Treasury Secretary Tim Geithner is on the cover of the April 2009 issue of Bloomberg Markets magazine. In the lead article, “Man in the Middle,” the authors refer to his time at the New York Federal Reserve Bank (FRB) as “experience as a consensus builder.” This overlooks the fact that it was easy for him to get everyone to agree, to build group solidarity, when he simply gave the banks and broker-dealers everything they wanted. read more »
While San Francisco Mayor Gavin Newsom was recently chided for his water bottle usage, the city of Los Angeles hasn’t been much better.
The next official Census isn’t till 2010, but Election Data Services is already predicting considerable impacts on Congressional representation.
Things will be getting bigger in Texas, with four added seats, as well as Arizona, with two. Six states—Florida, Georgia, Nevada, Oregon, South Carolina, and Utah—will increase their federal delegations by one district each. read more »
Bloomberg.com reporters Mark Pittman and Bob Ivry are reporting a running total of the money the U.S. government has pledged and spent for bailouts and economic stimulus payments. The total disbursed through February 24, 2009 stands at $3.8 trillion; the total commitment is $11.6 trillion. The Federal Reserve is providing the largest share at $7.6 billion, followed by the U.S. Treasury $2.2 trillion and FDIC $1.6 trillion. read more »
In about a year, the next U.S. Census will be upon us. However, one group participating in the survey is already driving some lawmakers nuts.
In February, The Association of Community Organizations for Reform Now (ACORN) signed a partnership with the Census Bureau to “assist with the recruitment of the 1.4 million temporary workers needed to go door-to-door to count every person in the United States.” read more »
The House of Representatives is debating a 90 percent tax on executive bonus payments made to companies receiving bailout funds. Anything they pass will still have to get through the Senate and past the President’s desk. They are “upset about something they already did,” according to Dan Lungren (R-CA). read more »
This week Reuters is hosting a Food and Agriculture Summit in Chicago. On Tuesday presenters, including leading agribusiness executives and business economists, reported that despite the challenging global economic climate, the U.S. rural economy has weathered the recession better than most sectors due to steady demand for agricultural products, stable land prices and healthy credit lines for farmers". read more »
On Sunday March 15, 2009, American International Group, Inc. revealed the identities of some of the beneficiaries of about half of the nearly $180 billion the US government has committed ($173 billion actually paid out so far) to support the ailing international financial giant. As we now know, AIG sold credit default swaps (CDS) that paid off if the market value of some bonds fell. read more »
A day or so after he was on CNBC, Warren Buffett went on Bloomberg Television and told them that he’ll continue to sell derivatives contracts. He’s getting deeper into investments that he has called “financial weapons of mass destruction.” Apparently he’s betting that there will not be a crash (which would require a payout) in corporate junk bonds, muni bonds or stock markets in the UK, Europe and Japan. Here’s the punch line: his stock is up 17.2% since he started talking! read more »
Former Illinois Governor Rod Blagojevich's arrest, impeachment and removal from office assured his place as another famous name in our state’s corruption hall of disrepute. But it turns out the selling of President Obama’s Senate Seat was only a minor part of Blagojevich’s misdoings – and some of this could have greater national political fall-out than is commonly imagined. read more »