DeFazio, D- Ore., said the Formosa Mine, which is on federal and private land outside Riddle, illustrates what is wrong about the 1872 Mining Act: the Canadian companies that reopened the mine in the 1990 s have disappeared; the bond put up for cleanup was nowhere near enough to cover the true costs; and the federal government never got a penny in royalties.» Read More
President Obama's much-anticipated plan to deal with the U.S. housing crisis aims to help as many as 9 million families avoid foreclosure on their homes, one of the root causes of the global financial meltdown.
The Obama Administration's plan to stem foreclosures and the Fed's latest view on the economy are two powerful catalysts for markets Wednesday.
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A provision buried deep inside the $787 billion economic stimulus bill would impose restrictions on executive bonuses at financial institutions that are much tougher than those proposed 10 days ago by the Treasury Department, the New York Times reports.
Stocks are locked in a trading range that could be put to the test in the week ahead.
The U.S. House of Representatives had passed the economic stimulus package. Now the measure goes to the Senate for a vote.
The U.S. Congress was expected to pass a $789 billion economic stimulus package aimed at unleashing large spending and tax cuts to help yank the economy out of a 14-month recession.
Judd Gregg, the Republican senator who suddenly withdrew himself as a nominee for Commerce Secretary, "feels very strongly" that President Obama is on the right economic track.
Markets will hang on every move out of Washington Friday, but trading could get quiet late in the day as investors leave for the long weekend.
A new report from online foreclosure sale site, RealtyTrac, shows a 10 percent decrease in foreclosures from the previous month. Foreclosures are still up 18 percent from January of 2008. Good news, no? No.
US lawmakers prepared Thursday to pass a $789 billion stimulus package to revive the struggling economy in a victory for President Barack Obama that some warned may have costly consequences.
Late yesterday, the US House and Senate conferees came to an agreement on the Obama stimulus plan - the decision to cut back the spending was a great idea, says Andrew Busch.
I keep looking for signs of economic light at the end of the tunnel, and yet this credit card crisis scares me too much to get hopeful yet, says Patricia Chadwick, founder & president of Ravengate Partners.
The action Thursday is again in Washington. There are several key economic reports early in the day, but traders will also focus on the progress of the economic stimulus package and look for any new details on Treasury Secretary Timothy Geithner's financial bailout plan.
Lawmakers on Wednesday urged Treasury Secretary Timothy Geithner to provide more details on how much taxpayer money the Obama administration's bank rescue plan ultimately will cost.
It's a little frustrating to listen to Congresspeople grill the bank CEOs with variations on the question, "What did you do with all the money we gave you?"
I'm on Capitol Hill today at the greatest political theater imaginable—sorry the House Financial Services Committee hearing with the CEOs of eight major banks, from Citi to JP Morgan, Bank of America to Goldman Sachs.
Timothy Geithner's debut performance as the new Treasury secretary got him booed offstage yesterday by Wall Street traders. Not for what he said but for all the things he needed to say—and didn't.
Bank CEOs who received federal bailout money will be grilled on Capitol Hill today about how they put their TARP money to use, and Barney Frank, chairman of the House Financial Services Committee, will be running the show. He told CNBC the past mistakes of the financial services industry must be avoided.
Banking leaders who benefited from a federal bailout are bringing a message of accommodation and gratitude to Congress, hoping for a better reception than the one given Treasury Secretary Timothy Geithner.
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