Now raising intellectual capital
from Rolfe Winkler:
Obama to unveil plan on bank taxes (WSJ) Surprisingly this doesn't look dead on arrival in Congress, maybe because banks know that the tax -- spread over 10 years -- isn't likely to hurt very much. It's a missed opportunity to shrink big bank balance sheets.
The advanced technology trade deficit (Mandel, ht NG)
Sheila Bair testimony before FCIC (FDIC.gov) Bair was the highlight of the morning's hearing and the headline from her testimony is that it's the Fed's fault. Had Alan Greenspan taken Edward Gramlich's advice to regulate subprime, perhaps many of the excesses of the bubble could have been avoided. In other news, the commission is unhappy with Attorney General Eric Holder b/c the Dept of Justice isn't sharing as much information as the commission would like.
The rise of the permanent temporary workforce (Coy/Conlin/Herbst, BW) More evidence we're becoming Japan.
T Boone Pickens cuts order for wind turbines by over 50% (Souder, Dallas News) He's still a big fan of natural gas...