U.S.
Pawlenty on Debt-Ceiling Talks: Political Capital With Al Hunt
July 16 (Bloomberg) — Republican presidential candidate Tim Pawlenty talks with Bloomberg’s Al Hunt about negotiations between lawmakers over raising the U.S. debt limit and Senate Republican leader Mitch McConnell’s plan to raise the ceiling.
Bloomberg’s Heidi Przybyla and Julianna Goldman discuss the outlook for the debt-limit talks. Lizzie O’Leary reports on how the government may prioritize payments if the debt-ceiling isn’t raised. Commentators Margaret Carlson and Kate O’Beirne talk about the possibility that a debt agreement won’t be reached and the U.S. will default on its debt. (Source: Bloomberg)
Duration : 0:21:27
U.S. Dept. of Education SWAT Team Breaks Down Man’s Door Over STUDENT LOANS
Apparently, there was this woman who had skipped out on her student loans, so the feds sent a SWAT team to her house to deliver a search warrant. That is to say, the SWAT team stormed the house, broke down the door, handcuffed her husband, and stuck around for six hours until it finally was successfully pointed out that not only was the woman not there; she had in point of fact skipped out on her family, too. – RedState
Duration : 0:2:21
Holtz-Eakin Urges Obama to Take Lead on Debt Solution
June 9 (Bloomberg) — Douglas Holtz-Eakin, president of the American Action Forum, and Joseph Minarik, senior vice president and director of research at the Committee for Economic Development, talk about the U.S. debt ceiling and the need for bipartisan cooperation on fiscal policy.
Any U.S. debt default would be very serious and the government should stop playing with fire, said Li Daokui, an adviser to the People’s Bank of China, according to a Reuters report. Holtz-Eakin and Minarik speak with Deirdre Bolton on Bloomberg Television’s “InsideTrack.” (Source: Bloomberg)
Duration : 0:7:29
Greek Lawmakers Pass Spending Cuts Required for Loans
This is the VOA Special English Economics Report, from http://voaspecialenglish.com | http://facebook.com/voalearningenglish
Greece’s debt crisis has shaken investors in the United States and worldwide. They worry that it could spread far beyond Greece. On May sixth, a day after huge protests in Athens, the Greek parliament approved a series of spending cuts. Greece has to cut thirty billion dollars as part of a bailout deal with the European Union and the International Monetary Fund. The deal is for one hundred forty-five billion dollars in loans.The cuts include wage freezes and reductions in retirement pay for government workers. Critics say the austerity plan will hurt the poor especially. But Greek labor costs are high even for Europe. And Greece’s public debt is equal to at least one hundred fifteen percent of its economy. The cuts may be the only hope to avoid declaring bankruptcy.Sebastien Galy is senior currency strategist for the French bank BNP Paribas. He says other European countries delayed rescuing Greece because it was politically unpopular. Now they are paying for it.European countries promised to make eighty billion euros in loans available over the next three years. The International Monetary Fund promised thirty billion. The quality of Greek government debt is now rated at “junk” levels. The high risk has investors demanding higher interest rates, and not only on Greek debt. Portugal and Spain have also had their credit ratings reduced. Both borrowed from credit markets. And both had to pay far higher rates than Germany, the safest investment in the euro area.The euro is eleven years old and used as the currency of sixteen countries. But less trust in the euro has reduced its value to the lowest levels in over a year. Sebastien Galy says growth expectations for the euro area have dropped. This has affected producers of raw materials such as Australia, Brazil and Canada. But he says the falling euro should help ease the crisis. He expects the exchange rate against the dollar to reach one-to-one within a year. That would be good news for European countries with heavy debt loads. He said: “The lower the euro is, the more competitive these economies become and, therefore, the more the fiscal concerns are going to be reduced.”While the euro has fallen, the dollar has gained value. Investors fleeing risk have bought dollars and American debt.And that’s the VOA Special English Economics Report.
(Adapted from a radio program broadcast 07May 2010)
Duration : 0:3:59
Sawiris Says U.S. Debt Relief for Egypt Is `Good Start’
May 20 (Bloomberg) — Samih Sawiris, chairman and chief executive officer at Orascom Development Holding AG, discusses the outlook for Egypt’s economy following U.S. President Barack Obama’s pledge to provide up to $1 billion in loan guarantees for that country along with the cancellation of $1 billion in debt, about a third of what Egypt owes the U.S.
Sawiris speaks with Margaret Brennan on Bloomberg Television’s “InBusiness.” (Source: Bloomberg)
Duration : 0:5:32
Toomey Says U.S. Won’t Default Regardless of Debt Limit
May 19 (Bloomberg) — U.S. Senator Patrick Toomey, a Republican from Pennsylvania, discusses the outlook for the nation’s debt limit and the prospects of default.
Toomey speaks with Peter Cook on Bloomberg Television’s “InsideTrack.” (Source: Bloomberg)
Duration : 0:4:44
Gross Says Geithner Gave U.S. Debt Limit `Wiggle Room’
May 16 (Bloomberg) — Bill Gross, manager of the world’s biggest bond fund at Pacific Investment Management Co., talks about U.S. budget policy and the debt limit.
Gross, speaking on Bloomberg Television’s “InBusiness with Margaret Brennan,” also discusses European sovereign debt crises and Federal Reserve policy. (Source: Bloomberg)
Duration : 0:13:52
Al Hunt on U.S. Debt-Ceiling Debate, Eric Holder
May 13 (Bloomberg) — Al Hunt, executive editor at Bloomberg News, discusses negotiations between Republican and Democratic leaders over extending the U.S. government’s borrowing authority.
Hunt, speaking with Margaret Brennan on Bloomberg Television’s “InBusiness With Margaret Brennan,” also previews his interview with U.S. Attorney General Eric Holder, which airs this weekend on “Political Capital With Al Hunt.” (Source: Bloomberg)
Duration : 0:2:59
Jack Bogle on Risks From U.S. Government Debt
Vanguard Founder Jack Bogle on why investors should be cautious because America is facing a real crisis due to the government’s debt.
Duration : 0:3:23
How Big is the U.S. Debt?
Economics professor Antony Davies illustrates the size the U.S. federal government’s debt and unfunded obligations. He breaks down the total U.S. debt and obligations into parts and compares them with the size of the GDP of countries around the world, showing the magnitude of America’s fiscal situation.
Want to give that graph a closer look? Prof. Davies has made it available on his website here:
http://www.antolin-davies.com/conventionalwisdom/governmentdebt.pdf
Duration : 0:1:18
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