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The Senate voted unanimously to peer into Federal Reserve decision-making Tuesday, authorizing an examination of the central bank's emergency lending to financial institutions in the months surrounding the 2008 financial crisis.

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The governor of Michigan is trying to force through the legislature a bill that would establish emergency rule, LITERALLY. Gov. Snyder is seeking emergency powers that would enable him to 1) unilaterally declare a “financial emergency”, 2) disincorporate entire municipal governments, 3) dismiss elected officials with no replacement election to follow, 4) seize control of local civil services, 5) hand taxpayer money, services and POWERS to private, for-profit firms...

Senator Dodd's financial reform gives regulators too much leeway to crack down on the financial industry.

It's the first-ever nationwide test of the Emergency Alert System (EAS), which hopes to provide key information immediately to all Americans in the event of a truly national emergency. This national system will look and sound much like the current (and local) emergency warnings often seen on TV or heard on radio, but the scope is larger and it can be put under the direct control of the President.

State education officials have ordered the emergency financial manager for Detroit Public Schools to immediately implement a plan that balances the district's books by closing half its schools. The Detroit News says the financial restructuring plan will increase high school class sizes to 60 students and consolidate operations. Officials say that the plan would wipe out the district's $327 million deficit by 2014.

The recession and financial crisis have resulted in a significant change in the way many Americans feel about spending and saving. Six in 10 Americans (62%) now say they more enjoy saving than spending -- while 35% say the reverse.

Funds collected for 911 emergency services: a new survey by the Federal Communications Commission indicates that in 2009 over a dozen states did not or may not have spent these funds on 911 or "E911" services, which zone in on caller locations. Wow, who would have thought this is possible!

The Labor Department has just announced the United States economy gained only 69,000 jobs in May and the unemployment rate rose to 8.2 percent. We air part two of our interview with Academy Award-winning director Charles Ferguson, who first examined the network of academic, financial and political players who contributed to the nation’s financial crisis in his documentary, "Inside Job." In his new book, "Predator Nation: Corporate Criminals, Political Corruption, and the Hijacking of America," Ferguson draws on newly released court filings to continue his investigation.

The country's top financial watchdogs turned out to
be horndogs who spent hours gawking at porn Web
sites as the economy teetered on the brink,
according to a memo released Thursday night.

The shocking findings include Securities and
Exchange Commission senior staffers using
government computers to browse for booty and an
accountant who tried to access the raunchy sites
16,000 times in one month.