Originally posted on USNews

 

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Mother Jones gives us a look at the REAL size of the bailout . The price tag for the Wall Street bailout is often put at $700 billion—the size of the Troubled Assets Relief Program. But TARP is just the best known program in an array of more than 30 overseen by Treasury Department and Federal Reserve that have paid out or put aside…  Read More →

The 2001 and 2003 Bush tax cuts, which were passed under reconciliation by Republicans so they only needed 51 votes in the Senate, benefited wealthier Americans the most. Those tax cuts for the wealthy had little stimulative effect on the economy, turned federal budget surpluses into deficits and exacerbated the income inequality between the top... 

Acknowledging its concern with the obvious sluggishness of the economy, the Federal Reserve Board has responded by actually doing something, instead of just talking about maybe doing something. But the something they decided to do was kind of the bare minimum in the context of massive unemployment, dis-inflation and depressed demand. At its Open... 

We say we want a mentor, a coach, a trusted advisor. We want to grow and become more effective. We ask for help. For “feedback.” This is what you need to make it a success: The patience to listen, the humility to hear, and the courage to act. Do you have all three?  Read More →

A credit-card-debtor nation no more? That may be taking it a bit far, but : Credit card usage is slowing. Revolving credit — largely made up of credit card debt — fell by nearly 20% in November, the largest drop on record, according to the Federal Reserve, reflecting less borrowing by consumers and banks’ tighter lending standards. Through... 

With Congress in the process of making it more difficult for credit card companies to totally fleece cardholders, the credit card companies are shifting their profit model slightly. Where it has been “find a smaller percentage of people to take for everything you can because they’re vulnerable,” now that that’s becoming less legal (and a... 

Former Federal Reserve Board Chairman Alan Greenspan testified this morning before the Financial Crisis Inquiry Commission ( FCIC ) absolving himself and the Fed from any responsibility for failing to avert the crisis. Financial crises are “inherently unforeseeable,” Greenspan said, adding that regulators are particularly incapable of... 

The Federal Reserve has justifiably faced serious criticism for its failure to control the $8 trillion housing bubble and its subsequent bursting, with the combination of economic devastation and financial crisis that ensued. In response to the onslaught of the Great Recession, the Fed has kept short-term interest rates near zero, extended extraordinary... 

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