Following a 13-hour marathon session on Monday, eurozone ministers announced an agreement to loan Greece another $170 billion, which saves the banks while punishing private investors and damaging Greek national sovereignty.
Last Friday marked the third-year anniversary of President Obama’s $787-billion economic "stimulus" law — and it scored a rather grim milestone: The unemployment rate held steady above eight percent for 36 months, the longest period since World War II. In fact, according to the Bureau of Labor Statistics, the current 8.3-percent unemployment rate is precisely where it stood three years ago when the legislation, called the American Recovery and Reinvestment Act (ARRA), was signed into law. The previous record for above-8-percent unemployment was 27 months, which transpired in the early 1980s.
It is fascinating to see people accusing others of things that they themselves are doing, especially when their own sins are worse. Academics love to say that businesses are not paying enough to people who work for them. But where in business are there people who are paid absolutely nothing for strenuous work that involves risks to their health?
Writer Bruno Waterfield’s claim that Germany has drawn up plans to deal with the inevitable Greek default was published in the British newspaper The Telegraph a little after 8 p.m. Saturday night. Within hours his claim was confirmed separately by blogger John Ward with times, dates, and consequences all spelled out by those drawing up the plans.
The creditors’ committee representing what’s left of Lehman Brothers asked bankruptcy Judge James Peck last week to force Timothy Geithner — currently Obama’s Treasury Secretary but President of the New York Fed at the time of the Lehman Brothers’ bankruptcy — to answer some questions. The original subpoena issued by the committee to Geithner to appear last August was ignored and so the committee appealed to Judge Peck.
In concluding his three-state, three-day tour on Friday, President Obama made a flashy appearance at Boeing’s aircraft assembly plant in Washington State, where he touted the manufacturing accomplishments of the world’s largest aerospace company. During the visit, the President asserted that Boeing, a top U.S. exporter, is a world-class model of an American company spurring economic growth through overseas commerce.
The Washington crowd can’t be bothered with budgets anymore — at least not in the dictionary sense of the word, as in (a) something cheap, i.e., a budget coat, or (a) attempting to balance expenses with expected income, or even (c) producing a realistic estimate of revenue, spending, and red ink.
The same presumptions of superior wisdom and virtue behind the interventionism of Progressive Presidents Theodore Roosevelt and Woodrow Wilson in the domestic economy also led them to be interventionists in other countries.
In his State of the Union address President Obama touted the "rebound" in the economy, taking credit for his administration’s policies in its recovery. He pointed to two years of job growth and the fastest job creation since 2005 but without putting such results in context.
Hey, look, it’s manna from heaven! If you lost your home to foreclosure, Barack Obama is going to see that you get a check for some 2,000 bucks. Free! And not only that. If you still own your home but it’s worth a lot less than you owe on it, he’s got even better news for you. The President, in league with the nation’s attorneys general, has gotten the banks to agree to reduce what you owe.