How to blow $787 billion – American Recovery and Reinvestment Act of 2009

In perusing the Recovery.gov site, I found some interesting things.  It doesn’t say anything, but it has a link, to a link where you can read the whole text of the bill.  You can click 4 times through the various websites and messages to get there, but eventually you wind up here. (One click, I […]

An open letter to President Obama

I read today where the President launched a new website to allow us to track where the “Recovery Act” money is going.  It’s at Recovery.gov.  On the website, President Obama says This is your money. You have a right to know where it’s going and how it’s being spent. Learn what steps we’re taking to […]

Bernanke says “So far – so good”

WTF is Bernanke smoking?  Is “Helicopter” Ben Bernanke looking at the papers – or using them for rolling papers? According to a story on MarketWatch, Bernanke is quoted as saying “We have been encouraged by the responses to these programs” and “I think the actions that were taken prevented a much-worse situation — a meltdown […]

We should’ve elected Ron Paul

Ron Paul knows economics.  He knows how the free market system is supposed to work.  I say “supposed to” because we haven’t had a free market system in the US for almost 100 years. And yet people say the dumbest things, like “this proves the free market system doesn’t work without regulation” and “we need […]

Updated bailout list

Since I last posted this list, there have been a few updates.  $1.9 trillion in new updates to be exact.  The grand total approved to be spent for the bailout programs is now up to $9.1 trillion, and we’ve actually spent $3.6 trillion – none of which we have, so it’s 100% borrowed or simply […]

The return of Mark to Myth?

It looks like the Senate is attempting to allow the banks to sweep their problems under a rug.  A MarketWatch.com article this evening says “an accounting regulation that some bankers and lawmakers complain is a key contributor to the financial crisis might need to be temporarily changed or restricted. The rule, known as mark-to-market, requires […]

Almost forgot – it’s FDIC Friday!

I don’t know how I forgot about this – it’s a Friday tradition for the FDIC to take over failing banks.  That way it’s old news by Monday morning, and the stock market won’t tank. Anyway, here are the latest bank shutdowns.  According to MarketWatch: Federal regulators closed three banks in a single day Friday, […]

What if no one wants our debt?

Just read an interesting post on the Yahoo Tech Ticker site titled “Sum of All Fears: Stocks Slump But Bond Woes Are the Real Concern” and it mentions something that I haven’t talked about in quite awhile.  Bond prices. You see, when we (the US Government) borrow billions and trillions to bail out bad companies, […]

Going downhill fast

I didn’t vote for Obama (I voted Libertarian this year) but I was hoping Obama would be an inspirational President who wouldn’t actually do much – because I don’t think the government should do much.  I was really hoping that there would be Republican control of the House and Senate so hardly anything would get […]

FDIC Friday

Yesterday was FDIC Friday.  That’s a term I read in some comments on MarketWatch.com last year and it stuck with me. It came about because the FDIC has taken to shutting banks down on Friday evenings just after the stock market closes.  That gives the stock market a couple of days to forget how bad […]