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Category Archives: Financial System

GAO Reports – Defense Energy, Facilities Modernization, International Insurance Capital Standards, Mortgage Reforms, Prescription Drugs

Defense Energy: Observations on DOD’s Investments in Alternative Fuels, GAO-15-674: Published: Jul 27, 2015. Publicly Released: Jul 27, 2015. Facilities Modernization: DOD Guidance and Processes Reflect Leading Practices for Capital Planning, GAO-15-489: Published: Jul 27, 2015. Publicly Released: Jul 27, 2015. International Insurance Capital Standards: Collaboration among U.S. Stakeholders Has Improved but Could Be Enhanced,Continue Reading

International banking statistics at end-March 2015

“The Bank for International Settlements (BIS) today released international banking statistics at end-March 2015. Global cross-border claims of BIS reporting banks continued to expand in early 2015, rising by $755 billion between end-December 2014 and end-March 2015. The latest quarterly increase lifted the annual growth rate of claims to 6%, compared with -2% a yearContinue Reading

Taming Leviathan

Boettke, Peter J. and Palagashvili, Liya, Taming Leviathan (July 24, 2015). GMU Working Paper in Economics. Available for download at SSRN: http://ssrn.com/abstract=2635701 “The current public debt crises in Western democratic countries provide an important illustration of what Adam Smith had described as the “juggling trick” – namely deficit increases, accumulation of debt, and debasement ofContinue Reading

Northern Light Launches Competitive Intelligence Portal

Remember Northern Light web search engine – going back to the time I launched LLRX.com – see this News release: “Northern Light® today launched Millie™ (http://millie.northernlight.com), the first market and competitive intelligence portal available free on the web. Millie is structured as a series of industry-specific dashboards, making it easy to find useful information inContinue Reading

Attention Effects in a High-Frequency World

Chakrabarty, Bidisha and Moulton, Pamela C. and Wang, Xu (Frank), Attention Effects in a High-Frequency World (July 23, 2015). Available for download at SSRN: http://ssrn.com/abstract=2634621 “How does limited attention affect stock prices in today’s computer-driven financial markets? We study this issue by re-examining the effects of limited attention using a dataset that separately identifies tradesContinue Reading

EU Economic and Financial Affairs Council Reports

“Economic, fiscal and employment policies – Recommendations to the member states – The Council issued country-specific recommendations and opinions on the economic, fiscal and employment policies planned by the member states, as well as a specific recommendation on the economic policies of the euro area.  Adoption of the texts, following their endorsement by the EuropeanContinue Reading

Staff economic projections June 16-17, 2015 FOMC meeting inadvertently included in file posted to Board’s site

“Economic projections prepared by Federal Reserve Board staff as background for the June 16-17, 2015, meeting of the Federal Open Market Committee (FOMC) were inadvertently included in a computer file posted to the Board’s public website on June 29. Because the information has already been released, the Federal Reserve is today providing general public notificationContinue Reading

American Work Force and Labor Day

Census: “The first observance of Labor Day was likely on Sept. 5, 1882, when some 10,000 workers assembled in New York City for a parade. That celebration inspired similar events across the country, and by 1894 more than half the states were observing a “workingmen’s holiday” on one day or another. Later that year, withContinue Reading

GAO Report – IRS 2016 Budget Cuts Increase Risk

IRS Is Scaling Back Activities and Using Budget Flexibilities to Absorb Funding Cuts, GAO-15-624: Published: Jun 24, 2015. Publicly Released: Jul 24, 2015: “Internal Revenue Service (IRS) total appropriations declined from a high of $12.1 billion in fiscal year 2010 to $11.3 billion in fiscal year 2014, a reduction of about 7 percent. GAO selectedContinue Reading

Symphony sets out to conquer Bloomberg in financial and legal sectors

re/code: “The Bloomberg terminal makes up a significant part of the world’s financial nervous system. The machine is parked on the desks of over 325,000 financial pros who pay $24,000 a year to use it. And while it’s packed with data and news, its most popular feature by far is its instant messaging function, which traders from thousands of different banks andContinue Reading

Fewer Banking-Related Federal Civil Lawsuits

Transactional Records Access Clearinghouse: “The latest available data from the federal courts show that during June 2015 the government reported 18 new “banks and banking” civil filings. This number has been trending downward since new filings peaked at 79 during November of 2011. If filings continue at the same pace during the remainder of thisContinue Reading

Social Security Disability Trust Fund Projected Depleted by 2016

“The Social Security Board of Trustees today released its annual report on the long-term financial status of the Social Security Trust Funds.  The combined asset reserves of the Old-Age and Survivors Insurance, and Disability Insurance (OASDI) Trust Funds are projected to become depleted in 2034, one year later than projected last year, with 79 percentContinue Reading