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Obama Overhaul of Housing Finance Would Scuttle Fannie, Freddie
By Joseph Schuman - AOL NewsThe Obama administration today sent to Congress proposals to reduce government support for the home finance market, a series of ambitious if sketchy and protracted moves that would wind down the federally backed mortgage giants Fannie Mae and Freddie Mac. The 32-page plan outlines steps to make room for more private capital while reducing the role of Fannie and Freddie -- known as government-sponsored enterprises -- in the market for funding loans to prospective home buyers. "This is a plan for fundamental reform -- to wind down the GSEs, strengthen consumer protection and preserve access to ...
At Davos, Geithner Notes Confidence About Economy
By not in system - AOL NewsDAVOS, Switzerland - British Prime Minister David Cameron urged other governments to follow his country's efforts to reduce debts and boost confidence in the world economy, which U.S. Treasury Secretary Tim Geithner noted was already rebounding in the U.S. "Our first priority is to kill off the specter of massive sovereign debts," Cameron said Friday at the World Economic Forum. "In many ways, we in Europe have been our own worst enemy" by building up debts and keeping too many barriers to money and trade flows, he said. Johannes Eisele, AFP / Getty Images U.S. Treasury Secretary ...
TARP Price Tag Down to $25 Billion, CBO Finds
By David Knowles - AOL News(Nov. 29) -- Talk about bang for your buck! The Congressional Budget Office said today that the final price tag for the Troubled Asset Relief Program would total $25 billion when all is said and done. Considering that the U.S. government originally plunked down $700 billion to help rescue the nation's teetering financial system, the new estimate comes as a welcome surprise. As the nation's largest banks began paying back the federal government with interest for the loans, the amount owed the taxpayers has slowly dwindled away over the past two years. As for the outstanding balance, the CBO ...
Meg Whitman Far From Only Politician With Housekeeper Troubles
By David Knowles - AOL News(Sept. 29) -- Good help (that won't come back and cause you trouble as you seek political office) is hard to find. Today, California gubernatorial candidate Meg Whitman's former housekeeper, an undocumented worker, held a news conference to detail her mistreatment "as a longtime, Latina household employee" in the Republican nominee and former eBay CEO's home. The veracity of the claims remains uncertain. The housekeeper is represented by celebrity attorney Gloria Allred, who Whitman's campaign has called a "shameful manipulator." The scenario in which a prospective politician's former ...
Washington in 60 Seconds: Friendly Fire Roils Republicans
By Patricia Murphy - Politics DailyGood morning Capitolists! Did you feel that slight movement under your feet this morning? It might have been the early signs of a power shift in the country (not to mention the Senate). Read about that and what's happening in Washington in the next 60 seconds: - DeMint is Da Man. Every reporter loves the story of a kingmaker, and after Tuesday's eye-popping primary results, Washington's press corps has anointed South Carolina Republican Jim DeMint the man responsible for taking out eight of the national party's picks for Senate and replacing them on the ballot with Tea Party newcomers. ...
Opinion: Here Comes the Debate Over Letting Tax Cuts Expire
By not in system - AOL News(July 27) -- On Sunday, Treasury Secretary Tim Geithner appeared on "This Week" to discuss what The New York Times declares will be Washington's "next big battle" -- the expiration of Bush-era tax cuts. The Obama administration is leading a Democratic move to let the cuts for the upper tax brackets expire, extending the cuts only for families and individuals earning less than $250,000 and $200,000 a year, respectively. Geithner says this expiration will not hurt the struggling economy. Republicans beg to differ. Their respective arguments for and against, plus some handicapping of the ...
Barack O'Clock: VIPs in the AM, Fancy Fundraiser at Night
By Alex Wagner - Politics DailyIt's a Come to POTUS moment at 1600 Pennsylvania Ave. on Tuesday, July 27: The president will play host to a bipartisan group of congressfolk, make a statement to the press mid-day, then sit down for lunch with (undisclosed) House members. In the evening, he'll swing over to the tony Mandarin Oriental Hotel for a Democratic National Committee fundraising event. Here's what's on deck: 9:30 a.m. -- The president receives the Presidential Daily Briefing in the Oval Office. 10:00 a.m. -- Receives the Economic Daily Briefing in the Oval Office. 11:00 a.m. -- Meets with bipartisan members of ...
Geithner: Elizabeth Warren Would Be Strong Consumer Chief -- as Would Others
By Jill Lawrence - Politics DailyTreasury Secretary Tim Geithner has nothing but good things to say these days about Elizabeth Warren, the consumer heroine liberals want to head the Consumer Financial Protection Bureau created under the new financial reform law. Geithner has been widely reported to have reservations about Warren, a Harvard law professor and financial watchdog who proposed the consumer agency in 2007. He said Thursday that "she would be a very strong leader" of the new bureau, but made clear there are other good candidates and said twice that the decision lies with President Obama. Warren has "enormous ...
Is Tim Geithner Going to Block Elizabeth Warren From Leading New Consumer Protection Agency?
By Paul Wachter - AOL News(July 16) -- Treasury Secretary Tim Geithner doesn't like Elizabeth Warren. In her capacity as chairwoman of the Congressional Oversight Panel monitoring the U.S. banking bailout, she has interrogated Geithner before Congress (and the American public), and those interrogations have not reflected favorably on him. A typical exchange went like this: Why did the U.S. bail out AIG and its counterparties with taxpayers paying off credit-default swaps at their full, inflated rate but ask the insolvent auto industry to take major cuts? she asked Geither, who had no coherent explanation to ...
Barack O'Clock: Hanging With Biden Over Recovery Summer
By Alex Wagner - Politics DailyOn July 7, it's Joe Biden Wednesday at 1600 Pennsylvania Avenue. The prez will be spending much of the day with the veep -- head cheerleader for Obama's Recovery Summer -- in closed-door meetings on the economy, job-recovery efforts and the BP oil spill. Secretary of State Hillary Clinton will make an appearance at the end of the day, presumably bringing some much-needed estrogen to the day-long bro-fest. Here's what's on tap: 10:00 a.m. -- Obama and Biden receive the Presidential Daily Briefing in the Oval Office. 10:30 a.m. -- The president meets with senior advisers in the Oval ...
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