GAO Audit: Fed gave $16 trillion in emergency loans

By Stephen C. Webster Raw Story, July 21st, 2011 The U.S. Federal Reserve gave out $16.1 trillion in emergency loans to U.S. and foreign financial institutions between Dec. 1, 2007 and July 21, 2010, according to figures produced by the government’s first-ever audit of the central bank. ... Read more

Treasure Trove of Documents Show Corporatists Game Plan

Below are two articles about a treasure trove of documents from ALEC — the American Legislative Exchange Council. This is a conservative lobby group that drafts laws for state government, working closely with big business interests. The 800 documents provide a road map for their game ... Read more

Putting Super Wealth Into Perspective

Gini’s Growing Fast (or How Much Can One Man Make?) by Paul Buchheit The Gini Coefficient is a measure of economic inequality, from 0 to 1, with 1 representing the most severe degree of inequality. The U.S. Gini, one of the highest among developed countries, has risen steadily, from .39 in 1970 to .47 ... Read more

For Top 400 U.S. Taxpayers, a Near-Record Year

America’s super rich, new IRS income data show, partied on right through the depth of the Great Recession. And they shared precious little of their good fortune with Uncle Sam. By Sam Pizzigati Too Much, May 14, 2011 America’s super rich, new IRS income data show, partied on right through the depth ... Read more

Economy Faces a Jolt as Benefit Checks Run Out

An extraordinary amount of personal income is coming directly from the government. By Motoko Rich New York Times, July 10, 2011 Close to $2 of every $10 that went into Americans’ wallets last year were payments like jobless benefits, food stamps, Social Security and disability, according to an ... Read more