Boehner Tells Republicans He Won’t Let the Nation Default

Posted by Ravi Gulati | Posted in Economy & Markets | Posted on 03-10-2013

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Right now, Democrats and Republicans remain at loggerheads over financing the federal government. Some Republicans have suggested that a broader bargain, including changes to entitlement programs, might be one path forward. But the White House has insisted that Republicans not include the debt ceiling in any negotiations.

Nearly 190 Democrats, including all members of the party’s House leadership team, have signed a letter circulated by Representative Peter Welch of Vermont supporting a “clean” debt-ceiling extension.

Republicans “view the health care bill as an existential threat to the country, and they are willing to use all tactics, including blowing up the economy, to get rid of Obamacare,” Mr. Welch said in an interview. “If shutdown and default become legitimate tactics, any Congress in the future could use those tactics to get their way.”

Wall Street “should be concerned,” President Obama told CNBC on Wednesday. “When you have a situation in which a faction is willing to potentially default on U.S. government obligations, then we’re in trouble.”

He added that it was “important” for Wall Street “to recognize that this is going to have a profound impact on our economy and their bottom lines, their employees and their shareholders.”

Boehner Tells Republicans He Won’t Let the Nation Default – NYTimes.com.

Senate Rejects House Budget Offer With Shutdown Near

Posted by Ravi Gulati | Posted in Economy & Markets | Posted on 30-09-2013

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Within minutes of convening just after 2 p.m., the Senate on a 54 to 46 vote followed through on Democratic threats to strip the health care provisions from a measure passed by the House early Sunday morning and send it back to the House.But House Republicans showed no sign of backing down, signaling a readiness to shut down the federal government over the health law.

Breaking News: Senate Rejects House Budget Offer With Shutdown Near – Toronto Star

Bitcoin ATMs coming to Canada

Posted by Ravi Gulati | Posted in Economy & Markets, News of Interest | Posted on 20-09-2013

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Bitcoins are mathematically generated through a series of commands executed by computers in a peer-to-peer network. The process is called Bitcoin “mining” and is set up so that the total number of Bitcoins that can ever be generated is limited to about 21 million.

While some have doubted Bitcoin’s validity and others have raised concerns that the unregulated currency is being used for nefarious means, a U.S. judge ruled last month that Bitcoin, which has been around since 2009, is a real currency.

Currently, acquiring Bitcoins is often done through an exchange, an arduous process that requires users to jump through several hoops, including linking their bank account to the exchange and sending in paperwork to verify their identity.

Bitcoin ATMs coming to Canada | AdvisorToClient.ca.

Shares at record high as Federal Reserve refrains from tapering

Posted by Ravi Gulati | Posted in Economy & Markets | Posted on 19-09-2013

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The US Federal Reserve has decided to maintain its economic stimulus programme at the current level, despite speculation that it would start scaling it back.

BBC News – Shares at record high as Federal Reserve refrains from tapering.