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As Congress and the Bush administration struggle to contain the housing and credit crises — and prevent more Wall Street firms from collapsing as Bear Stearns did — a split is forming over how to strengthen oversight of financial institutions after d
Bank of America Corp, the largest U.S. retail bank, may set aside a record $6.5 billion in the first quarter to cover possible future loan losses, including in its mortgage and home equity portfolios, according to a banking analyst.
For months, Americans have been subjected to a sort of economic water torture — a maddening drip of bad news about jobs, gas prices, sagging home values, creeping inflation, the slouching dollar and a stock market in bumpy descent. Then came Bear Ste
Peter Schiff schools Glenn ‘Alchie’ Beck:
I knew gold's decline was near. Also silver's. How did I know? Because I understand Mises' theory of the business cycle. The central bank inflates. This creates a boom. This creates sectoral bubbles. Then the central bank ceases to inflat
John McCain, the addled, past-his-sell-date Republican candidate for president, is committed to continuing this madness for another century, even if he cannot remember who the US is fighting over there....
Treasury prices are at "unsustainable levels,'' said Thomas Atteberry, who manages $3.5 billion in fixed-income assets as a partner at First Pacific Advisors in Los Angeles. "We've completely backed away from the market.'
The biggest commodity collapse in at least five decades may signal Federal Reserve Chairman Ben S. Bernanke has revived confidence in U.S. financial firms. [Or maybe it is a good time to take your profit in stocks and buy gold.]
Goldman Sachs, the biggest US securities firm, and rival Lehman Brothers had their credit-rating outlook cut to negative by Standard & Poor's, which said Wall Street banks' profits may fall as much as 30 percent in the coming year.
Ever wonder why the personal life of a New York Governor would suddenly become the top Lame Stream Media topic for a solid week?
Throughout the world people will gather with friends and families this weekend to celebrate Christianity's highest holiday, Easter. Tomorrow, though, holders of US debt will celebrate like it's Thanksgiving.
The numbers continued to worsen for the Las Vegas housing market in February as sales of new homes plunged nearly 40 percent to 867 and their median price dropped 11.8 percent to $283,315....
NEW YORK : Wall Street took a beating on Wednesday as jitters resurfaced over the financial sector a day after a hefty rate cut by the Federal Reserve aimed at boosting market confidence.
U.S. investment banks Goldman Sachs, Lehman Brothers and Morgan Stanley are testing a new program that allows investment banks to borrow directly from the Federal Reserve, according to people at the banks. [these ain't banks]
The Office of Federal Housing Enterprise Oversight, the main regulator for the two government-sponsored enterprises, cleared Fannie Mae and Freddie Mac to buy up more than $200 billion more in mortgages and immediately reduced their excess capital re
The Federal Reserve cut its main lending rate by three-quarters of a percentage point to 2.25 percent as officials try to prop up the faltering economy and restore faith in the U.S. financial system.
[No wonder a judge wanted Wikileaks shut down.] A confidential memo shows the Securities and Exchange Commission created an insider trading loophole big enough to drive a truck through, and Wall Street is taking full advantage of it
The $30 billion ante by the Fed to help JP Morgan Chase purchase Bear Stearns brokerage house reflects just how much government intervention exists in the American economy. Republicans are anything but idle as they are accused of being by their
The Federal Reserve is expected to aggressively lower interest rates in its intensified battle against the credit crisis and spreading economic weakness. The question is whether all of the effort will turn the tide. [the rest will make you vomit]
In the case of Lehman Brothers, some investors fear that the firm is vulnerable to the same ills that undid Bear Stearns. Like Bear Stearns, Lehman is small and more reliant on the mortgage business than its rivals.
The Federal Reserve has taken its "boldest" action since the 1930s, accepting $200bn of worthless housing debt as collateral to bail out Wall Street's mortgage industry loan sharks. The Fed has "legally" circumvented a ban on
FEARS are growing that the US Federal Reserve may soon find itself short of funds needed to continue propping up the nation's financial system. Analysts believe the threat to the financial system...is getting too big for the Federal Reserve.
We're probably heading for $6 trillion or $7 trillion in capital losses in housing. Some fraction of that will fall on owners of mortgages.
``We're in a crash,'' Granville, 84, said in a telephone interview from Kansas City, Missouri, where he lives and works. ``This is the worst I've seen, and I've studied every bit of history all my life.''
"Its difficult to call where the bottom is," said Richard Hunter, a broker at Hargreaves Lansdown in London. Oil prices hit a record in Asian trading, U.S. stock index futures fell sharply and the dollar hit record lows.
During the Great Depression it was common to see camps of homeless families trying to survive in the utter squalor of Hoovervilles. Today via Youtube we get a chance to see a Bushville outside LA.
Vice President Dick Cheney arrived in Baghdad on Monday on an unannounced visit, the Iraqi prime minister's office said. (The economic news will divert attention from whatever he is doing,... or his trip will draw attention from the economic n
"What we're working to do," the Treasury Sec said, "is to minimize the impact of what's going on in housing, the capital markets, on the real economy." "But," pushes Wallace, 'isn't the result of this tha
