Daily Digest 8/4 - Many Americans die with 'virtually no financial assets', When did Sandy Weill change his mind about Too Big To Fail?

Economy

When Did Sandy Weill Change His Mind About Too Big To Fail? And Why? (Thomas C.)

Amazingly, in that same interview in which he blamed the decline of Citi on poor Chuck Prince, Weill also told the Times that he had "no regrets" about the hiring of former Treasury Secretary Robert Rubin, the Clinton-era official who helped legalize the Citi merger ex-post-facto by agitating for the repeal of Glass Steagall.

Spain & Italy In Major Trouble Unless Germany Allows The ECB To Print Trillions Of Euros (David B.)

The only thing that is going to bring those bond yields down permanently to where they need to be is unlimited ECB intervention.

But that is not going to happen without German permission.

Study: Many Americans die with 'virtually no financial assets' (Arthur Robey)

The three pathways tend to produce very different financial outcomes for the elderly. Married couples, for one thing, are better able to mitigate the financial burdens of old age. Among retirees in the study, 52 percent who were single had annual incomes of less than $20,000 and less than $10,000 in other financial assets; by contrast, just 36 percent of single people who started out in two-person households at retirement fell below those levels, and only 26 percent of people in two-person households fit that description.

New Photo Essay Shows Human Dimension of Food Stamps (jdargis)

Half of all food stamps recipients are children. Another subject, Alejandro, a farmworker in the Central Valley of California, harvested tomatoes, chilies, oranges and pineapples this year. But when there is nothing to pick he goes without income for weeks, making it difficult for his girlfriend and their three children. Food stamps cover the basics. “If we had more money to spend I’d buy more milk and more juice for the children,” he says.

Fury Reveals Deep Rifts Near ‘Happiest Place on Earth’ (jdargis)

Like most of the City Council, Mayor Tom Tait lives in Anaheim Hills. Last week, he asked federal investigators to look into the Police Department’s practices. This week, trying to grapple with how the city could move on, he called a meeting with executives from Disney, as well as the Los Angeles Angels and the Anaheim Ducks, asking them to help come up with programs to help the most struggling neighborhoods in the city.

How Do You Attract Resilient People? Give Them Room To Grow (Dagny)

Resilient people innovate and improvise. They produce, energize, and build at the local level. They are practically optimistic (in contrast to the childish “wish-based optimism” that is so prevalent today).

They are the types of people we need around us as we head into turbulent times.

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