Uncle Sam Screwed to the Tune of $17 billion in Ponzi Scheme

Even Uncle Sam may get burned by Bernard Madoff. Investors who lost their fortunes in Madoff's alleged Ponzi scheme will end up paying far less in taxes and may even be eligible for refunds, according to accounting experts. By some estimates, the Internal Revenue Service could be out as much as $17 billion in lost tax revenue.

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Paulson: Congress Should Release Rest Of TARP

Paulson wants Congress to release the second half of the $700 billion financial rescue package, setting up what is expected to be a bruising dialogue with lawmakers from both parties.

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Dollar inevitably loses world reserve currency status

World’s largest companies working on the global currency market say that the US dollar can no longer be considered a quiet harbor at the height of the financial crisis. The dollar hit its lowest level against the Japanese yen in 13 years and suffered the largest one-day slide against the euro after the Fed System cut interest rates to zero.

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More economic troubles.

STICKER SHOCK: BUSH BILLIONS FOR AUTOS
FORD SAYS 'NO THANKS'

Bush says he can't let auto companies collapse...

Bailout for autos...

...access the money immediately

'Short-Term Loans'...

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Congress Gives Themselves a Raise...

World Bank: Russia may need help if oil falls more...

Bush 'considering' auto bankruptcy: The Bush administration has said it is seriously considering allowing struggling major US vehicle manufacturers to go bankrupt despite their plea for government aid.

Federal spending soars 25% before bailout: The government's spending commitments exploded by 25 percent in 2008, putting taxpayers more than $1 trillion in the hole even before the astronomical costs of the economic bailout were taken into account, according to an annual report released Monday by the White House.

GM Opens Eighth China Plant, Won't Add Further Capacity Soon: GM expects to boost China sales about 9 percent next year as it adds new models and an economic stimulus plan helps revive overall demand. Auto sales in China have declined in three of the past four months because of the global economic slowdown.

Credit-Card Users Feel Pain as U.S. Banks Reap Gain: Credit-card companies, facing an increase in defaults and a decline in consumer spending, are raising some rates, adding fees and cutting credit lines as the Federal Reserve makes the most sweeping changes to the industry in 30 years.

Dismal Economy Sinks Oil Below US$37

Once In A Millenium Financial Crisis

Madoff Moved The Money To Israel?

Bush Considers 'Orderly' Automaker Bankruptcy

Dollar's Drop Erases Months Of Solid Gains

30 Chrysler Plants To Close For A Month

The Talmud, Wall Street, & Bernie The Goniff

Stocks Drops - Fear Fed Is Out Of Tricks

The Fed Is Utterly Petrified

BoE - UK Banks Will Need More Money

Desperate Fed Rate Cuts Won't Save Economy

Madoff Victims Threaten To Sue Banks

New SEC Chief Gave Madoff's Son A Job

Record OPEC Oil Cut Fails To Lift Prices

27,000 Woolworths Staff Gone In Janaury

UK Car Production Slumps By A Third

New Economic Policy - Just Print More

Deutsche Bank Shocks Markets

Madoff in House Arrest, SEC Under Fire

By Grant McCool and John Poirier NEW YORK/WASHINGTON (Reuters) - Disgraced Wall Street investment manager Bernard Madoff, accused of orchestrating a $50 billion fraud, was put under house arrest on Wednesday. BNP Paribas SA became the latest.....

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Fed unleashes greatest bubble of all

Now the Fed’s decision to cut interest rates to between zero and 0.25 percent, coupled with a promise to keep them there for an extended period, and the threat to conduct even more unconventional operations in the longer-dated Treasury market risks the biggest bubble of all, this time in U.S. government debt.

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Walter Williams: Counterfeiting versus Monetary Policy

It is not wise for us to permit a few people on the Federal Reserve Board to have life and death power over our economy. Williams recommends repealing legal tender laws and eliminating all taxes on gold, silver and platinum transactions. That way there would be money substitutes, eliminating and the government money monopoly.

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