Is America Going Greek?

The federal deficit of $1.327 trillion for 2012 marks the fourth straight year in which the deficit has exceeded $1.29 trillion.

The U.S. Debt Clock is now above $15.3 trillion, which comes out to just over $49,000 per American, but a whopping $135,776 per taxpayer.  If your family has four taxpayers, your total portion of the federal debt comes out to more than a half million dollars!

The Congressional Budget Office estimates that U.S. debt will double over the next decade to just under $30 trillion, so your family of four will become millionaires in reverse. read more

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The “Mortgage Deal From Hell”

In a deal with the U.S. Justice Department, the Department of Housing and Urban Development, and 49 out of 50 state attorneys, five of the country’s largest lenders have agreed to a $26 billion settlement – that’s more than $5 billion per lender.

Their crime, as nationalmortgagesettlement.com put it, is that “they routinely signed foreclosure related documents outside the presence of a notary public and without really knowing whether the facts they contained were correct.”

Dick Bove, bank analyst for Rochdale Securities, called it “the mortgage deal from hell.” read more

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