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Tag: Federal Reserve

‘Left, Right & Center’: Farm, Immigration Bills and Obama Goes Abroad

Truthdig Editor-in-Chief Robert Scheer and the other “Left, Right & Center” panelists discuss Congress’ failure on the farm bill and the latest amendment to the immigration reform legislation. They also take a look at news involving the Federal Reserve and President Obama’s trip to Europe.

Posted on Jun 22, 2013 WATCH & LISTEN


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AP/Louis Lanzano

Truthdigger of the Week: David Stockman

Former Reagan-era budget director David Stockman is under attack by pundits everywhere for confirming that money for Wall Street and nothing for Main Street stands as an upper-class attack on the American public.

Posted on Apr 6, 2013 READ MORE


George W. Bush
AP/Ron Edmonds

Bush’s Economic Policies Bankrupted U.S., Reagan Budget Director Says

David Stockman, who served as Ronald Reagan’s budget director from 1981 to 1985, leveled some harsh criticism at his former boss as well as at President George W. Bush in an op-ed he penned about the dire state of the economy for The New York Times titled “Sundown in America.”

Posted on Mar 31, 2013 READ MORE



AP/Alex Brandon

Fed Chairman Bernanke: ‘I Agree With Elizabeth Warren 100 Percent’ on Big Banks

If Bernanke’s stance is any indication, Sen. Warren, who was just sworn in this January, is already having a positive impact on Washington.

Posted on Mar 21, 2013 READ MORE


‘Left, Right & Center’: Left, Aequum et Centrum

Truthdig Editor-in-Chief Robert Scheer and the other “Left, Right & Center” panelists ask whether the new center of gravity, geographically speaking, of the papacy will bring a shift in the church’s positions. Also, another Rep. Paul Ryan budget arrives.

Posted on Mar 15, 2013 WATCH & LISTEN


Elizabeth Warren Grills Fed Chairman Over ‘Too Big to Fail’ Banks

Sen. Elizabeth Warren, D-Mass., a two-time Truthdigger of the Week, demonstrated once again why big banks and Wall Street want to keep their distance from her when she took on Ben Bernanke during his semiannual appearance before the Senate Banking Committee on Tuesday.

Posted on Feb 26, 2013 WATCH & LISTEN



AP/Michael Dwyer

Truthdigger of the Week: Elizabeth Warren

At a Senate hearing Thursday, Elizabeth Warren exposed and shamed regulators for failing to prosecute banks that played a leading role in the financial crisis.

Posted on Feb 16, 2013 READ MORE



Stuart Conner (CC BY-ND 2.0)

How Congress Could Fix Its Budget Woes Permanently

Money today is simply a legal agreement between parties. Nothing backs it but “the full faith and credit of the United States.” The United States could issue its credit directly to fund its own budget, just as our forebears did in the American colonies and as Abraham Lincoln did in the Civil War.

Posted on Feb 14, 2013 READ MORE



alexander amatosi (CC BY-ND 2.0)

Anonymous Said to Breach Federal Reserve

The Federal Reserve confirmed Wednesday that one of its internal websites was accessed after the hacktivist group Anonymous claimed to have stolen information on more than 4,000 banking executives.

Posted on Feb 6, 2013 READ MORE



Randy Son of Robert (CC BY 2.0)

The Anti-Economist: Misleading American History

By ignoring the historic role government played in enabling economic growth, the prevailing myths about how the U.S. became prosperous allow lawmakers, officials and lobbyists to craft policies that prevent the majority of Americans from taking their rightful share of the national wealth, Jeff Madrick writes in Harper’s Magazine.

Posted on Jan 29, 2013 READ MORE



hans.gerwitz (CC BY-SA 2.0)

Inside the Sham Foreclosure Review Process

Companies hired to spot wrongful foreclosures made more than $1 billion in a review process that was ultimately scuttled. Meanwhile, banks prepare to divide a $3.3 billion settlement between nearly 4 million borrowers without identifying who needs the money most.

Posted on Jan 11, 2013 READ MORE



JoshuaDavisPhotography (CC BY-SA 2.0)

Wrongful Foreclosure Settlement Not Enough, New York Times Says

The editors at The New York Times are not impressed with the deal struck between the government and major banks to provide borrowers with $8.5 billion in aid.

Posted on Jan 9, 2013 READ MORE



AP/Francisco Seco

Pick Paul Krugman, Mr. President

The Nobel Prize-winning economist and public advocate is at the top of every liberal’s wish list for President Obama’s second-term Cabinet appointments.

Posted on Jan 5, 2013 READ MORE



Flickr/tiseb

Why the Fed’s Jobs Program Will Fail

For the first time, the Federal Reserve has explicitly linked interest rates to unemployment. Rates will remain near zero “at least as long” as unemployment remains above 6.5 percent and if inflation is projected to be no more than 2.5 percent.

Posted on Dec 13, 2012 READ MORE



AP/Elizabeth Williams

Bombing Suspect in FBI Sting Is Charged

A 21-year-old Bangladeshi man could face life in prison after attempting to blow up the Federal Reserve in lower Manhattan on Wednesday morning with a fake 1,000-pound bomb supplied by federal agents, authorities said.

Posted on Oct 18, 2012 READ MORE



Flickr/DonkeyHotey

Barack to Mitt: Corporations Run the Economy

President Obama should send this open letter to his GOP opponent—pronto!

Posted on Sep 27, 2012 READ MORE



therichbrooks (CC BY 2.0)

Why QE3 Won’t Jump-Start the Economy—and What Would

The economy could use a good dose of “aggregate demand”—new spending money in the pockets of consumers—but QE3 won’t do it. Neither will it trigger the dreaded hyperinflation. In fact, it won’t do much at all. There are better alternatives.

Posted on Sep 22, 2012 READ MORE



By davelawrence8

Krugman: Praise for Bernanke, Criticism for Romney

In his latest takedown of Mitt Romney, the New York Times columnist criticizes the Republican presidential nominee for his stance on the Fed’s latest effort to jump-start the economy.

Posted on Sep 17, 2012 READ MORE



Medill DC (CC BY 2.0)

Fed Attempts to Jump-Start the Economy

The Federal Reserve ended its do-little policy on Thursday, pledging to keep interest rates near zero and announcing an open-ended commitment to buy bonds and possibly take other steps to push the economy into motion.

Posted on Sep 13, 2012 READ MORE



Mike Licht, NotionsCapital.com (CC BY 2.0)

Update: 25 People at the Heart of the Meltdown

At the height of the financial crisis, The Guardian identified 25 bankers, economists, politicians and financial officials who helped bring about the worst economic crisis since the Great Depression. What are they up to now?

Posted on Aug 7, 2012 READ MORE



AP/Scott Applewhite

Truthdigger of the Week: Ex-TARP Investigator Neil Barofsky

In late 2008, Neil Barofsky was appointed the Treasury Department’s investigator of the bank bailouts. In the time since, he has suffered dismissal and deprecation from his colleagues and the corporations they’re supposed to regulate.

Posted on Aug 4, 2012 READ MORE



jrodmanjr (CC BY-ND 2.0)

Mortgage Debt Relief? Not on His Watch

The Federal Reserve announced last week that it would launch no new stimulus programs to jump-start the economy, and editors at The Washington Post applauded Edward DeMarco, acting director of the Federal Housing Finance Agency, for refusing to refinance mortgages for struggling homeowners.

Posted on Aug 4, 2012 READ MORE



aresauburn™ (CC BY-SA 2.0)

Mountain of Corporate Cash Sits Idle (Video)

Figures from the Internal Revenue Service suggest that nonfinance companies based in the United States are holding more than $5 trillion in cash, triple what the Federal Reserve reports—idle money that Reuters columnist David Cay Johnston suggests would be better spent creating jobs, paying dividends and sharing the burden of taxes.

Posted on Jul 20, 2012 READ MORE



Dominic's pics (CC BY 2.0)

Fed, Geithner Knew of False Libor in 2008

The Federal Reserve and the U.S. government knew back in 2008 that Barclays was filing false reports about Libor, the interest rate that international banks charge one another for short-term loans, according to documents released Friday.

Posted on Jul 13, 2012 READ MORE



Robin Hood Tax USA (CC BY 2.0)

Petition Demands Dimon Be Fired From Fed Board

On Monday, economist Simon Johnson presented officials at the Federal Reserve with a petition containing 38,000 signatures appealing for the removal of JPMorgan Chase CEO Jamie Dimon from the Federal Reserve Board of Governors.

Posted on Jun 26, 2012 READ MORE



MrGuilt (CC BY 2.0)

Who’s Not Putting Americans Back to Work

With the encouragement of Mitt Romney, House Republicans are doing everything they can to keep Americans from getting work, just to defeat President Obama.

Posted on Jun 14, 2012 READ MORE



Medill DC (CC BY 2.0)

No New Stimulus, Bernanke Says

In spite of May’s weak jobs report, Fed Chairman Ben Bernanke still sees no reason for the central bank to expand its efforts to boost the American economy. The Fed is assessing whether the economy would continue to grow fast enough to reduce the unemployment rate without further intervention, he said.

Posted on Jun 7, 2012 READ MORE



U.S. Treasury

Treasury Projects a Profit From Bailout

Just as Mitt Romney has locked up the Republican nomination on a boast of fiscal conservatism, President Obama’s Treasury Department has said it expects to turn a tidy $2 billion profit from TARP and other extraordinary measures taken to bail out the financial industry.

Posted on Apr 15, 2012 READ MORE



DonkeyHotey (CC-BY)

Fed Shrugged Off Warnings, Let Banks Pay Shareholders Billions

In late 2010, a major regulator warned the Federal Reserve: Banks are not healthy enough to increase dividends, and the economy could implode again. But the Fed ignored that advice.

Posted on Mar 3, 2012 READ MORE



Flickr / edEx

Employment Numbers Get an Unexpected Bump in January

The first month of 2012 turned out to be the best in three years in terms of the ongoing unemployment crisis in the U.S. Although 8.3 percent is nothing to get too excited about, it was supposed to tally up at 8.5 percent for January, so we’ll take it. 

Posted on Feb 3, 2012 READ MORE



rosebennet (CC-BY)

Fed to Keep a Lid on Rates Through 2014

The Federal Reserve lent weight to economists’ warnings of a long and slow recovery on Wednesday when it announced plans to keep short-term interest rates near zero for at least the next three years. The idea is that low rates will encourage borrowing and investment in American businesses, helping resurrect the economy.

Posted on Jan 25, 2012 READ MORE



AP / Charlie Riedel

Marginalizing Ron Paul

Paul is being denigrated as a presidential contender even though on the vital issues of the economy, war and peace, and civil liberties, he has made the most sense of the Republican candidates.

Posted on Dec 29, 2011 READ MORE



epicharmus (CC-BY)

A Closer Glance at the Fed Audit, Please

It’s been available for almost six months now: the first independent audit of the Federal Reserve. In case you haven’t read it top-to-bottom, former Congressman Alan Grayson, who petitioned the study along with Rep. Ron Paul, wants to draw your attention to some of his favorite parts.

Posted on Dec 7, 2011 READ MORE


‘Left, Right & Center’: Occupy This and That

In this week’s installment of “Left, Right & Center,” panelists Robert Scheer, Tony Blankley, Matt Miller and Chrystia Freeland take stock of the unemployment crisis in our country, which is a gigantic enough topic as it is. But wait—there’s much more.

Posted on Dec 2, 2011 WATCH & LISTEN



Wikimedia Commons / Dan Smith (CC-BY-SA)

Secret Fed Loans Gave Banks Big Profits During Bailout

Here we have some news that Ohio Sen. Sherrod Brown believes “can unite the tea party and Occupy Wall Street.” Sound implausible? Well, Bloomberg News’ parent company went to court to access 29,000 pages of documents from the Federal Reserve, from which the outlet gleaned ... (more)

Posted on Nov 29, 2011 READ MORE


Paulson Congress
AP / Lauren Victoria Burke

Paulson Tipped Hedge Funds About Market Meltdown

Back in July of 2008, when most of us were still blissfully ignorant about the approaching economic apocalypse, then-Treasury Secretary Henry Paulson was very aware of some important market distress signals, and he chose to share some of those with an elite group of financial executives, Bloomberg reported Tuesday.

Posted on Nov 29, 2011 READ MORE



Flickr / clementine gallot (CC-BY)

Fed Changes Growth, Employment Forecast for the Worse

Back in June, the Federal Reserve predicted a sunnier economic future for the U.S. than it did Wednesday, when the Fed released revised figures for both growth (it’ll happen more slowly) and unemployment (it’ll continue to hover around 9 percent) through 2012. But the news wasn’t all gloomy.

Posted on Nov 2, 2011 READ MORE


Bernanke and Buffett Talk About Occupy Wall Street

Chairman of the Federal Reserve Ben Bernanke and multibillionaire Warren Buffett spoke to CNN Money about the Occupy Wall Street protests.

Posted on Oct 7, 2011 WATCH & LISTEN



Flickr / Diana Parkhouse (CC-BY)

Mortgage Rates Reach Record Low

U.S. mortgage rates on 30-year fixed loans have fallen to a record low after the Federal Reserve last week announced its plan to reduce borrowing costs by replacing short-term debt with more long-term debt. (more)

Posted on Sep 29, 2011 READ MORE



Flickr / David Paul Ohmer (CC-BY)

Recession Fears Rattle World Markets

Stocks around the world dropped sharply Thursday after the U.S. Federal Reserve acknowledged a day earlier that the economy won’t improve any time soon. (more)

Posted on Sep 22, 2011 READ MORE



Flickr / wallyg

Wall Street’s Not-So-Little Secret

In 2008, the 10 biggest U.S. banks and brokerage firms took $829 billion in emergency loans from the U.S. Treasury and the Federal Reserve. Until now, who got what had been a secret. ... (more)

Posted on Aug 28, 2011 READ MORE



The World’s Most Powerful Gay Man

The media ignore the fact that new Apple CEO Tim Cook is gay; the ratings of both the Republican and Democratic parties decline; and the consequences of the defeat of Gadhafi’s regime are still up in the air. These discoveries and more after the jump.

Posted on Aug 26, 2011 READ MORE



Jacob Bøtter (CC-BY)

Another Bailout Joins the Goofball Economy

The whole thing is nuts. The economy is a shambles, saved from a free fall only by the Federal Reserve’s unprecedented promise of free money for banks for at least two years.

Posted on Aug 9, 2011 READ MORE


Left, Right & Center

‘Left, Right & Center’: Troop Timetable, Budget Breakdown, Fed Forecast

So, now we know Obama’s big plan for pulling American troops out of Afghanistan, but it hasn’t exactly been well received. This week’s “Left, Right & Center” panel—featuring Tony Blankley, Matt Miller, Robert Scheer and Chrystia Freeland—offers no exception to the naysaying.

Posted on Jun 24, 2011 WATCH & LISTEN


Bernanke
AP / Susan Walsh

Bernanke Baffled by Troubling Economic Trends

This is not really the kind of headline we want to read about the Federal Reserve right now, but top banana Ben Bernanke acknowledged at a news conference Wednesday that the Fed was “caught off guard by recent signs of deterioration in the economy.”

Posted on Jun 22, 2011 READ MORE



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



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


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