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Europe’s Plan Won’t Cut Greek Debt: Allen, Eichengreen and Evans
Postmortems of last month’s European Union summit meeting have now turned to why the Greek debt rescue failed to restore investor confidence in the country’s finances. Many reasons are advanced: the failure to communicate clearly; the complexity of the plan; the inability to coordinate with the International Monetary Fund.
Fannie, Freddie and the Financial Crisis: Phil Angelides
In the six months since the Financial Crisis Inquiry Commission’s report was released, a small band of critics -- with many Congressional Republicans in tow -- has labored mightily to undermine the credibility of the FCIC’s work. They have attacked the report, even as its accuracy has withstood the scrutiny of the financial industry, the media and others.
Here’s a Tax That Can End Pain at Pump: Bradley, Ridge, Walker
The U.S.’s national transportation program is broke. We borrow about $12 billion from the Treasury annually for the Highway Trust Fund. But our real annual transportation deficit is more than $100 billion when you include interest, deferred maintenance and other spending.
On War, Guilt and ‘Thank You for Your Service’: Elizabeth Samet
Watch a 1940s or 1950s movie set in New York City -- noir, comedy or melodrama -- and you are sure to spot him: straphanging on a crowded subway car, buying a newspaper at a kiosk or sitting in a coffee shop. The anonymous man in uniform is a stock extra in these films, as elemental to the urban landscape as the beat cop, the woman with the baby carriage or the couple in love.
Default More Than 400 Years Ago Leaves Scars: Christophe Chamley
The House Republicans, many of them opposed to raising the federal government’s borrowing ceiling, might take a lesson from the first sovereign debt crisis: Spain’s default in 1575. What events more than 400 years ago suggest is that it’s easy to ignite a dangerous chain reaction in financial and credit markets and inflict lasting damage on the economy.
Leaders Give Russia Little Reason to Sober Up: Tatyana Tolstaya
The other day, Russian President Dmitry Medvedev signed a law equating beer with alcoholic beverages, a move that restricts its advertisement and limits its sale and distribution. Unfortunately, the decision can mean only one thing: The vodka lobby trumped the beer lobby.
Tax Trio Would Put an End to Euro Arson: Perotti and Zingales
The latest effort by European policy makers to contain the debt crisis offers only temporary relief for the euro area.
Washington Follows Path to Credibility Downgrade: Neil Barofsky
We have been told that unless the legislative process is well under way by today, and a bill raising the debt limit is passed and in place by Aug. 2, catastrophe will strike the U.S.
Debt Forgiveness Is Unavoidable in Euro Crisis: Hannes Androsch
Bailout II, which European leaders arranged for Greece last week, is unlikely to bring the problems of that country or the euro area to an end.
Europe Needs to Overcome Its Cognitive Dissonance: Scott Minerd
In the early 1950s, the American social psychologist Leon Festinger conducted an experiment that provides a valuable insight into Europe’s current troubles.
FHA May Be Next in Line for Huge Bailout: Delisle and Papagianis
The nationwide decline in house prices has created a vacuum in the U.S. mortgage market. Private financing for home loans has all but dried up and the U.S. government is now guaranteeing almost every new mortgage. Fannie Mae and Freddie Mac have received most of the media’s attention, but policy makers need to focus on the third leg of the housing- support stool: the Federal Housing Administration.
Meredith Whitney Wins If We Lose Meaning of Default: Joe Mysak
Cutting the hours a public library is open isn’t a municipal-bond default.
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