If not, watch the following.
Wednesday, April 28, 2010
Bernanke says prompt action needed on deficit - Yahoo! News
EXCERPTS:
WASHINGTON (Reuters) – Federal Reserve Chairman Ben Bernanke said on Tuesday the country's budget deficit is on an unsustainable path and requires near-term action from policymakers to avoid dangerous outcomes.... "In the absence of further policy actions, the federal budget appears set to remain on an unsustainable path," Bernanke told the 18-member National Commission on Fiscal Responsibility and Reform.
Bernanke said the nation's heavy debt load risked putting upward pressure on interest rates.
"Given the significant costs and risks associated with a rapidly rising federal debt, our nation should soon put in place a credible plan for reducing deficits to sustainable levels over time," Bernanke said.
His remarks come as investors around the world fret over a worsening debt crisis in Greece, which forced the country last week to ask for financial aid from fellow European Union nations and the International Monetary Fund.
Not all economists agree the U.S. deficit is too large given the size of the economy and given the need for continued stimulus in the wake of the worst recession since the Great Depression.
COMMENT: Just to be sure you're clear on this: not all economists agree that there is "need for continued stimulus," or that there was a need for any stimulus to deal with the recession.
WASHINGTON (Reuters) – Federal Reserve Chairman Ben Bernanke said on Tuesday the country's budget deficit is on an unsustainable path and requires near-term action from policymakers to avoid dangerous outcomes.... "In the absence of further policy actions, the federal budget appears set to remain on an unsustainable path," Bernanke told the 18-member National Commission on Fiscal Responsibility and Reform.
Bernanke said the nation's heavy debt load risked putting upward pressure on interest rates.
"Given the significant costs and risks associated with a rapidly rising federal debt, our nation should soon put in place a credible plan for reducing deficits to sustainable levels over time," Bernanke said.
His remarks come as investors around the world fret over a worsening debt crisis in Greece, which forced the country last week to ask for financial aid from fellow European Union nations and the International Monetary Fund.
Not all economists agree the U.S. deficit is too large given the size of the economy and given the need for continued stimulus in the wake of the worst recession since the Great Depression.
COMMENT: Just to be sure you're clear on this: not all economists agree that there is "need for continued stimulus," or that there was a need for any stimulus to deal with the recession.
Tuesday, April 27, 2010
Crisis and Leviathan
From "How the West Grew Rich:"
Monday, April 26, 2010
Legislation to protect consumers from insurance company penalties - NOLA.com
EXCERPTS:
"BATON ROUGE -- Legislation that would bar insurance companies from assessing a penalty on policyholders who cancel their insurance before its expiration date has cleared a Senate committee and is now awaiting action by the full Senate.
"McPherson's bill also would require that within 30 days of a policyholder's cancellation, the company must rebate to the customer a pro-rated share of the premium. "I don't think people should be penalized if they find a better deal," Campbell said.
"BATON ROUGE -- Legislation that would bar insurance companies from assessing a penalty on policyholders who cancel their insurance before its expiration date has cleared a Senate committee and is now awaiting action by the full Senate.
"McPherson's bill also would require that within 30 days of a policyholder's cancellation, the company must rebate to the customer a pro-rated share of the premium. "I don't think people should be penalized if they find a better deal," Campbell said.
Saturday, April 24, 2010
Brussels decrees holidays are a human right - Times Online
EXCERPTS:
"AN overseas holiday used to be thought of as a reward for a year’s hard work. Now Brussels has declared that tourism is a human right and pensioners, youths and those too poor to afford it should have their travel subsidized by the taxpayer.
Under the scheme, British pensioners could be given cut-price trips to Spain, while Greek teenagers could be taken around disused mills in Manchester to experience the cultural diversity of Europe.
The idea for the subsidised tours is the brainchild of Antonio Tajani, the European Union commissioner for enterprise and industry, who was appointed by Silvio Berlusconi, the Italian prime minister.... Tajani, who unveiled his plan last week at a ministerial conference in Madrid, believes the days when holidays were a luxury have gone. “Travelling for tourism today is a right. The way we spend our holidays is a formidable indicator of our quality of life,” he said.
"AN overseas holiday used to be thought of as a reward for a year’s hard work. Now Brussels has declared that tourism is a human right and pensioners, youths and those too poor to afford it should have their travel subsidized by the taxpayer.
Under the scheme, British pensioners could be given cut-price trips to Spain, while Greek teenagers could be taken around disused mills in Manchester to experience the cultural diversity of Europe.
The idea for the subsidised tours is the brainchild of Antonio Tajani, the European Union commissioner for enterprise and industry, who was appointed by Silvio Berlusconi, the Italian prime minister.... Tajani, who unveiled his plan last week at a ministerial conference in Madrid, believes the days when holidays were a luxury have gone. “Travelling for tourism today is a right. The way we spend our holidays is a formidable indicator of our quality of life,” he said.
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