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...loans - typically thousands of individual mortgages - the default of some portion of the mortgages would not mean the security had no value, only a reduced value. Unfortunately, banks, in an effort to increase their investment returns, exacerbated the problem by using enormous leverage to purchase and securitize mortgage loans. Thus, even if MBS's value declined because of defaults, because of the use of leverage, the security could still be toxic to the bank...
...health-care providers rarely turn away patients in need of medical care. This is particularly true of hospitals, whose emergency rooms are mandated by federal law to provide treatment regardless of a person's ability to pay. That leads to millions of dollars in unpaid medical bills each year. Thus, when providers negotiate contracts with HMOs, for instance, they try to recoup some of those losses by raising prices for insured patients, which in turn leads to higher premiums. Because insurance markets are state-by-state entities with disparate regulations, residents of certain states - such as Montana, West Virginia...
...Obama Administration has offered few details thus far as to how it plans to institute comprehensive health-care coverage. In a letter to Congress March 24, however, the health-insurance industry - including America's Health Insurance Plans and the Blue Cross and Blue Shield Association - indicated it would be willing to stop charging higher premiums to people with a history of medical problems if all Americans were required to purchase health plans. Such a measure, as the CAP report suggests, could be the first step to saving all Americans money...
Manuel knows what it takes to bring the powerful round to his point of view. He grew up poor in Cape Town. Under the apartheid racial-classification system, he was considered "colored," or mixed race, and thus confined to a home in the Cape Flats, the hot, treeless townships between breezy Table Mountain and leafy Stellenbosch. As a 5-year-old, he witnessed apartheid's bite when his classmates were divided by color. "Suddenly half the kids in my class at school were no longer there," he says. "And so politics came to me." In the 1970s, Manuel gravitated towards...
Khamenei appears to be signaling that he knows what Washington is up to - and that he has no intention of backing down. Thus the new diplomatic game between the U.S. and Iran: Neither side wants to negotiate from a position of weakness, which is why the U.S. is keeping in place, and trying to increase, its leverage in the form of economic pressure on Iran to desist from enriching uranium. But Iran sees the U.S. game plan and believes that Washington won't be able to muster the level of economic pressure necessary to force its hand...