The devilish deficit dance going on in Congress right now has been a convenient distraction for big U.S. banks. They’ve not only escaped new taxes for now, but they also are relishing their taxpayer bailout by earning robust profits.
No matter what plan Washington concocts to reduce the deficit, it’s going to cost you something. “Shared sacrifice” is in vogue, but your pain will be bigger if you’re unfortunate enough to earn wages or need social benefits.
As the People’s Republic is entering a “whack-a-mole” phase — where unrest and economic pressures keep rearing its head in different places — it makes it hard to predict whether or not China’s volatility over a strained economy will result in a major meltdown in Chinese stocks. The country has weathered storms before and bounced back.
The industry insists that they are and banking regulators aren’t calling in the National Guard, although the U.S. Treasury Department is considering some emergency measures in case of a U.S. debt default.
In the proposed merger between AT&T and T-Mobile, it certainly raises the ugly specter of highly concentrated control, fewer consumer choices and higher prices. While various labor groups and legislators have endorsed the deal, it could be a garbled signal for most U.S. cellphone users.