Finance my Money » government

New Hampshire Primary 2012 – Mainstream press focusing on everything except economy.

myfinance — Tue, 10 Jan 2012 03:06:33 +0000

I don’t really have a horse in this race but watching the mainstream press cover the current election is like watching an exercise of avoiding the most important. The economy is obviously the most important item for most Americans right now. All other issues take a major back seat. Today reports were coming out highlighting every other storyline except the reality that things are still very bad for most Americans. They never mention that 1 out of 6 Americans are on food stamps and many others are underemployed. Many are landing jobs but in lower paying fields. A big hit when household income drops from say $70,000 a year to $30,000. This takes a big hit to the wallets of Americans. Yet most of the New Hampshire Primary has been a sideshow to what is most important. What can you expect from a press that has failed to analyze why the middle class has been stripped bare?

Take a look at the current polling results in the New Hampshire 2012 Primary:

Let the circus begin.

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Andrew Cuomo files fraud charges against Ernst & Young for work with Lehman Brothers.

myfinance — Wed, 22 Dec 2010 18:09:32 +0000

We are years into the crisis with no serious charges against any firms, yet. It looks like attorney general Andrew Cuomo is now filing charges against Ernst & Young for their work with Lehman Brothers:

“(WSJ) New York prosecutors are poised to file civil fraud charges against Ernst & Young for its alleged role in the collapse of Lehman Brothers, saying the Big Four accounting firm stood by while the investment bank misled investors about its financial health, people familiar with the matter said.

State Attorney General Andrew Cuomo is close to filing the case, which would mark the first time a major accounting firm was targeted for its role in the financial crisis. The suit stems from transactions Lehman allegedly carried out to make its risk appear lower than it actually was.

Lehman Brothers was long one of Ernst & Young’s biggest clients, and the accounting firm earned approximately $100 million in fees for its auditing work from 2001 through 2008, say people familiar with the matter.”

Hard to say how this will play out since we have yet to see one significant firm have any legal challenges of significance since the crisis started.

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Government employment versus population of the United States.

myfinance — Wed, 22 Dec 2010 17:57:09 +0000

Looking at raw numbers doesn’t usually do justice to a cause. With the recent 2010 Census, it is helpful to look at population versus the percent of people working for a certain sector. There has been a lot of ire thrown against the government and how large it has gotten. But we also have 308 million Americans so we have to adjust the actual figures to reflect this. When we examine government employment versus the population the figures don’t look all that startling but then this begs the question why things have gotten so expensive? The chart merely hits on one aspect and that I the raw number of workers for the government.

Let us look at that chart:

Makes you wonder which programs are costing us the most.

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