News FeedPolitics & Government
Central Bank Pushes to Expand Authority over U.S. Financial System
Documents brought to light by key by congressional investigators hightlight real disagreement between top-level U.S. Federal Reserve officials about how it should address the Bank of America Corp.(NYSE: BAC) acquisition of Merrill Lynch & Co. Inc. are almost certain to fuel the ongoing congressional debate over the central bank’s push to expand its authority over the U.S. financial system.
This growing concern manifested itself Thursday, when Fed Chairman Ben S. Bernanke; was grilled by Capitol Hill lawmakers during a congressional hearing looking into the central bank’s conduct in BofA’s buyout of Merrill Lynch. Bernanke’s failure to resolve some of the most-pointed questions posed…
29Jun2009 | Money Morning | 0 comments | ContinuedObama Administration’s Financial System Overhaul Pushing Us Toward State Capitalism?
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26Jun2009 | Money Morning | 0 comments | ContinuedFingers Point to Washington and Wall Street
It’s been in the news the last couple of days. Goldman Sachs Group Inc. (NYSE: GS) bankers are headed for record bonuses. The Financial Times reports that bankers’ pay in the London market is already right back to 2007 levels and going higher. Banks are poaching each others’ best staff, and are offering huge pay packages to staffers willing to make the leap.
It’s enough to make you succumb to the Two Minutes’ Hate.
But let’s face the truth. As egregious as salary escalation seems - coming as it does on the tail of the worst U.S. banking crisis since the Great Depression…
25Jun2009 | Money Morning | 0 comments | ContinuedObama Overhaul Should Provide Better Investor Protection
But don’t expect regulatory reform of the financial industry anytime soon…
The Obama Administration has provided Congress with a proposed overhaul of financial industry regulations that is sweeping in its coverage to say the least, the most serious attempt to protect investors since the 1930’s, but guaranteed to have Wall Street and its powerful friends taking up arms against it.
And there’s more than enough in it to have Wall Street fighting back - much as they did with the reforms proposed in the 1930’s, after the 1929 crash.
Before the Securities and Exchange Act was finally passed in 1934, Sam Rayburn,…
What Obama’s Financial Reform Proposals Mean For You
On Wednesday, President Obama unveiled his vision for the most comprehensive overhaul of the financial system in decades - an 88-page proposal that, among other things, includes granting the Federal Reserve more regulatory oversight.
Here are three measures that make up a large chunk of Obama’s financial reform plan - and what they could mean for you and your finances…
Will Obama’s New Financial Safety Net Catch All The Falling Knives?
- The Consumer Financial Protection Agency: The primary function of this new regulatory body will aim to protect borrowers from mortgage fraud and unscrupulous credit practices.
Irresponsible borrowers who now find themselves underwater will get…
22Jun2009 | Smart Profits Report | 0 comments | ContinuedWashington Moves to Muzzle Wall Street
This was the week that Washington decided to muzzle Wall Street. Specifically, the Obama administration revealed a sweeping series of new proposed regulations and reforms — all designed to prevent the next great financial catastrophe.
The plan is multi-faceted and complex. Among other things, it aims to increase the Fed’s power, regulate the derivatives and securitization markets more effectively, protect consumers from the potential harm of complex financial products, and more. It’s been a long time in the making, with input from key policymakers, consumer groups, academics, and others.
Will these reforms work? Will they hamper innovation? Will they have unintended consequences,…
19Jun2009 | Money and Markets | 0 comments | ContinuedFour More Ways To Profit From U.S. Healthcare Reform
Both President Obama’s and Senator Kennedy’s healthcare plans are estimated to cost $1 trillion over 10 years.
I’ll believe it when I see it. When was the last time the government completed any project on budget?
For example, Health Systems Innovations, a healthcare consultant that has worked with private health insurers and the McCain presidential campaign, estimates that Senator Kennedy’s bill would cost $4 trillion over 10 years.
Should a healthcare plan be passed that even resembles anything like the current proposals, $2 trillion in costs would be a minor miracle.
A trillion here, a trillion there. Pretty soon, you’re talking about real money.
In…
18Jun2009 | Smart Profits Report | 0 comments | ContinuedFederal Reserve May Gain New Powers Over U.S. Economy
U.S. President Barack Obama took a swipe at Wall Street yesterday (Wednesday) as he unveiled a sweeping 85-page proposal to reinvigorate government regulation of the U.S. financial markets by giving the Federal Reserve new powers to supervise the economy.
The proposal is part of an effort by the Obama administration to restore confidence in the nation’s financial system after last year’s collapses of The Bear Stearns Cos. and Lehman Brothers Holdings Inc. (OTC: LEHMQ). The failures of those two institutions caused a credit-market seizure that froze bank lending and paralyzed consumer spending - resulting in a near collapse of the U.S.…
18Jun2009 | Money Morning | 0 comments | ContinuedSilver Stocks: Cheaper is Better
Two weeks ago precious metals were as hot as ever. Gold prices were climbing. Gold stocks were doing even better. And silver prices were leading the way.
The old adage, “when gold climbs, silver soars” was playing out perfectly. Gold booked its biggest monthly gain since November. Silver, however, climbed past $15 per ounce and had its biggest monthly climb in 22 years according to MarketWatch.
Silver was showing its value as a dual-purpose commodity.
As an industrial metal, silver’s uses in healthcare, photography, and as a chemical catalyst (just to name a few) has made it more attractive as the economy…
16Jun2009 | Q1 Publishing | 0 comments | Continued
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