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Daily Archives: November 26, 2013

FDIC-Insured Institutions Earned $36 Billion in the Third Quarter of 2013

News release: “Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported aggregate net income of $36.0 billion in the third quarter of 2013, a $1.5 billion (3.9 percent) decline from the $37.5 billion in profits that the industry reported a year earlier. This is the first time in 17 quarters — since the second quarter of 2009 — that earnings registered a year-over-year decline. The earnings decline was mainly attributable to a $4 billion increase in litigation expenses at one institution. Lower revenue from reduced mortgage activity and lower gains on asset sales also contributed to the reduction in earnings. Half of the 6,891 insured institutions reporting had year-over-year growth in earnings, while half reported declines. The proportion of banks that were unprofitable fell to 8.6 percent, from 10.7 percent a year earlier. The FDIC also noted that industry earnings for the second quarter of 2013 had been revised downward, from $42.2 billion to $38.1 billion, as a result of expenses for goodwill impairment at two banks in the same organization.”

Research – The Economics of the Fed’s Press Conference

A Way With Words: The Economics of the Fed’s Press Conference, by Fernando Duarte and Carlo Rosa “When central bankers speak, traders, journalists, and politicians listen with bated breath. The marked asset price reaction to Chairman Bernanke’s June press conference confirms the importance of his comments in the marketplace.  The chart…shows the dynamics of U.S. assetContinue Reading

Making Nutritional Information Digestible

Making Nutritional Information Digestible: Effects of a Receipt-Based Intervention on Restaurant Purchases, by Kelly Bedard and Peter J. Kuhn. NBER Working Paper No. 19654, November 2013 “We study the effects of receipts that include personalized ordering suggestions designed to reduce fat and calorie consumption on purchasing behavior at a restaurant chain. We find that customers, in the aggregate, made most ofContinue Reading

Pew – The Diagnosis Difference

The Diagnosis Difference by Susannah Fox, Maeve Duggan, Nov 26, 2013 “45% of U.S. adults report that they live with one or more chronic conditions, such as high blood pressure and diabetes, but also less common conditions like lupus and cancer. They are more likely than other adults to be older, to have faced a medical emergency in theContinue Reading

Moody’s Issues a Negative Outlook for Higher Education

Chronicle of Higher Education: “Moody’s Investors Service on Monday issued a negative outlook for higher education in 2014—which should come as a surprise to no one. The bond-rating agency’s report last week, a survey of net-tuition revenues, was grim, and its outlook for higher education in recent years has been mostly bleak. This year Moody’s cited a weak economy that will “affectContinue Reading

Data Visualization: HIV/AIDS Impact in Africa

“To mark World AIDS Day 2013 on Dec. 1, the U.S. Census Bureau is releasing today two data visualizations that depict the impact that HIV/AIDS has made on the population of 10 countries in sub-Saharan Africa. The Census Bureau estimates and projects population numbers, population growth rate, fertility, life expectancy and infant mortality worldwide. In theContinue Reading

Speech – Addressing risks to financial stability

Addressing risks to financial stability - Speech by Jaime Caruana, General Manager of the Bank for International Settlements, to the 49th SEACEN Governors’ Conference and High-level Seminar, Kathmandu, Nepal, 21 November 2013 “Regulatory reforms, in particular more capital and new liquidity buffers for banks, have made the financial system more resilient. Nonetheless, regulation typically cannot keep up withContinue Reading

New GAO Reports – Hurricane Sandy Relief, Small Business Contracting, Medicare, Minority AIDS Initiative

HURRICANE SANDY RELIEF - Improved Guidance on Designing Internal Control Plans Could Enhance Oversight of Disaster Funding, GAO-14-58, Nov 26, 2013 NATIONAL PREPAREDNESS - Actions Taken by FEMA to Implement Select Provisions of the Post-Katrina Emergency Management Reform Act of 2006, GAO-14-99R, Nov 26, 2013 SMALL BUSINESS CONTRACTING - Updated Guidance and Reporting Needed for Consolidated Contracts, GAO-14-36, Nov 26, 2013Continue Reading

EPIC Files Lawsuit to Determine Legal Authority For PRISM Program

“EPIC has filed a Freedom of Information Act lawsuit against the Department of Justice’s Office of Legal Counsel for the secret legal analyses that justifies the use of the NSA PRISM program. PRISM is a program that allows the FBI and NSA to collect information – including the contents of internet users’ communications – directly from internetContinue Reading

Danbury State’s Attorney Releases Report on Sandy Hook Investigation

“Stephen J. Sedensky III, State’s Attorney for the Judicial District of Danbury, today released his report on the investigation into the December 14, 2012, shootings at Sandy Hook Elementary School and a private residence in Newtown. Follow this link to download the State’s Attorney’s Report Follow this link to download the Appendix to the State’sContinue Reading