Downturn and Legacy of Bush Policies Drive Large Current Deficits — Center on Budget and Policy Priorities

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 …

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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

U.S. Sues Wells Fargo: Yet Another Bailed-Out Bank Accused of Fraud | Matt Taibbi | Rolling Stone

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 …

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Record Levels of Student Loan Debt Hit Younger Households Hard – Pew Research Center

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.

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Greed and Debt: The True Story of Mitt Romney and Bain Capital | Politics News | Rolling Stone

The great criticism of Mitt Romney, from both sides of the aisle, has always been that he doesn’t stand for anything. He’s a flip-flopper, they say, a lightweight, a cardboard opportunist who’ll say …

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Filed under: Banks, Blogosphere, consumers, Economic Recession, Election 2012, ethics, News, Bain Capital, corporate profits; consumer rights vs. corporate greed; corporate excesses; the corporate supper rich; corporate leaders self dealing; corporate social responsibility; stock holders get short end of s, Mitt Romney

High-frequency trading: Wait a second | The Economist

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 …

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Problems Riddle Moves to Collect Credit Card Debt – NYTimes.com

The same problems that plagued the foreclosure process — and prompted a multibillion-dollar settlement with big banks — are …

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The economy: No miracle cure | The Economist

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 …

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Filed under: Banks, Blogosphere, Election 2012, symbolic uses of politics

With Rates Low, Banks Increase Mortgage Profit – NYTimes.com

Interest rates on mortgages and refinancing are at record lows, giving borrowers plenty to celebrate. But the bigger winners are the banks making the …

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Center on Budget and Policy Priorities

“[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 …

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Filed under: Banks, Blogosphere, Culture Think, Public Policy, Unemployment, job market

Fed Leaning Closer to New Stimulus if No Growth Seen – NYTimes.com

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

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Filed under: Banks, Blogosphere, consumers, Economic Recession, News, WeSeeReason

The Facebook IPO: Shareholders Weren’t Invited to the Real Party | Matt Taibbi | Rolling Stone

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 …

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J.P. Morgan’s woes cont.: Damage control | The Economist

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 …

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