The Special Inspector General for the Troubled Asset Relief Program (SIGTARP), a watchdog for the housing assistance initiative in 2009, concluded that close to half of the mortgages that were modified at the height of the housing collapse have defaulted yet again, a report that was released Wednesday. The watchdog group found out that 46 […]
Archives for July 2013
Report: Welfare recipients using food stamps to buy food for overseas relatives
It has been discovered that New York welfare recipients are using their Electronic Benefit Transfer (EBT) cards to purchase groceries and then ship them in giant barrels for relatives in the Dominican Republic, Jamaica and Haiti, according to an exclusive report by the New York Post. Experts say that the practice is quite common and […]
Detroit suffers economic collapse, files for Chapter 9 bankruptcy
And down goes the city of Detroit. Following the decision to file for Chapter 9 bankruptcy, Michigan Republican Governor Rick Snyder and the bankruptcy specialist appointed to handling the case defended the move and blamed the Motor City for the present situation. This makes it the largest municipal bankruptcy in the history of the United […]
Ben Bernanke admits not knowing much about gold prices, ‘not literally’ printing money
Speaking to the Senate Banking Committee on Capitol Hill on Thursday, Federal Reserve Chairman Ben Bernanke discussed gold prices. The yellow metal, which is considered a hedge against inflation and the destructive monetary policies of the nation’s central bank, was called an “unusual asset” by Bernanke and he conceded that he didn’t understand it very […]
High demand for ‘Cronuts’ creates black market for latest food craze
It’s simple economics: when something is banned or it costs way too much money then the entrepreneurial spirit or those who understand the market tend to create an underground economy with the item in question. The latest black market good is not cigarettes, alcohol, drugs or a bootleg copy of some Hollywood blockbuster. No, it’s […]