to sell their $700 billion Wall Street bailout plan, Sen. Chuck Schumer (D-N.Y.), a member of the Senate banking committee, made a vow: “We will not Christmas-tree this bill with extraneous amendments.”
Right.
Last night, the More…
Mortgage Insider tallies up the carnage among subprime lenders since the foreclosure crisis began — and it’s grim:
The list of major subprime lenders for 2006 and 2007 resembles the casualty roster from the Battle of Verdun in World War I. Only difference: way fewer walking wounded this time.
Forty years ago, in September 1968, the North Vietnamese launched the Tet offensive — which changed mainstream America’s view of the Vietnam War. In living rooms across the nation, Americans saw a gruesome display of how powerless the United States forces looked as they struggled to gain control over a More…
Holy instant gratification! SurveyUSA already has polling data on public reaction on whether Friday’s presidential debate should be suspended. They surveyed 1,000 Americans. The poll has a margin of error of plus or minus 3.2 percent.
Reason provides a summary:
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