Let's count out loud:
- 0% interest rates
- TARP and related guarantees
- AIG stealth counterparty bailout (more than 50% went straight to bonuses)
- Trillions in Fed quantitative easing
- Bush #1 -- Tax Rebate
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Let's count out loud:
The official national debt is briskly approaching $12 trillion, getting $5 billion closer by the day, while the real national debt has already surpassed $56 trillion. Though cloaked in fear, this clip makes the point rather clearly. It's also the point 6-year-old Sam made so eloquently. When today's teenagers learn what happened to their futures without consent, expect an assault on entitlements in response. Book it. Runs 32 seconds.
This is not a call for a public option, rather an end to state insurance monopolies and the anti-trust exemption that the industry enjoys.
The practice started during World War II as a result of fierce competition for a shrunken workforce and it continues today. It's antiquated and economically destructive as certain segments of the labor force remain working only for healthcare benefits as they await eligibility for Medicare, often for years and occasionally for decades, thereby keeping younger workers more relatively underemployed, during what should be their peak years of productivity. It's an issue we will face more often in the years ahead as competition rises for employment of all types. I doubt U6 will ever measure south of 10% in the U.S. again, and that means we will increasingly be looking to creative solutions to make it easier for willing older workers to retire early. Removing the employer-based healthcare structure and granting earlier eligibility for Medicare is one solution, though an overall de-coupling of the practice is greatly preferred.
Another outstanding clip that puts you ahead of the government and your employer in making the healthcare decisions that are best for you alone. Runs 5 short minutes.
Non-broadcast, web exclusive interview from October 30. Greenwald and Moyers discuss Afghanistan, government secrecy under Obama and Bush, populist anger at Wall Street, the economy, and his public challenge to the editorial staff of the Washington Post to justify their argument that the U.S. should expand the deficit for war but not for health care.
Though somewhat off-topic, there is enough truth inside to make both parties cry for censorship.
Video: Barney Frank With Ed Schultz -- Fight Over Bank Bonuses -- Aired November 9
Recent reports indicate that J.P. Morgan, Goldman Sachs, and Morgan Stanley are set to distribute bonuses worth over $30 billion for 2009 (60% higher than last year). Schultz blames Congress and Frank for their oversight-free giveaway to Paulson and Wall Street last year.
Near the 5:30 mark the action begins when Schultz says:
By Congresswoman Jan Schakowsky
This week I had an opportunity most Americans would relish, just as I did. I was able to unload on two top executives of Goldman Sachs who descended from on high to my office because I clearly needed some educating. One was a Vice President and the other their Chief Risk Officer.
Video: President Banks Obama On Transparency -- '08 Campaign Speech
Considering what happened in the dead of Saturday night, this clip seemed quite appropriate. Sounds like Banks Obama also didn't anticipate that this particular $25 Billion AIG secret would ever see the light of day. Clip runs less than 2 minutes.
If Speaker Pelosi gets her way, these children's parents will go to jail if they don't buy health care.
Video: The 11/3 Project - The Daily Show's Jon Stewart Channels Glenn Beck - November 5
It's Friday so enjoy some comedy. Love or hate Glenn Beck, this is ridiculous stuff. One of Stewart's best performances ever. The entire skit changes near the 3:45 mark. Do not miss the 2nd half of this clip.
Leave it to the only avowed Socialist in the U.S. Senate to fight battles against Bailout Socialism. Bernie is fed up with too big to fail, so much so that today he officially introduced a remarkably simple 2-page bill aptly named the "Too Big To Fail, Too Big To Exist Act."
I spoke today on the Morning Meeting about the four steps the government could take to fix the U.S. banking system and stop the ongoing and expanding corruption of our country. These simple solutions come from the litany of people that I speak with who seek to change the mega-casino our government has built during the past 10 years back to one built on investors, innovators and workers creating things that benefit society. Unfortunately, our current leaders want to take the easy road of sustaining the casino economy with what I like to call the Magic Money Machine. Except as with all magic, there's actually a trick; in this case, it is a large bill that will be left to those of us unfortunate enough to still be around when it comes due. Here are the four pieces of regulation that taxpayers should be demanding from their leaders:
Don't look for rose petals and purple unicorns in this piece from fund manager Eric Sprott. Rome is burning, officially, and it's just a matter of time until the United States defaults. The Peterson foundation keeps an unpleasant running count of our total national debt including unfunded obligations for social security and medicare. It's more than $55 trillion. That's a lot of promises made without a single dollar allocated. Remember that next time you hear Krugman or some other Keynesian tell you that deficits don't matter.
As most of you know, Libertarian Eye Surgeon Dr. Rand Paul is in a heated race in Kentucky to replace retiring Senator and hall of fame pitcher, Jim Bunning. Paul, running as a Republican, is not well liked by the state GOP establishment who is supporting Trey Grayson instead.
Is Paul Volcker starting to crack?
Larry Summers, Tim Geithner and President Obama all agree; there will be no call to split-up the largest banks under their watch. Makes you wonder why Volcker even bothers. As the lone voice of sanity in a sea of Wall Street capture, Volcker's story is told.
Is former Federal Reserve Chairman Paul Volcker being silenced by Larry Summers, Tim Geithner and the rest of the Obama administration?
It's no secret that Volcker believes that portions of Glass-Steagall should be re-implemented, meaning the largest hybrid banks would be forced to shed assets, choosing either commercial or investment banking, but not both.
The transcript and reaction from Bartiromo are inside.