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Senator Schumer describes former New York Governor Hugh Carey as above all a neighborhood guy. Carey and his wife raised 14 children in a three storey brick house in Park Slope, Brooklyn, a middle class Irish-Catholic neighborhood. His family, his church and the neighborhood was at the core of his life say neighbors. Carey obtained funding to restore 17 dilapidated homes in the neighborhood and put up a child care center.

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It may come as a surprise to know that there are as many new Saudi Arabian students in the U.S. as there are from Japan. Saudi Arabia sent 22,704 students to the U.S. in 2010-2011, according to the Institute of International Education. A big factor is the King's scholarship program which draws from all segments of the Saudi society. This is likely to have an impact on the modernization of Saudi Arabia.

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Shooting of Rep. Gabrielle Giffords of Arizona by a 22 year old man. At least 18 people were shot as shots were fired at Giffords and into the crowd. The dead included a 9 year old girl, Christina Taylor Green, and the chief US District Judge in Arizona, John M. Roll. Pima County sheriff, Clarence Dupnik, said the political climate in the US has is getting out of hand with dangerous rhetoric on all sides.

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In Spain it is not the big banks like Banco Santander or BBVA that funneled a lot of the mortgage lending. Its the Cajas or non profit lending instituions that do more than half of all the loans. The Cajas had $330 billion in loans to developers in Sept. 2009, up from $50 billion in 2000. As home prices plunge the 45 Cajas are suffering losses, amounting to estimated $3.4 billion in 2010.

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Bundesbank President Axel Weber told German lawmakers that Greece may need as much as 80 billon euros to avoid default. He said Greece's situation is deteriorating and "the numbers are changing all the time." Weber is a member of the ECB's governing council and a leading candidate to succeed Trichet as ECB President. So far Greece has 30 billion euros approved by the eurozone countries and 15 billion euros expected from the IMF.

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Rehma Malik, Interior Minister of Pakistan, admits in a rare statement that militants were entrenched in the southern part of Punjab province, the most populated province of Pakistan. This happened as two mosques in Lahore were attacked. This showed that the problems are deep in the heart of the country. This complicates the situation in Afghanistan, as all the problems faced by the USA in that country somehow come back to Pakistan.

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About 29% of businesses support the iPhone, up from none in 2007 and 17% in 2009 according to Forrester Research. Even though 70% still support the Blackberry, the iPhone is getting the support of employees who ask for iPhones, even if that means they pay for all or part of it on their own. AT&T's CEO Randall Stephenson, says about 40% of its iPhones are sold to companies or individuals with corporate discounts.

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The Director General of the National Council of Applied Economic Research in India, Suman Bery, says that of all the countries in the G-20, India is least dependent on export led growth. This is why India gains from a reactivation of the American economy. This view was expressed by Prime Minister Manmohan Singh during President Obama's visit to India. Singh supported the Fed's move to purchase $600 billion in Treasury securities.

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Questions about the sanity of having a nuclear plant at Indian Point, only 35 miles from midtown Manhattan, in a metropolitan region with 20 million people. A 50 mile circle from the plant includes almost all of New York City, parts of New Jersey, Pennsylvania, and Connecticut. Indian Point's evacuation plans cover a 10 mile circle with about 300,000 people, twenty miles out the distance cited for Fukushima, is about a million people.

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A difference between QE in the U.S. and Japan with ECB action for QE is that the Fed in the U.S. is able to buy U.S. Treasury bonds. To accomplish this the ECB has to buy the sovereign bonds of all the countries in the eurozone. This is not equally as effective to stimulate the economy as the interest rates in Germany are quite low, and the rates low in Italy and France.

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David Reilly of WSJ asks can GM get bondholders to get two thirds of their holdings converted into equity by February 17, as required in the term sheet for GM's bridge loan? If GM can't achieve this, this may end up being a bridge loan to nowhere. It only lays the groundwork for an orderly settlement in which the government takes action to get all stakeholders, unions, bondholders and management to get their act together.

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Peter Baker quotes Obama as saying "I am like a Rorschach test," even if people find me disappointing ultimately, they might gain something.?" So what does this mean someone may ask. By setting up people's hopes in so many places, and especially among long disenfranchised black Americans, and in so many other groups and constituencies, and the possibilities of human beings limited in what they can do, how will all this turn out?

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US president DJT outspoken in "The Conversation," with Dasha Burns in The Politico magazine about dangers of "civilizational erasure" for the Europe that people knew in the past as its population changes with uncontrolled migration of the past two decades. DJT comments on a wide range of topics centering on the migration that has changed the life and politics of Europe by 2025 and what the future holds for Europe if it does not preserve it's own identity handed down for generations. Dasha Burns starts with Ukraine- the reports say DJT said this or that about Ukraine but look at the question she put to DJT- Which country is in the stronger negotiating position? Most people know the answer in the winter of 2025 is that Russia is in a much much stronger position in 2025 and a big part of this is it's size 40 million people in Ukraine to 120 million in Russia and oil revenues. Then Burns asks if it is Zelensky who is responsible for the stalled progress what's going on here, all the time giving DJT something that he might take up that would make a headline grabbing interview. She prompts DJT with the starter phrases and pausing for DJT to pick up on it- If Zelensky rejects this deal, do you think Ukraine has lost this war, and the consensus in Europe is to keep supporting Ukraine until they can win this war. And DJT does no more than what he has said many many times about the difficult situation Ukraine is in. Asked if the US may walk away from supporting Ukraine as Trump Jr. has said, and DJT says- "No it isn't correct. But it's not exactly wrong" because they have to play ball. And that is exactly what the European states UK, France, Germany, Italy, have done as they keep talking and modify the original plan devised by Russia and the US. What this says is that the European states are not trying to win this war and at the same time not willing to let this war be lost and the principle of invading another country be seen as acceptable. This is where there are limits to DJT's diplomacy as he attributes the problem to the hatred between the leaders of the two countries. DJT does not say Zelensky would lose the election if one were held in 2026 as he calls for elections.   ...

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US Trade Representative Jamieson Greer says this is not chaos in tariff policy because you don't change 70 years of policy overnight. He says China's is highest because it has the highest trade deficit, then EU, Japan, South Korea at 15% because of the smaller deficits with these nations, Vietnam because it is used  by China to send products to the US, India because of geopolitical reasons buying Russian oil. See Dasha Burns, Politico White House Bureau Chief's  interview with USTR Jamieson Greer.  He says about India- Jamieson USTR calls India "an outlier" and says "I'm confident we will get a deal with India in the near future." India he says has largely corrected its imports of Russian oil and negotiations are underway for a deal.  ON USMCA Greer says of the $31 trillion in trade with Canada and Mexico $29 trillion is us right. trade between Canda and Mexico is small. So he says it makes sense to negotiate separately with Canada and separately with Mexico. This suggests that there doesnt need to be a USMCA- separate deals are just fine says Greer. Mexico has gained much in automobiles under USMCA- US wants to make more in the US including auto parts which it can do by negotiating this with Mexico. It does not make a ton of economic sense to marry the three economies together, says Greer, as the import export profiles, lab,or situations are all different. Are Tariffs good for the economy and do they lead to higher prices? Greer says inflation was down in the first DJT term in trade with China and tariffs. Greer says there is never a 1 to 1 with tariffs. It tariffs become a kind of leveage in getting agreements. That is the style of these tariffs. You tell Ecuador or Brazil we don't make these here so there will be no tariffs on bananas and on coffee. Says Greer- we have seen inflation in check, imported goods relatively low priced. We have seen that we can have growth and higher wages with tariffs at the same time. The growth in 2025 third quarter at 3.8% annual growth, and Atlanta Fed predicting 4.2% growth in 2026. And tariff money can be used for paying down the debt and financing America's reindustrialization, Greer says members of Congress are asking about this.When a new administration comes tariffs will still be part of the playbook. ...

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One big concern says Nancy Keates of the WSJ about the National Association of Realtors, is that the organization collects and puts out objective data about home sales, and at the same time provides a commentary on the statistics. It also has a mission to advance the interests of its members. There are 2.6 million licensed real estate agents, and NAR represents about 1.3 million of these real estate agents. Would the real estate agents and the NAR tolerate an economist who raised concerns about the boom in lending? David Lereah, is former chief economist for the NAR ,and worked there from 2000 to April 2007. He remained upbeat throughout these years, even when the market was headed downwards. And the way he sees it he was doing for 7 years everything the NAR wanted him to do, and he was pressured to issue these upbeat reports. Critics called him "Baghdad Dave", after a Iraqi information minister for his false upbeat reports even when the war on the Iraqi side was lost. And a Credit Suisse analyst called him Liar-eah for some of these upbeat assesments, when things were clearly going wrong. The way Nancy Keates sees it this economist was eager to profit himself in the boom years. He was an economics Professor at Rutgers, at the University of Virginia, and later an economist and regulator at the Federal Deposit and Insurance Corporation. He himself bought condos 2 in Washington in 2003 and 2004, and one each in Tampa, Richmond, Va. and Alexandria, Va. and Naples, Florida. Owning by 2006 six condos worth between $150,000 and $400,000 a condo. He had an expensive lifestyle says his wife, with a big house worth $780,000, a country club, sports fishing boat. So in some ways suggests this reporter, he was caught up in the boom himself with his investments and the demands of a expensive lifestyle, with little room left for independent opinion and analysis. This is a striking example of things gone wrong, with all the meticulousness and comprehensiveness with which data is collected having its value destroyed by the lack of strict objectivity in the analysis. And the intrusion of strong personal interest bias in one direction making the destruction of objectivity complete. Looking at the economists at companies and associations, there is a subtle bias in operation that needs to be discounted by CEO's and association heads, a bias for giving the CEO's better and optimistic assessments on a consistent basis. An example is the way a large number of economists see the recovery taking place in 2009. Another related example is the sales forecasts for the Detroit auto companies that continued to assume sales in the 16-17 million a year rate into the latter half of 2008, even after the Bear Stearns collapse in March and the increasing foreclosures suggested something was amiss. All with horrendous consequences for the companies or industries involved, and the US and global economies....

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Novo Nordisk faces increasing competition in the rapidly growing diabetes market.

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Amitabh Kant reflects on his 6 years at Niti Ayog planning for development in India. He says energy transition is an important part of development for India. The integration of India as a major part of a new supply chain for the free world is a critical part of India's development. Kant talks about the aspirational districts program that covers transformation of the lives of 80% of India's people living in 112 districts. Moving India up by 79 positions on the World Bank Ease of Doing Business rankings is also one of the tasks he looks back at with a sense of achievement. Parmeswaran Iyer who headed the Swachh Bharat and Jal Jeevan Missions will now be new head of NIti Aayog, the organization that is driving India's development to 2030 and 2040. Niti Ayog stands for National Institute for Transforming India. Its pillars are- 1. Pro-people  2. Pro-Activity  3.Participation 4. Empowering 5. Inclusion of All 6. Equality 7. Transparency It has a maximum of 4 members. Suman Bery is vice chairperson appointed in March 2022. The members are appointed by the prime minister. It is different from the earlier Planning Commissions under Nehru in that it does the work of being a think tank yet the allocation of funds and decisions come under the prime minister and the finance ministry. ...

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This view from the Guardian by David Adler from July 8 2019, gives a third perspective on Greece as it goes into elections. It looks at the turbulent period of 2015-2019 when a new leader Alexis Tsipras promised to lead Greece out of the eurozone crisis by standing up to the ECB and Germany, instead of looking at Greece's own responsibility in letting debt buildup till it overwhelmed Greece. Adler says Syriza was too much on one end blaming Germany for strict conditions on a loan bailout, and after this did not work embracing the loan program in a complete reversal causing much anguish to his own support base when this led to callous implementation.  Mitsotakis is careful to say in his interview with Reuters that the vulnerable have to be protected while also committing to a path of economic growth for Greece. It says 50 billion euros was provided to help people with the cost of living crisis, pensions were increased, minimum wage increased by 20%. It also shows the need to judge by looking at the situation not by labels of centre left or center right, are people better off, will people be better off in the future, are all the bases education, healthcare, public services, infrastructure covered? Is the government honest with the people and doing everything it can after listening to the people? ...

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The debt ceiling agreement between Biden and McCarthy has made it out of the committee stage and now heads to the House floor. Both Biden and McCarty are confident it will pass quickly before June 5. There are some surprises as the the impact of the debt ceiling agreement is better understood. 78,000 additional people will get food aid costing an additional $2 billion as a result of the tighter work requirements for the food aid program. The program will make it easier for veterans and homeless people to get benefits.  The cuts to the IRS funding by about $21 billion will be used by the Biden adminstration to reduce the effects of other cuts in programs that help people struggling with the cost of living.  On defense spending Biden says "obviously if there is an existential need for additional spending I have no doubt we will be able to get it." Both sides say this agreement is the best that could be done for either side. "With divided government they get to have an opinion, and we get to have an opinion, and all things equal, I think a compromise agreement is reasonable for both sides," says Shalanda Young, Mr. Biden's negotiator and Budget Office Director. Congressional Budget Office estimate is for $1.5 trillion in debt reduction over a decade.   ...

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Emmanuel Macron faces a challenging situation in  the 2022 second round. He badly needs left wing supporters of Mr. Melenchon who came with one percentage point of right wing Marie Le Pen. Macron had expressed right wing sentiments about immigration and terrorism even more than Le Pen during the year leading upto this election. That this has alienated some left wing supporters is evident in a nIpsos poll for FR24 that shows 30% or about a third of the 22% of the voters that supported former Socialist candidate Jean Luc-Melenchon are likely to vote for Le Pen, who has campaigned on the issue of cost of living and softened her image and position on the European Union. 34% of Melenchon's supporters said they will support Macron and 36% said they are undecided. It is this undecided vote that could make a difference. Add to this the 25% of the voters who did not vote at all and the election depends on who can convince this segment. To reach these voters is Macron's main concern in the 2 weeks before the second round of the election on April 24. Macron says he will campaign hard-"from dawn to dusk, in direct contact with voters." He will have to offer something that convinces working class voters who some see he has humiliated during his first term.  ...

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About the collapse of two banks- Silicon Valley Bank and Signature Bank Fed vice chairman for financial and banking supervision, Michael Barr, had this to say at a Congressional hearing last week- "I think anytime you have a bank failure like this, bank management clearly failed, supervisors failed, and our regulatory system failed."  The rest of this report looks at changes the Fed can on its own make stricter supervision of banks over $100 billion, action the Biden administration is thinking of taking, and action by the FDIC. The Biden administration does not want to be seen supporting wealthy depositors at Silicon Valley Bank by guaranteeing uninsured deposits as it did. It took this action solely to protect the financial system so that it would not hurt working families. For this reason alone the Biden administration will seek tighter controls of mid sized banks now that the illusion that banks below $250 billion do not pose a risk to the financial system is gone. It will also seek to recover all funds used to support these failed banks from the banks and financial sector that has lobbied for so long for less regulation leading to failure of banks not once in 2009, but again in 2023. This time under the Biden administration the damage is carefully controlled so that it does not affect the American economy and working families. ...

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This merger is part of a process that happened after 1970 when Penguin Books a national institution in Britain in the war years 1939-1945 was acquired by Pearson Plc, and later sold in 2013  to German publisher Bertelsmann. Penguin became a part of British culture because it sold a million cheap paperbacks at 6 pence in 1939 and continued to provide low cost access to books to all parts of the English speaking world from UK to Asia till the 1960's. The astonishing period of creativity and design of founder Allen Lane ended in 1970 after Pearson Plc focused on profitability and acquisitions. Under this new deal in 2021 a large part of the world publishing industry would come under the control of German publishing house Bertelsmann. Penguin Random House is owned by Bertelsmann and the deal would bring its rival Simon and Schuster under its control. The US Justice Department filed a lawsuit to block it. Attorney General Merrick Garland says- "American authors and consumers will pay the price of this anticompetitive merger- lower advances for authors, and ultimately fewer books and less variety for consumers." Penguin Random House already controls 22% of titles published in the US. The US publishing industry has already seen mergers leading to reduced competition. News Corp. acquired Houghton Mifflin Harcourt in May and merged it into Harper Collins. Largadere Hachette acquired Workman in September. ...

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This obituary for FW De Klerk looks back at the dismantling of race based rule of Apartheid in South Africa in 1992, the release of Nelson Mandela, and elections in 1994 through universal franchise. This was done by the son of a schoolteacher in the Transvaal region who rose to the top through the provincial leadership. De Klerk took the actions to bring racial harmony after growing up as an Afrikkaner and working in the local politics of the National Party that introduced Apartheid rule. Before 1989 reforms in the Botha government left black people on 13% of the worst land in the country, tribal homelands in which they did not even live in, in a distorted form of representation. Limited representation was given to Indian ethnic minorities and colored people.  All this changed between 1992 and 1994 after De Klerk assumed leadership of the National Party and the government in 1989. This required great courage and statesmanship, and vision from De Klerk to set the foundations for a multiracial society that even Margaret Thatcher and Reagan failed to grasp and promote. De Klerk died in 2020. For Mandela the path was clear, for De Klerk the path had to be forged out of nothing and against the natural instincts of his own party. This saved south Africa to become a true multi racial society with respect for the rule of law and democracy. ...

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President Macron announces a curfew from 9.00 pm to 6.00 am in Paris and eight other metropolitan regions of France covering about a third of the population. The cities are in addition to Paris region, Grenoble, Lille, Lyon, Marseille, Montpellier, Saint Etienne, Rouen, Toulouse.  Macron said "we have to act now." The president called for bringing the daily cases which have reached a high of 27,000 by October 14 to about 3000 or 5000. About 1600 of the 5000 ICU beds in France are now taken for coronavirus cases and the curfew is an effort to keep the numbers from jumping as they did in March  and April 2020. To do this he said: "we won't be leaving the restaurant after 9.00 pm and we won't be partying with friends because we know that that's where the contamination risk is greatest." Macron made it clear that scientists are all in agreement on the pandemic continuing till the summer of 2021. He urged people to limit gatherings at home to 6 people and wear masks.  Financial support will be given to people affected by the curfew in the hospitality industry.  Anyone found outdoors after 9.00 pm will be fined 135 euros and 10 times that for repeat offences.  ...

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Officials of 130 countries met virtually to agree on a global minimum tax rate. A minimum tax rate of 15% would be paid by corporations in each of the countries in which they operate so that tax avoidance is prevented. The Group of 20 major economies including India and China also agreed to this change in taxation to ensure that all companies pay their fair share of taxes. It is also part of the Biden plan for tax revenue generation to fund the infrastructure and human needs in health, education and public services that were neglected for so long. US president Biden says- "This will level the playing field and also make America more competitive. And it will allow us to devote the additional revenue we raise to make generational investments, which are necessary to keep America's competitive edge razor sharp in today's global economy." This tax change was needed to prevent companies shopping for low tax locations such as Ireland. This kind of locating in low tax rate locations worked badly for the major G-20 economies for decades as it prevented the generation of revenues needed for essential services and infrastructure investments. Tax changes include Biden's plan to increase the corporate tax rate to 28% from 21%, and raise the minimum tax on US based companies foreign profits to 21% from 10.5%.  ...