Michigan Governor Rick Snyder’s formal declaration that a financial emergency besets Detroit started the clock ticking for city leaders who may want to try to block a state takeover. It gave them 10 days.
Detroit’s population loss may leave Michigan without a black representative in Congress for the first time since 1955, a shift that would punctuate the erosion of African-American power in a region with a history of racial friction.
The federal government’s role as the backer of most U.S. home loans is becoming entrenched as fiscal issues distract Congress and the White House from a housing- finance overhaul that would shift more risk to private capital, according to lawmakers and analysts.
U.S. Representative Todd Akin won the Missouri Republican Senate primary, setting up a Nov. 6 showdown with incumbent Democrat Claire McCaskill, who already has endured an onslaught of negative ads tying her to a president whose popularity has fallen in the state.
Here is one clear lesson from the economic meltdown of 2008: Any future U.S. administration will intervene directly and heavily if faced with a potentially devastating economic crisis. Market purists might not like it, but it is a fact I witnessed firsthand at the Treasury Department during the George W. Bush administration.