Emprunter pour consommer sans produire, maladie chronique des économies libérales occidentales
par Jean-Paul Baquiast
par Jean-Paul Baquiast
mercredi 16 février 2011
Rénover le dialogue entre l'État et les collectivités territoriales : une nécessité pour une démocratie apaisée - rapport d'information n° 272
Rénover le dialogue entre l'État et les collectivités territoriales : une nécessité pour une démocratie apaisée - rapport d'information n° 272: "Rapport d'information n° 272 de Mme Jacqueline GOURAULT et M. Didier GUILLAUME, fait au nom de la Délégation aux collectivités territoriales et à la décentralisation : Rénover le dialogue entre l'État et les collectivités territoriales : une nécessité pour une démocratie apaisée (1er février 2011)"
lundi 14 février 2011
L'EUROPE ET LA CRISE FINANCIERE
Face à la crise financière, quelle doit être la réponse européenne ?
par SAeeeD
LA CRISE FINANCIÈRE INTERNATIONALE: MENACES ET CONTRAINTES Partie 3: LES
SOLUTIONS ET LES MESURES ANTI-CRISES Chapitre1 : Les solutions proposées
par les Etats-Unis et l'Europe Section2: les solutions proposées par
l'Europe ...
<http://www.blog.saeeed.com/2010/12/face-a-la-crise-financiere-quelle-doit-etre-la-reponse-europeenne/>
<http://www.blog.saeeed.com/>
par SAeeeD
LA CRISE FINANCIÈRE INTERNATIONALE: MENACES ET CONTRAINTES Partie 3: LES
SOLUTIONS ET LES MESURES ANTI-CRISES Chapitre1 : Les solutions proposées
par les Etats-Unis et l'Europe Section2: les solutions proposées par
l'Europe ...
<http://www.blog.saeeed.com/2010/12/face-a-la-crise-financiere-quelle-doit-etre-la-reponse-europeenne/>
<http://www.blog.saeeed.com/>
lundi 18 janvier 2010
Comprendre la pauvreté dans le monde
Comment les pauvres comprennent la pauvreté dans le monde ?
Alors que Cassandre remet les pendules à l’heure sur la crise et la Chine, voici que me revient une interview donnée par un économiste péruvien, Hernando de Soto, connu à l’ONU pour sa bataille au profit d’une reconnaissance juridique des biens des pauvres [1]. De Soto n’est pas inconnu pour ceux qui ont lu Le mystère du capital, un classique de la collection Champs chez Flammarion [2].
Hernando de Soto nous prévient que notre perception de la pauvreté n’est pas la bonne. Pourquoi les habitants des pays « pauvres » sont si arriérés et stupides alors qu’ils comptent tant d’entrepreneurs, de commerçants ? Voici sa réponse : les pauvres n’ont pas d’existence légale, ils vivent sans extrait de naissance, leurs bidonvilles ne sont pas leur propriété, leurs commerces n’ont pas de comptabilité, il n’existe pas de contrats. C’est ce que Hernando de Soto appelle du « capital mort » : il a calculé que tout le capital immobilier extralégal des pays du Sud et des pays anciennement communistes équivaudrait à deux fois la masse monétaire circulant aux Etats-Unis, soit près de 10 000 milliards de dollars.
Avec Madeleine Albright à l’ONU, il se bat pour « démarginaliser les pauvres par le droit » en leur donnant des droits et des titres de propriété. Pour lui, les Occidentaux ont confondu le capital avec l’argent. Le capital, c’est aussi des écrits, des registres, des comptes fiables et des biens que l’on quantifie. Ce qui n’est pas le cas des titres financiers comme les actions ou les hedge funds. On ne devrait pas confondre l’argent, « grande roue de la circulation », dit Soto citant Adam Smith, avec le capital. Pourquoi les entreprises devraient exprimer la valeur de leur capital en monnaie ? Et dans quelle ignorance elles sont tombées ? Tant d’entreprises, voire de banques, ne peuvent même pas évaluer leur dette, parce qu’elles ont perdu les traces des transactions. « Vous êtes sortis de la réalité ! » tonne Soto qui se méfie du renflouement des institutions financières, comme l’a montré le cas des traders de la BNP en 2009.
Comment redéfinir le capitalisme, se demande Hernando de Soto ? L’économiste péruvien pense que toutes les crises depuis 1929 ont résulté de l’effondrement des écrits qui représentaient la valeur des biens. Pour lui, la propriété est de l’idéologie « petit-bourgeois ». Autrefois, les élites étaient contrôlées par des registres dont on gardait le contrôle. Aujourd’hui, le capitalisme financier a perdu ce contrôle. Et le système économique des riches est incapable de garantir les richesses, tout comme dans les pays du Sud, qui ne se développera pas, qui sera en crise tant qu’il ignorera ce qu’il possède.
Pourtant, l’Occident a apporté à l’humanité le droit et la propriété. Le capitalisme produit des titres de propriétés, des documents qui font qu’une maison, des machines deviennent du capital. Cette information permet de faire du commerce. On est loin de cette époque des privilèges aux mains des élites, comme au 18e siècle. Le protestantisme développe l’éthique de la responsabilité. Le système encadre les transactions et installe la confiance d’un bout à l’autre du monde, où l’on peut échanger sans connaître son acheteur ou son vendeur. Achetons des chaussures en Chine, des services en Inde sans les voir, tout cela est fiable.
Que s’est-il passé pour que ce qui a marché au Nord a été un désastre au Sud ? C’est que la colonisation qui a sans doute beaucoup donné n’a pas transmis le système de propriété, condition sine qua non pour que tous participent à l’activité économique. La mondialisation actuelle ne touche que les riches et une poignée de riches dans les pays pauvres. Un véritable apartheid économique. Pourtant, les ressources existent !
Regardez dans tous les pays pauvres du monde, il y a toujours des marchands, des vendeurs. Mais deux enfants sur trois nés dans les pays pauvres n’ont pas de certificats de naissance. Jeunes ou adultes, ils vendent leur travail sans papier officiel. Les bureaucraties sont débordées, comme l’Inde qui n’a que onze magistrats pour plus de vingt millions d’affaire en cours ! « Il faut jusqu’à vingt ans pour que certaines affaires civiles soient jugées (...). Aujourd’hui au Pérou pour obtenir des documents légalisant une petite entreprise de deux machines à coudre, il faut passer jusqu’à 300 jours, 6 heures quotidiennement, pour obtenir des écrits fiables. Trop souvent, dans les campagnes, les paysans divisent leurs terres en autant de parcelles qu’il y a d’héritiers, cela à chaque génération, jusqu’à ne plus posséder qu’un lopin improductif. Des études ont montré que les pertes techniques et financières des services publics du Sud, additionnés aux fraudes, représentent entre 30 et 50% des volumes traités. Ajoutez que les banques prêtent à seulement 20 ou 30% de la population en Amérique Latine, 2% en Afrique sub-saharienne. Comment voulez-vous, en l’absence de tels outils que les citoyens ordinaires comme les entrepreneurs et les commerçants comptent sur l’Etat, développent leur capital, le valorise, l’échange à l’autre bout du pays contre un autre bien, ou sur le marché international ? »
Si on ne fait rien, des centaines de millions de gens vont travailler dans l’extralégalité, dans les pays pauvres : maisons construites sans contrats, immeubles sous-capitalisés, immobilier hors-la-loi. « Au Mexique, 28 à 39% du PIB du pays dépendait du secteur informel en 1987, et en 1996 8 millions de travailleurs sur 20 n’étaient pas déclarés (...). En Amazonie, 10% seulement des terres sont couvertes par des titres de propriété. L’industrie du bâtiment a progressé sur le papier de 0,1% en 1995, et la fabrication du ciment de 20% en un semestre. Pourquoi cette différence ? 60 à 70% des constructions n’ont aucune visibilité légale. Elles ne peuvent même pas être utilisées comme adresse, encore moins comme capital. Ce sont des richesses perdues, hors juridiction. Le droit ce n’est pas seulement l’ordre qui sous-tend l’activité économique et démocratique, c’est d’abord un système d’information fiable qui garantit l’existence et les biens d’une personne ».
Une extralégalité qui pourrait durer, car on ne peut rien localiser, donc on n’identifie pas bien les mafias. Les chefs de tribu, les terroristes prospèrent sur ces secteurs où les règles collectives sont inventées, les transactions arrangées, les papiers inventés, les baux non-reconnus. « Si vous voulez, les pays en voie de développement vivent une crise des subprimes permanente ! Il m’a fallu des années pour comprendre en quoi le point de vue du Sud peut aider le Nord. Nous vous regardons du dehors et pouvons analyser votre système dans ses effets réels, sans être aveuglés. Michel Foucault disait que pour comprendre la santé mentale, vous devez comprendre la folie. Le seul avantage de vivre dans un pays émergent où les droits, les libertés et les responsabilités ne sont pas respectés est d’apprécier comment vivent ceux qui les ont acquis. Le plus intéressant dans la crise financière récente, c’est que l’Occident a commencé de nous ressembler ! Vous vous êtes engagés dans un système informel qui ne permet plus d’identifier les volumes des transactions, les valeurs réelles des choses. Vous avez oublié le socle, les échafaudages de votre système. L’avantage que j’ai sur vous, à vivre dans un monde sans échafaudage, je peux le voir ! »
D’où cette idée de « capital mort » dans les pays en développement. Des analystes ont évalué l’immobilier dans cinq métropoles des pays du Sud (Le Caire, Lima, Manille, Mexico, Port-au-Prince), immeuble par immeuble, bicoque par bicoque. Les règles changent vite, les bidonvilles comme l’habitat rural fonctionnent comme du « capital mort ». La quasi-totalité des paysans haïtiens, 9 habitants sur 10 au Caire n’ont pas de titre de propriété... Certes, la valeur de ces biens est faible, mais additionnée, elle représente plusieurs fois l’aide financière internationale aux pays du Sud, « tous vos investissements privés depuis la deuxième guerre mondiale. Ou encore au moins 20 fois les sommes que Paulson a investi pour aider les banques américaines ! » Ce qui nous fait dire que les pauvres sont plus riches qu’ils ne le croient : les biens extralégaux urbains urbains au Pérou sont estimés à cinq fois la capitalisation de la bourse de Lima avant le krach de 1998 ? « À Haïti, la valeur totale des biens appartenant aux pauvres est 150 fois supérieure à la totalité des investissements étrangers reçus dans l’île depuis 1904. En Egypte, la richesse des pauvres représente 55 fois la valeur investie par les pays riches, barrage d’Assouan et canal de Suez compris. Aux Philippines, l’immobilier extralégal atteint 133 milliards de dollars, soit quatre fois la capitalisation des 216 entreprises du pays cotées en Bourse, sept fois le montant total des dépôts gérés par les banques. » Soit un total pour tous les pays pauvres et anciens pays du bloc communiste, « de 9300 milliards de dollars, c’est-à-dire à peu près deux fois la masse monétaire en circulation aux Etats-Unis ». Ce qui fait dire à Hernando de Soto que les pauvres ne sont pas le problème mais « la solution, à condition qu’ils puissent mobiliser leur capital ».
Que faire ? De nombreux pays se sont intéressés à la légalisation de certaines propriétés informelles comme la Russie et ses 400 000 datchas, la Chine et son « capitalisme léger », l’Egypte, la Syrie, la Libye. L’ex-Secrétaire d’Etat américaine, Madeleine Albright qui a monté une Commission on Legal Empowerment of the Poor, soutenue par l’Irlande, le Mexique, la Tanzanie et beaucoup d’anciens chefs d’Etat et diplomates veulent faire voter un renforcement de l’AG des Droits de l’homme : « Chaque être humain a droit à sa propriété ». Une révolution pour quatre milliards d’êtres humains exclus de l’Etat de droit. Il faut repenser la mondialisation qui vient « nous rappeler où sont les véritables forces économiques, d’où procèdent les échecs récents. Il est temps de comprendre combien la crise actuelle provient en grande partie du fait de la pauvreté chronique de plus de la moitié du monde, qui vit hors de l’économie globale... »
Gilles Fumey
URL pour citer cet article: http://www.cafe-geo.net/article.php3?id_article=1794
mercredi 25 mars 2009
US ECONOMIC TRENDS feb.2009
ECONOMIC TRENDS
Postwar Trends in Economic Well-Being in the United States, 1959–2004
Levy Economics Institute of Bard College – Report - February 2009 – 17 pages
http://www.levy.org/pubs/lmw_feb_09.pdf
“The Levy Institute Measure of Economic Well-Being (LIMEW) is a more comprehensive measure than either gross money income or extended income because it includes estimates of public consumption and household production, as well as the long-run benefits from the ownership of wealth… The authors find that median household well-being grew rather sluggishly over the 1959–2004 period compared to the annual growth rate of per capita GDP. They note the crucial role of net government expenditures, and therefore call for the Obama administration’s fiscal stimulus package to improve the broader economic well-being of the poor and the middle class, while also creating jobs.”
Brian K. Bucks, Arthur B. Kennickell, Traci L. Mach, and Kevin B. Moore
Changes in U.S. Family Finances from 2004 to 2007: Evidence from the Survey of Consumer Finances
Federal Reserve Bulletin - February 12, 2009 – 56 pages
http://www.federalreserve.gov/pubs/bulletin/2009/pdf/scf09.pdf
“Data from the 2004 and 2007 SCF show that median income barely changed, while mean income rose substantially, an indication that income gains were much greater for families in the uppermost part of the distribution. Although overall both median and mean net worth increased strongly over this period—17.7 percent and 13.0 percent, respectively—these measures declined for families at the bottom of the wealth distribution.”
Report Card for America’s Infrastructure
American Society of Civil Engineers - January 28, 2009 -
http://www.asce.org/reportcard/2009/grades.html
The study is an assessment by professional engineers of the nation’s status in 15 categories of infrastructure. In 2009, all signs point to an infrastructure that is poorly maintained, unable to meet current and future demands, and in some cases, unsafe. A healthy infrastructure is the backbone of a healthy economy. In these challenging times, infrastructure is essential to reviving the nation’s fortunes, and in maintaining our high quality of life, concludes the study.
Thomas I. Palley
After the Bust: The Outlook for Macroeconomics and Macroeconomic Policy
Levy Economics Institute of Bard College – Public Policy Brief - January 2009 – 28 pages
http://www.levy.org/pubs/ppb_97.pdf
“Change” was the buzzword of the Obama campaign, in response to a political agenda precipitated by financial turmoil and a global economic crisis. According to the author, the neoliberal economic policy paradigm underlying that agenda must itself change if there is to be a successful policy response to the crisis. Mainstream economic theory remains unreformed, says Palley, and he warns of a return to failed policies if a deep crisis is averted. Since Post Keynesians accurately predicted that the U.S. economy would implode from within, there is an opportunity for Post Keynesian economics to replace neoliberalism with a more successful approach.
U.S. Metro Economies: The Engines of Economic Recovery
U.S. Conference of Mayors and the Council for the New American City - January 2009 – 19 pages
http://usmayors.org/77thWinterMeeting/documents/usmer-report-200901.pdf
The key findings include: unemployment will rise in metro areas in 2009, shrinking GDP, growing unemployment nationwide, regional impacts, metro areas are essential to national economic recovery.
James Kvaal, Ben Furnas
Recession, Poverty, and the Recovery Act - Millions Are at Risk of Falling Out of the Middle Class
Center for American Progress – Report – February 11, 2009 - 8 pages
http://www.americanprogress.org/issues/2009/02/pdf/recession_poverty.pdf
“The American economy is in a recession that is 14 months old, and the downturn appears to be growing deeper and more severe. Approximately 1.8 million Americans lost their jobs in the past three months alone—nearly 20,000 a day. Helping struggling families is not only the right thing to do in hard times; it is also one of the most cost-effective ways to fight the recession.”
ECONOMIC CRISIS : STRATEGIES FOR CHANGE
White House Releases State by State Numbers; American Recovery and Reinvestment Act to Save or Create 3.5 Million Jobs
The White House – February 17, 2009
http://www.whitehouse.gov/the_press_office/White-House-Releases-State-by-State-Numbers-American-Recovery-and-Reinvestment-Act-to-Save-or-Create-35-Million-Jobs/
This site offers links to tables and fact sheets outlining the impact of the American Recovery and Reinvestment Act. The estimates are derived from an analysis of the overall employment impact of the American Recovery and Reinvestment Act conducted by Christina Romer, Chair of the Council of Economic Advisers, and Jared Bernstein, Chief Economist for the Vice President, and detailed estimates of the working age population, employment, and industrial composition of each state.
Jason Bordoff, Lael Brainard, Carola McGiffert, Isaac Sorkin
Strengthening American Competitiveness: Regaining Our Competitive Edge - Four Priorities and 20 New Ideas
The Brookings Institution – Paper - February 2009 – 28 pages
http://www.brookings.edu/~/media/Files/rc/reports/2009/02_american_competitiveness_brainard/02_american_competitiveness_brainard.pdf
“If we are going to provide opportunities for all Americans going forward, we need to make the right investments today to rebuild American competitiveness by investing in our people, infrastructure, ideas, and green transformation. This paper addresses this central challenge for the United States.” They “lay out the fundamentals of a competitiveness agenda through descriptions of specific policy proposals by leading experts on how to invest more robustly in infrastructure, people, ideas and green transformation.
Trevor Houser, Shashank Mohan, and Robert Heilmayr
A Green Global Recovery?
The Peterson Institute - Policy Brief – February 2009 – 21 pages
http://www.petersoninstitute.org/publications/pb/pb09-3.pdf
“The authors consider twelve proposed "green" stimulus programs and examine the economic, environmental, and energy-security costs and benefits of these proposals using the Energy Information Administration's National Energy Modeling System and the Bureau of Economic Analysis's RIMS II multipliers.”
Gerald W. Scully
Will the $800 Billion-Plus Stimulus Plan Bring Economic Recovery?
National Center for Policy Analysis - Brief Analysis - February 10, 2009 – 2 pages
http://www.ncpa.org/pub/ba/ba643/
“Banker greed and Wall Street are blamed, but government policies over the last 25 years are the root cause of the current financial crisis”.
Restoring the Economy: Strategies for Short-term and Long-term Change
U.S. Congress Joint Economic Committee - Hearing - February 26, 2009
“This hearing explored the short-term actions that are being taken to restore the economy to create a functioning credit system, and the long-term actions that must be taken to prevent the recurrence of this kind of financial disaster in the future.”
Roger C. Altman, Chairman and CEO, Evercore Partners, Inc.
Joseph Mason, Professor of Economics, Louisiana State University
Adam Posen, Deputy Director, Peterson Institute for International Economics
Paul Volcker, Chairman, President’s Economic Advisory Board
Derek Scissors and J.D. Foster
Two Lost Decades? Why Japan’s Economy Is Still Stumbling and How the U.S. Can Stay Upright
The Heritage Foundation – WebMemo – February 23, 2009 – 5 pages
http://www.heritage.org/Research/AsiaandthePacific/upload/wm_2307.pdf
“A heated and important debate is underway as to how America should respond to its financial crisis and the deepening recession. Another lesson from Japan is that, if the U.S wants to secure long-term prosperity and the future of American leadership, it must also be concerned about the next two decades. If the U.S does not fundamentally change its tax, spending, and regulatory policies, this nation risks replaying Japan's two lost decades, with all that entails.”
HOUSING
Meeting Multifamily Housing Finance Needs During and after the Credit Crisis
Harvard University - Joint Center for Housing Studies – Policy Brief - January 2009 – 28 pages
http://www.jchs.harvard.edu/publications/finance/multifamily_housing_finance_needs.pdf
The study contends that the policymakers must recognize the important differences between single-family and multifamily financing and take steps to ensure an adequate supply of capital to the multifamily sector during and after the economic crisis. The paper details the growing importance of rental apartments and points to a looming liquidity crisis that could seriously impair the sector, leading to a critical housing shortage.
Jordan Rappaport
The Affordability of Homeownership to Middle-Income Americans
FRB Kansas City - Economic Review - Fourth Quarter 2008 – 31 pages
http://www.kansascityfed.org/Publicat/ECONREV/PDF/4q08Rappaport.pdf
“From 1971 through mid-2007, the nominal national sales price of housing grew almost eightfold. Controlling for inflation, this represented a near doubling in the relative price of housing. The retrenchment in prices that began in 2007 has so far remained small compared to the earlier increase.”
Homeowner Affordability and Stability Plan Fact Sheet
U.S. Department of the Treasury – Fact Sheet - February 19, 2009
http://www.ustreas.gov/news/index2.html
The Homeowner Affordability and Stability Plan is part of the President Obama’s broad, comprehensive strategy to get the economy back on track. The plan will help up to 7 to 9 million families restructure or refinance their mortgages to avoid foreclosure. In doing so, the plan not only helps responsible homeowners on the verge of defaulting, but prevents neighborhoods and communities from being pulled over the edge too, as defaults and foreclosures contribute to falling home values, failing local businesses, and lost jobs.
House Prices and Bank Loan Performance
FRB San Francisco – Economic Letter – February 6, 2009 – 4 pages
http://www.frbsf.org/publications/economics/letter/2009/el2009-06.html
“A number of studies have shown a strong link between house price depreciation and defaults on residential mortgages. This Economic Letter reports on new research which looks at the performance of commercial banks and finds further evidence on this link. The study also finds that the performance of land development and construction loans is even more sensitive to house prices than the performance of residential mortgages, consistent with very high delinquency rates on the former set of loans. At the same time, the study finds little evidence that spillovers from falling house prices have materially affected the performance of other types of loan categories at commercial banks.”
FISCAL AND TAX POLICIES
New Approaches to Addressing Long-Term Fiscal Responsibility
Brookings – Statement by members of the Brookings-Heritage Fiscal Seminar – February 19, 2009
http://www.brookings.edu/opinions/2009/0219_fiscal_responsiblity_sawhill.aspx?emc=lm&m=222610&l=8&v=252043
“We therefore urge the President to lead a major public engagement effort – beyond a one-day summit – to inform Americans of the scale and nature of the long-term fiscal crisis, explain the consequences of inaction and discuss the options for solving the problem. This should be bipartisan, and involve a serious conversation with Americans to help guide action in Washington. As a group with some experience in this domain, we stand ready to assist if needed.”
A New Era of Responsibility - Renewing America’s Promise
White House, Office of Management and Budget – February 26, 2009
http://www.whitehouse.gov/omb/assets/fy2010_new_era/A_New_Era_of_Responsibility2.pdf
The budget of the United States Government for the fiscal year 2010.
Democrats: Brief Analysis of President Obama’s FY 2010 Budget
U.S. Senate, Senate Budget Committee, Democratic Staff - Brief Analysis – February 27, 2009 – 13 pages
http://budget.senate.gov/democratic/statements/2009/Obama%20FY%202010%20Budget%20Brief%20Analysis_022709.pdf
The Democratic Staff of the Senate Budget Committee comments on President Obama’s FY 2010 Budget.
Republicans: The Obama Budget: A Summary and Analysis
U.S. Senate, Senate Budget Committee, Republican Staff – February 26, 2009 – 10 pages
http://budget.senate.gov/republican/pressarchive/2009-02-26BudgetOutlineSummary.pdf
The Republican Staff of the Senate Budget Committee comments on President Obama’s FY 2010 Budget.
Allison Hughey
How Tax Relief Can Stimulate Economic Growth
National Center for Policy Analysis – Brief analysis - February 10, 2009 – 2 pages
http://www.ncpa.org/pub/ba/ba641/
“Congress is debating an economic stimulus package that would substantially increase federal spending, but may not speed recovery from the current recession. The Congressional Budget Office estimates that less than 40 percent of the proposed infrastructure spending in the stimulus bill will be spent within two years. Tax cuts, by contrast, can have an immediate effect.”
William G. Gale and Alan J. Auerbach
The Economic Crisis and the Fiscal Crisis: 2009 and Beyond
The Brookings Institution – Paper – February 19, 2009 - 29 pages
http://www.brookings.edu/~/media/Files/rc/papers/2009/0219_fiscal_future_gale/0219_fiscal_future_gale.pdf
“This paper discusses the impact of recent tumultuous economic events and policy interventions on the Federal fiscal picture for the immediate future and for the longer run. In 2009, the federal deficit will be larger as a share of the economy than at any time since World War II. The current deficit is due in part to economic weakness and the stimulus, and in part to policy choices made in the past. What is more troubling is that, under what we view as optimistic assumptions, the deficit is projected to average at least $1 trillion per year for the 10 years after 2009, even if the economy returns to full employment and the stimulus package is allowed to expire in two years. The longer-run picture is even bleaker…”
MONETARY POLICY
Ben S. Bernanke
The Semiannual Monetary Policy Report to the Congress
U.S. Senate Committee on Banking, Housing and Urban Affairs - Hearing - January 24, 2009 - 10 pages
http://banking.senate.gov/public/_files/BERNANKESTMT022409_MPR_SenateBankingCommittee.pdf
Ben S.Bernanke, Chairman of the Board of Governors of the Federal Reserve System analyzes the economic situation and monetary policy. After describing the recent economic and financial developments and the policy responses, he develops the economic outlook and the quarterly projections of the Federal Open Market Committee.
Monetary Policy and the State of the Economy
U.S. House Committee on Financial Services - Hearing - February 26, 2009
Dr. James K. Galbraith, Lyndon B. Johnson School of Public Affairs, The University of Texas at Austin
Dr. Alan S. Blinder, Center for Economic Policy Studies, Princeton University
Dr. John B. Taylor, Senior Fellow, Hoover Institution, Stanford University
This hearing is following Ben S.Bernanke’s Semiannual Monetary Policy Report to the Congress, presented before the Senate (February 24) and the House (February 25) Committees.
FINANCE
Julia S. Perelstein
Macroeconomic Imbalances in the United States and their Impact on the International Financial System
Levy Economics Institute of Bard College - Web posted - February 2009 – 21 pages
http://www.levy.org/pubs/wp_554.pdf
The paper presents that the financial crisis of 2007–08 was made global by the current account deficit in the United States and there is global dependence on the United States trade deficit as a means of maintaining liquidity in financial markets. The outflow of dollars from the United States was invested in U.S. capital markets, causing inflation in asset markets and leading to a bubble and bust in the subprime mortgage sector. Since the U.S. dollar is the international reserve currency, international debt is mostly denominated in dollars. Because there is a high degree of global financial integration, any reduction in the U.S. balance of trade will have negative effects on many countries throughout the world, according to the paper.
Mark Jickling
Causes of the Financial Crisis
Congressional Research Service, Library of Congress - Web posted February 11, 2009 – 10 pages
http://www.taxpayer.net/user_uploads/file/Reports/CRS/1-29-09%20CRS%20Causes%20of%20the%20Financial%20Crisis.pdf
The current financial crisis began in August 2007, when financial stability replaced inflation as the Federal Reserve’s chief concern. The roots of the crisis go back much further, and there are various views on the fundamental causes. It is generally accepted that credit standards in U.S. mortgage lending were relaxed in the early 2000s, and that rising rates of delinquency and foreclosures delivered a sharp shock to a range of U.S. financial institutions. While some may insist that there is a single cause, and thus a simple remedy, the sheer number of causal factors that have been identified tends to suggest that the current financial situation is not yet fully understood in its full complexity.
Martin Neil Baily and Robert E. Litan
Fixing Finance: A Roadmap for Reform
The Brookings Institution – Paper – February 17, 2009 - 45 pages
http://www.brookings.edu/~/media/Files/rc/papers/2009/0217_finance_baily_litan/0217_finance_baily_litan.pdf
“The Obama Administration has announced that fixing the nation’s financial system is one of its highest initial priorities… In this essay, we attempt to provide our own version of a roadmap for reform. We believe that the central challenge confronting policy makers now is to establish a new regulatory framework that will do a far better job preventing financial abuses and their consequences without chilling innovation and prudent risk-taking that are essential for growth in any economy. To accomplish that end will require a major restructuring and strengthening of the two pillars upon which an efficient and safe financial system must rest: market discipline and sound regulation.”
Financial Stability Plan
Joint statement by Secretary of the Treasury Timothy F. Geithner, chairman of the board of governors of the Federal Reserve System, Ben S. Bernanke, chairman of the Federal Deposit Insurance Corporation, Sheila Bair, comptroller of the currency, John C. Dugan, and director of the Office of Thrift Supervision John M. Reich
Federal Deposit Insurance Corporation – Press release - February 12, 2009
http://www.fdic.gov/news/news/press/2009/pr_fsb.html
A comprehensive set of measures to restore confidence in the strength of U.S. financial institutions and to restart the critical flow of credit to households and businesses has been announced. The program will help lay the groundwork for restoring the flows of credit necessary to support recovery. The core program elements include new Capital Assistance Program and Public-Private Investment Fund. A new Treasury and Federal Reserve initiative to dramatically expand, up to $1 trillion, the existing Term Asset-Backed Securities Lending Facility (TALF) in order to reduce credit spreads and restart the securitized credit markets that in recent years supported a substantial portion of lending to households, students, small businesses, and others.
N. Eric Weiss et al.
Troubled Asset Relief Program and Foreclosures
Congressional Research Service, Library of Congress - February 17, 2009 – 13 pages
http://assets.opencrs.com/rpts/R40224_20090217.pdf
Increasing foreclosure rates and problems in financial markets are some of the issues addressed in the Emergency Economic Stabilization Act of 2008 (P.L. 110-343), which created the Troubled Asset Relief Plan (TARP). The law authorized $700 billion in spending. The report focuses on Title II of the bill, which would require the Treasury to spend a minimum of $40 billion of the second $350 billion on foreclosure mitigation. The bill, as passed by the House, would require the Secretary of the Treasury to develop a plan by March 15, 2009. Both H.R. 703 and H.R. 788 have the same safe-harbor provisions.
David C. John, James L. Gattuso
Obama's Bank Bailout Plan: Not Ready for Prime Time
The Heritage Foundation - Web memo - February 12, 2009
http://www.heritage.org/Research/Economy/wm2291.cfm
“The Administration's financial bailout strategy announced by Timothy Geithner, despite some positive elements, is filled with incomplete and unsound policy proposals financed by trillions of taxpayer dollars”.
Living on the Hedge: A Forum on the Private Investment Fund Industry
The Brookings Institution – Event transcript – February 12, 2009 – 143 pages
http://www.brookings.edu/events/2009/0212_hedge.aspx?emc=lm&m=222135&l=44&v=252043
Wall Street hedge funds and their larger-than-life managers have captured Main Street’s imagination, as well as investor dollars. On February 12, the Brookings Institution hosted a forum to explore the role of hedge funds in the ongoing financial crisis, as well as their uncertain future in the evolving regulatory environment.
Tim Westrich
Putting Credit Card Debt on Notice - Using electronic reminders to give consumers the right information at the right time
Center for American Progress – Report - February 2009 – 14 pages
http://www.americanprogress.org/issues/2009/02/pdf/credit_cards.pdf
“Washington is awash in proposals for revamping banking regulation—and credit card fees are only one element that needs to be examined. But lawmakers should consider how technology can make everyday financial products such as credit cards easier to use and understand.”
Stuart E. Weiner
The Federal Reserve's Role in Retail Payments: Adapting to a New Environment
FRB Kansas City - Economic Review - Fourth Quarter 2008 – 30 pages
http://www.kansascityfed.org/Publicat/ECONREV/PDF/4q08weiner.pdf
“The U.S. retail payments system is in the midst of a transformation. The shift from paper to electronics, the emergence of new instruments and payments channels, the rise in nonbank participation, the change in risk profiles—all are elements of this new landscape. The Federal Reserve takes as one of its mandates fostering a payments system that is safe, efficient, and accessible. How does the Federal Reserve fulfill this mandate in this new environment?”
Postwar Trends in Economic Well-Being in the United States, 1959–2004
Levy Economics Institute of Bard College – Report - February 2009 – 17 pages
http://www.levy.org/pubs/lmw_feb_09.pdf
“The Levy Institute Measure of Economic Well-Being (LIMEW) is a more comprehensive measure than either gross money income or extended income because it includes estimates of public consumption and household production, as well as the long-run benefits from the ownership of wealth… The authors find that median household well-being grew rather sluggishly over the 1959–2004 period compared to the annual growth rate of per capita GDP. They note the crucial role of net government expenditures, and therefore call for the Obama administration’s fiscal stimulus package to improve the broader economic well-being of the poor and the middle class, while also creating jobs.”
Brian K. Bucks, Arthur B. Kennickell, Traci L. Mach, and Kevin B. Moore
Changes in U.S. Family Finances from 2004 to 2007: Evidence from the Survey of Consumer Finances
Federal Reserve Bulletin - February 12, 2009 – 56 pages
http://www.federalreserve.gov/pubs/bulletin/2009/pdf/scf09.pdf
“Data from the 2004 and 2007 SCF show that median income barely changed, while mean income rose substantially, an indication that income gains were much greater for families in the uppermost part of the distribution. Although overall both median and mean net worth increased strongly over this period—17.7 percent and 13.0 percent, respectively—these measures declined for families at the bottom of the wealth distribution.”
Report Card for America’s Infrastructure
American Society of Civil Engineers - January 28, 2009 -
http://www.asce.org/reportcard/2009/grades.html
The study is an assessment by professional engineers of the nation’s status in 15 categories of infrastructure. In 2009, all signs point to an infrastructure that is poorly maintained, unable to meet current and future demands, and in some cases, unsafe. A healthy infrastructure is the backbone of a healthy economy. In these challenging times, infrastructure is essential to reviving the nation’s fortunes, and in maintaining our high quality of life, concludes the study.
Thomas I. Palley
After the Bust: The Outlook for Macroeconomics and Macroeconomic Policy
Levy Economics Institute of Bard College – Public Policy Brief - January 2009 – 28 pages
http://www.levy.org/pubs/ppb_97.pdf
“Change” was the buzzword of the Obama campaign, in response to a political agenda precipitated by financial turmoil and a global economic crisis. According to the author, the neoliberal economic policy paradigm underlying that agenda must itself change if there is to be a successful policy response to the crisis. Mainstream economic theory remains unreformed, says Palley, and he warns of a return to failed policies if a deep crisis is averted. Since Post Keynesians accurately predicted that the U.S. economy would implode from within, there is an opportunity for Post Keynesian economics to replace neoliberalism with a more successful approach.
U.S. Metro Economies: The Engines of Economic Recovery
U.S. Conference of Mayors and the Council for the New American City - January 2009 – 19 pages
http://usmayors.org/77thWinterMeeting/documents/usmer-report-200901.pdf
The key findings include: unemployment will rise in metro areas in 2009, shrinking GDP, growing unemployment nationwide, regional impacts, metro areas are essential to national economic recovery.
James Kvaal, Ben Furnas
Recession, Poverty, and the Recovery Act - Millions Are at Risk of Falling Out of the Middle Class
Center for American Progress – Report – February 11, 2009 - 8 pages
http://www.americanprogress.org/issues/2009/02/pdf/recession_poverty.pdf
“The American economy is in a recession that is 14 months old, and the downturn appears to be growing deeper and more severe. Approximately 1.8 million Americans lost their jobs in the past three months alone—nearly 20,000 a day. Helping struggling families is not only the right thing to do in hard times; it is also one of the most cost-effective ways to fight the recession.”
ECONOMIC CRISIS : STRATEGIES FOR CHANGE
White House Releases State by State Numbers; American Recovery and Reinvestment Act to Save or Create 3.5 Million Jobs
The White House – February 17, 2009
http://www.whitehouse.gov/the_press_office/White-House-Releases-State-by-State-Numbers-American-Recovery-and-Reinvestment-Act-to-Save-or-Create-35-Million-Jobs/
This site offers links to tables and fact sheets outlining the impact of the American Recovery and Reinvestment Act. The estimates are derived from an analysis of the overall employment impact of the American Recovery and Reinvestment Act conducted by Christina Romer, Chair of the Council of Economic Advisers, and Jared Bernstein, Chief Economist for the Vice President, and detailed estimates of the working age population, employment, and industrial composition of each state.
Jason Bordoff, Lael Brainard, Carola McGiffert, Isaac Sorkin
Strengthening American Competitiveness: Regaining Our Competitive Edge - Four Priorities and 20 New Ideas
The Brookings Institution – Paper - February 2009 – 28 pages
http://www.brookings.edu/~/media/Files/rc/reports/2009/02_american_competitiveness_brainard/02_american_competitiveness_brainard.pdf
“If we are going to provide opportunities for all Americans going forward, we need to make the right investments today to rebuild American competitiveness by investing in our people, infrastructure, ideas, and green transformation. This paper addresses this central challenge for the United States.” They “lay out the fundamentals of a competitiveness agenda through descriptions of specific policy proposals by leading experts on how to invest more robustly in infrastructure, people, ideas and green transformation.
Trevor Houser, Shashank Mohan, and Robert Heilmayr
A Green Global Recovery?
The Peterson Institute - Policy Brief – February 2009 – 21 pages
http://www.petersoninstitute.org/publications/pb/pb09-3.pdf
“The authors consider twelve proposed "green" stimulus programs and examine the economic, environmental, and energy-security costs and benefits of these proposals using the Energy Information Administration's National Energy Modeling System and the Bureau of Economic Analysis's RIMS II multipliers.”
Gerald W. Scully
Will the $800 Billion-Plus Stimulus Plan Bring Economic Recovery?
National Center for Policy Analysis - Brief Analysis - February 10, 2009 – 2 pages
http://www.ncpa.org/pub/ba/ba643/
“Banker greed and Wall Street are blamed, but government policies over the last 25 years are the root cause of the current financial crisis”.
Restoring the Economy: Strategies for Short-term and Long-term Change
U.S. Congress Joint Economic Committee - Hearing - February 26, 2009
“This hearing explored the short-term actions that are being taken to restore the economy to create a functioning credit system, and the long-term actions that must be taken to prevent the recurrence of this kind of financial disaster in the future.”
Roger C. Altman, Chairman and CEO, Evercore Partners, Inc.
Joseph Mason, Professor of Economics, Louisiana State University
Adam Posen, Deputy Director, Peterson Institute for International Economics
Paul Volcker, Chairman, President’s Economic Advisory Board
Derek Scissors and J.D. Foster
Two Lost Decades? Why Japan’s Economy Is Still Stumbling and How the U.S. Can Stay Upright
The Heritage Foundation – WebMemo – February 23, 2009 – 5 pages
http://www.heritage.org/Research/AsiaandthePacific/upload/wm_2307.pdf
“A heated and important debate is underway as to how America should respond to its financial crisis and the deepening recession. Another lesson from Japan is that, if the U.S wants to secure long-term prosperity and the future of American leadership, it must also be concerned about the next two decades. If the U.S does not fundamentally change its tax, spending, and regulatory policies, this nation risks replaying Japan's two lost decades, with all that entails.”
HOUSING
Meeting Multifamily Housing Finance Needs During and after the Credit Crisis
Harvard University - Joint Center for Housing Studies – Policy Brief - January 2009 – 28 pages
http://www.jchs.harvard.edu/publications/finance/multifamily_housing_finance_needs.pdf
The study contends that the policymakers must recognize the important differences between single-family and multifamily financing and take steps to ensure an adequate supply of capital to the multifamily sector during and after the economic crisis. The paper details the growing importance of rental apartments and points to a looming liquidity crisis that could seriously impair the sector, leading to a critical housing shortage.
Jordan Rappaport
The Affordability of Homeownership to Middle-Income Americans
FRB Kansas City - Economic Review - Fourth Quarter 2008 – 31 pages
http://www.kansascityfed.org/Publicat/ECONREV/PDF/4q08Rappaport.pdf
“From 1971 through mid-2007, the nominal national sales price of housing grew almost eightfold. Controlling for inflation, this represented a near doubling in the relative price of housing. The retrenchment in prices that began in 2007 has so far remained small compared to the earlier increase.”
Homeowner Affordability and Stability Plan Fact Sheet
U.S. Department of the Treasury – Fact Sheet - February 19, 2009
http://www.ustreas.gov/news/index2.html
The Homeowner Affordability and Stability Plan is part of the President Obama’s broad, comprehensive strategy to get the economy back on track. The plan will help up to 7 to 9 million families restructure or refinance their mortgages to avoid foreclosure. In doing so, the plan not only helps responsible homeowners on the verge of defaulting, but prevents neighborhoods and communities from being pulled over the edge too, as defaults and foreclosures contribute to falling home values, failing local businesses, and lost jobs.
House Prices and Bank Loan Performance
FRB San Francisco – Economic Letter – February 6, 2009 – 4 pages
http://www.frbsf.org/publications/economics/letter/2009/el2009-06.html
“A number of studies have shown a strong link between house price depreciation and defaults on residential mortgages. This Economic Letter reports on new research which looks at the performance of commercial banks and finds further evidence on this link. The study also finds that the performance of land development and construction loans is even more sensitive to house prices than the performance of residential mortgages, consistent with very high delinquency rates on the former set of loans. At the same time, the study finds little evidence that spillovers from falling house prices have materially affected the performance of other types of loan categories at commercial banks.”
FISCAL AND TAX POLICIES
New Approaches to Addressing Long-Term Fiscal Responsibility
Brookings – Statement by members of the Brookings-Heritage Fiscal Seminar – February 19, 2009
http://www.brookings.edu/opinions/2009/0219_fiscal_responsiblity_sawhill.aspx?emc=lm&m=222610&l=8&v=252043
“We therefore urge the President to lead a major public engagement effort – beyond a one-day summit – to inform Americans of the scale and nature of the long-term fiscal crisis, explain the consequences of inaction and discuss the options for solving the problem. This should be bipartisan, and involve a serious conversation with Americans to help guide action in Washington. As a group with some experience in this domain, we stand ready to assist if needed.”
A New Era of Responsibility - Renewing America’s Promise
White House, Office of Management and Budget – February 26, 2009
http://www.whitehouse.gov/omb/assets/fy2010_new_era/A_New_Era_of_Responsibility2.pdf
The budget of the United States Government for the fiscal year 2010.
Democrats: Brief Analysis of President Obama’s FY 2010 Budget
U.S. Senate, Senate Budget Committee, Democratic Staff - Brief Analysis – February 27, 2009 – 13 pages
http://budget.senate.gov/democratic/statements/2009/Obama%20FY%202010%20Budget%20Brief%20Analysis_022709.pdf
The Democratic Staff of the Senate Budget Committee comments on President Obama’s FY 2010 Budget.
Republicans: The Obama Budget: A Summary and Analysis
U.S. Senate, Senate Budget Committee, Republican Staff – February 26, 2009 – 10 pages
http://budget.senate.gov/republican/pressarchive/2009-02-26BudgetOutlineSummary.pdf
The Republican Staff of the Senate Budget Committee comments on President Obama’s FY 2010 Budget.
Allison Hughey
How Tax Relief Can Stimulate Economic Growth
National Center for Policy Analysis – Brief analysis - February 10, 2009 – 2 pages
http://www.ncpa.org/pub/ba/ba641/
“Congress is debating an economic stimulus package that would substantially increase federal spending, but may not speed recovery from the current recession. The Congressional Budget Office estimates that less than 40 percent of the proposed infrastructure spending in the stimulus bill will be spent within two years. Tax cuts, by contrast, can have an immediate effect.”
William G. Gale and Alan J. Auerbach
The Economic Crisis and the Fiscal Crisis: 2009 and Beyond
The Brookings Institution – Paper – February 19, 2009 - 29 pages
http://www.brookings.edu/~/media/Files/rc/papers/2009/0219_fiscal_future_gale/0219_fiscal_future_gale.pdf
“This paper discusses the impact of recent tumultuous economic events and policy interventions on the Federal fiscal picture for the immediate future and for the longer run. In 2009, the federal deficit will be larger as a share of the economy than at any time since World War II. The current deficit is due in part to economic weakness and the stimulus, and in part to policy choices made in the past. What is more troubling is that, under what we view as optimistic assumptions, the deficit is projected to average at least $1 trillion per year for the 10 years after 2009, even if the economy returns to full employment and the stimulus package is allowed to expire in two years. The longer-run picture is even bleaker…”
MONETARY POLICY
Ben S. Bernanke
The Semiannual Monetary Policy Report to the Congress
U.S. Senate Committee on Banking, Housing and Urban Affairs - Hearing - January 24, 2009 - 10 pages
http://banking.senate.gov/public/_files/BERNANKESTMT022409_MPR_SenateBankingCommittee.pdf
Ben S.Bernanke, Chairman of the Board of Governors of the Federal Reserve System analyzes the economic situation and monetary policy. After describing the recent economic and financial developments and the policy responses, he develops the economic outlook and the quarterly projections of the Federal Open Market Committee.
Monetary Policy and the State of the Economy
U.S. House Committee on Financial Services - Hearing - February 26, 2009
Dr. James K. Galbraith, Lyndon B. Johnson School of Public Affairs, The University of Texas at Austin
Dr. Alan S. Blinder, Center for Economic Policy Studies, Princeton University
Dr. John B. Taylor, Senior Fellow, Hoover Institution, Stanford University
This hearing is following Ben S.Bernanke’s Semiannual Monetary Policy Report to the Congress, presented before the Senate (February 24) and the House (February 25) Committees.
FINANCE
Julia S. Perelstein
Macroeconomic Imbalances in the United States and their Impact on the International Financial System
Levy Economics Institute of Bard College - Web posted - February 2009 – 21 pages
http://www.levy.org/pubs/wp_554.pdf
The paper presents that the financial crisis of 2007–08 was made global by the current account deficit in the United States and there is global dependence on the United States trade deficit as a means of maintaining liquidity in financial markets. The outflow of dollars from the United States was invested in U.S. capital markets, causing inflation in asset markets and leading to a bubble and bust in the subprime mortgage sector. Since the U.S. dollar is the international reserve currency, international debt is mostly denominated in dollars. Because there is a high degree of global financial integration, any reduction in the U.S. balance of trade will have negative effects on many countries throughout the world, according to the paper.
Mark Jickling
Causes of the Financial Crisis
Congressional Research Service, Library of Congress - Web posted February 11, 2009 – 10 pages
http://www.taxpayer.net/user_uploads/file/Reports/CRS/1-29-09%20CRS%20Causes%20of%20the%20Financial%20Crisis.pdf
The current financial crisis began in August 2007, when financial stability replaced inflation as the Federal Reserve’s chief concern. The roots of the crisis go back much further, and there are various views on the fundamental causes. It is generally accepted that credit standards in U.S. mortgage lending were relaxed in the early 2000s, and that rising rates of delinquency and foreclosures delivered a sharp shock to a range of U.S. financial institutions. While some may insist that there is a single cause, and thus a simple remedy, the sheer number of causal factors that have been identified tends to suggest that the current financial situation is not yet fully understood in its full complexity.
Martin Neil Baily and Robert E. Litan
Fixing Finance: A Roadmap for Reform
The Brookings Institution – Paper – February 17, 2009 - 45 pages
http://www.brookings.edu/~/media/Files/rc/papers/2009/0217_finance_baily_litan/0217_finance_baily_litan.pdf
“The Obama Administration has announced that fixing the nation’s financial system is one of its highest initial priorities… In this essay, we attempt to provide our own version of a roadmap for reform. We believe that the central challenge confronting policy makers now is to establish a new regulatory framework that will do a far better job preventing financial abuses and their consequences without chilling innovation and prudent risk-taking that are essential for growth in any economy. To accomplish that end will require a major restructuring and strengthening of the two pillars upon which an efficient and safe financial system must rest: market discipline and sound regulation.”
Financial Stability Plan
Joint statement by Secretary of the Treasury Timothy F. Geithner, chairman of the board of governors of the Federal Reserve System, Ben S. Bernanke, chairman of the Federal Deposit Insurance Corporation, Sheila Bair, comptroller of the currency, John C. Dugan, and director of the Office of Thrift Supervision John M. Reich
Federal Deposit Insurance Corporation – Press release - February 12, 2009
http://www.fdic.gov/news/news/press/2009/pr_fsb.html
A comprehensive set of measures to restore confidence in the strength of U.S. financial institutions and to restart the critical flow of credit to households and businesses has been announced. The program will help lay the groundwork for restoring the flows of credit necessary to support recovery. The core program elements include new Capital Assistance Program and Public-Private Investment Fund. A new Treasury and Federal Reserve initiative to dramatically expand, up to $1 trillion, the existing Term Asset-Backed Securities Lending Facility (TALF) in order to reduce credit spreads and restart the securitized credit markets that in recent years supported a substantial portion of lending to households, students, small businesses, and others.
N. Eric Weiss et al.
Troubled Asset Relief Program and Foreclosures
Congressional Research Service, Library of Congress - February 17, 2009 – 13 pages
http://assets.opencrs.com/rpts/R40224_20090217.pdf
Increasing foreclosure rates and problems in financial markets are some of the issues addressed in the Emergency Economic Stabilization Act of 2008 (P.L. 110-343), which created the Troubled Asset Relief Plan (TARP). The law authorized $700 billion in spending. The report focuses on Title II of the bill, which would require the Treasury to spend a minimum of $40 billion of the second $350 billion on foreclosure mitigation. The bill, as passed by the House, would require the Secretary of the Treasury to develop a plan by March 15, 2009. Both H.R. 703 and H.R. 788 have the same safe-harbor provisions.
David C. John, James L. Gattuso
Obama's Bank Bailout Plan: Not Ready for Prime Time
The Heritage Foundation - Web memo - February 12, 2009
http://www.heritage.org/Research/Economy/wm2291.cfm
“The Administration's financial bailout strategy announced by Timothy Geithner, despite some positive elements, is filled with incomplete and unsound policy proposals financed by trillions of taxpayer dollars”.
Living on the Hedge: A Forum on the Private Investment Fund Industry
The Brookings Institution – Event transcript – February 12, 2009 – 143 pages
http://www.brookings.edu/events/2009/0212_hedge.aspx?emc=lm&m=222135&l=44&v=252043
Wall Street hedge funds and their larger-than-life managers have captured Main Street’s imagination, as well as investor dollars. On February 12, the Brookings Institution hosted a forum to explore the role of hedge funds in the ongoing financial crisis, as well as their uncertain future in the evolving regulatory environment.
Tim Westrich
Putting Credit Card Debt on Notice - Using electronic reminders to give consumers the right information at the right time
Center for American Progress – Report - February 2009 – 14 pages
http://www.americanprogress.org/issues/2009/02/pdf/credit_cards.pdf
“Washington is awash in proposals for revamping banking regulation—and credit card fees are only one element that needs to be examined. But lawmakers should consider how technology can make everyday financial products such as credit cards easier to use and understand.”
Stuart E. Weiner
The Federal Reserve's Role in Retail Payments: Adapting to a New Environment
FRB Kansas City - Economic Review - Fourth Quarter 2008 – 30 pages
http://www.kansascityfed.org/Publicat/ECONREV/PDF/4q08weiner.pdf
“The U.S. retail payments system is in the midst of a transformation. The shift from paper to electronics, the emergence of new instruments and payments channels, the rise in nonbank participation, the change in risk profiles—all are elements of this new landscape. The Federal Reserve takes as one of its mandates fostering a payments system that is safe, efficient, and accessible. How does the Federal Reserve fulfill this mandate in this new environment?”
samedi 7 février 2009
GENERAL ECONOMY: USA and WORLD
Source: http://france.usembassy.gov
GENERAL ECONOMY
Performance 2009: Productivity, Employment, and Growth in the World’s Economies The Conference Board - January 22, 2009 – 20 pages
http://www.conference-board.org/pdf_free/Productivity2009.pdf
Despite a slowdown in world productivity in 2008, output per hour worked in the United States increased slightly by 1.7 percent, up from 1.5 percent in 2007, according to the latest annual. The most recent productivity advances have been realized, however, through rapid layoffs, suggesting that the productivity of remaining workers and firms is actually strengthening.
Economic Report of the President Council of Economic Advisors
- January 2009 419 pages
http://www.gpoaccess.gov/eop/2009/2009_erp.pdf The report contains current/foreseeable trends and annual numerical goals concerning topics such as employment, production, real income, and Federal budget outlays.
The Global Economy: Outlook, Risks, and Implications for Policy
Senate Budget Committee – Hearing – January 29, 2008
Recession Rewind
The Urban Institute - Reports
http://www.urban.org/toolkit/issues/recession.cfm
“As economists, policymakers, pundits, and the public debate whether we're in a recession, UI researchers review the lessons from the 2001 recession and its aftermath. Have we learned from our past?”
A Year-End Look at the Economic Slowdown’s Impact on Middle-Aged and Older Americans
S. Kathi Brown American Association of Retired Persons - January 2009 – 34 pages http://assets.aarp.org/rgcenter/econ/economic_slowdown_09.pdf
Throughout 2008, the economy was battered by falling housing prices and increasing foreclosure rates, record stock market losses, rising unemployment, and weak consumer spending. An overwhelming majority of Americans ages 45+ believe that the economy is in bad shape. As a result of the economic downturn, the majority say that they cut back on entertainment spending (68%) and eating out (64%) during 2008. Additionally, 52 percent had more difficulty paying for essential items such as food, gas, and medicine in 2008, and 44 percent found it more difficult to pay for utilities.
A First Look at the Foundation and Corporate Response to the Economic Crisis
Foundation Center – Report - January 2009 – 4 pages
http://foundationcenter.org/gainknowledge/research/pdf/researchadvisory_economy_200901.pdf
The report is an examination of foundation and corporate support in response to the current economic crisis. It is part of a research series intended to shed light on the impact of the economic downturn on the nonprofit sector.
ECONOMIC RECOVERY
Economic Stimulus: Issues and Policies Congressional Research Service – January 23, 2009 – 23 pages
http://assets.opencrs.com/rpts/R40104_20090123.pdf
The need for additional fiscal stimulus depends on the state of the economy… Fiscal policy temporarily stimulates the economy through an increase in spending which also, if not offset by increases in revenue, increases the budget deficit… Economists generally agree that spending proposals are somewhat more stimulative than tax cuts since part of a tax cut may be saved by the recipients.
Summary of the American Recovery and Reinvestment Act
Senate – Appropriations Committee – February 2, 2009 – 5 pages
http://appropriations.senate.gov/
“The American Recovery and Reinvestment Act of 2009 combines two essential ingredients needed to bring our economy back to life,” said Senate Appropriations Chairman Daniel K. Inouye (D-Hawaii). “We will create four million jobs in the near-term, and invest in America’s future by rebuilding our crumbling infrastructure for the long-term. In addition, this bill includes more than $301 billion to aid state and local governments as they struggle to meet increasing demand for social services amidst plummeting tax revenues. As we address this crisis, we must never lose sight of our responsibility to avoid wasteful spending by providing strict accountability and oversight measures. We must invest this money quickly, but also wisely.”
Pumping Life Back into the U.S. Economy - Why a Stimulus Package Must Be Big and Targeted
Scott Lilly Center for American Progress – Report - January 2009 – 28 pages
http://www.americanprogress.org/issues/2009/01/pdf/lilly_stimulus.pdf “Priming the pump” is a metaphor that economists have frequently used to explain a policy of using government deficits to restore the circulation of goods, services, and money in a struggling economy. As our economy continues to deteriorate after nearly a year in recession, the question of pump priming becomes a central issue in public discourse. But there are a number of questions that need to be addressed before enacting any economic stimulus plan.”
Repower America with Green Education, Green Jobs, Green Schools
National Wildlife Federation - January 8, 2009
http://www.nwf.org/nwfwebadmin/binaryVault/Education_Fact_Sheet2.pdf
http://www.nwf.org/nwfwebadmin/binaryVault/Campus_Report_Card_Fact_Sheet.pdf
Economic and education experts join National Wildlife Federation to push for green stimulus investments that would re-power America with green education, green jobs and green schools. Investments in education generate 23.1 jobs per $1 million in spending, nearly five times more jobs created than oil and natural gas sector spending, according to Robert Pollin, Department of Economics and Political Economy Research Institute, University of Massachusetts-Amherst.
Green Stimulus Proposals Senate – Committee on Energy and Natural Resources – Source Book – January 2009
http://energy.senate.gov/public/index.cfm?FuseAction=IssueItems.View&IssueItem_ID=ce27babd-d579-40ce-91e9-7b41510d97d3
“The purpose of this Green Book is to make available the principal ideas and proposals for the upcoming economic stimulus package that relate to “green” Federal programs or technologies in the jurisdiction of the Committee on Energy and Natural Resources of the Unites States Senate. The Committee has primary jurisdiction over a wide range of energy and public lands programs and policies that relate to the concept of a “green” economic stimulus. I have directed the Committee’s Majority Staff to assemble these ideas and proposals, and to make them available in a single compilation.”
A Proposal to Rebuild America by Investing in Transportation and Environmental Infrastructure
House – Transportation and Infrastructure Committee - December 12, 2008 – 41 pages
http://transportation.house.gov/Media/File/Full%20Committee/20090107/Rebuild%20America%20(updated%2012-12-08%20proposal).pdf
“The Rebuild America proposal provides $85 billion of infrastructure investment to enhance the safety, security, and efficiency of our highway, transit, rail, aviation, environmental, inland waterways, public buildings, and maritime transportation infrastructure.”
Infrastructure Investment: Ensuring an Effective Economic Recovery
Package House – Transportation and Infrastructure Committee – Hearing - January 22, 2009 http://transportation.house.gov/hearings/hearingDetail.aspx?NewsID=798
The Committee on Transportation and Infrastructure held a hearing to examine how infrastructure investment contributes to job creation and economic recovery. The hearing addressed infrastructure across the Committee's jurisdiction, including highways, bridges, public transportation, rail, aviation, ports, waterways, wastewater treatment facilities, and Federal buildings. It includes 18 written statements.
Building America's 21st Century Infrastructure
Jessica Milano Progressive Policy Institute - Memo to the Next President – January 15, 2008
http://www.ppionline.org/ppi_ci.cfm?knlgAreaID=450020&subsecID=900200&contentID=254788
“America spends only about 2 percent of GDP per year on infrastructure investment (this includes federal, state, local, and private-sector spending). By contrast, that number is about 5 percent in Europe and between 9 percent and 12 percent in China… With the economy slumping, fuel costs rising over time, and private capital looking for new investment opportunities, infrastructure projects can boost our global competitiveness and create jobs at the same time. Many studies have pointed to a positive correlation between such investment and economic growth.”
Memo to the President: Invest in Infrastructure for Long-Term Prosperity
The Brookings Institution – Memo + event – January 12, 2009
http://www.brookings.edu/papers/2009/0112_prosperity_memo.aspx
http://www.brookings.edu/~/media/Files/events/2009/0112_infrastructure/20090112_infrastructure.pdf
“President-elect Obama is preparing plans for an immediate economic stimulus package. At the same time, his new administration must consider how to make investments that will stabilize and strengthen our economy over the long term. Smart investments in infrastructure, innovation and life-long learning can enhance national prosperity—especially in metropolitan areas, where the bulk of our population lives and jobs are located.”
The Digital Road to Recovery: A Stimulus Plan to Create Jobs, Boost Productivity and Revitalize America
Robert Atkinson, Daniel Castro and Stephen Ezell The Information Technology and Innovation Foundation – - January 07, 2009 – 22 p. HTTP://WWW.ITIF.ORG/FILES/ROADTORECOVERY.PDF
This report provides a detailed analysis and estimate of the short-term jobs impacts of using the stimulus package to spur investment in three critical digital networks: broadband, the smart grid and health IT.
Arts & the Economy: Using Arts and Culture to Stimulate State Economic Development
National Governors Association January 15, 2009 – 44 pages http://www.nga.org/Files/pdf/0901ARTSANDECONOMY.PDF
Fostering the arts and culture sector has played a vital role in state economic development, according to the report. Arts and culture-related industries, collectively known as “creative industries,” provide direct economic benefits to states and communities by creating jobs, attracting new investments, generating tax revenues and stimulating tourism and consumer purchases.
GENERAL ECONOMY
Performance 2009: Productivity, Employment, and Growth in the World’s Economies The Conference Board - January 22, 2009 – 20 pages
http://www.conference-board.org/pdf_free/Productivity2009.pdf
Despite a slowdown in world productivity in 2008, output per hour worked in the United States increased slightly by 1.7 percent, up from 1.5 percent in 2007, according to the latest annual. The most recent productivity advances have been realized, however, through rapid layoffs, suggesting that the productivity of remaining workers and firms is actually strengthening.
Economic Report of the President Council of Economic Advisors
- January 2009 419 pages
http://www.gpoaccess.gov/eop/2009/2009_erp.pdf The report contains current/foreseeable trends and annual numerical goals concerning topics such as employment, production, real income, and Federal budget outlays.
The Global Economy: Outlook, Risks, and Implications for Policy
Senate Budget Committee – Hearing – January 29, 2008
Recession Rewind
The Urban Institute - Reports
http://www.urban.org/toolkit/issues/recession.cfm
“As economists, policymakers, pundits, and the public debate whether we're in a recession, UI researchers review the lessons from the 2001 recession and its aftermath. Have we learned from our past?”
A Year-End Look at the Economic Slowdown’s Impact on Middle-Aged and Older Americans
S. Kathi Brown American Association of Retired Persons - January 2009 – 34 pages http://assets.aarp.org/rgcenter/econ/economic_slowdown_09.pdf
Throughout 2008, the economy was battered by falling housing prices and increasing foreclosure rates, record stock market losses, rising unemployment, and weak consumer spending. An overwhelming majority of Americans ages 45+ believe that the economy is in bad shape. As a result of the economic downturn, the majority say that they cut back on entertainment spending (68%) and eating out (64%) during 2008. Additionally, 52 percent had more difficulty paying for essential items such as food, gas, and medicine in 2008, and 44 percent found it more difficult to pay for utilities.
A First Look at the Foundation and Corporate Response to the Economic Crisis
Foundation Center – Report - January 2009 – 4 pages
http://foundationcenter.org/gainknowledge/research/pdf/researchadvisory_economy_200901.pdf
The report is an examination of foundation and corporate support in response to the current economic crisis. It is part of a research series intended to shed light on the impact of the economic downturn on the nonprofit sector.
ECONOMIC RECOVERY
Economic Stimulus: Issues and Policies Congressional Research Service – January 23, 2009 – 23 pages
http://assets.opencrs.com/rpts/R40104_20090123.pdf
The need for additional fiscal stimulus depends on the state of the economy… Fiscal policy temporarily stimulates the economy through an increase in spending which also, if not offset by increases in revenue, increases the budget deficit… Economists generally agree that spending proposals are somewhat more stimulative than tax cuts since part of a tax cut may be saved by the recipients.
Summary of the American Recovery and Reinvestment Act
Senate – Appropriations Committee – February 2, 2009 – 5 pages
http://appropriations.senate.gov/
“The American Recovery and Reinvestment Act of 2009 combines two essential ingredients needed to bring our economy back to life,” said Senate Appropriations Chairman Daniel K. Inouye (D-Hawaii). “We will create four million jobs in the near-term, and invest in America’s future by rebuilding our crumbling infrastructure for the long-term. In addition, this bill includes more than $301 billion to aid state and local governments as they struggle to meet increasing demand for social services amidst plummeting tax revenues. As we address this crisis, we must never lose sight of our responsibility to avoid wasteful spending by providing strict accountability and oversight measures. We must invest this money quickly, but also wisely.”
Pumping Life Back into the U.S. Economy - Why a Stimulus Package Must Be Big and Targeted
Scott Lilly Center for American Progress – Report - January 2009 – 28 pages
http://www.americanprogress.org/issues/2009/01/pdf/lilly_stimulus.pdf “Priming the pump” is a metaphor that economists have frequently used to explain a policy of using government deficits to restore the circulation of goods, services, and money in a struggling economy. As our economy continues to deteriorate after nearly a year in recession, the question of pump priming becomes a central issue in public discourse. But there are a number of questions that need to be addressed before enacting any economic stimulus plan.”
Repower America with Green Education, Green Jobs, Green Schools
National Wildlife Federation - January 8, 2009
http://www.nwf.org/nwfwebadmin/binaryVault/Education_Fact_Sheet2.pdf
http://www.nwf.org/nwfwebadmin/binaryVault/Campus_Report_Card_Fact_Sheet.pdf
Economic and education experts join National Wildlife Federation to push for green stimulus investments that would re-power America with green education, green jobs and green schools. Investments in education generate 23.1 jobs per $1 million in spending, nearly five times more jobs created than oil and natural gas sector spending, according to Robert Pollin, Department of Economics and Political Economy Research Institute, University of Massachusetts-Amherst.
Green Stimulus Proposals Senate – Committee on Energy and Natural Resources – Source Book – January 2009
http://energy.senate.gov/public/index.cfm?FuseAction=IssueItems.View&IssueItem_ID=ce27babd-d579-40ce-91e9-7b41510d97d3
“The purpose of this Green Book is to make available the principal ideas and proposals for the upcoming economic stimulus package that relate to “green” Federal programs or technologies in the jurisdiction of the Committee on Energy and Natural Resources of the Unites States Senate. The Committee has primary jurisdiction over a wide range of energy and public lands programs and policies that relate to the concept of a “green” economic stimulus. I have directed the Committee’s Majority Staff to assemble these ideas and proposals, and to make them available in a single compilation.”
A Proposal to Rebuild America by Investing in Transportation and Environmental Infrastructure
House – Transportation and Infrastructure Committee - December 12, 2008 – 41 pages
http://transportation.house.gov/Media/File/Full%20Committee/20090107/Rebuild%20America%20(updated%2012-12-08%20proposal).pdf
“The Rebuild America proposal provides $85 billion of infrastructure investment to enhance the safety, security, and efficiency of our highway, transit, rail, aviation, environmental, inland waterways, public buildings, and maritime transportation infrastructure.”
Infrastructure Investment: Ensuring an Effective Economic Recovery
Package House – Transportation and Infrastructure Committee – Hearing - January 22, 2009 http://transportation.house.gov/hearings/hearingDetail.aspx?NewsID=798
The Committee on Transportation and Infrastructure held a hearing to examine how infrastructure investment contributes to job creation and economic recovery. The hearing addressed infrastructure across the Committee's jurisdiction, including highways, bridges, public transportation, rail, aviation, ports, waterways, wastewater treatment facilities, and Federal buildings. It includes 18 written statements.
Building America's 21st Century Infrastructure
Jessica Milano Progressive Policy Institute - Memo to the Next President – January 15, 2008
http://www.ppionline.org/ppi_ci.cfm?knlgAreaID=450020&subsecID=900200&contentID=254788
“America spends only about 2 percent of GDP per year on infrastructure investment (this includes federal, state, local, and private-sector spending). By contrast, that number is about 5 percent in Europe and between 9 percent and 12 percent in China… With the economy slumping, fuel costs rising over time, and private capital looking for new investment opportunities, infrastructure projects can boost our global competitiveness and create jobs at the same time. Many studies have pointed to a positive correlation between such investment and economic growth.”
Memo to the President: Invest in Infrastructure for Long-Term Prosperity
The Brookings Institution – Memo + event – January 12, 2009
http://www.brookings.edu/papers/2009/0112_prosperity_memo.aspx
http://www.brookings.edu/~/media/Files/events/2009/0112_infrastructure/20090112_infrastructure.pdf
“President-elect Obama is preparing plans for an immediate economic stimulus package. At the same time, his new administration must consider how to make investments that will stabilize and strengthen our economy over the long term. Smart investments in infrastructure, innovation and life-long learning can enhance national prosperity—especially in metropolitan areas, where the bulk of our population lives and jobs are located.”
The Digital Road to Recovery: A Stimulus Plan to Create Jobs, Boost Productivity and Revitalize America
Robert Atkinson, Daniel Castro and Stephen Ezell The Information Technology and Innovation Foundation – - January 07, 2009 – 22 p. HTTP://WWW.ITIF.ORG/FILES/ROADTORECOVERY.PDF
This report provides a detailed analysis and estimate of the short-term jobs impacts of using the stimulus package to spur investment in three critical digital networks: broadband, the smart grid and health IT.
Arts & the Economy: Using Arts and Culture to Stimulate State Economic Development
National Governors Association January 15, 2009 – 44 pages http://www.nga.org/Files/pdf/0901ARTSANDECONOMY.PDF
Fostering the arts and culture sector has played a vital role in state economic development, according to the report. Arts and culture-related industries, collectively known as “creative industries,” provide direct economic benefits to states and communities by creating jobs, attracting new investments, generating tax revenues and stimulating tourism and consumer purchases.
INTERNATIONAL TRADE – FOREIGN INVESTMENT
INTERNATIONAL TRADE – FOREIGN INVESTMENT
Source: http://france.usembassy.gov
Trade Policy Report to the President-Elect and the 111th Congress
The Peterson Institute – Special report – January 16 – 16 pages
http://www.petersoninstitute.org/publications/papers/20081217presidentmemo.pdf
“As President-elect Barack Obama and the 111th Congress take office, addressing US trade policy will have to be an important part of the agenda. Responding to the global economic downturn, restoring the global standing of the United States, implementing global-warming initiatives, and clarifying the United States' role in the world economy will all require a rethinking and reform of trade policy. The Trade Policy Study Group, comprising twenty-two former officials and close observers of US trade policy and chaired by Institute director C. Fred Bergsten, presents the President-elect with a four-part strategy for sustaining a constructive trade policy.”
Lee Hudson Teslik Sovereign Wealth Funds Council on Foreign Relations - Backgrounder – Updated January 29, 2008
http://www.cfr.org/publication/15251/sovereign_wealth_funds.html?breadcrumb=%2Fpublication%2Fby_type%2Fbackgrounder
“Creating funds to manage government wealth is not a new phenomenon. But over the past five years, wealth accumulated in existing funds has fluctuated significantly and the number of new funds has spiked.”
Raising Capital: The role of Sovereign Wealth Funds FRB Chicago - Chicago Fed Letter - January 2009 – 4 pages
http://www.chicagofed.org/publications/fedletter/cfljanuary2009_258.pdf
This article describes what sovereign wealth funds do, where their funding comes from, and what drives their investment strategies. It also highlights some of the policy issues that their activities raise.
Invest in America Department of Commerce – International Trade Administration http://www.trade.gov/investamerica/
Invest in America is the primary U.S. Government mechanism to manage foreign direct investment promotion. Efforts are focused on outreach to foreign governments and investors, support for state governments’ investment promotion efforts, and addressing business climate concerns by serving as ombudsman in Washington for the international investment community.
Daniel Griswold Shipping Jobs Overseas or Reaching New Customers? Why Congress Should Not Tax Reinvested Earnings Abroad
Cato Institute - Center for Trade Policy Studies - Free Trade Bulletin - January 13, 2009. http://www.freetrade.org/pubs/FTBs/FTB-036.pdf
“Investing abroad is not about “shipping jobs overseas.” There is no evidence that expanding employment at U.S.- owned affiliates comes at the expense of overall employment by parent companies back home in the United States. In fact, the evidence and experience of U.S. multinational companies points in the opposite direction: foreign and domestic operations tend to compliment each other and expand together.”
Closing Santa’s Sweatshop: How to Deliver on Obama’s and Congress’ Toy-Safety and Fair-Trade Promises Public Citizen - December 2008 – 27 pages
http://www.citizen.org/documents/SantasSweatshop08.pdf
As U.S. toy imports hit record levels, U.S. trade policy and outdated consumer safety protections expose America’s children to a flood of unsafe toys, according to the study. It also documents campaign pledges on import safety made by President-elect Obama and new members of Congress. The United States is expected to import $23 billion in toys in 2008, 90 percent of that from China. Imports this year represent 90 percent of U.S. toys, which is the highest toy import level and share on record. Many nations producing our children’s toys have extremely lax safety standards and enforcement.
Rawles O. King Ocean Piracy and its Impact on Insurance Congressional Research Service - Library of Congress - Web posted January 4, 2009 – 10 pages
http://assets.opencrs.com/rpts/R40081_20081203.pdf Many Members of Congress are concerned about the sharp rise in pirate attacks in the strategic waterways in the Gulf of Aden off the East coast of Africa. Given the sharp increase in the number of pirate attacks, the cost of transporting cargo in international waters could rise dramatically because of the sharp increase in ocean marine insurance rates for ships transiting the Gulf of Aden. Commercial insurers, for example, could require a special war risk insurance premium costing an additional ten of thousands of dollars a day. These additional costs could adversely impact international trade during the current global economic slowdown.
Source: http://france.usembassy.gov
Trade Policy Report to the President-Elect and the 111th Congress
The Peterson Institute – Special report – January 16 – 16 pages
http://www.petersoninstitute.org/publications/papers/20081217presidentmemo.pdf
“As President-elect Barack Obama and the 111th Congress take office, addressing US trade policy will have to be an important part of the agenda. Responding to the global economic downturn, restoring the global standing of the United States, implementing global-warming initiatives, and clarifying the United States' role in the world economy will all require a rethinking and reform of trade policy. The Trade Policy Study Group, comprising twenty-two former officials and close observers of US trade policy and chaired by Institute director C. Fred Bergsten, presents the President-elect with a four-part strategy for sustaining a constructive trade policy.”
Lee Hudson Teslik Sovereign Wealth Funds Council on Foreign Relations - Backgrounder – Updated January 29, 2008
http://www.cfr.org/publication/15251/sovereign_wealth_funds.html?breadcrumb=%2Fpublication%2Fby_type%2Fbackgrounder
“Creating funds to manage government wealth is not a new phenomenon. But over the past five years, wealth accumulated in existing funds has fluctuated significantly and the number of new funds has spiked.”
Raising Capital: The role of Sovereign Wealth Funds FRB Chicago - Chicago Fed Letter - January 2009 – 4 pages
http://www.chicagofed.org/publications/fedletter/cfljanuary2009_258.pdf
This article describes what sovereign wealth funds do, where their funding comes from, and what drives their investment strategies. It also highlights some of the policy issues that their activities raise.
Invest in America Department of Commerce – International Trade Administration http://www.trade.gov/investamerica/
Invest in America is the primary U.S. Government mechanism to manage foreign direct investment promotion. Efforts are focused on outreach to foreign governments and investors, support for state governments’ investment promotion efforts, and addressing business climate concerns by serving as ombudsman in Washington for the international investment community.
Daniel Griswold Shipping Jobs Overseas or Reaching New Customers? Why Congress Should Not Tax Reinvested Earnings Abroad
Cato Institute - Center for Trade Policy Studies - Free Trade Bulletin - January 13, 2009. http://www.freetrade.org/pubs/FTBs/FTB-036.pdf
“Investing abroad is not about “shipping jobs overseas.” There is no evidence that expanding employment at U.S.- owned affiliates comes at the expense of overall employment by parent companies back home in the United States. In fact, the evidence and experience of U.S. multinational companies points in the opposite direction: foreign and domestic operations tend to compliment each other and expand together.”
Closing Santa’s Sweatshop: How to Deliver on Obama’s and Congress’ Toy-Safety and Fair-Trade Promises Public Citizen - December 2008 – 27 pages
http://www.citizen.org/documents/SantasSweatshop08.pdf
As U.S. toy imports hit record levels, U.S. trade policy and outdated consumer safety protections expose America’s children to a flood of unsafe toys, according to the study. It also documents campaign pledges on import safety made by President-elect Obama and new members of Congress. The United States is expected to import $23 billion in toys in 2008, 90 percent of that from China. Imports this year represent 90 percent of U.S. toys, which is the highest toy import level and share on record. Many nations producing our children’s toys have extremely lax safety standards and enforcement.
Rawles O. King Ocean Piracy and its Impact on Insurance Congressional Research Service - Library of Congress - Web posted January 4, 2009 – 10 pages
http://assets.opencrs.com/rpts/R40081_20081203.pdf Many Members of Congress are concerned about the sharp rise in pirate attacks in the strategic waterways in the Gulf of Aden off the East coast of Africa. Given the sharp increase in the number of pirate attacks, the cost of transporting cargo in international waters could rise dramatically because of the sharp increase in ocean marine insurance rates for ships transiting the Gulf of Aden. Commercial insurers, for example, could require a special war risk insurance premium costing an additional ten of thousands of dollars a day. These additional costs could adversely impact international trade during the current global economic slowdown.
Inscription à :
Articles (Atom)