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by WashingtonsBlog
Liberal congressman Sherrod Brown and conservative congressman David Vitter are pushing to break up the big banks:
Huffington Post reports:
Sen. Sherrod Brown (D-Ohio), along with unlikely ally Sen. David Vitter (R-La.), is launching an effort to break up the taxpayer-funded party on Wall Street. “The best example is that 18 years ago, the largest six banks’ combined assets were 16 percent of GDP. Today they’re 64-65 percent of GDP,” Brown said. “So the [...] from FT: It may seem hard not to be pessimistic about the global battle to manage the huge risks of climate change, a defining challenge of this century. The most recent UN climate change summit in Doha made only modest progress. It made crystal clear that the pace of international action is not consistent with the scale and urgency of the challenge the world faces. Given this backdrop, it is not hard [...] SEN. MITCH MCCONNELL (R-KENTUCKY): My office submitted our latest offer to the Majority Leader last night at 7:10 p.m. and offered to work through the night to find common ground. The Majority Leader’s staff informed us they would be getting back to us this morning at 10:00 a.m., despite the obvious time crunch we all have. It’s now 2:00 p.m., and we have yet to receive a response to our [...] Infowars.com Alex speaks with historian, economist and political analyst Tom Woods and Executive Director of the Foundation for a Free Society Jason Rink about the urgency of protecting states’ rights and keeping secession a viable option, as discussed in the documentary Nullification: The Rightful Remedy. From Bloomberg: The three central bank meetings this week — the Bank of England, the European Central Bankand the Federal Reserve – made very good cases for additional stimulus measures, though they failed to specify what these would be. Equities and certain bonds that had surged on the basis of last week’s verbal assurances by central bankers and political leaders sold off. There was no panic given central bankers’ promises to do more in the future [...] Came across this documentary. Good stuff. Farmageddon highlights the urgency of food freedom, encouraging farmers and consumers alike to take action to preserve individuals’ rights to access food of their choice and farmers’ rights to produce these foods safely and free from unreasona-bly burdensome regulations. The film serves to put policymakers and regulators on notice that there is a growing movement of people aware that their freedom to choose the foods [...] This late night European Union Summit had some achievements. France, Italy and Spain insisted on focusing on measures for the current crisis, and not only long terms visions. The leaders agreed on allowing the bailout mechanism to directly recapitalize banks – a move that allows lifts the burden off Spain. In addition, the ESM will have no seniority, thus expected not to scare off private investors.
Spanish yields are falling and EUR/USD reached [...] WASHINGTON, DC - House Speaker John Boehner (R-OH) released the following statement after the Supreme Court announced its ruling on the president’s health care law: “The president’s health care law is hurting our economy by driving up health costs and making it harder for small businesses to hire. Today’s ruling underscores the urgency of repealing this harmful law in its entirety. What Americans want is a common-sense, step-by-step approach to health care [...] Peter Spiegel of the FT has a must-read piece on the urgency of the current EU Summit, which includes this key insight…
Although Italy does not have Spain’s banks, Greece’s economy, or Ireland’s deficits, it is easy to forget how close to the edge Rome reached last summer under the erratic leadership of Silvio Berlusconi. It may not be an exaggeration to say that Mr Monti has about a month to ensure it does not [...]
There simply isn’t enough money under current bail-out arrangements to rescue Italy should it require help. And markets are once more preparing for that eventuality.
Rome became a fully paid-up member of the 6pc-plus club on Tuesday as its cost of borrowing jumped to 6.14pc. Its predicament is different from Spain’s and Spain’s was different from Greece’s. But that didn’t stop Spain needing financial aid.
Italy’s budget deficit is not the primary [...] MADRID—Spain’s Budget Minister Cristobal Montoro on Tuesday urged euro-zone partners to act faster to help support its enfeebled banks, saying that the government has effectively lost access to capital markets because of steep risk premiums demanded by sovereign bond investors. In making this dramatic admission, Mr. Montoro joined recent calls by the Spanish government for direct aid from European Union institutions for Spanish banks as the government hopes to avoid a [...] Top income tax rates: 20% in Singapore, 17% in Hong Kong, 35% in U.S. Would you give up citizenship?SINGAPORE—Facebook FB 0.00% co-founder Eduardo Saverin’s recent decision to give up his U.S. citizenship in favor of long-term residence in Singapore has drawn fresh attention to the appeal of residing and investing in the wealthy city-state and other parts of Asia, where tax burdens are significantly lighter than in many Western countries. Although the number of Americans throwing away their passports remains small, the trend has accelerated over the past two years—especially in Asian [...] From Bloomberg: California Governor Jerry Brown proposed a four-day workweek to reduce pay for state employees and $8.3 billion of other cuts, mostly in welfare and medical care for the poor, to help close a $15.7 billion budget deficit. Trimming the standard week would be the equivalent of a 5 percent pay cut, saving $400 million a year, Brown said today in revising his budget for the year beginning July 1. Health care for the poor would take [...] We are currently seeking state coordinators in some of these states and other states. State coordinators are volunteers who ascribe to the Public Banking Institute’s mission and who actively organize their state communities and serve as a point of contact for public banking developments in their respectives states. State Coordinators provide the information on this web page to Public Banking Institute, so it is as current as the information they have. PBI State [...] By Caixin Online BEIJING ( Caixin Online ) — People who care about China’s future are likely to have been surprised and heartened by what Premier Wen Jiabao said during his press conference at the end of the National People’s Congress meeting this year, broadcast live on March 14. Over three hours, Wen spoke several times of reforms, particularly political reform. This time, though, he highlighted three relationships: that between political [...] As in 2008, China has again emerged as a central campaign issue. On the stump, Mitt Romney has emphasized that if he is president, China will no longer run roughshod over the United States as he contends it has during the Obama administration. “On day one,” he thunders, “I will declare China a currency manipulator, allowing me to put tariffs on products where they are stealing American jobs unfairly. We can compete when there’s [...] DALLAS (CBSDFW.COM) – Think about all the personal information we keep in our cell phones: It’s something to consider after the U.S. Court of Appeals for the 7th Circuit ruled it is now legal for police to search cell phones without a warrant. Former Dallas FBI Agent Danny Defenbaugh said the ruling gives law enforcement a leg up. “I think not only will it help them, but it could be life saving,” said the former [...] William Maclean An Israeli raid on Iran’s nuclear facilities would deliver a painful shock to the global economy, revive flagging Islamist militancy and possibly drag the United States into a regional war whether it backed its ally’s attack or not. As if that prospect was not alarming enough, any doubts Tehran entertained about the wisdom of building a nuclear weapon would vanish the moment the strike occurred. These longstanding U.S. and [...] by Aaron Moyer, CM [Note: This WSID Article is an updated version of an article Aaron previously submitted in March 2011 (see original). There will be additional follow-on articles that will compliment this one on Understanding Emergencies. This article still complements Aaron's earlier "Practical Survival Skills 101" posts on fire, water, and shelter.]
Preface: What is an emergency? There is an awful lot of academic banter in which we try to “identify” emergencies before they happen. Pedantic issues are categorized [...] Germany “Raises” €55.5 Billion, or 1% Of Its Debt/GDP Ratio, Thanks To Derivative “Accounting Error”by ZH As usual, the most surreal news of the day, perhaps week, is saved for Friday night, when we learn that Germany has magically raised over a quarter of its total EFSF obligation of €211 billion by way of what is essentially magic. The Telegraph reports that “Germany is €55bn richer than it previously thought because of an accounting error at state-owned bank Hypo Real Estate Holding. The mistake at [...] GE HEAD CALLS FOR LOWER CORP TAXES; BUT GE PAID ZERO! The corporate titan President Obama picked to help create millions of new jobs thinks lowering corporate taxes and eliminating all tax loopholes for U.S. companies will put more Americans to work. General Electric Chairman Jeff Immelt sits down with Lesley Stahl to discuss the creation of jobs, the U.S. business climate and his own company, [...] LA Times Everybody remembers the urgency of President Obama’s attitude toward the awful jobs situation. Back in early August, Obama said the jobs situation was so urgent that he was going to give another speech about it — in a month or so, in September after his vacation on Martha’s Vineyard. And then in September the president announced he would give his major jobs speech to a joint session of [...] Stephen Collinson US President Barack Obama signaled he would pay for his $447 billion dollar jobs plan by raising taxes on the rich and energy corporations and demanded that Congress pass it right away. The president, seeking to reset his under-pressure presidency and slice away at 9.1 percent unemployment, sent the bill to lawmakers and warned Republicans on Monday not to slow it down with “political [...] Headlines: Miami Declares “Financial Urgency”, Seeks Cuts From Unions Spain’s Economic Growth Slows in Second Quarter Amid Austerity Measures Govts debt crossed $41 trillion globally in 2010 High pressure on Sarkozy-Merkel euro zone talks German Second-Quarter Growth Almost Stalls as GDP Rises 0.1% European Economy Slows More Than Forecast as Debt Crisis Saps German Might Import Prices in U.S. Rise 0.3%, Led by Gains in Costs of Fuel, Clothing (“Compared with a year earlier, import prices [...] by DianneM If you have children in your life – as a parent, grandparent, educator or in any other way, the question of “What Should I Do?” takes on a particular urgency. You have likely asked yourself how you can enable them to navigate the complex and uncertain times ahead – to greet the future with creativity, flexibility, resilience and joy. “How can we nurture and raise [...] |
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