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A proposal for deficit reduction from the "Gang of Six" in the U.S. Senate gains support from Obama, Boehner and Cantor, as other proposals languish for lack of support in both Houses of Congress. The efforts to pass a balanced budget amendment and deficit reduction in the House is now seen as a concession to newly elected conservatives in the House by Boehner even as other options are being pursued to meet an August 2, 2011 deadline. The efforts of credit rating agencies to reconsider the credit ratings of certain states and the U.S. is also putting new pressure on getting some sort of serious deficit reduction now as opposed to putting it off for discussion between now and the end of the year, as proposed by the McConnell plan.

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Loan Programs Office Department of Energy with $400 billion to lend  is seen in this NYT report as a Bank within the Department of Energy designed to lend for superior solutions to tackle climate change for a better environment. It will keep the efforts of private industry moving to create a better environment in years ahead.

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After 9 years in office and facing questions about immigration policy, cost of living, cost of housing and other concerns of Canadians, facing internal divisions within his own party, Justin Trudeau decides to step down as Liberal Party leader and prime minister on January 6, 2025.

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How Chinese students are responding to the situation of uncertainty about US visas.

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This Canadian opinion in the WSJ by Philip Cross of Statistics Canada, says Canada's opportunity to diversify its exports to places other than the US, especially for auto exports is essentially nil, and for oil exports because of a lack of pipelines will lead to losses of tens of billions of dollars.  He then goes on to say that Canada should wait for American buyers to suffer as car prices increase by $12,000. No such increase is likely. As pointed out by the UAW's Fain Shawn and others capacity utilization at US auto plants is low with only 60 to 65% capacity utlilization. Ford with 60% capacity utilization, has 568,000 cars in inventory 8% higher than 2024, and make 80% of its cars entirely in the US. Ford is actually cutting prices of its cars as of April 2025 under it's "From America For America Program." Ford and GM could replace German and other cars as Americans shift to buying American. Hyundai and Kia are already shifting production to the US. South Korean and Japanese leaders will support the US as it is the right thing to do. This Canadian opinion does not acknowledge that the US is simply creating a level playing field, a point USTR Jamieson and DJT repeatedly make, and the Japanese, South Koreans, and even the Chinese understand. These countries were given the benefit they received for three decades through the absolute generous attitude of the American people.   ...

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S&P's faulty ratings on U.S. mortgage securities was a critical factor leading to the financial crisis of 2008-2009, and the deep recession that followed in the U.S. Recovery was only made possible by large government stimulus and central bank intervention with monetary easing on a massive scale. The effects are still evident after millions of people lost their homes in foreclosures and widening income inequality. Yet it took about 7 years before S&P accepted responsibility and settled with the Justice Department. Earlier S&P accused the Justice Department of suing the company in retaliation for a downgrade of U.S. government debt in 2011. In the convoluted upside down nature of such lawsuits and protests by defendents, McGraw Hill said that the settlement "contains no findings of violations of law." Yet the government produced 290 million documents in response to discovery requested by S&P. Associate U.S. Attorney General, Stuart Delery, the top negotiator for the government, says "put simply, the department brought this case because S&P committed fraud." Delery says no case in Justice Department history has produced this many documents. The Justice Department cited several instances of breach of duty in a statement signed by both parties. In 2007 an internal group's downgrade recommendation for a large number of mortgage securities was rejected by upper management because of concern S&P would lose business. In another cited instance S&P alters its ratings model for grading complex risky securities in 2004 with the goal of being able to issue grades for "2-3 notch improvements" and resulting "improving of S&P market share." S&P had about $1.9 billion in cash balances in third quarter 2014, say analysts, and the settlement was designed to set the right course but not hurt S&P in carrying out its role of issuing about 95% of ratings globally along with counterparts Moody's and Fitch. Mississippi Attorney General Jim Hood says S&P's responsibility lies in that banks might be expected to do something shady, but credit ratings agencies were the ones the country looked up to to do the right thing and flag this....

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A study by Charles Elson of the Center for Corporate Governance of the University of Delaware which refutes the idea that excessive compensation is needed to retain good talent in industry.

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Changes to China's five year plan to include critical social goals, reduce income inequality, and provide a social safety net. The influence of local governments in distorting central government policy.