Where is the Money Going?
Here We Go Again—Banks Repackaging Bad Loans
Experts on Wall Street have come up with a plan for moving the billions of dollars in mortgages that are still clogging the financial system and keeping banks from offering new loans: Take some bad loans, package them with some good ones, and sell... read more
Credit Card Reforms Take Effect; Cardholders Can Decline Rate Increases
Credit card companies now must give consumers 45 days notice before raising interest rates, based on provisions in the Credit Card Accountability, Responsibility, and Disclosure Act of 2009 that went into effect on Thursday. Under the new law, car... read more
First Decade without Private Sector Job Growth since the Depression
The fundamental perception of private versus public employment in America has undergone a transformation in the last decade. For the first time since the Great Depression, there has been almost no growth in the private sector. Although the capital... read more
U.S. Lobbyists Raked in $87 Million from Foreign Sources
Figuring out which foreign governments or corporations are lobbying Congress, and how much they’re spending, has been difficult to do using data published by the Department of Justice. But now, thanks to the Sunlight Foundation and ProPublica, rec... read more
Military to Give Up Trucks, Missiles, Howitzers to Pay for More Troops
Hundreds of billions of dollars have been spent arming, supplying and beefing up the U.S. military to fight the wars in Afghanistan and Iraq, and yet the Obama administration feels the need to divert money from “lower-priority” operations to tempo... read more
15,000 Super Rich Families Claim 6% of National Income
Even during the Roaring Twenties America’s wealthy didn’t control as much of the nation’s income as they do today. According to a new study by University of California, Berkeley economist Emmanuel Saez, the richest 10% of Americans received half o... read more
Consumer Prices Plunge Most in Almost 60 Years
After a year of unrelenting negative economic indicators, the lack of growth in one leading statistic is actually cause for good news. According to the Labor Department, inflation is essentially non-existent, based on the fact consumer prices were... read more
DynCorp and Government Waste…This Time It’s Outsourcing Iraq Linguist Contracts
Defense contractor DynCorp has been accused of numerous questionable business practices that could wind up costing the U.S. government hundreds of millions of dollars. Two of the controversies have involved the company’s Global Linguist Solutions ... read more
Health Care Lobbyists Outnumber Members of Congress 6 to 1
Throw a stone anywhere around Capitol Hill and not only are you likely to hit a lobbyist, but one working on health care. There are reportedly 3,300 lobbyists currently in Washington, DC, working the issue of medical reform—that’s a six-to-one rat... read more
Lawmakers Renew Push for Public Service Scholarships
In an effort to recruit young Americans with graduate-level skills into the federal government, Rep. David Price (D-NC) has proposed the Roosevelt Scholars Act, which will give scholarships of up to $60,000 a year to graduate students in exchang... read more
Mississippi and Montana Hardest Hit by Rise in Gas Prices
Nearly 10% of people’s income in Mississippi was spent buying gasoline in 2008, according to an analysis by the Natural Resources Defense Council (NRDC). The NRDC found that the significant jump in gas prices combined with the recession impacted m... read more
Inspector General Criticizes FAA for Helping Little-Used Airports
Officials in the U.S. Department of Transportation have allocated millions of dollars in stimulus funds for small airports, even though the projects did not qualify for funding under the criteria established by the agency. The findings were uncove... read more
Federal Judge Asks Why SEC Accepting Puny Penalty from Bank of America
Lawyers for the Securities and Exchange Commission and Bank of America were caught off guard on Monday when a federal judge refused to approve a $33 million settlement over BofA’s attempt to hide the payment of billion-dollar bonuses from bank sha... read more
10 Simple Health Reforms to Save Money…and Lives
Eliminating billions of dollars in expenses from the healthcare system isn’t entirely dependent on Congress and the president to hammer out a complicated reform measure. According to a new report by the advocacy group Public Citizen, the nation co... read more
Drug Industry to Spend $150 Million on TV Ads Supporting Obama Health Care
President Barack Obama’s newfound friendship with the drug industry’s top lobbyist is beginning to pay off. The Pharmaceutical Research and Manufacturers of America (PhRMA), which represents drug companies in Washington, DC, is planning to launch ... read more
Wyoming Best at Using New Highway Funding, Florida Worst
Congressman James Oberstar (D-MN), chairman of the House Transportation and Infrastructure Committee, decided last week to publicize the best and worst performing states when it comes to using stimulus funds for highway projects. Using a formula b... read more