The more the media covers the "fiscal cliff" fiasco, the more perspective is lost. It is really quite simple. Because the Republicans unilaterally jettisoned their trademark anti-tax stance, they will get nothing in return. The Democrats are not going to cut spending. In fact, the new tax revenues will fuel new spending, that will be leveraged into even more debt.
The pre-emptive Republican capitulation decoupled the tax issue from the spending issue, precluding any "Grand Bargain'" or even token spending cuts. The Democrats trademark stance of protecting social programs like Medicare and Social Security from cuts is intact. Thus, Obama is off the hook. He will pay no political price with his own base, nor will he feel any pressure to provide leadership in averting national bankruptcy.
The “fiscal cliff” agreement was not only 
"Is the Federal Housing Administration the next bailout?" The question has become all too common these past several months. It's also the title of a policy forum held December 13 at the free-market Cato Institute in Washington, D.C. Based on the evidence, it would be hard to avoid concluding "yes." Three speakers highly familiar with the workings of FHA - Mark Calabria, Edward Pinto and Michael Frantantoni - explained why the mortgage insurance agency is a prime candidate for a first-time-ever dose of taxpayer support. FHA, part of the U.S. Department of Housing and Urban Development, aggressively ramped up activity following the banking collapse of 2008.
The past year was a dismal one for the passé idea that government would use taxpayer dollars responsibly, and that was nowhere more evident than with 
Amidst its ongoing financial problems and search for a “strategic alliance” that it says is not an attempt to sell the company, 
Congressional overseers seek to determine whether the cabinet agencies under 
Today the House Ethics Committee announced that it was taking no action against Rep. Gregory Meeks (D-NY) who secretly took a $40,000 payment from an individual who subsequently pled guilty in a multi-million-dollar mortgage scam.
Let's all rejoice! The Treasury Department is finally beginning to unload the taxpayers' stake in General Motors after a three and a half year stint of government involvement in the company. While the decision to get taxpayers out of the private sector is the correct one, the move is hardly a cure-all for what ails GM. And despite reports to the contrary, this does not bring closure to all groups that were involved in the unprecedented intrusion of government into the private sector that saw politically-powerful groups like the UAW receive favorable treatment over other classes.
