Will Dodd-Frank Protect US from Banks 'Too Big to Fail?'
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Despite reassurances from the Obama Administration, many financial authorities say banks that are bigger than ever can't be allowed to fail. Are pension funds and other depositors adequately insured? Is it likely that taxpayer bailouts might be needed again? Also, a surprise in Israel as the Centrist Party leader joins Netanyahu's coalition government. On Reporter's Notebook, did the late Maurice Sendak really hate children?
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Israel Centrist Party Leader to Join Netanyahu Coalition ()
Prime Minister Benjamin Netanyahu stunned Israel today by calling off early elections after forming one of the strongest coalition governments in the nation's history, with 94 out of 120 seats in the Knesset, Israeli's parliament. Joel Greenberg is a freelance reporter in Jerusalem.
- Joel Greenberg: Jerusalem-based freelance reporter
Are America's Banks Still Too Big to Fail? ()
Banks that got taxpayer bailouts paid back with interest, but financial authorities are warning it could happen again. Just five banks -- Goldman Sachs, JP Morgan Chase, Citigroup, Wells Fargo and Bank of America —now hold $8.5 trillion in assets. That's equal to 56 percent of the US economy, up from 43 percent six years ago. It's happened despite President Obama's call to "prevent the further consolidation of our financial system." Regulators are way behind in implementing new rules. Are the life-savings of depositors adequately insured? If a bank with $2 trillion takes too many risks will taxpayers have to be called on? What's the state of public opinion on two unpopular institutions: banks and the federal government? What about Obama's promise that banks would never again be "too big to fail?"
- David Lynch: Bloomberg News
- Jared Bernstein: Center on Budget and Policy Priorities, @econjared
- Carroll Doherty: Pew Research Center for the People and the Press, @CarrollDoherty
- Scott Talbott: Financial Services Roundtable, @scottfsround
- Dennis Kelleher: Better Markets, @DennisKelleher1
Famed Children's Author Maurice Sendak Dies at 83 ()
An 8-year old girl wrote to children's author Maurice Sendak as follows: "Dear Mr. Sendak, How much does it cost to get to where the wild things are? If it is not expensive, my sister and I would like to spend the summer there." Sendak died early today at the age of 83. Cynthia Zarin, Senior Lecturer in Creative Writing at Yale, first met Sendak in the farmhouse he built for working deep in the woods of Connecticut.
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- Cynthia Zarin: Yale University
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