Where is the Money Going?
“Cash for Clunkers” Closer to Law
In an effort to boost auto sales, and supposedly to help the environment, Congress is moving towards a plan to subsidize consumers who want to trade in their gas hogs for more fuel efficient vehicles. If the measure as currently crafted becomes la... read more
For First Time, Federal Aid is States’ #1 Source of Revenue
Just how bad is the current economic recession? Never before has the federal government been the No. 1 source of revenue for state and local governments. But that has changed as of 2009. Between the steep drop in tax revenues and the generous allo... read more
Banks with Federal Reserve Board Members Get More Bailout Money
Did the federal government play favorites when it came to distributing bailout money to banks? The editors at the FinCri Advisor believe so, and they have facts to back up their claim. Overall, a bank had an 8.3% chance of receiving federal suppor... read more
Murtha’s Runway to Nowhere
At most busy airports around the country, an observer might see three planes taking off within just minutes of each other. But at John Murtha Johnstown-Cambria County Airport, a plane watcher would be hard pressed to see three flights depart for a... read more
No Stimulus Money for Zoos…Except for One
When Congress adopted the $787 billion stimulus bill in February, it specifically prohibited state and local officials from spending money on casinos, golf courses, swimming pools, aquariums, and zoos. And yet the National Zoo in Washington, DC, w... read more
Obama is No FDR When it Comes to Wall Street: Robert Kuttner
What America needs is another “Pecora Commission,” argues Robert Kuttner, co-editor of The American Prospect and a senior fellow at Demos. Ferdinand Pecora, the lead counsel for the Senate Banking Committee in the early 1930s, led the charge to un... read more
Pentagon Lets $100 Million in Overcharges by KBR Go Uncollected
Two United States senators are beside themselves since discovering that the Defense Department has not bothered to collect $100 million from a former subsidiary of Halliburton that excessively billed the US government—and has continued to reward t... read more
Stimulus Has Added 150,000 Jobs…Or Has It?
Last Wednesday President Barack Obama declared that the $787 billion economic stimulus bill has already created or saved more than 150,000 jobs. The truth is, however, the White House has no definitive numbers showing this declaration to be accura... read more
Mortgaging the White House: Bill Moyers and Michael Winship
Having completed his first 100 days in office, President Barack Obama was subjected to the media reviews all presidents have experienced since Franklin D. Roosevelt. And while many have tried to draw comparison between the Depression and the curre... read more
Banking Lobby: Rich and Successful
Don’t shed tears for the poor banking industry, which Americans taxpayers have had to bail out in recent months. From 1997 to 2008 the financial sector did very well for itself, accounting for up to 40% of all corporate profits. With their account... read more
California Towns Hold Banks Responsible for Foreclosed Homes
The foreclosure of thousands of homes during the economic crisis has left bank headquarters across the country confronted by the long arm of the law from the West Coast. In Indio, CA, local law enforcement has threatened Citigroup officials in St.... read more
Millions of U.S.-Financed Textbooks Lost in Afghanistan
Millions of textbooks donated and paid for by the United States and foreign donors meant for schools in Afghanistan never make it to their destinations. In fact, about one third of the school books meant for the 2008 school schedule were never del... read more
Single Parent Soldiers Ask for Aid to Caregiving Grandparents
The trend in recent years of grandparents raising their grandchildren has reached all the way to the military. There are about 2.5 million grandparents across the country caring for their children’s children, and while the military does not have i... read more
Less Than Half of Wiretap-Related Arrests Lead to Convictions
The Administrative Office of the United States Courts has released statistics on non-terrorism-related wiretap reports from 1998 to 2008 showing that much of the spending on wiretap technology might not be cost-effective. Wiretaps installed betwee... read more
Union Might End Up Owning Chrysler
If it holds up among all parties involved, a plan brokered by the federal government would give controlling interest of battered car maker Chrysler to the United Auto Workers (UAW) union. UAW would command a 55% stake, with Italian car company Fia... read more
FDIC Head Wants to End “Too Big to Fail”
Last year, Forbes ranked Sheila Bair the second most powerful woman in the world behind German Chancellor Angela Merkel. Bair, the chairwoman of the Federal Deposit Insurance Corp. (FDIC), believes there is no financial juggernaut too big for the ... read more