Is There a Palin Doctrine? Nov 21, 2009
In a speech in Hong Kong in September, she provided boilerplate libertarian-conservative talking points on the Federal Reserve and Asia policy. Perhaps, I thought, we were witnessing a rare political adolescence, an ideologically incoherent candidate going through the policy furnace and emerging forged. (Slate)
These Men Could Kill SarbOx Nov 21, 2009
Some board defenders fear a victory for Beckstead could even shake the foundations of established bodies such as the Federal Reserve. "The implications are potentially far-reaching," says Gillian Metzger, a Columbia law professor who is supporting the PCAOB board in filings with the high court. (BusinessWeek)
Congress Lashes Out at Obama on Economy Nov 21, 2009
that would subject the Federal Reserve to unprecedented scrutiny. The amendment, which won bipartisan support in the House Financial Services Committee despite the reservations of administration officials, would allow the Government Accountability Office to audit all of the Fed's operations, including its decisions on interest rates and its transactions with foreign central banks. (CBS News -- US)
Congress Rips Obama on Slow Recovery Nov 21, 2009
that would subject the Federal Reserve to unprecedented scrutiny ... In particular, he wants to introduce a legislation to supervise the Feds (Federal Reserves), which he fails to realize that is not a good idea for the possible consequences on the independence of the Feds and their activities in the Economy. (CBS News -- US)
Bernanke's future dims Nov 21, 2009
Once considered a shoo-in for reconfirmation, Ben Bernanke may not want to get too comfortable in his seat as Federal Reserve chairman ... "While I have had serious differences with the Federal Reserve over the past few years, I think reappointing Chairman Bernanke is probably the right choice," Dodd said ... Once considered a shoo-in for reconfirmation, Ben Bernanke may not want to get too comfortable in his seat as Federal Reserve chairman. (New York Post -- Business)
Asian Currencies Drop Amid Capital Controls Risk, Led by Indonesian Rupiah Nov 21, 2009
who runs the worlds biggest bond fund at Pacific Investment Management Co., said Nov. 19 the systemic risk of new asset bubbles is rising with the U.S. Federal Reserve maintaining near-zero interest rates. In carry trades, investors obtain funds in countries that have low borrowing costs to buy currencies offering better returns. (Bloomberg -- Asia)
Ctrip's Sell Point Came After Late Base Nov 21, 2009
5:15 p.m. Update: Stocks rallied Wednesday, shaking off a worse-than-expected read in first-quarter GDP. Reassuring comments from the Federal Reserve about a slowdown in economic contraction also boosted sentiment. And major indexes climbed despite news of the first U.S. death from swine flu. (Investors Business Daily)
Stronger dollar, weak economic data pummels stocks Nov 21, 2009
For much of this year, the dollar has been declining as the Federal Reserve s record-low interest rates enable investors to borrow cheaply and encourage them to invest in assets other than cash. That has led to significant gains in stocks and commodities since early March. (Coos Bay-North Bend The World, OR)
Fed examines bank capital as risks rise Nov 21, 2009
NEW YORK - Federal Reserve officials are stepping up scrutiny of the biggest US banks to ensure the lenders can withstand a reversal of soaring global-asset prices, according to people with knowledge of the matter. Supervisors are examining whether banks such as JPMorgan Chase & Co., , and have enough capital for the risks they take, how much they know about the strength of their counterparties, and whether risk managers have authority to influence bank practices and policies. (Boston Globe)
Marblehead residents represent Salem State well at Challenge Nov 21, 2009
From left, Marblehead residents Herve Mukuna, Dr. Dorothy R. Siden and Patrick Chandler are joined by Alex Kurkevelos and Fevie Hernando following the 2009 College FED Challenge, held at the Federal Reserve Bank of Boston ... On Monday, Nov. 16, Salem State economics majors Patrick Chandler and Herve Mukuna, both of Marblehead, competed in New England s 2009 College FED Challenge at the Federal Reserve Bank of Boston ... This represents the third year that Dr. Siden has taken a Salem State team... (Marblehead Reporter, MA)
Gold rockets to record high above 1,150 dollars Nov 21, 2009
"Whilst the US Federal Reserve continues to reiterate that interest rates will remain low, investors appear willing to buy in the precious metal.". A weak greenback makes dollar-priced assets such as gold cheaper for buyers using stronger currencies, and tends to stimulate demand for them. (India Times)
Policymakers stay 'vigilant' despite progress Nov 21, 2009
While economic statistics are looking brighter these days, the U.S. economy is in for "a long slog" in the opinion of one Federal Reserve Board policymaker. In a recent speech before the Austin Headliners Club, Federal Reserve Bank of Dallas President and Chief Executive Officer Richard Fisher offered his views on the state of the economy and the potential for recovery in the coming months ... "The Federal Reserve has done what it can to prevent Depression 2.0 and the deflation that one would... (Daytona Beach News Journal -- Local)
Dollar Strengthens as Equities Drop, Investors Buy Short-Term Treasuries Nov 21, 2009
The greenback completed its fourth straight weekly loss versus the yen on bets the Federal Reserve, due to release minutes of its Nov. 4 meeting next week, will keep borrowing costs at virtually zero through the first half of 2010. The markets have been getting a little tougher, said , head of currency strategy at Wells Fargo & Co. in New York. (Bloomberg -- US)
U.S. Two-Year Treasury Yields Fall to Lowest This Year on Refuge Buying Nov 21, 2009
Nov. 21 (Bloomberg) -- Treasury two-year fell to the lowest level this year on concern the in risk assets has outpaced growth prospects and as Federal Reserve officials signaled will remain near zero. Three-month turned negative on Nov. 19 for the first time since last years credit freeze as a 62 percent rally in the from a 12-year low in March pushed valuations to about 22 times its companies earnings, the highest level since 2002. (Bloomberg -- US)
German Government Bonds Set for Weekly Gain on View Stocks Rally May Stall Nov 21, 2009
The systemic risk of new asset bubbles in global economies and markets is rising with the Federal Reserve keeping at record lows, , who runs the worlds biggest bond fund at Pacific Investment Management Co., wrote in his December investment posted on Pimcos Web site yesterday. If we have some kind of bubble bursting in equity markets then well certainly have a short-term effect that will bring down yields due to flight-to-security issues, said , a fixed-income analyst in... (Bloomberg -- Germany)
Nalco CTO Presents at Midwest Clean Tech 2009 Nov 20, 2009
D., will participate in a panel discussing water issues at the Midwest Clean Tech 2009 conference being held Nov. 23-24 at the Federal Reserve Bank of Chicago. Related Quotes. (Primezone Releases)
Home building falls to 6-month low Nov 20, 2009
WASHINGTON A group of House Democrats are stepping up demands for greater transparency from the Federal Reserve after reports that the Fed mishandled the bailout of insurance giant American International Group Inc. ... wants a congressional review of the Federal Reserve system. (Honolulu Advertiser)
Audit the Fed, Now Nov 20, 2009
The Wall Street Journal opens its pages to Ron Paul's views on the Federal Reserve ... For nearly a century the Federal Reserve has operated in the shadows, away from the prying eyes of Congress, journalists and the American people ... One puzzling assertion made by the Fed and its supporters is that the Federal Reserve has some sort of independence from the government and independence in undertaking monetary policy. (The American Conservative)
Fed Makes Monitoring Capital Adequacy Foremost Concern Amid Talk of Bubble Nov 20, 2009
Nov. 20 (Bloomberg) -- Federal Reserve officials are stepping up scrutiny of the biggest U.S. banks to ensure the lenders can withstand a reversal of soaring global-asset prices, according to people with knowledge of the matter ... The U.S. shouldnt adjust monetary policy to account for rising Asian assets, Federal Reserve Bank of St. Louis President said Nov. 18. (Bloomberg -- US)
Geithner Under Fire on Economy... Nov 20, 2009
WASHINGTON -- Political frustration over the rescue of Wall Street and high unemployment erupted in the House Thursday, with one committee threatening to impose tighter scrutiny on the Federal Reserve and another trading verbal insults with Treasury Secretary Timothy Geithner ... At the Joint Economic Committee, a couple of House Republicans called for the resignation of Mr. Geithner, who, as president of the Federal Reserve Bank of New York, played a major role in last fall's moves to prevent... (The Drudge Report)
Financial Regulation Overhaul Proposals in U.S.: Side-by-Side Comparison Nov 20, 2009
OBAMA -- The White House originally would have made the Federal Reserve the regulator of large companies whose leverage and complexity threaten the financial system ... He would have eliminated the thrift charter and left intact the Federal Reserve, which supervises bank holding companies and some state banks, as well as the FDIC, which also regulates some state banks. (Bloomberg -- US)
AMCORE Bank's New Glarus and Belleville Branches Sold to Union Bank & Trust Company Nov 20, 2009
These factors include, among others, the following possibilities: (I) heightened competition, including specifically the intensification of price competition, the entry of new competitors and the formation of new products by new or existing competitors; (II) adverse state, local and federal legislation and regulation or adverse findings or rulings made by local, state or federal regulators or agencies regarding AMCORE and its operations; (III) failure to obtain new customers and retain existing... (Primezone Releases)
Is the Fed Creating New Bubbles? Nov 20, 2009
President Barack Obama and Federal Reserve Chairman Ben S. Bernanke stand accused of blithely ignoring the risk of new asset bubbles and more economic mayhem ... The next day in Hong Kong, Federal Reserve Bank of San Francisco President Janet L. Yellen said, according to her prepared remarks, that it's "far from clear" that the Fed should "seek to lean against potentially dangerous swings in asset prices.". (BusinessWeek)
A Lifeline of Credit for the Recovery Nov 20, 2009
In the financial markets, much of the improvement is the result of ongoing programs by the Federal Reserve to keep credit flowing. However, these funds tend to help only large corporations. (BusinessWeek)
Buttonwood: Something's gotta give Nov 20, 2009
7% in the year to October), there is very little need for the Federal Reserve to raise interest rates in the near future. The cost of borrowing for six months in dollars is now lower than the cost in yen, something that would have been unimaginable just five years ago. (The Economist)
Dollar Gains as Homeowners, Job-Seekers Struggle Nov 20, 2009
Safe-haven dollar jumps higher as homeowners, job-seekers struggle; some see stabilization. By MARTIN CRUTSINGER and TALI ARBEL AP Business WritersWASHINGTON November 19, 2009 (AP) The Associated Press. (ABC News -- Wire)
Fed Sees Little Risk of Inflation in Weak Economy Nov 20, 2009
WASHINGTON/PARIS (Reuters) - Senior U.S. Federal Reserve officials said on Thursday inflation is not an immediate threat as a weak economic recovery and a grim outlook for jobs keep price pressures in check. Charles Plosser, head of the Federal Reserve Bank of Philadelphia and Richard Fisher, his counterpart at the Dallas Fed, said the U.S. recovery was underway but noted risks to growth remain. (ABC News -- Wire)
Geithner, Under Fire, Defends AIG Bailout Nov 20, 2009
Before Congress' Joint Economic Committee, Geithner faced fierce criticism of his role in the rescue of American International Group Inc in 2008, when he was president of the New York Federal Reserve Bank. Geithner said AIG's failure posed as significant a risk to the economy as the collapse of investment bank Lehman Brothers, which sparked a panic that froze global trade and threatened to topple the entire financial system. (ABC News -- Wire)
Commercial Real Estate Forecast Uncertain Nov 20, 2009
The first commercial mortgage bond deal in over a year shows the Federal Reserve s efforts to sell securities through the TALF program can be fruitful, but the level of activity is well below what is required to resuscitate the commercial market. Credit availability needs to significantly rebound for any hope of a meaningful commercial recovery in 2010. (Realtor Magazine Online)
Anger at Obama roils hearings on banking bills Nov 20, 2009
That amendment, which won bipartisan support in the House Financial Services Committee despite the reservations of administration officials, would subject the Federal Reserve to unprecedented scrutiny. It would allow the Government Accountability Office to audit all of the Fed s operations, including its decisions on interest rates and its transactions with foreign central banks. (Boston Globe)
Bank resumes sales of mortgage debt Nov 20, 2009
The Developers Diversified bonds were sold through the Federal Reserve s Term Asset-Backed Securities Loan Facility. Most investors paid cash for the Ohio-based company s debt rather than take loans from the Fed, according to data from the central bank. (Boston Globe)
Panel sets fees for large firms Nov 20, 2009
Bill requires audit of Federal Reserve ... WASHINGTON - Taking aim at Wall Street and the nation s central bank, a key House committee voted yesterday to assess upfront fees on large financial firms to pay for the failure of their peers and to require a sweeping congressional audit of the secretive Federal Reserve. (Boston Globe)
US at a crossroads Nov 20, 2009
Over at the Federal Reserve, no such soul-searching appears to be underway. Its chairman, Ben Bernanke, is clearly intent on avoiding deleveraging. (Asia Times Online)
Fraud Nation Nov 20, 2009
Barofsky criticized then-President of the New York Federal Reserve (and now Treasury Secretary) Tim Geithner specifically for the bailout of one of those institutions, AIG (American International Group), the largest insurance conglomerate in the world. Barofsky says that the initial $85 billion credit line given AIG came with a bailout plan designed by Geithner the terms of which were unworkable".That's being polite. The Barofsky report documents that credit default swaps worth 40 cents on the... (Human Events Online)
Economy showing signs of sustained growth Nov 20, 2009
Federal Reserve chairman Ben S. Bernanke last week said significant economic challenges remain because of a weak labor market and reduced bank lending. Six of the 10 components in the leading index contributed to last month s increase, led by the difference between short- and long-term borrowing costs, fewer jobless claims, and higher equity prices. (Boston Globe)
Regulators crack down on Flagler Bank Nov 20, 2009
The $137 million-asset bank signed a on Nov. 5 with the Federal Reserve Bank of Atlanta and the Florida Office of Financial Regulation. The Federal Reserve Bank announced the order Thursday. (South Florida Business Journal, FL)
House panel votes to audit Federal Reserve Nov 20, 2009
WASHINGTON - Taking aim at Wall Street and the nation's central bank, a key House committee voted Thursday to assess upfront fees on large financial firms to pay for the failure of their peers and to require a sweeping congressional audit of the secretive Federal Reserve ... "There is no reason in the world why this country and our people can't know eventually about what's going on in the Federal Reserve," Paul said. (MSNBC -- Politics)
Asia Considers Capital Controls as `Hot Money' Inflows Threaten Recovery Nov 20, 2009
The Federal Reserves policy of keeping interest rates near zero is fueling the wave of speculative capital that may cause the next global crisis, Hong Kongs Chief Executive said Nov. 13 ... Federal Reserve Bank of Philadelphia President Charles Plosser said capital flows into Asia are a result of a stronger recovery in the region. (Bloomberg -- Asia)
Regulators warn WPB bank Nov 20, 2009
In a 17-page written agreement with the bank, the Federal Reserve Bank of Atlanta ordered Flagler to submit a plan for strengthening the board's oversight of management and operations ... A spokeswoman for the Federal Reserve Bank declined to comment Thursday. (The Palm Beach Post)
Philadelphia Federal Reserve survey says manufacturing picking up steam Nov 20, 2009
for free extra services. Thursday, November 19, 2009, 12:45pm EST. (Philadelphia Business Journal, PA)
Gross Says China Has Own Bubble to Face as Exports Fail to Find Consumers Nov 20, 2009
The systemic risk of new asset bubbles in global economies and markets is rising with the Federal Reserve keeping at record lows, Gross wrote in his December investment posted on Pimcos Web site yesterday. The Organization for Economic Cooperation and Development and officials in Asia including Hong Kong Monetary Authority Chief Executive are also warning of bubbles in the region. (Bloomberg -- Asia)
Democrats Want Probe of AIG Bailout Nov 20, 2009
A group of House Democrats alarmed over accusations the Federal Reserve mishandled the government's $85 billion bailout of American International Group want Congress to conduct a top-to-bottom review of the agency ... Elijah E. Cummings and six colleagues on Wednesday sent a joint letter to House Financial Services Committee Chairman Barney Frank and Senate Banking Committee Chairman Christopher J. Dodd that requests "a complete and public audit of the [Federal Reserve] system." ... The seven... (Newsmax)
Gold soars; dollar sinks Nov 20, 2009
Golds latest advance came as the dollar fell after Federal Reserve officials reiterated that the central bank will keep interest rates low for an extended period to support the economic recovery. Low rates tend to weaken currencies including the dollar, encouraging investors to put their money in higher-yielding assets like gold. (The News-Press -- Business)
Orion failure stands out Nov 20, 2009
Unlike the others, Orions failure came with a directive from the Federal Reserve, demanding a week before the bank fell that chief executive Jerry J. Williams be fired ... Consumers are weary of bank failures brought on by the real estate collapse and are frustrated with the federal government for bailing out institutions, said David Jones, a professor at Florida Gulf Coast University and a former Federal Reserve economist ... Representatives of the Federal Reserve also declined to comment and... (The News-Press -- Business)
Feds close Naples-based Orion Bank Nov 20, 2009
Orion had been under cease-and-desist orders from the Federal Reserve since Aug. 29, 2008. The orders are one of the stronger tools used by the Fed to deal with problem banks. (The News-Press -- Business)
Two more GA banks under written agreements Nov 20, 2009
Under the terms of a written agreement, the companies are restricted from paying dividends, buying/redeeming shares of its stock or accruing additional debt without prior consent of the Federal Reserve Bank of Atlanta and banking commissioner of Georgia. And they must to provide written progress reports within 30 days after the end of each quarter. (Atlanta Business Chronicle, GA)
Rates on 30-year loans still below 5 percent Nov 20, 2009
The Federal Reserve has pumped $1. 25 trillion into mortgage-backed securities to try to lower rates on mortgages and loosen credit. (MSNBC -- Business)
House committee approves fees for financial institutions Nov 20, 2009
WASHINGTON - The House Financial Services Committee voted Thursday to assess fees on large financial institutions to cover the costs of failure by their peers and to require a sweeping congressional audit of the normally secretive Federal Reserve. In a surprise, however, committee Chairman Barney Frank, D-Mass. (AZCentral -- Business)
Trader Vic Says Buy Gold, Aussie Dollar Nov 20, 2009
"The junior miners can provide exposure to early-stage ventures and something ... 11/11/2009 05:41 PM ET ETFs rallied across the board on news that the Group of 20 countries will keep stimulus measures in place, and the greenback resumed its slide, boosting commodities. Market Vectors Coal ETF (KOL) was among Monday's top-performing sector ETFs. It gapped up 5% in above-average trade to 34.20. It ... 11/09/2009 07:19 PM ET Commodities, every sector and global markets opened strong Wednesday on... (Investors Business Daily)
Thomas Oliver: No recovery without small business Nov 20, 2009
Within the last week, head honchos from the Federal Reserve, the Treasury, Goldman Sachs and Warren Buffett himself have expressed concern that small business isn t responding as needed. And it is needed. (Atlanta Journal-Constitution -- Business)
What happened to the Obama transparency? Nov 20, 2009
The Federal Reserve Bank, privately owned by the power elite, is printing money hand over fist in order to make the dollar so weak we will then be bankrupt and they can substitute another currency for us, making us members of the New World Order. The trouble is, if we fall, the rest of the world will fall. (Klamath Falls Herald & News, OR)
New Jobless Claims Unchanged at 505K Nov 20, 2009
Federal Reserve Chairman Ben Bernanke said early this week that the economy is likely to grow at a "moderate" pace. As a result, the jobless rate "likely will decline only slowly," he said in a speech Monday. (CBS News)
RV industry no longer running on empty Nov 20, 2009
Consumer credit fell at an annual rate of 7 percent in September, the latest data available, according to the Federal Reserve. Commercial and and industrial lending at the end of October was 17 percent lower than a year ago. (MSNBC -- Business)
Carney Shows How Canada Controls Risk So Central Banks Worldwide Can Too Nov 20, 2009
While U.S. officials like Treasury Secretary and Federal Reserve Chairman face criticism both at home and abroad, Carney has won praise for his handling of the crisis. Geithner yesterday defended his record and dismissed a call for his resignation from , the senior House Republican on the Joint Economic Committee. (Bloomberg -- Canada)
Yen Trades Near Six-Week High as Global Stock Losses Reduce Risk Demand Nov 20, 2009
The greenback headed for a weekly loss versus the euro on speculation the Federal Reserve will keep interest rates near zero to spur growth. The Australian and New Zealand dollars were poised for their first weekly loss against the U.S. currency this month on prospects a sluggish global recovery will deter policy makers from raising rates. (Bloomberg -- Japan)
Banking vet leads buyers toward Baytree Nov 20, 2009
25 million of new capital into Baytree, according to an application to become a bank holding company submitted to the Federal Reserve. Baytree formed nearly a decade ago by the late Howard Adams, a co-founder of Lake Forest-based Wintrust Financial Corp. ran into serious trouble this year and is operating under a regulatory order requiring it to raise capital. (Crain's Chicago Business)
Stronger dollar, weak economic data pummels stocks Nov 20, 2009
For much of this year, the dollar has been declining as the Federal Reserve s record-low interest rates enable investors to borrow cheaply and encourage them to invest in assets other than cash. That has led to significant gains in stocks and commodities since early March. (Coos Bay-North Bend The World, OR)
Cut through credit card 'gobbledygook' Nov 20, 2009
She points out the Federal Reserve has the power to simplify credit card contracts and is on its way toward doing so. Next year, the Fed will implement rules that will help streamline credit card contracts. (CNN)
Gold rises on greenback retreat speculation Nov 20, 2009
The Federal Reserve has kept its benchmark lending rate at zero percent to 0. 25 per cent for almost a year, to help revive the economy. (Sydney Morning Herald -- Business)
Hearing was stormy for banker Moynihan Nov 19, 2009
Several bank officials noted the bank is regulated by the Federal Reserve, not Congress. The Treasury also has a role in overseeing Bank of America, because it issued the $45 billion in aid. (Boston Globe)
Hake to Wed Stecko Nov 19, 2009
Tiffany is employed as a bank examiner at the Federal Reserve Bank of St. Louis. Andrew is a firefighter/paramedic with Monarch Fire Protection District. (Missourian Publishing, MO)
Thomas Oliver Nov 19, 2009
Atlanta Federal Reserve President Dennis Lockhart is a worried man ... As consensus builds that the recession is over, some are crediting Federal Reserve chairman Ben Bernanke s stewardship and all but re-nominating him by acclamation ... Congress has created law where the Federal Reserve had created policy. (Atlanta Journal-Constitution -- Travel)
US jobs conundrum Nov 19, 2009
In a speech last week, Richard Fisher, president of the Federal Reserve Bank of Dallas, said: "It may be some time before significant job growth occurs and even longer before we see meaningful declines in the unemployment rate.". That is not a pleasant thought for a nation that traditionally has subsisted on retail gluttony during the weeks leading up to Christmas. (Juneau Empire)
Japan's 10-Year Yields Near Lowest in a Month After 20-Year Debt Auction Nov 19, 2009
Demand for bonds also increased after Federal Reserve Bank of St. Louis President said yesterday U.S. policy makers may not start raising interest rates until early 2012. During the previous cycle, rate hikes in Japan started two years after they began in the U.S., said , chief fixed-income strategist at Barclays Capital in Tokyo. (Bloomberg -- Japan)
Fed Officials Play Down Impact of Weak Dollar Nov 19, 2009
HONG KONG/SINGAPORE (Reuters) - Federal Reserve officials on Thursday downplayed the consequences of the falling U.S. dollar, underscoring that deflation is still a threat, especially with commercial real estate prices falling. Dallas Fed President Richard Fisher said in an interview with Market News International that the weakening dollar, which hit a 15-month low against major currencies on Monday, is only one of the factors the Fed watches when setting policy. (ABC News -- Business)
