bank-vault-door The world’s banks face a $3.6 trillion “wall of maturing debt” in the next two years and must compete with debt-laden governments to secure financing, the IMF warned on Wednesday. Many European banks need bigger capital cushions to restore market confidence and assure they can borrow, and some weak players will need to be [...]
1_11_10_ben_bernanke_crying After former Federal Reserve Chairman Paul Volcker was appointed in 1979, the consumer price index surged into the double digits, causing the now revered Fed Chief to double the benchmark interest rate in order to break the back of inflation. Using the methodology in place at that time puts the CPI back near those [...]
A Congressional Budget Office analysis of the fiscal 2011 spending deal that Congress will vote on Thursday concludes that it would cut spending this year by less than one-tenth of what both Republicans or Democrats have claimed.
The International Monetary Fund lowered its forecast for U.S. growth this year, predicting higher oil prices and the pace of job gains will restrain the recovery.
At one time, $5 per gallon gas seemed like a farfetched idea, but that is no longer the case.
Traders are warning of a dramatic change in dollar selling. They fear central banks from the Middle East may force their Asian rivals to more aggressively drive the dollar down.
House Budget Chairman Congressman Paul Ryan (R-Wis.) said President Barack Obama’s budget strategy is to “do nothing, punt, duck, kick the can down the road” while the debt remains on track to eventually hit 800 percent of GDP and the CBO is saying it “can’t conceive of anyway” that the economy can continue past 2037 given its current trajectory.
Do you want to know how to find a job in America today? It’s easy. Just be willing to flip burgers, wait tables or welcome people to Wal-Mart. You must also be willing to work for close to minimum wage with no health benefits. It’s not that complicated.
We’ve told you before about how big banks cut corners on paperwork over the last few years in order to speed struggling homeowners into foreclosure. And a “60 Minutes” report that aired last night offers fresh anecdotal reporting on just how irresponsible–and potentially fraudulent–the banks’ practices were.
While the government wrangles over a whopping $30 billion in spending cuts for the 2011 budget (with fiscal 2011 already half way over), which threaten to shut down the government yet which we all know will be successfully addressed in the 11th hour, with a compromise of sorts confirming once again that both parties are incapable of dealing with the relentless climb in US government debt (and oh so eager to turn their back on campaign promises when faced with reality), which unfortunately is the only fuel driving the US economy, the GOP’s Paul Ryan is expected to announce a whopper of a 2012 budget, one which trims a record $4 trillion in spending over the next 10 years.
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