Deficit panel wants both cuts and taxes…

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President Obama’s independent commission set up to study what must be done to pair the US’s scary deficit situation has just announced that both taxes to raise revenue and cuts in spending are required and that everything must be on the table. Co-Chairman (R) Alan Simpson is quoted by Reuters as saying: “hell we could [...]

April 29, 2010 - Economy - 0 Comments

Grading on the curve

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The Board of Governors of the Federal Reserve finally made the results of its much anticipated ‘too big to fail’ “stress test” public today (May 7, 2009) and 10 of the 19 banks require more billions–about $75 billion. Bank of America headed the list needing $33.9 billion; Wells Fargo was next requiring $13.7 billion; GMAC [...]

May 8, 2009 - Economy, Markets - 0 Comments

Market rout coming until Treasury and Fed act

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The financial makets are in turmoil following the $700 billion bailout passed by the US Congress. What happened is that the frank reality of the bailout debate raised the level of awareness about the actual size of the financial system’s problem and indeed raised questions about the amount necessary to fix it– for example, no mention was ever made of the Government [...]

October 7, 2008 - Economy, Markets, Politics - 0 Comments

Ginne Mae must be dealt with also!

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Wouldn’t you think that in all the hearings before Congress somehow we would hear mention of the Government National Mortgage Association (GNMA), the mortgage behemoth that is a direct obligation of the US Government?  After all GNMA guarantees only moderate income and Sub-prime loans and these are the mortgages with the  highest loan default rates. [...]

September 29, 2008 - Economy, Markets, Politics - 0 Comments

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