Federal Reserve

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How Bankers Are Gaming the US to Get Richer Than God
How Bankers Are Gaming the US to Get Richer Than God
Henry Blodget
May 13, 2010 12:54 PM CDT

How Bankers Are Gaming the US to Get Richer Than God

They're getting taxpayer money on the cheap and loaning it back to us

(Newser) - There wasn't a single day last quarter in which Wall Street's big banks—Goldman Sachs, JP Morgan, Bank of America and Citigroup—lost money trading. How is that possible? Isn't trading supposed to be risky? Not when Uncle Sam is guaranteeing it isn't, explains a steamed Henry Blodget of Business...

Fed Holds Rates at Record Lows

Bernanke & Co. want to keep driving recovery

(Newser) - The Federal Reserve is sounding a more confident note that the economy is strengthening and pledges to hold rates at record lows to make sure it gains even more traction. Wrapping up a two-day meeting today, the Fed in a 9-1 decision retained its pledge to hold rates at historic...

Kiss Cheap Credit Goodbye
 Kiss Cheap Credit Goodbye 
Apr 11, 2010 7:32 AM CDT

Kiss Cheap Credit Goodbye

For those who can't remember 1981, rates are headed up

(Newser) - There's a generation of consumers out there that can't fathom 8% interest, much less 1981's peak of 18.2%, but the days of free or cheap money are coming to a rapid close. With national debt ballooning, inflation looming, and government props that suppressed interest rates ending, the cost of...

Greenspan: We Did 'the Best We Could'

Former Fed chief takes heat on Capitol Hill

(Newser) - Alan Greenspan is taking more heat on Capitol Hill today as a three-day series of hearings begins on the economic meltdown. “What we tried to do was the best we could with the data that we had,” the former Fed chief told the Financial Crisis Inquiry Commission. “...

Larry Summers Will Be Gone by Year's End
Larry Summers Will Be Gone
by Year's End
ANALYSIS
Apr 6, 2010 8:34 PM CDT

Larry Summers Will Be Gone by Year's End

Adviser irked that Geithner, not he, has Obama's ear

(Newser) - Economics guru Larry Summers will be out the Obama administration by November’s election, or shortly thereafter, Joshua Green contends —mainly out of frustration that Treasury Secretary Timothy Geithner, and not he, has become President Obama’s go-to adviser in that area. Blogging for the Atlantic, Green notes that,...

Gift Cards Can't Expire for 5 Years

Feds issue new protections for consumers

(Newser) - The Federal Reserve issued new rules today to protect Americans from getting stung by unexpected fees or restrictions on gift cards. Under the rules, consumers must have at least five years to use the cards before they expire. Services fees can go into effect only after the first year, and...

Greenspan Portraits Sink in Value

When the stock market was hot, so were these paintings

(Newser) - Here's a sign of the times: Whimsical portraits of Alan Greenspan—from his days as a rock star central banker—that were once hot commodities have sunk in value. Not too long ago, these oil paintings and prints by Erin Crowe fetched up to $10,000. Now, not so much....

Fed Raises an Interest Rate
 Fed Raises an Interest Rate 
Feb 18, 2010 5:19 PM CST

Fed Raises an Interest Rate

But no change expected soon on benchmark rate

(Newser) - The Federal Reserve raised the discount rate—the interest rate it charges banks for emergency loans—by a quarter point today. The central bank said the move, widely expected by the financial community, represented only the winding down of the extraordinary measures taken during the financial crisis to stimulate lending,...

EU Should Go After Goldman, Since US Won't
 EU Should Go After 
 Goldman, Since US Won't 


Greek Crisis
Feb 15, 2010 11:25 AM CST

EU Should Go After Goldman, Since US Won't

Firm helped Greece hide staggering debt, leading to near collapse

(Newser) - With the revelation that Goldman Sachs was peddling exotic instruments to help Greece hide its runaway debts as recently as November, something must be done, Simon Johnson writes. US authorities clearly aren't going to raise a finger—a few phone calls around Washington will ensure that the Fed looks the...

Bernanke Reveals Plan to Tighten Credit

Federal Reserve will use new tool to boost interest it pays banks

(Newser) - Ben Bernanke has begun outlining the Fed's strategy for reeling in stimulus money once the economy has recovered further, telling the House Financial Services Committee today that the Reserve will likely increase the interest rate it pays banks that deposit money with it. That would encourage banks to leave more...

Bernanke Gets Second Term
 Bernanke Gets Second Term 
Jan 28, 2010 3:20 PM CST

Bernanke Gets Second Term

Senate confirms him to remain in his post as Fed chairman

(Newser) - Ben Bernanke will keep his job as chairman of the Federal Reserve. The Senate today agreed to let him serve a second term by a vote of 70-30, the closest ever margin for a Fed chief nominee. The vote came amid roiling public anger over the economy and stubbornly high...

Fed Duo Sounded Alarm Over AIG 'Gifts' to Banks

Geithner, Paulson face grilling over 'backdoor bailouts' for AIG clients

(Newser) - Two Federal Reserve governors expressed their unease about the Fed's rejection of a plan to force big banks to return $30 billion in cash they received from AIG before its bailout in late 2008. The officials warned that the decision to let the banks, including Goldman Sachs, keep the collateral...

Dow Up 24; Traders Stay Cautious
 Dow Up 24; 
 Traders Stay Cautious 
MARKETS
Jan 25, 2010 3:22 PM CST

Dow Up 24; Traders Stay Cautious

Markets recover after last week's bloodbath

(Newser) - Stocks posted gains today as some investors bought up bargains in the wake of last week's big losses—but volume was light as most remained cautious ahead of the State of the Union address, a hearing on AIG's bailout, and a Fed interest-rate decision, the Wall Street Journal reports.
  • The
...

Geithner: Bernanke Ouster Would Freak Out the Market
Geithner: Bernanke Ouster Would Freak Out the Market
Interview
Jan 25, 2010 12:06 PM CST

Geithner: Bernanke Ouster Would Freak Out the Market

But Treasury Secretary isn't worried about reconfirmation

(Newser) - Timothy Geithner is behind Ben Bernanke, and thinks the markets are, too. When Politico asked how the markets would react if the Senate didn’t confirm the Fed chairman for a second term, Geithner replied, “I think the markets would view that as a very troubling thing to the...

Fed Demanded Security Laws Shield AIG

Giving Money Away to Wall Street Almost Became Top Secret

(Newser) - Federal Reserve officials called on the SEC to invoke national security laws to keep details about the controversial AIG bailout hidden from the public. The Fed demanded an assurance of "special security procedures" by the SEC concerning an AIG document related to the bailout, according to emails uncovered by...

Bernanke Nom Builds Steam


 Bernanke Nom 
 Builds Steam 
WH, DODD, GREGG 'VERY CONFIDENT'
Jan 24, 2010 9:05 AM CST

Bernanke Nom Builds Steam

Geithner, Dodd, Gregg all 'very confident' he'll win second term

(Newser) - Amid gathering clouds over his reconfirmation parade, Ben Bernanke's chances have appeared to turn around, with Tim Geithner joining key banking committee senators Chris Dodd and Judd Gregg in saying he is "very confident" the Fed chair would succeed. A White House aide further confirmed to Politico that President...

Boxer, Feingold Oppose Another Bernanke Term
Boxer, Feingold Oppose Another Bernanke Term
UPDATED
Jan 22, 2010 4:15 PM CST

Boxer, Feingold Oppose Another Bernanke Term

Liberal Democrats join rising tide against Fed chair's reappointment

(Newser) - Two Democratic senators said today they won't vote to reappoint Ben Bernanke as Fed chairman. Barbara Boxer and Russell Feingold added to the groundswell of opposition imperiling a second 4-year term for Bernanke, which requires 60 votes. “Our next Federal Reserve chairman must represent a clean break from the...

Support Wanes for New Term for Ben Bernanke

Populist anger is getting to Senate Democrats

(Newser) - Ben Bernanke's confirmation for another term as chair of the Federal Reserve is looking shaky, Jake Tapper reports, as Senate Dems, responding to populist rage against Wall Street, weaken in their support. With a hold on the nomination from three senators, 60 votes will be required to bring it to...

Fed Earns Record $45B
 Fed Earns Record $45B 

Jan 12, 2010 1:22 AM CST

Fed Earns Record $45B

Efforts to save economy result in windfall

(Newser) - The Federal Reserve's efforts to keep the economy afloat last year earned it the highest profits in its 96-year history. The Fed—which funds itself and turns its earnings over to the Treasury—made a total of $45 billion last year, dwarfing the profits of many big banks. Interest on...

Dow Rallies, Closes Up 156 on Wave of Optimism

Dow closes at highest level since October 2008

(Newser) - Stocks rallied today off an upswing in manufacturing activity for December and Fed comments that reaffirmed the central bank's continued commitment to low interest rates, the Wall Street Journal reports.
  • The Dow jumped 155.91 points to close at 10,583.96.
  • The Nasdaq added 39.27, closing at 2,
...

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