Elizabeth Warren Wants Students To Have Same Privileges As Wall Street

By: Friday May 10, 2013 10:22 am

As a recent study indicates that college and universities are giving financial aid to rich students at the expense of poor ones Senator Elizabeth Warren is offering a bill to bring student debt relief. Warren says students should get the same rates as Wall Street. Sen. Elizabeth Warren introduced her first standalone piece of legislation [...]

Federal Reserve Admits Fraudclosure Victims Being Shortchanged

By: Thursday May 9, 2013 7:53 am

After handing out trillions of dollars to Wall Street – which we only know about due to a Bloomberg News lawsuit the Fed fought – the Federal Reserve announced victims of fraudulent foreclosure practices were being shortchanged. A multi-bank settlement with regulators over past foreclosure abuses ran into new problems when some borrowers received smaller [...]

Federal Reserve Was Hacked By Anonymous

By: Wednesday February 6, 2013 8:32 am

The Federal Reserve has confirmed that hackers penetrated the central bank’s security. The hackivist group Anonymous has claimed responsibility and has posted 4,000 bank executive credentials obtained from the hack. Anonymous appears to have published login and private information from over 4,000 American bank executive accounts in the name of its new Operation Last Resort [...]

Banks Win Mortgage Settlement From Regulators

By: Tuesday January 8, 2013 6:32 am

In what can only be described as a slap to the face of victims of the housing crisis and an insult to even the vaguest notion of the rule of law, the banks responsible for the mortgage meltdown and subsequent financial crisis and recession have once again escaped justice. After criminal cases were dropped despite [...]

Banks Siphon Bernanke’s Stimulus While Tightening Credit On Middle Class

By: Monday December 24, 2012 9:42 am

While many former homeowners will be spending the holidays in the streets, it is good to know the bailed out banks are making some nice profits… off the American taxpayer. Fed Chairman Bernanke’s continual leveraging of the national credit card via buying mortgage-backed securities to stimulate the mortgage market has done little for the mortgage market and a lot for Wall Street’s bottom line.

What the Housing Market Actually Looks Like

By: Thursday December 20, 2012 8:30 am

This week brought more good statistical news for the housing market. Existing home sales rose at a decent clip in November, nearing post-bubble highs not seen since the artificial spike from the homebuyer’s tax credit (I’ve noted that the end of the Mortgage Forgiveness Debt Relief Act could be giving the same spike). Inventory fell [...]

Unemployment Problem, Not a Deficit Problem, Cont’d

By: Thursday December 13, 2012 12:30 pm

I touched on this yesterday, but with the release of the Federal Reserve’s economic projections, we can say just what a catastrophe the past several years of policymaking has been. Here’s Paul Krugman: What struck me is that the Fed expects the unemployment rate to be well above its long-run level even in the fourth [...]

Fed Cracks Down on New Mergers at the Biggest Banks

By: Thursday December 13, 2012 9:15 am

I do go on about the lack of regulation at the big banks. But I’ll have to grant the Federal Reserve a modicum of credit for this action: The Federal Reserve is pushing large U.S. banks to forget about all but the smallest acquisitions for a while amid a raging debate over the risk big [...]

Fed Announces Game-Changing Inflation and Unemployment Targets for Monetary Policy

By: Wednesday December 12, 2012 10:45 am

The Federal Reserve adopted an innovative tactic in its latest Federal Open Market Committee report. Instead of merely identifying a target federal funds rate, or giving guidance that rates will remain low for a certain period of time, the Fed now specifically targeted both an unemployment rate and an inflation rate, and said that their [...]

Bernanke: Economy Still Weak, No Time for Austerity

By: Tuesday November 20, 2012 12:55 pm

Ben Bernanke’s speech on the economy today offered no new information. It was more of an overview on the state of the economy, and it hit on many very familiar themes which Bernanke has expressed for a long time now, including the need to loosen lending standards in a type of reinflation of the housing [...]

Bernanke Wants Looser Lending Standards In Bubble Reinflation Effort

By: Friday November 16, 2012 6:15 am

I don’t know why I felt so insulted by Ben Bernanke’s housing speech yesterday, but it really stuck with me. Probably because he managed to give an entire speech on housing – one that at points implicitly blamed homeowners for their predicaments – without mentioning the word “fraud.” Or saying “I’m sorry.” It was very [...]

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