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☆ Why do people keep uninsured money in banks?
▼ + stars: | 2024-02-12 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

Somehow, the same issue plaguing last year’s failed banks is back in focus at the latest bank in crisis: massive loads of uninsured deposits. To be sure, the risk isn’t anywhere close to that of the banks that failed last year: About 94% of domestic deposits at Silicon Valley Bank were uninsured and 90% of Signature Bank’s deposits were uninsured, according to the Federal Reserve. The money is guaranteed by the Federal Deposit Insurance Corporation, which is funded by fees paid by major US banks. About 40% of all money in the US, or $8 trillion, sitting in banks is uninsured, said Lawrence White, a professor at New York University’s Stern School of Business. “It also risks violating the FDIC’s statutory requirement to resolve failed banks and protect insured depositors in the least expensive way possible.”Sometimes, he said, rescuing those uninsured depositors may be the cheapest way to protect insured depositors at banks.

Persons: NYCB, Brian Snyder, James Lee, David Wessel, Lawrence White, University’s, Banks, Ting Shen, ”, Kori Suzuki, JPMorgan Chase, Michael Ohlrogge, Maxine Waters, Elizabeth Warren, “ Organizations: New, New York CNN, New York Community Bancorp, Investors, Silicon Valley Bank, Federal Reserve, Bank, Xinhua, Federal Deposit Insurance Corporation, FDIC, Reuters, Brookings Institution, International Monetary Fund, University’s Stern School of Business, US Treasury, Bloomberg, Getty, Securities and Exchange Commission, Valley Bank, Signature Bank, JPMorgan, Bank of America, Citigroup, First Republic Bank, New York University’s School of Law, Financial Services, Banking Committee, CBS, Bank Coalition of America Locations: New York, Silicon, United States, New, ”, Washington , DC, San Francisco , California, Sen

☆ Investors in Airbnb arbitrage business allege they were defrauded in scheme promising 'higher returns than the stock market'
▼ + stars: | 2024-02-11 | by ( Rohan Goswami Annie Palmer | Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +18 min

Airbnb told CNBC that business practices such as Agyeman's aren't permitted. Airbnb told CNBC it had no business relationship with Agyeman and had taken action to curtail his operations. Carr and other HFA investors told CNBC their frustrations were dismissed or met with legal threats. To get around Airbnb's rules, HFA instructed its investors to list their own homes, a former employee and two investors told CNBC. Airbnb told CNBC that it was rolling out a more robust verification process in the U.S. and elsewhere beginning as early as 2024.

Persons: Elham Ataeiazar Daryn Carr, Carr, Anthony Agyeman, Agyeman, HFA, they've, Agyeman haven't, Airbnb, Brian Chesky, Brendan McDermid, Reuters Carr, Thomas Hunker, Hunker, Wessel Botes, Megan Shears, Shears, It's, Kathy, she'd, copywriters, couldn't, who'd, Collin Ballard, Collin Ballard Ballard, Ballard, lister, HFA's, Agyeman's Wealthway, Wealthway, David Levine, he's, Levine, Levine didn't Organizations: Federal Trade Commission, Department of Justice, Justice Department, FTC, CNBC, Inc, New York Stock Exchange, Reuters, Agyeman, Investors, Google, HFA, MGM, Dallas, North Locations: hustles, Covid, New York City, New York, Airbnb, HFA, Texas, Instagram, Fort Myers, Sanibel, Las Vegas, Dallas, U.S, Agyeman, Florida, North America, Botes

☆ Democrats have no Biden backup plan for 2024, despite age concerns
▼ + stars: | 2023-11-30 | by ( Jeff Mason | Thomson Reuters | Jeff Mason Is A White House Correspondent For Reuters. He Has Covered The Presidencies Of Barack Obama | ) www.reuters.com time to read: +7 min

Despite weak poll numbers and questions, including from some Democrats, about his age, Biden has stuck to his plan to seek a second term after clearing the field of serious Democratic primary challengers when he announced in April that he was running again. Biden loyalists, citing his record in office, argue that the party does not need a backup plan to defeat probable Republican nominee Donald Trump, who Biden beat in the 2020 election. To the chagrin of the White House, Biden's age has become a defining part of the 2024 campaign. "If he continues to run, he will be the nominee of the Democratic Party. In 1972, then Senator George Eagleton withdrew as Democratic presidential candidate George McGovern's vice presidential running mate after revelations of his treatment for depression forced him out of the race.

Persons: Joe Biden, Eisenhower, Evelyn Hockstein, Biden, Donald Trump, Biden's, Kamala Harris, ” Biden, Daniel Wessel, Trump's, Trump, David Axelrod, Barack Obama's, Axelrod, Marianne Williamson, Dean Phillips, Harris, Gavin Newsom, Elaine Kamarck, George Eagleton, George McGovern's, Sargent Shriver, McGovern, Newsom, Ron DeSantis, Jeff Mason, Heather Timmons, Alistair Bell Organizations: REUTERS, Rights, Democratic Party, Democratic, Biden, Republican, Democrat, Reuters, MAGA, Republicans, Trump, White, Twitter, U.S, Brookings Institution, Democratic National Committee, DNC, Thomson Locations: Washington , U.S, Nevada, South Carolina, Georgia, California , Illinois, Michigan, Chicago, California, Washington, Florida

☆ Founder-turned-investor Liz Wessel worked with more than 100 startups during her time at YC. Now, she's First Round Capital's newest partner.
▼ + stars: | 2023-10-05 | by ( Madeline Renbarger | ) www.businessinsider.com time to read: +4 min

Liz Wessel has heard more than her fair share of startup pitches in her career as a founder. Now, Wessel is fulfilling that desire to invest and advise founders full-time, by joining the early-stage venture capital firm First Round Capital as the team's newest investment partner. Wessel had met many of the partners at First Round Capital while she was still the CEO of WayUp. She shared that Y Combinator's managing director Michael Seibel counseled her directly on her decision to jump into venture investing full-time. And given the increasingly tenuous state of the seed market, she'll be looking for startup founders that are particularly knowledgable about their customer base and have "strong business fundamentals," she said.

Persons: Liz Wessel, Wessel, WayUp, JJ Fliegelman, Fliegelman, Michael Seibel, Combinator, she's Organizations: WayUp, Yello, Google, First, YC

☆ Watch CNBC’s full interview with David Wessel, Sarat Sethi and Ron Insana
▼ + stars: | 2023-08-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with David Wessel, Sarat Sethi and Ron InsanaBrookings’ David Wessel, DCLA’s Sarat Sethi and Dynasty Financial’s Ron Insana join 'Power Lunch' to discuss their takeaways from Fed Chair Powell's Jackson Hole speech.

Persons: David Wessel, Sarat Sethi, Ron Insana Brookings, DCLA’s Sarat Sethi, Ron Insana, Jackson

☆ Dynasty Financial’s Ron Insana expects the Fed is close to done with rate hikes
▼ + stars: | 2023-08-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDynasty Financial’s Ron Insana expects the Fed is close to done with rate hikesBrookings’ David Wessel, DCLA’s Sarat Sethi and Dynasty Financial’s Ron Insana, joins 'Power Lunch' to discuss takeaways from Fed Chair Powell's Jackson Hole speech.

Persons: Ron Insana, David Wessel, DCLA’s Sarat Sethi, Jackson Organizations: Brookings

☆ How Russia's war has reshaped Ukraine's economy
▼ + stars: | 2023-07-28 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Ukraine's economy faces difficulties ranging from inflation to trade struggles due to war with Russia. Central bank data cited by The Brookings Institution show how Ukraine's trade deficit has expanded since the war started. Meanwhile, war-time government spending has far outpaced revenue, which has hamstrung Ukraine's ability to fund its economy. Ukraine inflation is easing amid war. “Consumer Price Indices,” National Bank of Ukraine, Brookings.

Persons: Vladimir Putin, It's, David Wessel, " Wessel, Wessel, Yuriy Heletiy, Sergiy Nikolaychuk, Putin Organizations: Service, Brookings Institution, National Bank of, Brookings, National Bank of Ukraine, The, Brookings . U.S, Ukraine Brookings, Kiel Institute, ” National Bank of Ukraine, Bloomberg, Ukrainian Locations: Russia, Central, Ukraine, Wall, Silicon, Brookings, National Bank of Ukraine, Odesa, Europe, United Kingdom, Ukrainian

☆ Fed signal for two more rate hikes will have depressing effect on markets, says Brookings' David Wessel
▼ + stars: | 2023-06-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed signal for two more rate hikes will have depressing effect on markets, says Brookings' David WesselDavid Wessel, Brookings Institution senior fellow, joins 'Power Lunch' to discuss the Fed reaction and the division among the Fed on where rate hikes go from here.

Persons: Brookings, David Wessel David Wessel Organizations: Brookings Institution

The Federal Reserve enacts monetary policies to stabilize prices and maximize employment in the U.S. economy. These dueling goals are known as the dual mandate. For example, if prices are too hot, the Fed may vote to raise interest rates to influence a decrease in borrowing. Other experts argue that the dual mandate remains key to keeping the U.S. economy safe and stable. Watch this video to see how the Fed tries to strike a near-impossible balance to promote both parts of the dual mandate.

Persons: Danielle DiMartino Booth, Thomas Hoenig, David Wessel Organizations: QI Research, CNBC, International Monetary Fund, Federal Reserve Bank of Kansas City, Hutchins, Brookings Institution Locations: U.S

☆ It's 'pretty clear' the Fed will skip rate hike at June meeting, says Brookings’ David Wessel
▼ + stars: | 2023-06-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt's 'pretty clear' the Fed will skip rate hike at June meeting, says Brookings’ David WesselDavid Wessel, Director of the Brookings Hutchins Center on Fiscal and Monetary Policy, joins 'Squawk Box' to discuss the Fed's rate hike campaign, and why the

Persons: Brookings, David Wessel David Wessel Organizations: Brookings Hutchins, Monetary

☆ How Fed rates hikes impact consumers
▼ + stars: | 2023-05-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow Fed rates hikes impact consumersDavid Wessel, senior fellow in Economic Studies at Brookings Institutions, and Greg McBride, chief financial analyst at Bankrate.com, join 'The Exchange' to discuss rising interest rates' impact on consumer loans and the economy.

Since 1977, the Federal Reserve has focused on creating maximum employment and maintaining stable prices, commonly known as the dual mandate. "[Maximum employment is] this more sort of amorphous thing," Rucha Vankudre, a senior economist at labor market analytics firm Lightcast, told CNBC. However, at the Federal Open Market Committee news conference in January 2022, Federal Reserve Chairman Jerome Powell announced that "labor market conditions are consistent with maximum employment." Maximum employment is also difficult to quantify because existing measures of employment, such as the unemployment rate or the labor force participation rate, often do not account for certain groups of people. Watch the video above to learn more about what maximum employment really means and how inflation impacts employment.

☆ Watch CNBC's full interview with David Wessel and Ron Insana
▼ + stars: | 2023-01-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with David Wessel and Ron InsanaDavid Wessel, senior fellow in Economic Studies at Brookings Institutions, and Ron Insana, CNBC senior analyst, join 'Power Lunch' to discuss the Fed's battle to tame inflation and their expectations for February's meeting and solution to the tight labor market.

☆ The Fed's next move: Expectations for next rate hike decision
▼ + stars: | 2023-01-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed's next move: Expectations for next rate hike decisionDavid Wessel, senior fellow in Economic Studies at Brookings Institutions, and Ron Insana, CNBC senior analyst, join 'Power Lunch' to discuss the Fed's battle to tame inflation and their expectations for February's meeting and solution to the tight labor market.

☆ Inflation will come down because supply-side issues are resolving, says Brooking's Wessel
▼ + stars: | 2023-01-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInflation will come down because supply-side issues are resolving, says Brooking's WesselDavid Wessel, Brooking Institution Hutchins Center director and Joel Griffith, The Heritage Foundation, joins 'Squawk Box' to discuss how persistent inflation will be, how Griffith grades the Federal Reserve and more.

☆ Inflation will remain above 2% for years, says Brookings' David Wessel
▼ + stars: | 2022-12-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInflation will remain above 2% for years, says Brookings' David WesselDavid Wessel, director at the Brookings Institute, joins CNBC's 'Squawk Box' to discuss his expectations for inflation, future interest rate hikes from the Federal Reserve and more.

☆ Q3 GDP did suggest the Fed's rate hikes are having the desired effect, says Brookings Institute's Wessel
▼ + stars: | 2022-10-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailQ3 GDP did suggest the Fed's rate hikes are having the desired effect, says Brookings Institute's WesselDavid Wessel, Brookings Institution senior fellow in economic studies, joins 'The Exchange' to discuss if the Federal Reserve is starting to get results, if there's anxiety about what lies ahead for the economy and more.

☆ Premarket stocks: Ronald Reagan's tax lesson for Britain
▼ + stars: | 2022-09-27 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Citibank analysts called the decision a “huge, unfunded gamble for the UK economy.” Markets dropped precipitously on the news. But much like Truss, Reagan argued that massive tax cuts and deregulation would stimulate productivity and he championed a sweeping tax cut that was passed by Congress that year. According to US Treasury estimates, Reagan’s tax cuts reduced federal revenues by about 9% in the first couple of years. A lesson from history: “When tax cuts are really too big to be sustainable, they’re often followed by tax increases,” wrote David Wessel, director of The Hutchins Center on Fiscal and Monetary Policy. The US dollar appreciated during the Reagan tax cuts because it benefits from global reserve currency status.

☆ The first-time founder's ultimate guide to hiring top talent, from a Greylock partner, a former Googler, a Stanford lecturer, and a consultant to Spotify and JPMorgan
▼ + stars: | 2022-08-19 | by ( Shana Lebowitz | Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +16 min

We asked a series of entrepreneurship experts — including founders, investors, and business professors — to outline some best hiring practices. Read more: The first-time founder's ultimate guide to pitching a VCNow, your goal in hiring the company's first few employees is to get the product or service to market. Patty McCord, former chief talent officer at Netflix, previously told Business Insider that managers should regularly evaluate whether their current team is equipped to tackle the next big challenge. Break down your organization into different levels: the senior management team, director-level managers, key employees, and employees in non-critical functions. As Sophie Kahn, cofounder of the sustainable jewelry company AUrate, told Business Insider, you can also consider your employees' personal preferences.

☆ 'Opportunity zones' meant to boost poor communities did little more than give the rich another tax loophole — proof that trickle-down economics doesn't work
▼ + stars: | 2022-01-01 | by ( Paul Constant | ) www.businessinsider.com time to read: +6 min

He recently spoke with economist David Wessel about "opportunity zones" in the 2017 tax plan. Trump's tax cuts represented the purest form of trickle-down that had ever passed in Washington, DC. The Trump tax cuts didn't increase investments in American business — in fact, the wealth created for the richest Americans from those tax cuts likely wound up overseas. Instead, the Congressional Budget Office found that corporate tax revenue fell by over 30% the year after the tax cuts passed. We're still unraveling all the harm that the 2017 Trump tax bill has done to the economy.

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