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    Former Michigan Congressman and former Reagan official David Stockman is a vocal critic of President Obama's Keynesian policies but he's also not very pleased with his GOP cohorts running for the White House.

    As he details in the accompanying interview with Aaron Task, Stockman believes the Republicans are off base in their refusal to even discuss the notion of higher taxes at a time when the government faces an insurmountable debt burden. "I think it's absurd. It is willful ignorance of the facts of life."

    At the Iowa GOP debates last week all candidates in attendance said they would reject any debt reduction compromise featuring a 10 to 1 ratio of spending cuts to tax increases. An incredulous Stockman's reaction: "that means the Republican party is checked out of reality."

    Out of all the current contenders Stockman favors Texas Congressman Ron Paul. "If I were to pick any candidate who's saying the right things on the core issues of foreign

    Read More »from David Stockman: GOP Candidates “Checked Out of Reality”
  • Seeking to revive the economy (and his reelection prospects) President Obama has been on Midwest swing this week, talking about jobs. Today, the White House announced the President will make a major speech after Labor Day focused on (what else?) job creation.

    The White House says the Sept. 5 speech will include new ideas beyond those already mentioned, including an extension of the payroll tax cut, tax credits for hiring veterans, a further extension of unemployment benefits and the like.

    But "it's too late for stimulus," according to David Stockman, former budget director for Ronald Reagan. "Even though it's nice; you can't afford it. The credit card is maxed out — it's done."

    America has "reached the end of the road" when it comes to deficit spending and "I believe Obama doesn't get it," Stockman says.

    What's different between today and the early 1980s, when the Reagan administration used deficit spending to pay for the arms race vs. the USSR even while cutting U.S. tax rates, is

    Read More »from “Obama Doesn’t Get It”: More Stimulus Won’t Help, Stockman Says – And We Can’t Afford It
  • For two years now, Eurozone leaders have tried to deny reality, concocting one temporary bailout scheme after another in an effort to sweep Europe's budget problems under the rug.

    But this game is nearing its end, says Rupal Ruparel of London-based think-tank OpenEurope.

    A crisis that began in countries like Greece that seemed too small to worry about has now spread to countries like Spain and Italy that are big enough to take the whole Eurozone down. The only way to actually solve the problems, says Ruparel, is to acknowledge the facts: "Austerity" programs won't help countries pay back their debts. Either the whole Eurozone has to combine its fiscal spending--a solution in which German taxpayers would pay for Greece's deficits--or the debts have to be restructured.

    Ruparel believes the "fiscal unity" solution is politically untenable. So that leaves restructuring.

    A planned restructuring will be painful, Ruparel says, but it will be a lot less painful than a market-forced one. And

    Read More »from End Game Aproaching in Europe: No Way Out But Debt Restructuring


(12 Stories)
  • Biden used 'offensive' stereotype, 'should have been more careful'
    Biden used 'offensive' stereotype, 'should have been more careful'

    Vice President Joe Biden drew fire from a prominent Jewish group on Tuesday after he described unscrupulous bankers who prey on servicemen and servicewomen deployed overseas as “Shylocks” — a term frequently condemned as an anti-Semitic caricature.

  • Sheriff: Burned armpit hair led to Idaho car crash
    Sheriff: Burned armpit hair led to Idaho car crash

    BOISE, Idaho (AP) — A SUV full of teenagers crashed in Idaho after one of the passengers lit the driver's armpit hair on fire with a lighter, authorities said Wednesday.

  • Russia welcomes special status for eastern Ukrainian regions

    MOSCOW (Reuters) - Russia's foreign ministry on Wednesday welcomed as a "step in the right direction" a Ukrainian parliament decision to grant special status to two regions pro-Russian separatists want to split off from Kiev. On Wednesday, Ukraine passed laws granting temporary and limited self-rule to the eastern regions of Donetsk and Luhansk in an attempt to blunt the independence drive of separatist fighters there. "We expect that all provisions of the law will be responsibly implemented," the ministry also said in a statement. "It's clear that attempts... ...

  • NSA shared Americans' private communications with Israel: Snowden
    NSA shared Americans' private communications with Israel: Snowden

    Former U.S. intelligence analyst Edward Snowden has accused the U.S. National Security Agency of routinely passing private, unedited communications of Americans to Israel, an expert on the intelligence agency said Wednesday.

  • Boeing's 'space taxi' includes seat for a tourist
    Boeing's 'space taxi' includes seat for a tourist

    By Irene Klotz CAPE CANAVERAL Fla. (Reuters) - Boeing Co's proposal to develop a so-called space taxi for NASA astronauts includes a seat for paying tourists to fly to the International Space Station, the company's program manager said on Wednesday, a first for a U.S. space program. The $4.2 billion, five-year contract allows Boeing to sell rides to tourists, Boeing Commercial Crew Program Manager John Mulholland told Reuters, adding that the price would be competitive with what the Russian space agency now charges to fly tourists to the orbital outpost. ...

  • Historic 'Ghost Ships' Discovered Near Golden Gate Bridge
    Historic 'Ghost Ships' Discovered Near Golden Gate Bridge

    The waters just west of San Francisco's Golden Gate Bridge hide a graveyard of sunken ships. By some estimates, there are 300 wrecks in the Gulf of the Farallones National Marine Sanctuary and the Golden Gate National Recreation Area alone. Marine archaeologists and researchers with the National Oceanic and Atmospheric Administration (NOAA) have set out to document those lost vessels. "We're looking at an area that was a funnel to the busiest and most important American port on the Pacific Coast," said James Delgado, director of Maritime Heritage for the Office of National Marine Sanctuaries. The wrecks in the Gulf of the Farallones span a huge chunk of history, from 1595 to the present.

  • NASA's Maven spacecraft reaches Mars this weekend
    NASA's Maven spacecraft reaches Mars this weekend

    CAPE CANAVERAL, Fla. (AP) — Mars, get ready for another visitor or two.

  • House votes to arm Syrian rebels

    By Patricia Zengerle and Richard Cowan WASHINGTON (Reuters) - The U.S. House of Representatives approved President Barack Obama's plan on Wednesday to train and arm moderate Syrian rebels, but questions remain over whether it will give them the advanced weapons they say they need to defeat Islamic State militants. ...

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