Federal Reserve

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Bernanke: Interest Rates May Rise

Fed chair leaves door open, but emphasizes reform

(Newser) - Ben Bernanke today left the door open to higher interest rates, saying the increase might be needed to prevent new speculative investment bubbles from forming. But for critics who blame the Fed for feeding that speculative housing boom by holding interest rates too low for too long after the 2001...

Shelby, Dodd Expect Bipartisan Financial Reform

January markup possible as fears of a partisan battle fade

(Newser) - Hoping to avoid a repeat of the health care dogfight, Chris Dodd and Richard Shelby think they’ve made “meaningful progress” on a bipartisan deal on financial regulatory reform. Dodd’s initial solo draft of the bill drew Republican jeers asked top members of his Senate Banking committee to...

Politics Played Major Role in Bailout Choices
 Politics Played 
 Major Role in 
 Bailout Choices 
U Michigan study
Dec 23, 2009 8:53 AM CST

Politics Played Major Role in Bailout Choices

Politically connected banks likelier to get TARP funds

(Newser) - Banks with ties to lawmakers were a lot likelier to get bailout cash than their less well-connected counterparts, according to a University of Michigan study unlikely to surprise bailout critics. Researchers crunching data on the 700 institutions that received TARP funds found that those with connections to members of congressional...

Banking Panel Snipes at Bernanke, But Backs Him

The 16-7 vote reveals unease about Fed chairman

(Newser) - The Senate banking panel endorsed Ben Bernanke’s nomination for a second term atop the Fed, but it was hardly a slam dunk for Time’s new person of the year. The 16-7 vote was a far cry from his original, near-unanimous appointment, with only four of the committee’s...

Dollar Rises, Markets Dip
 Dollar Rises, Markets Dip 
Dec 17, 2009 4:28 AM CST

Dollar Rises, Markets Dip

World markets down as investors predict interest rate hikes

(Newser) - The dollar climbed to a three-month high today on rosier-than-expected Fed economic predictions while markets fell on expectations that central banks will soon begin to raise interest rates. The greenback gained against 15 of 16 of its most commonly traded currencies, while major European and Asian stock indices were down...

Fed Keeps Rates Low
 Fed Keeps Rates Low 
Dec 16, 2009 2:10 PM CST

Fed Keeps Rates Low

But central bank sees hope amid slow recovery

(Newser) - The Federal Reserve has decided to hold interest rates at a record low and pledged to keep them there for an "extended period" to keep the recovery going and drive down double-digit unemployment. But in a more upbeat assessment, the Fed says the US economy has "continued to...

Time Names Ben Bernanke Person of the Year

Beats out Usain Bolt, Nancy Pelosi, and Stanley McChrystal

(Newser) - Time has named Ben Bernanke its “Person of the Year” for 2009, crediting him with saving the world’s financial system and dubbing him “the most powerful nerd on the planet.” This year was all about the economy, explains Michael Grunwald in his voluminous feature, “and...

Legendary Economist Paul Samuelson Dead at 94

Nobel laureate write classic intro text for 'dismal science'

(Newser) - Paul A. Samuelson, the first American Nobel laureate in economics and a familiar name to generations of college students, died today at his home outside Boston. He was 94. Ben Bernanke praised his former MIT professor as "a titan of economics," and a colleague said of their fellow...

Fed Needs to Create Jobs, Cuz Obama Can't
Fed Needs to Create Jobs, Cuz Obama Can't
PAUL KRUGMAN
Dec 11, 2009 6:09 AM CST

Fed Needs to Create Jobs, Cuz Obama Can't

President's hands are tied by balky GOP, lukewarm liberals

(Newser) - America needs to add a whopping 18 million jobs to its economy over the next five years to get anywhere near full employment, and it's the Federal Reserve that needs to do it, writes Paul Krugman. President Obama's hands are tied by obstructionist Republicans and lukewarm support from his own...

Ron Paul Poised to Finally Pass Fed Audits

For first time in nine tries, amendment goes to House floor

(Newser) - For Ron Paul, it's got to be sweet. The financial regulatory reform bill that opened for debate in the House today contains Paul's amendment to subject the Fed to congressional audit—his ninth try in 11 years in office to get a Fed-curbing proposal into play. Until now, none of...

'Formidable Headwinds' Hinder Recovery: Bernanke

Weak credit and labor markets mean recovery will be slow: Fed chair

(Newser) - Ben Bernanke painted a stark picture of the economy today, warning that "formidable headwinds" are working against the incipient recovery. Despite an unexpectedly positive jobs report, the pace of expansion is likely to remain "moderate," the Fed chair said. “Despite the general improvement in financial conditions,...

Dow Up 1 on Reports Fed Will Keep Rates Low

Traders not yet convinced by jobs data

(Newser) - Stocks gave up modest gains as today's session unfolded, with traders remaining defensive in response to reports the Fed will keep interest rates low for a while longer, the Wall Street Journal reports.
  • The Dow added 1.21 points to close at 10,390.11.
  • The Nasdaq fell 4.74,
...

Far Right, Left Rage Against Bernanke
 Far Right, Left Rage 
 Against Bernanke 
NO EASY 2ND TERM
Dec 7, 2009 11:57 AM CST

Far Right, Left Rage Against Bernanke

Unlikely coalition of activists of all stripes target Fed chair

(Newser) - They're mad as hell at Ben Bernanke, and willing to work together—even if they don't agree on anything else—to block the Fed chairman's renomination. Populist anger at Wall Street bailouts and lack of transparency at the Fed has created a surprising coalition of right- and left-wingers that's gaining...

'I Did Not Anticipate a Crisis of This Magnitude'
'I Did Not Anticipate a
Crisis of This Magnitude'
bernanke's rough day
Dec 3, 2009 5:45 PM CST

'I Did Not Anticipate a Crisis of This Magnitude'

Fed chief takes a beating but seems to have support for new term

(Newser) - Ben Bernanke took some serious lumps today on Capitol Hill, but he still seems to have the support he'll need to get a second term as chief of the Federal Reserve. "I did not anticipate a crisis of this magnitude," he told members of a Senate panel during...

Bernanke on Defensive in Confirmation Hearing

Senators full of criticisms for the Fed

(Newser) - Ben Bernanke was forced to play defense in his confirmation hearing today, as the Senate Banking Committee rained down criticism on the Fed and its chairman. Some, like Chris Dodd, signaled approval of Bernanke’s leadership but not of the Fed’s bid for increased regulatory control. “Why should...

Sen. Sanders Puts Hold on Bernanke Nomination

Independent's move could force Dems to scrape up 60 votes

(Newser) - Saying that Ben Bernanke is too tied to the roots of the current financial crisis and too beholden the institutions that helped cause it, Sen. Bernie Sanders put a hold on the nomination process for a second term for the Federal Reserve chief. The Vermont independent’s move—not much...

Crazy Loans Are Back, With a Vengeance
 Crazy Loans Are Back,
 With a Vengeance 
PIK TOGGLE, ANYONE?
Dec 2, 2009 10:16 AM CST

Crazy Loans Are Back, With a Vengeance

Companies paying debt with debt have Fed worried

(Newser) - The government's efforts to boost lending, to beat the recession, are inadvertently stimulating a return to wildly risky loans that look sound only if you're wearing rose-colored-glasses. Companies are returning to credit-bubble practices, worrying analysts, including those at the Fed. In one instrument, a "covenant lite" loan, credit is...

Suddenly, Ron Paul Feels the Love

 Suddenly, 
 Ron Paul 
 Feels the Love 

crank no more
Nov 30, 2009 12:00 PM CST

Suddenly, Ron Paul Feels the Love

Libertarian's anti-Fed campaign draws mainstream support

(Newser) - Ron Paul is suddenly the belle of the ball on Capitol Hill, with legislators from around the political spectrum backing his decades-old crusade against the Federal Reserve. Paul’s been pushing an amendment to audit the Fed since the early '80s, but this time it attracted a whopping 313 co-sponsors....

Bernanke on Offense Ahead of Confirmation Battle

Fed chair makes his case ahead of Senate hearing; Sanders will vote no

(Newser) - Ben Bernanke's reappointment to a second 4-year term is virtually certain, but the path appears likely to be a somewhat rocky one. The Fed chairman's confirmation will be the subject of a Senate Banking Committee hearing Thursday, and one senator has already said he'll vote no when the matter comes...

Fed Prods Banks for TARP Repayment Plans

BofA, Citi, 7 others asked to submit outlines

(Newser) - The government is stepping up plans to wind down the TARP program. The Fed has asked nine banks stress-tested earlier this year, including Bank of America and Citigroup, to come up with plans to repay a total of $142 billion in TARP funds. The move represents an evolution in the...

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