That's not to say the package steers clear of waste or parochial interests. Obama played to such interests, speaking at one point as if he'd come to fill potholes. A look at Obama's claims on the bailout, and the news conference called to
It is dawning on the American public that the system is rigged against them. Their anger, disillusionment, and frustration are palpable. Unfortunately, they are raging against everyone but the people most responsible for today’s economic crisis: t
Forget Timothy Geithner – Wall Street trusts Meredith Whitney. The new Treasury secretary may be unveiling a financial rescue plan on Tuesday, but it’s the Oppenheimer analyst who’s got the street cred. If Whitney says that Geithner’s approach won’t
With little margin for error, the Senate overcame a key parliamentary hurdle to move a massive economic stimulus bill one step closer to becoming law and set the stage for potentially tumultuous negotiations with House leaders over the final shape of
The gravity of the financial crisis confronting the Obama administration will come into stark focus today when officials unveil a 3-pronged rescue program that may commit up to $1.5 trillion in public and private funds, and possibly more, lawmakers a
“If I follow my logic to the end, what I thought would happen was anything fragile…would break, namely the banks and people who have a lot of debt and private equity," he said. "This is just happening. It’s not finished yet; it hasn’t proba
In Lehigh Acres, homes are selling at 80 percent off their peak prices. Only two years after there were more jobs than people to work them, fast-food restaurants are laying people off or closing. Crime is up, school enrollment is down, and one in fou
As we wait to see how the politicians in Washington will alter the stimulus package the Obama administration is pushing, many questions are being raised about the measure's contents and efficacy. Should it include money for the National Endowment
Wall Street helped produce the global financial and economic crisis. Now, as the Obama administration prepares to unveil a revised bailout plan for the banking system, policy makers hope Wall Street can be part of the solution.
Slowly, as the pieces fit together, we shared a horrifying epiphany: the banks, corporations and investors acting in each global region were the exact same players. They were a relatively small group that reappeared again and again in Russia, Eastern
The current contraction is far far worse than the 2 previous downturns: 3.6 million — and counting — job losses as of yesterday is worse than the 2.7 million jobs lost in the 2001 recession, and far worse than the 1.6 million job losses in the 1990-1
An ostentatious executive order banning lobbyists was immediately followed by the nomination of at least a dozen current or former lobbyists to high position. Followed by a Treasury secretary who allegedly couldn't understand the payroll tax prov
With job losses soaring nationwide, Senate Democrats reached agreement with a small group of Republicans Friday night on an economic stimulus measure at the heart of President Barack Obama's plan for combating the worst recession in decades.
In 2001, a study by economists Karl Case, John Quigley and Robert Shiller found that almost all of the aggregate wealth effect came from changes in housing wealth, with very little resulting from changes in financial wealth.
"You need a shock-and-awe approach to the banking balance sheets," said El-Erian, whose firm operates the world's largest bond fund. "You cannot do this through multiple rounds because people lose confidence."
A Serious Economist has finally said that the lack of scruples in America and Britain has gone beyond the tipping point, and is going to exact high societal costs. The parasites are eating the host. I hope someone out there is taking notice.
Policymakers are considering an idea that the government change its existing holdings in the banks, which have taken the form of preferred shares -- non-voting stock that carries a fixed dividend -- into convertible preferred shares that could be con
My preferred unemployment rate, U-6, which includes "formally unemployed" plus those "marginally attached" to jobs and those in part time jobs who want full-time employment but can't find full-time work, rose from 13.5% to 15.
Let us briefly review some of the more notorious behavior of the federal government in recent years that has spawned the current economic crisis. First, every law and government agency having anything to do with housing policy, from HUD to the Fed,
"Congress wants you to believe we can dig ourselves out of the financial crisis by spending $400 million to research global warming, $650 million to convert analog TVs to digital, $7 billion to 'modernize' federal buildings, and $20 bill
Contrary to conventional Beltway wisdom, the House Republicans' zero votes for the Obama presidency's stimulus "package" is looking like the luckiest thing to happen to the GOP's political fortunes since Ronald Reagan switched p
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