Compliments of the fed: The Federal Reserve entered a new era on Tuesday, setting its benchmark interest rate so low that it will have to reach for new and untested tools in fighting both the recession and downward pressure on consumer prices. Going further than analysts anticipated, the central bank said it had cut its […]
Barack Obama has now said that executives of these failing banks should forfeit their bonuses: Asked whether bank executives should forgo their bonuses, Obama said: “I think they should.” He also said it would show they are taking responsibility. “I think that if you are already worth tens of millions of dollars, and you are […]
And to think that everyone was bitching about the $700 billion bailout: The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral. Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September […]
Ok this is really scarey, but it looks like the Minority Report is starting to come to life: Last year, New Scientist revealed that the US Department of Homeland Security is developing a system designed to detect “hostile thoughts” in people walking through border posts, airports and public places. The DHS says recent tests prove […]
People blaming Chuck Schumer for the collapse of Indymac is getting ridiculous. Now we have one of Kudlow’s butt buddies taking the bait. It’s funny how most haven’t heard of Schumer’s criticism of Indymac until after the collapse. Now that it’s over, they have found their scapegoat, who happens to be a Democrat. Here’s a […]
This seems rather odd. Banks have been using devices to scan and archive checks that apparently breaks the patent of the company that invented the device. So what is the Republican answer to this? Don’t let the banks pay – let the taxpayers pay for it. That is the legislation laid out by Jeff Sessions. […]
Things are getting worse. Major banks and mortgage companies yesterday sharply accelerated an industry consolidation that is set to change the landscape of American lending, while a convergence of events exposed fresh worries about the U.S. economy. New indications emerged yesterday that the spiraling subprime mortgage crisis is spreading from home loans to credit cards, […]