By Agnes T. Crane
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

Big U.S. banks have plenty to prove in 2013. Wells Fargo aside, valuations have languished below book value. After a strong 2012 for stock markets and with fourth-quarter earnings reports imminent, JPMorgan and Goldman Sachs are again near that level. But when they get there, it will be a relief rather than anything to crow over.

By Agnes T. Crane and Christopher Swann
The authors are Reuters Breakingviews columnists. The opinions expressed are their own.

America doesn’t need Washington for an economic stimulus. President Barack Obama lobbied Congress for a $50 billion investment in infrastructure as part of the fiscal cliff battle, but it’s been stymied by gridlock. A contentious corner of the energy industry is having much more success, though. Shale gas and oil production pumped three times that amount into the economy in 2012, with more to come. It won’t cure America’s ills, but it should ease the pain.

By Agnes T. Crane

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

America’s housing market doesn’t need another government bailout. But the White House is mulling plans to rescue homeowners trapped by underwater mortgages and above-market mortgage rates by allowing them to refinance into cheaper government-backed loans. Luckily, its latest musings look like a pipe dream.

By Agnes T. Crane and Daniel Indiviglio

The authors are Reuters Breakingviews columnists. The opinions expressed are their own.

The Federal Reserve’s unilateral crackdown on foreign banks is necessary. The regulator’s requirement that overseas lenders properly capitalize their U.S. arms is a prudent way to protect the local and global financial system. The Fed’s approach could prompt other regulators to follow suit. But the fear that fragmentation could stifle global banking looks overblown.

By Agnes T. Crane

The author is a Reuters Breakingviews columnist. The views expressed are her own.

Expect the Ochs-Sulzbergers to make headlines in their own New York Times in 2013. The family that controls the U.S. paper of record has loyally seen it through some dark days. With the Gray Lady now on sturdier financial ground, they have a better chance to find a safe custodian at a decent price – maybe someone like billionaire New York Mayor Michael Bloomberg. The window of opportunity could close quickly.

By Agnes T. Crane

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

The wealthy in America are creating their own personal stimulus. Special dividends are coming thick and fast. Oracle’s Larry Ellison and the Walton family of Wal-Mart Stores are among the noteworthy beneficiaries. Payouts have potentially saved recipients billions in taxes so far. Uncle Sam might have put that to work fixing infrastructure.

By Agnes T. Crane
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

It won’t be long before Democrats will want to throw some form of economic stimulus into the discussions over righting America’s finances. Tactically, it could be a useful variable to add to the the negotiations with Republicans. Trouble is, most of them equate stimulus with waste. But there’s a way for the White House to square the circle by capitalizing on bipartisan disgust over the nation’s crumbling roads, collapsing bridges and insufficient sea walls. Call it the infrastructural upgrade card.

President Barack Obama is seeking input from Corporate America on the so-called fiscal cliff. But whatever company honchos may be saying about the risk of recession in 2013 if tax hikes and spending cuts kick in on Jan. 1, it looks as if they actually fear higher taxes more than a downturn.

Exhibit A is the recent flurry of special dividends, including a $3 billion whopper announced on Wednesday by warehouse retailer Costco. Data group Markit says 112 firms so far this quarter have already pulled the trigger on special dividends. They include casino operator Las Vegas Sands, which will send more than $1 billion to Mitt Romney’s pal Sheldon Adelson, his wife and the trusts the billionaire controls. Markit expects 20 more firms to do something similar before the year is through.