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The chairman of a new congressionally appointed panel on Thursday pledged to deliver a no-holds barred investigation into last year's devastating economic collapse, including whether big financial firms and their government regulators were guilty of criminal misconduct.
President Barack Obama's plan to recast how the government regulates Wall Street could be thrown a curve this fall if Sen. Tim Johnson, a Democrat whose home state is a major hub for credit card companies, takes over the chairmanship of the Senate's banking committee.
Congress on Monday sent the president a bill to clamp down on mortgage fraud and set up a $5 million independent commission to investigate the cause of the worldwide financial meltdown.
The Federal Reserve could become the supercop for "too big to fail" companies capable of causing another financial meltdown under a proposal being seriously considered by the White House.
The global financial crisis could force U.S. allies to scale back their efforts in Afghanistan, or possibly even pull out, NATO's top commander said Friday.
The Federal Reserve, urgently rewriting its playbook to fight a deepening recession, cut its benchmark interest rate to as low as zero Tuesday, a surprisingly strong step that should make it cheaper for Americans to borrow on credit cards and pay their mortgages.
Three months after the government seized control of Fannie Mae and Freddie Mac, lawmakers on Tuesday blamed former top executives at the mortgage giants for fueling the financial market turmoil that has dragged the country into a recession.
The government must toughen its monitoring of the $700 billion financial bailout to ensure that banking institutions limit their top executives' pay and comply with other restrictions, federal auditors said Tuesday in the first comprehensive review of the rescue package.
Rolling out powerful new weapons against the financial meltdown, the Bush administration and the Federal Reserve pledged $800 billion Tuesday to blast through blockades on credit cards, auto loans, mortgages and other borrowing. Total bailout commitments, loans and pledges of backing neared a staggering $7 trillion.
American consumers hit by a seemingly endless stream of bad news, from vanishing jobs to shrinking retirement accounts, may be in for a small dose of relief: lower prices at stores.
At a time when most administrations are getting ready to turn out the lights, the Bush administration is still struggling to get the biggest government rescue in history up and running.
An impatient White House prodded banks and other financial companies Tuesday to quit hoarding billions of dollars flowing into their vaults from Washington and start making more loans. Wall Street soared nearly 900 points on bargain-hunting and hopes of a hefty interest rate cut by the Federal Reserve.
First, it was the banks. Now the Federal Reserve has come to the aid of money market funds as the government seeks to break the credit logjam that threatens the global economy.
For many colleges, the last 15 years have been a golden age. Philanthropy and Americans' grudging tolerance for high tuition fueled an unprecedented boom — investments in everything from gyms, dorms and labs to faculty and expanded financial aid.
Alarmed by the financial meltdown, stores nationwide are slapping sale signs on everything from fall sweaters to furniture — frantically trying to attract shoppers who are cutting back.
There is only sparse public support for President Bush's plan for a $700 billion federal rescue of the battered financial industry, and strong bipartisan doubts it would resolve a crisis that has bloodied some of the country's biggest investment companies and roiled the markets, a poll showed on Friday.
Prospects were questionable at best that John McCain and Barack Obama would meet Friday for their first presidential debate as progress appeared to dissolve between Congress and the Bush administration on a $700 billion financial industry bailout.
Prospects improved that John McCain and Barack Obama would hold their first presidential debate on Friday as Congress made progress toward an agreement with the Bush administration on a $700 billion bailout of the financial industry.
President Bush said Wednesday that lawmakers risk a cascade of wiped-out retirement savings, rising home foreclosures, lost jobs and closed businesses if they fail to act on a massive financial rescue plan. "Our entire economy is in danger," he said.
In a stunning vote that shocked the capital and worldwide markets, the House on Monday defeated a $700 billion emergency rescue for the nation's financial system, ignoring urgent warnings from President Bush and congressional leaders of both parties that the economy could nosedive without it. The Dow Jones industrials plunged nearly 800 points, the most ever for a single day.
In a surprise move to resurrect President Bush's $700 billion Wall Street rescue plan, Senate leaders slated a vote on the measure for Wednesday — but added a tax cut plan already rejected by the House. Majority Leader Harry Reid, D-Nev., and GOP Leader Mitch McConnell of Kentucky unveiled the plan Tuesday.
Democrats won a key concession from the White House on legislation to bail out the financial industry on Wednesday, then sought to scale back the $700 billion price tag, as Republican presidential nominee John McCain inserted himself into high-stakes negotiations on the rescue.
The Bush administration insisted Sunday that Congress must move quickly to approve what one lawmaker called the "mother of all bailouts" — a $700 billion proposal to buy a mountain of bad mortgage debt in an effort to unfreeze the nation's credit markets.
By Thomas E. Brewton Since the advent of the Federal Reserve System in 1913, monetary authorities have repeatedly upped the narcotic dosage as a remedy for the pains of easy money and credit addiction.
The Warning / Otc Derivative Market Still Dangerously Unregulated - Credit Default Swaps As bank failures soar to 106 - the Oligarchy (the financial powerful elite few) are still in full control and only the truth and transparency will begin to crack that bubble of denial. PBS's The Warning is a major step in that direction.
House Financial Services Committee Considers Regulating Industries That Heavily Fund Members' CampaignsHere are the top 20 recipients on the House Financial Services Committee of contributions from the PACs and employees of the financial sector (including donations to lawmakers' leadership PACs and candidate committees since 1989):
SPIEGEL Interview with Goldman Sachs CEO: 'We Didn't Realize How Bad Things Would Get' In a SPIEGEL interview, Goldman Sachs CEO Lloyd Blankfein, 55, discusses his astronomical bonuses, the mistakes and failures of his bank prior to the start of the global financial crisis and his proposals for better regulating financial markets.
There's a Bubble That Still Threatens the Entire American Economy ... and Few Are Talking About ItOutrageously large rewards for executives give executives an incentive to behave outrageously -- and engage in behaviors that put the rest of us at risk.
Republicans love to liken Obama's attempts to straighten out our befuddled economy with FDR's New Deal. It's an assumed fact that the two are synonymous, and therefore, based on their own befuddled thinking on the New Deal, horribly, horribly wrong-headed.
Pakistan Should Exploit American DesperationThis is the time for Islamabad to exploit Washington's desperation. SecDef Robert Gates is pleading Asia to support America's failed Afghan project, while his colleague the U.S. Treasury Secretary is begging China to continue financing the U.S. government.
Conrad Black: How the U.S. had its Confidence StolenNow that almost everyone has stopped announcing the end of prosperity as we had known it, the collapse of the economic system and the onset of a terrible depression, the burning question is why public confidence and economic morale collapsed so quickly.
Tens of thousands rally at tax day 'tea parties'Whipped up by conservative commentators and bloggers, tens of thousands of protesters staged "tea parties" around the country Wednesday to tap into the collective angst stirred up by a bad economy, government spending and bailouts.
Latest Financial Crisis Conspiracy Theory - AIG Bailout Is All A Front, Maaan!In the past two years we've been presented with the Goldman Sachs conspiracy (though this one comes in a number of forms), "Currency Wars" and the Anglo-Irish 'Golden Circle', and that's just the tip of the conspiracy iceberg.
Financial weapons of mass destruction was coined by Warren Buffet to describe the $60 trillion Credit Default Swap market and their effect on our economy.
Let The Inquisition Start With Barney FrankOversight: Congressman Barney Frank says he wants some of those responsible for our current financial meltdown to be prosecuted. And we couldn't agree more. First up in the court dock: Rep. Barney Frank, D-Mass.
Multinational MonitorWonder how we got to bailouts and financial crash? Here it is in B&W Federal Agencies Reject Regulation
I some times send comedy related emails, concerning the British way of life or British related problems and receive a few comedy emails back from my British friends. Now as in the USA and elsewhere in the world depression is on a high peek.
01/07/2009 - Pride, more than greed, is at the heart of financial crisis It's tempting to see our deepening economic crisis through the prism of the culture of greed that flourished under the let-markets-run-wild ideology of the outgoing Bush administration.
Taxpayers appealing to lawmakers for help with loansWASHINGTON – Rep. Mel Watt is used to dealing with constituents who need help with government agencies.
Executive Pay Limits under TARPExecutives of companies receiving federal bailout money will have their pay capped at $500,000 under a financial compensation plan that President Barack Obama is expected to announce Wednesday, two senior administration officials said. ---------- Under the president's plan, com …
Meltdown survival clinic draws crowdIf catastrophe strikes NY, 'you're alone': survivalist NEW YORK - HE'S got two blackbelts, makes his own knives, hides emergency food and keeps a radiation detector handy. But there's no such thing as over-prepared in Aton Edwards's world.
Crunch claims Iceland's governmentIceland's ruling coalition collapsed today under the pressures of the country's financial meltdown, the first government to fall as a direct result of the global economic crisis
Treasury Allowed IndyMac to Cook Books, Commit Fraud - BlackListed NewsIs Treasury under Hanky Panky Paulson's watch enabling failing banks to keep two sets of records detailing their deposits?
I have been doing a lot of research as to why our economy is collapsing and what we can do to rescue whats left of our future. I am no economist but I do balance budgets. I am no accountant, but I have common sense.
Glassdoor Review - A Peek At The InsideNaturally, the rebuttal is from a public relations specialist from within. This Director-level in Marketing hits the nail on the head. There truly is too much estrogen and progesterone in positions of power. Many have, and will continue to abuse it...
Laissez-Faire Capitalism Should Be as Dead as Soviet CommunismIt's time to drive the final nail into the coffin of laissez-faire capitalism by treating it like the discredited ideology it inarguably is. If not, the Dr. Frankensteins of the right will surely try to revive the monster and send it marauding through our economy once again.
The Real News Network - Video of Madoff surfacesVideo of Madoff surfaces Guardian: Global trail of victims of the man on 17th floor
Women Scorned - The Daily BeastSexism is alive and well... Why are women's voices ignored... read this article which begins: "If only someone had listened when two bold women—Brooksley Born and Sheila Bair—sounded alarms, much of the current meltdown could have been averted.
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