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Financial Crisis Report Spreads Blame Far and Wide for Meltdown
By Tom Kavanagh - Politics DailyThere's plenty of blame to spread around -- and the financial crisis was avoidable. In a nutshell, that's the conclusion of a report released Thursday by the Financial Crisis Inquiry Commission, a congressionally appointed body that explored reasons for the 2007-08 meltdown that led to the worst economic crisis since the Great Depression. From government regulators and policymakers to Wall Street's power players, the 633-page report cites a vast of array of contributors to the near-disaster, the effects of which still grip the nation. "A crisis of this magnitude cannot be the work of a few ...
Federal Panel Finds Financial Crisis Was Avoidable
By not in system - AOL NewsWASHINGTON -- The government-appointed panel investigating the roots of the financial crisis says the meltdown occurred because government officials and Wall Street executives ignored warning signs and failed to manage risks. The crisis could have been avoided, the Financial Crisis Inquiry Commission determined in a final report released Thursday that was only supported by Democrats on the panel. Instead the country fell into the deepest recession since the 1930s and millions of people lost their jobs, the congressionally appointed panel concluded. The Bush and Clinton administrations, the ...
Should Fed Heal Economy With Talk Therapy?
By Joseph Schuman - AOL News
(Nov. 25) -- When it comes to the economy, it's not just what you do but what you say. And no place is this more true than at the Federal Reserve, where a single word uttered by the chairman of the U.S. central bank can cause upheaval across the global financial markets and prompt businesses to hire or fire, raise prices or lower them. All but silent until the past two decades, the Fed and its officials have become increasingly voluble in the past three years as it grappled with the most wrenching financial crisis in a generation. Yet at a time when epidemic unemployment continues to resist ...
Daniel Webster Beats Incumbent Alan Grayson in Florida's 8th District
By Mark I. Pinsky - Politics DailyLongtime state legislator Daniel Webster drubbed first-term Democratic Rep. Alan Grayson by a double-digit margin in a nationally-watched contest in the central Florida district that covers much of Orlando. Voters weren't so much angry with Washington as fed up with their outspoken incumbent congressman. The amiable Webster had the strong support of local Tea Party activists although he is himself the antithesis of this year's angry outsider. More important to the district's voters, Webster, 61, is the antithesis of Grayson, an outspoken, Harvard-educated Obama supporter who made a national ...
Growth May Still Leave 95% of Americans Behind
By not in system - AOL NewsTwo generations ago, "two Americas" referred to the sharp divide between prospering Americans and those mired in poverty, stagnation and prejudice, a gulf addressed by Michael Harrington in his influential book, The Other America: Poverty in the United States. ...
The Economics of Extending Bush's Tax Cuts
By not in system - AOL News(Aug. 2) -- Democrats do not plan on reversing the planned end date for President George W. Bush's tax cuts for the wealthy, which Republicans scheduled to sunset this year. But many in the GOP are now calling on Congress to pass an extension on the tax break, which is generating significant debate over the economic merits of reducing the tax burden on the wealthiest Americans during the recession. Here's what pundits, politicians and even experts are saying. 5 Myths About the Tax Cuts: Click through to read The Washington Post's William G. Gale's debunking of each. Extending the tax cuts ...
Alan Greenspan: The Financial Crisis Was Not My Fault
By Joann M. Weiner - Politics DailyAlan Greenspan, former chairman of the Federal Reserve Board, has been called many names, including the Oracle and the Maestro, but one he will never be called is Harry Truman. ...
Greenspan and the Economic Blame Game
By Joseph Schuman - AOL News(April 7) -- Who to blame and what to change? The tornado of economic arguments swirling around Washington these days addresses both failures that led to the recent financial crisis and the legislating of new rules aimed at preventing the next one. It shouldn't be surprising that a dominant player in all things economic during the period leading up to the crisis has emerged as one of the most vociferous participants in both parts of that debate. J. Scott Applewhite, AP Alan Greenspan, former chairman of the Federal Reserve, testifies Wednesday on Capitol Hill. Alan Greenspan, who was ...
Uh-Oh -- Social Security Fund to Pay Out More Than It Receives in 2010
By Tom Diemer - Politics DailyFor the first time since 1982, Social Security is expected to pay out more in benefits this year than it takes in from payroll taxes, another sign of how deep the economic recession has cut. The Congressional Budget Office projection marks a worrisome threshold that analysts had not expected to see until 2016, the New York Times reports. But since Social Security still has money in its trust fund, the shortfall this year will have no immediate impact on older Americans receiving the monthly benefits. Stephen C. Goss, the Social Security Administration's chief actuary, told the Times that ...
Officials Say Jobs Will Grow Next Year, but It Will Be a Long Road Back
By Bruce Drake - Politics DailyTop Obama administration economic officials, as well as former Federal Reserve Chairman Alan Greenspan, expressed confidence today that job growth will resume next year, but they cautioned that it will take time until the unemployment rate returns to its pre-recession levels. ...
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