This year’s Farm Bill calls for spending of $955 billion over 10 years and is 1,150 pages long.
And yes, some of that nearly $1 trillion does go to programs that help farmers. But not much of it.
Nearly 80% goes to fund the food stamp program, otherwise known by the more politically correct name of “Supplemental Nutrition Assistance Program” (SNAP) it was given in 2008.
Yet what’s most appalling about Farm Bill [...]
The Real Reasons for the Bubble
Preface: In Part 1, we showed that mortgage applications are down, and it is really institutional investors driving the housing boom. Part 2 explains why.
Housing prices have boomed because:
(1) Lenders are artificially keeping vacant houses off of the market
(2) The Obama administration has thrown all sorts of artificial incentives at institutional investors to pump up prices
Artificially Suppressed Housing Inventory
Naked Capitalism reported last August:
Two trends are apparent. One is that [...]
by Charles Hugh-Smith
The 30 million whose labor funds the parasitic status quo don’t have to rebel; they simply have to stop going to work, stop starting enterprises, stop being productive.
Parasites must balance their drive to maximize what they extract from their host with the risk of losing everything by killing their host. This is the dilemma of the parasitic partnership of the central state and financial Elites everywhere: to extract [...]
French Prime Minister Jean-Marc Ayrault himself presided over Monday’s meeting of the National Anti-Fraud Committee—“a first for a head of government,” he said at the press conference afterward, to hammer home just how important this was. But he wasn’t worried about run-of-the-mill fraud that might fleece some old lady of her life savings. He was worried about people not paying their taxes.
He is desperate. In its just released annual report, France’s [...]
When JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon testifies in the U.S. House today, he will present himself as a champion of free-market capitalism in opposition to an overweening government. His position would be more convincing if his bank weren’t such a beneficiary of corporate welfare.
To be precise, JPMorgan receives a government subsidy worth about $14 billion a year, according to research published by the International Monetary Fund and our own [...]
Follow us @
Welcome to Capital Account. The US Treasury declined GM’s offer to buy back 200 million of the 500 million shares the US currently holds, according to the Wall Street Journal. In 2009 GM received a $50 billion dollar bailout from taxpayers. Now, GM executives upset over pay restrictions and the stigma of “Government Motors,” want to buy back shares at a price that would cause taxpayers to lose [...]
GAO audit report….FED L00T GIVEN TO THESE CRlMlNAL BANKSTERS
Citigroup – $2.513 trillion
Morgan Stanley – $2.041 trillion
Merrill Lynch – $1.949 trillion
Bank of America – $1.344 trillion
Barclays PLC – $868 billion
Bear Sterns – $853 billion
Goldman Sachs – $814 billion
Royal Bank of Scotland – $541 billion
JP Morgan Chase – $391 billion
Deutsche Bank – $354 billion
UBS – $287 billion
Credit Suisse – $262 billion
Lehman Brothers – $183 billion
Bank of Scotland – $181 billion
BNP Paribas – [...]
POSTED AT 10:00 AM BY ZAID JILANI
The everyday corruption of our government by Big Money has real consequences for Americans, many of whom are struggling to feed their families.
Take the farm bill that Congress spent time working on this week. Senator Kirsten Gillibrand (D-NY) introduced an amendment to restore $4.5 billion in funding for the food stamp program, which assists some of the poorest Americans, by cutting “guaranteed profit for crop insurance companies from [...]
Why The Senate Won’t Touch Jamie Dimon: JPM Derivatives Prop Up
When Jamie Dimon, CEO of JPMorgan Chase Bank, appeared before the Senate Banking Committee on June 13, he was wearing cufflinks bearing the presidential seal. “Was Dimon trying to send any particular message by wearing the presidential cufflinks?” asked CNBC editor John Carney. “Was he . . . subtly hinting that he’s really the guy in charge?”
The groveling of [...]
1. Sky rocketing debt to Banksters
2. Massive Unemployment
3. Massive Underemployment
4. Tax Cuts for the RICHEST 400 making 2 Years of Historic Profits!
5. LARGEST Corporations pay ZERO in TAXES& Historic Profits!
6. DEBT Deficits caused by FED and Banksters – Dumped on Gov. and Citizens
7. Government that works only for the RICH who Legally Bribe them!
8. Perpetual WARS with NO GOALS or OBJECTIVES and Sucking Taxpayer Dry
9. Legalized Bribery Corrupting our Politicians
10. CRIME [...]
By: Andrea Ryan
Yeah! Endless debt and printed money bond issuing for everyone…until the “rendezvous with reality” arrives. Governor Pat Quinn just announced that Illinois’ day of reckoning is here. In spite of raising corporate taxes by 30% and personal income taxes by 67%, Illinois’unemployment rate increased faster than any other state last year and their pension fund remains the most underfunded, sending the state spiraling toward deeper and irreparable insolvency.
For the Boston Herald, George Will [...]
Illinois offers us a perfect example of what happens when you institute liberal policies, as Obama has done to the entire country:
After trying to tax Illinois to governmental solvency and economic dynamism, Pat Quinn, a Democrat who has been governor since 2009, now says “our rendezvous with reality has arrived.” Actually, Illinois is still reality-averse, so Americans may soon learn the importance of the freedom to fail in a system of competitive federalism.
Illinois was more [...]
April 17, 2012
Today is “tax day,” the first of which in American history was the work of — you guessed it — Dishonest Abe in 1862. It was The Great Railroad Lobbyist/Protectionist/Inflationist/Corporate Welfare Statist/Warmonger president who gave us the first “progressive” income tax.
Lincoln’s chief tax collector, David A. Wells (head of the U.S. Revenue Commission) expressed the basic theme of governmental plunder through income taxation (which was not permitted [...]
“Job piracy” occurs when one state diverts taxes to lure an employer across state lines. AMC Entertainmentannounced a deal last year to move its corporate headquarters from Kansas City, Mo., to a nearby Kansas suburb. In return, Good Jobs First said, Kansas will let the multiplex chain keep $47 million of state income taxes withheld from its workers’ paychecks, a drain on public finances that did not create any jobs, [...]
A heavily subsidized solar company received a U.S. taxpayer loan guarantee to sell solar panels to itself.
First Solar is the company. The subsidy came from the Export-Import Bank, which President Obama and Harry Reid are currently fighting to extend and expand. The underlying issue is how Obama’s insistence on green-energy subsidies and export subsidies manifests itself as rank corporate welfare.
Here’s the road of subsidies these solar panels followed from Perrysburg, [...]
March 6, 2012
Corporate monopolies can only exist through government intervention. Government ‘assistance’ can include corporate welfare subsidies, tax breaks, insider contract deals that eliminate competition, crooked kangaroo court rulings and government regulations.
An example of government regulations that exclude competition are contracts that have very narrow requirements so only the favored corporations fit the criteria. Another trick that is used to prop up corporate monopolies is the federal permitting [...]
January 21, 2012
First the old version:
” We the people of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defense, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.”
And now, the current version as it applies to the USA [...]
You might assume that the empire majority, false assumers all, would know that organic growth may only come from lawful non-conformers, or that their authorities could change direction of their own volition, but you would assume incorrectly. In that world, a “false assumption” of false assumptions is required to escape. That has substantial implications for the black hole side of your program.
Because it cannot see lawfully conforming social non-conformers, the [...]
What Romney doesn’t mention is that Steel Dynamics also received generous tax breaks and other subsidies provided by the state of Indiana and the residents of DeKalb County, where the company’s first mill was built.
The story of Bain and Steel Dynamics illustrates how Romney, during his business career, made avid use of public-private partnerships, something that many conservatives consider to be “corporate welfare.” It is a commitment that carried over [...]
Is a “free market” agenda the same thing as a “pro-business” agenda? Economists of a libertarian persuasion find this frustrating because our enthusiasm for free markets is often mistaken as enthusiasm for specific businesses or corporate interests. But just because something is good forGeneral Motors does not mean it is necessarily good for America.
I propose that we dispense with the rhetorical conflation of “pro-business” and “free market.” Or at the very least [...]
The Folly of Corporate Relocation Incentives
Julie Irwin Zimmerman
7:58 AM ET
Christmas came early this year for retail giant Sears, which is weighing offers on whether to move from its suburban-Chicago headquarters. Ohio officials have put together a package of incentives worth a reported $400 million to convince Sears to move to Columbus, while Illinois lawmakers are offering at least $371 million for the company and Chicago’s financial exchanges to stay in [...]
December 5, 2011
The Donald is miffed Ron Paul has decided not attend his soirée. In response to a question about Paul’s decision to not attend – along with John Huntsman – the Newsmax GOP “debate” hosted by Trump, he said it doesn’t matter if “joke candidates” do not participate. “I think those two candidates have zero chance of being elected so it makes no difference.”
Joke candidate with zero chance? [...]
The biggest question right now on Planet Washington is whether the congressional supercommittee will reach an agreement.
That’s the wrong question. Agreement or not, Washington is on the road to making budget cuts that will slow the economy, increase unemployment, and impose additional hardship on millions of Americans.
The real question is how to stop this austerity train wreck, and substitute the following:
First: No cuts before jobs are back — until unemployment [...]
One of the major grievances uniting protesters across the U.S., is anger at the government for putting corporate welfare above that of citizens. But that point seems lost to much of America’s mainstream media. So activists are getting creative to get that point across, as Gayane Chichakyan explains.
You might be surprised to hear there is a Harry Reid Research and Technology Park. You won’t be surprised to learn that U.S. taxpayers are funding part of it.
This monument to the Senate majority leader was not subsidized through some earmark Reid stuck in an appropriations bill. The $2 million grant came through a little-known part of the Commerce Department known as the Economic Development [...]
September 26, 2011
If pleading the “Fifth” smells, the Solyndra drama will prove the stereotype applies in this instance. A good old-fashioned [...]
1. $16 TRILLION in WELFARE by FED to $BANKSTERS!
2. $10‘s of Trillions in Lost GDP – JOBS shipped to slave labor countries
3. $4.5 Trillion for the Bu.sh tax cuts
4. $3.7 to $4.4 Trillion USELESS WARS of choice in Iraq Afghanistan
5. 177,525% Markups by Military FRAUDSTERS
6. $4 Trillion in Corporate tax loopholes – huge tax write offs overseas
7. $10‘s of Trillions in Runaway [...]
$16 trillion in secret loans to BANKSTERS – Bern!e Sanders
Bank Bailout “The bank bailout — which we now know, thanks to Sen. Sanders’ audit of the Federal Reserve, included a whopping $16 trillion in secret loans … — merely piled on more debt while doing nothing to fix the rot in our largely unregulate
d and predatory financial institutions,” Leonard C. Goodman wrote for In [...]
To be delivered to: The United States House of Representatives, The United States Senate and President Barack Obama
“Forgiving the student loan debt of all Americans will have an immediate stimulative effect on our economy. With the stroke of the President’s pen, millions of Americans would suddenly have hundreds, or in some cases, thousands of extra dollars in their pockets each and every month [...]
The Independence Party for the Other 300 MILLION Americans is OUR Future!
BYE BYE TWO PARTY CRIMINALS!”