Items of Interest:
Timothy Geithner & Lawrence Summers / Washington Post:
The Case for Financial Regulatory Reform – Over the past two years, we have faced the most severe financial crisis since the Great Depression. The financial system failed to perform its function as a reducer and distributor of risk. Instead, it magnified risks, precipitating an economic contraction that has hurt families and businesses around the world.
We have taken extraordinary measures to help put America on a path to recovery. But it is not enough to simply repair the damage. The economic pain felt by ordinary Americans is a daily reminder that, even as we labor toward recovery, we must begin today to build the foundation for a stronger and safer system...
By restoring the public's trust in our financial system, the administration's reforms will allow the financial system to play its most important function: transforming the earnings and savings of workers into the loans that help families buy homes and cars, help parents send kids to college, and help entrepreneurs build their businesses. Now is the time to act.
Damian Paletta / Wall Street Journal: Details Set for Remake of Financial RegulationsArianna Huffington / The Huffington Post: Whistling Past the Economic Graveyard: The Audacity of Misplaced HopeFelix Salmon: Regulatory shake-up: Right ends, wrong meansDonny Shaw / Open Congress: Outlook - What's Happening With the Big Issues in CongressJazz Shaw / The Moderate Voice: Has the Obama Administration Destroyed America?Devilstower / Daily Kos: The New Regulatory Deal?Kevin Drum / MoJo Blog Posts: Eating Their Own Dog FoodTim Cavanaugh / Reason: Geithner and Summers Preview New Financial RegsPat G. / Wonk Room: Will Regulatory Reform Really Address ‘Too Big To Fail’?Noam Scheiber / The New Republic: The Single Most Important Housing Market ReformDr. Manhattan / The Atlantic Business Channel: Sentences That Don't ComputeSimon Johnson / The Baseline Scenario: Today's Foundation, Tomorrow's Crisis: The Geithner-Summers Proposals
Six Flags files for chapter 11 Bankruptcy -- Theme park company Six Flags, Inc. said in a Form 8-K filing with the Securities and Exchange Commission, or SEC, on June 13 that it had filed a voluntary petition for relief under chapter 11 of the US Bankruptcy Code in the US Bankruptcy Court for the District of Delaware. The filing marks the final step in the company's ...
BusinessPundit / Economics Roundtable: Six Flags Files Chapter 11 Bankruptcy. Is Redskins Owner toÂ Blame?
Drea / Business Pundit: Six Flags Files Chapter 11 Bankruptcy. Is Redskins Owner to Blame?
Is the housing bust about to take Manhattan? -- Some lenders, wary of an announced foreclosure's negative effect on sales, might opt for a more subtle scenario in which they quietly take control of a property.
"You walk in there as a potential buyer and there's still a developer and a broker and a marketing person but in reality the developer has been eliminated from the equation and the bank is deciding whether or not to accept your offer," Hersh said.
Of course, some condo developers are doing what must be done and lowering prices either in consultation with lenders or behind the scenes with buyers....
Noah Rosenblatt / Manhattan Real Estate: Reuters Talks Hit To Manhattan RE
Joey / Curbed: TrendWatch: Puppet Developers: A Reuters analysis today comes
Credit-Card Defaults Jumped to Record High in May — U.S. credit card defaults rose to record highs in May, with a steep deterioration of Bank of America's lending portfolio, in another sign that consumers remain under severe stress.
Delinquency rates—an indicator of future credit losses—fell across the industry, but analysts said the decline was due to a seasonal trend, as consumers used tax refunds to pay back debts, and they expect delinquencies to go up again in coming months...
CalculatedRisk / Calculated Risk: Record Credit Card Default Rate
Zero Hedge: 9.91%--The Ominous Charge-Off Rate of Capital One
Privately held Extended Stay Hotels files for Chapter 11 bankruptcy protection — The Spartanburg, S.C.-based company's brands include Extended Stay Deluxe, Extended Stay America Efficiency Studios, Homestead Studio Suites, StudioPLUS Deluxe Studios and Crossland Economy Studios. It operates more than 650 hotels in the U.S. and Canada catering to long-term business travelers...
BusinessPundit / Economics Roundtable: Extended Stay Hotels Files Chapter 11
Drea / Business Pundit: Extended Stay Hotels Files Chapter 11
Gaius / Blue Crab Boulevard: Only $1.3 Million Per JobTim Cavanaugh / Reason: Geithner: Magical Intervention Leads to Invisible RecoveryGateway Pundit: Biden Admits:"Everyone Guessed Wrong" On Impact of the Stimulus
Lincoln Financial will take bailout money, sell U.K. unit — Lincoln Financial Group said Monday that it will take federal bailout money and sell stock and debt to raise $2 billion to shore ...
Maria Woehr / Dealscape: Lincoln Financial hops on TARP train
- A Plan To Boost America’s Fiscal Health - Peter Orszag, Financial Times
- Is Obama Flubbing the Financial Fix? - Jane Sasseen, BusinessWeek
- The Big Bank Bailout Payback Bamboozle - Nomi Pins, Mother Jones
- Torch-Passing: From Bush's Economy To Obama's - Karlyn Bowman, Forbes
- The Outlook Is Not Up, But Very Widely Sideways - Hussman Funds
- We're Building the Foundation for the Next Crisis - Baseline Scenario
- Obama and the Politics of Short Memories - E.J. Dionne, Washington Post
- Bank of America: Benchmark of Economy's Health? - Lauren LaCapra, TSC
- How Many Offshored Jobs Can We Bring Back? - Richard Baldwin, VoxEU
- The Top 50 Best-Paid Financial Company CEOs - Ian Katz, Bloomberg
- The U.S. Can't Call All Financial Shots - Michael Hudson, Financial Times
- Washington Spending Threatens Recovery - Chris Edwards, New York Post
- Paulson Caused the Financial Crisis - Anatole Kaletsky, Times of London
- Short Sales and Politically Connected Firms - Caroline Baum, Bloomberg
- Transparency: The 20 Largest Bankruptcies in History - Good Magazine
- Stay the Expansionist Monetary Course - Paul Krugman, New York Times
- Printing Money Isn't the Economic Cure - Bill Fleckenstein, MSN Money
- Let's Heed Ben Bernanke's Debt Warnings - Editorial, Los Angeles Times
- Politics and the Federal Reserve - Alfred Tella, Washington Times
- Chrysler's Bankruptcy Roils the NHL? - Bill Frezza, RealClearMarkets
- Philip Morris Gets Its Tobacco Bill - Jonathan Adler, National Review
- Oil's Spike Confirms Need for Gas Tax - James Surowiecki, The New Yorker
- The Frequently Ignored Flipside of Failure - John Tamny, Forbes
- The Trouble w/ Conrad's Healthcare Deal - Jacob Hacker, The Treatment
- Fox Business Still Taking On Water - Douglas McIntyre, 24/7 Wall Street