Las Vegas casino magnate Sheldon Adelson announced his intention on Friday to give $10 million to political action committees controlled by Charles and David Koch who in turn are themselves giving substantial sums to unseat President Obama and turn control of the Senate back to the Republican Party.

Earlier this year, Adelson, the CEO of the Las Vegas Sands Corporation which owns and operates the Venetian Resort Hotel Casino and the Sands Expo and Convention Center, and who is reputedly worth $25 billion, attended a Koch brothers-sponsored gathering of super-wealthy conservatives in Palm Springs, and after listening to the action plans and strategies to influence the November elections, decided to support their effort.

When the New York Times reported that the losses resulting from the failed trade made by JP Morgan Chase (JPM) earlier this year could reach $9 billion instead of the $2 billion initially reported, some said it didn’t matter while others called for more regulations. Few considered that such trades, and consequent losses, were inevitable and would likely continue because of the implied taxpayer backstop.

First, it should be noted that, contrary to JPM CEO Jamie Dimon’s statement that the trade was due to “errors, sloppiness and bad judgment,” and was “flawed, complex, poorly reviewed, poorly executed and poorly monitored,” the people in JPM’s London office knew exactly what they were doing. Furthermore, Dimon was aware of what they were doing, was warned in advance of potential losses, and did nothing about it.

The Pension Benefit Guaranty Corporation is underwater by $26 billion. But a small premium increase will fix things up just fine. When the Pension Benefit Guaranty Corporation (PBGC)’s president, Josh Gotbaum, announced that the bankruptcy of AMR (the parent company of American Airlines) wouldn’t impose additional demands on PBGC’s already flimsy financial statement, his relief was nearly audible:

It is great progress and good news that American recognizes that can reorganize successfully and preserve its employees’ pension plans.

We’re also glad the company is willing to work with us to preserve their pilots’ plan too.

The remarkable coincidence of increased private ownership of guns as reflected by the explosive growth of firearms manufacturers, coupled with the increased interest in self-defense and relaxed state rules regarding carrying a weapon with or without a concealed weapons permit, along with the steady decline in violent crime as reported by the FBI, all seem to point to a supreme irony: The most anti-gun president in recent memory, who is trying to stimulate the economy by growing jobs, is in fact increasingly responsible for the growth of the gun industry itself.

Beneficiaries of the Social Security Disability Insurance (SSDI) program can expect to see their checks cut to 79 percent by 2016, according to the program's trustees.

Best known as the co-author, along with Nobel Prize winning economist Milton Freidman, of A Monetary History of the United States, 1867-1960, Anna Jacobson Schwartz died on Thursday, June 21, in New York City at age 96.

A brilliant economist in her own right, she provided the background, the research and so much of the thinking behind the 859-page A Monetary History that Friedman claimed that “Anna did all the work, and I got most of the recognition.”

A week ago both Mississippi Republican senators, Thad Cochran and Roger Wicker, announced their support of S.B. 2205 — the Second Amendment Sovereignty Act of 2012 — that would allegedly protect American citizens from any abrogation of their Second Amendment rights if the UN Arms Trade Treaty was signed by Secretary of State Hillary Clinton in July. That makes a total of 17 senators who are supporting the bill.

With the help of 14 writers and seven contributors and researchers, Glenn Beck has burst forth with another book that expresses his unique style: fulminating, ranting, exploding, rollicking, sardonic, eclectic, and intemperate. Beck and friends have written 11 best sellers and seven of them have reached the #1 position on the New York Times best seller list. Cowards will no doubt be number eight.

The President's speech on the economy in Cleveland last week, promoted as "important," was a bust, especially among his most ardent supporters. 

Following the announcement last Thursday by Senator Rand Paul that he was endorsing former Massachusetts Governor Mitt Romney as the Republican Party’s nominee for President, he took time to respond to critics of that decision in an interview with Peter Schiff.