The first round of hearings of the Financial Crisis Inquiry Commission concluded last week and while they brought moments of high drama (the chair of JP Morgan Chase cavalierly explaining that financial crises normally happen every 5 – 7 years) they did not produce many answers. The Commission’s mission is to examine the causes of the financial crisis that has gripped the U.S. for the better part of two years, but it’s a daunting task made more difficult by the wide array of shadowy financial tools and techniques that led to so much systemic risk. Can the Commission dig down to root causes, will Congress take their recommendations seriously and will a clever finance industry just find new ways to dodge regulators and oversight?
Republican Scott Brown’s Senate seat win last night sent Democrats scrambling to patch together the crumbling pieces of a bill overhauling the nation’s health care system. Mr. Brown ran on a promise to oppose the Senate bill, and his win obliterates the Democrats’ chance at a 60 vote majority necessary to avoid filibusters. How will Democrats try to wiggle the rules to move changes to the Senate version of the bill through a simple majority requirement on the Senate side? Is there even room for Democrats to further compromise on the already weakened reform? Patt talks with an analyst and two lawmakers about their parties’ next move and the future of health care reform.
With their surprising win last night, Republicans ended a 47 year control by Democrats of Ted Kennedy’s Massachusetts Senate seat and threw a major stumbling block in the Senate’s 60 vote majority needed to pass President Obama’s health care bill. How much can be read into last night’s results? Is it really a referendum on President Obama, health care reform and a foreshadowing of future 2010 losses for the Democrats? Patt breaks down the numbers.
Is your relationship healthy? Your relationship with finances, that is? After years of easy credit, overspending and undersaving, many Americans have found themselves overwhelmed with debt. Marketplace Money’s Chris Farrell is here with “moderation” as his mantra for life, explaining how our approach to our finances should be similar to our policy on climate change and how to be more smart, savvy, and sustainable consumers.
The third storm to hit Los Angeles area in a week is bringing heavy rainfall and winds, with officials issuing flash flood watches and evacuation orders in areas at risk for mudslides. With a fourth storm expected tomorrow we get the latest weather forecast and updates on mud flows with our KPCC reporters and homeowners in the mudslide area.
Patt Morrison is known for its innovative discussions of local politics and culture, as well as its presentation of the effects of national and world news on Southern California.
