Most voters have made some votes they regret — when they voted for a winner, and he or she did not live up to expectations. The situation is even worse when you convince someone to vote for a candidate who turns out to be a disaster. The person you convinced to make the bad decision probably, at least quietly, resents you for giving bad advice and has lost some respect for your judgment.
Most of the mainstream media, by being so far in the tank for Joe Biden, have now put themselves in the position that if he is elected and fails, they are going to suffer even lower reputations. To the extent they try to defend a failing Biden presidency, fewer readers or listeners are going to pay any attention to them — lower ratings mean fewer advertising dollars, which will result in more job layoffs for journalists.
This article was written by Suvashree Ghosh and Jeanette Rodrigues. It appeared first on the Bloomberg Terminal.
India has rolled out a fresh plan to tackle an old problem: the mountain of bad loans held by its banks. With the pandemic forecast to push soured assets to a two-decade high, Prime Minister Narendra Modi is struggling to find cash to support the state-run lenders that hold most of it, and to spur credit to a shrinking economy. Most of the risky debt is concentrated in two sectors — telecoms and utilities — that are vulnerable to the economic slowdown, meaning if they face more trouble, then a massive amount of debt goes bad.
1. What’s the plan?
When the pandemic slammed India early this year, the central bank allowed lenders to freeze loan repayments through Aug. 31. Jefferies estimates that borrowers accounting for 31% of outstanding loans took up the
The idea of creating a ‘bad bank’, a single entity which will house all bad loans in the banking system, is back on the discussion table. Two former central bankers, Raghuram Rajan and Viral Acharya and former State Bank of India (SBI) Chairman, Rajnish Kumar, have strongly supported the idea.
Days after a jointly-authored paper by Rajan and Acharya pitched the bad bank idea, outgoing SBI Chairman too said this is the best time to create a bad bank.
“In my view, this is the best time to create a bad bank,” said Kumar in an exclusive interview to Moneycontrol on Wednesday.
A ‘bad bank’ is a bank set up to buy the bad loans and other illiquid holdings of another financial institution. Once toxic assets are transferred to this entity, attempts for an early resolution by
As trust in the Food and Drug Administration wavers, several states have vowed to conduct independent reviews of any COVID-19 vaccine the federal agency authorizes.
But top health experts say such vetting may be misguided, even if it reflects a well-founded lack of confidence in the Trump administration — especially now that the FDA has held firm with rules that make a risky preelection vaccine release highly unlikely.
At least six states and the District of Columbia have indicated they intend to review the scientific data for any vaccine approved to fight COVID-19, with some citing concern over political interference by President Donald Trump and his appointees. Officials in New York and California said they are convening expert panels expressly for that purpose.
Photos: Daily Life, Disrupted
“Frankly, I’m not going to trust the federal government’s opinion and I wouldn’t recommend [vaccines] to New
An interior view of the Supreme Court shows the bench draped with black bunting in honor of the late Justice Ruth Bader Ginsburg in Washington, U.S., in this handout photo released to Reuters on September 20, 2020.
Collection of the Supreme Court | Reuters
Less than 45 days before the election, Justice Ruth Bader Ginsburg passed on, leaving her seat open to a contentious fight that could remake the Supreme Court for generations to come — as well as Main Street.
A case this week exemplifies the wonky, under-the-radar policy changes that could have major implications for small businesses, who are pinned against corporations that the conservative majority has all too frequently favored. Yet this case has an atypical showing of more than 40 state attorneys general lined up in support of small business, a unique yet critical alliance that is appropriately warning the court of the significant consequences an
While it isn’t getting much press nowadays, there’s a bubbling development in the European Union that reflects a realization America made a long time ago – and that it had to face yet again in the COVID-19 crisis: an over-reliance on Chinese exports has made these advanced economies weak and susceptible to collapse.
It may seem ironic that the European Union, itself considered a symbol of progressive pro-globalist transnationalism, has suddenly sounded very protectionist in its stance to China. “China provides 98% of the EU’s supply of rare earth elements,” wrote the bureaucrats in a European Commission whitepaper. The paper then uses delightfully Orwellian doublespeak to recommend a response: “open strategic autonomy,” which it defines in a footnote as “shaping the new system of global economic governance and developing mutually beneficial bilateral relations, while protecting ourselves from unfair and abusive practice.”