David Weidner's Writing on the Wall: 5 races investors must watch Election Day
Who wins will go a long way toward determining how Wall Street will be regulated, how the Federal Reserve will set policy, and what the tax burden will be for those who depend on investment income, writes David Weidner.
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Federal Reserve Says Economy Showing Moderate Improvement
(WASHINGTON) — The Federal Reserve said Wednesday that the U.S. economy is improving only moderately and still needs its support to help lower unemployment. The Fed took no new action after a two-day policy meeting. It wants time to assess whether the aggressive steps it launched in September will boost economic growth and job creation. In a statement, the central bank said job growth has been slow and the unemployment rate remains elevated. It noted that consumer spending has strengthened slightly and that housing has shown further signs of improvement. But growth in business investment has slowed. (MORE: U.S. Rate on 30-Year Mortgage Hits Record 3.36 Percent) The Fed’s updated view of the economy comes less than two weeks before the U.S. presidential election, after a campaign that has focused on the state of the economy. In its statement, the Fed noted that inflation has recently risen slightly because of higher energy prices. But it said inflation over the long run should remain ...
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Interview: Paul Volcker on why U.S. presidents still call on the former Fed chief
Monday, October 15, 2012 - 14:00 Alex Wong/Getty Images Former Federal Reserve Board Chairman Paul Volcker at the Senate on May 9, 2012. Marketplace for Monday, October 15, 2012 Paul Volcker is the Federal Reserve chairman who served under five American presidents, helped end the gold standard under President Nixon and warned early about the mortgage crisis. He is also the man, of course, who inspired the Volcker Rule in the Dodd-Frank financial reform act. Now Volcker is the subject of a new book called "Paul Volcker: The Triumph of Persistence" by financial historian William Silber. Both Volcker and Silber both joined Marketplace host Kai Ryssdal in the studio to discuss why the former Fed chief is widely considered to be the most influential Fed chairman that's served, about the "lack of discipline in economic policymaking," and what concerns him about today's economy. Kai Ryssdal: Thanks for being here, you guys. Paul Volcker: Nice to be with you at a distance. William Silber: Nice to ...
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Goldman Sachs switches support to Romney
Tuesday, October 9, 2012 - 11:22 RICHARD A. BROOKS/AFP/Getty Images Goldman Sachs has long supported Democrats in the presidential contest. But not this year. Why Goldman and other Wall Street banks are throwing their support behind Mitt Romney. Goldman Sachs has long supported Democrats in the presidential contest. Goldman employees gave generously to then-Senator Barack Obama in 2008. But not this time. Goldman, along with the majority of people who work at big Wall Street banks, are backing former Massachusetts Gov. Mitt Romney instead. One big reason? Dodd-Frank. Banks initially opposed the federal government's 2010 regulation of the financial sector. Perhaps even more significant, however, was the sense that Goldman and other highly influential institutions suddenly seemed a little less influential in Washington. Accustomed to members of Congressional Financial Services committees coming in for office visits, and frequent telephone communication, under Obama's White House, communciation ...
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Chavez victory mixed outcome for Venezuela energy sector
Monday, October 8, 2012 - 08:32 LUIS ACOSTA/AFP/GettyImages Supporters of Venezuelan President Hugo Chavez celebrate after receiving news of his reelection in Caracas on October 7, 2012. In Venezuela, President Hugo Chavez has been reelected to a new six-year term. He had 54 percent of the vote; much closer than he's gotten used to during his 14 years in office. The young challenger signalled he will continue to lead the political opposition. Federico Barriga, a London-based analyst at the Economist Intelligence Unit, says that despite the close elections, Chavez's "margin of victory was big enough that there is no reason to think that he will take a different stance." Barriga notes that there is a chance that the election may give way to even more radical policy from Chavez. For international investors and Venezeulan producers, "it is a bit of mixed outcome, Venezuela does need foreign investment in the energy sector to sort of boost production," says Barriga, "but the business environment ...
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