check us out on Facebook http://www.facebook.com/PrimeInterest Follow us @ http://twitter.com/PerianneRT http://twitter.com/EnglishPI Here's what's in your Prime Interest today: The US will pay China ahead of veterans and Medicare recipients. That's what House Speaker Boehner essentially said yesterday. He's pushing a new bill that would help prevent a U-S debt default. But President Obama doesn't agree with Boehner, reasoning that any default on promises, not just on debt repayment, hurts U-S credibility. He said, "American families do not get to choose which bills to pay and which ones not to pay." But don't tell that to the two-hundred-thousand strategic defaulters who chose not to pay their mortgages in 2008. And crowdfunding is starting to gain traction in Washington, as it provides access to capital that many banks do not offer. Section 3 of the JOBS Act would expand crowdfunding to equity investments, but we are patiently waiting on the SEC to release the new regulations. We speak with Philip Ellis, president of Ellis Business Advisers, an international management and financial consulting firm. If you agree with Alan Greenspan, who recently said "the stock market is the key player in the game of economic growth," then the economy is doing pretty well: the Dow Jones industrial average closed at a historic 15-thousand yesterday. In addition to the gains in the stock market, we have also seen increases in home prices. And according to the BLS, average wages are no longer trailing inflation. But the picture is a bit bleaker for young adults in the US. We talk to Prime Interest producer Justine Underhill about the youth non-employment rate. Also, we're approaching the three year anniversary of Dodd-Frank, and only a third of the bill has been implemented. Yesterday, at a House Financial Services meeting lawmakers voted to actually roll-back several provisions. One would allow banks to keep trading in the units that enjoy taxpayer protection under the FDIC. We talk moral hazard and the new Brown-Vitter bill with Thom Hartmann. From Wall Street to Greenwich -- or maybe the Caymans. That's the direction bond and credit trading is going. Big banks are getting *ahead* of new rules that will curb proprietary trading. But hedge funds are scooping up the bank traders. A former Goldman partner says, "The regulatory posture in the U.S. and in Europe is unequivocal: they want to transfer risk to the shadow-banking system." Stay tuned to see how too-interconnected-to-fail plays out when Bernanke throws his baby QE out with the liquidity bathwater.

• published: 08 May 2013
• views: 1347