Oh No, Canada! Are We Watching Another North American Financial Crisis Unfold?
For some time during and after the financial crisis, it was fashionable to point to Canada as a paragon of fiscal and regulatory prudence. In the years leading up to the crisis, the Canadian government ran budget surpluses, which enabled it to stimulate the economy without creating huge debt loads we now see in Greece and Spain. In addition, the Canadian banking system faced stricter capital requirements and were more risk-averse than their American and European counterparts. Perhaps most important, Canada avoided the sort of real estate bubbles seen in the U.S. and Great Britain due to tighter lending standards and the absence of mortgage interest deductibility — at least until recently. For the past year or more, Canadian officials have nervously watched as household debt levels has risen to worrying heights, fueled by increased mortgage borrowing. As The Wall Street Journal reported this week: “Borrowing to buy property has helped make Canadians some of the most leveraged consumers ...
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Pro-Obama super PAC outpaces GOP counterpart
Monday, October 22, 2012 - 10:28 Justin Sullivan/Getty Images Pro-Mitt Romney super PAC Restore Our Future doubled its monthly hall but was outraised by its pro-Obama counterpart Priorities USA Action for the second month in a row. Restore Our Future , a super PAC supporting Mitt Romney’s candidacy, doubled its fundraising total in September. It took in $14.8 million , but was still outraised by the pro-President Barack Obama Priorities USA Action , which raised $15.3 million for the month. The totals show a reversal of a trend — Republicans to date have fared better at raising money for outside groups, though Romney still has American Crossroads, a well-funded super PAC, and Crossroads GPS, a nonprofit, in his corner. Restore Our Future brought in $7 million in August. Most of the major super PACs had until Saturday at midnight to file monthly reports with the Federal Election Commission on September’s fundraising activities. Meanwhile, J. Joe Ricketts, whose conservative Ending ...
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PODCAST: Greek and Spanish protests, 3-D printing buzz
Wednesday, September 26, 2012 - 09:35 Aris Messinis/AFP/Getty Images Demonstrators march on September 26, 2012 in Athens during a 24-hours general strike. Feels like we've seen this before, and yet -- today's angry confrontations and the tens of thousands on the streets in Spain and Greece come at a sensitive time. Spain has signaled it is close to asking for a bailout that will bring some harsh conditions for people used to a big-spending government. And Greece is trying to find a way to adhere to the conditions it has already accepted. New home sales in the U.S. fell a bit in August. But they're still sitting near two-year highs. Prices of new homes hit the highest point in five years. Also new this morning: Applications for mortgages rose last week -- thanks to interest rates plumbing record lows. In recent years Americans have been replacing their knees at an remarkable rate. A new study in the Journal of the American Medical Association finds total knee replacements have more than doubled ...
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