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.
 
 

JBS CEO Art Thompson's weekly video news update for February 20-26, 2012.

The Heritage Foundation reports that 20 percent of Americans receive some form of subsidy from the federal government. That means nearly 70 million Americans are on the dole, receiving housing, food, medical, or other assistance from the taxpayers, and well more than half the federal budget goes to direct assistance to individuals.


 
 

"Often wrong but never in doubt" is a phrase that summarizes much of what was done by Presidents Theodore Roosevelt and Woodrow Wilson, the two giants of the Progressive era, a century ago.


 
 

Economists polled by Reuters predicted that the recession in Europe that began late last year would continue into the new year and they weren’t disappointed. Reuters announced that economic output in the 17-member Euro zone declined by 0.3 percent in the last quarter of 2011, the sharpest since the second quarter of 2009 at the start of the recession. Those same economists are now predicting that European GDP growth will stay negative at least for the rest of the year with only modest chances of improvement in 2013.

 

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