public debt

We’re seeing a lot of debate in Washington about what is commonly referred to as the "national debt ceiling." This post is an attempt to shed some light – and provide some good resources for further information – on what this really means. National debt is not the total future obligations of the federal government to pay. It is basically all the public debt (like Treasury bills) plus money we owe to other governments – in other words this ceiling only puts a limit on how much the federal government can borrow, not on how much they can spend.  read more »

Few would want to be in Los Angeles Mayor Antonio Villaraigosa's shoes. The Mayor, a tireless ally of public employee unions through his career is in the uncomfortable position of being forced to choose between his allies and the taxpayers. To his credit, as hard as it is, the Mayor seems inclined to favor the interests of the citizens who the city was established to serve in preference to the interests of those who are employed to serve the people.  read more »

When a bunch of American bankers woke up last Thursday, I hope they found more to be thankful for than just a traditional turkey dinner. It’s thought that the American banks will have less exposure to Dubai World than most European or Asian banks – although the American banking industry is known to hide a thing or two up their sleeves.  read more »