German finance minister says multinationals must pay fair taxes
21 in Rio, will showcase panels that feature a Whos Who in Latin America, Hollywood and Europe. Latin American panelists include Mundial sales chief Cristina Garza; Rio Film Commissioner/Latin American Training Center founder-prexySteve Solot; RioFilme CEO Sergio Sa Leitao; Colombias Diana Bustamante, of Burning Blue production company; and Uruguay producer Mariana Secco of Salado Cine. Hollywood execs include CAA literary agent Stuart Manashil, Alexis Garcia of WME Ent., and IM Globals SVP of international sales Tatyana Joffe. The Euro contingent will be led by Xavier Parache of Gate Media/Natixis Coficine.
Fed Chairman Ben Bernanke, who will not be present in Moscow, has stressed he will only stop the money-printing press if he sees strong evidence of a U.S. recovery, and on Wednesday left open the option of changing the plan if the economy shifted. Schaeuble said a European Union paper setting out medium-term fiscal plans were an “appropriate and important” target on the way to proving the world’s 20 biggest developing and developed nations were committed to consolidating budgets. In a document, EU finance ministers say that the lack of an agreement on a credible medium-term fiscal consolidation plan in the United States was a risk to the global economy.
Further Progress on Housing Finance
In the Hensarling approach, Congress could always enact legislation that provides a guarantee on new mortgages but not on old ones. This would be along the lines of a proposal by Harvard professors David S. Scharfstein and Adi Sunderam (though they would have the government offer insurance on a modest share of mortgages even in normal times, to maintain the capacity to scale up when needed). This implies that the proposed new housing system would not be resilient to future crises; the Corker-Warner approach explicitly takes into account the inevitability of future financial market convulsions. A further challenge for the House approach to housing finance reform is to avoid inadvertently recreating the implicit guarantee of the previous system, under which policy makers provided a retroactive guarantee when the crisis hit.