Daily Digest 8/12 - Homelessness In NYC Rises Sharply, U.S. Banks Told To Make Plans For Collapse
A number of European banks, including Lloyds, Barclays and ING, that have already settled money laundering cases with the Justice Department and the district attorney’s office are concerned that they could be in the state banking regulator’s sights, according to federal authorities who spoke on the condition of anonymity.
The city, for example, relied upon its emergency authority to turn two residential buildings on 95th Street on the Upper West Side of Manhattan into shelters that will eventually house about 200 adult couples, officials said. The buildings had recently been used as illegal hotels before they were shut down, and they still have some long-term tenants.
The students spent two weeks in Cerro Verde, working closely with inhabitants to prototype "co-created" products at a break-neck speed. Since returning, nearly half of the students have won International Design Excellence Awards, and a student-made documentary about the trip called Hands in the Mist has been shortlisted for a Young Directors Award at Cannes. Cabunoc and You’s design--a manually powered washer and dryer that costs less than $40 called GiraDora--has drawn special attention.
Over 100 million US residents on welfare (Martin F.)
The committee’s findings actually put the figure of US residents on welfare close to around 107 million, which appears substantial when compared to statistics from only a few years ago. During the first quarter of 2009 when Barack Obama was inaugurated as president of the United States, roughly 97 million US residents were on the receiving end of federal programs.
This fantastic and dangerous growth in the fiscal gap is not new. In 2003 and 2004, the economists Alan Auerbach and William Gale extended the CBO’s short-term forecast and measured fiscal gaps of $60 trillion and $86 trillion, respectively. In 2007, the first year the CBO produced the Alternative Fiscal Scenario, the gap, by our reckoning, stood at $175 trillion. By 2009, when the CBO began reporting the AFS annually, the gap was $184 trillion. In 2010, it was $202 trillion, followed by $211 trillion in 2011 and $222 trillion in 2012.
They told banks to consider drastic efforts to prevent failure in times of distress, including selling off businesses, finding other funding sources if regular borrowing markets shut them out, and reducing risk. The plans must be feasible to execute within three to six months, and banks were to "make no assumption of extraordinary support from the public sector," according to the documents.
"There is no time to lose," Jean-Claude Juncker warned just a few days ago. Leaders must use "all means at their disposal" to save the currency union, the head of the Euro Group said. But one thing is becoming clear: Politicians are increasingly pushing the dirty work on to the European Central Bank (ECB).
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