Renzi shrinks Italy’s political risk premium

October 14, 2015

Prime Minister Matteo Renzi achieved an important step in his plan to reform Italy’s upper house. That should mean more stable governments. Italy’s bond yields are already close to pre-crisis levels. Narrowing the discount to France or Germany requires further economic reform.

U.S. bank tax surprisingly isn’t dead on arrival

January 14, 2010

The U.S. Congress, particularly the Senate, has been a graveyard for aggressive financial reform. And banks are hoping the new bank levy will suffer a similar fate. They shouldn't count on it.

Senate prepares cap-and-trade obituary

November 17, 2009

It is hard to get a major bill passed in a Democrat-controlled Senate when the Democratic majority leader of the Senate wants the bill to go away. And have no doubt that Senator Harry Reid would like to see cap-and-trade go away -- or at least disappear until after 2010.