Congress put American taxpayers on the hook for $700 billion last year when it approved the massive bailout to paper over imprudent lending decisions of nine Wall Street giants: Bank of America, Citigroup, Wells Fargo, JP Morgan Chase, Goldman Sachs
A group of Senators, including Senate Banking Committee Chairman Chris Dodd, are moving to extend the $8,000 first-time homebuyers tax credit and extend it to all homebuyers. Sen. Johnny Isakson (R-GA) who had previously owned a real estate compan
The entire argument for the trillion dollar stimulus package that passed into law back in February, was that even though it would dry up productive capital and result in a net loss to the economy over the long run, in the short run it would create mu
The big event for the day will be the announcement of US auction sizes for next week. RBS economists estimate that we'll see $44bn in 2 years, $41bn in 5-years, $30bn in 7 years, and $7bn in a 5 year TIPS reopening which would all be a $1bn upsizes v
The stories about a return to bubble-era lending standards are getting too depressing to bear. There are the no-down payment loans backed by the USDA, the FHA mortgage worth more than 110% of the value of the home, and now this: babies buying home
More Americans than forecast filed claims for unemployment benefits last week, a reminder that the labor market will be slow to recover. Initial jobless applications rose by 11,000 to 531,000 in the week ended Oct. 17,
It looks like another stimulus package. It sounds like a stimulus package. It spends like a stimulus package. Her economic advisers are even calling it another stimulus. But Speaker Nancy Pelosi (D-Calif.) insists her plans for a host of new spending
Senate Democrats are pressing Majority Leader Harry Reid to address the nation’s rising debt with a special legislative process, despite reluctance from the White House and House leaders.
A key House of Representatives committee is set to vote soon on legislation that would overhaul financial regulation and produce greater transparency for investors, but as it's now written it fails to address many of the credit-rating agency misstep
Goldman Sachs CEO, Lloyd Blankfein to Obama: "Here boy, be a good dog and SIT"
Towns’ action came after repeated public ridicule from the leading Republican on the committee, Rep. Darrell Issa (R-Calif.), over Towns’s failure to launch an investigation into Countrywide Mortgage’s reported sweetheart deals to VIPs.
Yet the AMA won't yet pledge support for the major health care bill that is the chief objective of the White House and congressional Democrats, despite a request that several officials say was made at a meeting last week with Senate Majority Leader H
It's back! You see, we've always just assumed that after experiencing an epic hangover following the housing party, there'd be no way we'd rush headlong into the same bubble right away.But we were wrong -- the housing bubble is back. Sure, prices ar
Ron Paul gives opening statement and then questions the panel during House Foreign Affairs Committee on the War in Afghanistan on October 15th, 2009
The U.S. budget deficit for fiscal year 2009, which ended in September, was a record-shattering $1.4 trillion, equal to about 10 percent of Gross Domestic Product. $1.4 trillion dollars is a lot of money and it's hard to get your mind around that fig
The continuing financial crisis has made clear to many people the deep problems that exist within our financial system. One of the key decisions to be made in any of the reform proposals floating around deals with the Federal Reserve System and its p
The votes have been counted and the Arizona Delegation has been determined, and I am honored to be among them - Ed
I am outraged that the Obama Administration promised changed and did not deliver. "Yes We Can" was a lie. The reality is "It's Business As Usual, Only Worse, With Higher Deficits".
They’re just not calling it a stimulus. Scherer writes that tax credits and other planned stimulus-type measures, such as more one-time checks for Social Security recipients and extended unemployment benefits, could be worth as much as $100 billion.
"You can’t keep throwing debt on top of debt.”
Gee, who saw this one? Anyway, the point stands. The FDIC is clearly out of money, and this is nothing more than yet another legalized accounting fraud game, where they'll get "the money" now but allow the banks to "recognize" that "charge" over
What can government do to crank up America's creaky job machine? We'll be arguing ferociously about that in coming months, and the answer, frankly, isn't clear. Diehard Keynesians insist that only more government spending and tax cuts will accelerate
No way will the Fed raise rates when politicians want them to be kept low,This morning on CNBC, a good discussion between Richard Bernstein and Dennis Gartman on the challenge facing the Fed. Neither think a rate hike is coming anytime soon, with Ber
However, the maximum fine for those who refuse to purchase health insurance is $750.  Even factoring in government subsidies, the cost of purchasing a plan is much more than $750. The result: many people, especially the young and healthy, will s
I posted these videos to show the corruption however the speaker's assumptions of how to handle it is something I think we would all totally disagree with. You don't give more power to those who already helped make this disaster!
Incompetence plus ideology equals bankruptcy. The FHA still backs toxic mortgages The FHA's mission is political: it is still trying to "expand home ownership.The discredited ideology of home ownership is the most toxic ideologogy since communism.
A celebrated Goldman Sachs partner, Gus Levy, coined the maxim that long defined the bank, the savviest and most influential firm on Wall Street: “Greedy, but long-term greedy.”
- Hedge fund managers - a secretive, lightly regulated group portrayed by some as villains in last year’s financial meltdown - appear to have a new degree of clout on Capitol Hill in shaping legislation that will determine how they will be regulated.