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Kim Phillips-Fein, author of "Invisible Hands: The Making of the Conservative Movement from the New Deal to Reagan," on business and the origins of the modern conservative movement. More »
As more readers consume news on the Net, media elites worry their industry is changing for the worse. Meantime, press coverage of President Obama, they say, is “about right.”
Amid a high-powered corporate lobbying campaign to preserve the tax treatment of overseas income, researchers at the University of Kansas have found that when Congress in 2004 granted firms a one-time pass to bring that income home at a reduced tax rate, the lobbying paid off -- big time. Their study found that every dollar companies spent on lobbying for that tax break -- which they tried to revive during the economic stimulus debate this year -- saved them $220… More »
In her first major initiative, SEC Chairwoman Mary Schapiro today announced five potential ways to restrict short-selling, the practice of buying and selling stocks betting that prices will fall. Critics say rampant short-selling has contributed to recent stock-market plunges. One option put forward for public comment is restoring a Depression-era rule that prohibits short-sellers from making their trades until a stock goes at least one cent above its previous… More »
Business lobbying groups are ramping up their outreach to preserve over-the-counter trading for derivatives products, arguing they are crucial for companies to hedge their risks against currency fluctuations and commodity spikes. The U.S. Chamber of Commerce is gearing up its lobbying as Congress looks to rewrite rules regulating the transactions of the $20 trillion OTC market in the wake of the government rescue of American International Group, which could… More »
Treasury Secretary Timothy Geithner discusses the economy and the auto industry with CBS. More »
Alarmed by the proliferation of con artists taking advantage of Americans trying to keep their homes out of foreclosure, the Obama administration today announced federal and state agencies would work together to crack down on scams. The effort was announced by Attorney General Holder, Treasury Secretary Geithner and others. It targets those who are offering hope -- usually at a high cost -- to troubled homeowners but providing little actual help. "For millions… More »
Sens. Debbie Stabenow, D-Mich, and Bob Corker, R-Tenn., [Sunday] gave cautious and limited endorsements of the Obama administration's handling of the crisis in the nation's automobile industry. Appearing on CNN's "State of the Union," Stabenow thanked President Obama for giving Chrysler more time to hammer out a merger with Fiat and General Motors more time to restructure. But she suggested any kind of bankruptcy - which Obama said is a possible outcome - would… More »
The House Thursday evening approved the FY10 budget resolution, 233-196, laying the groundwork for initiatives called for by President Obama. All Republicans and 20 Democrats opposed the resolution. Budget Chairman John Spratt said he hopes to have a conference "as soon as possible" in order to kick off the appropriations process. "I haven't seen the final product from the Senate ... but from what I understand we are not that far apart, so hopefully we can write a… More »
BRUSSELS, Belgium -- President Obama meets today in London with the leaders of the world's largest economies. They can be expected to call for solidarity in the face of the worsening global economy and to issue a lengthy list of commitments to revive economic growth and better regulate international financial transactions. Out of diplomatic deference, what their meeting communiqué will not say is that most of what has to be done will fall on the shoulders of the… More »
Ahead of the G20, the BBC asks Pres. Obama which countries are to blame for the credit crisis More »
House Ways and Means Select Revenue Measures Subcommittee Chairman Richard Neal, D-Mass., said today he wants to write bipartisan legislation to enhance the IRS' ability to crack down on offshore tax dodgers. At a hearing today, Neal and IRS Commissioner Douglas Shulman said Congress and the administration need to develop better enforcement tools, which Shulman said would be forthcoming "in the next month or so." University of Michigan Law Professor Reuven… More »
With 50 hours of debate to kill, partisan saber-rattling began Monday on the FY10 budget resolution as the Senate kicked off debate on the measure. Sen. John McCain, R-Ariz., railed against the resolution, which includes top policy initiatives, such as healthcare reform, proposed by President Obama in his FY10 budget proposal. "Like the president's plan, the measure amounts -- in all candor -- to generational theft," McCain said. "It ... raises at least… More »
Budget leaders [Sunday] continued their rhetorical war in anticipation of what is expected to be a tough partisan battle on the floors of the House and Senate over the FY10 budget resolutions. Democratic leaders of the House and Senate Budget committees said proposals to reform health care and other initiatives in President Obama's budget will help reduce the deficit and ultimately strengthen the economy. Speaking on CNN's "State of The Union," House Budget… More »
While acknowledging the need to fill regulatory gaps in the oversight of financial institutions, SEC Chairwoman Mary Schapiro voiced concern Thursday about creating a systemic regulator that might displace existing federal agencies. Schapiro appeared before the Senate Banking Committee to discuss ways to improve investor protections. When asked about the Treasury Department's proposal to create a single systemic regulator, the SEC chief said she was concerned "that… More »
Treasury Secretary Geithner [Wednesday] outlined legislation that would give his department the authority to take over nonbank institutions such as American International Group. Geithner said his department would send bill language to Congress this week that would apply to bank- and thrift-holding companies as well as holding companies that control broker-dealers, insurance companies and futures commission merchants. The measure is designed to give the federal… More »
William D. Cohan, author of House of Cards, explains how Wall Street Banks first started courting disaster decades ago More »
