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China’s Zhou Says Their Approach is ‘Passive’ as Dollar Drop Pulls Yuan

Market

“China is ‘passive’ on the value of the U.S. dollar, central bank Governor Zhou Xiaochuan said, signaling that policy makers aren’t yet prepared to loosen controls on the yuan.” Zhou: “We just watch the game. Regardless who wins or loses, the issue of whether the winner or loser benefits the spectator doesn’t arise.”

Both Sides of Congress Turning on President

Politics

“Episodes in both houses of Congress exposed the raw nerves of lawmakers flooded with stories of unemployment and economic hardship back home [and] underscored the stiff headwinds that the administration faces as it pushes to enact sweeping changes to the financial regulatory system while also trying to create jobs for ordinary Americans.”

Obama Fears Double Dip Recession for US Economy

Politics

“I think it is important though to recognise that if we keep on adding to the debt, even in the midst of this recovery, that at some point, people could lose confidence in the US economy in a way that could actually lead to a double-dip recession.” So, health care!

Reid’s Health Care Bill Chock Full of Tax Increases

Politics

More than 2,000 pages of financing for bad policy, with excise taxes, payroll taxes, annual fees, and more. “In total the bill would raise taxes by $370 B over ten years.” Keith Hennessey breaks down the way the health care bill is funded. Did you like the Social Security scheme? You’ll love this.

Reid Unveils His Health Care Bill to Fellow Democrats Today: Guaranteed to Cost a Trillion

Politics

“The leader, his staff and scorekeepers have had discussions over recent weeks to ensure those proposals fit the parameters President Obama laid out in his call for legislation that comes in with a price tag no higher than $900 billion that is fully paid for.” Yes, paid for with fictional Medicare efficiency money.

I Heart China: Learning to Love Beijing

Politics

Everyone is awesome except for us: “If there was any significant change during this trip, in fact, it was in the United States’ newly conciliatory and sometimes laudatory tone… The day before, speaking to students in Shanghai, he described China’s rising prosperity as ‘an accomplishment unparalleled in human history.’”

Negotiations on Health Care Legislation will Test Pelosi’s Coalition

Politics

“Having upset her liberal base with one trade-off after another before finally passing the House’s healthcare bill with just two votes to spare, Speaker Pelosi moves to a bigger test: keeping her fragile Democratic coalition together.” It’s not going to be easy as the bill is changed to gain Senate passage.

America’s Newest Land Baron: FDIC

Market

“For more than a year, FDIC has been seeking a buyer for 36 partially built condos it inherited from a high-flying, short-lived Atlanta bank… fending off vandals, haggling with architects and uncovering the developer’s blunders, all in a bid to dispose of this condo project, just one of the 2,554 foreclosed assets on its books.”

Can You Believe It? Drug Makers Raising Prices Before Reform Passes

Market

How dare they maximize profit: “Harvard health economist, Joseph P. Newhouse, said he found a similar pattern of unusual price increases after Congress added drug benefits to Medicare a few years ago… Just as the program was taking effect in 2006, the drug industry raised prices by the widest margin in a half-dozen years.”

CIT’s Bankruptcy Raises New Questions

Market

“Today, CIT is in bankruptcy court, and the taxpayers’ investment is on the brink of being wiped out. It would be the largest loss so far from the government’s massive rescue of the financial system, but it isn’t likely to be the last… Analysts expect more bailed-out firms to fail in the months ahead.”

- November 21, 2009 -

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