Bernanke Dodges the Courts . . . Until February 1

Written by Gary North on October 17, 2013

In 2008, Bernanke followed Treasury Secretary Hank Paulson’s lead. He supported a $182 billion bailout of AIG, which was about to go bankrupt. Had it gone bankrupt, it would not have paid Goldman Sachs $22 billion in mortgage insurance. So, AIG got its money, and Goldman Sachs got its money. The payouts to big banks […]

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Cooked Books for 150 Days: $16,699,396,000,000

Written by Gary North on October 17, 2013

The Republicans capitulated this week. This comes as no surprise. Resisting the increase in the debt ceiling was a charade. The debt ceiling was breached in the week of May 17, but that was officially ignored by all. Treasury Secretary Lew set the rules, and Congress played his game. The House for 150 days accepted […]

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A Constitutional Debt Default

Written by Robert Murphy on October 17, 2013

Nope. Or at least, I have as much authority in saying that, as the bloggers and pundits who claim otherwise. Here’s what the relevant section from the Fourteenth Amendment says: Section 4. The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for […]

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Yellen to the Rescue?

Posted on October 17, 2013

By Axel Merk While Democrats and Republicans fight with water pistols, the President may be readying a bazooka by nominating Janet Yellen to succeed Ben Bernanke as Fed Chair. You may want to hold on to your wallet; let me explain. Water pistols Our reference to water pistols refers to our assessment that bickering over […]

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“Gravity” in Washington — Not Gravitas

Written by Gary North on October 16, 2013

I went to see “Gravity.” It is one of the great cinematic experiences ever. It is to this generation what “Destination Moon” was in 1950 — and with one of the same scenes: the use of compressed gas to propel a person in space. (See it at 54 minutes.) The movie hinges on a catastrophe: […]

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Shutdown? Sadly, No Chance.

Written by Gary North on October 16, 2013

USA TODAY ran an editorial on the gridlock in Washington. It began with this. Americans don’t ask much from their Congress. They want it to stay out of their lives, not mess things up and, once in while, solve a problem or two. I see. They do not ask much. The Federal Register publishes 80,000 […]

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Supreme Court Again Ducks a Second Amendment Ruling

Posted on October 16, 2013

The U.S. Supreme Court on Tuesday declined to hear another case dealing with arbitrary ‘may-issue’ concealed carry laws, marking at least the fourth time in the past several years the high court has opted not to settle the issue as to whether one’s right to keep and bear arms extends beyond the home. The case, […]

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93% of IRS Workers Are on Furlough

Written by Gary North on October 16, 2013

The Internal Revenue Service is on vacation. They know it will be a paid vacation. When the fight over the debt ceiling hike results in a debt ceiling hike, they will be paid for their time off. The House voted 100% to secure this. But for now, 93% of them have gone fishing. The IRS […]

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