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There's been a lot of talk in the US media about the "Fiscal Cliff" and the "Grand Bargain" What are they?

The "fiscal cliff" is a confluence of three legal changes taking effect Jan. 1: the expiration of a payroll-tax cut, the expiration of the Bush-era tax cuts, and the advent of mandatory spending cuts known as "sequestration."

Fiscal Cliff 101: 5 Basic Questions Answered. What's Happening: Fiscal Cliff Explained [more inside]
posted by the man of twists and turns on Dec 1, 2012 - 214 comments

Last month, JP Morgan Chase announced it had lost $2 billion dollars in a 'hedging' maneuver. Today, Jamie Dimon, Morgan's chairman and CEO, testified before the Senate banking committee. [more inside]
posted by the man of twists and turns on Jun 13, 2012 - 69 comments