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Tag: Federal Reserve


Flickr / rbbaird

Iraq: The Case of the Missing $6.6 Billion

Benjamin Franklin may be one of the most wanted men in Iraq right now, as the country’s officials threaten to take the Pentagon to court to recoup some $6.6 billion in cash airlifted from the U.S. in 2004 for the purpose of Iraqi reconstruction. (more)

Posted on Jun 13, 2011 READ MORE


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Flickr / woodleywonderworks

Big Finance Argues Its Irrelevance

Don’t mistake the claims of relative unimportance coming from the big shots on Wall Street before an audience of federal regulators over the past several months for some sort of newfound humility. (more)

Posted on Jun 12, 2011 READ MORE



AP / Alex Brandon

The Bernanke Scandal: Full-Frontal Cluelessness

How I wish that Ben Bernanke would get caught emailing photos of his underwear-clad groin. Otherwise we don’t stand a chance of reversing this administration’s economic policy, which is shaping up to be every bit as disastrous as that of its predecessor. 

Posted on Jun 7, 2011 READ MORE



A Road Map to Economic Armageddon

In “Reckless Endangerment,” Gretchen Morgenson and Joshua Rosner argue that cozy connections between government and the financial industry were the primary cause of the financial crisis.

Posted on Jun 2, 2011 READ MORE



AP / Charles Dharapak

Geithner and Goldman, Thick as Thieves

What was Timothy Geithner thinking back in 2008 when, as president of the New York Fed, he decided to give Goldman Sachs a $30 billion interest-free loan as part of an $80 billion secret float to favored banks? The sordid details of that program were finally made public this week in response to a court order for a Freedom of Information Act release, thanks to a Bloomberg News lawsuit.

Posted on May 31, 2011 READ MORE



imdb.com

Access Journalism: The Movie

It is not true, as a Wall Street Journal reviewer claimed, that the HBO movie version of Andrew Sorkin’s book “Too Big to Fail” was “Too Boring to Watch.” On the contrary, the problem with the film, as with the richly anecdotal book, is that it is all too effectively misleading. 

Posted on May 24, 2011 READ MORE


Left, Right & Center

‘Left, Right & Center’: Birthers and Bernanke; Petraeus and Panetta

The American political climate took on a certain circus-like quality this week, with GOP showman Donald Trump stirring up the birther controversy yet another—and, given the result, hopefully the last—time. Thankfully, we have “Left, Right & Center” regulars Robert Scheer, Matt Miller, Tony Blankley and special guest Mary Matalin to cut through the noise on that issue.

Posted on May 1, 2011 WATCH & LISTEN


The Fed Makes a Show of Transparency

When you sit back and ponder all the ways in which our government’s functionality might be improved, you immediately seize upon the notion that if Fed Chairman Ben Bernanke held news conferences, we’d be that much closer to a true democracy, right?

Posted on Apr 27, 2011 WATCH & LISTEN



AP / Charles Dharapak

The False Debate on the Debt

In the ever-so-smug company of the rich and powerful, it is a given that there is never to be any expression of remorse or other acknowledgement of the pain they have inflicted on the lesser mortals they so cavalierly plunder.

Posted on Apr 13, 2011 READ MORE



Flickr / cliff1066™(CC-BY)

Fed Makes More Hopeful Noises

The latest economic assessment-slash-prognostication from the Federal Reserve isn’t all bad—in fact, CNN Money goes so far as to characterize it as relatively “bullish,” despite mitigating factors such as soaring oil prices and the crisis in Japan.

Posted on Mar 15, 2011 READ MORE



Flickr / J. Stephen Conn (CC-BY)

Thar Be Gold in Them Hills

You know Fox News is all over this story: The Utah House of Representatives is fixin’ to vote on a measure that would make gold and silver coins a viable alternative to the boring—and inflation-prone—forms of currency currently in national circulation.

Posted on Mar 3, 2011 READ MORE



Flickr / cliff1066™(CC-BY)

And Now, Some Slightly Better News from The Fed

On Wednesday, newly released minutes from the Federal Reserve’s late-January meeting reflected a more optimistic stance vis-à-vis the next phase of the U.S. economy, but unfortunately, the slightly brighter outlook didn’t extend to the Fed’s take on the job market.

Posted on Feb 16, 2011 READ MORE


Bernanke
AP / Susan Walsh

Bad News Bernanke Strikes Again

As if the last couple of years haven’t been brutal enough, here comes Federal Reserve Chairman Ben Bernanke with the exasperating news that the job market isn’t going to markedly improve for “several years.”

Posted on Feb 9, 2011 READ MORE



White House / Pete Souza

Obama’s Two-Year Economic Report Card

There are two potential ways to measure the economic performance of a political leader. One is by the profitability, stock prices and executive bonuses of a nation’s corporations. The other is by the financial condition of the majority of its population.

Posted on Dec 31, 2010 READ MORE



Flickr / kevindooley (CC-BY)

Banking Regulation Team Pitches New Payment Rules

An international panel of banking regulators from 27 nations is aiming to crack down on outlandish pay packages for industry executives by proposing a new set of rules that call for more transparency and, wonder of wonders, some correlation between ...

Posted on Dec 27, 2010 READ MORE


Left, Right & Center

‘Left, Right & Center’: What a Wiki-Week It Was

What WikiLeaks revealed might have embarrassed some bigwigs around the world, but will the released information really hurt U.S. interests? America’s jobs outlook is still heading downward as the unemployment benefits of thousands expire. Does the deficit matter more than people do?

Posted on Dec 3, 2010 WATCH & LISTEN



Wikimedia Commons / Robert Mihaly (CC-BY-SA)

New Data Show Extent of Fed’s Free Money Programs

Thanks to Bernie Sanders and the new financial regulation passed by Congress, we’re learning more about the Federal Reserve’s $3.3 trillion bailout of Wall Street in 2008. It turns out the Fed lent money ... (more)

Posted on Dec 1, 2010 READ MORE


Left, Right & Center

‘Left, Right & Center’: Bad-Touched by TSA

How’s that touchy-feely thing working for you, TSA? It apparently doesn’t work for some Americans. Other headlines making their way onto this week’s edition of “Left, Right & Center” include GM’s IPO, tax break shenanigans and Afghanistan withdrawal confusion.

Posted on Nov 19, 2010 WATCH & LISTEN



AP / LM Otero

The Life and Times of Bush the Clueless

The Harvard MBA is the degree that George W. Bush and his last treasury secretary, Henry Paulson, had in common, and their shared ignorance as they presided over the collapse of the U.S. economy is on full display in the former president’s newly published memoir.

Posted on Nov 10, 2010 READ MORE



AP / Frank Franklin II

Wall Street Wins Again

In the wake of the election, the Fed pulled off a move detected only by downtown Manhattan. It quietly announced a purchase of $600 billion in Treasury securities (read: our debt) while pundits on the left and right were dissecting the role of the tea party in political life as we know it.

Posted on Nov 8, 2010 READ MORE


Left, Right & Center

‘Left, Right & Center’: Political Upheaval, Bernanke’s Billions

There’s a lot of unpacking for “Left, Right & Center” regulars Tony Blankley, Robert Scheer and Matt Miller to do after last Tuesday’s midterm elections. What does the vote mean? Where are we headed? And did Obama really pick up what Americans were putting down, so to speak, at the polls?

Posted on Nov 5, 2010 WATCH & LISTEN



Flickr / Gisela Giardino (CC-BY-SA)

Federal Reserve Finds $600 Billion in the Couch

Trying to follow the amount of money the Federal Reserve has pumped into the economy (and the banks) can be truly mind-boggling, and it’s not getting easier. (continued)

Posted on Nov 3, 2010 READ MORE


Left, Right & Center

‘Left, Right & Center’: More Mortgage and Midterm Messes

Mortgages take center stage yet again on “Left, Right & Center” as the gang discusses Ben Bernanke and the possibility of Fed intervention. Also the final arguments around the midterm elections: Have Democrats made the case, and are Republicans being forced into positions even they don’t want to hold?

Posted on Oct 15, 2010 WATCH & LISTEN



AP / Charles Dharapak

Hey Michelle, Read My Book

On Tuesday, I received yet another deceptively personal e-mail addressed to “Robert” from Michelle Obama asking me once again to contribute to the “amazing journey” toward “progress” that her husband has led.

Posted on Oct 5, 2010 READ MORE



AP / Cliff Owen

The Big Guy’s on Our Side

Paul Volcker, or the “big guy,” as President Barack Obama refers to the former Federal Reserve chair who heads his Economic Recovery Advisory Board, nailed it in a series of blistering remarks on the sorry state of our economy.

Posted on Sep 28, 2010 READ MORE


Left, Right & Center

‘Left, Right & Center’: Summers and Volcker, GOP Pledge, Taxes, Schools

This week on “Left, Right & Center,” the gang chats about the shakeup in Obama’s economic team, the GOP’s alleged new ideas, the Democrats’ spine on taxes, and the ever important but little-discussed issue of schools. Tune in to find out more.

Posted on Sep 25, 2010 WATCH & LISTEN


Paul Volcker
AP / Wong Maye-E

Volcker Unloads on Nation’s Finance System

In a spare-no-one, off-the-cuff critique, former Federal Reserve Chairman Paul Volcker delivered a blistering analysis of the nation’s financial system Thursday, criticizing banks, regulators, business schools, the Fed and money-market funds in a “plea for structural changes in markets and market regulation.”

Posted on Sep 24, 2010 READ MORE


money
Flickr / yomanimus

U.S. Household Wealth Falls by $1.5 Trillion

This just in: U.S. households are getting poorer. As the crisis continues to wreak havoc on our economy, new data from the Federal Reserve tells us that U.S. net household worth has dropped $1.5 trillion in the second quarter of 2010 and is down more than $10 trillion since the recession began.

Posted on Sep 18, 2010 READ MORE



AP / Charles Dharapak

After Summers Comes the Fall

When will the president give Lawrence Summers his pink slip? He can thank him for his years of service and use the excuse that his top economic adviser wants to spend more time with his family. I don’t care how he sugarcoats it.

Posted on Sep 14, 2010 READ MORE



AP / J Pat Carter

It’s the Mortgages, Stupid

This week’s proposals by the Obama administration to deal with the persistent economic crisis will be, as with previous plans that involved trillions of taxpayer dollars, little more than salt in the wounds.

Posted on Sep 7, 2010 READ MORE



AP / Reed Saxon

Bernanke Makes Mildly Encouraging Noises About Economy

Is the recession over? Will there be another? Much like the famous groundhog from Punxsutawney, Federal Reserve chief Ben Bernanke showed up to offer an eagerly awaited sign—in this case to economists gathered Friday at Jackson Hole, Wyo., and to the world at large ... (continued)

Posted on Aug 27, 2010 READ MORE


washington
Flickr / jmlawlor

Fed Shifts to Bond-Buying Mode to Boost Economy

The Federal Reserve is taking action to try to give the flagging U.S. economy a much-needed jolt by committing to buy up some of the government’s debt in the form of long-term Treasury securities.

Posted on Aug 10, 2010 READ MORE


Bernanke
Wikimedia Commons / U.S. Federal Reserve

Bernanke Bears Bad News for the Jobless

Those out-of-work Americans hoping to hear something encouraging from the general direction of Capitol Hill wouldn’t like what Federal Reserve Chairman Ben Bernanke had to say to Congress on Wednesday.

Posted on Jul 21, 2010 READ MORE



Flickr / Sister72 (CC-BY)

Paul Krugman Is Freaking Us Out

He’s a one-man downer, but mainly because he’s smart, credible and pulls no punches. In his latest New York Times column, the Nobel Prize winner warns that the Federal Reserve isn’t taking a negative enough view of the economy—with potentially dire consequences. Happy Monday to you, too, Paul.

Posted on Jul 11, 2010 READ MORE


Bernanke
Wikimedia Commons / U.S. Federal Reserve

Bernanke: Unemployment to Be ‘High for a While’

There are economic indicators that we want to be on the high end of the scale, but unemployment isn’t one of them. Unfortunately, according to Federal Reserve Chairman Ben Bernanke, the U.S. unemployment rate ... (continued)

Posted on Jun 8, 2010 READ MORE


AIG sign

Senate Gives the Go-Ahead for Fed Lending Probe

When big financial institutions got themselves into a serious pickle in the fall of 2008, the Federal Reserve was there with beaucoup bucks in loans to prop them up. On Tuesday, the Senate voted unanimously to launch an inquiry into the Fed’s lending practices during the financial crisis.

Posted on May 11, 2010 WATCH & LISTEN


Obama pointing
White House / Pete Souza

Obama Brushes Off GOP’s Bailout Claim, Pushes On With Financial Reform

Congressional Republicans are mobilizing for an assault on President Obama’s next regulatory project: financial reform. However, Obama’s not hearing it when it comes to the GOP’s claim that the Democrats’ current bill would make it easier for big financial institutions to angle for government bailouts down the line.

Posted on Apr 14, 2010 READ MORE


Greenspan
AP / J. Scott Applewhite

Greenspan Defends the Fed to Meltdown Commission

Former Fed chief Alan Greenspan faced the proverbial firing squad, or in this case the congressionally appointed Financial Crisis Inquiry Commission, to answer questions Wednesday about his leadership choices at the Fed with regard to some key factors that triggered the financial implosion in 2008.

Posted on Apr 7, 2010 READ MORE



Flickr / eflon

Regulating Too Big to Fail

Coming only a year too late to the party, Fed Chair Ben Bernanke has asserted that regulators must be “significantly tougher” on the large financial firms, arguing that the perception of those institutions as “too big to fail” threatens competition in the financial markets.

Posted on Mar 20, 2010 READ MORE


Dodd
AP / Susan Walsh

Lame Bill From a Lame Duck

If you think health care reform has been an unsatisfying test of the government’s ability to deal with our pressing problems, brace yourself for bigger disappointment in its attempt to bridle Wall Street. This is when the true heavies go to work, and, as opposed to the medical industry lobby, the moneychangers fear not the wrath of their clients or, as Scripture tells, any higher power.

Posted on Mar 16, 2010 READ MORE


Kohn
Wikimedia Commons / Federal Reserve

Fed’s Second in Command to Step Down

The Federal Reserve’s vice chairman, Donald L. Kohn, is ready to leave the building. Providing what could be a substantial opportunity for the Obama administration to change the central bank’s course, Kohn announced Monday that he’ll retire June 23, the official end date of his four-year term at the Fed.

Posted on Mar 1, 2010 READ MORE



Flickr / antiparticle

Fed Looking Into Goldman Sachs’ Role in Greek Debt Crisis

It’s not the only financial institution involved, but Goldman Sachs features prominently among the companies that the Federal Reserve is investigating in relation to Greece’s recent debt calamity, Fed chief Ben Bernanke told the Senate Banking Committee on Thursday.

Posted on Feb 25, 2010 READ MORE


Treasury Department
AP / Evan Vucci

No Banker Left Behind

They do have a license to steal. There is no other way to read Tuesday’s report from the New York state comptroller that bonuses for Wall Street financiers rose 17 percent to $20.3 billion in 2009. Of course that is less than the $32.9 billion for bonus rewards back in 2007, when those hotshots could still pretend that they were running sound businesses. 

Posted on Feb 23, 2010 READ MORE


Bernanke
Wikimedia Commons / United States Federal Reserve

Fed to Raise Interest Rate

The Federal Reserve announced Thursday it would increase the interest rate for temporary bank loans. The New York Times reports that many on Wall Street see this as signaling an end to big bank profits. But some economists say the move was purely technical, with no real effect on how much money is made.

Posted on Feb 19, 2010 READ MORE


Volcker
AP / Gerald Herbert

Volcker Rules

Finally President Barack Obama has come to his senses on financial regulation. His endorsement of what he calls the “Volcker Rule” for once puts him squarely on the side of ordinary Americans as opposed to the banking bandits who have so thoroughly fleeced the public.

Posted on Feb 2, 2010 READ MORE


Bernanke
AP / Susan Walsh

Good Bernanke News Gives Wall Street a Boost

Well, it’s good news for Mr. Bernanke, at least: The U.S. stock market did better Monday than it had in the last three days of trading, thanks in part to signs that Federal Reserve Chairman Ben Bernanke’s support in the Senate appeared solid. The sunny quarterly report from Apple Inc.—coming just days before the company was expected to make a major announcement—also helped reverse last week’s slide.

Posted on Jan 25, 2010 READ MORE



AP / J. Scott Applewhite

White House Pushes for Bernanke

With unemployment running at 10 percent and Wall Street bankers again pocketing big bonuses, many see Federal Reserve Chairman Ben Bernanke’s priorities as skewed. But absent from those critics is the White House, which believes Bernanke will be reconfirmed for a second term next week.

Posted on Jan 24, 2010 READ MORE


Paul Volcker
AP / Wong Maye-E

Paul Volcker to the Rescue

President Barack Obama might have done well to keep former Federal Reserve Chairman Paul Volcker in closer reach during his first year of office rather than rely on the dubious advice of Timothy Geithner and Lawrence Summers. Too late for that—but hopefully not too late for Volcker to help the president in his future dealings with Wall Street.

Posted on Jan 22, 2010 READ MORE



Flickr / eflon

Bernanke Offers Fed’s AIG Records to Gov’t Watchdogs

The Fed has nothing to hide about its dealings with AIG when it saved the too-big-to-fail insurance behemoth during the great bailout of 2008-9—or at least Federal Reserve Chairman Ben Bernanke has signaled his full willingness to make the central bank’s relevant “records and personnel” available to investigators from the Government Accountability Office.

Posted on Jan 19, 2010 READ MORE


iBailout!
gametrailers.com

Now You Too Can Be Among the Powers That Be—Thanks to ‘iBailout!!’

Leave it to the good ol’ U.S. of A. to produce this sort of thing: An enterprising gaming company by the name of Hands-On Mobile has created an iPhone game that allows users to play the part of the money-gobbling Fed. In this digitized satire the Fed actually eats angry citizens. But fear not ... (continued)

Posted on Jan 5, 2010 READ MORE


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