October 13, 2012 • 4:24 am
Some lawmakers, pundits, and others continue to say that President George W. Bush’s policies did not drive the projected federal deficits of the coming decade — that, instead, it was the policies of President Obama and Congress in 2009 and 2010. But, the fact remains: the economic downturn, President Bush’s tax cuts and the wars in Afghanistan and Iraq explain most of the deficit over the next ten years — according to this update of our analysis, which is based on the Congressional Budget Office’s most recent ten-year budget projections (from August) and congressional action since we released the previous version of this analysis in May 2011. (For a fuller discussion, see the technical note that begins on p. 6.)
The deficit for fiscal year 2009 — which began more than three months before President Obama’s inauguration — was $1.4 trillion and, at 10 percent of Gross …
More via Downturn and Legacy of Bush Policies Drive Large Current Deficits — Center on Budget and Policy Priorities.
Filed under: Banks, Blogosphere, Economic Recession, Election 2012, Job Sector, National Debt, News, Political Economy, propaganda and spin, Bush Administration and the recession, Bush legacy, George W. Bush, US Economic deficit Bush legacy
October 12, 2012 • 4:40 am
Earlier this year, Charlie Munger, who is billionaire Warren Buffet’s right hand at Berkshire Hathaway and a sort of self-proclaimed mad oracle of Wall Street, made some interesting comments. He bashed people who buy gold, delivering an all-time …
More via U.S. Sues Wells Fargo: Yet Another Bailed-Out Bank Accused of Fraud | Matt Taibbi | Rolling Stone.
Filed under: Banks, Blogosphere, Economic Recession, National Debt, News, banks and profits, fraudulent banks
October 5, 2012 • 4:56 am
About one out of five (19%) of the nation’s households owed student debt in 2010, more than double the share two decades earlier and a significant rise from the 15% that owed such debt in 2007. The incidence of student debt has increased in nearly every demographic and economic category, as has the size of that debt.
Going along with the overall increase, a record 40% of all households headed by someone younger than age 35 owe such debt, by far the highest share among any age group.
Low-income households have also been hit hard. The relative burden of student loan debt is greatest for households in the bottom fifth of the income spectrum, even though members of such households are less likely than those in other groups to attend college in the first place.
Related study: “Is College Worth It?” Read more
via Daily Number: Record Levels of Student Loan Debt Hit Younger Households Hard – Pew Research Center.
Filed under: access to education, Banks, Blogosphere, consumers, Culture Think, Education Policy, Education Reform, News, Parenting, Public Policy, The 47%!, Access to College, College Loans, Value of Education; Cost benefit analysis of education; Going to College; Should you go to college?;
August 13, 2012 • 12:16 pm
EVERY computer-user knows the feeling of dread when a brand new piece of software causes the entire system to crash. Shareholders in Knight Capital, an American equity broker, now realise how expensive such glitches can be. On August 1st Knight Capital …
More via High-frequency trading: Wait a second | The Economist.
Filed under: Banks, Blogosphere, consumers, Culture Think, News, Public Policy, Wall Street
August 13, 2012 • 12:06 pm
The same problems that plagued the foreclosure process — and prompted a multibillion-dollar settlement with big banks — are …
More via Problems Riddle Moves to Collect Credit Card Debt – NYTimes.com.
Filed under: Banks, Blogosphere, consumers, News
August 12, 2012 • 3:59 am
IF THERE is a theme to the American presidential campaign, it may be: “Imagine the alternative”. President Barack Obama’s campaign will argue that his actions prevented an economic …
MORE via The economy: No miracle cure | The Economist.
Filed under: Banks, Blogosphere, Election 2012, symbolic uses of politics
Interest rates on mortgages and refinancing are at record lows, giving borrowers plenty to celebrate. But the bigger winners are the banks making the …
MORE via With Rates Low, Banks Increase Mortgage Profit – NYTimes.com.
Filed under: Banks, Blogosphere, consumers, Public Policy
“[July]’s jobs report showing some pickup in job creation does not reduce the need for policymakers to implement measures to give the flagging recovery a needed boost, including preparing to extend emergency federal unemployment insurance (UI) past its …
MORE via Center on Budget and Policy Priorities.
Filed under: Banks, Blogosphere, Culture Think, Public Policy, Unemployment, job market
A growing number of Federal Reserve officials have concluded that the central bank needs to expand its stimulus campaign unless the nation’s economy soon shows signs of
via Fed Leaning Closer to New Stimulus if No Growth Seen – NYTimes.com.
Filed under: Banks, Blogosphere, consumers, Economic Recession, News, WeSeeReason
A suit has been filed by Facebook shareholders against Mark Zuckerberg, Facebook, Morgan Stanley and others. It’s based on a very simple concept: when internal analysts learned that Facebook’s numbers were going to be worse than expected, the company and its bankers didn’t tell everyone, but just “selectively disclosed” information to a small group of …
MORE via The Facebook IPO: Shareholders Weren’t Invited to the Real Party | Matt Taibbi | Rolling Stone.
Filed under: Banks, Blogosphere, consumers, Crimes and Misdemeanors, News, Facebook investors, Facebook IPO scandal, Facebook Shareholders
A LARGE, mistaken, trading position take by J.P. Morgan, one of America’s leading banks, already costing it more than $2 billion has become a weapon in major battles in Washington and the financial …
MORE via J.P. Morgan’s woes cont.: Damage control | The Economist.
Filed under: Banks, Blogosphere, consumers, News, J.P. Morgan, J.P. Morgan error, J.P. Morgan's trading position