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Daily Archives: October 7, 2008

CBO Monthly Budget Review: October 2008

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Monthly Budget Review: October 2008, A Congressional Budget Office Analysis, October 7, 2008

  • “CBO estimates that the federal budget deficit was about $438 billion in fiscal year 2008, $276 billion more than the shortfall recorded in 2007. Relative to the size of the economy, the 2008 deficit was equal to 3.1 percent of gross domestic product, compared with a deficit of 1.2 percent in 2007 and an average deficit of 2.6 percent over the 2002-2006 period. CBO’s deficit estimate is based on data from the Daily Treasury Statements and CBO’s projections; the Treasury Department will report the actual deficit for fiscal year 2008 later this month.”

    • Census: Capital Expenditures Rise 14 Percent to Record High in 2006

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    News release: “Capital spending by all U.S. businesses rose 14.3 percent to a record high $1.31 trillion in 2006, according to the U.S. Census Bureau. This represents a $165 billion increase from the $1.14 trillion in capital spending reported in 2005 and surpasses the previous high of $1.16 trillion in 2000. These data come from… Continue Reading

    Financial Crisis Deepening Retirement Insecurity

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    News release: “American workers have lost as much as $2 trillion in retirement savings over the last year – highlighting the devastating toll that the nation’s financial crisis is taking on their retirement plans, witnesses told the U.S. House Education and Labor Committee today. Today’s hearing is one of several that House Democrats have scheduled… Continue Reading

    Government Oversight Committee Holds Hearing on the Causes and Effects of the AIG Bailout

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    From Chairman Waxman’s Opening Statement: “Today we are holding our second day of hearings on the financial crisis on Wall Street. Yesterday, we examined the collapse of Lehman Brothers. Our focus today is AIG. There are obvious differences between Lehman and AIG. Lehman is an investment bank; AIG is an insurance company. Lehman fell because… Continue Reading

    Speech by Chairman Bernanke on current economic and financial conditions

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    Chairman Ben S. Bernanke At the National Association for Business Economics 50th Annual Meeting, Washington, D.C., October 7, 2008: Current Economic and Financial Conditions Federal Reserve Report on Consumer Credit, Release Date: October 7, 2008: “Consumer credit decreased at an annual rate of 3-3/4 percent in August. Revolving credit decreased at an annual rate of… Continue Reading

    HHS Announces Physical Activity Guidelines for Americans

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    News release: “Adults gain substantial health benefits from two and a half hours a week of moderate aerobic physical activity, and children benefit from an hour or more of physical activity a day, according to the new Physical Activity Guidelines for Americans. The comprehensive set of recommendations for people of all ages and physical conditions… Continue Reading

    Federal Reserve Board Announcement on Creation Commercial Paper Funding Facility

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    News release: “The Federal Reserve Board on Tuesday announced the creation of the Commercial Paper Funding Facility (CPFF), a facility that will complement the Federal Reserve’s existing credit facilities to help provide liquidity to term funding markets. The CPFF will provide a liquidity backstop to U.S. issuers of commercial paper through a special purpose vehicle… Continue Reading

    Report: Government Policy Blunders Largely Caused the Global Financial Crisis

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    Minority Staff of the Joint Economic Committee: Government Policy Blunders Largely Caused the Global Financial Crisis, October 7, 2008. Research Report #110-26 “Macroeconomic and microeconomic policy blunders by both the U.S. government and foreign governments inflated an unsustainable housing bubble in the United States and other developed economies. When this bubble inevitably popped, a global… Continue Reading

    The Economic Bailout: An Analysis of the Economic Emergency Stabilization Act

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    The Economic Bailout: An Analysis of the Economic Emergency Stabilization Act, Katalina M. Bianco, J.D., John M. Pachkowski, J.D., CCH – Wolters Kluwer Law & Business “The current credit crisis, which led to the enactment of the EESA, has its deepest roots in the subprime mortgage crisis, known in the popular media as the “mortgage… Continue Reading