Jaime Fuller

Jaime Fuller is a former associate editor at The American Prospect

Recent Articles

The World Gives Greece Another Loan

Today's Balance Sheet: The IMF moves forward with its contribution to the bailout. 

Moneybox
The International Monetary Fund (IMF) approved a $36 billion contribution toward the latest Greek bailout. Along with more than $170 billion from other European governments and institutions, the IMF loans will be doled out over the course of four years, hopefully allowing the country and the eurozone to regain their financial standing. “The main function of this agreement is to contain the crisis for the next few months in order to provide a more stable environment for Italy and Spain to carry out their adjustments and therefore stabilize the euro area as a whole,” said Domenico Lombardi, a former IMF board official and senior fellow at the Brookings Institution. IMF Managing Director Christine Lagarde said the risks with this type of bailout are "exceptionally high," and that Greek politicians will likely need to make many difficult and unpopular decisions on the road to recovery. IMF rescue plans are also in the works for Ireland and Portugal. The Latest Can It Be … the Recovery?...

Hating Wall Street Springs Eternal

Today's Balance Sheet: The Goldman Sachs employee strikes back.

NPR
After Goldman Sachs employee Greg Smith quit his job with a loud and blistering New York Times op-ed , Wall Street is once again at the forefront of the national conversation. Questioning Wall Street definitely isn't new—we've been calling the stock market greedy ever since it was founded in 1792, and even more in the past year with the birth of the Occupy Wall Street movement. “When you’ve been around 40 years, you always say things were better back then,” said David Dreman, a veteran money manager. “But it is different now. There have been enormous changes on Wall Street. ... Unless the client is very sophisticated, the client gets clipped.” The public shaming of Goldman Sachs wasn't limited to the op-ed claiming that the financial giant favors profits over clients— Bloomberg Businessweek wrote a long piece on the company yesterday, and many major newspapers had lead stories on the firm this morning. Goldman's stock slipped 3.4 percent in the wake of Smith's departure. Right now,...

Banks Holding Up to the Downturn Stress

Today's Balance Sheet: The next round of bank stress tests finish up this week.

The Federal Reserve is scheduled to release the results of the latest bank stress tests this Thursday, which are expected to signal healthy balance sheets—a marked difference from the 2009 round of stress tests, and another indicator that our slowly recovering economy has been on an even sunnier upswing the past few months. The previous round of stress tests—which ended last March—weren't released to the public. The purpose of the stress tests is to see how well financial institutions could survive an economic downturn worse than the one that followed the Lehman collapse, with 13 percent unemployment and 50 percent stock market decline. If banks don't fare well under the stress test, they might have to raise billions of dollars in order to get on safer ground. “Everybody wants to avoid headlines,”Oppenheimer analyst Chris Kotowski told The New York Times . “People are angry at the banks, and both the banks and the regulators just want to do something to show we’re working our way back...

February Jobs Numbers: +227,000

Today's Balance Sheet: Job numbers keep on keeping on. 

The unemployment rate remained at 8.3 percent after a gain of 227,000 jobs this February, according to the monthly report released by the U.S. Bureau of Labor Statistics this morning. This marks the third month in a row where the economy gained more than 200,000 jobs, a streak we haven't seen since early 2011. The best news in the report was a substantial upward revision from December and Janaury's jobs numbers—61,000 more jobs were added during those months than originally thought. The economy isn't adding enough jobs to improve at a rapid pace, but three months of steady growth shows we're heading in the right direction. After the report's release, Craig Dismuke, chief economic strategist at Vining Sparks, told Reuters , "This is a healthy number. It confirms that the labor market is gradually improving. I also liked the revisions. All in all, it's really a positive report." The Latest Consumers Shape Up Their Finances The Wall Street Journal Obama unveils new foreclosure measures...

Tea Party Sharpens Its Budget Scissors

Today's Balance Sheet: Time for Congress to get feisty again. 

Perhaps afraid of tarnishing their hard-earned obstructionist cred, congressional Republicans look like they're heating up for another big fight over the budget. Tea Party legislators are pushing a plan that would cap agency appropriations at almost $20 billion below the $1.047 trillion limit agreed to last August as part of the Budget Control Act. This cap is already substantial and will force cuts or freeze spending in many government agencies—imagining Congress trying to agree on where to shave off an additional $20 billion the federal budget is headache-inducing. But with the government continuing to run $1 trillion-plus deficits, fiscal conservatives are hungry for an opportunity to take a symbolic stand. House Budget Committee Republicans are meeting today to discuss their options for the 2013 budget, and Republican House Appropriations chairman Hal Rogers is still committed to the agreed target and may be able to force the more intractable elements of his party to acquiesce...

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