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Congressman: The budget bill is a ‘stunt’ and a ‘gimmick.’ Here’s why I voted for it anyway

“With that in mind, the House of Representatives voted Thursday on the Senate’s budget plan, called a budget “blueprint” in Washington-speak” writes Chris Maddaloni for cnbc.com. In other words, the budget blueprint is simply a necessary procedural step required under Washington’s rules to eliminate a filibuster from Democrats and move forward with badly needed tax relief for families and businesses.It’s called a “blueprint” because in reality it’s just a proposal, not an actual budget like the ones families and businesses use in the real world.Yet as a member of Congress…

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Fischer says Fed doesn’t see asset prices as ‘unsustainable’

“Outgoing Federal Reserve Vice Chairman Stanley Fischer said Wednesday the central bank doesn’t see an unsustainable bubble building in asset prices” writes Senior Economics Reporter for marketwatch.com. He said the U.S. central bank is usually reluctant to comment on asset prices, saying “I shouldn’t go on.”. But we don’t think we’re in a situation where we have an inflationary bubble or an unsustainable set of prices in the asset market.”. Fischer said he was leaving the central bank early for “personal reasons” but did not elaborate.Responding to a question about…

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No end in sight for debt boom as Brits load up on credit cards 

“British shoppers are using the credit cards more than ever before, stoking fears that households are racking up unsustainable levels of debt” writes Tim Wallace for telegraph.co.uk. After taking into account repayments, that added an extra £606m to households total credit card debts, which now amount to £130.3bn. Fierce competition in the market has led banks to offer increasingly generous terms to new credit card customers, with ever-longer interest-free periods. Source: telegraph.co.uk Share This:

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US heading for recession after 2 years of unsustainable growth, economist says

“The U.S. is headed for a recession in the next two years as excessive fiscal stimulus from the President Donald Trump administration takes the economy into unsustainable territory, Adam Posen, president of the Peterson Institute for International Economics, told CNBC Tuesday” writes Mario Tama for cnbc.com. Posen, who served at the Federal Reserve Bank of New York in the mid-90s, said that GDP (gross domestic product) growth targets of 3 percent or more are unobtainable given current productivity and employment rates in the U.S. Add to that intended tax cuts…

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