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Volcker Appointed to Overhaul Tax Code; Ken Lewis Sees Recession Bottoming; Ford’s Volvo Sales Moving Along; Romania Receives $27 Billion IMF Loan; IBM Transfers Jobs to India; Durable Goods Orders Rise; Brazil’s Stock Market Surges to Six Week High; Bank of America to Repay TARP Funds
- President Barack Obama has appointed Former Federal Reserve Chairman Paul Volcker to close tax loopholes and streamline tax laws. The top-to-bottom overhaul of the 96-year-old tax code will reduce tax evasion and “corporate welfare,” budget Director Peter Orszag told Bloomberg.
- Kenneth Lewis, Bank of America Corp.’s (BAC) chief executive, told The Los Angeles Times he wants to…
Obama and McCain Shift Focus to U.S. Economy
Now that presidential hopeful Barack Obama has returned from a tour of the Middle East and Europe, he and his Republican rival, John McCain, are squaring off on the status of the U.S. economy, which has become the most pervasive domestic issue in the 2008 campaign.
Obama met with a panel of advisers yesterday (Monday) to discuss possible remedies for the sputtering U.S. economy. That panel included such eminent figures as billionaire Warren Buffett, Paul Volcker, and former Clinton advisor Robert Rubin.
“People are understandably concerned about the economy, and that’s what we will be talking about for the duration,†Obama…
29Jul2008 | Money Morning | Comments Off | Continued
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