World-News

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Fannie Mae seeks $5.1 billion more from taxpayers

[UK]

08/05/11

Mortgage finance giant Fannie Mae said it would ask for an additional $5.1 billion from taxpayers as it continues to suffer losses on loans made prior to 2009. The largest U.S. residential mortgage funds provider on Friday also reported a second-quarter net loss attributable to common shareholders of $5.2 billion, or 90 cents per share...

http://tinyurl.com/3otvbf4



Welfare state for the rich

C4SS Center for a Stateless Society
by Kevin Carson

08/05/11

Reading Gitz, you d get the impression that the main beneficiaries of the welfare state are working people and the poor. But genuine welfare for the poor, like TANF and food stamps, barely amounts to a CBO rounding error. Adding up the so-called 'defense' budget, two unfunded wars, 'national security' spending on DHS, CIA, DOE and NASA, and interest on debt from past wars, the bulk of the federal government s budget goes to welfare for the Military-Industrial Complex. Indeed, the dominant feature of the American polity is welfare for big business and the rich...

http://c4ss.org/content/7995



The debt sky

Foundation for Economic Education
by Sheldon Richman

08/05/11

Even if we accept the Keynesian framework for the sake of argument, we might wonder about an economy that is so fragile it won t survive modest reductions in the rate of increase in government spending. Even the New York Times sees what s going on: 'There is something you should know about the deal to cut federal spending that President Obama signed into law on Tuesday: It does not actually reduce federal spending'...

http://tinyurl.com/3tlmng3



Frank: Military spending to blame for US credit downgrade

The Raw Story

08/08/11

Appearing on CBS Monday, House Financial Services Committee ranking member Barney Frank (D-MA) pointed to growing military spending as one of the causes of S&P s downgrade of U.S. credit. ... 'There is one area in American policy where we are doing things disproportionate to the rest of the world. We don t give our older people more medical care, we don t have a better retirement, we don t spend more on the environment. Where America is disproportionate is our extraordinary willingness to be the military policemen for the whole world. ... We are spending well over $120 billion a year in Iraq and Afghanistan. The time has come to find a place where we could, I think, together, make some savings...

http://tinyurl.com/3l2pjgv



China s scolding of the US government

Future of Freedom Foundation
by Jacob G. Hornberger

08/08/11

Did you ever think you?d see the day that communist China would be lecturing the United States on fiscal responsibility? It s just a sign of how far down American statists have taken our country. Sure, it?s humiliating that Standard & Poors just downgraded the U.S. government s debt rating for the first time ever. But to have the commies preaching to U.S. officials about the importance of reining in federal spending and debt? How humiliating is that?

http://www.fff.org/blog/jghblog2011-08-08.asp



The culture of force

WendyMcElroy.com
by Carl Watner

08/07/11

Anyone who has listened to the news knows there is endless bickering among politicians, among constituents, and among lobbying groups about the government s budget. Such squabbling represents the attempt to spend 'other' people's money on projects to which they would not ordinarily contribute. Whether the division of the spoils is decided by majority vote, or a political bribe, or a threatened veto, the point to understand is that the rightful owners of the money being spent no longer have authority over it. Some other person or group of persons has taken control...

http://www.wendymcelroy.com/news.php?extend.4135


Informant: Thomas L. Knapp



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