User: newstrust Topic: Business
Category: Finance :: Financial Regulation
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Today in Congress: energy & water marathon wraps up, farm bill filibuster begins 6.6.2012 Daily Kos
I can haz paycheck fairness now? No? Oh wells. Another late night of voting in the House , with the Energy and Water Development appropriations bill keeping them busy with 40+ amendments considered, not to mention their slate of ten suspension bills and a couple of last-minute unanimous consent items. Highlights of the day: two Republican lightbulb derangement syndrome amendments, and the passage of the International Child Support Recovery Improvement Act by voice vote, sparing non-deabeat dad Rep. Joe Walsh (R-IL-08) the potential embarrassment of going on the record on that one. The Senate met to determine that they would not go forward with a debate on the Paycheck Fairness Act today, because only a majority of them wanted to have it. So there will be no paycheck fairness for one half of the population, because more than half but less than three-fifths of the Senate wanted it. Looking ahead to today: The House will continue with and wrap up its consideration of the Energy and ...
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Drumbeat: June 6, 2012 6.6.2012 The Oil Drum
For first time in years, the world is producing more oil than it needs Remember when, a few short months ago, the whole planet was panicked about cripplingly high oil prices? That’s changed in a hurry. Crude prices are now plummeting. Oil in London is trading for $96 per barrel, way down from $126 back in February. The big reason why: supply and demand. The world is pumping out more oil and other liquid fuels right at the moment when the global economy is starting to slacken and people are using less of the stuff. Matthew Phillips of BloombergBusinessweek offers up this great chart: The long-run supply of oil is not fixed. As oil prices rise, a number of related activities are encouraged on the supply side. New technologies are developed. New areas are explored for crude. New fields are developed. Producing wells are brought on line in the new fields. More crude is produced from existing fields using new technologies. That is, in time, installed capacity to produce oil could be increased ...
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ERROR: Missing Story Title 6.6.2012 Boston Globe: Business
The FDA's power over cigars 6.6.2012 LA Times: Opinion
Two bills in Congress would remove its authority to regulate cigars. That would be a mistake.

Two bills in Congress would remove its authority to regulate cigars. That would be a mistake.


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Sens. Rubio, Portman showcase foreign policy credentials as VP search heats up 6.6.2012 The Hill

Sens. Rob Portman and Marco Rubio are showcasing their foreign-policy credentials.

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Veterans' pension program abused, report finds 6.6.2012 Twincities.com: Nation

A yearlong investigation into a federal pension program for low-income veterans has concluded that weak oversight and unclear rules have made the system ripe for abuse, including by financial planners and lawyers who help well-off retirees qualify for benefits by transferring or hiding assets.

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Open thread for night owls: Not just in the current environment, austerity NEVER works 6.6.2012 NewsTrust Yahoo Pipes Feed
It is increasingly accepted that these policies are not working in the current environment. But less widespread is the recognition that there is also plenty of historical evidence showing that they have never worked. The same happened during the 1982 developing world debt crisis, the 1994 Mexican crisis, the 1997 Asian crisis, the Brazilian and the Russian crises in 1998, and the Argentinian crisis of 2002. All the crisis-stricken countries were forced (usually by the IMF) to cut spending and run budget surpluses, only to see their economies sink deeper into recession. Going back a bit further, the Great Depression also showed that cutting budget deficits too far and too quickly in the middle of a recession only makes things worse. As for the need to cut social spending to revive growth, there is no historical evidence to support it either. From 1945 to 1990, per capita income in Europe grew considerably faster than in the US, despite its countries having welfare states on average a third larger ...
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Regulator: JPMorgan changed risk strategy in 2011 6.6.2012 AP Business
WASHINGTON (AP) -- Starting late last year, JPMorgan Chase & Co. reduced the amount of hedging it was doing to contain potential losses, according to a top federal regulator....
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Maine's GOP Senate candidates 6.6.2012 Boston Globe: Maine
Maine's GOP Senate candidates
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Maria Gunnoe Testifies Before Congress: Mountaintop Removal Is Killing People 6.6.2012 AlterNet
"Why is it acceptable to depopulate our communities and culture, poison our water and air and leave us to die in a post mining waste land for temporary jobs and energy?"
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DealBook: JPMorgan Regulators in Spotlight After Firm's Huge Loss 6.6.2012 NY Times: Business
Congress is expected to quiz regulators on Wednesday about their failure to keep an eye on the JPMorgan unit responsible for a trading loss of more than $2 billion.

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California GOP Candidate’s Machine Gun Ad: ‘TAKE LINDA SANCHEZ OUT OF OFFICE’ 6.6.2012 Think Progres
GOP Congressional candidate Jorge Robles is very serious about unseating Rep. Linda Sanchez (D-CA) as the representative for California’s 38th district — and he’s using some gun imagery to do it. In a 5-minute web video released yesterday, Robles explains how he would, from Washington, end the state regulations that supposedly make California inhospitable to [...]
Tipton shows support for Romney with rip on Obama 5.6.2012 Durango Herald
DENVER U.S. Rep. Scott Tipton engaged in presidential politics Monday morning on behalf of Mitt Romney.Tipton, R-Cortez, joined a news conference call to bash President Barack Obamas record on jobs.
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Is The U.N. Really Trying To Take Over The Internet? Nope. 5.6.2012 TechCrunch
Is The U.N. Really Trying To Take Over The Internet? Nope.
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House GOP Threatens To Scuttle Transportation Bill Unless It Approves Controversial Pipeline 5.6.2012 Think Progres
Despite last week’s disappointing jobs report, which showed the largest drop in construction jobs in two years, House Republicans are threatening to walk away from a transportation infrastructure bill unless Democrats agree to approve construction of the controversial Keystone XL pipeline and limit the Environmental Protection Agency’s ability to regulate coal ash: House Republicans say [...]
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Krishna arrives in China for SCO summit 5.6.2012 CNN-IBN: World
External Affairs Minister SM Krishna arrived in Beijing on Tuesday night on a three-day visit to participate in the 12th summit of the China-backed Shanghai Cooperation Organisation (SCO) in which India is an observer.
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Hoyer says House GOP to blame for stalemate over renewing highway bill 5.6.2012 The Hill

“It’s not our way or the highway, it’s our way or no highway," the House Democratic whip says.

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Obama and Reid: Destroying the Economy; Stimulating Trial Lawyers 5.6.2012 Red State
Over the past few weeks, we’ve been hit with a torrent of negative economic news, portending a prolonged period of stagnation for the foreseeable future. While most recessions end with a period of robust growth and job creation, this recovery has been stymied by odious regulations and a cloud of uncertainty painted dark black with Obama’s anti-business policies. Naturally, the response from Democrats is to impose even more regulations. This time they plan to tap one of their favorite tools; wage controls. Harry Reid is planning to bring the “Paycheck Fairness Act” (S. 3220) to the floor today. Behind this mellifluous sounding name rests a plethora of onerous paperwork for small businesses, a strong disincentive to hire women, and a Pandora’s box of class action lawsuits designed to enrich the trial lawyers – a group that happens to be prolific donors to the Democrat Party. At the root of liberalism is the desire to identify contrived vices of the free market and impose arbitrary and ...
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Batemanimation: Mitt's Campaign Ad: Day One, Part 2 5.6.2012 Daily Kos

After the cut: A transcript of Mr. Romney's ad.


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Washington’s Ten Thousand Commandments 5.6.2012 American Spectator
Deficits, taxes, and spending are the defining issues of the 2012 campaign. Regulation deserves a seat at the table, too. The federal government spent $3.6 trillion in 2011. But according to the Small Business Administration (SBA), the annual cost of complying with federal regulations has exceeded $1 trillion since around 2005, and none of those costs appear in the federal budget. The federal government actually costs us half again more than most people think it does. By way of comparison, Canada's entire Gross National Income is $1.42 trillion. The budget deficit is currently $1.08 trillion. Those are big numbers. And the cost of federal regulation is an even bigger number. This needs to change if the economy is to get back on track. Politicians love to blame unregulated markets for America's economic troubles. But as the just-released 2012 edition of the Competitive Enterprise Institute’s annual Ten Thousand Commandments report shows, those unregulated markets are hard to find. The federal ...
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