Hanke: Greek banks are insolvent
House republicans have set the stage for a huge vote on Friday to grant President Obama fast-track trade authority, which would allow the president to more easily negotiate trade deals by giving Congress a final up or down vote on legislation with no amendments. The Senate already approved it last month, meaning the House vote is the last hitch to making it law. So why does this matter? Boom Bust’s Ameera David weighs in.
Ameera is then joined by Steve Hanke – professor of applied economics at Johns Hopkins University and director of the Troubled Currencies Project at the Cato Institute. Steve discusses whether the Trans-Pacific Partnership will do more good than harm and gives us his take on the ECB’s quantitative easing program. The most alarming part of his analysis was his conclusion that Greek banks are insolvent and no one has the political will or ability to rescue them.
After the break, Bianca Facchinei takes a look at the numerous lawsuits against Apple. Recently unsealed documents claim store employees were subjected to mandatory bag checks in stores all over the world, and Apple Music is already prompting investigations into potential antitrust violations.
Ameera sits down with Erin Ade to talk about Standard and Poor’s cutting its credit rating on several major European commercial banks this week. The downgrades come as S&P considers the uncertainty of whether the respective governments where these banks are located can and will provide the support their banking systems would require, should they fail.
And in The Big Deal, Ameera and Edward Harrison talk about the US economy. While the first quarter numbers were terrible, the second quarter numbers have been better.
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