“Shadow Banking” At Last Night’s Democratic Debate: Are We Paying Attention?

By Russ Phillips During last night’s Democratic debate reference was made to the Glass-Steagall Banking Act. This resonated with me due to the fact that recently I visited the Franklin D. Roosevelt Presidential Library and Museum and there was a display regarding bank failures during the 1920s-1930s and their cause. The debate brought to mind the financial crisis of 2007 and subsequent years including the extended recession. There was discussion about this among the candidates and below is a transcript of those comments. This topic, commercial and investment banking, as well as … Continue reading

IG: Billions lost to potential child tax credit fraud

Potential abuse of a popular tax-credit program is costing the government billions of dollars, the IRS inspector general said in findings that may ramp up the debate over undocumented workers getting government benefits. The IRS paid out at least $5.9 billion in improper payments of the additional child tax credit in fiscal year 2013…The IG previously reported that unauthorized workers were a major source of the improper payments…It also noted that its budget has been cut by $850 million since 2010, with 13,000 fewer staff…The $1,000-per-child tax credit is among the … Continue reading