JPMorgan Chase CEO Jamie Dimon's admission to a $2 billion bank loss barely counts as scratch on the $16 Trillion loan and bailout scandal that the GAO audit of the Federal Reserve revealed, and the Volcker Rule will do nothing to solve the fractional reserve flaw at the heart of our monetary crisis.
California Governor Jerry Brown is calling for higher taxes as lethargic economic growth has left his state in fiscal turmoil. Brown also mentioned that California would have to implement another $6 billion in spending cuts on public schools and higher education if voters reject his call to increase sales and income taxes.
The latest numbers on the Eurozone economies are showing nothing, with an official recession call barely avoided. And without Germany’s slightly better economic performance in the first quarter, the recession would be official.
JPMorgan Chase's $2 billion trading loss has predictably generated calls for more bank regulation. But one free-market advocate, Dan Amoss of the Daily Reckoning made this suggestion: "Here’s an idea: it’s called 'capitalism.' Take away the subsidies and bailouts for banks, along with the regulatory red tape. If they want to blow themselves up, fine — but losses would fall on the risk managers making those decisions and bank shareholders, not taxpayers or depositors…."
Our social engineers preach fairness but practice favoritism. Case in point: Thirteen-year-old Keeling Pilaro, of Suffolk County, New York, is being denied the right to compete in sports based solely on sex.
Facebook co-founder Eduardo Saverin is expected to save hundreds of millions of dollars or more on his tax liabilities after becoming one of the more high-profile individuals to renounce U.S. citizenship in recent years. The Brazilian-born multi-billionaire now lives in Singapore, where the government does not impose capital-gains taxes or take a cut of income earned abroad.
When two white newspaper reporters for the Virginian-Pilot were driving through Norfolk, and were set upon and beaten by a mob of young blacks — beaten so badly that they had to take a week off from work — that might seem to have been news that should have been reported, at least by their own newspaper. But it wasn't.
As the National Defense Authorization Act (NDAA) for Fiscal Year 2013 comes before the House of Representatives, Congressmen Adam Smith and Justin Amash offer an amendment forbidding indefinite detention.