Word: poore
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...Obama is insecure enough about the size of the deficit and presumably about falling receipts at the IRS caused by the poor economy that he recently identified 121 cuts in government spending programs which would save $17 billion. The most important unnecessary program that the Administration has discovered is the $6 million spent on The National Institute of Literacy. Also near the top of the list is $35 million for a long-range radio navigation system...
Being rich during a recession can almost be as bad as being poor. The only difference is that the rich have more to lose. RealtyTrak, a research firm that follows mortgage trends, recently reported that the foreclosure rate on homes valued at more than $729,750, also known as the jumbo-mortgage limit, rose 127% in the first ten weeks of this year compared to the same period a year ago. Bloomberg, reports that "about $500 billion of prime-jumbo mortgages are bundled into bonds, according to Memphis, Tennessee-based FTN Financial." The default rate on those bonds may rise...
...rich become poor, the federal budget will fall apart...
...Being too rich for foreclosure, but too poor for derivatives, I had begun to think the government would never craft a bailout for me. However, prodded by crafty old John Dingell of Michigan, dean of the House of Representatives, Uncle Sam has selected me to stimulate the economy by buying a new car. This program will...
...currently Pakistan's most popular politician. Widespread reports suggest that the Obama Administration hopes to persuade Zardari and Sharif to share power in a new unity government committed to fighting the Taliban. But like Zardari and his late wife, the slain former Prime Minister Benazir Bhutto, Sharif has a poor track record in power, and is viewed by the military as part of the same venal political class motivated primarily by self-interest. The conservative Sharif, who has previously criticized Pakistan's efforts on behalf of the U.S. war on terror - and was deemed by the U.S. to be soft...