There will be no winners once Detroit enters bankruptcy. Those who were promised health and retirement benefits are going to be faced with stark painful reality. Bondholders are going to take a massive haircut. Those residents still living there will have to tighten their belts still further.
Stock and commodities markets went into a two-day slide after Federal Reserve Chairman Ben Bernanke hinted that the United States would end so-called “quantitative easing” sometime during 2014.
A number of states are exploring new fees for hybrid and electric car owners in order to compensate for the loss of revenue in gas taxes on fuel-efficient vehicles. The proposal is opposed by those who view the new fees as antithetical to one of the touted benefits of owning a hybrid: savings.
President Obama will announce the appointment of Dr. Jason Furman to chair the White House's Council of Economic Advisers (CEA) Monday afternoon, according to a White House statement. Furman has a Ph.D. in economics from Harvard University and received an MSc from the London School of Economics. He has advised Obama on economics matters since the president’s 2008 election campaign.
A former insider at the World Bank, ex-Senior Counsel Karen Hudes, says the global financial system is dominated by a small group of corrupt, power-hungry figures centered around the privately owned U.S. Federal Reserve.