Share to Twitter Share to Linkedin After 18 years as CEO in Kaiser Permanente , I set my sights on improving the heatlh of the nation, hoping to find a way to achieve the same quality, technology and affordability our medical group delivered to 5 million patients on both coasts. That quest launched the Fixing Healthcare podcast in 2018, and it inspired interviews with dozens of leaders, thinkers and doers, both in and around medicine. These experts shared innovative ideas and proven solutions for achieving (a) superior quality, (b) improved patient access, (c) lower overall costs, and (d) greater patient and clinician satisfaction. This month, after 150 combined episodes , three questions emerged: Which of the hundreds of ideas presented remain most promising? Why, after five years and so many excellent solutions, has our nation experienced such limited improvements in healthcare? And finally, how will these great ideas become reality? … [Read more...] about 15 Innovative Ideas For Fixing Healthcare From 15 Brilliant Minds
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Switzerland’s secretive Credit Suisse rescue rocks global finance
Federal Councillor and chief of the finance federal department Karin Keller-Sutter, Swiss Federal Council (Bundesrat) President and chief of the interior federal department, Alain Berset, Chairman of the Swiss National Bank Thomas Jordan and Chair of the Board of Swiss Financial Market Supervisory Authority (FINMA), Marlene Amstad attend a news conference on Credit Suisse after UBS takeover offer, in Bern, Switzerland, March 19, 2023. REUTERS/Denis Balibouse/File photo ZURICH – Days before a hastily convened press conference late on Sunday that would make the world’s front pages, Switzerland’s political elite were secretly preparing a move that would jolt the globe. While the nation’s central bank and financial regulator publicly declared that Credit Suisse was sound, behind closed doors the race was on to rescue the nation’s second-biggest bank. The chain of events, led to the erasure of one of Switzerland’s flagships, a merger backed by 260 billion Swiss francs ($280 billion) … [Read more...] about Switzerland’s secretive Credit Suisse rescue rocks global finance
Are The Superrich More Burdened And Paying The Highest Tax Rates?
Share to Twitter Share to Linkedin The 27,000 Americans with more than $10 million of income have lower average federal income tax rates than the 580,000 Americans with income between $1 million and $10 million. And though the share of federal income tax revenue from taxpayers with income in the top percentile rose from 33.2 percent in 2001 to 42.3 percent in 2020, that doesn’t mean the affluent are more oppressed or less well off. That’s because over the two decades spanning 2001 through 2020, their share of total before-tax income has risen, and their average effective income tax rate has declined. Those observations, and others discussed below, add important context to — and counter the thrust of — assertions by the editorial board of The Wall Street Journal . First, about the income tax code, the board noted: “There is no denying that it is steeply progressive.” And second, it said, “The trend over the past two decades is that the income tax burden has … [Read more...] about Are The Superrich More Burdened And Paying The Highest Tax Rates?
BSP tipped to raise key rate to 6.25%
Photo courtesy of Bangko Sentral ng Pilipinas Facebook Page MANILA – The Bangko Sentral ng Pilipinas (BSP) is expected to raise its policy rate by 25 basis points or 0.25 percentage point to 6.25 percent on March 23 amid lingering concerns about the health of the global financial system. This will represent a slower tightening that, according to ING Bank, might pave the way for a likely pause of hikes in May. Before the latest policy meeting scheduled on Thursday, the Monetary Board (MB) went for hikes of 0.5 ppt on two previous occasions—February and December 2022. This, in turn, followed a 0.75-ppt hike in November last year. Since starting the tightening cycle last May, the BSP’s key rate has risen by 4 ppt from a pandemic-prompted historic low of 2 percent. Commitment Nicholas Mapa, senior economist at ING Bank, said a smaller rate hike this week will serve as an “insurance” considering that inflation remained well-above the government’s target range at 8.6 percent in … [Read more...] about BSP tipped to raise key rate to 6.25%
Prepaid College Savings Plan Under Fire In Maryland: Should You Be Worried?
Share to Twitter Share to Linkedin Prepaid college savings plans have long been an alternative to a 529 plans when it comes to saving for college. What is a prepaid college tuition plan ? Generally speaking, these plans let parents lock in college tuition at today's prices with the goal of funding school ahead of time. The idea behind these plans is letting families purchase college units or credits with a lump sump payment, or through regular payments, at which point the plan administrator invests the money on their behalf. With the money stashed away and invested, the goal of these accounts is growing the underlying funds to keep up with rising tuition costs until the child reaches college age. At that point, the funds are transferred to the school to cover tuition costs and other eligible higher education expenses. While that all sounds good and well, something is going wrong in the prepaid college tuition industry — at least in the state of … [Read more...] about Prepaid College Savings Plan Under Fire In Maryland: Should You Be Worried?
Five Ways To Get The Most From Your 2023 Financial Check-Up
Share to Twitter Share to Linkedin If you’re working with a financial advisor, you’re probably accustomed to meeting with them in-person or via video conference at least once per year. This financial check-up is similar to your annual physical, in that it helps you assess where you are now, how much progress you’ve made over the past 12 months, and the direction you’re headed in. Here are 5 tips for getting the most from your next annual financial check-up. 1. Paint a vivid, detailed description of your financial goals. Communication is key, so express your financial and life goals concretely and as vividly as possible. Clearly state your vision for the future. If you say, “Here’s exactly what I want my life to look like from a financial standpoint in 7 years,” who could accuse you of being vague or “wishy-washy,” as I like to call it. Broad statements like “I want to leave money to my kids” just cry out for elaboration. In this case, be specific … [Read more...] about Five Ways To Get The Most From Your 2023 Financial Check-Up
Student Loan Forgiveness Timeline And Deadlines Change Again In New Updates To One-Time Adjustment
Share to Twitter Share to Linkedin The Biden administration has again updated key deadlines and the overall timeline for borrowers hoping to receive student loan forgiveness under a one-time IDR account adjustment . No formal announcement accompanied the quiet change to current Education Department guidance , which occurred this week. Here’s what borrowers should know. IDR Account Adjustment Can Provide Student Loan Forgiveness Benefits Last year, the Biden administration announced the IDR Account Adjustment, a sweeping one-time fix to address ongoing issues with federal Income Driven Repayment (IDR) plans. IDR, which describes a collection of individual plans, allows borrowers to make payments on their federal student loans according to a formula based on their income and family size. IDR plans can also result in student loan forgiveness for any remaining unpaid balance after 20 or 25 years, depending on the specific plan. Historically, … [Read more...] about Student Loan Forgiveness Timeline And Deadlines Change Again In New Updates To One-Time Adjustment
Why 186 Other Banks Could Go The Way Of Silicon Valley Bank
Share to Twitter Share to Linkedin There were no new bank failures over the weekend. But the global banking system is not in the pink of health. There are two reasons for continued concern: A March 13 study by four economists reveals that 186 banks are at risk of “impairment” of $300 billion worth of insured deposits A March 19 New York Times report reveals that the Federal Reserve began warning Silicon Valley Bank (SVB) of financial risks in 2021 — over a year before it cratered — yet SVB management did nothing. What’s more Moody’s warned SVB’s management of an imminent downgrade about a month before it announced its emergency capital raise. Shares of First Republic Bank FRC are trading well below where they were after it received $30 billion in deposits from other banks on March 16. It seems only a matter of time before more rot in the banking system comes to light. (I have no financial interest in the securities mentioned in this … [Read more...] about Why 186 Other Banks Could Go The Way Of Silicon Valley Bank
After Collecting Millions From Wall Street, Janet Yellen Now Helps Decide Which Banks Get Bailouts
After raking in over $7 million in speaking fees from financial institutions in the two years before being confirmed, Treasury Secretary Janet Yellen now plays a major role in determining which banks are systemically important, according to her testimony at a Senate Finance Committee hearing Thursday. Yellen had received more than $7 million in speaking fees from dozens of companies including Goldman Sachs, Bank of America, Citi, Credit Suisse, UBS, Charles Schwab and many more, according to Yellen’s public financial disclosure report. Though the Federal Deposit Insurance Corporation insures deposits up to $250,000, Yellen told the senators the government may insure additional deposits, as it did at the recently failed Silicon Valley Bank (SVB) and Signature Bank, if that bank’s failure would present a “systemic risk” to the economy. WASHINGTON, DC – MARCH 16: U.S. Treasury Secretary Janet Yellen testifies about the Biden Administration’s FY2024 federal budget proposal before … [Read more...] about After Collecting Millions From Wall Street, Janet Yellen Now Helps Decide Which Banks Get Bailouts
Wall St ends higher as bank contagion fears ease, Fed eyed
NEW YORK – U.S. stocks jumped on Monday after a deal to rescue Credit Suisse and central bank efforts to bolster confidence in the financial system relieved investors, while participants also weighed the likelihood of a pause in rate hikes from the Federal Reserve this week. UBS late on Sunday agreed to buy rival Credit Suisse for $3.23 billion, in a merger engineered by Swiss authorities to avoid more turmoil in the banking group. Also, major central banks moved on Sunday to bolster the flow of cash around the world. Global central banks open daily dollar taps to help banks The S&P Banking index was up 0.6 percent and the KBW Regional Banking index was up 1.5 percent following sharp losses last week. The collapse of Silicon Valley Bank and Signature Bank shook markets earlier this month, leading to a rout in banking stocks and worries that central bank monetary tightening would create a recession. While some bank shares were still lower on Monday, the … [Read more...] about Wall St ends higher as bank contagion fears ease, Fed eyed