February 8

“All you need to know to navigate today’s economic debate.”

Obama Plans Bipartisan Summit on Health Care (NYT)
President Obama announced before the Super Bowl that he plans to convene a bipartisan summit on health care at the White House that is to be televised to the public.

AIG Hires KeyCorp’s Hancock to Oversee Risk, Derivatives Unit (Bloomberg)
AIG has named Peter Hancock to oversee finance and risk, including the derivatives unit that drove the company to the brink of collapse.

Fed to Bare Tightening Plan (WSJ)
Federal Reserve Chairman Ben Bernanke will begin this week to lay out a blueprint for a credit tightening, to be followed once the Fed decides the economy has recovered sufficiently.

Lay Off the Layoffs (Newsweek)
Jeffrey Pfeffer discusses why cutting a work force might not always be the smartest financial move in a time of recession.

Former Merrill Lynch CEO Thain Tapped to Head CIT (TruthDig)
John Thain — ex-CEO of Merrill Lynch — who also served at Goldman Sachs and the NYSE, has been tapped as CIT’s new chairman and chief executive.

Bank Securitization Woes Only Beginning (NakedCapitalism)
Yves Smith discusses the federal government’s attempts at stabilizing the securitization market.

Fed Chair as Confidence Man (BaselineScenario)
James Kwak writes on the various responsibilities — including boosting confidence — that entail being the chairman of the Federal Reserve.

America Is Not Yet Lost (NYT)
Paul Krugman dissects the paralyzing causes and effects of the political process within the United States Senate.