Student Loans And The Deficit, Justice Department Cover-Up In ATF Scandal, Americans Prefer Spending Cuts To Stimulus, Bachmann Is CRAZY, Letting Bankers Walk Free, Shilling Forecasts 20% More Downside In Housing (LINKS)

Stories from around the web.

Obama campaign raises record sums from the wealthy

Economist Gary Shilling Forecasts 20 Percent Further Drop in Housing Prices

16 Suspected 'Anonymous' Hackers Arrested in Nationwide Sweep

Student Loans and the Deficit - What You Didn't Know

COVER UP - Justice Dept. shields officials in guns scandal, ATF chief says

Sign of the Times: San Francisco Court System "Essentially Out of Business"

Bank of America posts record quarterly loss of $8.8 Billion

Cisco To Cut Almost 12,000 Jobs, Close Factory

Borders liquidates: 10,700 jobs lost, 400 stores to close

Ireland 'may support default option'

POLL - 71% of Americans Would Rather See Spending Cuts than Stimulus

How Ray Dalio built the world’s richest and strangest hedge fund - Great Read

Bachmann Predicted The World Would End In 2006: ‘We Are In The Last Days’

The Cause of Current U.S. Deficits and Debt - Welfare And Warfare

ProPublica - Local Elected Officials Got Big Contracts After The BP Oil Spill

Opposition To Elizabeth Warren Allows Obama To Duck Uncomfortable Questions

Geithner Reaching Out To Credit Agencies To Avoid Downgrade

Chart - Discretionary Budget - FY2011

Krugman - Letting Bankers Walk Free

Comments

[DailyBail]

German Chancellor Angela Merkel has played down the chances of Thursday's emergency eurozone summit resolving Greece's debt crisis.

http://www.bbc.co.uk/news/business-14204529

[DailyBail]

Since flawed foreclosure practices by the nation’s biggest banks became last fall’s biggest scandal, federal bank regulators and the attorneys general of all 50 states launched simultaneous investigations. But there are an increasing number of warnings that neither of those efforts have addressed the full scope of the problem.

Most notably, Elizabeth Warren, a senior Obama administration advisor, warned about the ongoing probes in Congressional testimony last week: “I think there’s a real question about whether there’s been an adequate investigation.”

http://www.propublica.org/blog/item/officials-concerns-that-full-scope-of-foreclosure-problems-exposed

[DailyBail]

Europe's debt crisis - Bailing out the banks

http://www.economist.com/blogs/buttonwood/2011/07/europes-debt-crisis-0?fsrc=nwl

[TR]

I guess the SCOTUS will be immune to the pissed off masses.

http://www.nader.org/index.php?/archives/2294-The-Corporate-Supreme-Court.html

[TR]

Are these feelings brewing across America & the PTB don't know it?
Damn I'm starting to feel this way.

http://www.youtube.com/watch?v=8hDzbS1-hDM

[DailyBail]

great link on the SCOTUS...thanks TR...

[John]

UPDATE:

Romney’s ‘Policy Fundraiser’ Tomorrow Reveals Reliance On Ed Advisor Who Set Stage for For-Profit College Abuses

Mitt Romney, who has declared his admiration for for-profit colleges while receiving donations from for-profit education executives, boasts as a top education advisor a former George Bush official whose decisions in government helped unleash a decade of waste, fraud, and abuse by the for-profit college industry.

source:

http://www.republicreport.org

note: you need to go directly to the site and look up the headline on their front page.

[John]

Name The Bubble

http://www.zerohedge.com/news/name-bubble

[snip]

If you said student loans, you were correct. What is curious is that while virtually everyone has known about the student loan bubble in recent quarters, it is only for the past 3 that the Fed has actually started to disclose this data in its consumer loan excel spreadsheet (link - page 3). For historical data prior to 2011 we had to pull Bloomberg data (TDBCSTUD Index) going back to 1999. Perhaps the recent astronomical jump is why the Fed has been keeping a tight lip on this data...

And for those to whom this is news, here are some thoughts on the matter from before.

[John]

Breaking:

http://bangordailynews.com/2012/02/28/news/state/olympia-snowe-quits-senate-race/

Olympia has served the people of the State of Maine (and other New England states) very well. She has gone to bat for the fishermen, lumbermen, small business and the common person. She always made them FIRST and FOREMOST. We did have a difficult time in Maine with the budget some years ago but the banking fiasco and the efforts of the current Obama administration (and the very confused GOP) may have been enough. I would personally like to thank her for her absolutely outstanding service.

john

edit:

She had also done well on the energy front and been a champion of the small family farm.

In other words, whether she retires or moves things along, she has my ENDORSEMENT.

[John]

More on the student loan 'bubble'

House, in Latest Pledge of Fealty To Donors, Votes Against Accountability for For-Profit Colleges

http://www.republicreport.org/2012/house-vote-forprofit-colleges/

[John]

More Student loan articles...

http://www.zerohedge.com/contributed/2012-10-07/profit-education-pigs-trough

http://www.zerohedge.com/news/january-consumer-credit-surges-government-blows-sudent-debt-bubble-epic-proportions

http://www.republicreport.org/2012/exclusive-subprime-schools-lobbyist-trent-lott-explains-how-he-won-over-congress/

http://www.republicreport.org/2012/for-profit-colleges-sopa-union-consultants/

[John]

More:

U.S. College Students Protest: You Raise Fees, We Raise Hell!

http://www.imackgroup.com/mathematics/780539-us-college-students-protest-you-raise-fees-we-raise-hell/


Note: The founder of the imackgroup is Dr. Iris Mack, who was the woman Larry Summers had had fired at Harvard. She has endorsed Ron Paul and has a series of children's books available regarding financial literacy.

http://www.imackgroup.com/