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Category Archives: Financial System

As COVID-19 Tanks the Economy Eviction Moratoriums Expire

Pew Stateline: “It’s the beginning of the month, rent is due, the $600 in federal unemployment relief has lapsed and Congress seems far from agreeing on another coronavirus aid package. Meanwhile, the federal moratorium on evictions has ended, and similar mandates in many cities and states have expired or soon will. This week, as pressure mounts on localities and protesters draw attention to a #CancelRent movement, President Donald Trump announced that he is considering a federal ban on evictions, which he said are “a big deal.” “A lot of people are going to be evicted,” Trump said at a news briefing this week. “But I’m going to stop it because I’ll do it myself if I have to. I have a lot of powers with respect to executive orders and we’re looking at that very seriously right now.” Also this week, Virginia Gov. Ralph Northam, a Democrat, pushed back against efforts from housing advocates to reinstate his state’s eviction ban, which expired in June. An executive order, he told reporters, would just cause more problems. But he asked the courts to stay evictions through September. And this week, Nevada lawmakers passed legislation that would allow courts to pause evictions for up to 30 days so tenants and landlords can work out an agreement. The state’s moratorium is slated to expire on Aug. 31. Democratic Gov. Steve Sisolak is expected to sign the legislation, according to the Las Vegas Sun. In 24 of the 43 states and Washington, D.C., that enacted eviction moratoriums, the measures have expired, according to data compiled by Eviction Lab, a Princeton University research project, and Emily Benfer, a law professor at Wake Forest University School of Law…”

Additional resources via Mary Whisner – The Aspen Institute: 20 Million Renters Are at Risk of Eviction; Policymakers Must Act Now to Mitigate Widespread Hardship; and from the Eviction Lab – In the midst of a pandemic, a growing number of families face the threat of eviction and research from the COVID-19 Eviction Defense Project.

Most Americans Say State Governments Have Lifted COVID-19 Restrictions Too Quickly

“As a growing number of states grapple with a rise in coronavirus cases, a sizable majority of U.S. adults (69%) say their greater concern is that state governments have been lifting restrictions on public activity too quickly. Fewer than half as many, just 30%, say their bigger concern is that states have been too slow… Continue Reading

FDIC BankFindSuite

“BankFind Suite is a way for users to search the FDIC’s extensive data records. BankFind Suite allows you to locate current and former FDIC-insured banking institutions by name, FDIC certificate number, website and/or by location. The Suite also allows a user to follow the history and financial trends of an individual institution, group of institutions,… Continue Reading

In These Neighborhoods, the Jobless Rate May Top 30 Percent

The New York Times: “The economic damage from the coronavirus is most visible in areas like Midtown Manhattan, where lunch spots have closed, businesses have gone dark and once-crowded sidewalks have emptied. But some of the worst economic pain lies in other neighborhoods, in the places where workers who’ve endured the broadest job losses live.… Continue Reading

Public to Private Equity in the United States: A Long-Term Look

Morgan Stanley: “Over the past quarter century there has been a marked shift in U.S. equities from public markets to private markets controlled by buyout and venture capital firms. This change has had reverberations for asset managers, investors, executives, and policy makers. In this report we seek to answer the following questions: What have been… Continue Reading

Treasury and Federal Reserve Financial Assistance in Title IV of the CARES Act

Treasury and Federal Reserve Financial Assistance in Title IV of the CARES Act (P.L.116-136) Updated August 5, 2020: “The Coronavirus Aid, Relief, and Economic Security Act (CARES Act;H.R. 748)was signed into law as P.L. 116-136on March 27, 2020,to assist those affected by the economic impact of Coronavirus Disease 2019(COVID-19). This assistance is targeted to consumers,… Continue Reading

Why Markets Don’t Seem to Care If the Economy Stinks

The Big Picture – Barry Ritholtz: “The economy we each experience – local, personal and (for the most part) not publicly traded – has been awful. To explain why these subjective experiences are not weighing down equity markets, we must look more closely into the intersection between the weakest industry sectors in 2020 and their… Continue Reading

The Truth Is Paywalled But The Lies Are Free

Current Affairs: “Paywalls are justified, even though they are annoying. It costs money to produce good writing, to run a website, to license photographs. A lot of money, if you want quality. Asking people for a fee to access content is therefore very reasonable. You don’t expect to get a print subscription  to the newspaper gratis, why would… Continue Reading

Coronavirus Brings American Decline Out in the Open

Bloomberg Opinion – Noah Smith: Without fixes for infrastructure, education, health care and government, the U.S. will resemble a developing nation in a few decades. “The U.S.’s decline started with little things that people got used to. Americans drove past empty construction sites and didn’t even think about why the workers weren’t working, then wondered… Continue Reading

Ransomware: Your biggest security headache refuses to go away

ZDNet – “Ransomware has been around for more than three decades, so it’s hardly an unexpected threat. And yet, organisations large and small are still being taken completely by surprise by the file-encrypting malware, leaving them to decide between rebuilding many of their computer systems from scratch to rid themselves of the ransomware or paying… Continue Reading

How the Pandemic Defeated America

The Atlantic – A virus has brought the world’s most powerful country to its knees. “…Despite ample warning, the U.S. squandered every possible opportunity to control the coronavirus. And despite its considerable advantages—immense resources, biomedical might, scientific expertise—it floundered. While countries as different as South Korea, Thailand, Iceland, Slovakia, and Australia acted decisively to bend… Continue Reading

Employment Effects of Unemployment Insurance Generosity During the Pandemic

Employment Effects of Unemployment Insurance Generosity During the Pandemic. Joseph Altonji, Zara Contractor, Lucas Finamor, Ryan Haygood, Ilse Lindenlaub,  Costas Meghir, Cormac O’Dea, Dana Scott, Liana Wang, and Ebonya Washington, Tobin Center for Economic Policy Yale University. July 14, 2020. Abstract: “The CARES Act expanded unemployment insurance (UI) benefits by providing a $600 weekly payment… Continue Reading