Corbett Daly at Reuters reports that having lost another $8.7 billion in the first quarter of 2011, Fannie Mae is now seeking another $8.5 billion in bailout funding from taxpayers, in addition to the $100 billion already received since Barack Obama became president. Mortgage finance giant Fannie Mae on Friday said it would ask…
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Central to the federal government’s creation of the sub-prime mortgage bubble and the subsequent economic collapse and recession, Fannie Mae and Freddie Mac (“government-sponsored enterprises” or GSEs) are now the target of a massive new bailout by the Obama administration of $153 billion and counting, all in the name of winding these agencies down….
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Terence Jeffrey reports at CNSNews.com that according to the U.S. Treasury Department, federal debt is rising at near record rates and if continued, Fiscal Year 2011 could produce a $1.708 trillion deficit, marking it second only to Fiscal Year 2009’s $1.89 trillion. The federal debt increased by $105.8 billion ($105,835,837,302.32) in January, according to…
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In shocking new disclosures, the Washington Post has reported in an article, “Fed aid in financial crisis went beyond U.S. banks to industry, foreign firms,” that in 2008 and 2009 the Federal Reserve created trillions of dollars in corporate welfare as secret bailouts “not just to Wall Street but also to motorcycle makers, telecom…
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As the government of Ireland undergoes scrutiny and criticism for its poorly mismanaged fiscal house, the media risks missing the primary lesson. Poor public sector incentives drive politicians to enact policies that defy the laws of economics. There is no such thing as a free lunch�not even a Keynesian lunch of government issued corn…
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In a new article in the Financial Times, Nicole Bullock reports that a huge pension deficit of more than half a trillion dollars for 50 U.S. cities may produce calls for a massive federal bailout: “Big US cities could be squeezed by unfunded public pensions as they and counties face a $574 billion funding…
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Independent Institute Senior Fellow Robert Higgs examines the serious problem of “regime uncertainty” being created by the feasting of federal spending programs starving (crowding out) the private investment needed for recovery from the recession: “Private saving and investment are the heart and soul of the dynamic market process. Together they provide and allocate the…
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