Mario Draghi, president of the European Central Bank, told the German Parliament on Wednesday that, yes, he would be buying government bonds but, no, that wouldn't trigger inflation.
Private congressional conversations about how to keep the country from racing off the fiscal cliff in January are already taking place in Washington, but few are willing to give many details. With the promise of anonymity, congressional staffers from both sides of the aisle are working feverishly to come up with solutions to the onrushing fiscal train wreck.
George McGovern, known for his ultra-liberal stance on issues of his day, passed away on Sunday, October 21st, at Dougherty Hospice House in Sioux Falls, South Dakota, at age 90.
In response to a request from the Senate Budget Committee, the Congressional Research Service (CRS) reported that federal welfare spending reached three-quarters of a trillion dollars last year. When added to what the states spent on welfare, another $300 billion, total government welfare payments in 2011 hit $1.03 trillion.
Former U.S. Comptroller General of the United States David Walker just finished another tour across the country promoting “fiscal reform and responsibility,” according to Forrest Jones, writer for MoneyNews.com. And what he learned is that most people are frightened at the immensity of the fiscal and financial challenges facing the country, but almost no one has any confidence that things can be fixed.
For each of the past three years, Senator Tom Coburn (R-Okla.) has published his annual Wastebook, and each year the press has had a field day digging into the 200-page report to expose the most outrageous, wasteful, and annoying projects Congress is funding with taxpayer monies. In 2010, for instance, Coburn’s report noted that $200,000 went to research that studied why political candidates “make vague statements,” while his 2011 report exposed squandering of $700,000 to study cow burps, robot dragons, and “bridges to nowhere.”
The updated forecast of the presidential election by two University of Colorado professors shows Governor Mitt Romney stretching his lead over President Obama in Electoral College votes.
Part 2 of the movie trilogy of Ayn Rand’s novel Atlas Shrugged is, by turns, eerie, chilling, disappointing, and affirming. With twice the budget of Part 1, Atlas Shrugged Part 2 is broader in scope and adheres more closely to the original book. It also has a new cast. Many had high expectations. In some respects it succeeded; in others it didn't.
President Obama's latest executive order that allows the "freezing" of all accounts belonging to "sanctioned persons" in the US is one in a series of orders going back to President Washington.
After 42 years of building an immense real estate and time share company, with 7,000 employees and revenues of $1 billion, its owner is close to giving it all up and, in his words, “calling it a day.” David Siegel, the owner of Westgate Resorts, started his company out of his garage in the early 1970s and, working full time including weekends and holidays, slowly built the company into a powerhouse which, in 2007, just before the real estate crash, employed more than 12,000 people and served more than 3 million customers a year.
But the start of the Great Recession left Siegel and his company with nearly $1 billion in debt which forced him to give back the Las Vegas project to lenders and stop work altogether on his massive 90,000 square-foot home.
Business is better now, but Siegel is nervous about the election and what it means to his company if President Obama is reelected.