Where is the Money Going?
Letting Go of Landlines, Cell Phone Only
More Americans than ever are going completely wireless, with the latest survey from the Centers for Disease Control and Prevention (CDC) showing that more than one in five households use only cell phones. A household is defined as a single-person ... read more
Credit Cards: Punishing Those Who Pay On-Time
Bank executives apparently are big believers in the idea that no good deed should go unpunished, at least when it comes to their good credit card customers. As Congress and President Barack Obama prepare to adopt legislation curbing credit card ac... read more
United States of Boeing
In a relatively new twist in the operation of the U.S. military, the Pentagon is leasing surveillance drones from Boeing, rather than buying them. Rear Admiral Bill Shannon, executive officer for the unmanned aviation program, says that leasing th... read more
Auditing the Federal Reserve
Former presidential candidate and Congressman Ron Paul (R-TX) is no fan of the Federal Reserve. In fact, he wants it abolished. The Federal Reserve, according to Paul, is the root of inflationary troubles and retarded economic growth, thanks to it... read more
Bipartisan Billion-Dollar Bill to Help Homeless
A $2.2 billion initiative to help the homeless breezed through the Senate with widespread bipartisan support. Co-sponsored by Senator Christopher “Kit” Bond (R-Missouri) and Senator Jack Reed (D-Rhode Island), the bill shifts the focus to provid... read more
Another Billion for Boeing and Indonesia
Last month, the Export-Import Bank of the United States (Ex-Im Bank) announced that it will loan Lion Air, Indonesia’s largest private carrier airline, $238 million to purchase thirty new Boeing 737-900ER planes, and an additional $841 million, up... read more
Senate Rejects 15% Cap on Credit Card Interest
Arguing that credit card companies are acting more like loan sharks than businesses, Senator Bernard Sanders (I-VT) wants to cap interest rates on consumer credit cards at 15%. But the majority of his Senate colleagues, including many Democrats, b... read more
U.S. Government Wastes $440 Million a Year on Useless Printing
Nearly half of the billion dollars the U.S. government spends each year on office printing is unnecessary, according to a new survey. Federal employees spend $1.3 billion annually printing out documents, much of which they don’t really need. The p... read more
Landmark Case: Goldman Sachs to Reduce Mortgages for Mass. Homeowners
“Who’s next?” was the question being asked by Wall Street executives and consumer advocates alike following the landmark decision by Goldman Sachs & Company to pay up to $60 million for brokering risky home loans during the subprime mortgage craze... read more
The Internet is Bad for the Economy: Andy Ostroy
Andy Ostroy, Democrat and entrepreneur, thinks the Internet is largely to blame for not only the current economic troubles, but also the fraying of the nation’s social fabric. It all boils down to that nasty word: free. The Internet is all about t... read more
Oil Giants Say No to Renewable Energy
President Barack Obama wants to spend $150 billion over the next decade to create “a clean energy future” by developing alternative sources of energy. But the most important players in this ambitious plan—oil companies—don’t want to participate. D... read more
Despite Plunge in Home Prices, Ownership Still Out-of-Reach for Many Professions
Although housing prices have declined throughout the country, many of those expected to benefit from the federal stimulus still can’t afford to buy a home, according to the Center for Housing Policy, the research wing of the National Housing Confe... read more
Forget Banks; Try a Credit Union: Kathy Kristoff
“Fed up with high fees, low returns and poor service at your bank? It may be time to shop for a credit union,” argues Kathy Kristoff, a longtime business writer. Credit unions are a “misunderstood” option in the banking world, but should be explor... read more
Secret U.S. Military Spending Surpasses Entire Military Budget of Russia
The Obama administration plans to spend more money than ever on secret military projects, commonly referred to as the Defense Department’s “black budget.” Just over $50 billion will be allocated, which representing a 3% increase over last year’s t... read more
Obama Budget Allows Agencies to Sell Properties and Use the Proceeds
The federal government currently sits on more than 65,000 properties, valued at $84 billion, which are of little use, so President Barack Obama thinks it is time to give agencies some incentive to unload their real estate. The current 2010 budget ... read more
Loans to the Poor Can Work
While most giants of the banking industry continue to slog their way through the sub-prime mortgage disaster, one bank is quietly succeeding with a clientele of poor people. The institution is Grameen Bank, which has set up a branch in New York Ci... read more