Lew says U.S. still opposed to financial transaction tax
WASHINGTON - Treasury Secretary Jack Lew reiterated the government's opposition to a tax on financial transactions, which would make banks pay for help in the financial crisis and is gaining steam in Europe.
Found 1 month ago on channel Reuters
Viewpoint: Stop Calling Student Loans a “Bubble”!
Ever since the financial crisis, Americans have begun to see bubbles everywhere they turn. The damage wrought by the real estate bubble has been so extensive that the nation is rightfully terrified that another asset bubble is inflating beneath our noses, preparing to wreck the American economy at the drop of a hat. Bubble-phobia has now become issue number one for those who reject Ben Bernanke’s aggressive regiment of monetary stimulus, as they think it may be inflating bubbles in everything from real estate to Treasury bonds. But for frothophobes, the most dangerous bubble going today is in higher education. Don’t believe me? A quick Google search will reveal hundreds of stories foretelling of a crisis when the student loan bubble finally bursts. But let’s get a grip. When you take a closer look at higher education, you realize that while we do indeed have some problems to address, a bubble situation it is not. Here’s why: 1. The primary issuer of student loans is the federal ...
Free Federal Wireless Broadband For All Americans? Fuggedaboutit!
The United States government is not going to be providing free WiFi Internet access to consumers anytime soon. That news may surprise anyone who read a startling Washington Post story on Sunday that seemed to confuse a fairly esoteric telecom policy proposal about the use of so-called “white space” wireless spectrum with some sort of free national wireless Internet access plan. The “free WiFi for all” story, which was passed around uncritically by Internet blogs and news sites, set off a furor because the notion cuts to the heart of ongoing battles over access to the Internet, the “digital divide,” and federal policy decisions that could have major implications for the telecom, cable, and technology industries. But the story was wrong, as Ars Technica pointed out. On Tuesday, outlets that repeated the bunk story began walking their reports back, in some cases apologizing for giving bad information to the public. The episode, which provoked a strong pushback from tech ...
U.K. Closer to Recession as Economy Contracts in Q4
(LONDON) — Britain’s economy contracted by a worse-than-expected 0.3 percent in the last three months of 2012, raising the possibility that it might fall back into recession for the third time since the global financial crisis. The Office for National Statistics said Friday that there was no growth in the nation’s big services industry while output of production industries fell by 1.8 percent, including a 1.5 percent drop in manufacturing. (MORE: Why Europe’s Healthiest Economy Has Its Worst Drug Problem) Britain emerged from a nine-month recession in the third quarter, when GDP grew by 0.9 percent. But if the economy shrinks again in the first quarter of 2013, it will be officially back in a technical recession, defined as two consecutive quarters of economic contraction. “Today’s numbers have greatly increased the risk of a new recession and a downgrading of the U.K.’s AAA credit rating,” said Chris Williamson, chief economist at financial data company Markit. All three ...
Europe Markets: Europe shares slip; banks under pressure
European shares traded slightly lower Tuesday, losing ground after U.S. Treasury Secretary Timothy Geithner the previous day warned the government could hit its self-imposed debt ceiling between mid-February and early March unless Congress raises it.