In one of the few pieces of good news on the US financial / economic front,
Federal bank regulators have agreed to give the Federal Deposit Insurance Corporation unlimited authority to investigate banks,
clarifying the agency’s power, which was in question during the financial crisis.
The F.D.I.C.’s board recently approved an agreement between the agency and regulators at the Federal Reserve and the Treasury Department.
Several people have asked why we haven’t covered the “stress tests” for EU banks, to which we reply:
The ones in the US were a joke – we have no reason to believe the ones in Europe will be any different, and here’s why:
So far this year, more than 100 banks in the US have failed, as regulators shut down banks in Georgia, Florida, South Carolina, Kansas, Nevada, Minnesota and Oregon.
Just a few weeks ago, we detailed the incredible array of tax breaks & subsidies the US Congress has showered on the oil industry, mostly Big Oil but some smaller outfits too.
In the latest effort to break up the often cozy relationship between doctors and the medical industry,
the University of Michigan Medical School has become the first to decide that
it will no longer take any money from drug and device makers to pay for coursework doctors need to renew their medical licenses.
University officials voted to eliminate commercial financing, beginning next January, for postgraduate medical education,
Standard & Poor’s said recently it was likely to cut its credit ratings for Moody’s, its biggest competitor,
warning that the sweeping financial regulatory bill in Congress would increase the risk that Moody’s — and itself — could be sued.
Both S.&P. and Moody’s, along with Fitch Ratings, have been sharply criticized for giving their top ratings to securities that turned out to be junk when the financial crisis hit.
07 July 2010. By David Caploe PhD, Chief Political Economist, EconomyWatch.com
06 July 2010.
When the Deepwater Horizon drilling platform set off the worst oil spill at sea in American history,
it was flying the flag of the Marshall Islands.
Registering there allowed the rig’s owner to significantly reduce its American taxes.
The owner, Transocean, moved its corporate headquarters from Houston to the Cayman Islands in 1999
and then to Switzerland in 2008, maneuvers that also helped it avoid taxes.
Labor Intensive Industry refers to that industry, which requires substantial amount of human labor to produce the industrial products. As the name suggests, these labor intensive industries use labor intensively. This means, the proportion in which labor is used for production is much higher than the proportion of capital.
Cottage Industry is a specialized form of small scale industry where the production of the commodity takes place in the homes and the labor is supplied by the family members only. The machineries or means utilized for the production of the commodities generally are the common ones used at homes. The basic characteristic feature of Cottage Industry is that it is basically unorganized in nature and come under the group of small scale industry type.
