Government and Economy
Labor Secretary Nominee Hearing Postponed Over Taxes
A Senate committee today abruptly canceled a session to consider Rep. Hilda Solis' nomination for Labor Secretary after news that her husband only just paid about $6,400 to settle tax liens against his business, some of which had been outstanding for 16 years.
Treasury Bilked in Bailout Bank Stock Buys
A government watchdog group reported that under the $700 billion bailout program, the federal government overpaid for stocks and other assets from financial institutions to the tune of $78 billion.
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Imagine yourself living out west in the early 1800s in, say, what is today Illinois. You farm, produce food and other goods for your own use and to sell to your neighbors. They do the same thing as well. Money isn’t a central theme in anyone’s life where you are, though after the debacle of the War of 1812, the importance of a strong monetary policy (to finance major things like war) is foremost in the minds of the politicians and so the political camps headed on the one hand by the Federalist followers of Adams and on the other by Jeffersonian Democratic Republicans are going at it hammer and tongs over the need for a central Bank of the United States.
That argument, like European luxury items, however, is very far away from your reality. You live in a kind of barter economy. Collin helps Grant bring in his harvest and Grant helps Collin raise a barn: A day’s labor for a day’s labor. Katherine makes splendid candles and she can trade them for Michael’s leather goo... [Read Full Article]