Your 12 hourly digest for Business News, Financial News, Business Headlines & Analysis - The Washington Post

Business News, Financial News, Business Headlines & Analysis - The Washington Post The source for business news and analysis. Covering economic policy, business policy, financial news, economic issues, stock market data, local business, technology and more.

Reconciliation Jan 19th 2013, 00:00 Ezra's hosting MSNBC's "The Last Word" tonight at 10 p.m. The cast of "The Wire," here's where they all are now. Not good: "A rough calculation of current rates of soil degradation suggests we have about 60 years of topsoil left." Read full article >> Last debt ceiling debate indicates more economic hurt likely as another fight looms Jan 18th 2013, 23:37 As the country braces for a bitter debate over whether to raise the limit on government borrowing, an earlier conflict over the debt ceiling offers a cautionary tale about how Washington brinksmanship can damage the economy. Read full article >> The House GOP's new debt-ceiling plan Jan 18th 2013, 22:43 House Republicans regrouped at their Williamsburg, Va., retreat this week and came up with a new plan: They will vote next week to raise the debt ceiling for three months without immediate spending cuts attached, backing off of their earlier threat to use the Feb. 15 deadline as leverage. Read full article >> The real surprise in the Fed's 2007 transcripts: How much they knew, how little they understood Jan 18th 2013, 22:00 In making sense of the newly released transcripts from the Federal Reserve's 2007 policy meetings, let's get one thing out of the way first. Prediction is hard, as Yogi Berra said, especially when it's about the future. Read full article >> Despite low sales, small vendors put new spin on old Obama gear Jan 18th 2013, 21:28 George Escobar sells Obama T-shirts on the corner of 12th Street and Independence Avenue, three for $10. In the week leading up to Monday's inauguration, Escobar was hoping business would be as good as it was four years ago, for the last inauguration. But so far, he's only sold a handful of shirts — "four years ago, more people liked Obama T-shirts," he said. Read full article >> Pete Peterson predicts markets will panic over our debt crisis. Sometime. Jan 18th 2013, 20:43 Inside Washington, Pete Peterson's name has become synonymous with deficit reduction. A former member of Richard Nixon's cabinet, a founding partner of Blackstone, and a lifelong Republican, Peterson has pledged to spend $1 billion of his Wall Street fortune to the cause of shrinking the debt. He's already given at least $458 million to his eponymous foundation, which has funded outside groups battling the federal deficit, including $5 million to the Fix the Debt campaign. Read full article >> 2013 Cadillac ATS: A new spirit in the Motor City, and a winning choice to represent it Jan 18th 2013, 19:25 DETROIT — The optimism is back. The crowds attending the media days of the North American International Auto Show here, which opens to the public this weekend and runs through Jan. 27, were nearly 35 percent larger than they were in 2012, and even larger than those of the mostly dark days of 2008-2011. Read full article >> Is the Republican Party Obama's fault? Jan 18th 2013, 19:07 The first day of the House Republicans' retreat was devoted, in large part, to persuading House Republicans to stop saying offensive things about rape and to stop thinking they can use the debt ceiling to hold the economy hostage after losing the 2012 election. Read full article >> Why what happened to The Atlantic will probably happen again and again ... and again Jan 18th 2013, 18:44 On Monday, a story appeared on The Atlantic entitled "David Miscavige Leads Scientology to a Milestone Year." The story presented a glowing summary of the organization's milestones, and was clearly marked as "sponsored content," one of those tricky terms used in an attempt to blur the line between "journalism" and "advertising." Read full article >> Graph of the Day: The newest tax bracket has just 500 people in it Jan 18th 2013, 18:40 In the heat of congressional negotiations, the small stuff occasionally gets overlooked. But even by normal congressional standards, Howard Gleckman and the rest of the team at the Tax Policy Center have found a doozy. The "fiscal cliff" deal, as you may recall, kept the Bush tax brackets with the exception of a new 39.6 percent bracket on income over $400,000 for singles, or $450,000 for married couples. Read full article >> Unemployment rate rises in D.C., falls in Virginia, is unchanged in Maryland Jan 18th 2013, 18:33 Unemployment data released by the Labor Department on Friday offer a mixed snapshot of how the Washington region's economic recovery is faring, with jobless rates ticking up in the District, holding steady in Maryland and dipping in Virginia. Read full article >> IMF presses forward in Greece Jan 18th 2013, 18:02 The International Monetary Fund has pushed ahead in its rescue program for Greece despite a $12 billion hole in the country's finances, a concession that could put the fund's own finances at risk. The IMF board on Wednesday approved a $4 billion loan payment to Greece, even as it acknowledged that the program was out of balance. Read full article >> Is outsourcing to blame for Boeing's 787 Dreamliner woes? Jan 18th 2013, 18:01 It's been a miserable week for Boeing. Federal investigators have grounded all of the U.S. company's new and much-hyped 787 Dreamliner jets after reports that the aircraft's lithium-ion batteries were overheating and catching fire. Read full article >> Oil companies: more than 22 workers still unaccounted for in Algeria Jan 18th 2013, 16:30 The companies whose workers were taken hostage by Islamic militants at a gas compound in Algeria on Wednesday say they have evacuated some employees and confirmed the whereabouts of others, but the status of more than 22 individuals is still unknown. Read full article >> Alan Blinder's 'After the Music Stopped' Jan 18th 2013, 15:27 One major casualty of last month's fiscal-cliff fracas was that we've fallen shamefully behind on our "page 69 test" posts. To recap: Grab a new book. Open it to page 69. If the passage is compelling, that book might just be worth reading. Read full article >> The Fed's 2007 crisis response: Twinkies, pessimism pills, and missed warnings Jan 18th 2013, 15:02 Last update: 12:48 p.m. Friday morning, the Federal Reserve published transcripts of its closed-door policy meetings in 2007, the first year of a financial crisis that remade the global economy, and a year in which the United States fell into what would become the deepest recession of modern times. It was also the year in which the Fed began an era of unprecedented activism in its efforts to keep the global financial system from unraveling. Read full article >> Can Oregon save American health care? Jan 18th 2013, 14:42 PORTLAND, Ore. In 2011, Oregon Gov. John Kitzhaber faced a vexing problem: The state had a $2 billion hole in its Medicaid budget and no good way to fill it. He could cut doctors' pay by 40 percent, but that might lead to them quitting Medicaid altogether. He could drop patients or benefits, but that would only compound costs in the long run. A former emergency room doctor, Kitzhaber remembers culling the Medicaid rolls in the 1980s, when he served as a state senator. Read full article >> After 'the end of big government liberalism' Jan 18th 2013, 14:40 For all the bitterness in Washington these days, it's easy to miss the broad consensus that undergirds our contentious politics. Republicans swear to protect Medicare and Social Security, and most recognize they can no longer hope to repeal Barack Obama's Affordable Care Act. Democrats voted to make the George W. Bush tax rates permanent for almost all Americans. Read full article >> A new tone on Wall Street as bankers' pay declines? Jan 18th 2013, 14:40 In recent days, a number of high-profile banks have made news about declining compensation. Goldman Sachs said that in the fourth quarter, the percentage of revenues it pays to employees was cut in half, to 21 percent, the second-lowest level since the bank went public in 1999, reports Reuters. At JPMorgan Chase, reports Bloomberg, compensation costs fell 3 percent in 2012. Even bigger: The bank cut in half the pay CEO Jamie Dimon received in 2011, dropping his compensation from $23.1 million the year prior to $11.5 million in 2012, despite achieving record profits for the year. And at Morgan Stanley, which released earnings Friday, press reports this week said highly paid employees (those making more than $350,000 a year and receiving bonuses higher than $50,000) will now see their bonuses deferred over a period of three years. Read full article >> CEOs want to raise the retirement age to 70 Jan 18th 2013, 14:00 A lot of CEOs have gotten on the deficit-reduction bandwagon, but they've often been loath to push for specific proposals, endorsing instead an overall "framework" for fiscal consolidation that's big and bipartisan. Read full article >>

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