You are browsing the archive for 2013 March 03.

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The Greek Bank Run

March 3, 2013 in Economics

By Mark Thornton

Euros secretly airlifted to keep Greek banks afloat

We are told that the worst is over in Greece. They have even achieved a balance in their primary budget. Not bad considering the US federal budget deficit is almost $7 trillion when you consider the value of entitlement obligations accrued in 2012 (over $1 trillion based on current spending and revenue).

Many of us expected bank runs in Greece and a recent report confirms that billions of Euros were withdrawn from Greek banks. Approximately 1/3 of bank deposits were withdraw from banks increasing cash in circulation by 140% or nearly 300% more than the average economy.


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The 32 Dumbest and Most Devastating Sequester Cuts

March 3, 2013 in Blogs

By Igor Volsky, Think Progress

With Congress unable to reach a deal to avert the indiscriminate spending cuts put in place in the Budget Control Act of 2011, President Obama on Friday signed an order authorizing the government to begin canceling $85 billion from federal accounts for this fiscal year.

As Obama said during a press conference yesterday, “This is not going to be a apocalypse, I think as some people have said. It’s just dumb. And it’s going to hurt. It’s going to hurt individual people and it’s going to hurt the economy overall.” In a 83-page letter to House Speaker John Boehner (R-OH), the Office of Management and Budget details the specific reductions each government program will face. Here are the dumbest and most painful cuts:

Health care

$20 million cut from the Maternal, Infant, and Early Childhood Home Visiting Programs

$10 million cut from the World Trade Center Health Program Fund

$168 million cut from Substance Abuse and Mental Health Services Administration

$75 million cut from the Aging and Disability Services Programs


$199 million cut from public housing

$96 million cut from Homeless Assistance Grants

$17 million cut from Housing Opportunities for Persons with AIDS

$19 million cut from Housing for the Elderly

$175 million cut from Low Income Home Energy Assistance

Disaster and Emergency

$928 million cut from FEMA’s disaster relief money

$6 million cut from Emergency Food and Shelter

$70 million cut from the Agricultural Disaster Relief Fund at USDA

$61 million cut from the Hazardous Substance Superfund at EPA

$125 million cut from the Wildland Fire Management

$53 million cut from Salaries and Expenses at the Food Safety and Inspection Service


$13 million cut from the Consumer Operated and Oriented Plan Program (Co-ops)

$57 million cut from the Health Care Fraud and Abuse Control

$51 million cut from the Prevention and Public Health Fund

$27 million cut from the State Grants and Demonstrations

$44 million cut from the Affordable Insurance Exchange Grants program


$633 million cut from the Department of Education’s Special Education programs

$184 million cut from Rehabilitation Services and Disability Research

$71 million cut from administration at the Office of Federal Student Aid

$116 million cut from Higher Education

$86 million cut from Student Financial Assistance


$512 million cut from Customs and Border Protection

$17 million cut from Automation Modernization, Customs and Border Protection

$20 million cut from Border …read more