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...competition among clearinghouses has led to a “race to the bottom” whereby the clearinghouses require insufficient collateral from the SWIFTs they deal with. The Houston Power House is said to have large, uncollateralized exposures with Magna-SWIFT, and observers estimate it could lose $8 billion from these exposures alone. Power House Chief Executive Officer Fabrice Tourre was unavailable for comment...
...general sense, we support the core of President Obama’s education initiatives: heavy on spending and tough on teachers. Specifically, we were pleased with his allocation of $4.35 billion to the “Race to the Top” initiative that gives states an immediate monetary incentive to monetary incentive to reform dilapidated public schools. As part of the broader American Recovery and Reinvestment Act of 2009, Race to the Top—a small fraction of the total $96.8 billion allocated to the Department of Education under the stimulus package—is a wise investment...
...University gears up for the next capital campaign, Faust has suggested that financial aid will be a focus of its concerted fundraising efforts. (The University’s last capital campaign, which ended in 1999, raised $3.3 billion in today’s dollars...
Legalization would also generate budgetary savings for state and federal governments, both by eliminating expenditures on enforcement and by allowing taxation of legalized sales. I recently estimated that the net impact would be a deficit reduction of about $20 billion per year, summed over all levels of government...
...power of Mother Nature, even as we burn fossil fuels at rates that put us at grave risk of irreversible climate change. And our recent pullback from an economic abyss shows us the insecurity of our global economic system, which has raised many boats but still leaves over one billion people tragically living on less than...