The U.S. Senate this week passed a sweeping bank regulation bill that will make major changes to the U.S. financial system. The legislation cracks down on banks and Wall Street in the hopes of avoiding another major financial meltdown.
The U.S. Senate this week passed a sweeping bank regulation bill that will make major changes to the U.S. financial system. The legislation cracks down on banks and Wall Street in the hopes of avoiding another major financial meltdown.
In the book, ‘This Time is Different,’ by Ken Rogoff & Carmen Reinhart of Harvard and Univ of Maryland, respectively, arrogance and ignorance has been the driving themes leading up to severe financial and economic crises over 800 years of availalble data.
The City of Toronto, Canada – a truly international destination – was undoubtly proud to be the host of the G-20 Summit this past weekend, 26-27 June. As one of the very few developed nations hit hard by the global financial crisis, Canada grasped the opportunity to spruce up its image by investing more than $1Bn […]
G-8 Leaders — composed of the world’s eight major industrialized countries, as well as representatives of the European Union and heads of state from the ten leading Emerging Nations such as Brazil, India, Mexico and South Africa, among others, discussed a wide range of challenges related to financial markets, international trade, development and global peace and stability.
The BP Gulf oil spill threatens to undermine the ‘special relationship in trade and global leadership between the U.S. and U.K. With the British press and even some officials increasingly seeing attacks on Britain itself in President Obama and his Administration’s criticisms of BP, PM Cameron has sought to calm the waters. During a visit to Afghanistan two weeks ago, he said the gulf oil spill was just one item in what was described by his spinmeisters as a “routine” phone conversation with President Obama, but he dodged direct questions about any perception of an “anti-British” side to the criticisms of BP.
State and local government are frantically scrambling to meet huge budget deficits and revenue shortfalls as the anemic corporate sector (except, of course, Wall Street and Big Oil) and as constrained businesses hold back on capital expenditures, employment decisions stagnate causing high unemployment and shaky consumer spending and confidence, which mean less income tax and smaller sales tax revenue for government treasuries.
S&P, a premier global credit rating agency, is growing increasingly concerned that many companies in the United States could find it difficult to refinance their enormous debt loads in the coming years, possibly leading to an explosion of defaults and bankruptcies.
As wages rise in China, US dependent export products may become more expensive at a time least convenient to the struggling, fragile U.S. economy.
Political and sovereign debt risks in Spain, conflict in the Korean peninsula and US economic uncertainty send global markets tumbling in May.
U.S. administration officials arrived in Beijing today (Monday) for high-level talks between America and China, Beijing officials sought ahead of the newly formed annual strategic summit to avoid open disagreement on the Democratic People’s Republic of Korea (North Korea) apparent sinking of a South Korean warship, exchange rates, currency reforms and other big issues that divide the two nations.
Can anything stop the Euro’s decline and its toxic after-effects? With the single currency facing the biggest crisis of its existence, Market reaction was cool; the Euro sank this week to a four-year low against the Greenback, and European stock markets have taken a battering.
The U.S. Senate had finally, and unexpectedly, passed the much ballyhooed Wall Street Reform legislation. The Senate vote, 59-39, represents a major achievement for the Obama administration despite strong GOP opposition and coming just months after the historic, but substantially watered-down, Healthcare reform package.
With last week’s welcomed news of robust jobs growth, and yesterday’s announcement that consumer prices fell in April for the first time in 13 months as energy prices tumbled and high unemployment limited the private sector’s ability to raise prices.
Wall Street reform bill is taking that rarest of paths as it meanders through the Senate: it’s actually gaining tougher provisions against the industry as it proceeds, not being watered down to win votes as health care reform was. And that puts the president’s opponents, Republicans, in an increasingly difficult position.