The Golden State cities of Vallejo, Stockton, Mammoth Lakes and San Bernardino have all declared bankruptcy, and city leaders in Compton are publicly pondering that option as well. Basically the roster of California cities has become a game of dead pool to see which one will drop next. Read More
Allan Meltzer, author of a new exhaustive history of the Federal Reserve, slammed Congress's recently passed financial reform law for creating an "abomination" in the Consumer Financial Protection Bureau. During a panel discussion at the American Enterprise Institute with former Fed chairman Paul Volcker, Meltzer, who has been critical of federal intervention during the financial crisis, said that the Consumer Financial Protection Bureau was "absolutely not the way to go." Read More
No one’s seriously talking about a VAT, nutters.
White House advisor Paul Volcker called the idea “not as toxic” as it’s been in the past. Read More
The Obama Democrats' stealth strategy for increasing the size and scope of the federal government is well under way, despite huge voter backlash. Federal spending has been increased from a 30-year average of 21 percent of gross domestic product to 25 percent, and a bipartisan commission tasked with reducing the deficit may recommend tax increases. Read More