The American Pundit

Rhode Island Town Files for Bankruptcy

A town in Rhode Island is the latest victim of the ongoing recession. The town of Central Falls has filed for Chapter 9 bankruptcy protection after falling victim to its (relatively) massive $80 million public pension and retiree health benefit liability. Two other locales are now considering bankruptcy filings: Alabama’s Jefferson county and Harrisburg, the [...]

Government Announces Takeover of Mortgage Giants

Fannie Mae and Freddie Mac, along with a boat-load of foolish borrowers, failed to heed the warnings that the huge housing bubble Americans were experiencing through the nineties and early millennium would come to an end. The borrowers, fueled by the greedy hopes of selling their houses for a profit in a couple years, bought [...]