A panel discussion at the Global Cities Initiative, which convened at USC on March 21 at USC in Los Angeles. On the agenda was the shift from trade between countries to trade between cities.
We're accustomed to thinking about global trade as being between countries or large political and economic entities, like the European Union. The U.S. trades with China. China trades with Europe. Australia trades with Japan. And so.
But that wasn't the story presented at the Global Cities Initiative conference I attended last week at USC. The event was put on by the Brookings Institution and J.P. Morgan Chase and featured a series of panels structured around the transformation of trade for something between countries to something between cities.
The big driver here is that the world's emerging middle classes, in countries as divergent as China and Brazil (to name two of the real heavy hitters), are increasingly moving to cities, rather than staying in the countryside or establishing urban alternatives.
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Bank of America was one of the 15 big U.S. banks that passed the Fed's latest stress tests.
The Federal Reserve has released the results of its latest "stress tests" of the country's biggest banks — two days early. Why two days early? Marketplace's Heidi N. Moore had the best quip: The Fed didn't have much choice, after J.P. Morgan Chase jumped the gun on the planned Thursday announcement and showed Wall Street its report card.
Four banks flunked the test: Citigroup, Suntrust Banks, Ally Financial and MetLife, which isn't really a bank but an insurance company with bank-like businesses. Citigroup is the most worrying of that group, as some advance handicapping had it sailing through the Fed tests. Not so, as it turns out. This may remind some of the revelations, from Ron Suskind's controversial recent book about the Obama economic team and the financial crisis, that the White House at one point wanted to shut Citigroup down. Treasury Secretary Tim Geither reportedly stalled the President to avoid executing that decision.