It is a neat solution for bankers and politicians, who don’t want to have to deal with another messy banking crisis and are happy to see it disposed of by statute. But a bail-in could have worse consequences than a bailout for the public. If your taxes go up, you will probably still be able to pay the bills. If your bank account or pension gets wiped out, you could wind up in the street or sharing food with your pets.
It was “the first good monthly report of the recovery,” DeLong wrote yesterday on his blog and in a Twitter post. That’s because it’s the first since before the recession in which payroll growth exceeded 300,000 with unemployment below 6 percent, he said.
The bank perks are not a traditional budget item. They would allow financial institutions to trade certain financial derivatives from subsidiaries that are insured by the Federal Deposit Insurance Corp. — potentially putting taxpayers on the hook for losses caused by the risky contracts. Big Wall Street banks had typically traded derivatives from these FDIC-backed units, but the 2010 Dodd-Frank financial reform law required them to move many of the transactions to other subsidiaries that are not insured by taxpayers.
The Police In America Are Becoming Illegitimate (Michael W.)
This policy of constantly badgering people for trifles generates bloodcurdling anger in “hot spot” neighborhoods with industrial efficiency. And then something like the Garner case happens and it all comes into relief. Six armed police officers tackling and killing a man for selling a 75-cent cigarette.
No consensus has emerged about when officers should turn on their cameras, which could leave departments open to accusations of selective recording. And tapes do not always lead to universally shared conclusions. The footage of Eric Garner’s death this year on Staten Island and of Rodney G. King’s beating by Los Angeles officers in 1991 ultimately revealed the shortcomings of video as evidence, even as they thrust violence against unarmed black men into the public eye.
Even after patients recover, many treatment centers delay releasing them for more than a week until there are enough other survivors, sometimes dozens, to hold one huge goodbye ceremony for everyone — again, keeping desperately needed beds occupied. “I just wanted to get home and see my wife,” said Suliman Wafta, a recent Ebola survivor treated nearby. “But I had to wait eight extra days.”
Putin’s Stash Of Oil Money Is Shrinking (jdargis)
The finance ministry says it will probably take $10 billion out of one of the funds to plug a hole in the government’s 2015 budget. And in his annual address to lawmakers on Dec. 4, President Vladimir Putin said that the other fund, which is intended to support Russia’s pension system, should be tapped for an unspecified amount “to implement a program for recapitalization of leading domestic banks,” which in turn would be expected to invest in infrastructure projects.
The email exchange from October 2011, obtained through an open-records request, offers a hint of the unprecedented, secretive alliance that Mr. Pruitt and other Republican attorneys general have formed with some of the nation’s top energy producers to push back against the Obama regulatory agenda, an investigation by The New York Times has found.
Gold & Silver
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