American Express Co. fell$. 26 or. 3 percent, to $88.88. Capital One Financial Corp. fell$. 39 or. 5 percent, to $81.30. Discover Financial Services fell$. 41 or. 7 percent, to $62.03.» Read More
The ongoing debate over tax relief has lost all integrity, like a favorite sweater long past its prime. Some believe that tax cuts increase the budget deficit while others suggest wealthy citizens have no moral obligation to share their bounty. Worthy positions indeed, but they are two mutually independent arguments, both valid, one having nothing to do with the other.
Nouriel Roubini has argued China's economy will suffer a hard landing after 2013. He reasons its 47 percent fixed investment share of GDP, 30 percent savings rates, and low wages will cause a deflationary spiral much like in Japan.
J.P. Morgan Chase and other banks are trying to recoup approximately $30 billion a year in lost overdraft fee income by testing $5 ATM fees