Washington's not listening to America. Rep. Kevin McCarthy says Washington hasn't been listening to what Americans wantHe says people wanted lower health care costs, not a costly new entitlementPeople wanted more jobs, not a stimulus that has failed to keep unemployment down, he saysMcCarthy says the GOP is asking Americans for ideas for a new policy agenda Editor's note: Rep. Kevin McCarthy represents the 22nd District of California and is the chief deputy Republican whip in the House. (CNN) -- Washington isn't listening. When Americans have spoken up, their voices have fallen on deaf ears. Americans wanted jobs, but instead Washington passed a "stimulus" that has failed to keep unemployment below 8 percent as promised -- while producing countless instances of government waste.
Americans wanted lower health care costs, but instead Washington passed a health care law that will actually increase costs and hurt our economy. Read more about the GOP's plan Video: Election 2.0. Armageddon, brought to you by the FCC - May. 13, 2010. By David Goldman, staff writerMay 13, 2010: 2:53 PM ET NEW YORK (CNNMoney.com) -- Your Internet bill will go up $50 a month! You won't be able to access your favorite Web site! Your Internet connection is going to slow to a crawl! That's just some of the rhetoric and doomsday scenarios flying back and forth over the contentious subject of "Net neutrality. " Many of the sky-is-falling, self-serving arguments are standard Washington lobby shop speak, but the reality is quite different. The talk heated up last week, after the Federal Communications Commission proposed regulatory changes that would give it a say in how the Internet is delivered to consumers.
Under the mandate, dubbed "Net neutrality," the FCC would require Internet providers, like phone and cable companies, to treat all Web content equally. Independent analysts say there are elements of truth to both arguments. Here's a quick look at some of the changes you might see if Congress approves the FCC's proposals: Here's why. Viewpoint: Brazil's growing international presence. 24 May 2010Last updated at 11:41 Brazil, Russia, Indian and China: a new grouping on the world stage The Brazilian government's recent mediation efforts to persuade Iran to sign a deal on enriching uranium as a way of allaying suspicions about its nuclear programme highlighted Brazil's ambition to project its influence beyond South America.
Rubens Barbosa, former Brazilian ambassador to the US and the UK, offers his views on his country's growing international presence: The world has undergone major political and economic changes in recent years. The era of US unilateralism has ended and new centres of power have emerged, a transformation accelerated by the global economic crisis.
Brazil is one of the countries to most benefit from the new international disorder. But which specific factors explain why Brazil is opening up to the world and expanding its interests? There are, first of all, various domestic reasons. President Lula has pursued a pro-active foreign policy Honest broker Reforms needed. Untitled. What have we seen as economic trends between 1980 and today? How has the drive for economic success impacted families and our daily lives? What are GDP and GNP and why do we care about them? How do underemployment and shrinking benefits impact the American dream? These are some of the questions that will be answered during this lesson. Welcome to Signs of the Economic Times, a lesson from the Teaching Economics As If People Mattered series, brought to you by United for A Fair Economy, Reach And Teach, and Tamara Sober Giecek.
The following information will help you prepare to have a lively, engaging, and effective hour of learning with your group. Learning Objectives This lesson, which takes approximately one classroom hour (55 minutes) has the following learning objectives: Review economic trends from 1980 through the present. Concepts and Key Terms The following concepts and key terms are covered in this lesson: Download Lesson Plan Articles and Other Web Resources. Elsevier. Treasurys decline on easing euro zone worries - May. 12, 2010.
By Blake Ellis, staff reporterMay 12, 2010: 5:35 PM ET NEW YORK (CNNMoney.com) -- Treasurys declined Wednesday as signs of improvement in the euro zone overshadowed solid results from a government auction of 10-year notes. What prices are doing: The benchmark 10-year note fell 14/32 to 100-13/32, pushing the yield up to 3.58% from 3.53% on Tuesday. Bond prices and yields move in opposite directions. The 30-year bond was down 3/32 to 102-9/32 with a 4.48% yield. The 2-year note edged down 2/32 to 100-8/32 with a 0.87% yield.
What's moving the market: Increased confidence in the market on Wednesday led investors away from the safety of government-backed bonds and into riskier assets like stocks. A report from the euro zone showed that the region's economy grew 0.2% in the first quarter. While the market lost steam on Tuesday because investors became skeptical of how effective the aid package would be, some confidence returned on Wednesday. Share thisShare this. Obama committed to passing free-trade deals: Clinton. Senate wades into mortgage finance in bank bill. US trade deficit widens as recovery gathers pace. 12 May 2010Last updated at 16:18 US imports have grown as economic recovery continues The US trade deficit rose to a 15-month high in March as rising imports underlined the economy's recovery.
Figures from the Commerce Department showed the gap between imports and exports rose 2.5% to $40.4bn. A higher deficit suggests that the pace of corporate and consumer demand is growing following the recession. However, economists said the outlook for US exports was curtailed by Europe's debt crisis, where latest figures show slow economic growth. Imports of goods and services were up 3.1% to $188.3bn in March, while exports rose 3.2% to $147.87bn. The recent weakness of the dollar helped US manufacturers boost exports. "The outlook for exports has been dampened by the fiscal crisis in Europe, which has reduced the prospects for overseas activity," said Paul Dales, senior economist at Capital Economics. The deficit with the 27-nation European Union rose to $7.1bn in March, a 32.7% jump. Heavy machinery.
Senate Wall St reform bill hits credit raters. White House touts states' role in bank overhaul. California budget battle looms. Fed not likely to sell assets soon: annual report. Off the Charts - Trade Surges in Some Countries, Creeps Up in Ot. The accompanying charts show the changes in exports and imports for 12 countries — four major industrial nations, four troubled members of the euro zone and four emerging economies.
In each of the four emerging economies, China, India, South Korea and Brazil, imports are rising at a faster rate than exports, although only India has a trade deficit. China is no longer running the world’s largest trade surplus. In fact, the monthly average surplus for the most recently reported three months — February through April — was only $683 million. For a country that imports and exports $10 billion a month, that is a negligible number. The figures are based on each country’s reported trade in goods, valued in dollars for the sake of consistency. A year ago, trade appeared to be collapsing around the world, in large part because of the and the reactions of both companies and consumers to it.
Europe’s Debt Crisis Casts a Shadow Over China. Chinese policy makers reached a rough consensus early last month about breaking the dollar peg and letting the currency, , rise in value somewhat, according to people close to Chinese currency policy makers. Uncoupling the currencies would make American goods more competitive against Chinese products. But for various reasons, China has not yet put that policy into place. And in light of ’s nose dive, such a move could be difficult. Letting the renminbi rise against the dollar would also mean a further increase in the renminbi’s value against the euro, creating even more problems for Chinese exporters to Europe. The euro has plunged against the renminbi in recent weeks, at one point Monday reaching its lowest level since late 2002. The steep rise of the renminbi prompted a Commerce Ministry official in Beijing to warn Monday that China’s exports could be threatened.
The official’s comments were the most explicit yet on the implications for China of Europe’s recent financial difficulties. Senate keeps 5 percent skin in the game requirement. Loan demand to buy homes sinks to 13-year low. Congress to consider spending and tax measures. - May. 19, 2010. By Jeanne Sahadi, senior writerMay 19, 2010: 12:05 PM ET NEW YORK (CNNMoney.com) -- Amid growing concerns about deficits, Congress will in coming weeks consider a bevy of measures that combined could increase the deficit by close to $500 billion over 10 years.
And that doesn't include the big kahuna on this year's agenda: extending the 2001 and 2003 tax cuts, which could cost anywhere from several hundred billion dollars to more than $2 trillion. While it is expected that many measures will be paid for with revenue-generating provisions, the total cost of all that's on the table would not be fully offset. That's in large part because several measures are exempt from the new "pay-as-you-go" law. Some of the measures have already been factored into 10-year deficit projections. The specific contents of the major bills under consideration are still being shuffled about. But several of the measures below are likely to make the cut in one form or another. But the program expires in June.
Mortgage Delinquencies Rose in the First Quarter. Data released Wednesday by the Mortgage Bankers Association showed the mortgage delinquency rate rose in the first quarter to 9.38 percent of all loans outstanding, from 8.22 percent in same period last year. When adjusted for seasonal variations, the default rate rose over 10 percent for the first time. Seasonal adjustments are used to smooth out data in ordinary times, but in these extraordinary times the bankers’ group said it was not sure how much they could be trusted. In the first quarter the seasonal adjustments showed the delinquency rate worsened considerably.
The raw data, on the other hand, indicated a marked improvement. Warning that “fundamental market factors” might be exercising undue influence over the seasonal numbers, the mortgage bankers said they did not know whether the optimistic or pessimistic sequence was more accurate. Questions about the reliability of seasonal data in measuring the housing crisis extend beyond the mortgage industry. Fed upgraded economic outlook. FNM: Balance Sheet for Federal National Mortgage Assoc - Yahoo! Investigation Into Banks, Securities Widens. Big borrower California won't slip like Greece. Senate votes to end liar loan mortgages - May. 13, 2010. By Tami Luhby, senior writerMay 13, 2010: 2:40 PM ET NEW YORK (CNNMoney.com) -- The Senate voted Wednesday to ban controversial "liar loans," which helped bring down the housing market.
The legislation, part of the broader financial regulatory reform bill working its way through Congress, would require lenders to fully document a borrower's income before originating a mortgage. It would also mandate that lenders verify a borrower's ability to repay the loan. This would effectively end the origination of no-doc or stated-income mortgages, which many call "liar loans" because borrowers did not have to prove their income.
Housing experts point to these mortgages as one catalyst for the housing collapse. The bill would also prohibit lenders from giving brokers incentives for steering customers to loans with higher interest rates or prepayment penalties. The provisions build on Federal Reserve regulations that required lenders to verify the income and assets of subprime borrowers. U.S. Mortgage Program Stalling, Data Shows. Justin Sullivan/Getty Images Wells Fargo employees helped homeowners having trouble with their mortgages review paperwork. The government’s program has helped about 300,000 defaulting households get permanent new , according to federal data released on Monday. But that is only a small fraction of the estimated four million households in danger of foreclosure and of the 1.7 million households that the governments thinks would qualify for the program. Begun only a year ago, the Making Home Affordable Program already seems to be running low on applicants.
The number of borrowers that enrolled in the trial phrase in April was only about a third of the number that signed up in September. There are several possible reasons for the scarcity in applicants. More than 637,000 households are now in the trial phase of the program, during which borrowers need to consistently make their payments. “The program is dying,” Calculated Risk, a popular financial blog, said after examining the data. Mr. Mexican Leader to Visit U.S. as Woes Mount. One of Mr. Calderón’s close friends was recently kidnapped. Blood was found in the man’s vehicle. His whereabouts remain unknown. Beyond that, a candidate from Mr. Calderón’s center-right National Action Party in the state of Tamaulipas, which borders Texas, was shot dead last week, one of a plethora of gory attacks that have appeared on the front pages of the Mexican newspapers and are presumed to be drug related.
When Mr. The answer, his aides say, is to walk a fine line, acknowledging the problem while highlighting the progress that has been made: Arrests, drug and gun seizures and extraditions to the United States are all up significantly since Mr. But drug-related violence is up as well, a trend Mr. Mr. On , Mr. Though the two governments are at odds on a variety of issues, including the immigration crackdown and a dispute over allowing Mexican trucks to enter the United States, relations between Mr. Here at home, Mr. Mr. Mr. Mr. But Mr. Speaking in Spain on Sunday, Mr. Mr. Why the euro is headed for dollar parity - May. 18, 2010. By Kit R. Roane, contributorMay 18, 2010: 2:58 PM ET (Fortune) -- Whether or not Gisele and Jay-Z are still dancing, the euro party looks to be over. Briefly slumping to a four-year low against the dollar yesterday, the euro has gained the dubious distinction of being the worst-performing major currency this year.
And more pain could be on the way, despite the $1 trillion aid package that bought the European Union's financial impresarios enough time to force some tough love on Greece and other debt-tipsy members. Although the currency regained a bit of strength today, don't expect it to find momentum anytime soon. Concern over the eurozone's growth and its lingering fiscal morass has led several analysts to call for the euro, currently valued at about $1.24, to reach dollar parity before it stages any sort of rebound. Euro's wild ride They weren't alone, of course. One would think the euro's pain would be the dollar's gain.
Share thisShare this. Southern California home sales fall 1% in April as fewer foreclo. Southern California's housing market held its ground in April, data released Tuesday show, with prices rebounding off their year-earlier lows but sales slipping for the first time in nearly two years as the number of fast-selling foreclosure properties dwindled considerably.
The median price for all Southland houses, town homes and condominiums sold last month was $285,000, a 15.4% increase from the April 2009 bottom, when foreclosures accounted for more than half the resale market. But the closely watched median — the price at which half the homes sold for more money and half for less — was unchanged from March, according to San Diego-based MDA DataQuick. Sales for the region fell 1% in April compared with a year earlier — the first decline in 22 months — indicating that the Southland's supply of cheaper, bank-owned properties is tightening when compared with last year's glut. The month-to-month drop was almost the same, 0.9% compared with March. Volcker: Europe's debt crisis shows risks for U.S. Small business loans: A TARP-free redo for $30 billion plan - Ma. Delinquency tide turning? Mortgage report sends mixed signals |
Mortgage delinquencies hit 10% - May. 19, 2010. California lawmakers lauded for attempted fiscal rescue | Reuter. EU eases trade with Latin America at Madrid summit. The Buzz: Are stocks in a correction or a bear market? - May. 24. Obama seeks way to cut costs from spending bills. Tony Blair to Join Khosla Ventures. Banks Fret as Regulators Push to Set Capital Levels - NYTimes.co. No need to force banks out of swaps business: Frank. Obama urges bipartisan support for $30 billion job aid.