Are Fannie and Freddie ready for the next housing crash?

May 14, 2021 | The Wall Street Journal

Op-ed by Mark Calabria, includes “… Rising prices have masked but not eliminated longstanding problems and vulnerabilities at the heart of America’s housing market. ”

Masters of illusion: Bank and regulatory accounting for losses in distressed banks

May 14, 2021 | Institute for New Economic Thinking

By Edward Kane, from September 2020, includes “This essay is part of a larger work on the history of Federal Reserve policymaking entitled Banking on Bull.”

Accounting for financial guarantees in government accounts

May 14, 2021 | Institute of Chartered Accountants in England and Wales

Includes “Many governments around the world have used financial loan guarantees as part of their response to the COVID-19 pandemic. … If a business fails or cannot repay for whatever reason, then the bank or financial institution concerned can recover all or part of the unpaid loan balance from the relevant government instead..” 

FBI asking questions after a pension fund aimed high and fell short

May 14, 2021 | The New York Times

By Mary Williams Walsh, includes “The Pennsylvania teachers’ retirement fund put more than half its assets into risky alternative investments. The math didn’t work out, spurring an investigation. ” 

Why is PERA in high-fee, high-risk investments?

May 14, 2021 | Westword (Colorado)

By David Sirota, includes “Are taxpayers and retirees willing to give billions of dollars to financial firms in exchange for the potentially false perception of financial stability? ”

Are Gavin Newsome’s $600 checks a redistributive vote-buying scheme or welcome return of stolen goods?

May 14, 2021 | Reason

By Christian Britschgi, includes “… Perhaps as intended, the checks are forcing Newsom's Republican opponents … to perform some awkward political contortions as they try to criticize the governor without coming out against free money..”

US Treasury rule on stimulus funds adds fuel to state tax cut dispute

May 14, 2021 | Reuters

By Karen Pierog, includes “U.S. Treasury guidelines for spending billions of dollars in federal stimulus funds could further antagonize states seeking to cut taxes this year, according to analysts.”

They’re alive! Congress increases outlays for expired, zombie spending programs

May 14, 2021 | National Taxpayers Union Foundation

By Demian Brady, includes “Not only is Congress still funding so-called “zombie” programs that feast on taxpayer dollars, but the problem is worsening. ”

Expired and expiring authorizations of appropriations: Fiscal year 2021

May 14, 2021 | Congressional Budget Office

Includes “For this report, which is required by law, CBO identified 1,068 authorizations of appropriations that expired before the beginning of fiscal year 2021 and 119 authorizations that were set to expire before the end of the year. CBO also identified $432 billion in appropriations for 2021 that could be associated with 402 expired authorizations of appropriations.” 

Janet Yellen speaks to the Pontifical Academy of Sciences about the need for global corporate tax coordination

May 14, 2021 | Economic Policy Journal

By Robert Wenzel, includes “This has to be a first for a United States Treasury Secretary. … There was no word on whether the Pope was taking notes.”

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