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...Looking long-term, places like New York and Massachusetts could have some pressure, even though they are relatively highly rated and have passed budgets for this year," says John Miller, chief investment officer of Nuveen Asset Management, which runs, among other things, municipal-bond funds. "Those are areas where obligations are probably growing faster than their revenues." That spend-now-pay-later attitude eventually catches up with a state. Ask California. (Read "Can the U.S. Afford to Let California Fail...
Also, while many of the advantages Goldman gets are unfair, is it really Goldman's fault? Is it Goldman's fault that it was able to make billions of dollars with the taxpayers' dollars it was forced to take as part of the Treasury's Troubled Asset Relief Program? Is it Goldman's fault that government officials from both parties regularly pick its employees or former employees to fill key regulatory positions? Goldman may benefit, but is the firm really to blame...
...Washington Good News From Banks, For a Change In a potential sign of hope for the ailing U.S. economy, the Treasury Department agreed to let 10 large banks begin repaying $68 billion in federal aid they received under the Troubled Asset Relief Program (TARP). Having passed "stress tests," some large firms like Goldman Sachs and JPMorgan Chase are expected to return the bailout money ahead of the original timetable set by the White House...
...compel staffers at the Treasury Department to hand over sensitive data - the crux of her job. The bonus scandal at AIG, the former insurance giant that is now a ward of the Federal Government, was a strong indication that some of those responsible for dispensing funds from the Troubled Asset Relief Program (TARP) lost track of the cash. Which raises a more philosophical point: Is it even possible to know where the money is going? And if so, is Warren, a Washington outsider who's still feeling her away around a strange new landscape, the right person to figure...
...main difference between the two experts really comes down to how confident each is that it's possible to pick winners. Arnott makes a living trying to do just that--his firm Research Affiliates manages the PIMCO All Asset Fund, which switches money between asset classes as conditions and prices change. For the past few months, his favorites have been high-yield (junk) and investment-grade corporate bonds and convertible bonds. Siegel favors simplicity--and stocks. "My feeling is that stocks over the next 10 to 20 years are going to give above-average returns," he says...