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Flight of the Conchords- Business Time

Flight of the Conchords performing their song "Business Time."

Business Highlights

JPMorgan CEO Dimon acknowledges $800 million segment loss. Other bank stocks, including Citigroup and Bank of America suffered heavy losses as well. JPMorgan Chase, the largest bank in the U. S. , said Thursday that it expects to lose $800 million this quarter on complex investments made by its own traders. The loss is expected to hurt JPMorgan's overall earnings for the second quarter, which ends June 30. Dimon apologized for the losses, which he said occurred since the first quarter ended on March 31. The loss occurred in JPMorgan's Corporate and Private Equity segment. JPMorgan previously had planned on a profit of $200 million for the segment, excluding some special items.

How the Gay Marriage Battle Hurts Business

A sufficient number of Democrats and Republicans supported the bill to ensure it would pass, and Governor John Hickenlooper had announced he would sign it. Yet early Wednesday morning, the last day of the legislative session, Republican House... On Tuesday night, when President Obama was making up his mind to publicly support gay marriage, the Colorado legislature was working on a gay rights issue of its own—specifically, a bill allowing civil unions. The bill was notable for two reasons: First, Colorado had banned gay marriage and voted down a domestic partnership bill just six years ago. Yet the collateral damage from McNulty’s tactic— the 30-odd bills that were also yanked—included many important measures that affect business and were suddenly thrown into chaos. (The Colorado House action was unrelated to the president, occurring before Obama’s comments on gay marriage. Second, the measure drew support from both parties and had already cleared several committees in the Republican-led House.

Productivity Over the Business Cycle (Wonkish) - NYTimes.com

The key point for productivity here may be that engineering a recovery from postmodern recessions is much harder than engineering a recovery from a recession more or less deliberately inflicted by the Fed. The changing character of the business cycle : I’ve been saying for almost a decade now that what we have these days aren’t your father’s recessions, they’re your grandfather’s recessions. The 60s-70s-early 80s model was of recessions caused when the Fed stomped on the brakes to cool inflation, while the three recessions since then have all been cases of private-sector overreach, in which rising debt and/or asset prices eventually... Alex Tabarrok wonders what I think about a subject that has been obsessing Brad DeLong lately: the apparent shift toward a regime in which productivity growth, which used to decelerate in recessions as firms hoarded workers, now rises instead. and as a result the recoveries tend to be long flat U’s rather than the V-shaped recoveries of yore. And to the extent that firms know this, they have less reason to hoard labor....

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