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Nearly every man who develops an idea works it up to the point where it looks impossible, and then he gets discouraged. That's not the place to become discouraged.
Thomas Edison Categories
Tag Archives: Congress
How the new Congress could affect stocks in 2011
Next year will be a year unlike any other for the stock market.
The Republican takeover of the House of Representatives on Tuesday, November 2, means Wall Street will be contending with three situations in 2011 that drive stock prices . . . read more Read More
Fed chief to Congress: Don’t end stimulus spending
Federal Reserve Chairman Ben Bernanke told Congress Thursday, July 22, that the fragile economy needs government stimulus spending to strengthen the recovery and help reduce unemployment.
Testifying before the House Financial Services Committee, Bernanke urged lawmakers to come up with a credible plan . . . read more Read More
Bernanke says recovery on track despite headwinds
The European debt crisis is likely to have only a “modest” impact on the U.S. economic recovery as long as Wall Street stabilizes, Federal Reserve Chairman Ben Bernanke told Congress on Wednesday, June 9.
Testifying before the House Budget Committee, Bernanke struck a more confident tone that the recovery will remain intact despite problems in Europe as well stubbornly high unemployment and a fragile housing market here at home.
“The economy … appears to be on track to continue to expand through this year and next,” Bernanke said.
However, the pace of the expansion — 3.5 percent this year by the Fed’s estimate — won’t be strong enough to quickly bring relief to the 15 million Americans who are unemployed. . . . read more Read More
How financial overhaul stands to affect consumers
If some lawmakers have their way, brokers will have to show they’re serving their customers’ financial interests. Debit cards could be cheaper to use. And homeowners would be less vulnerable to high-cost mortgages. . . . read more Read More
SEC reviews funds’ derivatives use
The Securities and Exchange Commission is reviewing the use of financial derivatives by mutual funds, exchange-traded funds and other investments to determine whether new protections are needed for investors.
The SEC said Thursday that while the review by its staff is ongoing, the agency won’t approve any new exchange-traded funds that would make “significant investments” in derivatives. Existing ETFs and other types of funds won’t be affected.
Derivatives, the complex instruments traded in a $600 trillion global market and blamed for playing a role in the financial crisis . . . read more Read More
A look at the health care overhaul bill
Congress approved a major overhaul of the nation’s health care system for President Barack Obama’s signature. Here are some of the features of the legislation.
HOW MANY COVERED: 32 million uninsured. Major coverage expansion begins in 2014. When fully phased in, 94 percent of eligible non-elderly Americans would have coverage, compared with 83 percent today.
COST: $938 billion over 10 years, according to the Congressional Budget Office.
INSURANCE MANDATE: Almost everyone is required to be insured or else pay a fine, which takes effect in 2014. . . . read more Read More
Senate Democrats unveil jobs package
Senate Democrats circulated a jobs bill Tuesday that’s light on new initiatives on boosting hiring and heavy with provisions sought by lobbyists for business groups, doctors and the satellite broadcasting industry. . . . read more Read More
Understanding Fiscal and Monetary Policies
Without a doubt, the recession that began in December 2007 has shaken up our perspective on the economy. Beyond the pressing issues facing Americans who have lost their jobs or their homes, the outcome of this recession centers on changes in the monetary and fiscal policies that underlie our economy.
What do these factors mean to you? Read More
Job Erasure
One more month…one more exceedingly painful U.S. employment report
We have now had seven consecutive terrible job reports since the American consumer was told “the sky was falling” last September 18 by Federal Reserve Chair Ben Bernanke and then-U.S. Treasury Secretary Paulson. It was on that day that this dynamic duo emotionally and very publicly asked the U.S. Congress for $700,000,000,000 to fix financial markets.
That request, and the up-and-down discussion within the U.S. Congress during the following week, simply scared the American consumer to death. The consumer stopped spending…companies of all sizes adopted a “shoot first, ask questions later” approach to layoffs…and the economy dropped quickly. The rest, as they say, is history. Read More
Advance Directives
George Santayana, the noted philosopher, poet and novelist said, “Those who cannot remember the past are condemned to repeat it.” It has been more than three and a half years since the legal battle concerning end-of-life decisions for Terri Schiavo made national headlines. Schiavo did not have a living will. The legal battle between her husband and parents over the withdrawal of a feeding tube used to keep Schiavo alive took almost 12 years and involved the governor of Florida, the U.S. Congress, the U.S. Supreme Court and the president of the United States.
Unfortunately, after this well-publicized illustration of the need to have an advance directive, recent surveys indicate that the vast majority of adults in the United States still do not have one. (The term “advance directive” covers both a living will and a health care power of attorney.) Read More
2009 Outlook
THE AMERICAN ECONOMY…the recession continues
Domestic and global financial sector paranoia has contributed to major weakness within the U.S. economy. Enormous investment and lending losses have sharply curtailed the availability of credit.
Such financial sector weakness has led to creative and extremely costly government proposals to stabilize financial markets. These factors, combined with prior excesses in new home construction and existing home price appreciation, led to the current period of serious recession, which officially began in December 2007. Read More
