Yesterday, the US Senate passed legislation that allows US companies to seek duties to compensate against countries with “misaligned currencies.” US Senator Chuck Schumer stated, ““To those who say it’ll cause a trade war, we are in a trade war…We have our clocks cleaned every day and lose jobs every day because of unfair Chinese practices. To those who say China will retaliate, China has got far more to lose in this than we do.”
Instead of evaluating whether a currency was manipulated, the US Treasury is now charged with the task of identifying “misaligned” currencies. Then, the bill says … …READ MORE
Tag Archives: Senate
Senate wants to devalue
Let the Votes Begin!
It’s the Wild West for the Senate as they begin debate on the financial regulatory reform bill. Banks to auto dealers to dentists (yes, dentists!) will all be potentially impacted by what amendments are offered and what are agreed upon. While tougher regulations on consumer protections and derivatives are the highlights, it will be the lesser known aspects that will make or break many businesses. “This legislation deals with just about any issue you could think of,” said Steve Verdier, a senior vice president and director of congressional relations at Independent Community Bankers of America according to CQ.
So far, … …READ MORE
Solving Gridlock and the Deficit
The Washington is broken chatter is in hyper-drive out of DC with the announcement by Senator Evan Bayh (D, IN) that he is retiring. Bayh was particularly critical of the partisan wrangling and animosity currently on display on Capitol Hill. Bayh stated that he loved serving the citizens of Indiana, but hated the process of making law in the Senate.
Besides making the 2010 mid-term elections a bit tougher for Democrats to retain their large majorities, the comments Bayh made on CBS’s Early Show were particularly damaging. “If I could create one job in the private sector by helping to … …READ MORE
Posted in Front Page Also tagged entitlement programs, gridlock, obama, US budget deficit, US debt Leave a comment
The Best Questions For Ben Bernanke
Let’s get right to heart of what really matters here for the Fed. Just two questions need to be asked.
1. Why should the Fed have any regulatory oversight considering what a poor job they did in the past?
2. Why should the Fed have a dual mandate?
In his Washington Post editorial, Federal Reserve chairman Ben Bernanke breaks down the fourth wall of reporting and brings his case directly to the public. He states relatively quickly and succinctly that, “I am concerned, however, that a number of the legislative proposals being circulated would significantly reduce the capacity of the … …READ MORE
