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’Guest post: Four fiscal deals—would any matter?
By David Gordon, Sean West and Helen Fessenden of Eurasia Group. The views expressed are strictly their own.
With all eyes on the Gang of Six, naïve hopes of a deficit deal are blossoming in Washington.
Shutdown shenanigans: something for the weekend?
Across the tape a little while ago, from Reuters:
NO BUDGET AGREEMENT REACHED AT WHITE HOUSE MEETING, REPUBLICAN HOUSE SPEAKER JOHN BOEHNER’S OFFICE SAYS
FT Alphaville is struggling to say anything new about the consequences of a potential federal government shutdown — we’ve already covered the economics (twice),
USA, incorporated and indebted
Congress continues to argue over a continuing resolution to fund non-essential parts of the US federal government past March 4.
As silly season drags on we’re still unsure whether a deal will be struck.
The FY2012 “Budget”
The White House’s FY2012 budget is out:
This is, of course, just a proposal — it’s now up to Congress to amend, appropriate and approve. That’s the theory, anyway; we’re still waiting for that FY2011 budget and the next extension for a continuing resolution to,
Politics by default
Take pity on Republican Congressman Mario Diaz-Balart.
The man in charge of Florida’s 25th congressional district has just been singled out by Deutsche Bank as the US Congressional representative with the hardest-hit constituency in terms of mortgage arrears.
US lawmakers free to continue their short selling, speculative ways
On Monday, the Wall Street Journal reported that “some members of Congress made risky bets with their own money that US stocks or bonds would fall during the financial crisis”.
On Wednesday, the newspaper published a follow-up,
Oh, those naughty short selling…US senators?
Hats off to the Wall Street Journal for delving into the two-facedness of US legislators, at least as far as short selling is concerned.
In a story published on Monday, the Journal reported that “some members of Congress made risky bets with their own money that US stocks or bonds would fall during the financial crisis”.
Congressional Alpha
US legislators appear to be rather shrewd stock pickers.
Congressional equity portfolios outperformed the wider market by an average of 55 basis points per month from 1985 to 2001, according to research cited by the Washington Post.
What’s email?
Five hours of questioning. Five hours of grilling really.
And what was the most enlightening snippet of crisis-related information Henry Paulson, former US Treasury Secretary, revealed to some very hostile US House of Representatives?
The fact that he never used email while in office.
Bernanke testifying on BofA/Merrill merger
You can watch it on Bloomberg TV, click below and then launch the video player.
Related links:
Fed faces cover-up claim on BofA merger – FT
Will Ken Lewis convince Congress? – FT Alphaville
Quote du jour
From Dealbook’s collection of financial comments by US Congressmen.
Related link:
Under the Big Top, Washington Style – Dealbook
Nowhere to run…
… Nowhere to hide for the US government. Greenbrier Hotel Corporation has filed for Chapter 11 (HT Alea).
The Greenbrier resort was, of course, outed as a secret government bunker by the Washington Post in 1992.
Rulers of the derivatives universe
You may have heard how the proposed amendment to the US Commodities Exchange Act is likely to impose severe restrictions on credit-default-swap trading.
But there’s more to the bill than just that. The proposal goes before a Agricultural congressional hearing on Tuesday at 6pm and will include testimonies from among others Terrence Duffy,