The Banking Committee approved Yellen 14 to 8, with only one Democrat, Sen. Joe Manchin (D-W.Va.), voting against her and she is likely to be voted on by the full Senate by the middle of December.
Natural disasters illustrate the industry’s ability to manage and absorb large losses. The losses from hurricanes Katrina and Andrew, and the Northridge earthquake, were all comparable to the losses from 9/11, so there is nothing particularly special about the level of terror damage.
We have regularly seen tribes attacked whenever they dared engage in commercial activity — such as selling cigarettes or operating casinos — that does not conform to the prudish tastes of upper-class America.
While Yellen is likely to receive a frosty reception from Republicans, she has a very good chance of garnering the necessary 60 votes needed to achieve Senate confirmation.
If you think bubbles are a great avenue for wealth creation, then Yellen is the Fed chair for you. If you, however, suspect bubbles are damaging to our economy, then you might rightly be concerned that she repeats her San Francisco performance on a national level.
Sadly, most of what's past for financial reform has been useless or outright harmful. The hours put into financial reform should not be our measure of success, but rather the effectiveness of those reforms and their actual relationship to the causes of the financial crisis.
We see what starts to look like a pattern here: downgrade the United States and expect some abuse.
The president wants “no more leaving taxpayers on the hook for irresponsibility or bad decisions,” but then he implies that government should continue to stand behind risk in the housing market.
Since 2010, the number of minimum wage workers has declined by over 800,000. Given the increase in minimum wage in 2009 and the relatively weak labor market, I think it’s a safe bet that most of these workers left the labor force rather than received a big raise.
Setting aside the fact that the government can come take your home, with or without a mortgage, it’s hard to say you really “own” it unless it’s all yours.
Given their role in the companies’ failures, we should encouraging long-time Fannie/Freddie employees to leave, not stay.
I suspect many Republicans, at least those not closely aligned with the real estate industry, are torn between wanting to immediately get rid of Fannie and Freddie and getting the taxpayers’ money back.
Well, Obama's victory means that Federal Reserve Chairman Ben Bernanke will keep his job, at least until the end of his term in 2014.
It is worth noting that the issue of auditor independence had been subjected to repeated analysis in the academic literature. The conclusions of that literature so contradict the provisions of SOX that Yale Law Professor Roberta Romano labeled them as "quack corporate governance".
As long as we allow the narrative to run that Lehman’s collapse caused the crisis, then “solutions” like Dodd-Frank will continue to dominate the debate, rather than recognizing a housing bubble drove the crisis.
The most recent LPS data, covering to the end of August 2012, shows that for the first time, over half of foreclosures are for borrowers that were previously in foreclosure.
The CFPB is only one of the many obstacles to job creation and consumer credit in our economy. Restructuring or eliminating the agency would certainly improve outcomes, both for our economy and consumers in general.
So if Democrats want to continue to push for higher minimum wages, with the resulting higher unemployment, they should stop claiming to have any scientific backing for the position and just admit that they want to redistribute from one group of Americans to another group.
Essentially, the Treasury has amended its agreements with Fannie and Freddie so that the companies no longer have to pay a fixed dividend to the U.S. taxpayer, but instead “every dollar of profit” from the companies to the taxpayer.
Under Section 1071, Subtitle G, labeled "Regulatory Improvements" (who says Congress doesn't have a sense of humor?), the act establishes a system of small business loan data collection. Translation: Push affirmative action in small-business lending.
Hussman's Open Letter to the Fed; The Problem with Bubbles; Textbook Pre-Crash Bubble; Reflections on Not Chasing Bubbles; Integrity vs. Respect | Mike Shedlock