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Report: Bailed-out banks earned $13 billion on interest alone

The Federal Reserve kept Congress in the dark about billions in profits generated by big Wall Street firms that used taxpayer dollars to take advantage of below-market interest rates, Bloomberg Markets reported this week. Firms took advantage of the below-market interest rates offered by the Fed amid President George W.…

Cain’s ’9-9-9 The Movie’ admits plan favors corporations

Republican presidential candidate Herman Cain has released a “movie” that explains how his 9-9-9 tax plan would mean soaring corporate profits, but little or no decrease in prices for consumers. Released Monday, the five-minute cartoon claims the candidate’s tax plan would cause the economy to “accelerate faster than Barack Obama…

Barney Frank will not seek reelection in 2012

Congressman Barney Frank (D-MA), a long-serving member of the powerful House Financial Services Committee, will not seek reelection, according to published reports Monday morning. He planned to explain his reasoning during a press conference later Monday, sources reported. Frank has served Massachusetts’ fourth Congressional district since 1981, and is the…

Teen won’t apologize for insulting Kansas governor: ‘I would do it again’

Kansas Gov. Sam Brownback (R) shouldn’t hold his breath waiting for an apology from the teen that he tattled on for writing a disparaging tweet. Emma Sullivan, 18, told The Associated Press late Sunday that she isn’t giving in to Brownback’s demand for an apology because it wouldn’t be sincere.…

Ohio takes child from parents for being too fat

It’s almost like a scene from a distopic novella: Authorities in Ohio last week determined that an overweight 8-year-old boy was simply too fat, so they took him away from his parents. Officials told the Cleveland Heights family that they were not controlling his weight well enough. The boy was…

Kansas LGBT activists seek to repeal sodomy law

The Kansas Equality Coalition, an LGBT advocacy group, hopes to pressure Gov. Sam Brownback (R) into repealing a state law that prohibits people of the same sex from engaging in intercourse. “We believe that the current statute, while ultimately unenforceable, is an affront to thousands of law-abiding gay and lesbian…

Kyl denies Norquist ‘cowed’ him into sabotaging the super committee

Arizona Sen. Jon Kyl (R) insists that he wasn’t pressured by anti-tax crusader Grover Norquist into sabotaging a deal to lower the U.S. budget deficit. After Kyl indicated that he was open to a super committee deal that would raise revenues as well as cut spending, Politico reported that Norquist…

Cain says TSA profiling isn’t like ‘driving while black’

Republican presidential candidate Herman Cain insisted Sunday that allowing the Transportation Security Administration (TSA) to profile airline passengers was different than “driving while black.” During a CNN debate earlier this month, Cain proposed a policy which he called “targeted identification” to find terrorists at airports, something most people call racial…

Huntsman: ‘Not running’ from support of in-state tuition for immigrants

Republican presidential candidate Jon Huntsman said Sunday that he was “not running” his past support for in-state tuition for undocumented immigrants. Both former House Speaker Newt Gingrich and Texas Gov. Rick Perry have recently been hit with criticism for policies that could benefit immigrants. During a September debate for the…

U.S. to spend more than $6 billion in Iraq next year

BAGHDAD — The United States is to spend more than $6 billion in Iraq in 2012 even though its forces are to withdraw from the country by the end of this year, US ambassador James Jeffrey said on Sunday. US President Barack Obama announced on October 21 that the last…

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