November 20

“What you need to know to navigate today’s economic debate.”

Conyers Blasts Obama for Health Care Strategy (PolWire)
In a radio interview with Bill Press, Rep. John Conyers (D-MI) ripped into President Obama and White House chief of staff Rahm Emanuel saying they are caving in to “nutty right-wing” proposals just to get a health care bill passed.

Senate Nears First Healthcare Vote (Reuters)
If the Senate agrees to take up the bill, the debate would begin on November 30, after next week’s U.S. Thanksgiving holiday.

Economic Reform: One Step Closer (CNN)
The financial services committee finalized reform legislation for congressional approval.

Panel Votes to Broaden Oversight of the Fed (NYT)
Rejecting warnings by the Obama administration, a committee approved a plan by Representative Ron Paul to carry out sweeping new audits of the central bank’s policy decisions and operations.

Threatening the Fed’s Independence (WP)
Passage of the Paul bill would be a step away from independent monetary policy and a step toward ending one of the great and enduring achievements of the Progressive Era.

The Big Squander (NYT)
By not extracting concessions from bankers during the rescue of A.I.G., policy makers undermined their own credibility — and put the broader economy at risk.

GAO Says New Law May Be Costly (WP)
U.S. consumers could wind up paying higher credit card costs if lawmakers force payment networks including Visa and MasterCard to cut fees charged to merchants, agency says.

Geithner Hopes to End Bailout Fund (NYT)
Geithner said that the government would close the $700 billion program “as soon as we can,” and that part of it would be used to lower the federal debt.

Geithner Defends Record to Congress (FT)
Treasury secretary defies calls to resign.

Goldman Holders Miffed at Bonuses (WSJ)
Some of Goldman Sachs’s largest shareholders have urged the firm to reduce its bonus pool, arguing the company should pass along more of its blockbuster earnings to investors.

Is Goldman’s Charitable Gesture Enough? (RoomDebate)
Top economist and analyst debate: Does the firm have an obligation to make philanthropic efforts, given that it benefited from the federal support? How can the most be made of this opportunity? Should Goldman be committing more than $500 million, based on its bottom line?

Philanthropy and Bank Bashing (FT)
Gillian Tett writes that the backlash against banks has barely started.

A Gift to Credit Card Companies (NYT)
A Senate bill to move up the effective date of the law protecting consumers from predatory actions by the credit card industry should have become law already.

The Case for a Job-Creation Tax Credit (Economix)
Economist John H. Bishop argues that temporary tax credits for job creation make it cheaper for companies to invest in labor-intensive expansion.

Budget Cuts a “Time Bomb” for Jobs (Reuters)
Millions of U.S. jobs, many in the private sector, are at risk as state and local governments lay off workers and cut spending on contracts and other business services.

U.S. Mortgage Delinquencies Reach a Record High (NYT)
The Mortgage Bankers Association’s quarterly survey found that one in seven homeowners was either late on payments or was already in foreclosure.

With F.H.A. Help, Easy Loans in Expensive Areas (NYT)
An effort by the F.H.A. to prop up real estate prices amid rising defaults has put taxpayers at risk.