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Bill Bonner: Where did the US$ 700 billion go?

“You remember TARP? It was the feds’ $700 billion program to rescue the US economy from a correction. Neil Barofsky was in charge of it. So we decided to go down and ask him how it turned out: ‘[..] What did they do with the money? They were supposed to increase lending so as to help bring about a recovery. None of them did that. Instead, they used it to repay each other’s loans. In other words, they used it to reduce the amount of credit available…not increase it. And they bought US agency bonds…just as you’d expect. And they paid out their bonuses. In other words, they looked out for themselves…just as you’d expect.'” Continue reading →

Treasury: $238b financial bailout ‘avoided catastrophe,’ only $3b outstanding

“The US Treasury said Wednesday the government’s massive response to the economic crisis five years ago paid off, avoiding a catastrophic breakdown of the financial system. In a report marking the anniversary of the bankruptcy of investment bank Lehman Brothers — which snowballed into the worst crisis since the 1930s — the Treasury defended deploying hundreds of billions of taxpayer dollars to save other banks, major financial institutions and auto companies. While the rescue effort required piling up government debt, it was necessary, said Treasury officials who briefed reporters.” Continue reading →

What it costs to raise a royal baby

“How much does it cost to live like a prince these days? William earns £35,000 ($54,000) or so as a helicopter air-sea rescue pilot for the Royal Air Force. More importantly, he is also supported by his father, Prince Charles, the Prince of Wales, who has an annual income of about £19 million ($29 million), essentially real-estate income from the 133,000-acre Duchy of Cornwall estate. William and Harry also jointly inherited around £17 million ($26 million), before tax, from their mother’s estate. But for all American rubberneckers, here’s some good news. You could probably live like a prince for a lot less than that. Here’s where you’ll spend your money.” Continue reading →

Judge orders trial in allegedly missing Oklahoma City bombing video case

“A Salt Lake attorney who contends the FBI is hiding surveillance video associated with the 1995 Oklahoma City bombing might see his case go trial. At issue is whether the FBI adequately responded to Trentadue’s Freedom of Information Act request for footage of Timothy McVeigh parking a truckload of explosives at the Alfred P. Murrah Federal Building on April 19, 1995. Trenatdue claims the video will reveal a second bombing suspect who resembles but is not his brother. [The judge] has chastised U.S. Department of Justice several times for not producing the tapes since Trentadue sued in 2008.” Continue reading →

Bloggers expose lavish lifestyles of Putin loyalists

“Bloggers who oppose Russian President Vladimir Putin are targeting top lawmakers loyal to the Kremlin with scandalous revelations about their luxury apartments and jet-setting lifestyles which run counter to their patriotic rhetoric. Top lawmakers and officials are obliged to declare property and income annually in a corruption-busting initiative proposed by Dmitry Medvedev under his presidency, but bloggers and investigative reporters have highlighted their undeclared wealth and assets.” Continue reading →

Warren Buffett’s Keystone Connection In One Chart

“Buffett’s railroad interests have been doing quite well since the government’s suspension of Keystone Pipeline extension. His key railroad interest, Burlington Northern, is the preferred alternative petroleum shipping method to the Keystone Pipeline. This is interesting because Buffett bought his stake in Burlington Northern just before the government halted the Keystone project, and he allegedly influenced the government’s decision to suspend. And how much reward has Buffett reaped from the Burlington Northern/State Department deal? Keep in mind that demand for gasoline has been tanking while rail car loadings of petroleum have been going parabolic.” Continue reading →

The Best U.S. Metros for Recent College Grads Looking for Work

“Across the nation’s 50 largest metro areas, there were 15.8 million jobs in these fast-growing, highly educated fields as of 2013. New York leads with more than 66,000 openings, roughly ten percent of the total. L.A. is second with 39,508. That makes sense: N.Y. and L.A. are America’s two largest metros. Together, they in fact account for nearly 3 million of these positions, nearly one in five of these estimated fast-growing, highly-educated jobs across the nation. Once we look beyond these two largest metros, the pattern diverges a bit from the size of a metro’s population. Greater Washington, D.C., has the third largest number of estimated openings, 39,259.” Continue reading →

Kerry and McCain’s favorite Syria ‘expert’ fired for faking credentials

“A prominent pro-Syrian intervention expert, cited by both Sen. John McCain (R-AZ) and Sec. of State John Kerry, lied about her academic credentials and failed to disclose her ties to rebel groups in the embattled republic. An op-ed piece by O’Bagy published in the Wall Street Journal drew fire over O’Bagy’s failure to disclose her ties to rebel groups in Syria. After the article was published on Aug. 30, it came to light that she is affiliated with the Syrian Emergency Task Force, a lobbying group that facilitates contract negotiations involving the U.S. and British governments and other agencies which provide aid to Syrian rebels.” Continue reading →