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FRB: G.19 Release--Consumer Credit--October 7, 2008
Consumer credit decreased at an annual rate of 3-3/4 percent in August. Revolving credit decreased at an annual rate of 3/4 percent, and nonrevolving credit decreased at an annual rate of 5-1/2 percent.
The Russia File | Foreign Affairs
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Yet this is a necessity, for the heart of this strategic dialogue is the agenda itself. Four areas dominate all others, and they represent four of the twenty-first century's preeminent security concerns: European security, security in and around the Eurasian landmass (especially the post-Soviet area), nuclear security, and energy security. Not coincidentally, these also frame the most friction-laden aspects of the U.S.-Russian relationship, namely, the future relationship of Georgia and Ukraine with NATO, the role of ballistic missile defense in central Europe, the U.S.-Russian interaction in the post-Soviet area, and the jockeying over oil and gas pipelines.
Econbrowser: How Important Is China to World Growth?
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How Important Is China to World Growth?
This is a tough question to answer. But I can provide an answer of a mechanical sort. Consider how big the Chinese economy is, compared against the US, the Euro area and Japan.
Interest Rates
Grossly Misunderstood Debt
The often cited chart, by Bill Gross and others, reflecting a surge in Total Credit Market Debt as a % of GDP is distorted by a number of factors. One of the most significant reasons is that many families have substituted mortgage payments for rents and, without changing their costs, increased the debt ratio. Ironically, the shift built significant equity value. Further, when the long-term series is viewed on a standard logarithmic scale to show percentage gains over time, the chart becomes much less dramatic. On a real basis, adjusting for inflation, the rate of growth has been relatively constant over the past 50 years.
UPDATED THROUGH 2008
Bond Yields:
Reasonable Expectations
Is 4% on the 10-year Treasury bond high, low, or just about right? The Fed appears now--and may explicitly state soon--to be targeting inflation between 1% and 2%. By adding a 2% inflation-risk spread, 4% or lower may be just about right for the 20-year bond. As for the 10-year Treasury bond, we may soon see a yield that starts with a "3".
ESTA US Electronic System for Travel Authorisation
Welcome to the Electronic System for Travel Authorization Web Site.
International travelers who are seeking to travel to the United States under the Visa Waiver Program are now subject to enhanced security requirements. All eligible travelers who wish to travel under the Visa Waiver Program must apply for authorization using the following process:
BBC NEWS | Business | Banks hit worldwide by US 'fraud'
Nicola Horlick, boss of Bramdean investments, told the BBC: "I think now it is very difficult for people to invest in things that are meant to be regulated in America, because they have fallen down on the job."
Finextra: SmartyPig issues user data
SmartyPig, the online piggy bank that helps individuals, families and organizations save for specific goals, today released aggregate data from its American user-base. The data shows U.S. financial trends as we head into the holiday season -- including top savings goals for users, and average dollar amounts saved. SmartyPig, a new service that leverages the age- old idea of saving up for purchases, adds Web 2.0 and social networking technology to help customers reverse the "buy now, pay later" credit-card mindset. SmartyPig has seen a 506% growth in its deposit base since the economic downturn.
FT.com / Comment & analysis / Comment - America will find opportunity in scarcity
The potential for ingenuity and entrepreneurship remains high but, in recent years, it has not received the support needed. US federal spending on research and development – such as funding for the National Science Foundation – has fallen over the past eight years. This has been driven by the belief that seedcorn investment by government does not work. The fact that the internet, a big motor of prosperity and job creation, began as a government-funded research project seems to have been forgotten.
We now need to encourage investment in new high-technology industries such as clean energy and environmental technology. These are sectors where we have lacked political leadership not just recently but for decades. We need urgently to find alternatives to fossil fuels, invest in a smart electricity grid and make our cars, our homes and our offices more efficient. Rising unemployment should also force us to look to the environmental sector, where it is estimated that an extra 2m-3m well-paid, high-tech jobs could be created by 2030. These green jobs have the potential to create tremendous economic opportunities.
We will not, however be able to grasp these opportunities unless our children are equipped with the mathematics and science skills needed to compete in a global marketplace. We need, too, to close the digital divide. The US ranks only 15th in the world in broadband access, with 45m adults without it at home. The next president must make a top priority of building this 21st century infrastructure, much as president Dwight D. Eisenhower saw the interstate highway system as vital to the nation’s economic growth in the mid-20th century.
National Cyber Leap Year
We are a cyber nation. The U.S. information infrastructure - including telecommunications and computer networks and systems and the data that reside on them - is critical to virtually every aspect of modern life. This information infrastructure is increasingly vulnerable to exploitation, disruption and destruction by a growing array of adversaries.
FDIC: Failed Bank List
The FDIC is often appointed as receiver for failed banks. This page contains useful information for the customers and vendors of these banks. This includes information on the acquiring bank (if applicable), how your accounts and loans are affected, and how vendors can file claims against the receivership.
FT.com / Comment & analysis / Comment - The crisis: a tale of two monetary policies
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The power of Europe’s unions, its history of hyperinflation and the need to develop credibility for a young institution all justify the ECB’s tough stance. Because the Fed does not have these problems but faces a potentially serious recession, it is prepared to gamble that the weakness in US employment and the general decline in economic activity will prevent a wage-price spiral without further increases in the interest rate. If food and energy prices remain at today’s level and wage costs do not accelerate, the overall consumer price index inflation will decline by next year to an annual rate of less than 3 per cent. I think the Fed’s current interest rate strategy makes sense but would be too risky for the ECB.
MERGER WAVE HISTORY BRANCH BANKING term papers, research papers on MERGER WAVE HISTORY BRANCH BANKING, essays on MERGER WAVE HISTORY BRANCH BANKING, AcaDemon, Term papers, 080806
Abstract
This paper discusses the merger wave in retail and commercial banking, covering the history of banking in the United States and leads into the merger wave of the last twenty years. This paper also discusses the basis for the merger wave, criticism thereof and what may lie ahead.
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Abstract
This paper discusses the merger wave in retail and commercial banking, covering the history of banking in the United States and leads into the merger wave of the last twenty years. This paper also discusses the basis for the merger wave, criticism thereof and what may lie ahead.
FT.com / World / US & Canada - Bush and Brown in push to deal with crisis
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George W. Bush, US president, and Gordon Brown, UK prime minister, have agreed to step up co-operation over the crisis in financial markets. They are setting up a joint working group which will develop plans to monitor and regulate the banking system.
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