Wednesday, November 30, 2011
Tuesday, November 29, 2011
Monday, November 28, 2011
How much does federal regulation cost Americans each year? The question is not an easy one.
While the revenues and expenditures of the government are budgeted and accounted for each year, the costs of regulation are largely hidden from view, paid for indirectly via higher prices, fewer choices, and less innovation. The best estimates of the total cost, however, have come from a series of reports commissioned by the Small Business Administration (SBA). The latest such report was released today by the SBA’s Office of Advocacy, and the results are startling.
Rules and restrictions imposed from Washington now cost Americans some $1.75 trillion each year. That is sharply higher that the $1.1 trillion in costs reported in 2005 in the SBA’s last such study.
Some of this increase comes from identification of regulatory costs that were not included in earlier reports. Yet much represents new regulatory burdens—including a $445 billion increase in the cost of economic regulation.
The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing.
The Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates, Bloomberg Markets magazine reports in its January issue.
Saved by the bailout, bankers lobbied against government regulations, a job made easier by the Fed, which never disclosed the details of the rescue to lawmakers even as Congress doled out more money and debated new rules aimed at preventing the next collapse.
Senators Demand the Military Lock Up American Citizens in a “Battlefield” They Define as Being Right Outside Your Window
While nearly all Americans head to family and friends to celebrate Thanksgiving, the Senate is gearing up for a vote on Monday or Tuesday that goes to the very heart of who we are as Americans. The Senate will be voting on a bill that will direct American military resources not at an enemy shooting at our military in a war zone, but at American citizens and other civilians far from any battlefield — even people in the United States itself.
Senators need to hear from you, on whether you think your front yard is part of a “battlefield” and if any president can send the military anywhere in the world to imprison civilians without charge or trial.
The Senate is going to vote on whether Congress will give this president—and every future president — the power to order the military to pick up and imprison without charge or trial civilians anywhere in the world. Even Rep. Ron Paul (R-Texas) raised his concerns about the NDAA detention provisions during last night’s Republican debate. The power is so broad that even U.S. citizens could be swept up by the military and the military could be used far from any battlefield, even within the United States itself.