The House Financial Committee just concluded grilling banker Jamie Dimon on risky financial bets his firm, JPMorgan Chase, made that resulted in losses of at least $2 billion last month. Today’s hearing follows up on last week’s Senate Banking Committee grilling of Dimon on the same bad bets.
But the irony here is rich: During the course of the two Dimon hearings held to discuss this bad bet, Congress borrowed nearly one [...]
A new chart produced by the Republican staff of the Senate Budget Committee shows that, according to Congressional Budget Office data released yesterday, debt per American is “on track to triple in a generation”:
Currently, as the chart shows, debt per American is at (or around) $50,000. Just four years ago, in 2008, the year President Obama was first elected, debt per person was at $35,000.
In 2037, if things stay relatively the [...]
WASHINGTON (AP) — A GOP-led House committee is challenging the Obama administration’s investigation into Chevy Volt batteries that caught fire last year, raising questions about whether the government’s partial ownership of General Motors Co. created a conflict of interest.
The report by the Republican staff of the House Committee on Oversight and Government Reform said it was “deeply troubling” that safety regulators waited several months before telling the public that a Volt battery caught fire three weeks after [...]
The Mellon Doctrine
By PAUL KRUGMAN
Published: March 31, 2011
“Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate.” That, according to Herbert Hoover, was the advice he received from Andrew Mellon, the Treasury secretary, as America plunged into depression. To be fair, there’s some question about whether Mellon actually said that; all we have is Hoover’s version, written many years later.
But one thing is clear: [...]