Greenspan: Banks Shouldn't Be "Too Big to Fail"
(AP Photo/Lawrence Jackson)
"'Too big to fail' is a major problem," Greenspan said at The First Draft of History, a conference in Washington, D.C. "It has a major impact in the way investments are made."
There needs to be a fee or an additional tax, Greenspan said, or some way "to make no institutions too big to fail." Politically, however, he acknowledged that this was very unlikely to happen.
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States Miss Out on Stimulus Funds for Unemployed
4963931Nearly half of the states in the nation are missing out on more than $3.1 billion in stimulus funds available to assist the unemployed because they have not met the requirements necessary to qualify for the federal aid, USA Today reports.
Labor Department records indicate that 23 states have failed to meet federal requirements for the extra money, the newspaper reports. The National Employment Law Project (NELP) estimates nearly 350,000 unemployed Americans could be benefiting from that money.
The Obama administration has dictated, USA Today reports, that states may receive a third of the unemployment funds they are eligible for after relaxing rules about for how long a person must be unemployed in order to get benefits. The rest of the money becomes available after a state provides extra money for workers' dependents, part-time workers, people in training programs or for those who quit their jobs because of "compelling family circumstances."
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Labor Department records indicate that 23 states have failed to meet federal requirements for the extra money, the newspaper reports. The National Employment Law Project (NELP) estimates nearly 350,000 unemployed Americans could be benefiting from that money.
The Obama administration has dictated, USA Today reports, that states may receive a third of the unemployment funds they are eligible for after relaxing rules about for how long a person must be unemployed in order to get benefits. The rest of the money becomes available after a state provides extra money for workers' dependents, part-time workers, people in training programs or for those who quit their jobs because of "compelling family circumstances."
Continue »
States Miss Out on Stimulus Funds for Unemployed
4929152Nearly half of the states in the nation are missing out on more than $3.1 billion in stimulus funds available to assist the unemployed because they have not met the requirements necessary to qualify for the federal aid, USA Today reports.
Labor Department records indicate that 23 states have failed to meet federal requirements for the extra money, the newspaper reports. The National Employment Law Project (NELP) estimates nearly 350,000 unemployed Americans could be benefiting from that money.
The Obama administration has dictated, USA Today reports, that states may receive a third of the unemployment funds they are eligible for after relaxing rules that say for how long a person must be unemployed in order to get benefits. The rest of the money becomes available after a state provides extra money for workers' dependents, part-time workers, people in training programs and for those who quit their jobs because of "compelling family circumstances."
Continue »
Labor Department records indicate that 23 states have failed to meet federal requirements for the extra money, the newspaper reports. The National Employment Law Project (NELP) estimates nearly 350,000 unemployed Americans could be benefiting from that money.
The Obama administration has dictated, USA Today reports, that states may receive a third of the unemployment funds they are eligible for after relaxing rules that say for how long a person must be unemployed in order to get benefits. The rest of the money becomes available after a state provides extra money for workers' dependents, part-time workers, people in training programs and for those who quit their jobs because of "compelling family circumstances."
Continue »
Warren Buffett Calls for Second Stimulus
(AP)
"I think that a second one may well be called for," Warren Buffett , the widely respected investor, said Thursday morning on ABC's "Good Morning America."
"Our first stimulus bill... was sort of like taking half a tablet of Viagra and having also a bunch of candy mixed in," he said, "as if everybody was putting in enough for their own constituents."
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How Green Can The New GM Really Be?
(AP)
To many observing the government's control over the auto maker, however, those goals do not necessarily align.
"GM wants to make money, but making green vehicles is a totally different object," said Dan Ikenson, associate director of the Center for Trade Policy Studies at the Cato Institute, a free market think tank. "The government has to decide -- do we want it to be a profit maximizing business, or a tool of policy?"
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Romney Calls Union-Backed Bill "Catastrophic"
(AP)
Mitt Romney, a likely contender for the 2012 Republican presidential nomination, joined a forum of business advocates in Northern Virginia on Thursday to denounce a union-backed bill, the Employee Free Choice Act, as little more than political payback from Democrats that would worsen the nation's economic footing.
The bill would be "catastrophic for the economy," Romney said. "The impact long term is people start less businesses here. It's not great for the people who start businesses today, but it's even worse for the employees of tomorrow."
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Where Will $2T In Health Care Savings Go?
(CBS)
CBSNews.com's Hotsheet asked the administration how curbing the growth of costs--not stopping it--contributes to actual reform. The administration replied that cutting costs is a goal in and of itself. Two trillion dollars is nothing to scoff at, but it helps to keep things in perspective.
Given the rate at which health care costs have skyrocketed for Americans over the past decade, these savings could be a first step toward expanding coverage, some health care advocates say.
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Fed Reveals Stress Test Results
The Federal Reserve on Thursday revealed the results of its bank "stress tests," showing that 10 of the nation's 19 largest banks would need more capital to withstand losses and meet the credit needs of their customers in the event of a more severe recession.
Officially know as the Supervisory Capital Assessment Program (SCAP), the stress tests involved a comprehensive assessment by the Federal Reserve and other bank supervisors of the capital held by the 19 largest U.S. bank holding companies. The Fed decided to make the results of the stress test public to restore confidence in these financial institutions.
The following chart shows the additional capital buffer the Fed suggests each bank needs. The 10 banks in need of additional capital have until June 8 to come up with a detailed plan for putting that capital buffer in place, and they must implement the plan by early November.
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Officially know as the Supervisory Capital Assessment Program (SCAP), the stress tests involved a comprehensive assessment by the Federal Reserve and other bank supervisors of the capital held by the 19 largest U.S. bank holding companies. The Fed decided to make the results of the stress test public to restore confidence in these financial institutions.
The following chart shows the additional capital buffer the Fed suggests each bank needs. The 10 banks in need of additional capital have until June 8 to come up with a detailed plan for putting that capital buffer in place, and they must implement the plan by early November.
Continue »
Report: Political Contributions From Bailout Recipients Grew With Subprime Problem
(AP / file)
The top subprime lenders largely blamed for triggering the economic meltdown were owned or financed by the banks now collecting billions in government bailout money, a report released Wednesday shows.
Coming on the same day the Democrat-controlled Senate shot down a bill that would have helped hundreds of thousands of homeowners escape foreclosure through bankruptcy, the report from the Center for Public Integrity also highlights the dramatic increase in political contributions from the financial services sector over the last three presidential cycles.
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Chrysler Won't Pay Back U.S. Loans
(AP Graphics)
Testifying in bankruptcy court on Monday, one of the top financial advisers overseeing Chrysler's restructuring said the U.S. government may never get back its loans to the company.
"They're offering financing with a low likelihood of being repaid," said Robert Manzo, an executive director for Capstone Advisory Group LLC, according to the Associated Press.
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Ailing Airline Industry Braces For Flu Impact
(AP Photo/John Bazemore)
The World Health Organization raised the level of influenza pandemic alert from phase 4 to phase 5 on Wednesday, yet the organization is not advising any restriction of regular travel or closure of borders. Even so, the airline industry says passenger concerns over the flu could take its toll on business.
James May, president and CEO of the Air Transport Association, sent Mr. Biden a letter today expressing "extreme disappointment" with his comments.
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