Consumerist
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Fed Chairman Ben Bernanke says that we may seem some economic growth by the end of the year.
"We are hopeful that the very sharp decline we saw beginning last fall through early this year will moderate considerably in the near term and we will see positive growth by the end of the year," Bernanke told the Joint Economic Committee.
[Marketwatch] MORE » -
bank of america
Bank Of America CEO: The Bush Administration Made Me Do It!
New York Attorney General Andrew Cuomo's office is at it again. They've been investigating the circumstances that led to the merger of Bank of America and Merrill Lynch and the subsequent bonus payments to executives. In a letter to Senator Chris Dodd (D-CT), chairman of the Senate Banking Committee, Cuomo quotes Bank of America CEO Ken Lewis as saying that former Treasury Secretary Hank Paulson threatened him with removal from his position and mass firing of the board and senior management if he didn't allow the merger to go through. More » -
odd
Federal Reserve Chairman Ben Bernanke's Childhood Home Sold After Foreclosure
Federal Reserve Chairman Ben Bernanke is from a small town in South Carolina called Dillon — a town where the impact of the economic meltdown is being felt keenly. More » -
breaking
Markets Rally On Bernanke Comments, Citigroup Profits
The market began to rally today after Ben Bernanke said that accounting standards for illiquid assets need to be revised, and a leaked Citigroup memo had the CEO telling employees that the bank posting substantial earnings so far this year. What's the over/under on how long before the the MDMA wears off?
[WSJ, NYT]
Full Text of Bernake's Speech [Federal Reserve] (Photo: AGRR 4059) -
money meltdown
Fed Chairman Discusses Passing Another Stimulus Package
Fed Chairman Ben Bernanke suggested today, while testifying before the House Budget Committee, that Congress should consider passing some sort of economic stimulus package that would improve access to credit by homebuyers and other borrowers. More » -
health care
Federal Reserve Chairman Ben Bernanke's Thoughts On Health Care Reform
Federal Reserve Chairman Ben Bernanke shared some thoughts on health care reform from "an economist's perspective" today. He was short on proposals, but did suggest that we concentrate our attention on improving the cost-effectiveness of our health care system: More » -
news from the swamp
New Treasury Department Plan: "Rehashed Industry Wish-List"
US PIRG's Ed Mierzwinski thinks the Treasury Department's recently announced plan for reforming financial regulation,
...may include some good ideas, but it is largely a re-hashed, unsubstantiated industry wish-list that seeks to eliminate state enforcement authority over insurance, securities and other financial products, without even guaranteeing strong consumer protection at the federal level.
I gotta say, when I first read about Henry Paulson's plan, it sounded like they said, hey, we've got this pile of proposals here, let's go down to Kinkos, use their binding machine, and call it a day.
Statement: Treasury regulatory proposal— a Wall Street home run and a Main Street strike out [U.S. PIRG Consumer Blog]
PREVIOUSLY: Treasury Secretary Calls For Supercharged Fed, Streamlined Regulatory System -
deckchairs on the titanic
Treasury Secretary Calls For Supercharged Fed, Streamlined Regulatory System
Treasury Secretary Henry Paulson wants to consolidate the nation's financial regulators into a tripartite gang that can save the economy from distress and doom. The plan to give the Federal Reserve broad new regulatory powers and streamline the regulatory community has been in the works since last March, before the start of the subprime meltdown. Paulson is worried that the U.S. markets are no longer competitive with maturing world markets, some of which aren't hampered by nuisances like regulation. After the jump we'll explain the consumer impact of the plan and introduce you to your three new regulators. More »
4:38 PM on Sat Mar 29 2008
By Carey Alexander
3,898 views, 46 commentsLatest by Charles Duffy: @Mr. Gunn: That's not to say that all risks are the same, or that people don't have the ability (when more »
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interest rates
Fed Hints At Further Rate Cuts
In a speech today Feddy Reserve Chairman Ben Bernanke suggested that even steeper interest rates could be in the works. His strong language suggests that they're considering a half-point drop, down from the current rate of 4.25%. If they follow through, the cut would be expected to be announced at the next Reserve Board meeting on January 29th. Last time rates were cut we took a look at how it affects the price of a bushel of corn in Kansas, i.e., you the average consumer, and another rate cut would be more of the same.
Chairman Ben S. Bernanke At the Women in Housing and Finance and Exchequer Club Joint Luncheon, Washington, D.C. January 10, 2008 [FederalReserve.gov]
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