With the banks being the cause, failing due to unsustainable lending practices, why should taxpayers be left to carry that burden through bailouts?
- Greece is preparing to hold another election next month, after Sunday's vote failed to produce governing majority. [Financial Times]
- A new study shows that recent global efforts to crack down on tax evasion have largely failed. [The Guardian]
- The U.S. government's profit from rescuing mega-insurer AIG may reach $15 billion. [Wall Street Journal]
- Senate Republicans are obstructing President Obama's latest nominees for the Federal Reserve Board. [Reuters]
- Spain is preparing to bail out Bankia, the country's third largest bank. [Financial Times]
- A committee of lawmakers charged with negotiating a new highway bill will meet for the first time today. [The Hill]
- The European Union is moving forward with discussion of implementing a financial transactions tax. [The Hill]
- Bank of America is planning to offer mortgage principal reductions to 200,000 homeowners. [CNBC]
Original Page: http://thinkprogress.org/economy/2012/05/08/479845/econ-050812/
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