Political Capital

Finance

Jacob "Jack" Lew, U.S. treasury secretary, speaks during an Economic Club of Washington breakfast in Washington, D.C., on Sept. 17, 2013.

Photograph by Andrew Harrer/Bloomberg

Jacob "Jack" Lew, U.S. treasury secretary, speaks during an Economic Club of Washington breakfast in Washington, D.C., on Sept. 17, 2013.

Lew: ‘Self-Inflicted Wound’

Updated at 1:30 pm EDT “Failure to raise the debt limit is a self-inflicted wound to the economy,” Treasury Secretary Jack Lew said today. “The time to make policy is before, not after we make commitments. Congress can get it...

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The National Debt Clock hangs above the Internal Revenue Service entrance in New York City on February 20, 2013.

Photograph by Anthony Behar/Sipa USA via AP Images

The National Debt Clock hangs above the Internal Revenue Service entrance in New York City on February 20, 2013.

Bloomberg by the Numbers: $16.7 Trillion

That’s the current U.S. debt limit. The limit was set at $16,699,421,095,673.60 in May. The nation was within about $25 million of the limit on Sept. 13, according to the Treasury Department. Treasury Secretary Jack Lew last month told Congress...

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President Barack Obama pauses while speaking in the South Court Auditorium of the Eisenhower Executive Building next to the White House in Washington, D.C., on Sept. 16, 2013.

Photograph by Andrew Harrer/Bloomberg

President Barack Obama pauses while speaking in the South Court Auditorium of the Eisenhower Executive Building next to the White House in Washington, D.C., on Sept. 16, 2013.

Obama’s Sun-Watching Fed-Watch

Anyone concerned that the White House’s nomination of a new Federal Reserve chairman is imminent had best look at the sun. Now that Larry Summers, a former economic adviser to President Barack Obama who was considered a top candidate to...

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Chairman and CEO of Lehman Brothers Richard Fuld Jr. gets into his car as he is followed by protesters after a hearing before the House Oversight and Government Reform Committee on Capitol Hill on October 6, 2008 in Washington, DC.

Photograph by Alex Wong/Getty Images

Chairman and CEO of Lehman Brothers Richard Fuld Jr. gets into his car as he is followed by protesters after a hearing before the House Oversight and Government Reform Committee on Capitol Hill on October 6, 2008 in Washington, DC.

Obama: Republicans Stand to Worsen ‘Winner-Take-All-Economy’

Updated at 5:22 pm EDT The U.S. has recovered from “a perfect storm” of economic catastrophies, President Barack Obama said today. While “a new foundation” has been laid, he said, much remains to be done about the economic disparities of...

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Copies of the Fiscal Year 2014 Budget sit on a pallet at the U.S. Government Printing Office in Washington, D.C., on April 8, 2013.

Photograph by Andrew Harrer/Bloomberg

Copies of the Fiscal Year 2014 Budget sit on a pallet at the U.S. Government Printing Office in Washington, D.C., on April 8, 2013.

Bloomberg by the Numbers: $755.3 Billion

That’s the federal budget deficit for the first 11 months of fiscal year 2013, according to a Treasury Department report yesterday. The government ran a $147.9 billion deficit in August after receipts of $185.4 billion and outlays of $333.3 billion.The...

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Bill Gates, chairman and founder of Microsoft Corp., arrives for a morning session during the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, on July 11, 2013.

Photograph by Daniel Acker/Bloomberg

Bill Gates, chairman and founder of Microsoft Corp., arrives for a morning session during the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, on July 11, 2013.

Bloomberg by the Numbers: $50 Billion

That’s the cutoff in personal net worth that distinguishes the top-five richest people in the world from the rest of the richest, according to the Bloomberg Billionaires Index. The top five are led by Bill Gates, chairman and co-founder of...

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Repurchases, or repos, are part of the non-bank, or “shadow banking,” sector. Banks use repos to help finance investments in Treasuries, corporate bonds and mortgages-backed securities.

Photograph by Scott Eells/Bloomberg

Repurchases, or repos, are part of the non-bank, or “shadow banking,” sector. Banks use repos to help finance investments in Treasuries, corporate bonds and mortgages-backed securities.

Bloomberg by the Numbers: 35%

That’s the decline in the repurchase, or repo, market where banks and investors borrow and lend Treasuries and other fixed-income securities — with $4.6 trillion daily outstanding last month, down 35 percent from its peak of $7.02 trillion in the...

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Janet Yellen, vice chairman of the U.S. Federal Reserve, before speaking at the American Economic Association's annual meeting in San Diego, California.

Photograph by Sam Hodgson/Bloomberg

Janet Yellen, vice chairman of the U.S. Federal Reserve, before speaking at the American Economic Association's annual meeting in San Diego, California.

Bloomberg by the Numbers: 65%

That’s the share of 63 economists who said Janet Yellen probably will be President Barack Obama’s choice to lead the Federal Reserve. Yellen, the Fed’s vice chairman, led former Treasury Secretary Larry Summers, who was picked by 25 percent of...

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A monitor displays Ben S. Bernanke, chairman of the U.S. Federal Reserve, while traders work in the two-year and five-year U.S. Treasury Note options pit following a Federal Reserve Federal Open Market Committee (FOMC) interest rate announcement.

Photograph by Tim Boyle/Bloomberg

A monitor displays Ben S. Bernanke, chairman of the U.S. Federal Reserve, while traders work in the two-year and five-year U.S. Treasury Note options pit following a Federal Reserve Federal Open Market Committee (FOMC) interest rate announcement.

Markets May Echo Volcker, Greenspan, Bernanke Reactions with Obama Nominee: Analyst

Financial markets may repeat their historical response to the appointment of a new Federal Reserve chairman when Ben Bernanke’s successor is announced. That’s according to a former Fed economist who notes that equities rallied about 6 percent in the month...

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