Greece, Spain, Ireland, Portugal, and Italy (and California). In each case, the promise of more bailouts and a steady flow of cheap money only produced more reckless behavior, excessive levels of government spending, and record levels of debt.
It’s widely believed that JPMorgan Chase’s recent $2 billion–plus loss proves we need the comprehensive banking regulation called for by the 2010 Dodd-Frank law. Not only is that belief wrong, but the only way to minimize systemic damage from banking without stifling productive innovation is to end all guarantees and all barriers to competition.
After billionaire Facebook co-founder Eduardo Saverin drew global attention to the growing number of Americans giving up their U.S. citizenship to preserve their wealth and escape burdensome IRS regulations, two Democrat Senators outraged by the accelerating trend introduced the “Ex-PATRIOT” Act to get revenge — and, of course, to confiscate more wealth for the government to squander.
On Wednesday the Senate voted down five budget proposals, reflecting gridlock and unwillingness to face reality. Four of the budget proposals were presented by Republican senators, while the fifth was based on President Obama’s budget.
House speaker John Boehner decided on Tuesday to fire the first round in the coming battle to deal with the huge tax increases taking place after the first of the year by setting the terms for the debt ceiling debate. In a speech at the Peter G. Peterson Foundation’s 2012 Fiscal Summit in Washington Boehner said that any discussion would revolve around his “Boehner principle” — every dollar of additional debt increase for the federal government must be matched by an equal or greater reduction in government spending.
On Monday, U.S. District Court Judge James Boasberg ruled against the National Labor Relations Board’s (NLRB) “ambush rule” that would greatly shorten the time an employer had to defend against an effort to unionize his business, from 42 days to 10 days.
As the prospect of Greece leaving the eurozone dominates headlines around the world, Greeks are lining up at ATMs and financial institutions to withdraw their funds in what some analysts have already described as a run on the banks. More than a billion euros have been withdrawn just in the last few days. And experts say the panic could soon spread to other fragile countries such as Italy and Spain.
President Obama honed in on the media Monday during his commencement address at Barnard College, railing against the "steady stream of sensationalism and scandal" that typically drive up ratings. Using the "sensationalized" media as a campaign talking point, the President attempted to patch up a barrage of negative press that has debased the "hope" and "change" catchwords of his 2008 campaign.
“If you want a UN on steroids, you want the Law of the Sea Treaty,” then-Senate Minority Whip Trent Lott (R-Miss.) declared in a 2007 news conference. The treaty, Lott explained, “undermines U.S. sovereignty,” “would create a huge UN bureaucracy” to rule the U.S. private sector and military, “would undermine U.S. military and intelligence operations,” and “would be a huge problem in terms of navigational rights.” Five years later, however, the man who once claimed that Senate ratification of LOST would “cede our national sovereignty — both militarily and economically,” is lobbying that very body to approve the treaty.
Germany's power grid is in trouble, and federal regulators are warning something must be done before the onset of winter's usual skyrocketing energy demands. They say the current grid is unable to support the forced transition from nuclear to government mandated "renewable" energies and must be expanded quickly to avoid blackouts.