Federal Reserve

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Fed Waffles Over Need for More Stimulus

Some members push more action, others think it's Congress' job

(Newser) - With the US economy stalled, eurozone in crisis, and Chinese economy slowing down, the Federal Reserve is increasingly talking about action to boost the American economy, reports the LA Times . But for now the central bank is divided about the need for action, according to the just-released minutes for its...

Fed Knew of Libor Scandal Years Ago

Raising the question: Why wasn't anything done?

(Newser) - The Federal Reserve Bank of New York knew something fishy was going on with the Libor rate as far back as August 2007, it has revealed. "We received occasional anecdotal reports from Barclays of problems with Libor," a spokesman said in a statement. The following spring, before any...

Weak Jobs Report Puts Pressure on Bernanke

Fed now more likely to take action

(Newser) - Yesterday's tepid jobs report firms up evidence that the recovery is backsliding and increases the odds that the Federal Reserve will try to give it a jolt, reports the Wall Street Journal . The most likely move by Ben Bernanke would be to buy bonds—or quantitative easing, in econo-speak—...

Fed Pumps $267B More Into 'Operation Twist'

Program intended to lower long-term interest rates

(Newser) - The Federal Reserve is extending a program intended to further lower long-term interest rates, noting hiring has weakened, consumer spending is rising more slowly, and the economy needs more support. The Fed will continue Operation Twist through the end of the year, it announced today. The Fed has been selling...

Fed Economic Report: Middle Class Getting Hosed

American families lose two decades of accumulated wealth

(Newser) - The Fed released its much-anticipated report on the economy today, and the news is not pretty. In short, the median American family's wealth has fallen to early-1990s levels, eliminating two decades of prosperity, while savings are down and debt hovers like a vulture over most Americans, the New York ...

Fed Will Help If Economy Craters: Bernanke

But it's unclear what action it would take

(Newser) - The Federal Reserve is prepared to take further steps to lift the economy if it weakens, Ben Bernanke said today—but he didn't signal any imminent action in testimony before a congressional panel. Bernanke said the European debt crisis poses significant risks to US financial markets. He noted that...

It&#39;s Time for the Gold Standard
 It's Time for the 
 Gold Standard 
herman cain
May 14, 2012 12:33 PM CDT

It's Time for the Gold Standard

It will strip establishment of power: Herman Cain

(Newser) - Call for a return to the gold standard, and “the Washington establishment goes ballistic,” writes Herman Cain in the Wall Street Journal . “Gold is kryptonite to big-spending politicians,” because a return to the gold standard would mean the government could no longer manipulate the economy, Cain...

We Need a Weaker Dollar
 We Need a Weaker Dollar 
Paul Krugman
Apr 6, 2012 10:45 AM CDT

We Need a Weaker Dollar

Paul Krugman argues that we need more inflation, not less

(Newser) - Ben Bernanke has become a popular punching bag for the right lately, with people like Ron Paul and Rick Perry trying "to bully the Fed into doing exactly the wrong thing," writes Paul Krugman in the New York Times . "The right wants the Fed to obsess over...

Most Big Banks Pass Stress Test; 4 Fail

Citigroup, SunTrust among those that failed

(Newser) - The Federal Reserve released the results of its latest round of stress tests at the nation's biggest banks, and they're generally being received as good news. Fifteen of the 19 banks passed, which is what outlets such as the Wall Street Journal and Washington Post are highlighting in...

Ron Paul to Bernanke: Do You Shop for Groceries?

Candidate returns to Washington to spar with Fed chief

(Newser) - Ron Paul may have a presidential race to run, but he's never too busy to return to DC to do a little Fed bashing. Paul grilled Ben Bernanke today, declaring in his opening statement that "what we are witnessing today is the end stages of a grand experiment,...

Fed Rule Writing Shrouded in Secrecy

Public meetings are rare, and dissent isn't disclosed

(Newser) - The Federal Reserve has been busily rewriting the rules of the financial system for years now, and it's been doing almost all of it behind closed doors. The Fed has held 47 votes on new regulations since Dodd-Frank was passed in July 2010, and only two of those were...

Bernanke: Full Recovery Years Away

Fed says inflation on target, but unemployment high, growth sluggish

(Newser) - Don't get too excited about that pending economic rebound . The Federal Reserve's announcement it will keep interest rates super-low into 2014 is a key sign that the US economy is years away from truly recovering, reports the New York Times . Yes, the economy has picked up "moderately,...

Fed: Don't Expect Rate Hikes Until 2014

Benchmark rate is probably staying put for a long time

(Newser) - The Federal Reserve assured consumers and businesses today that they'll be able to borrow cheaply well into the future. The Fed said it's unlikely to raise its benchmark interest rate before late 2014, extending its time frame by at least a year and a half. The Fed said...

Man Charged With Stealing $9.5M of Computer Code

Bo Zhang accused of pilfering Treasury software

(Newser) - A Chinese computer programmer has been charged with stealing software code worth $9.5 million while working at the Federal Reserve Bank of New York. Prosecutors say Bo Zhang, a Chinese citizen who worked for a technology firm contracted to work on code at the New York Fed, copied a...

Bank of America May Pull Out of Some Areas

Bank tells Fed it'll shrink its footprint if things get rough

(Newser) - Should we start calling it Bank of Some of America? If push comes to shove, the banking giant is prepared to pull its operations out of some parts of the country, sources tell the Wall Street Journal . The unpalatable retreat is one of several contingency plans the bank drew up...

2006 Transcripts Show Fed Was Clueless on Housing

Geithner, Bernanke, others missed signs of the pending collapse

(Newser) - The Fed released transcripts from meetings in 2006 today that reveal just how badly its top officials blew it on the looming housing crisis, the New York Times reports. The industry was showing signs of distress, but the Fed's attitude boiled down to, eh, no big deal. The officials...

Ron Paul's Money Policy Would Trigger Next Depression

Unfortunately, his views are embraced by the GOP: Paul Krugman

(Newser) - It seems to be Ron Paul's turn in the GOP spotlight, and while he may be a longshot to win the nomination, his views on monetary policy are representative of the party establishment—and they're highly dangerous, writes Paul Krugman in the New York Times . Paul believes in...

Central Banks Move to Ease Market Strains

Stock futures surge on the news

(Newser) - Central banks around the world plan to ease the strain on the global financial system by taking coordinated action to prevent a lack of liquidity, they announced in a statement this morning—news that sent stock futures soaring more than 250 points . The Bank of Canada, Bank of England, Bank...

More Than 2 Years Later, Secrets of Bailout Emerge

Banks took in billions of dollars, even as they claimed to be healthy

(Newser) - For more than two years, the Fed and the banks it bailed out during the 2007 to 2009 financial crisis have kept many of the details of the massive, multi-trillion-dollar bailout a secret. But, thanks to Freedom of Information Act requests, 29,000 pages of bailout details are pouring out...

Feds to Bank of America: Get Your Act Together

Or else face public action

(Newser) - Federal regulators have warned Bank of America’s board that the bank will face a public enforcement action if it doesn’t take steps to fix its corporate governance, risk management, and liquidity, sources tell the Wall Street Journal . The bank has been operating under a confidential memorandum of understanding...

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