$154 billion. That is the amount of taxpayer money that will be needed to bail out Fannie Mae and Freddie Mac according to a new “stress test” performed by the Federal Housing Finance Agency. And that is the good news. If the economy dips into a second recession and foreclosures rise, the Fannie and Freddie bailout could nearly double in size. The agency, which oversees Fannie and Freddie, released the numbers “to inform public debate about the future of the two companies” ahead of expected Obama administration proposals slated for …
Last week President Barack Obama’s most recently minted czar, Special Advisor to the President for the Consumer Financial Protection Bureau Elizabeth Warren, spoke to 400 bankers at the swanky Mandarin Oriental Hotel in Washington, DC. Her message, according to The Washington Post: “Behave, play nice, and we’ll get along just fine.” Specifically, Warren promised to take a more “principles-based approach” to regulation, rather than clearly articulating “thou shalt not” rules that banks could rely on. For this Progressive White House, an enlightened expert, like Warren, given broad new powers by …
Love him or hate him, Glenn Beck has a point: Progressivism rejects America’s foundational principles. For the past one hundred years, progressive intellectuals and politicians have been desperately trying to sever Americans’ attachment to the principles of the Declaration of Independence—with its emphasis on human equality, natural rights, consent of the governed, and limited government—and instead embrace a more European model of governance. Progressives assert that America has advanced beyond the principles of the Declaration of Independence. All men were not created equal; some peoples are more historically advanced than …
Health Insurers Plan Hikes. That was the headline of a Wall Street Journal story last Tuesday which reported: “Health insurers say they plan to raise premiums for some Americans as a direct result of the health overhaul in coming weeks, complicating Democrats’ efforts to trumpet their signature achievement before the midterm elections. Aetna Inc., some BlueCross BlueShield plans and other smaller carriers have asked for premium increases of between 1% and 9% to pay for extra benefits required under the law, according to filings with state regulators.” And The Wall …
According to best estimates, the collapsed Deepwater Horizon oil rig is pumping about 210,000 gallons of oil into the Gulf of Mexico every day. But don’t worry, President Barack Obama has appointed an “independent” commission to investigate the spill. Our federal government will post an estimated $1.5 trillion budget deficit this year, and our debt is projected to equal 140 percent of gross domestic product within two decades. But don’t worry, President Obama has appointed a debt commission to solve the problem. Our nation’s southern border has degenerated into a …
Do Americans have a right to government-run health care? Is it “the consent of the governed” to be forced to obey the dictates of unelected bureaucrats? Does religious liberty allow our government to impose a secular culture? These are among great questions of the day to which Americans ought to apply the guiding principles of our nation’s founding, Matthew Spalding, a constitutional scholar at The Heritage Foundation, argues in his new book “We Still Hold These Truths: Rediscovering Our Principles, Reclaiming Our Future.” Spalding is sure to talk about “We …
A year ago this week, the American people elected a President who had promised during the campaign that he would: “cut taxes for 95% of workers and their families,” expand the Army by 65,000 and the Marines by 27,000, and enact “a net spending cut” for the federal government. Lower taxes, a strong defense and shrinking the size of government. Those are all core conservative beliefs. Accordingly, President Barack Obama entered the White House with sky high approval ratings. But since being sworn into office, President Obama has raised taxes, …
Amid the political noise out of Washington, June’s opinion polls picked up a growing public disquiet over ever-greater government spending and intrusion. These expressions of concern reflect the resiliency of the spirit of 1776, which we celebrate on Independence Day. The just powers of government, the Declaration of Independence proclaimed on July 4, 1776, flow from the consent of the governed. Government’s purpose, the Founders agreed, is to secure the fundamental rights and sovereignty of the people. Heritage constitutional scholar Matthew Spalding writes: “The Declaration of Independence announced to the …
