Word: nextly
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...understand debt vs. deficit, think of a credit card: debt is the outstanding balance on the card while the deficit is the amount added each fiscal year.) At this rate, the Administration estimates that the U.S. could face a cumulative $9 trillion in deficits over the next decade - $2 trillion more than previously thought. (Read "How to Understand a Trillion-Dollar Deficit...
...than it did last year, a number that includes $169 billion for the Troubled Asset Relief Program (TARP), $125 billion for the American Recovery and Reinvestment Act and $83 billion to bail out Fannie Mae and Freddie Mac. And that doesn't even account for the spending scheduled for next year. Add to this the projected $1 trillion price tag of Obama's proposed health-care plan and things begin to look pretty expensive...
...Despite his grass-roots support, it's uncertain if Williams can muster a council majority next month to pass the ordinance, which would likely be the first such law to emerge amid the Great Recession. (A Pennsylvania judge last year mandated a program in Philadelphia that requires lenders there to at least participate in a modification-mediation process before resorting to foreclosure.) John Mechem, spokesman for the Mortgage Bankers Association in Washington, D.C., argues the ordinance is "ill-conceived" because it would "encourage banks not to do business [in] the city, which would limit competition." But even if it doesn...
...Williams, who is running for U.S. Congress next year, says the banks still need a push. In an editorial last week, the Miami Herald also broached the subject, saying that if lenders "do not step up their efforts to help stressed-out homeowners," then Congress should consider a "change in federal law that would allow bankruptcy judges to reduce the principal owned on home mortgages." In other words, if Williams can't get his law passed in his hometown, perhaps he'll have better luck later if he wins a seat on Capitol Hill...
...Washington's least accountable institutions. Why should the markets decide who oversees them? Haven't the markets decided enough? Bernanke may be the ideal benevolent financial despot - a nebbishy superscholar with minimal connections to Wall Street and no previous hunger for power - but the next Fed chairman may be less ideal. And Obama has proposed to give even more regulatory power to the Fed, even though it has shown little interest in the past in curbing the excesses of the markets. At the same time, any politician who meddles with the Fed gets pilloried for threatening its hallowed independence...