A survey finds 20% of Americans laid off the past five years are still unemployed, reports USA Today.» Read More
Though the Democratic leadership likes to emphasize the similarities between the House and Senate bills on sweeping financial reform, the upcoming conference to merge the two has the potential to be both fractious and divisive with a number of minefields to cross.
The chief regulator overseeing Fannie Mae and Freddie Mac will tell Congress later Wednesday that the mortgage giants have cut their risk exposure but will continue to sustain significant losses.
With major housing finance reform unlikely until 2011, little can be done to stop the massive losses at mortgage giants Fannie Mae and Freddie Mac, but these small fixes can't hurt.
“This is the really compelling issue for most Americans," says the head of a consumer group. " We just had our financial lives wrecked by the financial crisis and picked up the tab for it."
Simpson said, "A lot of blood hair and eyeballs have to lay on the floor before we finish. There's going to be anguishing. This is a suicide mission". It will come from all sides, the left and the right.
Monetary policy will be a hot topic at conference, where participants will no doubt be debating who first, how much and when.
Criticized from every angle imaginable for getting Nebraska out of paying for additional Medicaid in return for his (60th) vote to get the health reform bill through the Senate, Senator Nelson asked Senator Harry Reid of Nevada, the Majority Leader, to remove a special provision in the health care legislation that would have the Federal government pay all Nebraska's costs for the proposed extension.
“We haven't just gone through a business cycle, we've also gone through a major restructuring of the American economy," says a labor economist. “ This is an awful lot to adjust to.”
The economy will continue to grow over the next few years, though unemployment will remain high and inflation tame, so there's "no urgent need" for the Federal Reverse to change its low-interest rate policy, Chicago Fed President Charles Evans told CNBC
“There's all this frustration about the bailout, the money, the Fed being asleep at the switch too long, so it's coming out as Bernanke bashing,” says one Washington observer.
Investors accustomed to seeing strong stock market gains at the end of the year may be wondering what is in store this year after the multi-month rally, but suppose we are in for a double dip recession or an anemic recovery? Follow these tips.
As the US economic recovery looms larger, the gray cloud that has hung over the stock market for so long is finally starting to fade. Here's four sectors likely to outperform in the months and year ahead.
If 2008-2009 was the winter of our discontent, will 2009-2010 be a winter wonderland for investors? Given events of the past two years, we all have cause for being skeptical about the investment horizon, especially after a massive, six-month rally in equities and lingering concerns about corporate profits and the economy.
Obama officials and House Democrats are no longer considering having financial firms pre-pay into a fund to help cover the costs of winding down too-big-too-fail financial firms, a source said.
The Fed would play less of a role in handling firms that pose a systemic risk to the economy, giving more authority to a council composed of several regulatory agencies
With a key Congressional committee beginning markup of legislation creating a consumer financial products watchdog, the Federal Reserve's unusual role as a source of funds will likely draw attention.
Treasury Secretary Timothy Geithner offered a spirited defense of the government's efforts to forestall another Great Depression but cautioned that the recovery would be slow and painful.
Consumer spending, which roughly accounts for 70 percent of economic activity, and housing, about 20 percent of GDP, have been hit with the equivalent of 100-year storms.
Investment strategists expect the earnings- and economy-fueled rally of the past month to continue, but they're are also looking for opportunities to take profits.
A key House committee aims to have two components of sweeping regulatory reform legislation finished by the August recess but other key parts of the package won’t be taken up until legislators return in September, according to a senior Congressional staffer Monday.
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