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...hearings are often yawn-inspiring affairs. But this one, officially called the Financial Crisis Inquiry Commission (FCIC), could trigger some fireworks in part because of the severe damage caused by the financial-industry meltdown. What's more, the commission's chair Phil Angelides, a Democrat and former California state treasurer, has already come out swinging against Wall Street, calling the bonuses financial firms are planning to hand out soon for last year "unjustifiably wrong." So it's no real surprise that the first ones to be in the hot seat are the bankers themselves. (See pictures of Americans in their...
...year since the crisis, a number of academics have pretty much refuted nearly every one of those early explanations as being too specific. Some economists have even questioned whether there was a credit crunch. Economic professor René Stulz of Ohio State University, for one, has written papers trying to clear Wall Street pay and credit-default swaps of any blame. Despite recent apologies, Goldman Sachs executives, too, say that they are no more to blame than anyone else in the financial markets. (See high-end homes that won't sell...
While Schwarzenegger's plan spares the state's four-year universities, K-12 schools and two-year community colleges get whacked, losing $2.4 billion in funding. And it remains unclear how prison costs can be contained. Schwarzenegger wants to privatize the prisons, but to do so, he will have to defeat the powerful prison-guard union. After years of stiffer sentences supported by politicians and voters, California's prison population has exploded to 170,000 inmates. Overcrowding is so severe that federal judges have ordered the state to reduce the prison population by 40,000 over the next two years...
...dollar from the Federal Government. Today, we only get 78 cents back. But in the meantime, Texas gets 94 cents, Pennsylvania gets $1.07," he said. "And guess what New Mexico gets? $2.03." Without the additional federal money, Schwarzenegger said, he will again propose the elimination of CalWorks, the state's welfare-to-work program, as well as in-home services for the disabled and elderly. (See why the U.S. can't afford to let California fail...
...governor's proposed cuts go through, it will shred the safety net," says Jean Ross, executive director of the California Budget Project, a think tank focused on low- and middle-income families. A recent study by this nonpartisan group found that the state, now suffering 12.3% unemployment, has lost all of the nonfarm jobs gained during the recent economic expansion. Nonfarm employment rose from 14.3 million in 2003 to a peak of 15.2 million in 2007. By July, it had fallen to 14.2 million...