Ben Bernanke: Too big to fail problem must be solved

The need to eliminate firms that are effectively "too big to fail" was the top lesson from the recent financial crisis, Federal Reserve Chairman Ben Bernanke told an investigative panel Thursday.

Regulators "now have the tools to do that" under the recently passed Dodd-Frank law, he said, and will force firms to divest or restructure if they pose an untenable risk to the broader economy. Read the rest at the Wall Street Journal.

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Obama on jobs: It's Congress' fault (VIDEO)

President Barack Obama today commented on job growth and economic recovery - particularly in the Labour sector. Among other things, Breitbart reports, he calls on a partisan minority to stop obstructing and allow legislation that will help small businesses grow and hire to have an up-or-down vote. 


He continues that the legislation he is promoting is fully paid for, and will not add any more money to the large deficit already boasted by the United States government. "This is not one of those times. This bill is based on ideas of both Democrats and Republicans", he says. 

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China set to overtake USA in manufacturing

The US remained, by a small margin, the world's largest manufacturer last year. But this year, as the FT has reported, that crown is set to be lost to China - well, as if we didn't see that coming.

Last year, the US created 19.9 per cent of world manufacturing output, compared with 18.6 per cent for China, with the US staying ahead despite a steep fall in factory production due to the global recession.

That the US is still top comes as a surprise, since in 2008 – before the slump of the past two years took hold – IHS predicted it would lose pole position in 2009.

However, a relatively resilient US performance kept China in second place, says IHS, which predicts that faster growth in China will deny the US the top spot next year.

Read the Financial Times article 

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