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  • Tale of Two Cities Struggling to Survive Friday, 2 Jul 2010 | 2:36 PM ET

    As the cash-poor states across the US struggle to pay their bills, two cities within especially distressed states—California and Pennsylvania—are emblematic of just how tough closing budget gaps can be. Vallejo, Calif. is in bankruptcy and, across the country, Harrisburg, Pa., the state capital, is insolvent.

  • Why Congress Gets So Much Vacation Friday, 2 Jul 2010 | 11:55 AM ET

    Even as most Americans got ready to face the July 4th holiday weekend traffic, members of the United States Congress had already left town.

  • David Stockman, Wrong; Ezra Klein, Right Thursday, 1 Jul 2010 | 4:38 PM ET

    Don’t you just love political cross dressing? Last night on CNBC my old boss David Stockman was totally root-canalled as he called for higher taxes and lower spending. Right on spending, but wrong on taxes.

  • Housing's Powerful Lobby Surges Ahead Thursday, 1 Jul 2010 | 4:07 PM ET

    You need look no further than this morning's news. Congress, at the eleventh hour, passes an extension of the closing date on the home buyer tax credit. It was supposed to expire at midnight last night.

  • The Future of Fannie Mae and Freddie Mac Thursday, 1 Jul 2010 | 12:20 PM ET

    A housing sector without Fannie Mae spacer and Freddie Mac is a possibility, Edward J. DeMarco, director of Federal Housing Finance Agency (FHFA), told CNBC Thursday.

  • Video Games: Shooters Thrive As Court Case Looms Thursday, 1 Jul 2010 | 11:13 AM ET

    With the Supreme Court scheduled to hear arguments later this year about whether states should be allowed to regulate the sale of violent video games, you might think game makers would consider dialing down the number of shooter titles.

  • California's Not So Fun Summer Thursday, 1 Jul 2010 | 10:28 AM ET
    San Francisco

    California has about 225,000 organized state employees—still—and many have been forced to take three-day-a-month furloughs without pay. A few thousand of them converged on the Capitol Wednesday to protest threats by the Governor to impose the $7.25 minimum wage on them starting Thursday. There's no budget, and no solution to the $19.1 billion deficit.

  • Suspect Dubbed 'Femme Fatale' of Russian Spy Case Wednesday, 30 Jun 2010 | 4:31 PM ET
    Anna Chapman

    Anna Chapman has been called the femme fatale of a spy case with Cold War-style intrigue — a striking redhead and self-styled entrepreneur who dabbled in real estate and mused on her Facebook page, "if you can dream, you can become it." Chapman's American dream, U.S. authorities say, was a ruse.

  • Obama Slams GOP Comments on Wall Street Reform, BP Wednesday, 30 Jun 2010 | 4:07 PM ET

    Seizing on a political opportunity, President Barack Obama on Wednesday lashed out at Republicans as out of touch with the daily problems of Americans, hoping to sharpen the contrast with the opposition party as midterm elections loom and economic anxiety still runs high.

  • Valliere: A GOP Conspiracy to Weaken the Economy? Wednesday, 30 Jun 2010 | 4:00 PM ET
    US Capitol Building with cash

    After analyzing Washington for 35 years, it’s excusable to be a cynic. Actually, it’s mandatory. So let’s try out this extremely cynical premise: the Republicans are deliberately refusing to help unemployed workers or aid the states because they undoubtedly know this will hurt the economy further – and an ailing economy will help their prospects in November.

  • MacDonald: Damage from Gulf Disaster Will Last Lifetime Wednesday, 30 Jun 2010 | 9:47 AM ET
    Cody Fonseca (left) and his brother Chris sort through blue crab caught in the Barataria-Terrebonne National Estuary at the La Blue Crab Company on May 3, 2010 in Larose, Louisiana,

    Despite all the skimmers and sweepers, most of the oil leaking into the Gulf of Mexico sinks to the bottom or washes up on the shore and then sinks down in shallow layers below the sand, profoundly restructuring the ecosystem. The change cannot be undone in a lifetime.

  • Vallejo, California Police

    Two years ago, the Bay Area city of 120,000 went into a special kind of bankruptcy reserved for local governments called Chapter 9. It allowed the city of break contracts and suspend debt payments.

  • TARP Money May Help Fund Financial Reform Legislation Tuesday, 29 Jun 2010 | 3:32 PM ET

    Lawmakers are now considering ending the $700 billion TARP program early and using some of that money to help fund the new financial overhaul bill, CNBC has learned.  The proposal is being weighed as Democrats scramble to save the legislation.

  • Taxes on Foreign Profits Are Worrisome: Caterpillar CEO Tuesday, 29 Jun 2010 | 11:28 AM ET
    Doug Oberhelman, CEO Elect of Caterpillar

    Taxation on a US corporation’s foreign profits, now on the financial reform table in Congress, is a major concern, incoming CEO of Caterpillar, Doug Oberhelman, told CNBC Tuesday.

  • Sen. Robert Byrd (D-West Virginia) served in the Senate for more than 50 years.

    Sen. Robert Byrd's death Monday morning could affect the passage of the financial reform bill, said Sheila Bair, the chairman of the Federal Deposit Insurance Corporation.

  • There has been much attention paid today to the language in the bill as it applies to the market making function of trading and to the parts of a banks’ derivatives business that must be segregated in a separately capitalized subsidiary.

  • How Bank Reform Will Affect Proprietary Trading Friday, 25 Jun 2010 | 3:31 PM ET

    Kate Kelly's insight into why large banks are concerned about language that was taken out of the Volcker Rule because it may cut into their market-making profits, which is at the core of what they do in trading stocks and bonds.

  • Crescenzi: FinReg—Fewer Unknown Unknowns Friday, 25 Jun 2010 | 11:46 AM ET

    Now, with financial reform set to be implemented in Washington, there will be fewer unknown unknowns. This will contribute to a healing of the U.S. credit system. Moreover, the November election is likely to lead to more balance in the House and Senate, which means that the worst of the regulatory cloud and government involvement will soon pass. This could rally risk assets if this viewpoint becomes popular. Still, challenges remain.

  • Santelli & Dobbs Talk Tea Party Power Friday, 25 Jun 2010 | 10:58 AM ET

    So what exactly is the real message of the tea parties? And how large an impact will they have on the upcoming elections? These are just a couple of the questions I posed to my old friends Rick Santelli and Lou Dobbs on last night’s Kudlow Report.

  • This Won't Prevent Another Crisis: Isaac Friday, 25 Jun 2010 | 9:56 AM ET
    Government Regulation

    The financial regulation bill agreed upon by Congressional leaders overnight is too weak and will not reform the system, Williams Isaac, former chiarman of the FDIC, told CNBC.