Regional Fed Bank Presidents Blocking Transparency

State Representative Paul Opsommer (R-DeWitt) criticized regional Fed bank presidents for their testimony on Capitol Hill yesterday, saying their efforts to block inquiry into Wall Street bailout details continue to stymie needed financial reforms. “We continue to see strong bi-partisan efforts to audit the Fed at both the state and federal level that is being…

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Bubble Mentality: Rinse and Repeat

I read both of these stories back-to-back in recent editions of The Detroit News. Story #1 on the theft of electricity: On a recent sunny morning, Mark Johnson, head of DTE’s (Detroit Energy) revenue protection unit, drove through east-side Detroit neighborhoods pointing out illegal electric hookups. At a complex of 12 apartments on Whittier in…

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Obama to Increase FHA Risk

The Federal Housing Administration is heading toward a taxpayer bailout, yet the president’s latest mortgage modification plan would further increase the agency’s exposure to risky mortgages. Mark Calabria calls it a “Backdoor Bank Bailout.” The administration’s plan would encourage borrowers who owe more than their house is worth to refinance into FHA-insured mortgages. Therefore, the…

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Utah Legislators Call for Fiscal Federalism

Tea partiers take note: at the forefront of any effort to reduce the size of the federal government should be the devolvement of federal programs to the states. Achieving this may seem like mission impossible given the states’ addiction to federal money. However, there are signs that the idea of returning the relationship between the…

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