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Daily Archives: August 25, 2011

Speech by Fed Chair Bernanke on near- and longer-term prospects for U.S. economy

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The Near- and Longer-Term Prospects for the U.S. Economy, Chairman Ben S. Bernanke at the Federal Reserve Bank of Kansas City Economic Symposium, Jackson Hole, Wyoming, August 26, 2011

  • “There have been some positive developments over the past few years, particularly when considered in the light of economic prospects as viewed at the depth of the crisis. Overall, the global economy has seen significant growth, led by the emerging-market economies. In the United States, a cyclical recovery, though a modest one by historical standards, is in its ninth quarter. In the financial sphere, the U.S. banking system is generally much healthier now, with banks holding substantially more capital. Credit availability from banks has improved, though it remains tight in categories–such as small business lending–in which the balance sheets of potential borrowers remain impaired. Companies with access to the public bond markets have had no difficulty obtaining credit on favorable terms. Importantly, structural reform is moving forward in the financial sector, with ambitious domestic and international efforts underway to enhance the capital and liquidity of banks, especially the most systemically important banks; to improve risk management and transparency; to strengthen market infrastructure; and to introduce a more systemic, or macroprudential, approach to financial regulation and supervision…we have learned that the recession was even deeper and the recovery even weaker than we had thought; indeed, aggregate output in the United States still has not returned to the level that it attained before the crisis. Importantly, economic growth has for the most part been at rates insufficient to achieve sustained reductions in unemployment, which has recently been fluctuating a bit above 9 percent.”
  • Related postings on financial system

    • Shared National Credits Program 2011 Review

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    Shared National Credits Program 2011 Review, Board of Governors of the Federal Reserve System,August 2011 “The interagency Shared National Credits (SNC) Review for 2011 indicates that credit quality improved for the second consecutive year for large corporate loans and loan commitments held by U.S. bank organizations, foreign bank organizations (FBO), and nonbanks, such as securitization… Continue Reading

    New Government Accountability Website Launched – Performance.gov

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    “Performance.gov is a central website that provides a window on the Administration’s efforts to deliver a more effective, smarter, and leaner government. The site gives the public, government agencies, Members of Congress, the media, and others a view of the progress underway in cutting waste, streamlining government, and improving performance. Performance.gov advances the commitment in… Continue Reading

    Pew – Hispanic College Enrollment Spikes, Narrowing Gaps with Other Groups

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    24% Growth from 2009 to 2010 – Hispanic College Enrollment Spikes, Narrowing Gaps with Other Groups, by Richard Fry, Senior Research Associate, Pew Hispanic Center “Driven by a single-year surge of 24% in Hispanic enrollment, the number of 18- to 24-year-olds attending college in the United States hit an all-time high of 12.2 million in… Continue Reading

    New GAO Reports: Forest Service Business, Climate Engineering, Hazardous Waste

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    Forest Service Business Services Further Actions Needed to Re-examine Centralization Approach and to Better Document Associated Costs, GAO-11-769, August 25, 2011 Climate Engineering – Technical Status, Future Directions, and Potential Responses, GAO-11-71, August 25, 2011 Hazardous Waste – Early Goals Have Been Met in EPA’s Corrective Action Program, but Resource and Technical Challenges Will Constrain… Continue Reading

    EPIC – Federal Judge: Locational Data Protected Under Fourth Amendment

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    “A Federal judge has ruled that law enforcement officers must have a warrant to access cell phone locational data. Courts are divided regarding whether or not this type of data should be protected by a warrant requirement. Judge Garaufis of the Eastern District of New York, found that “The fiction that the vast majority of… Continue Reading

    EIA – Nigeria Country Analysis Brief

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    Nigeria Country Analysis Brief – August 24, 2011: “Nigeria’s hydrocarbon resources are the mainstay of the country’s economy but development of the oil and natural gas sectors is often constrained by instability in the Niger Delta.” “The Nigerian economy is heavily dependent on the oil sector which, according to the International Monetary Fund (IMF), accounts… Continue Reading

    Military and Security Developments Involving the People’s Republic of China 2011

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    Military and Security Developments Involving the People’s Republic of China 2011, Office of the Secretary of Defense – A Report to Congress Pursuant to the National Defense Authorization Act for Fiscal Year 2000 “China’s rise as a major international actor is likely to stand out as a defining feature of the strategic landscape of the… Continue Reading

    Symantec Intelligence Report – August 2011

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    “Symantec Corp. announced the results of the August 2011 Symantec Intelligence Report, now combining the best research and analysis from the Symantec.cloud MessageLabs Intelligence Report and the Symantec State of Spam & Phishing Report. This month’s analysis reveals that once more spammers are seeking to benefit from fluctuations in the turbulent financial markets, most notably… Continue Reading