New From the GAO
New GAO Correspondence and Testimony (PDFs)
Source: Government Accountability Office
7 July 2009
+ Correspondence
1. Military Personnel: Reserve Compensation Has Increased Significantly and Is Likely to Rise Further as DOD and VA Prepare for the Implementation of Enhanced Educational Benefits
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+ Testimony
1. Coast Guard: Observations on the Fiscal Year 2010 Budget and Related Performance and Management Challenges, by Steven L. Caldwell, director, homeland security and justice issues, before the Subcommittee on Oceans, Atmosphere, Fisheries, and Coast Guard, Senate Committee on Commerce, Science, and Transportation
Bank Crime Statistics: Federally Insured Financial Institutions — January 1, 2008-December 31, 2008
Bank Crime Statistics: Federally Insured Financial Institutions — January 1, 2008-December 31, 2008
Source: Federal Bureau of Investigation
Any statistical information furnished in this booklet is subject to change upon the investigation of bank robbery incidents which occurred during 2008.
The BCS provides a nationwide view of bank robbery crimes based on statistics contributed by FBI field offices responding to bank robberies or otherwise gathered when provided to the FBI from local and state law enforcement.
Statistics were recorded as of 04/23/2009, at FBI Headquarters.
Note: Not all Bank Robberies are reported to the FBI, and therefore BCS is not a complete statistical compilation of all Bank Robberies that occur in the United States.
Food Security Assessment, 2008-09
Food Security Assessment, 2008-09
Source: U.S. Department of Agriculture, Economic Research Service
Food security in 70 developing countries is projected to deteriorate over the next decade, according to USDA’s Economic Research Service. After rising nearly 11 percent from 2007 to 2008, the number of food-insecure people in the developing countries analyzed by ERS researchers is estimated to rise to 833 million in 2009, an almost 2-percent rise from 2008 to 2009. Despite a decline in food prices in late 2008, deteriorating purchasing power and food security are expected in 2009 because of the growing financial deficits and higher inflation that have occurred in recent years. Food-insecure people are defined as those consuming less than the nutritional target of 2,100 calories per day per person.
Download in sections (PDFs) or as full report (PDF; 1.1 MB).
U.S. Net International Investment Position at Yearend 2008
U.S. Net International Investment Position at Yearend 2008
Source: Bureau of Economic Analysis
The U.S. net international investment position at yearend 2008 was -$3,469.2 billion (preliminary), as the value of foreign investments in the United States continued to exceed the value of U.S. investments abroad (table 1). At yearend 2007, the U.S. net international investment position was -$2,139.9 billion (revised).
The -$1,329.3 billion change in the U.S. net investment position from yearend 2007 to yearend 2008 resulted from (1) declines in the prices of U.S.-held foreign stocks that surpassed declines in the prices of foreign-held U.S. stocks, (2) the depreciation of most major currencies against the U.S. dollar that lowered the dollar value of U.S.-owned assets abroad, and (3) net foreign acquisitions of financial assets in the United States that exceeded net U.S. acquisitions of financial assets abroad. The impact of these differences was partly offset by “other” changes (such as changes in reporting panels and capital gains and losses) that raised the value of U.S.-owned assets abroad and lowered the value of foreign-owned assets in the United States.
Global Terror Update
Global Terror Update
Source: Guy Carpenter & Company, LLC
A report on the global terror insurance market, published today by Guy Carpenter & Company, LLC, finds that governments are becoming increasingly involved in the development of insurance programs focusing on terror coverage and terror pools, though a number of nations continue to offer no government support at all.
2009 Global Terror Update summarizes terror insurance market developments in 34 countries across six continents. According to the briefing, developments on a country-by-country basis are being shaped largely by events, including new or evolving threats and local developments in the insurance and reinsurance markets. The update also addresses the impact of terror insurance on the aviation market and looks at recent developments in terror modeling.
+ Full Report (PDF; 1.3 MB)
Baby Boom Generation is Driving an Entrepreneurial Boom Toward Economic Growth, Kauffman Foundation Study Indicates
Baby Boom Generation is Driving an Entrepreneurial Boom Toward Economic Growth, Kauffman Foundation Study Indicates
Source: Ewing Marion Kauffman Foundation
Economists know that entrepreneurship will drive the economy back to health, but many people may be surprised to learn that the baby boom generation is behind the wheel, according to a new study by the Ewing Marion Kauffman Foundation.
The study, “The Coming Entrepreneurship Boom,” found that several facts have emerged in the course of Kauffman Foundation research that indicate the United States might be on the cusp of an entrepreneurship boom—not in spite of an aging population but because of it. These factors include the shifting age distribution of the country, the continued decline of lifetime employment, the experience and tacit knowledge such employees carry with them, and the effects of the 2008-2009 recession on established sectors of the economy.
+ Full Report (PDF; 101 KB)
Second annual business risk report — insurance 2009
Second annual business risk report — insurance 2009 (PDF; 583 KB)
Source: Ernst & Young
Global financial market events have created unprecedented challenges for the insurance industry. Risks are inherent in every forward-looking business decision and therefore, successful risk management should be an integral part of an organization’s strategy and operations. The economic downturn has taught us that the most important risks are the ones we did not see or anticipate.
Why Did FDR’s Bank Holiday Succeed?
Why Did FDR’s Bank Holiday Succeed?
Source: Federal Reserve Bank of New York
Author William L. Silber indentifies a number of forces that contributed to the success of the nationwide Bank Holiday declared by President Franklin Delano Roosevelt in March 1933, which formally suspended all banking transactions. These include the federal government assuming responsibility for the integrity of the payments system, de facto 100 percent deposit guarantees at reopened banks and the willingness of the President to act quickly and decisively.
The Emergency Banking Act of 1933, passed by Congress during the Bank Holiday, contained key provisions that allowed the Federal Reserve Banks to issue emergency currency. President Roosevelt used the emergency currency provisions to encourage the Federal Reserve to create de facto 100 percent deposit insurance at reopened banks, restoring public confidence and preventing a resumption of bank withdrawals following the Bank Holiday.
Silber notes that the government’s willingness to take quick, substantive action to reestablish the integrity of the payments system demonstrates the power of credible regime-shifting policies.
+ Full Paper (PDF; 115 KB)
Predicting Social Security numbers from public data
Predicting Social Security numbers from public data
Source: Proceedings of the National Academy of Sciences
Information about an individual’s place and date of birth can be exploited to predict his or her Social Security number (SSN). Using only publicly available information, we observed a correlation between individuals’ SSNs and their birth data and found that for younger cohorts the correlation allows statistical inference of private SSNs. The inferences are made possible by the public availability of the Social Security Administration’s Death Master File and the widespread accessibility of personal information from multiple sources, such as data brokers or profiles on social networking sites. Our results highlight the unexpected privacy consequences of the complex interactions among multiple data sources in modern information economies and quantify privacy risks associated with information revelation in public forums.
+ Full Paper (PDF; 1.4 MB)
Hat tip: PW
Economic Survey of the United Kingdom 2009
Economic Survey of the United Kingdom 2009
Source: Organisation for Economic Co-operation and Development
The United Kingdom, like many OECD economies, is experiencing a severe recession as a consequence of a series of global shocks and any recovery in 2010 is likely to be slow. The financial crisis has severely impaired the supply of credit and house prices have fallen sharply. Unemployment is expected to increase significantly. The large rise in the government deficit is providing support to demand, but the debt-to-GDP ratio will increase substantially. Room for additional fiscal stimulus is therefore limited. Monetary policy has eased and the policy rate has fallen to close to zero. However, the monetary transmission mechanism is impaired and financial conditions while improving somewhat remain restrictive. The Bank of England has begun quantitative easing measures, although these are more likely to be effective within a more transparent framework. Normal functioning of the financial system is necessary for the economy to recover and the authorities have implemented a wide range of measures to support the financial sector. These measures have helped to stabilise the financial system. Given the cyclical rise in unemployment, it will be a significant challenge to ensure that joblessness does not become entrenched, even if the UK labour market is relatively flexible.
Medical Bankruptcy in the United States, 2007: Results of a National Study
Medical Bankruptcy in the United States, 2007: Results of a National Study
Source: American Journal of Medicine
Background
Our 2001 study in 5 states found that medical problems contributed to at least 46.2% of all bankruptcies. Since then, health costs and the numbers of un- and underinsured have increased, and bankruptcy laws have tightened.Methods
We surveyed a random national sample of 2314 bankruptcy filers in 2007, abstracted their court records, and interviewed 1032 of them. We designated bankruptcies as “medical” based on debtors’ stated reasons for filing, income loss due to illness, and the magnitude of their medical debts.Results
Using a conservative definition, 62.1% of all bankruptcies in 2007 were medical; 92% of these medical debtors had medical debts over $5000, or 10% of pretax family income. The rest met criteria for medical bankruptcy because they had lost significant income due to illness or mortgaged a home to pay medical bills. Most medical debtors were well educated, owned homes, and had middle-class occupations. Three quarters had health insurance. Using identical definitions in 2001 and 2007, the share of bankruptcies attributable to medical problems rose by 49.6%. In logistic regression analysis controlling for demographic factors, the odds that a bankruptcy had a medical cause was 2.38-fold higher in 2007 than in 2001.Conclusions
Illness and medical bills contribute to a large and increasing share of US bankruptcies.
+ Full Paper (PDF; 276 KB)
Good Laboratory Practices for Molecular Genetic Testing for Heritable Diseases and Conditions
Good Laboratory Practices for Molecular Genetic Testing for Heritable Diseases and Conditions
Source: Morbidity and Mortality Weekly Report (CDC)
Under the Clinical Laboratory Improvement Amendments of 1988 (CLIA) regulations, laboratory testing is categorized as waived (from routine regulatory oversight) or nonwaived based on the complexity of the tests; tests of moderate and high complexity are nonwaived tests. Laboratories that perform molecular genetic testing are subject to the general CLIA quality systems requirements for nonwaived testing and the CLIA personnel requirements for tests of high complexity. Although many laboratories that perform molecular genetic testing comply with applicable regulatory requirements and adhere to professional practice guidelines,specific guidelines for quality assurance are needed to ensure the quality of test performance. To enhance the oversight of genetic testing under the CLIA framework,CDC and the Centers for Medicare & Medicaid Services (CMS) have taken practical steps to address the quality management concerns in molecular genetic testing,including working with the Clinical Laboratory Improvement Advisory Committee (CLIAC). This report provides CLIAC recommendations for good laboratory practices for ensuring the quality of molecular genetic testing for heritable diseases and conditions. The recommended practices address the total testing process (including the preanalytic,analytic,and postanalytic phases),laboratory responsibilities regarding authorized persons,confidentiality of patient information,personnel competency,considerations before introducing molecular genetic testing or offering new molecular genetic tests,and the quality management system approach to molecular genetic testing. These recommendations are intended for laboratories that perform molecular genetic testing for heritable diseases and conditions and for medical and public health professionals who evaluate laboratory practices and policies to improve the quality of molecular genetic laboratory services. This report also is intended to be a resource for users of laboratory services to aid in their use of molecular genetic tests and test results in health assessment and care. Improvements in the quality and use of genetic laboratory services should improve the quality of health care and health outcomes for patients and families of patients.
EPSA Releases Policy Paper on Energy Trading; Opposes Mandatory Clearing of OTC Transactions
EPSA Releases Policy Paper on Energy Trading; Opposes Mandatory Clearing of OTC Transactions
Source: Electric Power Supply Association
The Electric Power Supply Association (EPSA) today released a policy paper on energy derivatives trading proposals being considered in Congress. The paper outlines EPSA’s concerns with how over the counter (OTC) transactions would be regulated under some legislative proposals. OTC transactions relate to a range of energy products that are bought and sold outside of a centrally cleared exchange including those necessary for energy hedging strategies that EPSA members routinely use to manage costs and risks on behalf of customers.
Under some current legislative proposals, all OTC transactions would be handled through a centrally cleared exchange, which would require high amounts of cash collateral otherwise available for investment and narrow the products offered. Such a burdensome requirement would lead to significant cost increases for consumers, less liquidity in the marketplace and capital being taken away from important infrastructure projects to meet the higher cash collateral rules imposed by exchanges. EPSA believes that energy commodity transactions should be allowed to remain in OTC markets where, among other things, greater flexibility is permitted for collateral requirements.
+ Full Paper (PDF; 24 KB)
Will the Public’s Health Fall Victim to the Home Foreclosure Epidemic?
Will the Public’s Health Fall Victim to the Home Foreclosure Epidemic?
Source: PLoS Medicine
Summary Points
- While policy makers worldwide have scrambled to counter its economic effects, the potential health implications of home foreclosure have received little empirical attention.
- Home foreclosure can be viewed as a stressful life event of prolonged duration, with multiple phases of variable intensity.
- Although no studies to date have reported the specific health effects of home foreclosure, we posit that foreclosure may be associated with a range of psychological and health behavior outcomes that, in turn, might increase chronic disease risk.
- Susceptibility to home foreclosure might involve both compositional and contextual dimensions.
- Delinquency management policies designed to prevent foreclosures from occurring are arguably best suited to protect the health of those at greatest risk.
What Is the Optimal Therapy for Patients with H5N1 Influenza?
What Is the Optimal Therapy for Patients with H5N1 Influenza?
Source: PLoS Medicine
In a 2007 article in PLoS Medicine [10], Holger J. Schünemann and colleagues described a new process used by the World Health Organization for rapidly developing clinical management guidelines in emergency situations. These situations include outbreaks of emerging infectious diseases. The authors discussed how they developed such a “rapid advice” guideline for the pharmacological management of avian influenza A (H5N1) virus infection. The guideline recommends giving the antiviral drug oseltamivir at a dose of 75 mg twice daily for five days. In this Debate, Nicholas White argues that such dosing is inadequate, Robert Webster and Elena Govorkova say that combination antiviral therapy should be used, and Tim Uyeki reminds us that clinical care of patients with H5N1 entails much more than antiviral treatment. These issues may also apply to therapy of patients hospitalized with severe disease due to novel swine-origin influenza A (H1N1) virus infection.
