The economy has gained either 2.5 million jobs or 3.6 million jobs since the Recovery Act was signed into law in January, 2009, depending upon which statistical “model” is used, according to Christina Romer, Chair of the White House's Council of Economic Advisers. When compared to the report issued earlier this month by the Bureau of Labor Statistics, neither number is even close.
Central bankers and analysts are warning of another credit crisis just around the corner as banks start competing with governments to refinance trillions of dollars in short-term debts coming due soon, resulting in significantly reduced credit availability for businesses and consumers, among other problems.
The Treasury Department’s Troubled Asset Relief Program (TARP) is wreaking havoc on hundreds of small banks that took bailout money, according to a new report issued by the Congressional Oversight Panel. The COP oversees the $700 billion in bailout funds.
The final version of the financial reform bill that has become a central component of President Obama’s New Deal-esque program to enormously enlarge the powers of the federal government is on the brink of passage by the Senate.
The rich as well as the poor are losing their homes to foreclosures. That fact helps demonstrate the vast silliness of the federal government helping those low-income Americans who are not creditworthy to get home loans. The poor and middle class in America have long had the ability to save up for a modest down payment and then to make equally modest mortgage payments. Older Americans, many of whom purchased three-bedroom, one-bath homes in pleasant but unassuming neighborhoods, have enjoyed all the benefits of homeownership without the federal government demanding that the rules of financial soundness be met.