This article by Allan Greenspan needs no comment. The banking hole is close to two trillion dollars of which a third is plugged. The credit contraction is still ongoing and is only stalled because of no liquidity. This is well worth reading. Who is O
US Treasury Secretary Timothy Geithner has outlined far-reaching plans to strengthen government authority over the US financial system. The measures are designed to prevent the kind of systemic risk-taking among banks that has contributed to the cu
U.S. and European stocks retreated, trimming a third-straight weekly advance for both markets, after lower oil and metal prices dragged down commodity producers and the U.K. economy contracted more than previously estimated.
When Freddie Mac's executives concluded they had to disclose the government's management of the company was undermining its profitability and would cost it tens of billions of dollars, the firm's regulator urged it not to do so
Even though the taxpayers (through the FDIC) are footing 93% of the bill, who would take a chance on banks' toxic assets? [Geithner Put
Included in the plan would be the establishment of one single agency “with responsibility for systemic stability over the major institutions and critical payment and settlement systems and activities.” To that end, Mr. Geithner said: “Financial pr
Jake DeSantis, an executive VP at AIG, is quitting. AIG executive Jake DeSantis' resignation letter to Chief Executive Edward Liddy, the boss he has never met, was published in The New York Times and has created a firestorm across the Internet.
But the rally lost steam and stocks dipped after an auction for $34 billion worth of five-year Treasury securities drew weaker demand than was expected. Those bidding on the Treasury securities were concerned about a number of factors
I have been watching the Washington statesmen and women running around with many stupid, tried and failed economic plans. Plans that for the most part rely on spending trillions of wealth that we will borrow from another country and payback wiRead Letter
The Obama administration is proposing an extensive overhaul of financial regulations to increase oversight of such exotic instruments as credit default swaps that have been blamed for contributing to the worst financial crisis to hit the country in s
President Barack Obama's allies rallied around his ambitious budget blueprint as he visited the Capitol, and only hours later a House panel endorsed it, pointing the way for major legislation this year on health care, energy and education.
Nobody dresses down Bernanke like Paul.
The president's spending plans and deficit projections rest on the assumption that the economy will post solid growth next year after a mild, further decline this year. Many economists think that's too rosy. A look at some of his statements a
When you actually do the math, public-private investment pools for toxic assets are nothing but naked wealth transfers from taxpayers to bank shareholders, through the FDIC.
Publisher's Note: If you've been waiting for the book to be turned into a movie or for the 'Cliff Notes' version of, 'The Demise of America', then I offer you these selections to make you the most informed individual on
MN Congresswoman Michele Bachmann questions Fed Chair Ben Bernanke and Treasury Secretary Tim Geithner. [with two more minutes, she would have made them both cry]
"Using future tax dollars to give banks more money to lend out at interest is robbing from the poor to pay the rich to rob from the poor." YESSSSSS!
With the braying of 328 yahoos -- members of the House of Representatives who voted for retroactive and punitive use of the tax code to confiscate the legal earnings of a small, unpopular group -- still reverberating, the Obama administration invited
Jessica Logan's nude cell-phone photo - meant for her boyfriend's eyes only - was sent to hundreds of teenagers last year in at least seven Greater Cincinnati high schools.
The Troubled Asset Relief Program helps those banks that cater to the rich, which had no problem with subprime mortgages or other toxic assets.
Investors should sell bank stocks after they rallied 12 percent today because the Treasury Department’s plan to buy toxic assets won’t stop profits from dropping, Bank of America Corp.’s Richard Bernstein said.
"The world is in a dire economic crisis, but no recovery is possible until the financial sector is cleaned up", says IMF. "The crisis will push millions into poverty and unemployment, risking social unrest and even war, and urgent acti
"It's over — we're officially, royally fucked." MATT TAIBBI for Rolling Stone - The global economic crisis isn't about money - it's about power. How Wall Street insiders are using the bailout to stage a revolution
A bill being considered in the Montana Legislature blasts the Federal Reserve's role in America's money policy and permits the state to conduct business in gold and silver instead of the Fed's legal tender notes.
The Obama administration is considering asking Congress to give the Treasury secretary unprecedented powers to initiate the seizure of non-bank financial companies, such as large insurers, investment firms and hedge funds, whose collapse would damage
Wall Street got the news it wanted on the economy's biggest problems — banks and housing — and celebrated by hurtling the Dow Jones industrials up nearly 500 points.
The distraction on Capitol Hill this week has to do with the jackpot bonuses that executives at AIG recently received. The argument is over a relative drop in the bucket. The total amount of bonuses given out was $165 million.
The Obama administration took a fresh shot at ending a national paralysis in lending Monday, teaming up with investors to buy bad bank assets and ease credit for hard-pressed consumers and businesses. The program, announced by Treasury Secretary T
It’s a little-known fact that in their prior lives, Timothy Geithner, Ben Bernancke, and Barack Obama were in charge of the Dutch economy during the tulip bubble, or mania, of 1634-36.