TV News LIES

Greenspan insisted everything was fine - there was no housing bubble - and virtually the whole economics profession, including his fellow central bankers, acted an enablers touting Mr. Greenspan's wisdom.

The really tragic part of this story is there are no consequences. The same group of economists that led the economy into this catastrophe still has its hands on the wheel. Holding them accountable for their disastrous performance is simply not on the agenda.

Central bankers are not like dishwashers and custodians. They don't get fired when they mess up on the job. They don't even get a pay cut.

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Not only that, but tax experts say potentially millions of other taxpayers could benefit from his victory.

The accountant from Baxter, Minn., challenged the method the IRS has used for more than 20 years to tax shares and cash distributed by mutual life insurance firms to their policyholders when they reorganize as public companies.

A federal court recently agreed with his interpretation.

If a company distributed shares worth $30 and a recipient subsequently sold them at $32, under the IRS' view they would pay taxes on all $32. Under Ulrich's interpretation, they would owe taxes only on the $2 per share gain.

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Two-thirds of U.S. corporations paid no federal income taxes between 1998 and 2005, according to a new report from Congress.

The study by the Government Accountability Office, expected to be released Tuesday, said about 68 percent of foreign companies doing business in the U.S. avoided corporate taxes over the same period. Collectively, the companies reported trillions of dollars in sales, according to GAO's estimate.

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Most likely, the US will simply continue into bankruptcy. This is the most common pathway for nations with fiat currencies and unchecked ruling classes. But let’s assume that somehow a Clone Army of 435 Ron Pauls gets into Congress, while genetic technology brings back Jefferson and Gallatin to their old offices. Can the US be made solvent again?

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While he believed he had signed up for a free report, he had actually enrolled in a credit-monitoring service that cost $14.95 a month. He says he never expected that it would cost anything.

“It’s called FreeCreditReport.com,” he said. “It’s kind of easy to make that assumption. I didn’t see anything in the process of signing up that said, ‘Hey, if you don’t cancel in 30 days or whatever, you’re going to get charged.’ ”

Consumer groups have long objected to sites like FreeCreditReport.com. Consumers may obtain a free credit report each year from the three major agencies, as mandated by an act that Congress passed in 2003. The only authorized site for that is AnnualCreditReport.com.

The three major credit bureaus, Experian, Equifax and TransUnion, are required to offer reports through the authorized AnnualCreditReport.com, but the bureaus also make money from their own credit reports.

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The government and related agencies are responsible for reporting the nation's economic data. Thus, they're in the driver's seat to manipulate this data, while dumping so much of it onto consumers that they can't possibly analyze what's really going on. Each day, “critical” economic numbers are released by one or more agencies connected to Washington . And consumers look to Wall Street and the media to make heads or tails of this data. Of course, Wall Street is always going to paint a rosier picture for its own benefit. Meanwhile, the mainstream media merely serves as a puppet for Wall Street.

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