The US Federal Reserve announced a $267bn plan to underpin the US's fragile recovery Wednesday as chairman Ben Bernanke warned that unemployment was unlikely to improve before the end of the year. The plan – an extension of a scheme known as Operation Twist – aims to drive down long-term interest rate and encourage borrowing. The announcement came as the latest statement from the Fed painted a gloomier picture of the US economy and said it was prepared to take more action if necessary.Read more »
Troubled U.S. government-backed mortgage giant Fannie Mae on Monday asked for 8.4 billion dollars in additional federal aid to cover its huge losses.
Fannie Mae reported earlier Monday that it lost 13.1 billion dollars in the first quarter, or 2.29 dollars a share. It lost 23. 2 billion dollars in the same period a year ago.
The new aid will bring the total bill for rescuing Fannie and its sister company Freddie Mac to 145 billion dollars. The Obama administration has pledged to provide an unlimited amount of funds to Fannie and Freddie to keep them solvent.Read more »
This is hilarious to anyone who has seen the Schoolhouse Rock video "I'm just a Bill" growing up in government schools. It's a promotion for Alex Gibney's new film "Casino Jack and the United States of Money."
Enjoy!Read more »
Iceland may vote to default on international debt. This is important news to Americans, because eventually, the US Federal Government will have to default on its debts, and the same political questions will come to the fore, on a much larger scaleRead more »
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