The US must fix its growing debt problems or risk a new financial crisis, Thomas Hoenig, president of the Federal Reserve Bank of Kansas City, warned on Tuesday, adding a mounting deficit could spur inflation.
Without pre-emptive action, the US risks its next crisis,� Mr Hoenig said in a speech at the Pew-Peterson Commission on Budget Reform.
Source:
http://www.ft.com/cms/s/0/c918b8dc-1b37-11df-953f-00144feab49a.html
The Federal Reserve Bank of New York, then led by Timothy Geithner, told American International Group Inc. to withhold details from the public about the bailed-out insurers payments to banks during the depths of the financial crisis, e-mails between the company and its regulator show. ...
Source:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aXIvW4igKV38&pos=1
"The Federal Reserve agreed to provide $30 billion each to the central banks of Brazil, Mexico, South Korea and Singapore..." And you thought money didn't grow on trees.
Please tell me this is all a bad dream.
The full story is here:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aViXCrX8Ikms&refer=home
Despair over the economy sent Wall Street plunging again Wednesday, propelling the Dow Jones industrials down 733 points to their second-largest point loss ever.
Stocks fell on a combination of disheartening economic data, including a big drop in retail sales and a Federal Reserve report that said tight...
Check it out here:
http://www.nypost.com/seven/10152008/business/dow_dives_133746.htm
