Geithner Plunders Retirement Accounts, CEO Pay Skyrockets, The Next Financial Crisis, Bid-Rigging In Foreclosure Auctions, The Mystery $100M ATM Receipt, Afghan Bank Fraud Revealed (20 LINKS)
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We defy anyone to demonstrate that anything has changed since this film was released in 1992. In fact, crony crapitalism, whereby corporations run Congress and write legislation via K-Street lobbyists masquerading as prostitutes, has only gotten worse, as evidenced by our last story.
Full write-up inisde from Daniel Hannan with video and several links.
Greenspan admits the Fed is above the law...
Greenspan spells it out...
CNBC Video - Bill Gross on the U.S. Fiscal Nightmare - June 13, 2011
When adding in all of the money owed to cover future liabilities in entitlement programs the US is actually in worse financial shape than Greece and other debt-laden European countries, Pimco's Bill Gross told CNBC Monday.
Much of the public focus is on the nation's public debt, which is $14.3 trillion. But that doesn't include money guaranteed for Medicare, Medicaid and Social Security, which comes to close to $50 trillion, according to government figures.
The government also is on the hook for other debts such as the programs related to the bailout of the financial system following the crisis of 2008 and 2009, government figures show.
Taken together, Gross puts the total at "nearly $100 trillion," that while perhaps a bit on the high side, places the country in a highly unenviable fiscal position that he said won't find a solution overnight.