“What you need to know to navigate today’s economic debate.”
Bernanke Warns of Risks in Push to Revamp Fed (DealBook)
The Fed chairman, Ben Bernanke, warned bluntly over the weekend that provisions in financial legislation before the House and Senate would “seriously impair” the Fed as it struggled to maintain financial and economic stability.
Thirty Financial Groups on Systemic Risk List (FT)
Thirty global financial institutions make up a list that regulators are earmarking for cross-border supervision exercises, including banks and insurance groups.
Bankers Say Financial Overhaul Bill ‘Over-reacts to the Crisis’ (WSJ)
A trade group of the nation’s largest banks sent a letter to each member of the House Financial Services Committee on Sunday urging them to vote against a bill that would give the government more power to break up a failing financial services firm.
The Jobs Imperative (NYT)
Washington’s assumption that the economic recovery will trickle down to workers is wrong and unacceptable. It’s time for an emergency jobs program, writes economist Paul Krugman.
Debate on Creating Jobs, Without Raising Deficit (NYT)
As Democrats renew their push to create jobs, they are at odds with the White House’s concern over the timing, cost and scope of additional measures.
Scapegoating the Fed (WP)
Bipartisan threats against the institution that saved America from depression.
Lenders to Get Push to Help Homeowners (WP)
The Obama administration plans to announce on Monday efforts to step up pressure on lenders participating in its $75 billion federal program, known as Making Home Affordable.
Debate Rages Over Bill’s Impact on Costs (WP)
As the battle over health care is rejoined this week, experts remain divided over whether the legislation would rein in costs or simply add to a system that is already driving the nation toward bankruptcy.
Taxing Wall Street Today Wins Support for Keynes Idea of 1936 (BLM)
A growing number of economists and politicians argue that it’s time for a levy on trading stocks, bonds, currencies and derivatives.
Some Failed Banks Unwanted at Any Price (WSJ)
Some lenders are in such bad shape that potential buyers won’t touch them at any price, even if the government agrees to take on loan losses.
Arab Emirates Aim to Limit Dubai Crisis in Pledge to Banks (NYT)
The United Arab Emirates pledged to lend money to Dubai banks in an attempt to head off the kind of crisis of confidence that froze credit markets last year.