Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Archive for 25. Juni 2010

Major Provisions in the Financial Overhaul Bill

Posted by hkarner - 25. Juni 2010

WSJ, 25/6. Na, besser als erwartet, aber natürlich nicht vollständig. hfk

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U.S. Lawmakers Reach Accord on New Finance Rules

Posted by hkarner - 25. Juni 2010

The Wall Street Journal

 JUNE 25, 2010, 2:55 P.M. ET ,By DAMIAN PALETTA

[0624finreg] Getty ImagesSen. Christopher Dodd, left, and Sen. Richard Shelby.

 WASHINGTON—After more than 20 hours of continuous wrangling, congressional Democrats and White House officials reached agreement on the final shape of legislation that would transform financial regulation, avoiding last-minute defections among New York lawmakers that had threatened to upend the bill. 

After months of uncertainty about how the U.S. would craft new rules, the agreement offers the clearest picture since the financial crisis of how markets and the government will interact for decades to come. The common thread: large financial companies are facing a tougher leash.

The bill is expected to have enough support to become law. Both chambers plan to vote next week. The margin in the House and Senate will likely be close because most Republicans are expected to oppose the measure.

If the bill passes, President Barack Obama is expected to sign the package into law by July 4. Thursday’s agreement also gives the president leverage going into a weekend summit of world leaders in Canada, where he will prod other nations to rewrite their rules.

„This is about as important as it gets, because it deals with every single aspect of our lives,“ said Sen. Christopher Dodd (D., Conn.), a chief architect of the compromise.

In two important ways, the agreement is tougher on the banking industry than officials in the Treasury Department anticipated when they first drafted their version of the bill 12 months ago.  Den Rest des Beitrags lesen »

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World debt

Posted by hkarner - 25. Juni 2010

Date: 24-06-2010
 Source: The Economist

THE headlines are all about sovereign debt at the moment. But that is only part of the problem. Debt has risen across the economy, from consumers on credit cards, though industrial companies borrowing for expansion and financial companies using debt to buy risky assets.

The graphics above show the overall debt levels for a wide range of countries, based on data supplied by the McKinsey Global Institute. In theory there is no maximum level for debt relative to GDP, but Ireland and Iceland (not on this map) found the limit in practice when they hit eight-to-ten times GDP. Den Rest des Beitrags lesen »

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The age of easy credit and its aftermath: Is there life after debt?

Posted by hkarner - 25. Juni 2010

Date: 24-06-2010
 Source: The Economist
Rich countries borrowed from the future.
Paying the bill will be difficult, and so will living in a thriftier world

DEBT is as powerful a drug as alcohol and nicotine. In boom times Western consumers used it to enhance their lifestyles, companies borrowed to expand their businesses and investors employed debt to enhance their returns. For as long as the boom lasted, Mr Micawber’s famous injunction appeared to be wrong: when annual expenditure exceeded income, the result was happiness, not misery.

For a long time debt in the rich world has grown faster than incomes. As our special report this week spells out, it is not just government deficits that have swelled. In America private-sector debt alone rose from around 50% of GDP in 1950 to nearly 300% at its recent peak. The origins of the boom go even further back, reflecting huge changes in social attitudes. In the 19th century defaulting borrowers were sent to prison. The generation that lived through the Great Depression learned to scrimp and save. But the wider take-up of credit cards in the 1960s created a “buy now, pay later” society. Default became just a lifestyle choice. The reckless lender, rather than the imprudent debtor, was likely to get the blame. Den Rest des Beitrags lesen »

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