Though most Americans wish that Congress would rein in excessive pay on Wall Street, that won't happen while the huge campaign contributions keep flowing. And the financial industry's big money shell game drains away something more precious from our society than money -- it siphons off talent.
The biggest question many investors have about President Obama's compromise tax cut deal is how it will benefit the economy. But so far, there is little agreement on Wall Street about what the stimulative effects of the deal will be.
The tax cut compromise between Obama and the GOP is now being touted as a back-door stimulus plan, one that some economists predict will create or save 3.1 million jobs. Unfortunately, the model on which those forecasts are based makes some flawed assumptions.
Some of the best reads for investors from around the Web, including posts evaluating how consumers spend their money, whether Google could be considered a monopoly and the debate about the Fed's policy on quantitative easing.
After initially voting for the QE2 plan, Federal Reserve Governor Kevin Warsh said in a speech Monday that the government's decision to buy $600 million worth of bonds to spur the economy is a bad idea.
Some of the best reads for investors from around the Web, including posts on a misunderstanding about kickbacks at Foursquare, the second stimulus plan and the latest in Google perks: servants for its employees.
Economists say the Obama administration's stimulus program actually saved the country's economy from plunging into the Great Depression 2.0. Yet that news will likely fail to sway voters who believe the current administration didn't do enough to support the economy.
What will the stimulus really cost? The Congressional Budget Office estimates $814 billion. That's less than the office's estimate of $862 billion in January, but more than the original estimate of $787 billion.
The Obama administration emphasizes the positive -- that jobs are being saved and created (however slowly the pace). Critics and most Americans, however, see a still-dire employment picture. In this case, both sides are right. But Washington -- both Dems and the GOP -- clearly still has a lot of work to do to get Americans back on the job.
