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Courthouse News President Obama’s proposed 2014 budget for the Department of Justice will spend $4.1 billion more on prisons than on “national security,” the Justice Department revealed Wednesday. Attorney General Eric Holder on Wednesday released the proposed 2014 budget for the Department of Justice: $27.6 billion – $1.6 billion less than the FY 2013 Justice budget, due to sequestration. President Obama’s proposal for the Justice Department is up 3 percent from [...] Via Peter Tchir of TF Market Advisors,
Bank Regulatory Capital has been in the news a lot recently. The Spanish banks have their own set of capital issues. There has been a lot of discussion about Too Big To Fail (“TBTF”) in the U.S. with regulators demanding more and banks fighting it. After JPM’s surprise loss this month, the debate over the proper regulatory framework and capital requirements will reach a fever [...] It’s what we have here in the The Netherlands, and it accomplishes two important things; 1) Provides a smoother and more predictable stream of revenues that don’t decline as much when markets decline, and as importantly, don’t rise as much when times are good/bubbly. The latter under the current system of taxing capital gains can give states and federal government the illusion of being in better long-term fiscal shape than they really [...] Click Here To View The Original Article On Seeking Alpha… Details Of The $291 Trillion In Derivatives To Which American Taxpayers Are Exposed The entire US GDP is less than $15 trillion each year. The gross notional amount of derivatives issued in the USA is more than $291 trillion. Does that sound like a lot? Apologists for derivatives dealers don’t like it when we talk about derivatives in terms [...] Republican leaders in the House of Representatives, in an about face, proposed on Monday extending a payroll tax cut for 160 million workers without offsetting spending cuts. In a statement, the Republican leaders confirmed what was first reported by Reuters that they decided to move ahead with a simple extension of the payroll tax cut, now set to expire at the end of this month. The proposal might not sit well with [...] BAML Economics: The odd decouple, Neil Dutta Over the last several weeks, US economic data has almost uniformly surprised to the upside. The employment report is a case in point. In December payrolls rose by 200,000, the unemployment rate ticked lower, and the work week ticked higher. Against this firmer growth backdrop, we are marking to market our Q4 GDP forecast to 3.5% from an initial forecast of 3.0%. Roughly one-third [...] The ultimate demonstration of the hypocrisy of the Republicans. They support every tax cut they say. By the way Politico.com is a Conservative website. http://www.politico.com/news/stories/1211/70148.html The political message to Boehner’s colleagues is, bluntly, don’t screw this up. | AP Photo Close by Nomi Prins As The World Crumbles: The ECB Spins, FED Smirks, And US Banks Pillage Often, when I troll around websites of entities like the ECB and IMF, I uncover little of startling note. They design it that way. Plus, the pace at which the global financial system can leverage bets, eviscerate capital, and cry for bank bailouts financed through austerity measures far exceeds the reporting timeliness of these bodies. That’s why, on [...] From The Hill: Democratic leaders in the Senate are scrambling to avoid defections on President Obama’s jobs package, which appears headed for defeat on Tuesday. A lack of Democratic unity on the president’s bill would be embarrassing for the White House, which has been scolding House Republicans for refusing to vote on the measure. Obama has been touring the country, aiming to put pressure on the GOP to [...] The Hill Senate Majority Leader Harry Reid (Nev.) on Tuesday further distanced his Democratic Conference from President Obama by nixing a major component of the White House’s jobs plan. Reid said he would revise parts of the proposal that some Senate Democrats have found unpalatable. The Nevada Democrat announced his new strategy on the same day he blocked a Republican effort to force a vote on Obama’s [...] President Obama pauses as he speaks in the State Dining Room of the White House on Monday, Aug. 8, 2011, in Washington. (AP Photo/Carolyn Kaster) By Stephen Dinan - The Washington Times Pummeled by ghastly economic news, President Obama called Monday for more spending and extended tax cuts that he said would help stimulate the economy — but these also could deepen the deficit problems that helped the federal government [...] by ZH While DC may continue playing its debt ceiling soap opera, crunch time for the Treasury is approaching as the first of three auctions is on deck: the first one for $32 billion in 3 Year Notes. The total raised will be $72 billion without any offsets from maturities. Elsewhere, the Treasury will catch a $16 billion break after it settles $100 billion in Bill [...] From Goldman Sachs: The Economic Impact of Japan’s Earthquake
As markets assess the impact of the recent tragic earthquake and tsunami in Japan, we attempt to place this issue into a broader perspective. While there can be no perfect analogue in such a disaster, studying previous ones may provide a sense of the probability distribution around the macro and market impacts of such events, and their trajectory. Natural [...] by ZH Here is how one offsets the aftereffects of concerns there may be a liquidity crisis in Europe: just make a few completely impossible statements about hiking interest rates and presto: your currency is back to unchanged. The EURUSD has surged by 60 pips in seconds following reports that the ECB’s Bini Smaghi was quoted as saying that ECB may raise rates as price pressures [...] TrimTabs: “If the money to boost stock prices by almost $9 trillion from the March 2009 lows did not come from the traditional players, it had to have come from somewhere else. We believe that place is the Fed. By funneling trillions of dollars in cash to the primary dealers in exchange for debt, the Fed has given Wall Street lots of firepower to ramp [...] According to the latest monthly PowerShares ETF summary report, we find that for the month of August alone, that argument falls flat on its face: “Investors pulled $3.2 billion out of ETFs in August bringing the YTD flows to positive $45.8 billion.” Fair enough, but there is still $45.8 billion in ETF inflows YTD one could say? Surely this at least partially offsets the $65 billion in [...] |
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