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There's no corporate income tax in Bermuda. Can we really compete with that?

A new report from the New York Fed suggests that even while the rest of household debt improved since March, driven by decreasing credit card and housing debt, student loans have worsened.

Barnett Shale drilling in North Central Texas. www.edf.orgI’m not sure what’s worse: the toxic influence of money in politics and policy or blatant full-out hypocrisy. New York City mayor Michael Bloomberg has given us both. On the one hand, the Mayor very clearly came out against fracking in the Marcellus Shale stating:

Recall your last voting experience: chances are you were packed into a school cafeteria, shuttled along to a table where someone checked your name off a long list of registered voters, and you cast your ballot before rushing to work.

“They believe in teacher’s unions. We believe in teachers,” Governor Chris Christie declared to rapturous applause during his keynote address to the 2012 Republican National Convention. What he neglected to mention is that those all powerful unions have been in decline for years, now buried beneath the clout of idiosyncratic individuals and corporations. Throughout his speech Christie touted his boldness in taking on the status quo, highlighting unions as the third rail of modern politics. He framed his speech as speaking truth to power, but missed the target altogether.

Given stagnating wages and frustratingly high unemployment, it's unsurprising that popular opinion has turned against the rich. 

The city of Los Angeles fired a shot across the bow of big banks today. In response to US Bancorp’s lack of upkeep on its 1,500 foreclosed properties in the city, City Attorney Carmen Trutanich announced today that LA will sue, calling on banks to “step up and do the right thing" for the community. From Reuters:

The EPA released finalized fuel efficiency (CAFE) standards today that will increase fuel economy to 54.5 miles per gallon for cars and light-duty trucks by 2025. In the accompanying press release, the Obama Administration noted that the new standards will save consumers more than $1.7 trillion at the gas pump and reduce U.S. oil consumption by 12 billion barrels.

The EPA released finalized fuel efficiency (CAFE) standards today that will increase fuel economy to 54.5 miles per gallon for cars and light-duty trucks by 2025. In the accompanying press release, the Obama Administration noted that the new standards will save consumers more than $1.7 trillion at the gas pump and reduce U.S. oil consumption by 12 billion barrels.