Record Federal Deficit of $176 Billion in October
The federal deficit for October reached a record-setting level for that month: $176 billion. The Treasury Department made the announcement on November 13,...
Sectors
Small Banks Turn Down TARP Funds
Many small banks are turning down federal money from the Troubled Asset Relief Program (TARP) because they recognize that it comes with too...
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Unemployment Rate Shoots Past 10 Percent
The unemployment rate shot from 9.8 percent in September to 10.2 percent in October, the highest it has been since 1983, the Labor...
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Ford Made Nearly $1 Billion Last Quarter
The Ford Motor Company has posted a net income of nearly $1 billion in the third quarter of this year, no thanks to...
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Did “Cash for Clunkers” Cost Taxpayers $24,000 Per Car Sold?
The federal $3 billion “Cash for Clunkers” program promoted by the Obama White House last summer cost an average of $24,000 per additional...
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Did N.Y. Fed Engineer Sweetheart Deal for AIG Debt Holders?
A year after the onset of the greatest financial crisis since the Great Depression, details continue to emerge of the sordid secret deals...
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Bernanke Urges More Regulation of Financial Sector
Fed Chairman Ben Bernanke is growing impatient. With the financial crisis continuing to drag on, Bernanke appeared again before Congress yesterday to urge...
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Pay Czar to Slash Executive Compensation
Kenneth Feinberg, the Obama administration’s “pay czar,” is expected to announce a plan next week that will slash the annual salaries of top...
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No Social Security COLA in 2010
The government has announced that Social Security recipients will not receive a cost-of-living adjustment, or COLA, in 2010. This is because the COLA...
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September Unemployment Hits 9.8 Percent
The national unemployment rate hit 9.8 percent in September, the highest it has been since June 1983. A total of 15.1 million Americans...
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FDIC Wants Banks to Prepay Fees
The Federal Deposit Insurance Corporation proposed on September 29 that banks prepay $45 billion in insurance premiums to help the FDIC avoid running...
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New Figures for GDP Decline and Job Losses
America’s gross domestic product declined in the second quarter of this year, and in September the economy continued to lose jobs. Yet because...
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Recession Delays, Cancels Retirement Plans
According to a survey conducted in the past two months by an organization known as Experience Works, the current recession is hitting seniors...
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FDIC Seeks Help From Banks
The Federal Deposit Insurance Corporation (FDIC) is considering borrowing billions of dollars from the very banks it is supposed to be insuring against...
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Adobe Expands With Omniture Purchase
Adobe Systems Inc., the largest producer of graphic-design software in the world, has announced a deal to purchase Omniture Inc. for $1.8 billion....
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