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Category Archives: Financial System

House G.O.P. Floats Medicaid Cuts and More to Finance Trump’s Huge Agenda

The New York Times: “President Trump wants a massive tax cut and immigration crackdown bill. Now Republicans must decide what to cut to help pay for it. Top Republicans are passing around an extensive menu of ideas to cover the cost of a massive tax cut and immigration crackdown bill. They could create a 10 percent tariff on all imports, bringing in an estimated $1.9 trillion. They could establish new work requirements for Medicaid recipients, bringing in $100 billion in savings. They have even calculated that they could generate $20 billion by raising taxes on people who can use a free gym at the office, according to a 50-page list of options that the House Budget Committee has circulated in recent days. The bigger challenge for Republican leaders is trying to figure out what can pass Congress and be signed by President Trump. With slim majorities in both chambers, they are searching for the right mix of policy changes that could offset some of the costs of Mr. Trump’s most expensive proposals, placating spending hard-liners who are concerned about ballooning the government’s debt, while also maintaining the support of more centrist members who are loath to slash popular programs…Complicating their task is a political challenge: Many of the cuts Republicans are contemplating target programs aimed at helping low-income Americans, all in the service of paying for the extension of tax cuts that disproportionately benefit the wealthy. The overarching goal is to push through a behemoth bill that cuts taxes and clamps down on immigration using a process called reconciliation, which would allow Republican leaders to avoid a filibuster and move legislation through the Senate with a simple majority, even if all Democrats are opposed. Many of the G.O.P.’s anti-spending members have said they cannot support a bill that adds significantly to the nation’s debt. But most of the major policies Mr. Trump wants included in the legislation are extremely expensive. Extending the tax cuts he signed into law in 2017 alone is expected to cost $5 trillion. That has left Republicans casting about for ways to offset those costs. The budget panel’s menu of possibilities includes everything from major clawbacks of current policy to lower-hanging fruit. Among many others, there are proposals to repeal major health care subsidy programs established by the Affordable Care Act, put caps on Medicaid funding, and end a policy that makes employer-provided meals and lodging tax-exempt. Here’s a look at what Republicans are considering…

What Trump Did on Day 1: Executive Orders

“Here are list of the most significant moves the president made on Day 1. unpaywalled New York Times – [Note – All Presidential actions are published here] Mr. Trump issued a sweeping grant of clemency to all of the nearly 1,600 people charged in connection with the Jan. 6, 2021, attack on the Capitol, issuing… Continue Reading

FTC Surveillance Pricing Study – Wide Range of Personal Data Used to Set Individualized Consumer Prices

“The agency details interim insights from staff perspective examining how companies track consumer behaviors to inform surveillance pricing. The Federal Trade Commission’s initial findings from its surveillance pricing market study revealed that details like a person’s precise location or browser history can be frequently used to target individual consumers with different prices for the same… Continue Reading

Top financial watchdog warns climate change set to trigger market panics

Financial Times – “Basel-based FSB says damage caused by floods, droughts and fires threatens broader pullback in lending, “The world’s financial stability watchdog has warned that disasters caused by climate change are increasingly likely to trigger broader panic in financial markets. The world breached 1.5C of warming above preindustrial levels for the first time last… Continue Reading

Toyota exposed as major funder of climate change deniers

Raw Story: “Nearly three decades after its introduction, the hybrid Toyota Prius is still associated with environmental action and the scientific consensus that fossil fuel emissions, including those from vehicles, must be reduced to avoid the worst effects of planetary heating. But a Tuesday report from watchdog group Public Citizen reveals how Toyota has spent… Continue Reading

AI in Finance and Banking, January 15, 2025

Via LLRX – AI in Finance and Banking, January 15, 2025 – This semi-monthly column by Sabrina I. Pacifici highlights news, government documents, NGO/IGO papers, conferences, industry white papers and reports, academic papers and speeches, and central bank actions on the subject of AI’s fast paced impact on the banking and finance sectors. The chronological… Continue Reading

When Do Parties Lie? Misinformation and Radical-Right Populism Across 26 Countries

Törnberg, P., & Chueri, J. (2025). When Do Parties Lie? Misinformation and Radical-Right Populism Across 26 Countries. The International Journal of Press/Politics, 0(0). https://doi.org/10.1177/19401612241311886 “The spread of misinformation has emerged as a global concern. Academic attention has recently shifted to emphasize the role of political elites as drivers of misinformation. Yet, little is known of… Continue Reading

How a major bank cheated its customers out of $2 billion

Popular Information: “An explosive new lawsuit filed by the Consumer Financial Protection Bureau (CFPB) alleges that Capital One bank cheated its customers out of $2 billion. According to the lawsuit, Capital One deceived and abused its depositors, baiting them with promises of high interest rates before switching the terms and paying little interest. The CFPB… Continue Reading

The home insurance crisis can’t be fixed with money alone

Semafor: “The devastating wildfires that are sweeping Los Angeles may accelerate the flight of home insurance companies from California in spite of recent regulatory changes aimed at retaining them, the state’s previous top insurance official told Semafor. At least two major fires are still raging largely uncontained, aided by ongoing high winds, and 24 people… Continue Reading

Pete Recommends – Weekly highlights on cyber security issues, January 11, 2025

Pete Recommends – Weekly highlights on cyber security issues, January 11, 202 – Privacy and cybersecurity issues impact every aspect of our lives – home, work, travel, education, finance, health and medical records – to name but a few. On a weekly basis Pete Weiss highlights articles and information that focus on the increasingly complex… Continue Reading

LA wildfire damages set to cost record $135 Billion – 10,000+ buildings destroyed

Semafor – “JPMorgan said this morning, more than double an earlier estimate. That comes as those companies are still rebuilding their reserves from the 2017 and 2018 wildfire seasons, which included the deadly Camp Fire in California. Insurers have been fleeing California in recent years as weather-related catastrophes become more common, pushing more homeowners to… Continue Reading

Experian Conducted ‘Sham Investigations’ Into Errors in Its Credit Reports

Gizmodo: “Experian has routinely provided inaccurate information in credit reports that help determine whether consumers are approved for loans, jobs, or housing and failed to properly investigate or correct errors when consumers disputed the mistakes, according to a lawsuit filed Tuesday by the Consumer Financial Protection Bureau. CFPB data shows that last year the agency… Continue Reading