Search Results from beSpacific
Fiscal Space, Prepared by Jonathan D. Ostry, Atish R. Ghosh, Jun I. Kim, and Mahvash S. Qureshi, September 1, 2010, IMF Staff Position Note "The fiscal challenges facing advanced economies are unprecedented, and bring to the fore questions about how...
Executive Excess 2010: CEO Pay and the Great Recession, by Sarah Anderson, Chuck Collins, Sam Pizzigati, Kevin Shih: "The 17th annual executive compensation survey looks at how CEOs laid off thousands while raking in millions." "Corporate executives, in reality, are...
Long-Term Trends in Public Finances in the G-7 Economies, IMF Staff Position Note, September 1, 2010 SPN/10/13, Carlo Cottarelli and Andrea Schaechter "Today’s record public debt levels in most advanced economies are not only a direct fall-out from the global...
Default in Today's Advanced Economies: Unnecessary, Undesirable, and Unlikely, Carlo Cottarelli, Lorenzo Forni, Jan Gottschalk, and Paolo Mauro, IMF Staff Position Note, September 1, 2010, SPN/10/12 "The state of the public finances has worsened substantially in the main advanced economies...
August 2010 Manufacturing ISM Report On Business® - PMI at 56.3%. New Orders, Production and Employment Growing, Supplier Deliveries Slower, Inventories Growing "Economic activity in the manufacturing sector expanded in August for the 13th consecutive month, and the overall economy...
Sustainable Real Exchange Rates in the New EU Member States: What did the Great Recession Change? Jan Babecký, Aleš Bulíř, and Kateřina Šmídková, August 2010 "The Great Recession affected export and import patterns in our sample countries, and these changes,...
Productivity and Costs by Industry: Wholesale Trade, Retail Trade, and Food Services and Drinking Places Industries, 2009: "Labor productivity - defined as output per hour - fell in wholesale trade, but rose in retail trade and in food services and...
News release: "Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported an aggregate profit of $21.6 billion in the second quarter of 2010, a $26 billion improvement from the $4.4 billion net loss the industry...
News release: "The Federal Reserve Board on Tuesday announced its approval of the application by China Investment Corporation, Beijing, People's Republic of China, to acquire indirectly up to 10 percent of the voting shares of Morgan Stanley, New York, New...
News release: "...the Financial Crisis Inquiry Commission announced its witness list and more details for the Commission’s next public hearing titled: “Too Big to Fail: Expectations and Impact of Extraordinary Government Intervention and the role of Systemic Risk in the...
Where the Jobs Are: A First Look at Private Industry Job Growth and Wages in 2010 - National Employment Law Project, August 27, 2010 "While technically the Great Recession may have ended sometime in the second half of 2009, it...
News release: "The Basel Committee on Banking Supervision today issued the final version of its paper entitled Microfinance activities and the Core Principles for Effective Banking Supervision. The Basel Core Principles for Effective Banking Supervision (the Core Principles) are the...
The European Union’s Response to the 2007-2009 Financial Crisis, Walter W. Eubanks, Specialist in Financial Economics, August 13, 2010 "The purpose of this report is to assess the response of the European Union (EU) to the 2007-2009 financial crisis in...
Center on Budget and Policy Priorities - Chart Book: The Legacy of the Great Recession, Updated August 27, 2010 "The United States went through its longest, and by most measures worst economic recession since the Great Depression between December 2007...
Chairman Ben S. Bernanke At the Federal Reserve Bank of Kansas City Economic Symposium, Jackson Hole, Wyoming, August 27, 2010: The Economic Outlook and Monetary Policy "In sum, the pace of recovery in output and employment has slowed somewhat in...
Center on Budget and Policy Priorities: "The bottom line from today’s Commerce Department report on gross domestic product (GDP) is that the economy is growing far too slowly to reduce unemployment and it is still too early to declare that...
UK Office for National Statistics: GDP increased by 1.2 per cent in the second quarter of 2010, revised up from 1.1 per cent. GDP in the second quarter of 2010 is now 1.7 per cent higher than the second quarter...
National Income and Product Accounts; Gross Domestic Product, 2nd quarter 2010 (second estimate); Corporate Profits, 2nd quarter 2010 (preliminary estimate): "Real gross domestic product -- the output of goods and services produced by labor and property located in the United...
Employment and Unemployment Among Youth Summer 2010: "From April to July 2010, the number of employed youth 16 to 24 years old rose by 1.8 million to 18.6 million, the U.S. Bureau of Labor Statistics reported today. This year, the...
Displaced Workers Summary - "From January 2007 through December 2009, 6.9 million workers were displaced from jobs they had held for at least 3 years, the U.S. Bureau of Labor Statistics reported today. This was nearly twice as many as...
International Comparisons of Hourly Compensation Costs in Manufacturing, 2008 - "The trade-weighted average of hourly compensation costs in U.S. dollars for all employees in manufacturing among 32 foreign economies was 85 percent of the U.S. level in 2008, increasing from...
News release: "U.S. house prices rose in the second quarter of 2010 according to the Federal Housing Finance Agency’s (FHFA) seasonally adjusted purchase-only house price index (HPI). The HPI, calculated using home sales price information from Fannie Mae - and...
A speech delivered by Charles Evans, President, Chicago Federal Reserve, August 24, 2010 in Indianapolis, Indiana. "...homeownership is only good for families and communities if it can be sustained. Home purchases that are very highly leveraged or unaffordable subject the...
News release: "Vice President Joe Biden today unveiled a new report, “The Recovery Act: Transforming the American Economy through Innovation,” which finds that the Recovery Act’s $100 billion investment in innovation is not only transforming the economy and creating new...
Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output From April 2010 Through June 2010 - August 2010 "When ARRA was being considered, the Congressional Budget Office (CBO) and the staff of the Joint Committee...
House Financial Services Committee, Empowering Consumers: Can Financial Literacy Education Prevent Another Financial Crisis? August 24, 2010 Related postings on financial system...
News release: "Existing-home sales were sharply lower in July following expiration of the home buyer tax credit but home prices continued to gain, according to the National Association of Realtors®. Existing-home sales1, which are completed transactions that include single-family, townhomes,...
News release: "A new fact sheet from the UCLA Center for Health Policy Research, California's Uninsured by County, provides detailed county-by-county estimates of the number of California residents who have lost health insurance during the economic downturn. Following on a...
The Cost of Short Sales, CoreLogic Research Study - An Analysis of 2010 Short Sale Trends, Risks, and Opportunities Study, August 2010 "The objective of this study is to understand the actual costs of residential mortgage short sales (or short...
Patterns in Physically Demanding Labor Among Older Workers, August 2010, Hye Jin Rho. Center for Economic and Policy Research "Employment in physically demanding jobs or in jobs with difficult working conditions is a major cause of early labor-market exit among...
News release: "In recent months, discussion surrounding the financial soundness of state pension plans has been hotly contested. In fact, recent research by the Kellogg School suggests that pension programs in as many as 31 states are headed for run...
The Budget and Economic Outlook: An Update, August 2010 [includes links to the entire report and Supplemental Material] "The Congressional Budget Office (CBO) estimates that the federal budget deficit for 2010 will exceed $1.3 trillion — $71 billion below last...
News release: "In the week ending Aug. 14, the advance figure for seasonally adjusted initial claims was 500,000, an increase of 12,000 from the previous week's revised figure of 488,000. The 4-week moving average was 482,500, an increase of 8,000...
WSJ: General Motors Co. filed registration papers Wednesday for an initial public stock offering, laying the groundwork for the car maker to begin cutting its ties to the U.S. government, its majority owner. The 734-page document is the most detailed...
Business Employment Dynamics Summary, Fourth Quarter 2009: "From September to December 2009 the number of gross job gains from opening and expanding private sector establishments increased to 6.6 million, the U.S. Bureau of Labor Statistics reported today. Over this period,...
Producer Price Index, July 2010: "The Producer Price Index for Finished Goods rose 0.2 percent in July, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. This advance followed a 0.5-percent decline in June and a 0.3-percent decrease in...
Blundell-Wignall, A. and P. Slovik (2010), The EU Stress Test and Sovereign Debt Exposures, OECD Working Papers on Finance, Insurance and Private Pensions, No. 4, OECD Financial Affairs Division, 13-Aug-2010 "This working paper’s quantifications show that most sovereign debt is...
"The Empire State Manufacturing Survey indicates that conditions improved modestly in August for New York manufacturers. The general business conditions index rose 2 points from its July level, to 7.1. The new orders and shipments indexes both dipped below zero...
News release: "The Federal Reserve Board on Monday announced final rules to protect mortgage borrowers from unfair, abusive, or deceptive lending practices that can arise from loan originator compensation practices. The new rules apply to mortgage brokers and the companies...
News release: "The Federal Reserve Board on Monday announced final rules to implement a statutory amendment to the Truth in Lending Act requiring that consumers receive notice when their mortgage loan has been sold or transferred. The new disclosure requirement...
"The July 2010 Senior Loan Officer Opinion Survey on Bank Lending Practices addressed changes in the supply of, and demand for, bank loans to businesses and households over the past three months. The survey included a set of special questions...
The Impact of Housing and Investment Market Declines On the Wealth of Baby Boomers, Millie Parekh, Greg Anrig, The Century Foundation, August 4, 2010 The bursting of the housing bubble in 2007, the financial meltdown in 2008, and the most...
Bloomberg: "China surpassed Japan as the world’s second-largest economy last quarter, capping the nation’s three- decade rise from Communist isolation to emerging superpower. Japan’s nominal gross domestic product for the second quarter totaled $1.288 trillion, less than China’s $1.337 trillion,...
"Economic activity in the manufacturing sector expanded in July for the 12th consecutive month, and the overall economy grew for the 15th consecutive month, say the nation’s supply executives in the latest Manufacturing ISM Report On Business®. Manufacturing continued to...
Financing the U.S. Trade Deficit, James K. Jackson, Specialist in International Trade and Finance, June 22, 2010 "The U.S. merchandise trade deficit is a part of the overall U.S. balance of payments, a summary statement of all economic transactions between...
Jobless millions signal death of the American dream for many: "Growth rates are stuttering and a recovery is struggling to take hold. It may even now be showing signs of going backwards again, as countries such as Germany start to...
Hard Choices, Thomas M. Hoenig, President, Federal Reserve Bank of Kansas City, Town Hall Meeting, Lincoln, Nebraska, August 13, 2010 "These are trying times for the U.S. economy. The unemployment rate is almost 10 percent, our financial system remains under...
WSJ: Grim Mood Grows in America Pessimism Rises on Economy and War; Outlook Hurts Both Democrats and GOP "Americans are growing more pessimistic about the economy and the war in Afghanistan, and are losing faith that Democrats have better solutions...
Inflation Report - August 2010. The Inflation Report can be viewed as a complete PDF file or in sections. Click on the appropriate heading to access the file located on this page. "At the time of the May Report, the...
Agencies Issue Advance Notice of Proposed Rulemaking Regarding Alternatives to the Use of Credit Ratings in the Regulatory Capital Guidelines, August 10, 2010 "The federal banking agencies (agencies) today have agreed to publish an advance notice of proposed rulemaking (advance...
FOMC Statement, August 10, 2010: "Information received since the Federal Open Market Committee met in June indicates that the pace of recovery in output and employment has slowed in recent months. Household spending is increasing gradually, but remains constrained by...
Productivity and Costs, Second Quarter 2010, Preliminary: "Nonfarm business sector labor productivity decreased at a 0.9 percent annual rate during the second quarter of 2010, the U.S. Bureau of Labor Statistics reported today, with output and hours rising 2.6 percent...
U.S. Treasury Department Office of Financial Stability - Troubled Asset Relief Program Transactions Report For Period Ending July 30, 2010 - Capital Release Program Related postings on financial system...
News release: "On August 10, 2010, the Federal Open Market Committee directed the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York to keep constant the Federal Reserve’s holdings of securities at their current level...
"Zillow recently released its second quarter Real Estate Market Reports for the nation and 144 metropolitan areas. The reports show that home values continued to decline nationwide in the second quarter, but stabilization in some areas led to an overall...
News release: "The Committee on the Global Financial System (CGFS) released Long-term issues in international banking, a report prepared by a CGFS Study Group chaired by Hans-Helmut Kotz, former Executive Board member of the Deutsche Bundesbank. The report addresses structural...
AP: "The library board in Camden, one of the nation's poorest cities, is preparing to close all three of its libraries by the end of the year, saying its funding has been slashed so drastically that it cannot afford to...
WSJ - Roads to Ruin: Towns Rip Up the Pavement Asphalt Is Replaced By Cheaper Gravel; 'Back to Stone Age': "Paved roads, historical emblems of American achievement, are being torn up across rural America and replaced with gravel or other...
News release: "Total nonfarm payroll employment declined by 131,000 in July, and the unemployment rate was unchanged at 9.5 percent, the U.S. Bureau of Labor Statistics reported today. Federal government employment fell, as 143,000 temporary workers hired for the decennial...
News release - 2009-2010 Loan Book Performing Well; Single-Family Loans Have Lowest Early Serious Delinquency Rates in Last Decade Net Loss of $1.2 Billion in Second Quarter as Credit Performance Improves: "Fannie Mae (FNMA/OTC) reported today a net loss of...
National Foundation for Credit Counseling: "Recent legislation passed by Congress has changed how financial institutions will authorize and pay overdrafts associated with checking accounts. Although most overdrafts from paper checks and automatic payments will continue to be covered (for a...
Bureau of Economic Analysis National Economic Accounts - Personal Income and Outlays, June 2010 Revised Estimates: 2007 Through May 2010 "Personal income increased $3.0 billion, or less than 0.1 percent, and disposable personal income (DPI) increased $5.1 billion, or less...
News release: "U.S. businesses with paid employees lost almost 104,000 establishments in 2008, bringing the total number to 7.6 million, according to the U.S. Census Bureau. However, the total number of people they employed rose to 121 million, with businesses...
"Statistics compiled by the Administrative Office (AO) show that total liabilities and assets rose among the 1.4 million individuals filing non-business bankruptcy petitions in 2009 when compared to 2008, and that over a quarter of Chapter 13 filers have filed...
Follow up to previous posting on the auto industry, see this new White House report which includes interactive map and chart The American Auto Industry: A Comeback Story - "When President Obama took office, the American auto industry was on...
News release: "The Committee of European Banking Supervisors (CEBS) today publishes its implementation guidelines on Article 106(2) (c) and (d) of Directive 2006/48/EC (Capital Requirements Directive) as amended by Directive 2009/111/EC. As a consequence of the deletion of the general...
National Income and Product Accounts - Gross Domestic Product: Second Quarter 2010 (Advance Estimate) Revised Estimates: 2007 through First Quarter 2010: "Real gross domestic product -- the output of goods and services produced by labor and property located in the...
News release: "Amendments to Telemarketing Sales Rule Prohibiting Debt Relief Companies From Collecting Advance Fees Will Take Effect in October 2010 - Starting on October 27, 2010, for-profit companies that sell debt relief services over the telephone may no longer...
Full Report - Beige Book, July 28, 2010 - Summary of Commentary on Current Economic Conditions by Federal Reserve District, and link to reports by Districts: "Economic activity has continued to increase, on balance, since the previous survey, although the...
News release: "New survey research announced today shows that local governments are now facing a fiscal crisis that will force job losses approaching 500,000 and significant cuts in much needed public services. Representatives from the National League of Cities (NLC),...
Federal Debt and the Risk of a Fiscal Crisis, July 27, 2010, Economic and Budget Issue Brief "Over the past few years, U.S. government debt held by the public has grown rapidly—to the point that, compared with the total output...
Study unveils nation's worst economies: Nevada, Florida, California - Triangle Business Journal: "The past five years have taken quite a toll on the North Carolina economy. But things could be worse: At least Tar Heel State isn't Nevada, California or...
MLR-10-043 Material Loss Review of United Commercial Bank, San Francisco, California, 7/20/2010 "On November 6, 2009, the California Department of Financial Institutions (CDFI) closed United Commercial Bank (UCB), San Francisco, California, and named the FDIC as receiver. On January 20,...
Dynamics of Economic Well-Being: Spells of Unemployment, 2004-2007 — "Data from the 2004 Survey of Income and Program Participation on how often and how long U.S. residents were unemployed between January 2004 and the official start of the recession in...
News release: "Employers took 1,647 mass layoff actions in June that resulted in the separation of 145,538 workers, seasonally adjusted, as measured by new filings for unemployment insurance benefits during the month, the U.S. Bureau of Labor Statistics reported [July...
News release: "Today, the Special Master for TARP Executive Compensation, Kenneth R. Feinberg, announced the conclusion of his review of executive pay in late 2008 and early 2009. The Special Master looked at payments that taxpayer-assisted firms made to "Top...
Kenneth R. Feinberg, the Obama administration’s special master for executive compensation: "With the financial system on the verge of collapse in late 2008, a group of troubled banks doled out more than $2 billion in bonuses and other payments to...
bizjournals: "Washington residents can claim one of the least miserable economies in the nation, based on one straightforward measure: the misery index, which combines inflation with unemployment. The misery index in the Washington/Baltimore area currently stands as the second-lowest in...
Occupational Pay Comparisons Among Metropolitan Areas, 2009: Average pay for civilian workers in the San Jose-San Francisco-Oakland, CA metropolitan area was 20 percent above the national average in 2009, one of 77 metropolitan areas studied by the National Compensation Survey...
Chairman Ben S. Bernanke, Semiannual Monetary Policy Report to the Congress Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C., July 21, 2010 Chairman Dodd, Senator Shelby, and members of the Committee, I am pleased to...
Center for Economic and Policy Research - The Urgent Need for Job Creation, July 2010, John Schmitt and Tessa Conroy "Many lawmakers, policymakers, and economic commentators do not appear to recognize the depth of the current labor-market recession. Between December...
Regional and State Employment and Unemployment Summary, June 2010: "Regional and state unemployment rates were generally lower in June. Thirty-nine states and the District of Columbia recorded unemployment rate decreases, five states had increases and six states had no change,...
Governor Daniel K. Tarullo - International cooperation and financial regulatory modernization, Before the Subcommittee on Security and International Trade and Finance, Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C., July 20, 2010 "When you held a hearing...
The Volcker Rule - Obama’s economic adviser and his battles over the financial-reform bill, by John Cassidy: "Volcker believes that commercial banks, such as Citigroup and Wells Fargo, are worthy of receiving government assistance—and even, in extremis, taxpayer bailouts—because firms...
"Annual data on the labor force, employment, and unemployment in States and substate areas are available from two major sources: the Current Population Survey (CPS) and the Local Area Unemployment Statistics (LAUS) program. The CPS is a sample survey of...
News release: "The Securities and Exchange Commission's division that reviews public company filings is creating three specialized offices to enhance its disclosure review and policy operations. The new offices in the Division of Corporation Finance will focus on large financial...
News release: "The July 2010 NABE Industry Survey report presents the responses of 84 NABE members to a survey conducted between June 11, 2010, and June 29, 2010, on business conditions in their firm or industry, and reflects second-quarter 2010...
Office of the Special Inspector General for the Troubled Asset Relief Program: Factors Affecting the Decisions of General Motors and Chrysler to Reduce Their Dealership Networks, July 19, 2010 "At a time when the country was experiencing the worst economic...
Report to Congress on International Economic and Exchange Rate Policies, U.S. Department of the Treasury Office of International Affairs, July 8, 2010 "The United States is now in its fifth quarter of economic growth. Growth has averaged 3.5 percent per...
Follow up to Dodd-Frank Wall Street Reform and Consumer Protection Act - HR 11-517 and Senate passage of the bill by a 60-39 vote on July 15, 2010, via WSJ: "Buried in the bill's 800-odd pages are the most sweeping...
Consumer Price Index - June 2010: "The Consumer Price Index for All Urban Consumers (CPI-U) declined 0.1 percent in June on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the index...
News release: "Today, the U.S. Congress Joint Economic Committee (JEC), chaired by Representative Carolyn B. Maloney (D-NY), released the 2010 Joint Economic Report, which provides an overview of the state of the U.S. economy at the halfway point in 2010....
Does Unemployment Insurance Inhibit Job Search? July 2010 Report by the U.S. Congress Joint Economic Committee, Representative Carolyn Maloney, Chair "The principal purpose of the unemployment insurance (UI) program is to provide workers with a safety net in the event...
Real Earnings, June 2010 - All employees: "Real average hourly earnings for all employees rose 0.1 percent from May to June, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. This increase stems from a 0.1 percent decrease in...
"The Congressional Oversight Panel's July oversight report, Small Banks in the Capital Purchase Program, found that the result of the Capital Purchase Program's (CPP) "one-size-fits-all" repayment terms has been that large banks have been much better served by the program...
Executive Office of the President, Council of Economic Advisers - The Economic Impact of the American Recovery and Reinvestment Act of 2009, Fourth Quarterly Report, July 14, 2010 "As part of the unprecedented accountability and transparency provisions included in the...
State and Local Government Spending Increases by 6.5 Percent in 2008, Census Bureau Reports: "State and local government spending increased by 6.5 percent in 2008, totaling more than $2.8 trillion, according to the U.S. Census Bureau. Education topped government spending...
Shadow Banking, July 2010, Number 458. Authors: Zoltan Pozsar, Tobias Adrian, Adam Ashcraft, and Hayley Boesky "The rapid growth of the market-based financial system since the mid-1980s changed the nature of financial intermediation in the United States profoundly. Within the...
U.S. Salary Increase Budgets for 2011, Christopher Woock and Judit Torok, July 2010. R-1466-10-RR "With a median increase of 2.5 percent in 2010, salary increase budgets remain historically low but projections for 2011 show a modest increase to 3.0 percent—an...
UK Office for National Statistics: More people in UK now underemployed than overemployed, Economic & Labour Market Review, June 2010. 13 July 2010. "The article uses data from the Labour Force Survey, the largest household survey carried out by the...
News release: "A new Federal Trade Commission report concludes that the system for resolving consumer debt collection disputes is broken, and recommends significant litigation and arbitration reforms to improve efficiency and fairness to consumers. The report, Repairing A Broken System:...
2009 Annual Report - Southeast Banking in the Financial Crisis, July 8, 2010 "The Atlanta Fed's 2009 Annual Report provides perspective on a challenging year in banking in the Southeast, as the industry sought stability and stronger risk management even...
A Sharper Focus on Technical Workers: How to Educate and Train for a Global Economy - How to Educate and Train for the Global Economy, National Governors Association Center for Best Practices. "The report outlines actions governors can take to...
The Economist: "This interactive map underlines some of the problems that the European economy faces. In 2009 only Poland of the 27 countries in the European Union managed to record positive growth. Although many countries have now returned to growth,...
County Employment and Wages Fourth Quarter 2009: "From December 2008 to December 2009, employment declined in 325 of the 334 largest U.S. counties according to preliminary data, the U.S. Bureau of Labor Statistics reported today. Trumbull, Ohio, posted the largest...
Monthly Budget Review, July 2010 - Based on the Monthly Treasury Statement for May and the Daily Treasury Statements for June: "The federal government incurred a deficit of just over $1.0 trillion for the first nine months of fiscal year...
News release: "Following its statement issued on 18 June 2010, CEBS provides further information on the EU-wide stress test exercise which is now being finalised by CEBS and the national supervisory authorities, in close cooperation with the ECB. The objective...
News release: "OECD countries need to create 17 million jobs to get employment levels back to where they were before the crisis, according to the OECD’s Employment Outlook 2010. Unemployment may have peaked in the OECD area, having reached 8.6%...
New Fiscal Year Brings More Grief for State Budgets, Putting Economic Recovery at Risk, by Erica Williams, Phil Oliff, Ashali Singham and Nicholas Johnson "Dismal state revenue collections caused by the severe recession are setting the stage for a new...
News release: "The Conference Board Employment Trends Index™ (ETI) increased again in June for the eleventh consecutive month. The index now stands at 96.7, up from May’s revised figure of 96.1. The index is up 9.8 percent from a year...
Washington Post: "After showing signs of a fledgling recovery from the worst downturn in decades, the U.S. housing market appears to be heading back toward the doldrums, as the expiration of a lucrative tax credit for buyers and increased uncertainty...
LaToya Egwuekwe: "In the face of the worst economic upheaval since the Great Depression, millions of Americans are hurting. The Decline: The Geography of a Recession is a vivid representation of just how much. It’s an interactive map I created...
News release: "U.S. consumer bankruptcy filings totaled 770,117 nationwide during the first six months of 2010 (Jan. 1-June 30), a 14 percent increase over the 675,351 total consumer filings during the same period a year ago, according to the American...
News release: "One of the lessons of the global financial crisis which started in August 2007 is the crucial importance for policy makers and supervisors of having access to a wide range of reliable, timely and detailed financial statistics. The...
News release: The Employment Situation, June 2010 "Total nonfarm payroll employment declined by 125,000 in June, and the unemployment rate edged down to 9.5 percent, the U.S. Bureau of Labor Statistics reported today. The decline in payroll employment reflected a...
Follow up to Dodd-Frank Wall Street Reform and Consumer Protection Act, House of Representatives, 111th Congress, 2nd Session, Dodd-Frank Wall Street Reform and Consumer Protection Act - House Report 111-517, dated June 29, 2010, ordered to be printed. Related postings...
The Long-Term Budget Outlook, June 2010 "This Congressional Budget Office (CBO) report examines the pressures on the federal budget by presenting the agency’s projections of federal spending and revenues over the coming decades. Under current laws and policies, an aging...
Social Security Policy Options, July 2010 "Social Security is the federal government’s largest single program, and as the U.S. population grows older in the coming decades, its cost is projected to increase more rapidly than its revenues. As a result,...
Consultation on Derivatives and Market Infrastructures - frequently asked questions - "Why has the Internal Market and Services Directorate General of the European Commission launched another public consultation on Derivatives and Market Infrastructures? The European Commission adopted a Communication on...
States begin long climb to recovery, By Pamela M. Prah, Stateline Staff Writer: "The worst may be over as the bleeding in state budgets finally slowed this year, but the repercussions of how lawmakers made up the more than $100...
Metropolitan Area Employment and Unemployment Summary, May 2010: "Unemployment rates were higher in May than a year earlier in 222 of the 372 metropolitan areas, lower in 141 areas, and unchanged in 9 areas, the U.S. Bureau of Labor Statistics...
News release: "The Group of 20 should strive to promote long-term, broad-based growth, since this represents the most effective means to help lift tens of millions of people in the developing world out of poverty. Moreover, faster growth in developing...
OCC’s Quarterly Report on Bank Trading and Derivatives Activities First Quarter 2010 "The notional value of derivatives held by U.S. commercial banks increased $3.6 trillion in the first quarter, or 1.7%, to $216.5 trillion. U.S. commercial banks reported trading revenues...
"The Office of the Comptroller of the Currency, Treasury (OCC); Board of Governors of the Federal Reserve System, (Board or Federal Reserve); Federal Deposit Insurance Corporation (FDIC); Office of Thrift Supervision, Treasury (OTS), (collectively, the Agencies) are adopting final guidance...
House Financial Services Committee press release: "Dodd-Frank Wall Street Reform and Consumer Protection Act - Create a Sound Economic Foundation to Grow Jobs, Protect Consumers,Rein in Wall Street, End Too Big to Fail, Prevent Another Financial Crisis: "Americans have faced...
News release: "A new Tax Foundation report shows significant movement of American households up and down the income spectrum over time, challenging claims of income inequality based on snapshot analyses of income distribution. Nearly 60 percent of taxpayers who were...
News release: "Fannie Mae announced today policy changes designed to encourage borrowers to work with their servicers and pursue alternatives to foreclosure. Defaulting borrowers who walk-away and had the capacity to pay or did not complete a workout alternative in...
Office of Inspector General Department of the Treasury - OIG-10-042 Safety and Soundess: Material Loss Review of BankUnited, FSB, June 22, 2010 "This report presents the results of our material loss review of the failure of BankUnited, FSB (BankUnited), of...
Federal Reserve System Monthly Report on Credit and Liquidity Programs and the Balance Sheet, June 2010 "The Federal Reserve prepares this monthly report as part of its efforts to enhance transparency about the range of programs and tools that have...
A Study of the Unbanked and Underbanked Consumer in the Tenth Federal Reserve District, June 1, 2010 "A study by the Federal Reserve Bank of Kansas City provides insight into the 2.3 million unbanked and underbanked households in the Tenth...
COP Hearing with Treasury Secretary Timothy Geithner, June 22, 2010 Testimony by Tim Geitner: "Our economy is still going through an incredibly difficult period. Millions of Americans are still looking for work and are suffering from the damage of a...
News release: "House Financial Services Chairman Frank, on behalf of the House conferees, released the House offer on the titles listed below. The issues will be subject to debate when the House-Senate Conference Committee convenes in room SD-106, Dirksen Senate...
World Wealth Report 2010 "The world’s population of high net worth individuals (HNWIs) grew 17.1% to 10.0 million in 2009, returning to levels last seen in 2007 despite the contraction in world gross domestic product (GDP). Global HNWI wealth similarly...
News release: "Today House and Senate conferees again met on the bill to bring accountability to Wall Street. The bill creates a new consumer financial protection watchdog, ends too big to fail bailouts, sets up an early warning system to...
News release: "The economy is on a moderate but solid recovery path and sustainable private sector job growth has returned this year, according to [a concensus] the Economic Advisory Committee of the American Bankers Association...The committee unanimously noted that a...
Bank Regulators to Discourage Reliance on Rating Agencies, American Banker, Friday, June 18, 2010 - By Jeff Horwitz: "The big three credit rating agencies have long made the disclaimer that investors should not use ratings as a substitute for independent...
News release: "From industry insiders to straw buyers, nearly 500 people have been arrested in a nationwide mortgage fraud takedown that reflects the coordinated efforts of law enforcement to address the growing problem of crime in the housing industry. “Mortgage...
Federal Reserve Statistical Release, G.17- Industrial production and capacity utilization "Industrial production advanced 1.2 percent in May after having risen 0.7 percent in April. Manufacturing output climbed 0.9 percent last month, its third consecutive monthly gain of about 1 percent,...
Follow up to Frank Announces House Offer to Base Text on Private Funds, Credit Rating Agencies, Thrifts and Insurance, this new announcement: "Chairman Frank, on behalf of the House conferees, released the House offer on the titles listed below. The...
News release: "Chairman Frank, on behalf of the House conferees, released the House offer on the titles listed below. The issues will be subject to debate when the House-Senate Conference Committee convenes June 15, 2010. The issues for tomorrow’s offer:...
Transition to Adulthood The Future of Children, Vol. 20, No. 1, Spring 2010, Vol. 20, No. 1, Spring 2010. A Collaboration of The Woodrow Wilson School of Public and International Affairs at Princeton University and The Brookings Institution. "Today’s young...
In his letter to bi-partisan Congressional leadership President Obama highlights "the devastating economic impact of budget cuts at the state and local levels that are leading to massive layoffs of teachers, police and firefighters." Je goes on to request support...
The Homeownership Gap, Current Issues in Economics and Finance, May 2010. Volume 16, Number 5, by Andrew Haughwout, Richard Peach, and Joseph Tracy "Recent years have seen a sharp rise in the number of negative equity homeowners—those who owe more...
Interim Report on the Cumulative Impact on the Global Economy of Proposed Changes in the Banking Regulatory Framework, Institute of International Finance, June 2010 News release: "Leaders of the global financial industry today underscored their commitment to a constructive dialogue...
News release: "Labor productivity -- defined as output per hour -- rose in 46 percent of the 138 detailed manufacturing, mining, and service-providing industries studied in 2008, the U.S. Bureau of Labor Statistics reported today. This was down from the...
Testimony by Chairman Ben S. Bernanke - Economic and financial conditions and the federal budget, before the Committee on the Budget, U.S. House of Representatives, Washington, D.C., June 9, 2010 "The recovery in economic activity that began in the second...
Full Report - Beige Book, June 9, 2010 - Summary of Commentary on Current Economic Conditions by Federal Reserve District, and link to reports by Districts: "Economic activity continued to improve since the last report across all twelve Federal Reserve...
OMB, Memorandum for the Heads of Executive Departments and Agencies, June 8, 2010: "The American people deserve a government that spends every taxpayer dollar with as much care as taxpayers spend their own dollars—where money is spent not out of...
News release: "Organizations in the financial services sector have deployed at least 1,447 former federal employees to lobby Congress and federal agencies since the beginning of 2009, according to a joint analysis of federal disclosure records and other data released...
"COINS - the Combined On-line Information System - is used by the Treasury to collect financial data from across the public sector to support fiscal management, the production of Parliamentary Supply Estimates and public expenditure statistics, the preparation of Whole...
Monthly Budget Review, Based on the Monthly Treasury Statement for April and the Daily Treasury Statements for May: "The federal budget deficit was $941 billion during the first eight months of fiscal year 2010, CBO estimates, $51 billion less than...
Follow up to previous postings on Diebold e-voting machine controversy, this news release: "The Securities and Exchange Commission today charged Diebold, Inc. and three former financial executives for engaging in a fraudulent accounting scheme to inflate the company's earnings. The...
Financial Reform or Financial Dementia? Remarks by Richard W. Fisher at the SW Graduate School of Banking 53rd Annual Keynote Address and Banquet Dallas, Texas, June 3, 2010 "My message to you tonight is to remember where we have been....
Subsidized Jobs: Helping Americans Get Back To Work - "Because the Recovery Act is a temporary stimulus designed to boost job creation through a period of great labor market distress, programs in the Act sunset according to a preset schedule....
News release: "Total nonfarm payroll employment grew by 431,000 in May, reflecting the hiring of 411,000 temporary employees to work on Census 2010, the U.S. Bureau of Labor Statistics reported today. Private-sector employment changed little (+41,000). Manufacturing, temporary help services,...
Metropolitan Area Employment and Unemployment Summary, April 2010: "Unemployment rates were higher in April than a year earlier in 291 of the 372 metropolitan areas, lower in 73 areas, and unchanged in 8 areas, the U.S. Bureau of Labor Statistics...
News release: "Many euro area large and complex banking groups (LCBGs) returned to modest profitability in 2009, and their financial performances strengthened further in the first quarter of 2010. These developments, together with a bolstering of their capital buffers to...
Local government job losses hurt entire economy - Economic Policy Institute, Ethan Pollack, May 27, 2010 "America continues to reel from the worst recession in 75 years. While the American Reinvestment and Recovery Act successfully mitigated the severity and length...
TIGER: Tracking Indexes for the Global Economic Recovery - "In collaboration with the Financial Times (FT), Eswar Prasad and Karim Foda of Brookings have developed a set of composite indexes which track the global economic recovery. The Financial Times has...
News release: "The latest review of municipal budgets in 13 major cities by The Pew Charitable Trusts’ Philadelphia Research Initiative finds that almost all of the cities are dealing with another year of budget shortfalls, albeit slightly smaller than last...
2009 Decline Widespread Across Industries: "Advance GDP by Industry Statistics for 2009 and Revised Statistics for 1998-2008 - Downturns in durable-goods manufacturing and finance and insurance and a continued contraction in construction were the leading contributors to the downturn in...
State over-the-month and over-the-year unemployment rate changes, April 2010: "State unemployment rates were generally little changed or slightly lower in April; 34 states and the District of Columbia recorded unemployment rate decreases from March 2010 to April 2010, 6 states...
News release: "The share of families with an unemployed member rose from 7.8 percent in 2008 to 12.0 percent in 2009, the U.S. Bureau of Labor Statistics reported today. The proportion of families with an unemployed member in 2009 was...
The Effects of Automatic Stabilizers on the Federal Budget, May 2010 "Fluctuations in the budget deficit are influenced by legislation that governs taxation and spending and by the automatic responses of revenues and outlays to developments in the economy and...
News release: "The Federal Trade Commission submitted a statement today to the U.S. Senate describing the agency’s work to protect consumers from false or misleading claims about dietary supplements. This work includes law enforcement actions, coordination with the Food and...
The Budgetary Impact and Subsidy Costs of the Federal Reserve’s Actions During the Financial Crisis, May 2010 "This Congressional Budget Office (CBO) study — prepared at the request of the Ranking Member of the Senate Budget Committee — describes the...
How We're Doing as Debt Fears Rise Financial Crisis, Karen Dynan, Vice President and Co-Director, Economic Studies and Ted Gayer, Co-Director, Economic Studies - The Brookings Institution and The Washington Post "With the worst of the credit crunch of 2008-09...
The Foreclosure Crisis: Did Wall Street Practice Predatory Lending or Did Households Overreach?, April 2010. "A new study by researchers in the Department of Finance at the University of Arkansas finds that household overreaching drove the foreclosure crisis. The authors...
News release: "In testimony before the U.S. Senate Subcommittee on Financial Services and General Government of the Committee on Appropriations, the Federal Trade Commission today described the agency’s continuing work to promote competition and protect American consumers, including initiatives to...
The Cost of the Financial Crisis: The Impact of the September 2008 Economic Collapse - Phillip Swagel, Pew Economic Policy Group "U.S. households lost on average nearly $5,800 in income due to reduced economic growth during the acute stage of...
Time: "It is rarely noted that the financial wreckage littering our world is the creation, almost exclusively, of men, not women. And no wonder: to this day, each of the large banks, from Citigroup to Goldman Sachs, employs fewer than...
Understanding the Economy - Working Mothers in the Great Recession, Prepared by Joint Economic Committee Majority Staff, Mother’s Day 201, An Update on Working Moms "The Great Recession has taken a huge toll on working families. The vast majority of...
News release: "Bankruptcy filings for the 12-month period ending March 31, 2010, rose 27 percent when compared to bankruptcy filings for the 12-month period ending March 31, 2009, according to statistics released today by the Administrative Office of the U.S....
News release: "The Financial Stability Oversight Board (Oversight Board on May 13, 2010) issued its latest quarterly report to Congress on the Emergency Economic Stabilization Act (EESA), covering the period from January 1 to March 31. The report highlights the...
News release: "The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total March exports of $147.9 billion and imports of $188.3 billion resulted in a goods and services deficit of...
News release: "Employers initiated 1,564 mass layoff events in the first quarter of 2010 that resulted in the separation of 221,150 workers from their jobs for at least 31 days, according to preliminary figures released by the U.S. Bureau of...
The Impact of the Recession on Employment-Based Health Coverage, May 4, 2010, Employee Benefit Research Institute "This Issue Brief examines changes in health coverage among workers during the recession that started in December 2007. Data from the Survey of Income...
Total Individual Account Retirement Plan Assets, by Demographics, 2007, With Market Adjustments to March 2010. Employee Benefit Research Institute, May 6, 2010 "Workers’ participation in a retirement plan, either through an employment-based arrangement or individually, is a crucial factor in...
News release: "Securities and Exchange Commission Chairman Mary Schapiro and Commodity Futures Trading Commission Chairman Gary Gensler announced the formation of a joint committee that will address emerging regulatory issues. The establishment of the Joint CFTC-SEC Advisory Committee on Emerging...
News release: "There were 2.7 million job openings on the last business day of March 2010, the U.S. Bureau of Labor Statistics reported today. The job openings rate was unchanged over the month at 2.0 percent. The hires rate (3.3...
Program Perspectives on Frozen Defined-Benefit Plans "presents BLS data on the frequency, accrual of benefits, and alternatives to frozen defined-benefit plans as well as the length of time since the plans were frozen." "During the current economic recession, as employers...
Federal Reserve Bank of Atlanta - Financial Literacy and Subprime Mortgage Delinquency: Evidence from a Survey Matched to Administrative Data, Kristopher Gerardi, Lorenz Goette, and Stephan Meier, Working Paper 2010-10, April 2010 "The exact cause of the massive defaults and...
News release: "Americans held $16.0 trillion in retirement assets at the end of 2009, accounting for 35 percent of all household financial assets in the United States, the Investment Company Institute reported today. The finding is from The U.S. Retirement...
News release: "The Executive Board of the International Monetary Fund (IMF) today approved a three-year SDR 26.4 billion (€30 billion) Stand-By Arrangement for Greece in support of the authorities’ economic adjustment and transformation program. This front-loaded program makes SDR 4.8...
CBO Monthly Budget Review - May 2010. Based on the Monthly Treasury Statement for March and the Daily Treasury Statements for April 2010. "In the first seven months of fiscal year 2010, the federal government incurred a budget deficit of...
Financial Crisis Inquiry Commission Hearing, The Shadow Banking System, May 5-6, 2010 Day 1 | Day 2 Testimony of Christopher Cox, Former Chairman, U.S. Securities and Exchange Commission before the Financial Crisis Inquiry Commission, May 5, 2010: "The shadow banking...
Chairman Ben S. Bernanke At the University of South Carolina, Commencement Ceremony, Columbia, South Carolina, May 8, 2010: The Economics of Happiness "..Another area of this research bears directly on...the relationship between income and happiness. Some years ago the economist...
News release: "Nonfarm payroll employment rose by 290,000 in April, the unemployment rate edged up to 9.9 percent, and the labor force increased sharply, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in manufacturing, professional and business...
Financial Regulatory Reform and the 111th Congress, March 31, 2010 "One issue in financial reform is the potential reorganization of the financial system regulatory architecture. Currently, the United States has many regulators, some with overlapping jurisdictions, but with gaps in...
Monetary Policy and the Federal Reserve: Current Policy and Conditions, Marc Labonte, Specialist in Macroeconomic Policy, March 31, 2010 "The Fed defines monetary policy as the actions it undertakes to influence the availability and cost of money and credit to...
News release: "In January 2009, the FDIC sponsored a special supplement to the U.S. Census Bureau’s Current Population Survey (CPS) to collect data on the number of U.S. households that are unbanked and underbanked, their demographic characteristics, and their reasons...
Spring Economic Outlook Survey of Business Executives: "Confidence in the Greater Washington, DC economy reached its highest point since February 2009, according to the semi-annual economic survey released today by the Greater Washington Board of Trade. Business leaders have overall...
"The April 2010 Senior Loan Officer Opinion Survey on Bank Lending Practices addressed changes in the supply of, and demand for, bank loans to businesses and households over the past three months. The survey included three sets of special questions....
The Credit Market Consequences of Job Displacement, Benjamin J. Keys, Federal Reserve Board, 2010-24. April 29, 2010 "Abstract: This paper demonstrates the important role of job displacement in the household bankruptcy decision. I develop a dynamic, forward-looking model of unemployment...
Financial Statistics for the United States and the Crisis: What Did They Get Right, What Did They Miss, and How Should They Change?, Matthew J. Eichner, Donald L. Kohn, and Michael G. Palumbo, 2010-20. Federal Reserve Board, April 19, 2010....
Governor Elizabeth A. Duke At the Consumer Credit Counseling Services of Delaware Valley Financially Hers Program, Philadelphia, Pennsylvania - May 1, 2010 - Women and Money: Challenging the Myths "I firmly believe that, first, all women need financial education and,second,...
Issue Brief: The Funding of State and Local Pensions: 2009-2013, by Alicia H. Munnell, Jean-Pierre Aubry, and Laura Quinby, Center for State and Local Government Excellence "The financial crisis reduced the value of equities in state and local defined benefit...
Three Ways for Coping in Hard Times, by Susann Rohwedder, Jinkook Lee, and Craig Evan Pollack [Economist Susann Rohwedder is associate director of the RAND Center for the Study of Aging. Jinkook Lee is a RAND economist focusing on aging...
News release: "A new study released today from the Center for Economic and Policy Research (CEPR) proposes a new framework for measuring poverty and basic economic security in the United States....The report, A Modern Framework for measuring poverty and basic...
Confidence Stabilizing, But Preparations Continue to Erode, By Ruth Helman, Mathew Greenwald and Associates, and Craig Copeland and Jack VanDerhei, Employee Benefit Research Institute, March 2010 "The 2010 Retirement Confidence Survey—the 20th annual wave of this survey—finds that the record-low...
News release: "Unemployment rates were higher in March than a year earlier in 321 of the 372 metropolitan areas, lower in 41 areas, and unchanged in 10 areas, the U.S. Bureau of Labor Statistics reported today. Twenty-eight areas recorded jobless...
News release: "Data through February 2010, released today by Standard & Poor’s for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, show that the annual rates of decline of the 10-City and 20-City Composites improved in...
News release: "Today the Subcommittee holds the fourth in our series of hearings to explore some of the causes and consequences of the financial crisis. These hearings are the culmination of nearly a year and a half of investigation. The...
News release: "Employers took 1,628 mass layoff actions in March that resulted in the separation of 150,864 workers, seasonally adjusted, as measured by new filings for unemployment insurance benefits during the month, the U.S. Bureau of Labor Statistics reported today....
News release: "AARP commissioned a set of six statewide surveys to understand public opinion on consumer financial protection (CFP) issues. Telephone surveys were conducted in April 2010 with residents aged 50+ of Arkansas, Indiana, Maine, Montana, South Dakota, and Wisconsin....
U.S. Fiscal Policy After the Financial Crisis and Recession, April 2010. Presentation by CBO Director Doug Elmendorf to the International Monetary Fund Fiscal Forum, April 23, 2010 "Stronger automatic stabilizers probably would have reduced the output and employment losses from...
News release: "The Senate Permanent Subcommittee on Investigations released several exhibits that will be among those discussed on Tuesday at the fourth of its hearings on the causes and consequences of the financial crisis. The exhibits are available at this...
Six Critical Elements of Financial Reform, April 22, 2010 - Mike Konczal, The Roosevelt Institute "Financial reform is moving fast and it is likely to pass the Senate within days. Much of the action will take place on the floor,...
Losing a Job During a Recession, April 22, 2010 - Economic and Budget Issue Brief "This issue brief reviews the research on the short- and long-term effects of involuntary job loss for reasons other than poor performance or misconduct on...
CNNMoney.com: "The six biggest bank holding companies - Bank of America (BAC, Fortune 500), JPMorgan Chase (JPM, Fortune 500), Citigroup (C, Fortune 500), Wells Fargo (WFC, Fortune 500), Goldman Sachs (GS, Fortune 500) and Morgan Stanley (MS, Fortune 500) -...
The Financial Crisis’ Effects on the Alternatives for Public Pensions, Pensions, Retirement, Quality-of-Life Issues, by Douglas J. Elliott, Fellow, Economic Studies, Initiative on Business and Public Policy, The Brookings Institution, April 15, 2010. "The recent financial crisis dramatically changed the...
Addressing Foreclosed and Abandoned Properties, by Roxann Pais and Robert V. Wolf "This Bureau of Justice Assistance sponsored fact sheet offers an array of ideas to address vacant and abandoned properties. The strategies in this guide--which have been culled from...
Office of the Special Inspector General for the Troubled Asset Relief Program, April 20, 2010 - Quarterly Report to Congress Related postings on financial system...
Multilateral Development Banks: Overview and Issues for Congress, Rebecca M. Nelson, Analyst in International Trade and Finance, April 9, 2010 "The multilateral development banks (MDBs) include the World Bank and four smaller regional development banks: the African Development Bank (AfDB),...
StopFraud.gov - Financial Fraud Enforcement Task Force "What is the Financial Fraud Enforcement Task Force?: President Obama established the Financial Fraud Enforcement Task Force in November 2009 to hold accountable those who helped bring about the last financial crisis, and...
Summary Estimates for Multinational Companies: Employment, Sales, and Capital Expenditures for 2008 - "The following are advance summary estimates of the employment, capital spending, and sales activity of U.S. multinational companies (comprising both their U.S. and foreign operations) and the...
Distrust, Discontent, Anger and Partisan Rancor The People and Their Government, April 18, 2010 "By almost every conceivable measure Americans are less positive and more critical of government these days. A new Pew Research Center survey finds a perfect storm...
News release: "Regional and state unemployment rates were little changed in March. Twenty-four states recorded over-the-month unemployment rate increases, 17 states and the District of Columbia registered rate decreases, and 9 states had no rate change, the U.S. Bureau of...
The world turned upside down - The emerging world, long a source of cheap labour, now rivals the rich countries for business innovation, says Adrian Wooldridge (interviewed here) "This special report will argue...[d]eveloping countries are becoming hotbeds of business innovation...
Offices of Inspector General, Department of the Treasury, Federal Deposit Insurance Corporation Evaluation of Federal Regulatory Oversight of Washington Mutual Bank, Report No. EVAL-10-002, Released April 16, 2010 "This report presents the results of our review of the failure of...
100 Years of Consumer Spending: "Spending habits have changed significantly over the last century. We have seen great increases in the percentage of income that is allocated to housing and transportation, relative spending on food and clothing has fallen. Here...
News release: "The Securities and Exchange Commission today charged Goldman, Sachs & Co. and one of its vice presidents for defrauding investors by misstating and omitting key facts about a financial product tied to subprime mortgages as the U.S. housing...
Business Journal: "Barbara Desoer, president of Bank of America Home Loans, testified on Capitol Hill Tuesday about the housing crisis and the steps BofA is taking to modify troubled mortgages. And she painted a bleak picture, according to her prepared...
News release: "RealtyTrac®, the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report™ for Q1 2010, which shows that foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 932,234 properties in...
14 Apr 2010 - Masaaki Shirakawa: Recent economic and financial developments and the conduct of monetary policy: Statement by Mr Masaaki Shirakawa, Governor of the Bank of Japan, concerning the Bank's "Semiannual Report on Currency and Monetary Control" before the...
News release and tables: "The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total February exports of $143.2 billion and imports of $182.9 billion resulted in a goods and services...
Budget 2010 Securing the recovery - copy of Economic and Fiscal Strategy Report and Financial Statement and Budget Report – March 2010 as laid before the House of Commons by the Chancellor of the Exchequer when opening the Budget. Stephen...
The MetLife Study of Boomers in the Middle: An In-Depth Look at Americans Born 1952 – 1958, March 2010 "Distinguishable by a dramatic increase in birth rate following World War II, Baby Boomers now comprise one of the largest generations...
News release: "The economic crisis has created a significant shift in employers’ benefits objectives. Controlling benefits costs is now the top benefits objective for employers, edging out employee retention for the first time since 2006. And while improving employee productivity...
Too Big to Fail after FDICIA, Larry D. Wall, Economic Review, Vol. 95, No. 1, 2010 "In 1993, when this article was originally published, Congress had recently passed the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) to reduce...
Monthly Budget Review, April 2010. Based on the Monthly Treasury Statement for February and the Daily Treasury Statements for March. "The federal government incurred a budget deficit of $714 billion in the first six months of fiscal year 2010, CBO...
WSJ: Track the U.S. unemployment rate since 1948 via interactive graphic and accompanying article. Related postings on financial system...
"Recently Vanity Fair editor Graydon Carter and V.F. contributing editor Michael Lewis sat together onstage in front of an intimate crowd at the Museum of Modern Art in New York City and discussed Lewis’s new book, The Big Short: Inside...
The future of public debt: prospects and implications, by Stephen Cecchetti, Madhusudan Mohanty and Fabrizio Zampolli, Working Papers No 300, March 2010 "Since the start of the financial crisis, industrial country public debt levels have increased dramatically. And they are...
Chairman Ben S. Bernanke At the Dallas Regional Chamber, Dallas, Texas, April 7, 2010, Economic Challenges: Past, Present, and Future "The financial crisis that began in the summer of 2007 was an extraordinarily complex event with multiple causes. Its immediate...
Preliminary Staff Report: The Community Reinvestment Act and the Mortgage Crisis - Financial Crisis Inquiry Commission (FCIC)| April 7, 2010: "The purpose of this preliminary staff report is to provide background on the Community Reinvestment Act (CRA). Section I provides...
Preliminary Staff Report: The Mortgage Crisis - Financial Crisis Inquiry Commission (FCIC)| April 7, 2010: "The purpose of this preliminary staff report is to describe the recent mortgage crisis, which entailed a dramatic drop in home prices beginning in 2006...
Preliminary Staff Report: Government Sponsored Enterprises and the Financial Crisis Financial - Crisis Inquiry Commission (FCIC) | April 7, 2010: "This preliminary staff report provides information on the Federal National Mortgage Association (FNMA or Fannie Mae) and the Federal Home...
Preliminary Staff Report: The Role of the Federal Reserve in Banking Supervision and Regulation, Financial Crisis Inquiry Commission (FCIC) | April 7, 2010: "The purpose of this preliminary staff report is to provide a brief overview of the role of...
Preliminary Staff Report: Securitization and the Mortgage Crisis, Financial Crisis Inquiry Commission (FCIC) | April 7, 2010 "The purpose of this preliminary staff report is to provide an overview of mortgage securitization and its possible role in the sharp increase...
News release: "Unemployment rates were higher in February than a year earlier in 347 of the 372 metropolitan areas, lower in 21 areas, and unchanged in 4 areas, the U.S. Bureau of Labor Statistics reported today. Twenty-nine areas recorded jobless...
Financial Crisis Inquiry Commission - Hearings & Testimony - Subprime Lending and Securitization and Government-Sponsored Enterprises (GSEs), April 7, 2010 Related postings on Financial Crisis Inquiry Commission Related postings on financial system...
U.S. Birth Rate Decline Linked to Recession, by Gretchen Livingston and D’Vera Cohn, Pew Research Center, April 6, 2010 "Birth rates in the United States began to decline in 2008 after rising to their highest level in two decades, and...
Job Openings and Labor Turnover – February 2010: "There were 2.7 million job openings on the last business day of February 2010, the U.S. Bureau of Labor Statistics reported today. The job openings rate was little changed over the month...
News release: "The federal government defines “long-term unemployment” as a jobless period of six months or longer. In March 2010, over 44 percent of unemployed Americans met or exceeded that standard—the highest rate since World War II. In contrast, during...
News release: "Nonfarm payroll employment increased by 162,000 in March, and the unemployment rate held at 9.7 percent, the U.S. Bureau of Labor Statistics reported today. Temporary help services and health care continued to add jobs over the month. Employment...
News release: The Financial Crisis Inquiry Commission (FCIC) announced details for the Commission’s next public hearing, “Subprime Lending and Securitization and Government-Sponsored Enterprises (GSEs) to be held April 7 through April 9, 2010. WSJ - Greenspan to Testify on Subprime...
Understanding the Economy: Long-Term Unemployment in the African American Community "is the first in a series of JEC reports examining the unemployment situation among several demographic groups, including African Americans, Hispanics, youth, and women. Prepared by the Joint Economic Committee’s...
News release: "Personal income increased $1.2 billion, or less than 0.1 percent, and disposable personal income (DPI) increased $1.6 billion, or less than 0.1 percent, in February, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $34.7...
The Food Assistance Landscape, FY 2009 Annual Report "Expenditures for Food Assistance Exceed Previous Record High Federal expenditures for USDA’s food assistance programs totaled $78.8 billion in fiscal 2009, a 29-percent increase over the previous fiscal year—the largest percentage increase...
News release and data charts: "Fannie Mae and Freddie Mac completed more than 73,300 permanent mortgage loan modifications through January under the Administration’s Home Affordable Modification Program (HAMP). The Home Affordable Refinance Program, or HARP, also increased, as the percentage...
News release: "The nation’s state and local government employee retirement systems totaled $3.2 trillion in holdings and assets in 2008, a loss of $178.8 billion, according to new data released by the U.S. Census Bureau. These data come from the...
Refinements to Existing Administration Programs Designed to Help Unemployed, Underwater Borrowers While Helping Administration Meet its Goals: "...as part of its ongoing commitment to continuously improve housing relief efforts, the Administration announced adjustments to the Home Affordable Modification Program (HAMP)...
Issues in Labor Statistics, March 2010: "As a labor market contracts, workers experience job loss and can have a difficult time finding a new job. Job availability declines because many establishments are forced to slow or freeze hiring and others...
News release: "Performance on home mortgages serviced by the largest national banks and federally regulated thrifts declined for the seventh consecutive quarter in the fourth quarter of 2009, though home foreclosures slowed and new home retention actions continued strong, according...
News release: Prepared Statement of the Federal Trade Commission On Keeping Score on Credit Scores: An Overview of Credit Scores, Credit Reports and Their Impact on Consumers, Presented by David Vladeck, Director, Bureau of Consumer Protection, Before the Subcommittee On...
Analysis of the President's 2011 Budget, March 24, 2010 "Each year CBO estimates the budgetary impact of the proposals in the President's budget using the same economic assumptions and estimating techniques that the agency uses to produce all of its...
Special Master Issues 2010 Rulings for ‘Top 25’ Executives at Firms Receiving Exceptional Taxpayer Assistance and ‘Look Back’ Letter on Review of Pre-Recovery Act Compensation, March 23, 2010 "Today, the Special Master for TARP Executive Compensation, Kenneth R. Feinberg, issued...
The Crisis, Alan Greenspan, Second Draft: March 9, 2010 "To prevent a future financial crisis, the primary imperative must be increased regulatory capital and liquidity requirements on banks and significant increases in collateral requirements for globally traded financial products, irrespective...
U.S. Economic and Social Trends Since 2000 by Linda A. Jacobsen and Mark Mather (February 2010) "This has been a tumultuous decade for the United States. During the first 10 years of the 21st Century, there was a major terrorist...
Return of the Multi-Generational Family Household, March 18, 2010 - Pew Research Center’s Social & Demographic Trends Project. "The multi-generational American family household is staging a comeback — driven in part by the job losses and home foreclosures of recent...
News release: "The federal banking agencies, in conjunction with the Conference of State Bank Supervisors (CSBS), released a policy statement today on their expectations for sound funding and liquidity risk management practices. This policy statement, adopted by each of the...
Report on the Troubled Asset Relief Program - March 2010 "To fulfill its statutory requirement, CBO has prepared this third report on transactions—including investments, grants, and loans—completed, outstanding, and anticipated under the Troubled Asset Relief Program as of February 17,...
Recovery Accountability and Transparency Board, Quarterly Report to Congress and to the President of the United States. Insight and Information on the Recovery Board’s Operations Through February 2010. Released March 16, 2010. "The value that transparency brings to the oversight...
Office of Senate Banking, Housing and Urban Affairs Chairman Chris Dodd: Financial Reform Legislation Summary Financial Reform Legislation (1336 pages, PDF) - To promote the financial stability of the United States by improving accountability and transparency in the financial system,...
Financial Market Supervision: European Perspectives. James K. Jackson, Specialist in International Trade and Finance, February 4, 2010. "...governments in Europe are considering what, if any, changes they should make to their national financial systems. Along with the United States and...
"Increased responsibilities and potentially reduced resources make it difficult for financial executives to find time to fully understand the state of the organization’s financial reporting risk. But CFOs understand that, in the end, responsibility for the quality and timeliness of...
Winning the Race - How America Can Lead the Global Clean Energy Economy, March 2010. "During the last decade, some 5.7 million U.S. manufacturing jobs disappeared, many of them sent overseas. During the current recession alone, which began in December...
International Regulation and Treatment of Trade Finance: What Are the Issues? Marc Auboin — Economic Research and Statistics, WTO "The paper discusses a number of issues related to the treatment of trade credit internationally, a priori (treatment by banking regulators)...
New York Times: "It is the Wall Street equivalent of a coroner’s report — a 2,200-page document that lays out, in new and startling detail, how Lehman Brothers used accounting sleight of hand to conceal the bad investments that led...
Job Creation Programs of the Great Depression: the WPA and the CCC, Linda Levine, Specialist in Labor Economics, January 14, 2010 "With the exception of the Great Depression, the recession that began in December 2007 is the nation’s most severe...
Fiscal Policy Choices, March 2010. CBO Director Doug Elmendorf's presentation to the National Association for Business Economics. "CBO projects that the debt is on a trajectory that poses significant economic risks and becomes unsustainable. The key choices for medium-term and...
News release: "In January, 30 states and the District of Columbia recorded over-the-month unemployment rate increases, 9 states registered decreases, and 11 states had no change. Nonfarm payroll employment increased in 31 states and the District of Columbia, decreased in...
Preliminary Analysis of the President's 2011 Budget "Each year CBO estimates the budgetary impact of the proposals in the President's budget using the same economic assumptions and estimating techniques that the agency uses to produce all of its analyses and...
State employment-population ratio declines, 2008–09: "In 2009, 22 states and the District of Columbia recorded employment-population ratios—the proportion of the civilian noninstitutional population 16 years and older with a job—that were significantly above the U.S. ratio of 59.3 percent, and...
Employment Situation Summary, February 2010: "Nonfarm payroll employment was little changed (-36,000) in February, and the unemployment rate held at 9.7 percent, the U.S. Bureau of Labor Statistics reported today. Employment fell in construction and information, while temporary help services...
"In 2009, the Roosevelt Institute launched a policy center focused on the development and promotion of some of the most innovative, rigorous voices and ideas inspired by the courage and progressive values that Franklin and Eleanor Roosevelt brought to the...
Full Report - Beige Book, March 3, 2010 - Summary of Commentary on Current Economic Conditions by Federal Reserve District, and link to reports by Districts. "Reports from the twelve Federal Reserve Districts indicated that economic conditions continued to expand...
U.S. Courts news release: "Bankruptcy filings in the federal courts rose 31.9 percent in calendar year 2009, according to data released today by the Administrative Office of the U.S. Courts. The number of bankruptcies filed in the twelve-month period ending...
State and Local Governments' Fiscal Outlook: March 2010 Update, GAO-10-358, March 02, 2010 "In summary, this March 2010 update to our model shows that the state and local government sector continues to face near-term budget and long-term fiscal challenges which...
News release: "The U.S. Department of Labor today released state-by-state figures on the number of individuals who will lose their unemployment benefits in the coming days if Congress fails to extend unemployment insurance benefits. If Emergency Unemployment Compensation and full...
News release: "Economic activity in the manufacturing sector expanded in February for the seventh consecutive month, and the overall economy grew for the 10th consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business®. The...
News release: "Department of Consumer Affairs (DCA) Commissioner Jonathan Mintz today announced that more than 825,000 adult New Yorkers do not have bank accounts, but instead use fringe financial services like check cashers to pay bills, cash payroll checks, buy...
News release: "Cisco announced the findings of a retail banking study that suggests banks have an opportunity to increase revenues up to 10 percent by embracing Generation Y consumers. Conducted by the Cisco Internet Business Solutions Group (IBSG), Cisco's global...
News release: "Six alternative measures of labor underutilization have long been available on a monthly basis from the Current Population Survey (CPS) for the United States as a whole. They are published in the Bureau of Labor Statistics' monthly Employment...
African American Experiences in the Economy: Recession Effects More Strongly Felt, February 2010 "This economic recession has had a devastating impact on the African American community. The survey, found that over the last 12 months, a third (33%) of African...
Leaving in droves, February 24, 2010, By Kathryn Edwards and Heidi Shierholz: "Since the recession started in December 2007, the labor force -- people who are either working or seeking work -- has declined by 700,000 workers, even though the...
How a New Jobless Era Will Transform America, by Don Peck: "The Great Recession may be over, but this era of high joblessness is probably just beginning. Before it ends, it will likely change the life course and character of...
New York Times: "A growing body of research suggests that layoffs can have profound health consequences. One 2006 study by a group of epidemiologists at Yale found that layoffs more than doubled the risk of heart attack and stroke among...
News release: "Bank account overdraft fees can be a source of unexpected costs for consumers. A new online Federal Reserve Board publication will help consumers better understand rules that provide additional protection when a debit card or automated teller machine...
FDIC Quarterly Banking Profile, Fourth Quarter 2009 "Fourth Quarter Earnings Are Slightly Above Break-Even: The benefits of a recovering economy and stable financial markets in year-over-year comparisons were evident in the performance of insured depository institutions in the fourth quarter....
Time Variation in Okun’s Law: A Canada and U.S. Comparison by Kimberly Beaton, International Economic Analysis Department, Bank of Canada, Ottawa, Ontario, Canada. "This article investigates the stability of Okun’s law for Canada and the United States using a time...
"There was a $1 trillion gap at the end of fiscal year 2008 between the $2.35 trillion states had set aside to pay for employees' retirement benefits and the $3.35 trillion price tag of those promises, according to a new...
"In a new White Paper, the national nonprofit consumer group Center for Justice & Democracy explores how the weakening of investors’ and borrowers’ legal rights since the 1990s has compounded deregulation and lax regulatory enforcement led to the recent economic...
New York Times: Millions of Unemployed Face Years Without Jobs: "Every downturn pushes some people out of the middle class before the economy resumes expanding. Most recover. Many prosper. But some economists worry that this time could be different. An...
"The quarterly CIPD/KPMG Labour Market Outlook [February 2010] aims to offer an early indication of future changes to the labour market around recruitment, redundancy and pay intentions. The survey is based on a survey of more than 700 HR professionals,...
In Defense of Much, But Not All, Financial Innovation, Robert E. Litan1 "In this essay [I highlight] many, perhaps most, of the key truly “financial” (not mechanical) innovations since the 1960s that have changed the way finance carries out its...
News release: "The Conference Board Leading Economic IndexTM (LEI) for the U.K. increased by 0.4 percent in December to 99.0 (2004 = 100), following gains of 0.9 percent in November and 1.1 percent in October. Six of the seven components...
News release: "The U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today released January data for the Administration's Home Affordable Modification Program (HAMP), demonstrating that the number of homeowners receiving immediate relief and converting...
News release: "Employers initiated 2,043 mass layoff events in the fourth quarter of 2009 that resulted in the separation of 321,569 workers from their jobs for at least 31 days, according to preliminary figures released by the U.S. Bureau of...
Unemployment in January 2010: "In January, the number of unemployed persons decreased to 14.8 million, and the unemployment rate fell by 0.3 percentage point to 9.7 percent. In January, unemployment rates for most major worker groups—adult men (10.0 percent), teenagers...
The Debt Limit: History and Recent Increases, D. Andrew Austin, Analyst in Economic Policy, Mindy R. Levit, Analyst in Public Finance January 28, 2010 "Total debt of the federal government can increase in two ways. First, debt increases when the...
Insurance and Financial Regulatory Reform in the 111th Congress, Baird Webel, Specialist in Financial Economics, January 13, 2010 "In the aftermath of the recent financial crisis, broad financial regulatory reform legislation has been advanced by the Obama Administration and by...
U.S. and Canadian Institutions Listed by Fiscal Year 2009 Endowment Market - Value and Percentage Change in Endowment Market Value from FY 2008 to FY 2009 Related postings on financial system...
U.S. Metro Economies Pace of Economic Recovery: GMP and Jobs - The United States Conference of Mayors and The Council for the New American City "The U.S. unemployment rate will peak in the first quarter of 2010, averaging 10.2% between...
U.S. CMBS: January rise in delinquency rate is largest during downturn - "The delinquency rate on loans in U.S. CMBS conduit/fusion deals increased 52 basis points in January and now stands at 5.42%, as measured by the Moody's Delinquency Tracker...
Bloomerberg News: "U.S. unemployment peaked in October and will retreat through 2011 as the economy strengthens, according to economists surveyed by Bloomberg News. The world’s largest economy will grow 3 percent this year and next, more than anticipated a month...
Statement of Douglas W. Elmendorf, Director - Policies for Increasing Economic Growth and Employment in the Short Term, prepared for the Joint Economic Committee, February 12, 2010 "The United States has just suffered through the most severe recession since the...
WSJ: "About a quarter of the 8.4 million jobs eliminated since the recession began won't be coming back and will ultimately need to be replaced by other types of work in growing industries, according to economists in the latest Wall...
News release: "The Congressional Oversight Panel's February oversight report, "Commercial Real Estate Losses and the Risk to Financial Stability", expresses concern that a wave of commercial real estate loan losses over the next four years could jeopardize the stability of...
"FinCEN is issuing this final rule to amend the relevant Bank Secrecy Act (BSA) information sharing rules to allow certain foreign law enforcement agencies, and State and local law enforcement agencies, to submit requests for information to financial institutions. The...
Economic Report of the President 2010: "Contains current/foreseeable trends and annual numerical goals concerning topics such as employment, production, real income, and Federal budget outlays." A Look Inside the Economic Report of the President Related postings on financial system...
Chairman Ben S. Bernanke, Federal Reserve's exit strategy, Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C., February 10, 2010 Statement as prepared for delivery. The hearing was postponed due to inclement weather. "In summary, to help...
Loss Aversion, Asymmetric Market Comovements, and the Home Bias. Kevin Amonlirdviman and Carlos Carvalho, Federal Reserve Bank of New York, February 2010. "Loss aversion has been used to explain why a high equity premium might be consistent with plausible levels...
News release and tables: The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total December exports of $142.7 billion and imports of $182.9 billion resulted in a goods and services...
Labor Underutilization Problems of U.S. Workers Across Household Income Groups at the End of the Great Recession: A Truly Great Depression Among the Nation’s Low Income Workers Amidst Full Employment Among the Most Affluent. Prepared by Andrew Sum, Ishwar Khatiwada,...
News release: "With total salary increase budgets now barely exceeding inflation, even top performers may barely be keeping up with cost of living increases, according to The Conference Board Salary Increase Budgets for 2010-Winter Update, containing revised projections for 2010...
News release: "A new study developed by TransUnion confirms that the "new" payment hierarchy -- where consumers pay their credit cards prior to their mortgages -- is continuing, with the trend occurring more readily than ever before...The percentage of consumers...
News release: "OECD composite leading indicators (CLIs) for December 2009 provide stronger signals of an expansionary economic outlook than last month. CLIs for the G7 economies as well as China, India, Russia and Brazil, are now all close to, or...
News release: "Now, a special Google public data search feature will show numeric results for 17 World Development Indicators (WDI) reliably sourced to the World Bank. For example, a Google search for GDP features a box at the top of...
TIME: The Great Recession: Will Construction Workers Survive? By Kevin O'Leary: "The middle and working-classes have been hammered by the Great Recession and no industry has taken it more on the chin than construction. Nationally, unemployment fell to 9.7% in...
News release: "The federal financial regulatory agencies and the Conference of State Bank Supervisors (the regulators) issued a statement today on prudent lending to creditworthy small business borrowers.1 The regulators recognize that small businesses play an important role in the...
Monthly Budget Review, February 2010. Based on the Monthly Treasury Statement for December and the Daily Treasury Statements for January. CBO Estimates a Federal Budget Deficit of $434 Billion in the First Four Months of Fiscal Year 2010. "The federal...
News release: "The Federal Trade Commission today told the U.S. Senate Committee on Commerce, Science and Transportation that the agency has stepped up efforts to protect consumers affected by the economic downtown, and that additional authority would make the agency...
News release: "The global economic recovery that is now underway will slow later this year as the impact of fiscal stimulus wanes. Financial markets remain troubled and private sector demand lags amid high unemployment, according to a new report from...
Acting Director Edward J. DeMarco sent the following letter to Chairmen Frank and Dodd and Ranking Members Bachus and Shelby regarding the conservatorship of Fannie Mae and Freddie Mac. "The first part of the letter will review the establishment and...
Hunger in America 2010 National Report, Mathematica Policy Research Inc., February 2010. "This report presents the result of a study conducted in 2009 for Feeding America (FA) (formerly America's Second Harvest), the nation's largest organization of emergency food providers. The...
Budget of the United States Government - FY11: Contains the budget message of the President, information about the President's budget proposals for a given fiscal year, and other budgetary publications. "See the White House FY 2011 Budget website for details...
Office of the Special Inspector General of the Troubled Asset [SIGTARP] Relief Program Advancing Economic Stability Through Transparency, Coordinated Oversight and Robust Enforcement - Quarterly Report to Congress - October 30, 2010. "Well into its second year of operations, the...
News release: "Employers took 1,726 mass layoff actions in December that resulted in the separation of 153,127 workers, seasonally adjusted, as measured by new filings for unemployment insurance benefits during the month, the U.S. Bureau of Labor Statistics reported today....
An Analysis of the Roadmap for America’s Future Act of 2010, as Specified by Congressman Ryan’s Staff, January 27, 2010 "Today CBO released a letter to Congressman Paul Ryan, Ranking Member of the House Budget Committee, analyzing the Roadmap for...
Follow up to January 25, 2010 posting, Work of Special IG For TARP Draws Increasing Attention, read Mr. Barofky's testimony today before the House Oversight Committee on The Federal Bailout Of AIG. See also Treasury Secretary Timothy F. Geithner's Written...
News release: "A new report released today by the Joint Economic Committee (JEC) provides a snapshot of the current economic climate in each state, offering policy makers easy access to the major economic indicators in all 50 states and the...
The Financial Crisis: Reform and Exit Strategies: "The financial crisis left major banks crippled by toxic assets and short of capital, while lenders became less willing to finance business and private projects. The immediate and potential impacts on the banking...
The Budget and Economic Outlook: Fiscal Years 2010 to 2020, January 2010 - Executive Summary / Full Report "The Congressional Budget Office projects that if current laws and policies remained unchanged, the federal budget would show a deficit of $1.3...
New York Times: Mr. Neil A. Barofsky [Special Inspector General for the TARP - SIGTARP] is setting off fireworks on Capitol Hill as he quietly and methodically pieces together the most complete historical record yet of the financial bailout. His...
News release: "The Commerce Department’s Economics and Statistics Administration today issued a new report for Vice President Biden’s Middle Class Task Force: Middle Class in America. The report, which identifies what it means to be middle class in America today,...
News release: "Regional and state unemployment rates were generally higher in December. Forty-three states and the District of Columbia recorded over-the-month unemployment rate increases, four states registered rate decreases, and three states had no rate change, the U.S. Bureau of...
Via Rick McKinney: "GPO finally made available the text of the Wall Street Reform and Consumer Protection Act of 2009, H.R. 4173, as passed by the House on December 11, 2009. The 1706 page bill had been 1279 pages when...
Producer Price Index, January 20, 2010: "The Producer Price Index for Finished Goods moved up 0.2 percent in December, seasonally adjusted. This rise followed a 1.8-percent advance in November and a 0.3-percent increase in October. The index for finished goods...
Report of the Joint Economic Committee Congress of the United States on the 2009 Economic Report of the President Together With Minority Views, January 11, 2010. "The Obama administration and Congress headed into 2009 with an economy teetering on the...
News release: "A new joint report from the National Research Council and the National Academy of Public Administration, Choosing the Nation's Fiscal Future, offers U.S. leaders ways to address the nation's fiscal problems and confront its rapidly growing debt --...
Global Risks 2010 - A Global Risk Network Report. A World Economic Forum Report in collaboration with Citi, Marsh & McLennan Companies (MMC), Swiss Re, Wharton School Risk Center, Zurich Financial Services. January 2010. "This year’s report explores a set...
Downcast Unemployment Forecast—Targeted Job Creation Policies Necessary to Offset Grim Projections, By Kai Filion, January 14, 2010, Economic Policy Institute Issue Brief #270 "The nation’s 10% unemployment rate does not capture the severity of the crisis for minority workers in...
Weekly Address: President Obama Vows to "Collect Every Dime" of Taxpayer Funds that Helped Big Banks: "In this week’s address, President Barack Obama proposed a fee on major financial firms to recoup – on behalf of American taxpayers - the...
European Economy Sustainability report 2009 "The European economy is showing signs of entering a phase of recovery after a deep crisis. Thanks to effective and substantive policy action since autumn 2008, coordinated in the context of the European Economic Recovery...
Policies for Increasing Economic Growth and Employment in 2010 and 2011 - January 2010 "After the most severe recession since the 1930s, the U.S. economy appears to be recovering. Real (inflation adjusted) gross domestic product (GDP) grew during the third...
First Public Hearing of the Financial Crisis Inquiry Commission Day 2, January 14, 2010. Panel 1: Current Investigations into the Financial Crisis — Federal Officials. Panel 2: Current Investigations into the Financial Crisis — State and Local Officials. Related postings...
CBO's Budgetary Treatment of Fannie Mae and Freddie Mac, January 2010 - Background Paper "After the U.S. government assumed control in 2008 of Fannie Mae and Freddie Mac—two federally chartered institutions that provide credit guarantees for almost half of the...
"In the wake of the most significant financial crisis since the Great Depression, the President signed into law on May 20, 2009, the Fraud Enforcement and Recovery Act of 2009, creating the Financial Crisis Inquiry Commission. The Commission was established...
Executive Office of the President, Council of Economic Advisors: Economic Impact of the American Recovery and Reinvestment Act of 2009, Second Quarterly Report, January 13, 2010 "Evaluating the impact of countercyclical macroeconomic policy is inherently difficult because we do not...
News release: "The U.S. Department of the Treasury, together with the Department of Housing and Urban Development (HUD), and the Federal Housing Finance Agency (FHFA) today announced the completion of all transactions under the recently-introduced state and local Housing Finance...
Full Report - Beige Book, February 13, 2010 - Summary of Commentary on Current Economic Conditions by Federal Reserve District, and link to reports by Districts. "Reports from the twelve Federal Reserve Districts indicated that while economic activity remains at...
Loan Performance and Negative Home Equity in the Nonprime Mortgage Market, GAO-10-146R, December 16, 2009: "This report (1) provides information on the performance of these nonprime loans as of June 30, 2009, and describes forecasts made by others of future...
National League of Cities - Research Brief on America's Cities, December 2009: "While the nation’s economy may be approaching the late stages of the worst economic downturn since the Great Depression, local government budget tightening and spending cuts over the...
News release: "There were 2.4 million job openings on the last business day of November 2009, the U.S. Bureau of Labor Statistics reported today. The job openings rate was little changed over the month at 1.8 percent. The openings rate...
UK Office for National Statistics: "The UK’s deficit on trade in goods and services was Ł2.9 billion in November, compared with a revised deficit of Ł3.1 billion in October (originally published as a deficit of Ł3.2 billion). The surplus on...
Securities and Exchange Commission Litigation Release No. 21371 / January 11, 2010 - Securities and Exchange Commission v. Bank of America Corporation, Civil Action No. 09-6829 (JSR) (S.D.N.Y.): "The Securities and Exchange Commission today announced that it seeks to charge...
News release: "In the letter, Cuomo seeks detailed information regarding bonus allocations from eight of the nation’s largest financial institutions: Bank of America; Bank of New York Mellon; Citigroup; Goldman Sachs; J.P. Morgan Chase; Morgan Stanley; State Street; Wells Fargo."...
News release: "OECD composite leading indicators (CLIs) for November 2009 provide stronger signals of recovery than in last month's assessment. Troughs in the underlying reference series - the index of industrial production - for all major seven countries, except Canada...
Food Stamps, and Nothing Else - Food stamp programs in 30 states and the District of Columbia provided data on the number of recipients who had no other cash income in 2007 and 2009. These numbers reflect not only the...
New Deal Denialism, Eric Rauchway, Dissent Winter 2010 "From the start of the current economic crisis, commentators have compared the ongoing unpleasantness to the crash of 1929, with the implication that we might soon begin to suffer a version of...
News release: " This report, Basel Committee on Banking Supervision, The Joint Forum, Review of the Differentiated Nature and Scope of Financial Regulation Key Issues and Recommendations, January 2010, analyses key issues arising from the differentiated nature of financial regulation...
MarketWatch: "New data this week showed China continued its ascent into economic superpower status, rising above Germany as the world's top exporter and overtaking the U.S. in domestic auto sales, according to reports. China exported $957 billion worth of goods...
WSJ: "The Financial Crisis Inquiry Commission will require top bankers and regulators to testify under oath in the coming week when its first public hearings get under way, the panel's chairman and vice chairman said Friday. Chairman Phil Angelides, a...
Monthly Budget Review, January 2010 - Based on the Monthly Treasury Statement for November and the Daily Treasury Statements for December: "The federal budget deficit was about $390 billion in the first quarter of fiscal year 2010, CBO estimates—$56 billion...
News release: "Nonfarm payroll employment edged down (-85,000) in December, and the unemployment rate was unchanged at 10.0 percent, the U.S. Bureau of Labor Statistics reported today. Employment fell in construction, manufacturing, and wholesale trade, while temporary help services and...
The Feasibility of Systemic Risk Measurement: Written Testimony for the House Financial Services Committee Hearing on Systemic Risk Regulation, Working Paper, October 2009, Andrew W. Lo [Harris & Harris Group Professor, Director, MIT Laboratory for Financial Engineering] Related postings on...
Governor Elizabeth A. Duke At the Economic Forecast Forum, Raleigh, North Carolina, January 4, 2010 - The Economic Outlook "A number of factors are at work in explaining the reduction in bank loans. For instance, for most commercial banks, the...
2009 Year-End Report on the Federal Judiciary: "Chief Justice John Roberts issued his 2009 year-end report, stating that "courts are operating soundly, and the nation's dedicated federal judges are conscientiously discharging their duties...In 2009, a total of 1,402,816 bankruptcy petitions...
Federal Reserve Chairman Ben S. Bernanke At the Annual Meeting of the American Economic Association, Atlanta, Georgia, January 3, 2010 - Monetary Policy and the Housing Bubble "Even as we continue working to stabilize our financial system and reinvigorate our...
American Indians and the Great Recession—Economic Disparities Growing Larger, By Algernon Austin, Economic Policy Institute, December 2009 "American Indians, like Hispanic Americans and African Americans, have had the misfortune of experiencing double-digit unemployment rates for most or all of 2009....
Washington Post: "The past decade was the worst for the U.S. economy in modern times, a sharp reversal from a long period of prosperity that is leading economists and policymakers to fundamentally rethink the underpinnings of the nation's growth. It...
Follow up to previous postings on H.R. 4173, David Reilly, Bloomberg News columnist, commentary. Related postings on financial system...
The Homeownership Gap, Andrew Haughwout, Richard Peach, Joseph Tracy. October 30, 2009 "After rising for a decade, the homeownership rate peaked at 69 percent in the third quarter of 2006. Over the next two and a half years, as home...
Why Are Banks Holding So Many Excess Reserves? December 2009, Volume 15, Number 8, Todd Keister and James J. McAndrews "The buildup of reserves in the U.S. banking system during the financial crisis has fueled concerns that the Federal Reserve’s...
News release: "The Federal Deposit Insurance Corporation (FDIC) released a list of orders of administrative enforcement actions taken against banks and individuals in November. No administrative hearings are scheduled. The FDIC processed a total of 51 matters in November. These...
News release: "The Federal Reserve Board and the Federal Trade Commission today announced final rules that generally require a creditor to provide a consumer with a notice when, based on the consumer’s credit report, the creditor provides credit to the...
World of Work Report 2009 - The Global Jobs Crisis and Beyond, International Labour Organization (International Institute for Labour Studies) 2009 "The world economy is exhibiting encouraging signs of a recovery. The IMF now predicts over 3 per cent economic...
Changes in the Aggregate Labor Force Participation Rate, Julie L. Hotchkiss, Economic Review, Vol. 94, No. 4, 2009 "Human capital is a vital component in the production process, so the size of the labor force can profoundly affect the potential...
Regional and State Employment and Unemployment (Monthly), December 18, 2009: "In November, 36 states and the District of Columbia recorded over-the-month unemployment rate decreases, 8 states registered increases, and 6 states had no change. Nonfarm payroll employment increased in 19...
Person of the Year 2009: "The story of the year was a weak economy that could have been much, much weaker. How the mild-mannered man who runs the Federal Reserve prevented an economic catastrophe." "The Fed chairman sat down with...
Tracking the Nation's Bank Failures - banks, saving banks and thrifts that have failed since the beginning of 2008 - last update December 11, 2009 at which time the number was 158. Check this site for regular updates. Related postings...
News release: "The Federal Financial Institutions Examination Council (FFIEC), on behalf of its members, released proposed guidance today on reverse mortgage products. The guidance is designed to help financial institutions ensure that their risk management and consumer protection practices adequately...
"The MetroMonitor is a quarterly, interactive barometer of the health of America’s 100 largest metropolitan economies. It examines trends in metropolitan-level employment, output, and housing conditions to look “beneath the hood” of national economic statistics to portray the diverse metropolitan...
News release: "Revenues for securities, commodity contracts and other financial investment activities decreased 36.1 percent in 2008, from $464 billion in 2007 to $297 billion in 2008, according to new data from the U.S. Census Bureau. The data tables, 2008...
Nearly half of Detroit's workers are unemployed: "Despite an official unemployment rate of 27 percent, the real jobs problem in Detroit may be affecting half of the working-age population, thousands of whom either can't find a job or are working...
New York Times: "The Metropolitan Transportation Authority approved a punishing slate of service cuts on Wednesday that would amount to the most significant erosion of New York City’s transit system since its recovery from the ruinous days of the 1980s....
"Joblessness has wreaked both financial and emotional havoc on the lives of many of those out of work, according to a New York Times/CBS News poll of unemployed adults, causing major life changes, mental health issues and struggles to maintain...
From the Statement: "Agreement reached to terminate loss-sharing agreement – Cancelling $1.8 billion of $7.1 billion of trust preferred securities held by the U.S. government as consideration for agreement. Citigroup will cease being a beneficiary of TARP “Exceptional Financial Assistance”...
Google.org blog: "...at the International Climate Change Conference (COP15) in Copenhagen we demonstrated a new technology prototype that enables online, global-scale observation and measurement of changes in the earth's forests. We hope this technology will help stop the destruction of...
Investing for Success Examining a Federal Capital Budget and a National Infrastructure Bank, Emilia Istrate and Robert Puentes, Metropolitan Policy Program at Brookings "Today’s fiscally constrained environment demands a new approach to infrastructure policy, allowing us to upgrade our existing...
Transcript: "Over the past two years, more than seven million Americans have lost their jobs, and factories and businesses across our country have been shuttered. In one way or another, we’ve all been touched by the worst economic downturn since...
"The government should do more to help businesses create jobs amid a continuing bleak outlook for the U.S. labor market, according to most economists in the latest Wall Street Journal survey." Charts and Data: Jobs, housing, GDP, more Related postings...
News release: "The Congressional Oversight Panel's December oversight report, Taking Stock: What Has the Troubled Asset Relief Program Achieved?, concludes that TARP was an important part of a broader government strategy that stabilized the U.S. financial system. It is apparent...
The Bipartisan Task Force for Responsible Fiscal Action Act of 2009, December 9, 2009 Why is the Bipartisan Fiscal Task Force Needed?: Long-term projections show an unsustainable imbalance between government spending and revenues. Gross debt is likely to exceed 100...
News release: "The House Financial Services Committee today [began] marking up a bill that would create a new consumer protection agency and increase regulation of a number of financial products, including credit cards, insurance, mortgages and "derivatives." Even as members...
Monthly Budget Review December 2009 - Based on the Monthly Treasury Statement for October and the Daily Treasury Statements for November New release: "The federal budget deficit was $292 billion for the first two months of fiscal year 2010, CBO...
"The Associated Press Economic Stress Index, a monthly analysis of the economic state of more than 3,100 U.S. counties, found that manufacturing counties have outperformed the national average since March. The Stress Index calculates a score from 1 to 100...
New York Times: "The nation’s employers not only have stopped eliminating large numbers of jobs, but appear to be on the verge of rebuilding the American work force, devastated by the recession." News release: "The unemployment rate edged down to...
"Today, one in five Americans is unemployed, underemployed or just plain out of work. One in nine families can't make the minimum payment on their credit cards. One in eight mortgages is in default or foreclosure. One in eight Americans...
Brenner, Robert. (2009). What is Good for Goldman Sachs is Good for America The Origins of the Present Crisis. UC Los Angeles: Center for Social Theory and Comparative History. Retrieved from: http://escholarship.org/uc/item/0sg0782h "Robert Brenner outlines the long-term causes of the...
News release: "The Federal Deposit Insurance Corporation (FDIC) today released the findings of its FDIC National Survey of Unbanked and Underbanked Households, breaking new ground in gaining understanding of which Americans remain outside the banking system. The survey, conducted on...
Full Report - Beige Book, December 2, 2009 - Summary of Commentary on Current Economic Conditions by Federal Reserve District, and link to reports by Districts. "Reports from the twelve Federal Reserve Districts indicate that economic conditions have generally improved...
Bank for International Settlements Working Papers No 293 - Ten propositions about liquidity crises by Claudio Borio, Monetary and Economic Department, November 2009. "What are liquidity crises? And what can be done to address them? This short paper brings together...
Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output as of September 2009 - November 2009 "Recipients report that about 640,000 jobs were created or retained with ARRA funding through September 2009. Such reports, however,...
News release: "The U.S. Department of the Treasury and Department of Housing and Urban Development (HUD) today kick off a nationwide campaign to help borrowers who are currently in the trial phase of their modified mortgages under the Obama Administration’s...
Financial Times: "The US economy continued to shrink in the second quarter, but the pace of contraction slowed as aggressive government spending started to loosen the grip of the longest recession on record." News release: "Real gross domestic product --...
OECD Economic Outlook No. 86, November 2009: "The economic recovery now spreading across OECD countries is still too timid to halt the continuing rise in unemployment. The jobless rate is expected to peak in the first half of 2010 in...
WaPo Op-Ed: The right reform for the Fed, by Ben Bernanke - Sunday, November 29, 2009 "For many Americans, the financial crisis, and the recession it spawned, have been devastating -- jobs, homes, savings lost. Understandably, many people are calling...
News release: "Bankruptcy cases filed in federal courts for fiscal year 2009 totaled 1,402,816, up 34.5 percent over the 1,042,993 filings reported for the 12-month period ending September 30, 2008, according to statistics released today by the Administrative Office of...
Telling the Narrative of the Financial Crisis: Not Just a Housing Bubble - Douglas J. Elliott, Fellow, Economic Studies, Initiative on Business and Public Policy, Martin Neil Baily, Senior Fellow, Economic Studies - The Brookings Institution, November 23, 2009. "Major...
The Economic and Budget Outlook, November 2009. CBO Director Doug Elmendorf's presentation to the American Association for Budget and Program Analysis. "The country faces a fundamental disconnect between the services people expect the government to provide, particularly in the form...
"In a specially commissioned study, The Audit here takes a look at online resources tracking the bailout and stimulus money, from government web sites to independently run operations," by Jaimie Dougherty. Related postings on financial system...
News release: "U.S. house prices rose modestly in the third quarter of 2009 according to the Federal Housing Finance Agency’s (FHFA) seasonally adjusted purchase-only house price index (HPI). The HPI, calculated using home sales price information from Fannie Maeand Freddie...
Temporary Extension of Unemployment Benefits: Emergency Unemployment Compensation (EUC08), November 17, 2009 "In July 2008, a new temporary unemployment benefit, the Emergency Unemployment Compensation (EUC08) program, began. The EUC08 program was created by P.L. 110-252, and it was amended by...
Calculated Risk (CR) Blog: Problem Bank List Nov 20, 2009 (Unofficial) - DISCLAIMER: This is an unofficial list, the information is from public sources and while deemed to be reliable is not guaranteed. No warranty or representation, expressed or implied,...
The Financial Crisis and U.S. Cross-Border Financial Flows, Carol C. Bertaut and Laurie Pounder, Federal Reserve Board Division of International Finance "The financial crisis that began in the summer of 2007 caused notable changes in the composition of U.S. cross-border...
Jon Lipe's blog: "The Obama Administration announced state and local allocations totaling $18.6 billion under its HFA Initiative’s New Issue Bond Program (NIBP). In addition, the Administration revealed that it will be providing $10.5 billion in liquidity support to 23...
"USDA's Economic Research Service's (ERS) today released its annual report on Household Food Security in the U.S., which revealed that in 2008, 17 million households, or 14.6 percent, were food insecure and families had difficulty putting enough food on the...
Chairman Ben S. Bernanke At the Economic Club of New York, New York, New York - November 16, 2009 - On the Outlook for the Economy and Policy "Today, financial conditions are considerably better than they were [one year ago],...
Unemployment, 2004 to Present, via Flowing Data - the work of Nathan Yau. Click to pan and zoom. Right click for more options. View raw image. Related postings on financial system...
Job Loss and Infrastructure Job Creation Spending During the Recession, Linda Levine, Specialist in Labor Economics, October 2, 2009 "A question that typically arises during congressional consideration of economic stimulus legislation is which approach produces the most bang for the...
Follow up to previous postings on the establishment of a Consumer Financial Protection Agency, the following new documents released by Sen. Dodd via his press release: Discussion draft "To identify and address risks to the stability of the United States...
Stateline.org: "California’s financial problems are in a league of their own. But the same pressures that drove the Golden State toward fiscal disaster are wreaking havoc in a number of states, with potentially damaging consequences for the entire country. This...
News release: "The federal government recorded a total budget deficit of $1.4 trillion in fiscal year 2009, about $960 billion more than the deficit incurred in 2008. The federal deficit rose as a share of the nation’s gross domestic product...
Survey on City Fiscal Conditions, November 6, 2009 "During the annual Fall Leadership Meeting of The U.S. Conference of Mayors, held October 1-3 in Seattle, mayors from cities of all sizes in all regions of the country described the severity...
Broader Measure of U.S. Unemployment Stands at 17.5%: "In all, more than one out of every six workers — 17.5 percent — were unemployed or underemployed in October. The previous recorded high was 17.1 percent, in December 1982." Related postings...
News release: "In October, the unemployment rate rose to 10.2 percent, the highest since April 1983, and nonfarm payroll employment continued to decline (-190,000). The largest job losses over the month were in construction, manufacturing, and retail trade." Related postings...
News release: "Fannie Mae is implementing the Deed for Lease™ Program under which qualifying homeowners facing foreclosure will be able to remain in their homes by signing a lease in connection with the voluntary transfer of the property deed back...
News release: "The Federal Highway Administration crossed the $20 billion mark in approved obligations for highway, road and bridge projects this week, U.S. Transportation Secretary Ray LaHood announced today. Of the $26.6 billion available for federal highway and bridge projects...
Migration and the Global Recession - A Report Commissioned by the BBC World Service, by Michael Fix, Demetrios G. Papademetriou, Jeanne Batalova, Aaron Terrazas, Serena Yi-Ying Lin, and Michelle Mittelstadt, Migration Policy Institute, September 2009 "The global financial crisis that...
News release: "Fannie Mae and Freddie Mac refinanced more than 3.5 million mortgage loans in 2009 through September of this year. In the month of September, 262,000 mortgages were refinanced — a drop from the volume of the preceding month...
AP: Analysis of Positions Created by the 2009 Recovery Act - use drop-down menus to choose industry and respective state. Thereafter, mouse-over map to see data on jobs in specific counties. Related postings on financial system related postings on American...
News release: "The Federal Deposit Insurance Corporation (FDIC), in coordination with the other member Agencies of the Federal Financial Institutions Examination Council (FFIEC), adopted a policy statement today supporting prudent commercial real estate (CRE) loan workouts. This policy statement stresses...
Still Waiting: ‘Unfair or Deceptive’ Credit Card Practices Continue as Americans Wait for New Reforms to Take Effect, October 2009 [Tom Melo] "This report present the findings of the latest review of consumer credit card product by the Pew Health...
WSJ: "Here are some key parts of the draft legislation hashed out between House Financial Services Committee Chairman Barney Frank (D., Mass.) and the Treasury Department. 1) It would create a financial services oversight council, chaired by the Treasury Secretary,...
News release: "The Federal Reserve Board issued a proposal designed to ensure that the incentive compensation policies of banking organizations do not undermine the safety and soundness of their organizations. The proposal includes two supervisory initiatives. One, applicable to 28...
CQ Staff: "The House Financial Services Committee approved creation of a Consumer Financial Protection Agency (CFPA), marking a big win for many Democrats and consumer advocates. The measure (HR 3126) — a central piece of the Obama administration’s financial overhaul...
100th Bank Failure Fact Sheet "The FDIC insures approximately 8,200 financial institutions. Since the beginning of 2008, the FDIC has protected more than $322.9 billion in deposits at 124 failed banks. Assets of those banks totaled more than $478.9 billion....
Chairman Ben S. Bernanke At the Federal Reserve Bank of Boston 54th Economic Conference, Chatham, Massachusetts, October 23, 2009 Financial Regulation and Supervision after the Crisis: The Role of the Federal Reserve "The theme of the Federal Reserve Bank of...
Forty Strongest U.S. Metro Economies: "Federal Reserve Chairman Ben Bernanke might think the country is out of the recession, but unemployment is rising from Connecticut to California and banks are taking possession of a growing share of American homes. But...
News release: "Today, the Special Master for TARP Executive Compensation Kenneth R. Feinberg released determinations on the compensation packages for the top executives at firms that received exceptional TARP assistance. Under the Emergency Economic Stabilization Act (EESA) as amended in...
Fiscal Policy - Has it worked? Is more needed?. Oregon Economic Forum, October 22, 2009, Mark Thoma, Department of Economics, University of Oregon Related postings on financial system...
Office of the Special Inspector General for the Troubled Asset [SIGTARP] Relief Program Advancing Economic Stability Through Transparency, Coordinated Oversight and Robust Enforcement - Quarterly Report to Congress - October 21, 2009 "More than a year has now passed since...
News release: 'Regional and state unemployment rates were generally little changed in September. Twenty-three states and the District of Columbia recorded over-the-month unemployment rate increases, 19 states registered rate decreases, and 8 states had no rate change, the U.S. Bureau...
Speech by Mervyn King, Governor of The Bank of England, to Scottish Business Organisations in Edinburgh, October 20, 2009: "Banking has not been good for the wealth of the Scottish – and, it should be said, almost any other –...
News release: "A report released today by the Death Penalty Information Center concludes that states are wasting hundreds of millions of dollars on the death penalty, draining state budgets during the economic crisis and diverting funds from more effective anti-violence...
"Vice President Biden today unveiled Recovery Through Retrofit, a report that builds on the foundation laid in the Recovery Act to expand green job opportunities and boost energy savings by making homes more energy efficient...At a Middle Class Task Force...
Chairman Ben S. Bernanke at the Federal Reserve Bank of San Francisco’s Conference on Asia and the Global Financial Crisis, Santa Barbara, California, October 19, 2009 Asia and the Global Financial Crisis: "As a prelude to the papers and discussions...
HUD Inspector General report - Controls over FHA single-family lender approval process need improvement, issued September 30, 2009 "Finding 1: FHA's Lender Approval Process Did Not Ensure That Only Eligible Applicants Were Approved. FHA's lender application process was not adequate...
News release, October 16, 2009: "U.S. personal income grew 0.2 percent in the second quarter of 2009, the first growth in a year for the U.S. and for 15 states, according to estimates released today by the U.S. Bureau of...
The National Coalition for the Homeless, Foreclosure to Homelessness 2009: the Forgotten Victims of the Subprime Crisis. A joint report from the National Coalition for the Homeless,the National Health Care for the Homeless Council, the National Alliance to End Homelessness,...
Federal Reserve: Industrial Production and Capacity Utilization, October 16, 2009 - "Industrial production rose 0.7 percent in September after an upwardly revised gain of 1.2 percent in August. For the third quarter as a whole, output advanced at an annual...
New York Times: "The surveys, conducted in the United States by the Institute of Supply Management and in other countries by Markit, measure not the level of manufacturing output but the way it is changing. The surveys have a reputation...
News release: Real average hourly earnings fell 0.1 percent from August to September, seasonally adjusted, the Bureau of Labor Statistics reported today. This decline stemmed from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), up by...
News release: "On a seasonally adjusted basis, the Consumer Price Index for All Urban Consumers (CPI-U) rose 0.2 percent in September, the Bureau of Labor Statistics reported today. The increase was less than the 0.4 percent rise in August. The...
News release: "Abuses and abusers from the subprime mortgage market have begun showing up in the reverse mortgage market, putting at risk the equity and savings of millions of seniors. That’s the main finding of Subprime Revisited: How the Rise...
Office of the Special Inspector General for the the Troubled Asset Relief Program - October 14, 2009 - Extent of Federal Agencies' Oversight of AIG Compensation Varied, and Important Challenges Remain Related postings on financial system...
News release: "The world’s largest economies took the biggest hit in the World Economic Forum’s second annual Financial Development Report released today. Global financial centres still lead in the report’s Index, but the effects of financial instability have pulled down...
"This animated map provides a striking visual of employment trends over the last business cycle using net change in jobs from the U.S. Bureau of Labor Statistics on a rolling 12-month basis...By animating the data, the map highlights a number...
The Federal Reserve's Balance Sheet: An Update, October 8, 2009 [Note - there is a 7 screen Flash slide show embedded at the end of this document]: "To fight a recession, the standard prescription for a central bank is to...
Vice Chairman Donald L. Kohn At the Federal Reserve Conference on Key Developments in Monetary Policy, Washington, D.C. October 9, 2009 "The first two volumes of the Handbook of Monetary Economics were published in 1990. It is fitting that the...
Remarks of President Barack Obama - As Prepared For Delivery Consumer Financial Protection Event, October 9, 2009: "The new Consumer Financial Protection Agency that I've asked Congress to create will have just one mission: to look out for the financial...
New York Times: "In what has become a ritual, the Federal Deposit Insurance Corporation has swooped down on a handful of troubled lenders almost every Friday, seizing 98 since January alone and putting their assets into the hands of another...
News release: "The Congressional Oversight Panel today released its October oversight report, An Assessment of Foreclosure Mitigation Efforts after Six Months. The Panel expresses concern about the limited scope and scale of the Making Home Affordable program and questions whether...
News release: ""The Financial Services Authority (FSA)..published its final rules on the liquidity requirements expected of firms. The far-reaching overhaul, designed to enhance firms’ liquidity risk management practices, is based on the lessons learned since the start of the credit...
Foreclosures: A Crisis in Legal Representation, By Melanca Clark with Maggie Barron – 10/05/09 "The nation’s massive foreclosure crisis is also, at its heart, a legal crisis. Many homeowners are losing their homes because they lack the ability to navigate...
Emergency Capital Injections Provided to Support the Viability of Bank of America, Other Major Banks, and the U.S. Financial System, October 5, 2009 Committee on Oversight and Reforms - Republican: "A report released today by the Office of the Special...
News release: "The Federal Reserve Board on Monday announced two changes to the procedures for evaluating asset-backed securities (ABS) pledged to the Term Asset-Backed Securities Loan Facility (TALF). The TALF, which was authorized by the Board on November 24, 2008,...
William C. Dudley, President and Chief Executive Officer, Federal Reserve Bank of New York - Remarks at the Fordham Corporate Law Center Lecture, New York "My assessment of where things stand today is mixed. On the positive side, the financial...
News release: "After the collapse of Lehman Brothers in 2008, Congress passed TARP, the Troubled Asset Relief Program, to prevent another “catastrophic” bank failure. Nearly a year later, the government has essentially formalized the idea that major banks are “too...
News release: "The Federal Housing Finance Agency today reported that the average interest rate on conventional 30-year, fixed-rate, mortgage loans of $417,000 or less decreased 1 basis point to 5.30 percent in August. The average interest rate on 15-year, fixed-rate...
Center for Economic and Policy Research: Decreased Jobs and Hours Push Economy Back to 1997 Hours Level, By Dean Baker "The benchmark revisions will show job loss was 824,000 larger than originally reported. The loss of 263,000 payroll jobs, coupled...
World Economic Outlook (WEO) - Sustaining the Recovery, October 2009: "The World Economic Outlook (WEO) presents the IMF staff's analysis and projections of economic developments at the global level, in major country groups (classified by region, stage of development, etc.),...
New Yorker (no fee): Rational Irrationality - The real reason that capitalism is so crash-prone. by John Cassidy "Most of the time, financial markets are pretty calm, trading is orderly, and participants can buy and sell in large quantities. Whenever...
News release: "Nonfarm payroll employment continued to decline in September (-263,000), and the unemployment rate (9.8 percent) continued to trend up, the U.S. Bureau of Labor Statistics reported today. The largest job losses were in construction, manufacturing, retail trade, and...
Corporate Governance Report 2009: Boards in turbulent times "The global financial crisis has heralded a new international order that has yet to be understood fully or accepted widely. The economic changes happening now are structural, not cyclical, and therefore truly...
"One of FASAB’s federal financial reporting objectives—the stewardship objective—includes enabling readers to determine whether future budgetary resources will likely be sufficient to sustain public services and to meet obligations as they come due...the question of the long-term fiscal sustainability of...
OCC and OTS Mortgage Metrics Report - Disclosure of National Bank and Federal Thrift Mortgage Loan Data, Second Quarter 2009 "This OCC and OTS Mortgage Metrics Report for the second quarter of 2009 provides performance data on first lien residential...
Metropolitan Area Employment and Unemployment Summary, August 2009: "Unemployment rates were higher in August than a year earlier in all 372 metropolitan areas, the U.S. Bureau of Labor Statistics reported today. Sixteen areas recorded jobless rates of at least 15.0...
Federal Computer Week: "The upgraded version of the Recovery.gov Web site for tracking spending under the economic stimulus law gets mostly positive reviews, but has disappointed some visitors. The retooled site, sponsored by the Recovery Accountability and Transparency Board, went...
News release: "Risks to the global financial system have subsided as a result of unprecedented policy actions and, more recently, a nascent global economic recovery, according to the IMF’s latest Global Financial Stability Report (GFSR). But the semiannual report, released...
News release and report: "Fannie Mae and Freddie Mac refinanced more than 3.2 million mortgage loans in 2009 through August of this year. In the month of August alone, nearly 360,000 mortgages were refinanced. The numbers were announced today by...
News release: "The Conference Board Consumer Confidence Index®, which had improved in August, dipped in September. The Index now stands at 53.1 (1985=100), down from 54.5 in August. The Present Situation Index decreased to 22.7 from 25.4. The Expectations Index...
Pew Financial Reform Project Briefing Paper# 7 - Quantifying the cost on lending of increased capital requirements, Douglas J. Elliott. "The analysis presented here strongly suggests that the U.S. banking industry could adjust to higher capital requirements on loans through...
Review of American Recovery and Reinvestment Act Formula Allocations, September 24, 2009, Audit Report No.: 2009-FO-0006 "We performed an audit of the U.S. Department of Housing and Urban Development's (HUD) formula-based allocations related to five programs funded in the American...
OCC’s Quarterly Report on Bank Trading and Derivatives Activities: Second Quarter 2009 "A total of 1,110 insured U.S. commercial banks reported derivatives activities at the end of the second quarter, an increase of 47 banks from the prior quarter. Nonetheless,...
News release: "Credit quality declined sharply for loan commitments of $20 million or more held by multiple federally supervised institutions, according to the 32nd annual review of Shared National Credits (SNC). The credit risk of these large loan commitments was...
News release: "In a trend that is likely to continue, nearly half of U.S. companies are automatically enrolling workers into 401(k) plans to encourage them to save for retirement, according to a survey by Watson Wyatt, a leading global consulting...
The Commission on the measurement of economic performance and social progress has been created at the beginning of 2008 on French government's initiative. Increasing concerns have been raised since a long time about the adequacy of current measures of economic...
Using Bureau of Labor Statistics reporting, this New York Times graphic documents that "only 2.4 million full-time permanent jobs were open, with 14.5 million people officially unemployed." See also accompanying article. Related postings on financial system...
News release: "The massive scale of global corruption resulting from bribery, price-fixing cartels and undue influence on public policy is costing billions and obstructing the path towards sustainable economic growth, according to a new report released today by Transparency International...
Social Security Analyses Overview Social Security Outlook Policy Analyses Individual Accounts and Investments in Private Assets Retirement Saving AP: Job losses, early retirements hurt Social Security Related postings on financial system...
High School Dropouts and The Economic Losses from Juvenile Crime in California. California Dropout Research Project Report #16, September 2009, By Clive R. Belfield Queens College, City University of New York and Henry M. Levin Teachers College, Columbia University [thanks...
News release: "Reps. Carolyn Maloney (D-NY), author of the credit card reform bill signed earlier this year by President Obama, and Barney Frank (D-MA), Chair of the House Financial Services Committee, today introduced legislation which changes the effective date for...
News release: "Employers took 2,690 mass layoff actions in August that resulted in the separation of 259,307 workers, seasonally adjusted, as measured by new filings for unemployment insurance benefits during the month, the U.S. Bureau of Labor Statistics reported today....
Follow up to August 23, 2009 posting - "Why Women's Rights Are The Cause of Our Time" - today's news release: "Millions of girls and women will have access to improved health care, better education, and increased economic opportunity because...
Housing Costs for Homeowners With Mortgages: 2007 and 2008 American Community Surveys, American Community Survey Reports Issued September 2009: "This report presents data on median selected monthly housing costs for homeowners with mortgages at the national and state levels based...
Men’s and Women’s Earnings by State: 2008 American Community Survey, American Community Survey Reports, issued September 2009: "This report is one of a series produced to highlight results from the 2008 American Community Survey (ACS). The report series is designed...
The 50 Richest Members of Congress: "Even membership in Congress’ most exclusive club couldn’t insulate lawmakers from the economic downturn. According to Roll Call’s annual examination of House and Senate financial disclosure forms, while the 50 richest Members of Congress...
Executive Office of the President - National Economic Council - Office of the President National Economic Council, Office of Science and Technology Policy: A Strategy for American Innovation: Driving Toward Sustainable Growth and Quality Jobs, September 2009 "Since taking office,...
"The Grant Thornton Business Optimism Index is a confidence measure of U.S. business leaders. The Index is a composite score for three questions: U.S. economy: Do you feel the U.S. economy will improve/remain the same/get worse in the next six...
News release: "The U.S. Census Bureau today released the latest American Community Survey (ACS) data, providing a statistical portrait of the characteristics of the nation’s population in 2008. / Detailed tables / ACS Media Toolkit / 2008 ACS Questionnaire. According...
The Conference Board Task Force on Executive Compensation, September 2009 "The current economic crisis, precipitated by the meltdown in the financial services industry, has led to a loss of public trust in corporations and other institutions. Executive compensation has become...
News release: "Counting down the hours until payday? You’re not alone. As the economic downturn trudges on, many workers are struggling with household budgets. Six-in-ten (61 percent) workers report they always or usually live paycheck to paycheck just to make...
News release: "With national unemployment topping 9 percent and many Americans seeking online information and new technology skills that can help keep them and their families afloat in hard times, U.S. public libraries are first responders in a time of...
The Internet as a Diversion, September 2009: "Three-quarters of online economic users go online to relax and take their minds off of the recession. Fully 88% of 18-29 year old online economic users look to the internet to relax." See...
Global Trade Alert (GTA) independent monitoring of policies that affect world trade - "provides real-time information on state measures taken during the current global downturn that are likely to affect foreign commerce. It goes beyond other monitoring initiatives by identifying...
New Deal 2.0: Today’s Opening Remarks from Financial Crisis Inquiry Commission Chairman Phil Angelides "This bipartisan commission has been given a critical mission; one that is of clear national importance, and one that must be conducted without politics or partisanship...
"Standard & Poor's Ratings Services is updating its methodologies and assumptions for rating corporate cash flow and synthetic collateralized debt obligations (CDOs). This update follows our request for comment (RFC), titled "Update To Global Methodologies And Assumptions For Corporate Cash...
"CDT told a congressional panel today that providing the public with direct, online access to complex government programs, such as TARP, would strengthen oversight. Media, watchdog groups, researchers and citizens could then better analyze the data for a wide variety...
News release: "The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of August 15, 2009 through September 14, 2009. The list contains only...
17 September 2009 - "The Basel Committee on Banking Supervision today issued for consultation the Report and recommendations of the Cross-border Bank Resolution Group. Mr Nout Wellink, Chairman of the Basel Committee and President of the Netherlands Bank, noted that...
News release: "On a seasonally adjusted basis, the Consumer Price Index for all Urban Consumers (CPI-U) rose 0.4 percent in August, the Bureau of Labor Statistics reported today. The index has decreased 1.5 percent over the last 12 months on...
"The Global Public Debt Clock was developed using data and forecasts from the Economist Intelligence Unit database. It is, of course, inspired by the National Debt Clock, a rolling measure of the US public debt that physically resides in midtown...
News release: "Securities and Exchange Commission Chairman Mary L. Schapiro today announced that University of Texas School of Law Professor Henry T. C. Hu has been named Director of the newly-established Division of Risk, Strategy, and Financial Innovation. The new...
WSJ - Matthew Rose: "Just as the financial crisis has morphed into a daily grind instead of a daily fire drill, its peculiar argot has found its way into everyday conversations. This is probably an unwelcome surprise to those not...
Brookings September 2009 — MetroMonitor: "The American economy continued to weaken during the months of April, May, and June 2009, but it was no longer in free fall. Employment remained on a downward path—the nation lost nearly 1.3 million jobs...
Commentary: "..the U.S. Census Bureau announced that the U.S. poverty rate reached 13.2 percent in 2008. Even this significant increase from the 12.5 percent rate in 2007 surely understates the share of Americans struggling to make ends meet today in...
$947 Billion - Market capitalization of 29 of the biggest financial firms on September 11, 2009: "Since the stock market’s peak in October 2007, Wall Street’s landscape has been permanently altered. Lehman Brothers, gone. Bear Stearns, gone. Merrill Lynch, gone....
News release: "The U.S. Treasury Department on Monday issued a report describing the next phase of the government's financial stabilization and rehabilitation policies to provide the public with a status update on these programs and an explanation of the Administration's...
Quarterly Review, September 2009 14 September 2009 and Summary tables (PDF, 12 pages) as well as Detailed tables (PDF, 117 pages) News release: "The BIS Quarterly Review released today is divided into two parts. The first presents an overview of...
Remarks by the President on Financial Rescue and Reform, Federal Hall New York, New York - September 14, 2009: "Eight months later, the work of recovery continues. And though I will never be satisfied while people are out of work...
Integrating financial stability: new models for a new challenge, by Stephen G Cecchetti, Piti Disyatat and Marion Kohler, 14 September 2009. This essay was prepared for the joint BIS-ECB Workshop on "Monetary policy and financial stability", Basel, Switzerland, 10-11 September...
"Executives at Britain's top companies saw their basic salaries leap 10% last year, despite the onset of the worst global recession in decades, in which their companies lost almost a third of their value amid a record decline in the...
New York Times: Wall Street’s Math Wizards Forgot a Few Variables: "But the real failure, according to finance experts and economists, was in the quants’ mathematical models of risk that suggested the arcane stuff was safe. The risk models proved...
Troubled Assets Relief Program - Monthly Progress Report – August 2009, released September 10, 2009: "The Troubled Assets Relief Program or TARP was established pursuant to the Emergency Economic Stabilization Act of 2008 or EESA. This law was adopted on...
Council of Economic Advisors: Economic Impact of American Recovery and Reinvestment Act of 2009 - First Quarterly Report, September 10, 2009. "Among the key finding of the study are: As of the end of August, $151.4 billion of the original...
WSJ: "The White House's top economic adviser, facing stiff opposition in Congress to giving the Federal Reserve more power, suggested Friday that other federal regulators could join the central bank in regulating systemic risk to the nation's financial system." Related...
Prepared Statement of the Federal Trade Commission on Scams Related to the Economic Stimulus: "How the FTC Works to Halt Fraudulent Schemes Exploiting the Economic Downturn and the Stimulus Package,” Presented by Chairman Jon Leibowitz Before the Committee on Homeland...
Assistant Secretary for Financial Institutions Michael S. Barr Written Testimony before the House Financial Services Committee, Subcommittee on Housing and Community Opportunity on Stabilizing the Housing Market, September 9, 2009 Making Home Affordable Program Servicer Performance Report through August 2009...
September 9, 2009 - Summary of Commentary on Current Economic Conditions by Federal Reserve District: "Reports from the 12 Federal Reserve Districts indicate that economic activity continued to stabilize in July and August. Relative to the last report, Dallas indicated...
Monthly Budget Review, September 2009. Based on the Monthly Treasury Statement for July and the Daily Treasury Statements for August "The federal budget deficit for the first 11 months of fiscal year 2009 was almost $1.4 trillion, CBO estimates, close...
Will the Demand for Assets Fall When the Baby Boomers Retire? September 2009. Background Paper "Between 1946 and 1964, some 78 million babies were born in the United States, forming a cohort that has come to be known as the...
United Nations Trade and Development Report 2009 presents a gloomy global economic outlook in the context of the ongoing global financial and economic crisis. It looks at the channels through which this deep crisis, which originated in developed countries, is...
Measuring the Effects of the Business Cycle on the Federal Budget: An Update, September 1, 2009 Under CBO’s assumptions for its baseline, the cyclically adjusted budget deficit will rise sharply in 2009, to 8.6 percent of potential gross domestic product...
September 2, 2009: "A Federal Reserve Bulletin article, Industrial Production and Capacity Utilization: The 2009 Annual Revision article reviews the 2009 annual revision to the index of industrial production (IP) and the related measures of capacity and capacity utilization. It...
America's Bailout Barons - Taxpayers, High Finance, and the CEO Pay Bubble. Institute for Policy Studies. 16th Annual Executive Compensation. "The 20 U.S. financial firms that have received the most bailout dollars from taxpayers awarded their top five executive officers,...
Economic Policy Institute Fact Sheet, Labor Day by the Numbers, September 7, 2009 . Note that all numbers are current as of September 4, 2009. TOTAL JOBS LOST DURING THE RECESSION: 6.9 MILLION. "New jobs needed per month to keep...
"The National Association for the Education of Homeless Children and Youth(NAEHCY) is the voice and social conscience for the education of children and youth experiencing homelessness. NAEHCY accomplishes this through advocacy, partnerships, and education." Report: The Economic Crisis Hits Home:...
Progress report on the actions of the London and Washington G20 Summits, 5 September 2009: "This table sets out progress to date on actions agreed at the London and Washington G20 Summits. Details of the further agreements reached today, 5...
Meeting of Finance Ministers and Central Bank Governors, London, 4-5 September 2009, "We must build on what we have already achieved and tackle the significant challenges that lie ahead. It is vital for growth that we act to support lending,...
Transcript: "In this week’s address, President Barack Obama will announce new steps to make it easier for American families to save for retirement. These new initiatives will complement the president’s major legislative proposals to boost participation in IRAs and match...
New York Times: "This August, the teenage unemployment rate — that is, the percentage of teenagers who wanted a job who could not find one — was 25.5 percent, its highest level since the government began keeping track of such...
News release: "Nonfarm payroll employment continued to decline in August (-216,000), and the unemployment rate rose to 9.7 percent, the U.S. Bureau of Labor Statistics reported today. Although job losses continued in many of the major industry sectors in August,...
Speech by Jürgen Stark, Member of the Executive Board of the ECB - 2. Zeit Konferenz – Neue Architektur der Finanzwirtschaft, Frankfurt am Main, 3 September 2009 "We have witnessed two years of severe financial distress, with adverse effects on...
Remarks by the Vice President on the 200 Days of the American Recovery and Reinvestment Act: "First, we had to stabilize the financial system. We took the unpopular but necessary step of rescuing the banks. And now, although there's a...
"The American work force is graying -- and not just because the American population itself is graying. Older adults are staying in the labor force longer, and younger adults are staying out of it longer. Both trends took shape about...
"The global regulatory framework failed to prevent the build-up of risk in the financial system in the years leading up to the recent financial crisis. The sources of this failure were manifold, including insufficient capital and liquidity requirements for banking...
News release: "Two global corporate issuers defaulted this week, bringing the 2009 year-to-date tally to 211 issuers--nearly 4x the 55 defaults at this time in 2008, said an article published by Standard & Poor's. Both of this week's defaults were...
SEC OIG: The SEC’s Role Regarding and Oversight of Nationally Recognized Statistical Rating Organizations (NRSROs), Public Version, August 27, 2009. "The Nationally Recognized Statistical Rating Organizations (NRSRO), which are credit rating agencies that have been approved by the Commission, may...
News release: "Marking a major milestone in the effort to spur private sector investments in clean energy and create new jobs for America's workers, Treasury Secretary Tim Geithner and Energy Secretary Steven Chu today announced $502 million in the first...
News release: "The survey measured U.S. holdings at year-end 2008 of approximately $4.3 trillion, with $2.7 trillion held in foreign equities, $1.3 trillion in foreign long-term debt securities (original term-to-maturity in excess of one year), and $0.3 trillion held in...
FDIC Consumer News, Summer 2009 - Credit Cards: New Law Protects Consumers from Surprise Fees, Rate Increases and Other Penalties "In May, Congress passed and President Obama signed the Credit Card Accountability Responsibility and Disclosure Act of 2009 — the...
"The NABE Economic Policy Survey presents the consensus of a panel of 266 members of the National Association for Business Economics. Conducted semiannually, this survey was taken Aug. 3-18, 2009." "Economists surveyed earlier this month by the National Association for...
News release: "With much of the world still mired in recession, the IMF took action to bolster its members’ reserves through an allocation of SDRs, or Special Drawing Rights. The allocation, equivalent to $250 billion, was made on August 28...
New York Times: Nearly a year after the federal rescue of the nation’s biggest banks, taxpayers have begun seeing profits from the hundreds of billions of dollars in aid that many critics thought might never be seen again. The profits,...
Medical Bankruptcy in the United States, 2007: Results of a National Study, David U. Himmelstein, MD, Deborah Thorne, PhD, Elizabeth Warren, JD, Steffie Woolhandler, MD, MPH. The American Journal of Medicine (2009). "Our 2001 study in 5 states found that...
News release, August 27, 2009: "In the week ending Aug. 22, the advance figure for seasonally adjusted initial claims was 570,000, a decrease of 10,000 from the previous week's revised figure of 580,000. The 4-week moving average was 566,250, a...
FDIC Quarterly Banking Profile, Second Quarter 2009: The Industry Posts a Net Loss for the Quarter Burdened by costs associated with rising levels of troubled loans and falling asset values, FDIC-insured commercial banks and savings institutions reported an aggregate net...
Perceived Job Insecurity and Worker Health in the United States. Burgard, Sarah, Jennie Brand, and James S. House. 2008. PSC Research Report No. 08-650. July 2008. "Economic recessions, the industrial shift from manufacturing toward service industries, and rising global competition...
Personal Income and Outlays, July 2009: "Personal income increased $3.8 billion, or less than 0.1 percent, and disposable personal income (DPI) decreased $4.6 billion, or less than 0.1 percent, in July, according to the Bureau of Economic Analysis. Personal consumption...
News release: "Labor productivity (output per hour) declined in wholesale trade, retail trade, and food services and drinking places in 2008. Productivity fell in 26 of the 50 detailed industries studied. Unit labor costs rose in 29 detailed industries, and...
Reporters Committee for Freedom of the Press:" The string of FOIA lawsuits for release of records of the government's emergency lending programs finally saw its first victory Monday. The Federal Reserve Board must release to Bloomberg News records identifying the...
News release: "Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported an aggregate net loss of $3.7 billion in the second quarter of 2009, a decline of $8.5 billion from the $4.8 billion in profits...
Release release includes highlights, technical note, and associated tables: "Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- decreased at an annual rate of 1.0 percent in...
News release: "The FDIC Board today adopted a final Statement of Policy on the Acquisition of Failed Insured Depository Institutions. This policy statement provides guidance to investors interested in acquiring or investing in the deposit liabilities of failed banks or...
News release: "The Conference Board Consumer Confidence Index ®, which had retreated in July, rebounded in August. The Index now stands at 54.1 (1985=100), up from 47.4 in July. The Present Situation Index increased slightly to 24.9 from 23.3 last...
The Budget and Economic Outlook: An Update 2009 Budget Projections (pdf) Economic Projections (pdf) Economic Projections (xls) Data for Figures 2-1, 2-10, 2-12 (xls) Comparison of CBO's Baseline and OMB's Mid-Session Review (pdf) Details of CBO's Year-by-Year Forecast and Projections...
Mid-Session Review Budget of the U.S. Government, Fiscal Year 2010. Office of Management and Budget: "When the President took office, the Nation was experiencing the worst financial and economic crisis since the Great Depression. This decline was not simply the...
News release: "The total number of U.S. bankruptcies filed during the first six months of 2009 increased 36 percent over the same six month period in 2008, according to data released by the Administrative Office of the U.S. Courts. Total...
Calculated Risk: Failed Banks and the Deposit Insurance Fund: "The FDIC is seizing about 4 to 5 banks per week recently, and with over four months to go in 2009, this suggests close to 150 bank failures this year..At the...
Presentations By The Acting Comptroller General "Ensuring Accountability in a Time of Financial and Fiscal Stress," by Gene L. Dodaro, acting comptroller general, before the American Institute of CPAs National Governmental Accounting and Auditing Update Conference, in Washington, D.C. GAO-09-930CG,...
Summary of the latest report for the Social Security and Medicare programs: "Each year the Trustees of the Social Security and Medicare trust funds report on the current and projected financial status of the two programs. This message summarizes our...
News release: "The delinquency rate for mortgage loans on one-to-four-unit residential properties rose to a seasonally adjusted rate of 9.24 percent of all loans outstanding as of the end of the second quarter of 2009, up 12 basis points from...
Monetary policy strategy in a global environment, by by Philippe Moutot and Giovanni Vitale. European Central Bank, ECB, Occasional Paper Series No 106. August 2009. "This paper discusses the structural implications of real and financial globalisation, with the aim of...
Chairman Ben S. Bernanke At the Federal Reserve Bank of Kansas City's Annual Economic Symposium, Jackson Hole, Wyoming - August 21, 2009 Reflections on a Year of Crisis: "By the standards of recent decades, the economic environment at the time...
State/Local Employment Up Slightly Since Start of Recession, But Cuts Are Now Underway by Donald J. Boyd, Nelson A. Rockefeller Institute of Government, August 20, 2009. "Government employment accounts for more than 22 million jobs — 17 percent of total...
"The Treasury Department today released U.S. reserve assets data for the latest week. As indicated in this table, U.S. reserve assets totaled $81,727 million as of the end of that week, compared to $82,631 million as of the end of...
Report No. AUD-09-019 / August 2009 - Material Loss Review of 1st Centennial Bank, Redlands, California "Audit Results - Cause of Failure and Material Loss - 1st Centennial failed primarily due to bank management’s pursuit of asset growth concentrated in...
Federal Reserve Board - The July 2009 Senior Loan Officer Opinion Survey on Bank Lending Practices: "The July 2009 Senior Loan Officer Opinion Survey on Bank Lending Practices addressed changes in the supply of, and demand for, loans to businesses...
News releases: "The Federal Reserve Board and the Treasury Department on Monday announced that they approved an extension to the Term Asset-Backed Securities Loan Facility (TALF) and that, at this time, they do not anticipate any further additions to the...
"TransUnion.com released today the results of its analysis of trends in the mortgage industry for the second quarter of 2009 and the associated impact on the U.S. consumer. The report is part of an ongoing series of quarterly consumer lending...
Effect of the Economic Crisis on HR Programs - Update: August 2009 "In August 2009, Watson Wyatt continued our ongoing research on the economic crisis by surveying HR executives at 175 U.S.-based companies to understand what adjustments they are making...
Employee Benefit Research Institute Databook on Employee Benefits, updated August 2009: "The EBRI Databook on Employee Benefits includes data from dozens of sources to provide a comprehensive analysis of how the employee benefits system works, who and what its various...
News release: "On the eve of the 74th anniversary of Social Security, nearly nine in ten (88%) Americans say Social Security is more important than ever as a result of today's economic crisis, and three-quarters of Americans say it is...
Consumer Financial Protection Agency Continues to Create Banker Angst: "As President Obama attempts to overhaul the financial services regulatory regime, the one requirement that has met even more resistance than executive pay caps is the proposed financial services consumer watchdog...
Failed Bank Information Information for Colonial Bank, Montgomery AL. "On Friday, August 14, 2009, Colonial Bank, Montgomery, AL was closed by the Alabama State Banking Department, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is...
News release: "As part of an innovative partnership aimed at increasing economic development while setting our nation on the path to energy independence, the U.S. Department of the Treasury and the U.S. Department of Energy today announced a program to...
Congressional Oversight Panel, August 11, 2009 - Submitted under Section 125(b)(1) of Title 1 of the Emergency Economic Stabilization Act of 2008, Pub. L. No. 110-343. August Oversight Report - The Continued Rise of Troubled Assets. "Given the ongoing uncertainty,...
News release: "In the midst of economic turmoil, federal bailouts, and budget deficits in more than 40 states, a new report from the American Legislative Exchange Council (ALEC) offers a roadmap to recovery based on economic performance trends from states...
Financial Stability Paper No. 5 – July 2009 - The UK Special Resolution Regime for failing banks in an international context, Peter Brierley, 28 July 2009 "This paper seeks to place in an international context the UK Special Resolution Regime...
How Much Stimulus Funding is Going to Your County? by Michael Grabell, Jennifer LaFleur, Dan Nguyen, and Jeff Larson: "Want to know what’s going on with the stimulus in your area? ProPublica has compiled nearly all the contracts, grants and...
News release: "Filling a major gap in the availability of residential property data, the Lincoln Institute of Land Policy and the Graaskamp Center for Real Estate at the Wisconsin School of Business announced a new online database detailing land and...
Personal Income for Metropolitan Areas, 2008: "Personal income growth slowed in 2008 in most of the nation's metropolitan statistical areas (MSAs), according to estimates released today by the U.S. Bureau of Economic Analysis. Personal income growth slowed in 322 MSAs,...
News release: "Nonfarm payroll employment continued to decline in July (-247,000), and the unemployment rate was little changed at 9.4 percent, the U.S. Bureau of Labor Statistics reported today. The average monthly job loss for May through July (-331,000) was...
News release: "The Federal Financial Institutions Examination Council members recognize that entities servicing first and subordinate liens on the same residential real estate property may be faced with potential conflicts of interest when making loan modification decisions. A servicer’s decision...
Monthly Budget Review August 2009 Based on the Monthly Treasury Statement for June and the Daily Treasury Statements for July 2009. "The federal budget deficit for the first 10 months of fiscal year 2009 reached $1.3 trillion, CBO estimates, close...
News release: "Fannie Mae reported a loss of $14.8 billion, or ($2.67) per diluted share, in the second quarter of 2009, compared with a loss of $23.2 billion, or ($4.09) per diluted share, in the first quarter of 2009. Second-quarter...
News release: "Today, the Obama Administration released its first monthly Servicer Performance Report detailing the progress to date of the Making Home Affordable (MHA) loan modification program. The purpose of the report is to document the number of struggling homeowners...
A portrait of the youth labor market in 13 countries, 1980-2007, by Gary Martin, Monthly Labor Review, July 2009, pp. 3-21. "In most industrialized countries, relatively high rates of joblessness among young persons have persisted for many years, although with...
News release: "Customer demand for Ford’s fuel-efficient vehicles coupled with the U.S. government’s Car Allowance Rebate System (“Cash for Clunkers”) enabled Ford to post the first sales increase of any major manufacturer in 2009. Ford, Lincoln and Mercury dealers reported...
News release: "he Securities and Exchange Commission today charged Bank of America Corporation for misleading investors about billions of dollars in bonuses that were being paid to Merrill Lynch & Co. executives at the time of its acquisition of the...
News release: "In support of its goals to reinvent the company as a leaner, more cost-competitive company, General Motors Company today announced that more than 6,000 U.S. hourly workers participated in the company's Special Attrition Program. This represents the total...
News release: "A sudden upturn in global sales of information and communications technology (ICT) goods in May and June suggests the ICT industry may have reached a turning point and be on the road to recovery, according to a new...
News release: "If your relative leaves unpaid debts when he or she dies, do you have to pay? According to the Federal Trade Commission, the nation’s consumer protection agency, surviving relatives usually have no legal obligation to pay the debts...
Office of the Special Inspector General for the Troubled Asset Relief Program Quarterly Report to Congress, July 21, 2009: "In this report, the Offi ce of the Special Inspector General for the Troubled Asset Relief Program (“SIGTARP”) endeavors to (i)...
News release: "comScore, Inc., a leader in measuring the digital world, released a June 2009 overview of the career services & development category based on data from comScore Media Metrix and comScore Marketer. The study revealed that more than 65...
News Release: Gross Domestic Product - includes highlights, technical note, and associated tables: "Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- decreased at an annual rate...
NO RHYME OR REASON: The 'Heads I Win, Tails You Lose' Bank Bonus Culture, Andrew M. Cuomo, Attorney General, State of New York [Report Was Previously Transmitted to House Oversight and Government Reform Committee, Chairman Edolplhus Towns (D-NY)] "Through various...
The Internet and the Recession, by Lee Rainie, Aaron Smith - July 15, 2009 "Some 69% of all Americans have used the internet to cope with the recession as they hunt for bargains, jobs, ways to upgrade their skills, better...
Unlocking Energy Efficiency in the U.S. Economy, July 2009 "In this report, McKinsey & Company offers a detailed analysis of the magnitude of the efficiency potential in non-transportation uses of energy, a thorough assessment of the barriers that impede the...
Full Report - Beige Book, July 29, 2009 - Summary of Commentary on Current Economic Conditions by Federal Reserve District, and link to reports by Districts. "Reports from the 12 Federal Reserve Districts suggest that economic activity continued to be...
S&P/Case-Shiller Home Price Factsheet S&P/Case-Shiller Home Price Indices Methodology S&P/Case-Shiller® Home Price FAQ May 26, 2009: S&P/Case-Shiller U.S. National Home Price Values July 28, 2009: Historical Values Supplemental Data Related postings on financial system...
"The Financial Crisis Advisory Group (FCAG), a high level group of recognised leaders with broad experience in international financial markets, today published its recommendations related to accounting standard-setting activities, and other changes to the international regulatory environment following the global...
Bank Failures by the Numbers - A Look at Where and Why Institutions Are Failing in 2009, July 28, 2009: In all of 2008, 40 banking institutions failed - 25 banks and 15 credit unions. So far in 2009, 72...
"In times of economic crisis, governments face pressure to adopt measures which may restrict trade and there are real dangers that such pressures, if not addressed adequately, can lead to a dangerous escalation. Contingency measures can act as a safety...
New York Times: Jobless Checks for Millions Delayed as States Struggle - "Years of state and federal neglect have hobbled the nation’s unemployment system just as a brutal recession has doubled the number of jobless Americans seeking aid. In a...
Financial Regulatory Reform: A New Foundation, Updated: July 23, 2009 "Over the past two years we have faced the most severe financial crisis since the Great Depression. Americans across the nation are struggling with unemployment, failing businesses, falling home prices,...
Fact Sheet: Administration’s Regulatory Reform Agenda Moves Forward - Systemic Risk Legislation Sent to Capitol Hill: "Continuing its push to establish new rules of the road and make the financial system more fair for consumers and investors, the Administration today...
Financial Markets Regulation: Financial Crisis Highlights Need to Improve Oversight of Leverage at Financial Institutions and across System, GAO-09-739, July 22, 2009 Troubled Asset Relief Program: Status of Efforts to Address Transparency and Accountability Issues, GAO-09-920T, July 22, 2009 Related...
The Internet and the Recession by Lee Rainie, Aaron Smith, July 15, 2009: "More than two-thirds of Americans – 69% – have used the internet to help them with personal economic issues that have arisen in the recession and to...
Federal Reserve's semiannual Monetary Policy Report to the Congress, July 21, 2009 "Amid a severe global economic downturn, the U.S. economy contracted further and labor market conditions worsened over the first half of 2009. In the early part of the...
Survey of Credit Underwriting Practices 2009, Office of the Comptroller of Currency: "The 2009 survey includes examiner assessments of credit underwriting standards at the 59 largest national banks with assets of $3 billion or more. This population covers loans totaling...
Fact Sheet: "Continuing its push to establish new rules of the road and make the financial system more fair across the board, the Administration today delivered proposed legislation to Capitol Hill to increase transparency, tighten oversight, and reduce reliance on...
News release: "The Congressional Oversight Panel today released its Special Report on Farm Loan Restructuring, fulfilling a mandate under the Helping Families Save Their Homes Act of 2009 to analyze "the state of the commercial farm credit markets and the...
July 20, 2009 - Special Inspector General for the Troubled Asset Relief Program Survey Demonstrates That Banks Can Provide Meaningful Information On Their Use Of TARP Funds "Although most banks reported that they did not segregate or track TARP fund...
New York Times: "The United States ranks behind every industrial nation except France in the percentage of overall economic activity devoted to manufacturing — 13.9 percent, the World Bank reports, down a percentage point or so in a decade. The...
News release: "Federal Housing Finance Agency Director James B. Lockhart released FHFA’s April 2009 Foreclosure Prevention Report detailing actions taken by Fannie Mae and Freddie Mac to prevent unnecessary foreclosures and keep people in their homes. The report includes loan...
The Results: Wave III - Paola Sapienza and Luigi Zingales1, July 13, 2009 - "A sense of optimism and a reduction in fear and anger toward America’s financial institutions mark the latest findings in the Chicago Booth/Kellogg School Financial Trust...
New York Times graphic: Jobs Lost and Gained During the Recession - Percent employment change, December 2007 - June 2009. Data is from Bureau of Labor Statistics, and the anchor article is here. Related postings on financial system...
News release: "Regional and state unemployment rates were generally higher in June. Thirty-eight states and the District of Columbia recorded over-the-month unemployment rate increases, 5 states registered rate decreases, and 7 states had no rate change, the Bureau of Labor...
News release: "The Federal Reserve Board on July 15, 2009 approved an interim final rule amending Regulation Z (Truth in Lending) to require creditors to increase the amount of notice consumers receive before the rate on a credit card account...
AARP Bulletin Survey on Consumer Debt and Loans: Executive Summary, July 2009 AARP commissioned a nationwide survey looking at the amount and type of debt or loans that consumers carry. The survey examined whether adults had credit card debt, loans...
The Long-Term Budget Outlook, July 16, 2009. Testimony before the Committee on the Budget, United States Senate. "Measured relative to GDP, almost all of the projected growth in federal spending other than interest payments on the debt comes from growth...
FTC Leads “Operation Loan Lies” to Stop Fraud and Help Distressed Homeowners: "Federal Trade Commission Chairman Jon Leibowitz, joined by California Attorney General Jerry Brown, today announced Operation Loan Lies, a coordinated national law enforcement effort to crack down on...
Testimony Before the House of Representatives Committee on Financial Services Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises, SEC Oversight: Current State and Agenda, Tuesday, July 14, 2009, by Chairman Mary L. Schapiro, U.S. Securities and Exchange Commission. "The last...
New York Times interactive graphic: Broad Unemployment Across the U.S. - "Under a broader definition of joblessness, some states have rates higher than 20 percent. This rate includes part-time workers who want to work full time, as well some people...
News release: "The Federal Trade Commission testified before the U.S. Senate today on the agency’s campaign to crack down on scammers who are trying to take advantage of the economic downturn to push a variety of scams, such as phony...
World Economic Outlook Update - Contractionary Forces Receding But Weak Recovery Ahead, July 8, 2009 "The global economy is beginning to pull out of a recession unprecedented in the post–World War II era, but stabilization is uneven and the recovery...
WSJ: "Some federal departments are finding it easier to move stimulus money than others. See how much money each agency is responsible for, how much they've made available and how much of that has been spent." See also related article,...
Economist.com: Regulating banks - Capital rules now seem the only way to tame the banks. They will need to be tighter than in the past. "Lenders are run for private benefit, but taxpayers underwrite them if things go wrong. Yet...
Memorandum: Risk Management - Asset and Liability Concentrations - Office of Thrift Supervision, July 9, 2009 "The Office of Supervision (OTS) has conducted internal reviews of recent savings association failures and has identified concerns regarding asset and liability concentrations and...
Fact Sheet: Administration’s Regulatory Reform Agenda Moves Forward - Legislation for Strengthening Investor Protection Delivered to Capitol Hill To view the Legislative Language, please visit link: "Continuing its push to establish new rules of the road and make the financial...
Follow up to previous postings on GM bankruptcy, this release: The New General Motors Company Launches Today - "...The new General Motors launches with a clear and simple vision - to design, build and sell the best vehicles in the...
Monthly Budget Review, July 2009 - Based on the Monthly Treasury Statement for May and the Daily Treasury Statements for June: "The federal budget deficit was $1.1 trillion for the first nine months of fiscal year 2009, CBO estimates, more...
CSFI - Centre for the Study of Financial Innovation: "The resilience of the global microfinance industry will be put to the test by the economic crisis, according to a new survey of the risks to the business, Microfinance Banana Skins...
Reforming Financial Markets, Presented to Parliament by The Chancellor of the Exchequer by Command of Her Majesty July 2009: "This document sets out the Government’s analysis of the causes of the financial crisis, the action already taken to restore financial...
News release: "The global economy is beginning to pull out of a recession unprecedented in the post–World War II era, but stabilization is uneven and the recovery is expected to be sluggish, according to the IMF’s latest forecast. Economic growth...
News release: "New York State Comptroller Thomas P. DiNapoli announced the public can now track how New York is spending federal stimulus funds on his Web site Open Book New York. The Web site includes easy to find information about...
Bureau of Labor Statistics: Job Openings and Labor Turnover Summary, May 2009 "On the last business day of May job openings in the U.S. numbered 2.6 million, the Bureau of Labor Statistics of the U.S. Department of Labor reported today....
Federal Reserve Bank of St. Louis: "The International Economic Statistics Database simplifies the search for worldwide economic indicators. The database provides links to individual indicators (such as GDP and CPI) for each country, as well as a detailed description of...
New York Times DealBook: "A federal judge late on Sunday approved a plan by General Motors to sell its best assets to a new, government-backed company, a crucial step for the automaker to restructure and complete its trip through bankruptcy...
WSJ: New Evidence on the Foreclosure Crisis, - Zero money down, not subprime loans, led to the mortgage meltdown, by Stan Liebowitz, Ashbel Smith Professor of Economics, University of Texas at Dallas: "...the focus on subprimes ignores the widely available...
'This Week' Transcript: Vice President Joe Biden - "....BIDEN: And so the truth is, there was a misreading of just how bad an economy we inherited. Now, that doesn't -- I'm not -- it's now our responsibility. So the second...
TIME: "With California a day away from issuing IOUs instead of paying its bills, Gov. Schwarzenegger and the legislature remain at odds over how to close a now $26.3 billion deficit. Schwarzenegger on Thursday ordered a third unpaid furlough day...
News release: "The Federal Trade Commission today announced a law enforcement crackdown on scammers trying to take advantage of the economic downturn to bilk vulnerable consumers through a variety of schemes, such as promising non-existent jobs; promoting overhyped get-rich-quick plans,...
News release: "The Conference Board Consumer Confidence Index™, which had improved considerably in May, retreated in June. The Index now stands at 49.3 (1985=100), down from 54.8 in May. The Present Situation Index decreased to 24.8 from 29.7. The Expectations...
News release: "The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency today issued the host state loan-to-deposit ratios that the banking agencies will use to determine...
News release: "In its 79th Annual Report, BIS Annual Report 2008/09, 29 June 2009, released today, the Bank for International Settlements (BIS) looks at the narrow path ahead leading out of the financial crisis. The Report underlines the need to...
News release: "As part of the Obama Administration's continued investment in economic development in communities around the country through the Recovery Act, Treasury Secretary Tim Geithner today announced $90 million in financial assistance awards for 59 Community Development Financial Institutions...
WSJ: "U.S. consumers are saving more of their incomes than any time since 1993 -- a major shift toward frugality that's expected to be one of the lasting effects of this deep and lengthy recession." U.S. Bureau of Economic Analysis...
News release: "On June 29, 2009, the Federal Reserve will offer $150 billion in 28-day credit through its Term Auction Facility. Additional information regarding the auction is listed below; the auction will be conducted as specified in this announcement, Regulation...
News release: "The United States added nearly 1 million nonemployer businesses between 2006 and 2007, bringing the total to 21.7 million, the U.S. Census Bureau announced today. This 4.5 percent growth rate is detailed in Nonemployer Statistics: 2007, an annual...
The Troubled Asset Relief Program: Report on Transactions Through June 17, 2009 - June 2009 "In October 2008, the Emergency Economic Stabilization Act of 2008 (Division A of Public Law 110-343) established the Troubled Asset Relief Program (TARP) to enable...
Banque de France Press Release: 2008 annual report of the Commission bancaire - "In 2008 the financial turmoil resulting from the subprime crisis intensified, leading many credit institutions, in particular in the United States, to make substantial write-downs and impairments....
News release: "The Federal Reserve on Thursday announced extensions of and modifications to a number of its liquidity programs. Conditions in financial markets have improved in recent months, but market functioning in many areas remains impaired and seems likely to...
The Long-Term Budget Outlook, June 2009: "Under current law, the federal budget is on an unsustainable path—meaning that federal debt will continue to grow much faster than the economy over the long run. Although great uncertainty surrounds longterm fiscal projections,...
News release: "The federal bank and thrift regulatory agencies today proposed revisions to regulations implementing the Community Reinvestment Act (CRA) to require the agencies to consider low-cost education loans provided to low-income borrowers when assessing a financial institution's record of...
An Update on the Credit Crisis Litigation: A Turn Towards Structured Products and Asset Management Firms, June 15, 2009: "In this NERA paper, co-author Vice President Dr. Faten Sabry provides an update on credit crisis-related securities litigation. The paper highlight...
June 2009, Report No. AUD-09-015, FDIC’s Brokered Deposit Waiver Application Process, Inspector General Audit Report "The objective of this audit was to assess the FDIC’s Brokered deposits (BD) waiver application process for FDIC-insured financial institutions. The scope of our audit...
Executive Order: Establishing a White House Council on Automotive Communities and Workers, June 23, 2009 - "Over the last decade, the United States has experienced a decline in employment in the auto industry and among part suppliers. This decline has...
News release: "Fannie Mae and Freddie Mac modified nearly 37,000 loans during the first quarter of 2009. It is an increase of 57 percent over the fourth quarter of 2008 and more than double the number of modifications in the...
Measuring the Effects of the Business Cycle on the Federal Budget, June 2009: "In March 2009, the Congressional Budget Office (CBO) released its most recent baseline projections of federal revenues, outlays, and budget balances for the next 10 years. Those...
News release: "The Impacts of Foreclosures on Families and Communities, a new Urban Institute report, details what is known about how foreclosures adversely affect households and their neighborhoods — from children and the elderly to public safety and local property...
Patricia White, Associate Director, Division of Research and Statistics - Testimony: Over-the-counter derivatives Before the Subcommittee on Securities, Insurance, and Investment, Committee of Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. June 22, 2009 [link to all related testimony]:...
MetroMonitor Tracking Economic Recession and Recovery in America’s 100 Largest Metropolitan Areas, June 2009: "Beneath the constant drumbeat of headline numbers emanating from Washington on U.S. jobs, national unemployment, GDP, and home prices lies a complex, diverse set of 366...
The U.S. Financial and Economic Crisis: Where Does It Stand and Where Do We Go From Here? Martin Neil Baily, Senior Fellow, Economic Studies, Douglas J. Elliott, Fellow, Economic Studies, Brookings Initiative on Business and Public Policy, June 2009 "This...
The World Bank: Global Development Finance 2009 - Charting a Global Recovery: "Developing countries are expected to grow by only 1.2% this year, after 8.1% growth in 2007 and 5.9% growth in 2008. When China and India are excluded, GDP...
The Atlantic: What the World's Great Recession Looks Like, by Derek Thompson references A Tale of Two Depressions by economists Barry Eichengreen and Kevin H. O’Rourke. Related postings on financial system...
State Personal Income: First Quarter 2009: "U.S. personal income continued to decline in the first quarter of 2009, falling 0.5 percent and encompassing 37 states, according to estimates released today by the U.S. Bureau of Economic Analysis. In the fourth...
Weekly Address, June 20, 2009: President Obama Highlights Tough New Consumer Protections: "...one of the most important proposals is a new oversight agency called the Consumer Financial Protection Agency [proposed in the White House Financial Regulatory Reform Plan]. It’s charged...
A Brief Examination of Previous House Price Declines, June 2009: "This Federal Housing Finance Agency (FHFA) research paper examines previous house price downturns across Census Divisions, states, and localities in the United States. The paper is part of FHFA’s ongoing...
Economic Survey of Italy 2009: "Italy is facing a difficult period. The economy is in a sharp recession, mainly because of external developments linked to the global financial crisis, and there is great uncertainty about the strength and timing of...
"Board of Governors of the Federal Reserve System Washington, D.C., June 2009 - TO: The Speaker of the House of Representatives: Pursuant to the requirements of section 10 of the Federal Reserve Act, I am pleased to submit the ninety-fifth...
Follow up to June 16, 2009 posting - Draft of the White House Financial Regulatory Overhaul Plan - the White House today released: Financial Regulatory Reform: A New Foundation - Rebuilding Financial Supervision and Regulation - "We must act now...
WSJ: "The 85-page proposal is part of an effort by the Obama administration to redraw the rules that govern finance in an attempt to restore confidence in U.S. and global markets. Obama administration officials want the rules to be tough...
"This issue of Supervisory Insights provides a chronology of selected major events and developments that occurred in the financial services industry during a tumultuous 2008. Although the long term effects are unclear, certain points of emphasis for bank supervisors are...
"To understand the looming deficits, The New York Times analyzed Congressional Budget Office projections of the budget surplus or deficit for the years 2009-12, President Obama’s current term. The budget office has been making estimates for these years for nearly...
Statement of G8 Finance Ministers, 06/13/2009: "Even after output growth begins picking up, unemployment may continue to increase. Our countries will continue to implement actions to reduce the impact of the crisis on employment and maximise the potential for growth...
Paying for Health Care Reform - $313 Billion in Additional Savings to Create a Deficit Neutral Plan - Summary Released by the White House Following the President's Weekly Radio Address "We have the most expensive health care system in the...
News release: "As part of the Obama Administration's efforts to stimulate economic growth and jumpstart the availability of financing critical for economic recovery, the U.S. Treasury Department announced $25 billion in bonds authority available under the Recovery Zone Bonds program....
U.S. Import and Export Price Indexes, May 2009: "The U.S. Import Price Index increased for the third consecutive month in May, rising 1.3 percent. An 8.3 percent increase in petroleum prices was the primary contributor to the overall advance. The...
Committee on Oversight and Government Reform and Subcommittee on Domestic Policy held a hearing on: Bank of America and Merrill Lynch: How Did a Private Deal Turn Into a Federal Bailout? Opening Statement of Chairman Edolphus Towns Prepared Testimony of...
News release: "Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 5.59 percent with an average 0.7 point for the week ending June 11, 2009, up from last...
"The Internal Revenue Service and Treasury Department today announced that a tax break for the purchase of new motor vehicles is available in states that do not have a state sales tax. Under the American Recovery and Reinvestment Act of...
June 10, 2009 - Interim Final Rule on TARP Standards for Compensation and Corporate Governance. For a copy of the regulations, click here [123 pages, PDF]. Statement by Treasury Secretary Tim Geithner on Compensation Treasury: Providing Compensation Committees New Independence...
June 10, 2009 - Summary of Commentary on Current Economic Conditions by Federal Reserve District. Link to reports by Districts. "Reports from the twelve Federal Reserve District Banks indicate that economic conditions remained weak or deteriorated further during the period...
News release: "The unemployment rate for the OECD area was 7.8% in April 2009, 0.1 percentage point higher than the previous month and 2.2 percentage points higher than a year earlier. In the Euro area, the unemployment rate was 9.2%...
Did the 2008 Tax Rebates Stimulate Short-Term Growth?, June 10, 2009 Economic and Budget Issue Brief "In preparing its economic forecast published in September 2008, the Congressional Budget Office (CBO) estimated that 40 percent of the tax rebates issued in...
News release: "The U.S. Department of the Treasury announced today that 10 of the largest U.S. financial institutions participating in the Capital Purchase Program (CPP) have met the requirements for repayment established by the primary federal banking supervisors. Following consultation...
"The Congressional Oversight Panel June 2009 Oversight Report, Stress Testing and Shoring Up Bank Capital, examines the recent stress tests conducted on America’s 19 largest bank holding companies (BHCs)...The Panel’s report examines how effectively Treasury and the Federal Reserve conducted...
U.S. Courts: "Bankruptcy filings for the 12-month period ending March 31, 2009, were up 33.3 percent over bankruptcy filings for the 12-month period ending March 31, 2008, according to statistics released today by the Administrative Office of the U.S. Courts....
"Our Roadmap to Recovery initiative is an ambitious effort to reflect the commitments of your Cabinet members for a stepped up level of activity in implementing the Recovery Act in the next 100 days. We intend to deliver this increased...
List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies. Available Formats: 2009 Distressed or Underserved Tract List Excel File | PDF File | Accessible PDF File Related postings on financial system...
Remarks by John C. Dugan, Comptroller of the Currency, Before the American Bankers Association Regulatory Compliance Conference, Orlando, Florida, June 8, 2009 - Consumer Protections for Reverse Mortgages "....reverse mortgages are targeted at older homeowners that have built up substantial...
Follow up to previous postings on GM bankruptcy and auto industry, this press release: "Penske Automotive Group, Inc., an international automotive retailer, announced today that is has signed a Memorandum of Understanding ("MOU") with General Motors regarding the Saturn brand....
Jobs Picture, by Heidi Shierholz, 06-05-09: "The unemployment rate increased from 8.9% to 9.4% in May, as the Household Survey showed that over three-quarters of a million workers were added to the jobless rolls, according to the Bureau of Labor...
News release: "Nonfarm payroll employment fell by 345,000 in May, about half the average monthly decline for the prior 6 months, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The unemployment rate continued to rise,...
FoxBusiness: "Lawmakers and Obama Administration officials are moving closer to finalizing proposals to overhaul the financial regulatory system -- a discussion which now includes federal insurance regulation and institutions such as Fannie Mae and Freddie Mac, but significant conflicts remain...
Monthly Budget Review, June 2009 - Based on the Monthly Treasury Statement for April and the Daily Treasury Statements for May: "The federal budget deficit was $984 billion for the first eight months of fiscal year 2009, CBO estimates, $664...
Chairman Ben S. Bernanke, Current economic and financial conditions and the federal budget, Before the Committee on the Budget, U.S. House of Representatives, Washington, D.C., June 3, 2009 "The U.S. economy has contracted sharply since last fall, with real gross...
News release: "The U.S. Department of the Treasury today released the data from its first Capital Purchase Program (CPP) Monthly Lending Report. The CPP Monthly Lending Report includes all participants in the CPP and will be published in addition to...
ADP National Employment Report: "Nonfarm private employment decreased 532,000 from April to May 2009 on a seasonally adjusted basis, according to the ADP National Employment Report®. The estimated change of employment from March to April was revised by 54,000, from...
"Currently, three committees exist at the EU level in the financial services sector, with advisory powers, the Committee of European Banking Supervisors (CEBS), the Committee of European Insurance and Occupational Pensions Committee (CEIOPS) and the Committee of European Securities Regulators...
"New statistics released by the U.S. Bureau of Economic Analysis show that economic growth slowed in most states and regions of the U.S. in 2008 as economic growth overall slowed. Real GDP growth slowed in 38 states, with downturns in...
News release: "The Federal Reserve Bank of New York welcomes the letter published today by major financial market participants, committing to additional changes in the market design and risk management for over-the-counter (OTC) derivatives. The letter, which addresses issues discussed...
Retirement - USA.gov: links to several dozen topical sites. Related postings on financial system...
News release: "The Federal financial institution regulatory agencies are together issuing for public comment proposed rules requiring mortgage loan originators who are employees of agency-regulated institutions to meet the registration requirements of the Secure and Fair Enforcement for Mortgage Licensing...
New York Times: "The bankruptcy, to be filed in New York, is a moment of reckoning for an industry that was once at the heart of the American economy. It culminates a remarkable four months of confrontation between Washington and...
News release: "The fifth meeting of the OECD’s Forum on Tax Administration was held in Paris on 28-29 May 2009, bringing together more than 100 participants from 34 OECD and non-OECD countries. The discussions focused on the challenges and opportunities...
Bureau of Labor Statistics: Ranks of Discouraged Workers and Others Marginally Attached to the Labor Force Rise During Recession "When economic conditions deteriorate, greater attention is paid to persons who are without work and seeking jobs—the unemployed. At such times,...
"The International Labour Office (ILO) issued new labour market projections for 2009, showing a further increase in unemployment, working poor and those in vulnerable employment...In the Global Employment Trends Update, May 2009 the ILO revised upwards its unemployment projections to...
News release: "In an effort to better protect financially distressed homeowners, the Federal Trade Commission has initiated a rulemaking proceeding involving foreclosure rescue and loan modification services. The FTC is seeking public comment to determine whether certain practices by companies...
New release: "Trade using surface transportation between the United States and its North American Free Trade Agreement (NAFTA) partners Canada and Mexico was 27.9 percent lower in March 2009 than in March 2008, dropping to $51.1 billion, according to the...
News release: "Many people concerned about their mortgage, their job or their finances may be especially vulnerable to scams and other costly "fixes" for their problems. The Federal Deposit Insurance Corporation today issued a variety of tips to help consumers...
American Lawyer: "Mortgage-related lawsuits are on the rise, with homeowners and investors alike suing over allegedly being duped by the mortgage industry. According to a litigation report from MortgageDaily.com, an online mortgage news analyst, the number of mortgage-related lawsuits filed...
Reducing Foreclosures: No Easy Answers, Christopher Foote, Kristopher Gerardi, Lorenz Goette, and Paul Willen, Working Paper 2009-15, May 2009 "This paper takes a skeptical look at a leading argument about what is causing the foreclosure crisis and what should be...
News release: "Our current economic situation has altered some of the usual interactions between monetary and fiscal policy. One change regards the relative effects of monetary and fiscal policy. The depth and persistence of economic weakness has meant that traditional...
Fact Sheet: "Today, President Obama signs the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009, marking a turning point for American consumers and ending the days of unfair rate hikes and hidden fees. Americans need a healthy flow...
OIG-09-037 – Safety and Soundness: OTS Involvement With Backdated Capital Contributions by Thrifts, May 21, 2009 We reviewed the circumstances surrounding the backdating of capital contributions to prior periods at six thrifts and concluded that the backdating of these transactions...
As the dust starts to settle, which banks deserve the most plaudits?: "After months of indiscriminate fear, widespread losses and government hand-holding, the banking industry is gradually stabilising. Money markets are steadily calming. American banks that got a clean bill...
The Agricultural Newsletter from the Federal Reserve Bank of Chicago Number 1944, May 2009: "There was a quarterly decrease of 6 percent in the value of “good” agricultural land—the largest quarterly decline since 1985—according to a survey of 227 bankers...
News release: "Today, President Obama...sign[ed] the Helping Families Save Their Homes Act and the Fraud Enforcement and Recovery Act into law...The Helping Families Save Their Homes Act is an important step towards stabilizing and reforming our nation’s financial and housing...
Oversight of the Troubled Assets Relief Program - The witness was The Honorable Timothy Geithner, Secretary, U.S. Department of the Treasury. Statement by Timothy F. Geithner U.S. Secretary of the Treasury before the Senate Banking Committee, May 20, 2009: "Today,...
News release: "The Pension Benefit Guaranty Corporation posted a $33.5 billion deficit for the first half of fiscal year 2009, PBGC Acting Director Vince Snowbarger told the Senate Special Committee on Aging at a hearing today. Based on unaudited financial...
"A new study from the Pew Philadelphia Research Initiative looks at how 13 major cities are coping with the recession and finds that most are facing significant budget gaps and are cutting services and personnel in response. Philadelphia is one...
News release: "The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of April 15, 2009 through May 14, 2009. The list contains only...
Harvard Business School Working Paper: An Ounce of Prevention: The Power of Public Risk Management in Stabilizing the Financial System, May 4, 2009 "The magnitude of the current financial crisis reflects the failure of an economic and regulatory philosophy that...
News release: "James B. Lockhart, Director of the Federal Housing Finance Agency (FHFA), today released FHFA’s first Report to Congress, detailing the findings of the agency’s 2008 annual examinations of Fannie Mae, Freddie Mac, the 12 Federal Home Loan Banks...
News release: "In the midst of economic turmoil, federal bailouts, and budget deficits in more than 40 states, a new report from the American Legislative Exchange Council (ALEC) offers a roadmap to recovery based on economic performance trends from states...
News release: "The U.S. Department of the Treasury today released a letter from the Bretton Woods Committee, which includes the bipartisan support of five former secretaries of the Treasury, four former secretaries of State and America's leading foreign economic policy...
"Banks have seized homes in Orange County at a pace that dwarfs the darkest days of the housing downturn in the 1990s. Yet eager buyers have grabbed those properties, keeping the county's foreclosure inventory in check, according to a special...
AP Economic Stress Index, "A visual guide to the state of the economy using a unique formula made up of major economic indicators." October 2007 to Present. Data topics include: Stress Index, Unemployment, Foreclosure, Bankruptcy, Interviews with people impacted. Related...
CNN Transcripts - "ORSZAG: Well, I think what happened is the free-fall in the economy seems to have stopped and we're, I guess the analogy there are some glimmers of sun shining through the trees, but we're not out of...
National Association of Minority Automobile Dealers (NAMAD) - "Dear Mr. President: We write to convey the concerns of more than 19,000 franchised automobile dealerships on Main Streets all across America and the one million men and women who are directly...
New York Times Magazine: "Today companies are focusing on those customers most likely to honor their debts. And they are looking for ways to convince existing cardholders that if they only have enough money to pay one bill, it’s wiser...
"Late to arrive in the Northeast, the foreclosure crisis has swept through the New York region at an explosive pace in the past two years, destroying billions of dollars in housing wealth, according to a New York Times analysis of...
News release: "The U.S. Department of the Treasury today released results from its monthly bank lending survey for March with data from the top 21 recipients of government investments through the Capital Purchase Program (CPP). Overall, balance sheets continued to...
Follow up to previous postings on Chrysler, this WSJ article, downloadable list, and graphic chart: "Chrysler will close one-quarter of its dealerships in the United States...see names, location details of the 789 dealers the embattled auto maker is seeking to...
News release: "With the Making Home Affordable (MHA) program delivering much-needed relief to homeowners and to our economy just over two months after the release of program guidelines, Treasury Secretary Tim Geithner and Housing and Urban Development (HUD) Secretary Shaun...
Audit Report: Material Loss Review of Freedom Bank, Bradenton, Florida, Posted May 12, 2009: "FB failed primarily due to bank management’s aggressive pursuit of asset growth concentrated in high-risk CRE loans with inadequate loan underwriting and a lack of other...
News release: "Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC), and Senator Charles E. Schumer, Vice Chairman of the JEC, released a report showing unfair credit card practices are sending American families further into debt and undermining...
News release: "The crisis of the past 20 months has exposed critical gaps and weaknesses in our financial regulatory system. As risks built up, internal risk management systems, rating agencies and regulators simply did not understand or address critical behaviors...
News release: "U.S. Department of Housing and Urban Development Secretary Donovan announced that HUD is offering nearly $1 billion to make substantial improvements to thousands of public housing units nationwide. The Public Housing Capital Funds being offered are provided through...
Through Boom and Bust: Minorities, Immigrants and Homeownership, May 12, 2009: "The boom-and-bust cycle in the U.S. housing market over the past decade and a half has generated greater gains and larger losses for minority groups than it has for...
White House Council on Economic Advisers, Estimates of Job Creation from the American Recovery and Reinvestment Act of 2009, May 2009: "The American Recovery and Reinvestment Act (ARRA) was designed to save and create jobs, as well as to cushion...
News release: "As part of the Administration's effort to develop a budget that invests in our nation's future, the U.S. Treasury Department today released the General Explanations of the Administration's Fiscal Year 2010 Revenue Proposals (Greenbook) to provide details of...
Follow up to GPO Access: Budget of the United States Government and The President’s 2010 Budget, from OMB: "Today, we released the final volumes of the President’s FY 2010 Budget. These volumes include the Summary Tables, which show aggregate budget...
New York Times DealBook: "Three United States banks, apparently emboldened by the clean bills of health they received under the federal stress tests, announced plans Monday to pay down the government’s investments under the TARP program by selling billions of...
News release: "The National Small Business Association (NSBA) today released data showing that reliance on credit cards is growing among small businesses. Unfortunately, so, too, is the number of small-business respondents who reported worsening credit-card terms. The NSBA 2009 Small...
A Borrower's Guide to an FDIC Insured Bank Failure, May 5, 2009 - "Information for the borrowers whose loans are acquired in the bank failure process." Related postings on financial system...
News release: "Despite declining home prices, many of the jobs created through the federal stimulus package do not pay enough to afford a home, according to Paycheck to Paycheck: Wages and the Cost of Housing in America. This new study...
Employment Situation Summary, April 2009: "Nonfarm payroll employment continued to decline in April (-539,000), and the unemployment rate rose from 8.5 to 8.9 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Since the recession...
Opportunity.gov - New Educational Opportunities for Unemployed Workers: "Americans with more education and training have more secure jobs and higher earnings. With jobs hard to find, it may be a good time to consider going back to school. The President...
News release: "The results of a comprehensive, forward-looking assessment of the financial conditions of the nation's 19 largest bank holding companies (BHCs) by the federal bank supervisory agencies were released on Thursday. The exercise--conducted by the Federal Reserve, the Office...
News release: "U.S. home values continued to slide for the ninth consecutive quarter, declining 14.2 percent from a year ago, and falling 21.8 percent since the market peak in 2006. Additionally, one-fifth (21.9%) of all homeowners in the United States...
News release: "The Federal Trade Commission today told the U.S. House Subcommittee on Housing and Community Opportunity of the Committee on Financial Services that, with the rapid increase in mortgage delinquencies and foreclosures, the FTC has intensified its efforts to...
News release: "During this period of extraordinary economic uncertainty, the U.S. federal banking supervisors believe it to be important for the largest U.S. bank holding companies (BHCs) to have a capital buffer sufficient to withstand losses and sustain lending even...
The G20 Meetings: No Common Framework, No Consensus, Michael Pettis, Nonresident Senior Associate, Carnegie China Program, Policy Brief No. 79, May 2009 "Participants in the recently completed G20 meeting in London agreed on a number of measures, some substantial and...
Information Security: Cyber Threats and Vulnerabilities Place Federal Systems at Risk, GAO-09-661T, May 5, 2009: "Cyber threats to federal information systems and cyber-based critical infrastructures are evolving and growing. These threats can be unintentional and intentional, targeted or nontargeted, and...
Chairman Ben S. Bernanke, The economic outlook - Before the Joint Economic Committee, U.S. Congress, Washington, D.C., May 5, 2009 "The U.S. economy has contracted sharply since last autumn, with real gross domestic product (GDP) having dropped at an annual...
The April 2009 Senior Loan Officer Opinion Survey on Bank Lending Practices: Current survey | Full report | Table 1 | Table 2 | Chart data | Table 1 | Table 2 | Charts "The April 2009 Senior Loan Officer...
News release: "Today, President Obama and Secretary Geithner are unveiling two components [Fact Sheet and Backgrounder] of the Administration's plan to reform our international tax laws and improve their enforcement. First, they are calling for reforms to ensure that our...
IDD Magazine.com: There has been a drop in sales and foot traffic at car dealerships ahead of the actual bankruptcy and many have been forced to close - "The downturn in the auto industry has forced 400 Chrysler car dealers...
News release: "In the Commission's spring forecast, GDP in the European Union is projected to fall by 4% this year and to broadly stabilise in 2010. The main factors behind the recession are the worsening of the global financial crisis,...
May 3 (Bloomberg), by Shobhana Chandra, U.S. Economy Preview - "Unemployment in the U.S. probably climbed in April to a 25-year high, showing the labor market will be one of the last areas to emerge from the worst recession in...
March 05, 2209 - Legal Issues Related to Funding for Religious Schools in P.L. 111-5, the American Recovery and Reinvestment Act of 2009 April 23, 2009 - Airport Passenger Screening: Background and Issues for Congress April 20, 2009 - Insolvency...
A Framework for Assessing the Systemic Risk of Major Financial Institutions, by Xin Huang, Hao Zhou and Haibin Zhu, Working Papers No 281, April 2009. Bank for International Settlements. "In this paper we propose a framework for measuring and stress...
Managing Arab Sovereign Wealth in Turbulent Times—and Beyond, Sven Behrendt, Bassma Kodmani Carnegie Paper, April 2009 "The debate about the role that sovereign wealth funds (SWFs) from Arab and other emerging economies play in international financial markets has been a...
News release: "Chrysler LLC today announced that, as a result of the comprehensive restructuring plan agreed to by many of its stakeholders, it has reached an agreement in principle to establish a global strategic alliance with Fiat SpA to form...
News release: "Today, Treasury Secretary Tim Geithner, joined by Congresswoman Carolyn Maloney, met with consumer groups, civil rights leaders and credit card consumers to discuss the national need for credit card reform. The discussion centered on the House Bill, Credit...
News release: "Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- decreased at an annual rate of 6.1 percent in the first quarter of 2009, (that is,...
News release: "With the NYCStat Stimulus Tracker, New Yorkers can track the City’s use of federal stimulus/recovery funds provided through the American Recovery and Reinvestment Act of 2009 (ARRA). This funding includes federal tax cuts, expansion of unemployment benefits and...
Milken Institute Global Conference, April 2009, Presentation by CBO Director Douglas Elmendorf U.S. Overview: When Will Growth Resume? Infrastructure Projects as Economic Stimulus Related postings on financial system...
News release: "The Obama Administration today announced details of new efforts to help bring relief to responsible homeowners under the Making Home Affordable Program, including an effort to achieve greater affordability for homeowners by lowering payments on their second mortgages...
News release: "General Motors today presented an updated Viability Plan that will speed the reinvention of GM's U.S. operations into a leaner, more customer-focused, and more cost-competitive automaker. The Viability Plan is included in an exchange offer whereby GM is...
Follow up to previous postings on Chrysler, this news release: "The UAW announced tonight that a settlement agreement has been reached with Chrysler, Fiat and the U.S. Treasury Department. When Chrysler’s Feb. 17 viability plan was rejected, President Obama gave...
Global Monitoring Report 2009: "The global financial crisis is imperiling attainment of the 2015 Millennium Development Goals (MDGs) and creating an emergency for development, warned an IMF-World Bank report released today. Most of the eight globally agreed goals are unlikely...
Auto Industry: Summary of Government Efforts and Automakers' Restructuring to Date, GAO-09-553, April 23, 2009: "The turmoil in financial markets and the economic downturn has brought significant financial stress to the auto manufacturing industry. The economic reach of the auto...
News release: "Throughout the developing world, infrastructure is improving living conditions and reducing poverty. But these life-changing investments are increasingly threatened as budgets shrink in the global financial crisis. The World Bank estimates all developing countries could face an infrastructure...
New York Review of Books - The Universities in Trouble, By Andrew Delbanco "Since the financial meltdown began to accelerate last summer, the world has changed utterly for colleges and universities just as it has for everyone who had not...
News release: "he Financial Stability Oversight Board (Oversight Board) today issued its second quarterly report to Congress on the Emergency Economic Stabilization Act (EESA). The report covers the period January 1 to March 31, 2009. The report highlights the oversight...
WSJ: The government confirmed the following list of the 19 banks undergoing stress tests. WSJ: "The U.S. government may end up acquiring a significant ownership stake in banks as it works to stabilize the financial system, according to a draft...
Federal Reserve Board: "A white paper describing the process and methodologies employed by the federal banking supervisory agencies in their forward-looking capital assessment of large U.S. bank holding companies was published on Friday. The white paper is intended to assist...
News release: "The Federal Reserve System on [April 23, 2009] published the annual financial statements for the combined Federal Reserve Banks, the 12 individual Federal Reserve Banks, the limited liability companies (LLCs) that were created in 2008 to respond to...
News release: " Employers took 2,933 mass layoff actions in March that resulted in the separation of 299,388 workers, seasonally adjusted, as measured by new filings for unemployment insurance benefits during the month, the Bureau of Labor Statistics of the...
News release: "The likelihood of customers switching banks increases by up to three times after their bank merges with or is acquired by another financial institution, according to the J.D. Power and Associates 2009 Bank Mergers and Acquisitions Report...The report...
"In the most severe recession since World War II, the global economy is projected to shrink by 1.3 percent in 2009, with a slow recovery expected to take hold next year, according to the IMF’s April 2009 World Economic Outlook...
News release: "The Federal Reserve Board, the Office of Thrift Supervision, and the National Credit Union Administration today proposed clarifications to aspects of their December 2008 final rules under the Federal Trade Commission Act (FTC Act) prohibiting certain unfair credit...
Follow up April 21, 2009 posting, Gallup Poll: Americans Increasingly Concerned About Retirement Income, this new survey, Consumer Trends in the Current Market Environment, April 2009: "AXA Equitable Life Insurance Company...released results of a February 2009 consumer study that shows...
The 2009 Economic Landscape: How the Recession Is Unfolding across Four U.S. Regions "Events in the U.S. and global financial markets are powerful drivers of the recession that began in 2007. However, this economic downturn is unfolding in unique ways...
Press notice: "The Government’s economic objective is to build a strong economy and a fair society, where there is opportunity and security for all. Budget 2009, Building’s Britain’s Future, presents updated assessments and forecasts of the economy and public finances...
When Did Your County's Jobs Disappear? An interactive map of vanishing employment across the country, by Chris Wilson "The economic crisis, which has claimed more than 5 million jobs since the recession began, did not strike the entire country at...
Financial Industry Regulatory Authority - Job Dislocation - Making Smart Financial Choices after a Job Loss: "You may not be able to control if or when your company closes a plant or lays off workers—but you can take steps to...
Summary Version, International Monetary Fund, 2009, Global Financial Stability Report: Responding to the Financial Crisis and Measuring Systemic Risks (Washington, April 2009, 440 pages, PDF) "The global financial system remains under severe stress as the crisis broadens to include households,...
Secretary Geithner Opening Statement Before the Congressional Oversight Panel, April 21, 2009: "Today I will outline the steps taken by the Obama Administration to restore the flow of credit to get our economy back on track and Americans back to...
"This Consumer Advisory, issued by the Office of the Comptroller of the Currency (OCC), describes common scams, suggests ways to protect yourself, provides information on U.S. government loan programs and counseling resources, and lists 10 warning signs of a mortgage...
The Special Inspector General for the Troubled Asset Relief Program, April 21, 2009 - Quarterly Report to Congress: "The Troubled Asset Relief Program (“TARP”) now includes 12 separate, but often interrelated, programs involving Government and private funds of up to...
Follow up to April 19, 2009 posting - 2009 Retirement Confidence Survey: Economy Drives Confidence to Record Lows, see this Gallup Poll, Americans Increasingly Concerned About Retirement Income - Expected reliance on 401(k) plans shows major drop from last year,...
News release: "State Labor Commissioner M. Patricia Smith announced today that additional transportation assistance for unemployed workers will be made available in 20 non-rural counties in New York State. Each Workforce Investment Board in these counties will receive $6,250 that...
The 2009 Retirement Confidence Survey: Economy Drives Confidence to Record Lows; Many Looking to Work Longer, Employee Benefit Research Institute, April 2009 "Workers who say they are very confident about having enough money for a comfortable retirement this year hit...
Press release: "The Conference Board Leading Economic Index™ (LEI) for the U.S. decreased 0.3 percent, The Conference Board Coincident Economic Index™ (CEI) decreased 0.4 percent and The Conference Board Lagging Economic Index™ (LAG) decreased 0.4 percent in March." Download a...
News release: "President Obama [held] the first cabinet meeting of his Administration this morning. As part of his commitment to go line by line through the budget to cut spending and reform government he... challenge[d] his cabinet to cut a...
What 1 TRILLION Dollars Looks Like In Dollar Bills - scroll to the bottom of the page to see the complete range of illustrations. Note that the size of the person changes dramatically as the scale is defined. Related postings...
George Stephanopoulos: "White House Chief of Staff Rahm Emanuel said on "This Week" Sunday that he believes the government has enough resources on hand that the Obama administration will not have to go back to Congress to ask for more...
Weekly Address Transcript: "...I will ask all of my department and agency heads for specific proposals for cutting their budgets. Already, members of my Cabinet have begun to trim back unnecessary expenditures...in the coming weeks, I will be announcing the...
April 08, 2009 - Savings and Household Wealth in 2007 - April8, 2009 - Business Tax Issues in 2009 April 06, 2009 - Setting and Valuing Health Insurance Benefits April 03, 2009 - The Global Financial Crisis: Analysis and Policy...
News release: "Carrying a credit card balance can be expensive for consumers, especially for those who make only minimum monthly payments. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 requires that consumers be provided with toll-free telephone numbers[1-888-600-4804)]...
"Rep. George Miller (D-Calif.) believes the many fees extracted from 401(k) accounts are adding insult to injury for millions of Americans whose accounts have been decimated by stock losses and whose retirements are now in jeopardy. Miller talks to 60...
"Today the FBI released bank crime statistics for the fourth quarter of calendar year 2008. Between October 1, 2008 and December 31, 2008, there were 1,617 robberies of financial institutions, as well as 25 burglaries and three larcenies. This represents...
"The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of March 15, 2009 through April 14, 2009. The list contains only national banks...
Nelson A. Rockefeller Institute of Government: Sales Tax Decline in Late 2008 - Was the Worst in 50 Years - Early Data for 2009 Show Further, Sharp Drop in Tax Revenues for Most States, Donald J. Boyd and Lucy Dadayan...
"This Semi-Annual Report to Congress on International Economic and Exchange Rate Policies finds that the ongoing crisis is having substantial negative effects on the performance of every economy assessed. Economic growth rates have plummeted and for many economies, growth has...
April 15, 2009 - Summary of Commentary on Current Economic Conditions by Federal Reserve District Reports from the Federal Reserve Banks indicate that overall economic activity contracted further or remained weak. However, five of the twelve Districts noted a moderation...
The Global Financial Crisis: Analysis and Policy Implications, Dick K. Nanto, Coordinator, Specialist in Industry and Trade, April 3, 2009. "What began as a bursting of the U.S. housing market bubble and a rise in foreclosures has ballooned into a...
DOT OIG - American Recovery and Reinvestment Act of 2009: Oversight Challenges Facing the Department of Transportation "On March 31, we issued our report on oversight challenges facing the Department of Transportation with the implementation of the American Recovery and...
Federal Reserve Board Chairman Ben S. Bernanke At the Morehouse College, Atlanta, Georgia - April 14, 2009 - Four Questions about the Financial Crisis "The current crisis has been one of the most difficult financial and economic episodes in modern...
Foreclosure Rescue Scams: How to Avoid Becoming a Victim Related postings on financial system...
News release: "The world economy remains mired in a severe financial crisis, threatening decades of development progress in many countries. Emerging market economies are particularly vulnerable as the sharp contraction in capital flows from public and private sources is occurring...
From Mass Transit to New Manufacturing - With the right policies in place, an expansion of public transportation could help reindustrialize the United States. Jonathan Michael Feldman | March 23, 2009 "A new industrial-policy initiative for domestic production of mass-transit...
"The Employee Benefit Research Institute and the Investment Company Institute have been collaborating since 1996 to develop the most comprehensive database on 401(k) plan participants yet assembled. Participant data include demographic, contribution, asset allocation, and loan and withdrawal activity information....
News release: "Economic activity in the manufacturing sector failed to grow in March for the 14th consecutive month, and the overall economy contracted for the sixth consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On...
Public Law 111–5, 111th Congress, 123 STAT. 115, Feb. 17, 2009 [H.R. 1] American Recovery and Reinvestment Act of 2009. 407 pages, PDF "An Act Making supplemental appropriations for job preservation and creation, infrastructure investment, energy efficiency and science, assistance...
News release: "The U.S. General Services Administration has announced plans to buy and deliver $300 million worth of energy-efficient and alternative fuel vehicles using funds from the American Recovery and Reinvestment Act. The GSA plan announced today balances energy-efficiency goals...
News release: "The U.S. Census Bureau today submitted to Congress its proposed recovery plan to create jobs, strengthen the economy and conduct a successful 2010 Census. Under the American Recovery and Reinvestment Act, the Census Bureau was provided $1 billion....Under...
News release: "The U.S. Department of Health and Human Services (HHS) today announced plans to make $1 billion available for the Community Services Block Grant (CSBG) program. Funded by the American Recovery and Reinvestment Act, the new resources will be...
Center for Retirement Research at Boston College: Long-Term Care Costs and the National Retirement Risk Index, by Alicia H. Munnell, Anthony Webb, Francesca Golub-Sass, and Dan Muldoon April 2009 "Even if households work to age 65 and annuitize all their...
"This is the second in a two-part series of TRAC reports based on IRS information obtained under the FOIA, including a series of court orders requiring the release of hundreds of thousands of pages of internal IRS reports. In the...
Science: Financial Crisis Reshaping the Life Sciences Industry, By Clifford S. Mintz, April 10, 2009 "The financial crisis now gripping the world has caused many companies in the financial services, retail, and manufacturing sectors to lay off millions of employees....
Council of Economic Advisors (CEA) Notes on Refinancing Activity and Mortgage Rates: "The Administration’s homeownership plan, along with actions taken by the Federal Reserve, has had a notable impact on mortgage rates and refinancing activity. This fact sheet summarizes mortgage...
News release: "The April oversight report for COP is entitled Assessing Treasury’s Strategy: Six Months of TARP. In this report, COP offers a preliminary look at Treasury’s strategy and offers a comparative analysis of previous efforts to combat banking crises...
"Money – and the lack of it – is a source of stress and frustration. And while people the world over are working to stem the global financial situation we’re in, folks at home are trying to gain some control...
"Individuals in the U.S. have more than $7 trillion invested in mutual funds. By and large, the major mutual fund companies are generally unresponsive to investor needs and most of their customers are too busy to carefully scrutinize their practices...
"Welcome to Recovery.org and Onvia. This site was developed to bring unprecedented transparency and accountability to recovery spending and ensure that every business, regardless of size, has equal access to the projects associated with the recovery efforts. On this site...
FIN-2009-A001 - Issued: April 6, 2009. Subject: Guidance to Financial Institutions on Filing Suspicious Activity Reports regarding Loan Modification/Foreclosure Rescue Scams "The Financial Crimes Enforcement Network (FinCEN) is issuing this advisory to highlight loan modification/foreclosure rescue scams so that financial...
News release: "The Federal Trade Commission today announced a crackdown on fraud and deception by mortgage modification and home foreclosure rescue companies. The FTC is seeking to halt the proliferation of these mortgage relief scams – which target distressed and...
News release: "Ford Motor Company announced today the successful completion of debt restructuring initiatives that will reduce Ford’s Automotive debt by $9.9 billion from $25.8 billion at December 31, 2008, and lower Ford’s annual cash interest expense by more than...
"In the just-ended fiscal year, more than three quarters of the tax returns filed by the nation's largest corporations came from financial service organizations — banks, insurance companies, investment advisors, brokerage houses, securities services and the like. And the same...
"The latest Pew Research Center News IQ survey finds the American public reasonably well-informed about a number of basic facts pertaining to the current economic situation. Fully 83% know that the government assistance to banks and other financial institutions is...
News release: "The U.S. Treasury Department today released guidance on the Obama Administration's Build America Bonds and School Bonds programs, which will help states and localities pursue needed capital projects, such as infrastructure development and public school construction. The guidance...
The Quiet Coup: "The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government—a...
"The House Committee on Transportation and Infrastructure today released a report on the progress of programs under the Committee’s jurisdiction funded by the American Recovery and Reinvestment Act. The American Recovery and Reinvestment Act of 2009 Transportation and Infrastructure Provisions...
On the 2 April 2009 world leaders gathered in London to address the global financial crisis. The communique - The Global Plan for Recovery and Reform, 2 April 2009: "We start from the belief that prosperity is indivisible; that growth,...
Homeland Security and Governmental Affairs Committee hearing April 2, 2009: Recovery and Investment Spending: Implementing a Bold Oversight Strategy, the Chairman Joseph Lieberman and Ranking Member Susan M. Collins discussed the urgency of making sure that proper controls are in...
News release: "In the week ending March 28, the advance figure for seasonally adjusted initial claims was 669,000, an increase of 12,000 from the previous week's revised figure of 657,000. The 4-week moving average was 656,750, an increase of 6,500...
Bureau of Labor Statistics - Metropolitan Area Employment and Unemployment Summary, February 2009: "Unemployment rates were higher in February than a year earlier in all 372 metropolitan areas, the Bureau of Labor Statistics of the U.S. Department of Labor reported...
News release: "What began six months ago with a massive de-leveraging in financial markets has turned into one of the sharpest global economic contractions in modern history. As investors repatriated overseas assets and credit conditions were tightened, firms around the...
News release: "World Bank Group President Robert B. Zoellick said there would be a sharp slowdown in economic growth in the developing world this year, putting more poor people at risk, and the Group of 20 must not shrink from...
The Conference Board: Worldwide Global Economy Will Show Large Discrepancies in 2009 "The global economy is experiencing a strong slowdown, driven largely by the emergence of a serious recession in almost all advanced economies. The output estimates for European countries...
News release: "The Federal Reserve Board on Tuesday requested public comment on proposed changes to the methodology for calculating the imputed costs, collectively known as the private sector adjustment factor (PSAF), that are considered when setting fees and measuring cost...
News release: "..the President announced that his Auto Task Force has completed its evaluation of the viability of General Motors and Chrysler in light of their requests for federal assistance. In addition to releasing the viability assessments, he also released...
The Financial and Economic Crisis: A Decent Work Response, 24 March 2009 [Stuart Basefsky] "This report examines policy packages announced in over 40 countries to overcome the global economic crisis. It shows that not enough has been done to reduce...
News release: "U.S. Department of Homeland Security Secretary Janet Napolitano today announced that the Federal Emergency Management Agency (FEMA) has proposed an amendment to its Special Community Disaster Loan (CDL) regulations to include loan forgiveness procedures and requirements. The proposed...
Deloitte: Tax responses to the global economic crisis, Published 20 March 2009 (updated); 24 pages. "Countries worldwide are taking steps to counter the effects of the global financial and economic crisis. From a tax and fiscal perspective, the approaches taken...
The Treasury Secretary came to Washington, DC in the midst of a monumental crisis, and immediately became the subject of intense Congressional, media and public scrutiny. See Ready to Take Center Stage: Geithner prefers to avoid the spotlight, as at...
News release: "Treasury Secretary Timothy Geithner on Monday called for new legislation granting additional tools to address systemically significant financial institutions that fall outside of the existing resolution regime under the FDIC. A draft bill will be sent to Congress...
Prepared Statement of the Federal Trade Commission On "Consumer Credit and Debt: The Role of the Federal Trade Commission in Protecting the Public,” Presented By Chairman Jon Leibowitz Before the Subcommittee on Commerce, Trade, and Consumer Protection of the Committee...
Follow up to previous postings on NY AG Cuomo's high profile response to AIG bonuses, news Monday evening via the New York Times: "Mr. Cuomo said he was working his way down a list of A.I.G. employees, ranked by the...
Legacy Loans Program: "In order to cleanse bank balance sheets of distressed loans and other assets and reduce the associated market overhang, the FDIC and Treasury are launching the Legacy Loans Program. The FDIC will provide oversight for the formation,...
NEW: Public Private Investment Program (PPIP) Fact Sheet White Paper Legacy Securities Summary of Terms Legacy Securities FAQs Application for Private Assets Managers Legacy Loans Summary of Terms Legacy Loans FAQs Related postings on financial system...
News release: "The U.S. Department of Labor has issued policy guidance to grantees of the Senior Community Service Employment Program (SCSEP) for the implementation of an additional $118,800,000 under the American Recovery and Reinvestment Act of 2009 (Recovery Act). This...
Multi-Generational Housing Patterns Research Report, Teresa A. Keenan, Ph.D., AARP Knowledge Management, February 2009 "While most respondents to this January 2009 survey of adults ages 18 and older said that moving in with a friend or family member was unlikely,...
"[March 20, 2009], the Administration is released the Fiscal Responsibility Summit Report that the President announced during the final session of the Summit on February 23. The Summit was convened so that the President could solicit ideas and discuss solutions...
"High unemployment rates are not just creating a drag on the U.S. economy, but are also linked to lagging population growth in economically distressed areas, according to a [Population Reference Bureau] PRB analysis of data from the U.S. Census Bureau....
News release: "With no signs of economic recovery in sight, the U.S. Postal Service is taking bold actions in response to its ongoing financial crisis. Today the Postal Service announced it would be closing six of its 80 district offices,...
News release: "The U.S. Department of the Treasury today announced a new program to help stabilize the auto supply base and restore credit flows in a critical sector of the American economy. As the President's Task Force on the Auto...
News release: "During the House Financial Services Subcommittee meeting today, American International Group’s Impact on the Global Economy: Before, During, and After Federal Intervention, Rep. Barney Frank discussed the AIG employee contracts." 2008 Employee Retention Plan Confirmation and Acknowledgement Schedule...
News release: "The Financial Services Authority (FSA) has today published the Turner Review of global banking regulation. Lord Turner, chairman of the FSA, was asked by the Chancellor of the Exchequer to review the events that led to the financial...
News release: "Vice President Joe Biden announced today that the Department of Health and Human Services will award $100 million in Recovery Act funding to provide meals to tens of thousands of low-income older Americans in need. The funding is...
News release: "Seven in ten eligible employees participated in 401(k) plans in 2008: A new survey of employers released by WorldatWork and the American Benefits Council, Trends in 401(k) Plans, presented today at a National Press Club Newsmakers press conference...
News release: "Information received since the Federal Open Market Committee met in January indicates that the economy continues to contract. Job losses, declining equity and housing wealth, and tight credit conditions have weighed on consumer sentiment and spending. Weaker sales...
MARI®Mortgage Asset Research Institute Eleventh Periodic Mortgage Fraud Case Report To: Mortgage Bankers Association, by Denise James, Jennifer Butts Michelle Donahue, March 2009 "The year proved to be a swift introduction to how the industry must and will soon change...
"The unprecedented bet that many banks made on mortgages, real estate development and other real estate related lending during the middle part of this decade has produced a payoff no one imagined just a few years ago -- a huge...
News release: "The Federal Trade Commission has charged seven related companies with violating federal law by falsely promising to remove negative information from consumers’ credit reports, even information that is accurate and current, and by charging an up-front fee and...
Letter to Rep. Barney Frank from Andrew M. Cuomo, Attorney General of the State of New York re: AIG 2008 Retention Bonuses "We learned over the weekend that AIG had, last Friday, distributed more than $160 million in retention payments...
03/16/2009, TreasuryDirect, The Debt to the Penny and Who Holds It Current Debt Held by the Public: 6,741,972,565,592.27 Intragovernmental Holdings: 4,291,185,013,077.51 Total Public Debt Outstanding: 11,033,157,578,669.78 CBS News: "And the government is running up mountains of debt with increasing speed....
News release: "The Financial Crimes Enforcement Network (FinCEN) today released a new report, Mortgage Loan Fraud Connections with Other Financial Crime: An Evaluation of Suspicious Activity Reports Filed By Money Services Businesses, Securities and Futures Firms, Insurance Companies and Casinos,...
News release: "Today, as part of an effort Treasury Secretary Timothy Geithner first outlined in introducing the Financial Stability Plan (FSP) in February, we are taking immediate action to help ensure that credit – the lifeblood of America's small businesses...
News release: "The Securities and Exchange Commission took further action to help increase the transparency of credit default swaps by approving conditional exemptions that will allow the Chicago Mercantile Exchange Inc. (CME) to operate as a central counterparty for clearing...
March 16, 2009 letter from Attorney General Cuomo to Edward M. Liddy, Chairman & CEO of AIG, concerning bonuses: "The Office of the New York Attorney General has been investigating compensation arrangements at AIG since last Fall. We were disturbed...
On March 13, 2009 the Brookings Institution hosted Lawrence Summers, Director of the White House National Economic Council, for a discussion of the Obama administration’s economic program and the prospects for the American economy. "Transcript Larry Summers: Our single most...
US Fact Sheet in Advance of G-20 Finance Ministers and Central Bank Governors Meeting March 11, 2009, Economic Recovery and Financial Reform: "The G-20 countries together must take aggressive action on two fronts – first, to ensure economic recovery and...
Nicolas Rapp, Art Director for the multimedia and graphic department at AP, posted a link to one of his many outstanding infographics of special value to financial researchers. As noted on his site, since November 2008 he has been tracking...
New York Times: New Has the Economy Hit Bottom Yet? "And when we do hit bottom — this year or years from now — how will we know? There’s no easy answer, but stocks, home prices and consumer spending are...
New York Times: Times Are Tough, and Libraries Are Thriving "People are flocking to libraries after forsaking Barnes & Noble or ditching their HBO service and subscriptions to Netflix, library officials said, because libraries’ books, DVDs and CDs have a...
FDIC Consumer News – Winter 2009, March 11, 2009 - Special Edition: Managing Your Money in Good Times and Bad Good Ways to Get Started Cutting Back / Tips on Putting Your Dollars to Work...for You! / Make the Most...
"The purpose of this hearing [was] to assess Treasury’s oversight of the use of funds by financial institutions provided under the TARP. The hearing...evaluate[d] Treasury’s data collection procedures for monitoring the use of TARP funds allocated under the Capital Purchase...
Houston Business Journal: "Bank of America Corp. now ranks as the largest U.S. bank ranked by assets, according to a study by SNL Financial. Charlotte, N.C.-based BofA had total assets of almost $2.5 trillion as of Dec. 31. Prior to...
News release: "The World’s 50 Safest Banks 2009 were selected through a comparison of the long-term credit ratings and total assets of the 500 largest banks around the world. Ratings from Moody’s, Standard & Poor’s and Fitch were used." [Note:...
GOOD [via theeconomysucks - ["a collaboration of individuals, businesses, and nonprofits pushing the world forward"]: informative, insightful, infographics on Making Sense of the Financial Mess. Related postings on financial system...
Chairman Ben S. Bernanke At the Council on Foreign Relations, Washington, D.C. March 10, 2009, Financial Reform to Address Systemic Risk "The first element of my proposed reform agenda covers systemically important institutions considered individually. The second element focuses on...
Your Bank Has Failed: What Happens Next? - "What would happen if your local bank failed? Scott Pelley and "60 Minutes" were given extraordinary access, as the Federal Deposit Insurance Corporation moves in to take over a failed bank in...
News release: "Developing countries face a financing shortfall of $270-700 billion this year, as private sector creditors shun emerging markets, and only one quarter of the most vulnerable countries have the resources to prevent a rise in poverty, the World...
NPR: "The debate over whether the U.S. government will end up nationalizing the banks is usually presented as an either/or proposition — either the government takes over the banks to keep them from becoming insolvent or it leaves the banks...
Transcript - Obama Radio Address, Saturday, March 7, 2009: "My administration inherited a $1.3 trillion budget deficit, the largest in history. And we've inherited a budgeting process as irresponsible as it is unsustainable. For years, as Wall Street used accounting...
Eric Nalder, Seattle Post-Intelligencer: "Numerous convicts -- including embezzlers, robbers, meth dealers and rapists -- sold mortgage loans to unsuspecting homeowners in Washington in recent years while state lawmakers and members of Congress debated and tabled requirements for licensing and...
Employment Situation Summary: "Nonfarm payroll employment continued to fall sharply in February (-651,000), and the unemployment rate rose from 7.6 to 8.1 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Payroll employment has declined...
Who Regulates Whom? An Overview of U.S. Financial Supervision, February 24, 2009 "Federal financial regulation in the United States has evolved through a series of piecemeal responses to developments and crises in the markets. This report provides an overview of...
"March 6, 2009, the Congressional Oversight Panel released its March Oversight Report, The Foreclosure Crisis: Working Toward a Solution. "Like the crisis in the banking system, the foreclosure problem has grown so large that it threatens the entire economy. Foreclosures...
US Courts: "Bankruptcy filings in the federal courts rose 31 percent in calendar year 2008, according to data released today by the Administrative Office of the U.S. Courts. The number of bankruptcies filed in the twelve-month period ending December 31,...
News release: "Reports of mortgage foreclosure scams are on the rise. Knowing what to watch for and where to turn for help is vital for families who are struggling to remain in their homes. March 1 to 9 is National...
Regulating Insurance After the Crisis, Robert E. Litan, Senior Fellow, Economic Studies, The Brookings Institution, March 4, 2009 "Despite a long-standing policy debate, insurance remains the only major financial industry not to be regulated at the federal level, a tradition...
News release: "TransUnion.com released today the results of its analysis of trends in the mortgage industry for the fourth quarter of 2008 and the associated impact on the U.S. consumer. The report is part of an ongoing series of quarterly...
News release: "On March 4th, The Obama Administration announced new U.S. Department of the Treasury guidelines to enable servicers to begin modifications of eligible mortgages under the Administration's Homeowner Affordability and Stability Plan – announced by President Barack Obama just...
"Reports from the twelve Federal Reserve Districts suggest that national economic conditions deteriorated further during the reporting period of January through late February. Ten of the twelve reports indicated weaker conditions or declines in economic activity; the exceptions were Philadelphia...
Treasury OIG-09-033, Safety and Soundness: Material Loss Review of First National Bank of Nevada and First Heritage Bank, National Association, February 27, 2009 "The primary cause of the failure of FNB Nevada was the significant losses within its commercial real...
The Federal Reserve Bank of Saint Louis prepared and updates this Timeline of Events and Policy Actions, inclusive of brief descriptions and key documents, with a start date of February 27, 2007. Related postings on financial system...
Recovery.gov: "President Obama and Transportation Secretary LaHood have announced that $27 billion in American Recovery and Reinvestment Act (ARRA) funds are headed to states to provide critical repairs to our nation's crumbling roads and bridges. Parts of the allocation are...
U.S. Treasury Secretary Tim Geithner Written Testimony - As Prepared for Delivery to the Committee on Ways and Means:..."What I propose to do in the remarks that follow is to: Describe the economic and financial challenges that greeted us upon...
The Geography of a Recession: "Job losses have been most severe in the areas that experienced a big boom in housing, those that depend on manufacturing and those that already had the highest unemployment rates. Related Article." Related postings on...
News release: "The U.S. Treasury Department and the Federal Reserve Board today announced a restructuring of the government's assistance to AIG in order to stabilize this systemically important company in a manner that best protects the US taxpayer. Specifically, the...
USA Today: "For three years, the investigative arm of Congress has seen its staff dwindle in size. Now, the agency is getting a $25 million infusion of cash from the stimulus bill signed by President Obama last month to hire...
News release: "Freddie Mac today announced that its chief executive officer, David Moffett, has notified the chairman of the board of directors of his resignation from his position as chief executive and as a member of the board effective no...
HUD Information Related to the American Recovery and Reinvestment Act of 2009 (Recovery Act) HUD Implementation of the Recovery Act Community Development Block Grant Project-Based Rental Assistance Lead Hazard Reduction/Healthy Homes Homelessness Prevention Fund Tax Credit Assistance Program Public Housing...
DOE Information Related to the American Recovery and Reinvestment Act of 2009 EPA Information Related to the American Recovery and Reinvestment Act of 2009 (Recovery Act) National Conference of State Legislatures Summary on Human Services Provisions Recovery.gov: State Recovery Sites...
"In his recent address to the joint session of Congress, President Obama announced that he has "begun to go line by line through the federal budget in order to eliminate wasteful and ineffective programs." The President has released his FY...
"The Quarterly Banking Profile (QPB) is a quarterly publication that provides the earliest comprehensive summary of financial results for all FDIC-insured institutions." Report Date: December 31, 2008, released February 26, 2009 Complete QBP: "Expenses associated with rising loan losses and...
Los Angeles Times: Lackluster spending on clothes, cars, legal services and most everything else has left California's economy listless, just about guaranteeing that the state's 10.1% unemployment in January will march upward until at least the end of the year,...
Remarks of President Barack Obama Weekly Address Saturday, February 28, 2009 Washington, DC: "In the Weekly Address this morning, President Obama explains how the budget he sent to Congress will fulfill the promises he made as a candidate. On fiscal...
Hard Times for Horses: "According to Dr. Tom Lenz, a veterinarian who is the chairman of the Unwanted Horse Coalition, although the elimination of domestic slaughterhouses has reduced the total number of horses killed, 100,000 to 150,000 are still exported...
How to Know When the Economy Is Turning Up: "The economy stinks. GDP fell 3.8% last quarter and experts believe the decline this quarter will be even worse. But recessions don't last forever, and we'll be coming out of this...
WSJ: Berkshire Hathaway Reports Worst Year Ever Warren Buffett's Letter to Berkshire Shareholders, February 28, 2009: "As the year progressed, a series of life-threatening problems within many of the world’s great financial institutions was unveiled. This led to a dysfunctional...
"TIME's picks for the top 25 people to blame for the financial crisis [scroll to bottom of page and click on named individual] includes everyone from former Federal Reserve chairman Alan Greenspan and former President George W. Bush to the...
News release: "Citigroup is planning to strengthen its capital structure through conversion of a significant portion of its preferred securities to common equity in a series of exchange offers. Citigroup requested that the Treasury participate in this exchange offer by...
News release: "As economic conditions continue to worsen, the public is increasingly worried about the affordability and availability of care, with many postponing or skipping treatments due to cost in the past year and a notable minority forced into serious...
Peter Orszag - Discipline, Efficiency, Prosperity - Peter Orszag, Director: "Welcome to my first blog post at the Office of Management and Budget. In this blog, I want to open up OMB even more to the public and share with...
LA Times: "President Obama and senior administration officials have begun receiving a daily CIA report on the global economic crisis in addition to briefings on terrorist threats and other national security issues, CIA Director Leon E. Panetta said Wednesday. The...
News release: "The Financial Crimes Enforcement Network (FinCEN) today released its latest mortgage fraud analysis - titled Filing Trends in Mortgage Loan Fraud - that shows suspicious activity reports (SARs) filed on suspected mortgage fraud increased 44 percent in the...
News release: "The federal bank regulatory agencies announced today that they will start conducting forward-looking economic assessments of large U.S. banking organizations as the Capital Assistance Program (CAP) gets underway. These assessments will be done on an interagency basis as...
Economic Snapshot for February 2009 By Christian E. Weller, February 24, 2009: " The U.S. economy is experiencing its worst recession in decades. Jobs and wealth losses are accelerating, contributing to sharp increases in families’ economic distress. This crisis was...
News release: "In an ongoing effort to deliver on swift implementation of the Obama Administration's recovery, stability and affordability plans, the U.S. Department of the Treasury touted today the availability of an expanded tax break for first-time homebuyers – a...
News release: "...the U.S. Department of the Treasury today announced the terms and conditions for the Capital Assistance Program (CAP). The CAP is a core element of the Administration's Financial Stability Plan. The purpose of the CAP is to restore...
European Commission - Communication from the Commission on the Treatment of Impaired Assets in the Community Banking sector, February 25, 2009. News release: "The European Commission has provided guidance on the treatment of asset relief measures by Member States. Impaired...
Commission assesses another four Stability and Convergence Programmes: "Following last week's assessment of 17 Stability and Convergence Programmes, the European Commission today examined the updated programmes of Italy, Luxembourg, Lithuania and Portugal...According to Council Regulation (EC) No 1466/97 on the...
The Swedish model for resolving the banking crisis of 1991 - 93. Seven reasons why it was successful (EUROPEAN ECONOMY. ECONOMIC PAPERS. 360. February 2009. European Commission. Brussels. 27pp. Tab. Graph. Ann. Bibliogr. Free) "This study presents the main features...
Federal Reserve Board: Monetary Policy Report to the Congress - Current Report: February 24, 2009 Part 1: Overview of Monetary Policy and the Economic Outlook Part 2: Recent Financial and Economic Developments Part 3: Monetary Policy in 2008 and Early...
"U.S. home prices posted record declines in the fourth quarter of 2008 according to the Federal Housing Finance Agency’s House Price Index (HPI). The FHFA seasonally-adjusted purchase-only house price index, based on data from home sales, was 3.4 percent lower...
Chairman Ben S. Bernanke, Semiannual Monetary Policy Report to the Congress, Before the Committee on Banking, Housing and Urban Affairs, U.S. Senate, Washington, D.C., February 24, 2009 "As you are aware, the U.S. economy is undergoing a severe contraction. Employment...
The Economic Crisis and the Fiscal Crisis: 2009 and Beyond, Alan J. Auerbach William G. Gale, University of California, Berkeley, Brookings Institution, February 19, 2009 "This paper discusses the impact of recent tumultuous economic events and policy interventions on the...
News release: ""A strong, resilient financial system is necessary to facilitate a broad and sustainable economic recovery. The U.S. government stands firmly behind the banking system during this period of financial strain to ensure it will be able to perform...
Changes in U.S. Family Finances from 2004 to 2007: Evidence from the Survey of Consumer Finances, Brian K. Bucks, Arthur B. Kennickell, Traci L. Mach, and Kevin B. Moore, February 12, 2009 "The Federal Reserve Board's Survey of Consumer Finances...
News release: "While states will benefit greatly from the federal stimulus program – receiving over $150 billion over three years – state budget gaps still loom at the end of that period, according to a new report issued today by...
Federal Reserve Bank of New York: Dynamic Maps of Bank Card and Mortgage Delinquencies in the United States. Credit Card Delinquency Rate 60+ days. Mortgage Rate Delinquency Rate 90+days. The source of the data is from credit reporting agency, TransUnion,...
Via Michael Ravnitzky: "Bloomberg News asked the Federal Reserve Board to disclose the securities that the central bank is accepting from banks on behalf of taxpayers as collateral for $1.5 trillion in loans to the banks, according to a November...
White House: "Two important takeaways from the President's Weekly Address [Saturday February 21, 2009]. the American Recovery and Reinvestment Act will start having an impact as soon as a few weeks from now, in the form of the quickest and...
The Economic Crisis and the Fiscal Crisis: 2009 and Beyond - Alan J. Auerbach, William G. Gale, February 19, 2009 "This paper discusses the impact of recent tumultuous economic events and policy interventions on the Federal fiscal picture for the...
Pew Research Center for the People & the Press: "Americans continue to follow news about the economic crisis closely because they feel it is directly relevant to their lives. More than eight-in-ten (85%) say even when the economic news is...
R40224, Troubled Asset Relief Program and Foreclosures, February 17, 2009 "Increasing foreclosure rates and problems in financial markets are some of the issues addressed in the Emergency Economic Stabilization Act of 2008 (P.L. 110-343), which created the Troubled Asset Relief...
News release: "The Homeowner Affordability and Stability Plan is part of the President's broad, comprehensive strategy to get the economy back on track. The plan will help up to 7 to 9 million families restructure or refinance their mortgages to...
Chairman Ben S. Bernanke At the National Press Club Luncheon, National Press Club, Washington, D.C., February 18, 2009: "Traditionally the most conservative of institutions, central banks around the world have responded to this unprecedented crisis with force and innovation. In...
Deloitte 2009 Industry Outlook: Automotive Challenging Times, Emerging Opportunities, January 2009. "There is no question that the automotive industry is in turmoil. While the Detroit 3 have been struggling with profitability and the restructuring of their operations for the past...
News release: "The U.S. Department of the Treasury today released the following statement from Secretary Tim Geithner upon receipt of restructuring reports from Chrysler LLC and General Motors Corporation. The reports were required under the terms of the loans made...
News release: "The U.S. Department of the Treasury released today its first monthly bank lending survey designed to provide new, more frequent and more accessible information on banks' lending activities to help taxpayers easily assess the lending and other activities...
"Recovery.gov is a website that lets you, the taxpayer, figure out where the money from the American Recovery and Reinvestment Act is going. There are going to be a few different ways to search for information. The money is being...
News release: "According to a new study commissioned by HNTB Corporation, Americans overwhelmingly believe the nation's infrastructure is crumbling and are willing to spend more of their tax dollars to fix it. They also recognize improving infrastructure creates jobs and...
Carlyle group presentation on the world financial crisis, 15 Oct 2008 [via Wikileaks - 80 pages, PDF] Related postings on financial system...
News release: "The Office of the Comptroller of the Currency and the Office of Thrift Supervision are expanding the scope of the mortgage performance data gathered from national banks and thrifts to include additional information on the affordability and sustainability...
See this White House webpage which in turn links to the final version, published in the Congressional Record version (PDF) - The American Recovery and Reinvestment Act of 2009, inclusive of an online "form on the right to leave your...
"The mission of the Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. During the current turmoil in the credit markets, the SEC has worked closely with the Department of the...
EU: Unemployment, working poor and vulnerable employment to increase dramatically due to global economic crisis. Global Employment Trends January 2009, International Labour Organization: "The global financial crisis has triggered a serious slowdown in world economic growth including recession in the...
The Stimulus Plan: A Detailed List of Spending by Michael Grabell and Christopher Weaver, ProPublica: "The appropriations section of the bill details spending in excess of $311 billion for programs ranging from Pell grants for college students to clean water...
Free WSJ chart: Where the Money Goes | Selected programs from the $789.2 billion bill: Spending - 24% | Aid 38% | Tax Cuts 38% Related postings on H.R. 1, the American Recovery and Reinvestment Act of 2009 Related postings...
Via THOMAS: HR1: The American Recovery and Reinvestment Act of 2009 (stimulus bill) New York Times - Stimulus Plan Places New Limits on Wall St. Bonuses: "The restriction with the most bite would bar top executives from receiving bonuses exceeding...
White House: "Today President Obama is celebrating the passage [Senate approved HR 1 by a 60-to-38 vote, House approved the compromise bill by a 246-to 183 vote] of the American Recovery and Reinvestment Act as a "major milestone on our...
The Legislative Source Book of the Law Librarians' Society of Washington, DC (LLSDC) now has a 1.5 MB file, in PDF, of the complete Conference Report, H. Rep. 111-16, to H.R. 1, the American Recovery and Reinvestment Act of 2009,...
H.R. 1, American Recovery and Reinvestment Act of 2009, February 13, 2009. Cost estimate for the conference agreement for H.R. 1: "Combining both spending and revenue effects, CBO estimates that enacting the conference agreement for H.R. 1 would increase federal...
Nancy Pelosi's Gavel Blog: "The Appropriations Committee and the Ways and Means Committee have released detailed summaries of the appropriations and tax provisions in the American Recovery and Reinvestment Act. full summary from the Appropriations Committee full summary of the...
Joint Committee on Taxation (February 12, 2009) Estimated Budget Effects Of The Revenue Provisions Contained In The Conference Agreement For H.R. 1, The “American Recovery And Reinvestment Tax Act Of 2009” Related postings on financial system...
Speaker Nancy Pelosi: Conference Report on American Recovery and Reinvestment Act Preliminary Overview, February 12, 2009: "Just over three weeks since the Inauguration of President Obama, Congress will consider the American Recovery and Reinvestment Act, to save and create jobs,...
The American Recovery and Reinvestment Act: State-By-State Jobs Impact, Speaker Nancy Pelosi, February 12, 2009 Related postings on financial system...
New York Times: Deal Reached in Congress on $789 Billion Stimulus Plan - "The package of spending increases and tax relief, intended to spur an economic recovery and create jobs by putting money back in the pockets of consumers and...
February 11, 2009 - The Need for Increased Fraud Enforcement in the Wake of the Economic Downturn, John S. Pistole, Deputy Director, FBI, Before the Senate Judiciary Committee Hearing "Fraud Trends: The current financial crisis has produced one unexpected consequence:...
"This page places the current economic downturn into historical (post-WWII) perspective. It compares output and employment changes during the present recession with the same data for the 10 previous recessions that have occurred since 1946." [Note: be sure to click...
House Financial Services Committee hearing entitled TARP Accountability: Use of Federal Assistance by the First TARP Recipients, February 11, 2009. The committee called on eight CEOs representing companies who received TARP money to testify. Witness List & Prepared Testimony: Lloyd...
The Treasury Committee questions the heads of Lloyds, Barclays, RBS, Abbey and HSBC as part of its ongoing banking crisis inquiry Video and Audio: Lloyds, Barclays, RBS, Abbey and HSBC chiefs questioned Treasury Committee - see banking crisis page News:...
Follow up to related postings on the American Recovery and Reinvestment Act of 2009, from the Senate Finance committee, this Side-By-Side Chart of Notable Differences Between the Senate-Passed and the House-Passed American Recovery and Reinvestment Act of 2009 Joint Committee...
"On Tuesday, February 10, 2009 Treasury Secretary Timothy Geithner outlined a comprehensive plan to restore stability to our financial system. In the address, Secretary Geithner discussed the Obama Administration’s strategy to strengthen our economy by getting credit flowing again to...
James Mintz Group, Issue Two, December 2008: "In the last 120 days, one of the mightiest investigative armadas in our times has been assembled to look into alleged wrongdoing and conflicts of interest in the mortgage and financial industries. So...
Congressional Budget Office: H.R. 1, American Recovery and Reinvestment Act of 2009, February 9, 2009. Cost estimate for an amendment in the nature of a substitute by Senator Reid for Senators Nelson and Collins, February 7, 2009. Purpose: In the...
News release: "The Federal Reserve Board on Friday released additional terms and conditions--including loan rates and collateral haircuts--of the Term Asset-Backed Securities Loan Facility (TALF). The additions were determined after further analysis and consultation with issuers, investors, and dealers in...
News release: "James B. Lockhart, Director of the Federal Housing Finance Agency today released the November monthly Foreclosure Prevention Report, which provides comprehensive monthly data on the loss mitigation efforts of Fannie Mae and Freddie Mac as well as information...
American Securitization Forum Speech, Las Vegas, Nevada, February 9, 2009, James B. Lockhart III, Director, Federal Housing Finance Agency "The biggest challenge we face is the stabilization of the housing market. Declining prices will demand continued concentrated action by the...
News release: "The Conference Board Employment Trends Index (ETI)™ fell further in January. The index now stands at 96.6, down 1.0 percent from the December revised figure of 97.5, and down 18.6 percent from a year ago. “The Employment Trends...
WSJ: "Treasury Secretary Timothy Geithner is expected to announce that the government will become a partner with the private sector to purchase banks' troubled assets, according to people familiar with the matter. The plan for a so-called aggregator bank, a...
"In response to a letter from GAP and 9 other public interest organizations, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) sent a letter to GAP demonstrating his commitment to protect whistleblowers who disclose evidence of waste,...
News release: "The SEC's entire budget allocation is a disproportionately small amount in comparison to the agency's mission. With often less than $900 million in hand and approximately 3,500 staff, the SEC is tasked with regulating tens of thousands of...
News release: "The Commodity Futures Trading Commission (CFTC) announced that it has launched, on a six-month trial basis, a new monthly report: This Month in Futures Markets. The report, produced by the Commission’s Office of the Chief Economist, will add...
WSJ: "Treasury Secretary Timothy Geithner's revamp of the $700 billion financial-sector bailout is likely to rely on a broad range of tools, from injecting additional capital into banks and helping homeowners avoid foreclosure to expanding the roles of the Federal...
AP: "A comparison of the $827 billion economic recovery plan drafted by Senate Democrats and moderate Republicans with an $820 billion version passed by the House. Additional debt costs would add about $350 billion or more over 10 years. Many...
AP: "California's first-ever furloughs began Friday with more than 200,000 state workers expected to stay home without pay amid the state's fiscal crisis." State of California Fact Sheet: What Californians Are Saying About Furloughs Related postings on financial system...
Unemployed and Uninsured in America analyzes the health coverage status of unemployed workers with low and moderate incomes, including national and state-level data. (February 2009) Related postings on financial system...
"COP is releasing its latest oversight report today entitled Valuing Treasury’s Acquisitions. This report is our own attempt to answer the fifth question in our first oversight report: Is the Public Receiving a Fair Deal? After reviewing the top ten...
News release: "OECD composite leading indicators (CLIs) for December 2008 continue to point to a weakening outlook for all the major seven economies. The CLIs in most OECD countries have fallen to levels that were last seen during the oil...
News release [includes data and charts]: "Nonfarm payroll employment fell sharply in January (-598,000) and the unemployment rate rose from 7.2 to 7.6 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Payroll employment has...
Remarks by the President on the Establishment of the Economic Recovery Advisory Board [names included in this link], February 6, 2009: "...I created this board to enlist voices to come from beyond the Washington echo chamber, to ensure that no...
The Economic Impact of the American Recovery and Reinvestment Act, Mark Zandi, Chief Economist, Moody's Economy.com, January 21, 2009. "The global financial system has effectively collapsed, undermining investor, household and business confidence, and pushing the economy into a lengthy and...
New York Times: "Beyond the $700 billion bailout known as TARP, which has been used to prop up banks and car companies, the government has created an array of other programs to provide support to the struggling financial system. Through...
News release [includes data charts]: Unemployment rates were higher in December than a year earlier in 363 of the 369 metropolitan areas, lower in 5 areas, and unchanged in 1 area, the Bureau of Labor Statistics of the U.S. Department...
Center for American Progress. Rescuing the American Economy - A Guide to How the Stimulus Works, by Michael Ettlinger | February 5, 2009. "The economy was already performing badly by many measures before the recession started in December 2007, but...
"Pursuant to the Emergency Economic Stabilization Act of 2008, the Office of the Special Inspector General for the Troubled Asset Relief Program [SIGTARP] must report to Congress on its oversight activities and compile certain specified data and information about the...
Monthly Budget Review, February 2009. Based on the Monthly Treasury Statement for December and the Daily Treasury Statements for January "CBO estimates that the Treasury Department will report a deficit of $563 billion for the first four months of fiscal...
Senate Banking Committee hearing, Pulling Back the TARP: Oversight of the Financial Rescue Program, February 5, 2009. Witness Testimony: Gene L. Dodaro, Acting Comptroller General, United States Government Accountability Office Neil M. Barofsky, Special Inspector General, Troubled Asset Relief Program...
"Nonfarm private employment decreased 522,000 from December 2008 to January 2009 on a seasonally adjusted basis, according to the ADP National Employment Report®. The estimated change of employment from November to December 2008 was revised up by 34,000, from a...
"The struggling companies whose freewheeling business practices have contributed to the country's economic woes are getting a lucrative return on at least one of their investments. Beneficiaries of the $700 billion bailout package in the finance and automotive industries have...
News release: "Today, the Treasury Department is issuing a new set of guidelines on executive pay for financial institutions that are receiving government assistance to address our current financial crisis...The measures announced today are designed to ensure that the compensation...
Estimated Macroeconomic Effects of the Inouye-Baucus Amendment in the Nature of a Substitute to H.R. 1, February 4, 2009, Letter to the Honorable Judd Gregg. "At your request, the Congressional Budget Office (CBO) has conducted an analysis of the macroeconomic...
"The White House today released additional state-specific details on the American Recovery and Reinvestment Plan. The recovery plan will create and save jobs in the near future while addressing long-neglected needs that are critical to laying the foundation for a...
Senate Committee on Banking, Housing and Urban Affairs, Modernizing the U.S. Financial Regulatory System, February 4, 2009. Witnesses - Paul A. Volcker, Chair of the President's Economic Recovery Advisory Board and former Chairman, Board of Governors of the Federal Reserve...
Statement of John F. Bovenzi, Deputy to the Chairman and Chief Operating Officer, Federal Deposit Insurance Corporation on Promoting Bank Liquidity and Lending Through Deposit Insurance, Hope for Homeowners, and Other Enhancements before the Committee on Financial Services; U.S. House...
Bank Direct Magazine: "There is not much flash and glitz among this year’s crop of top-performing U.S. banks and thrifts. But given all that’s occurred in the last six months, maybe slow and steady really is the name of the...
"The January 2009 Senior Loan Officer Opinion Survey on Bank Lending Practices addressed changes in the supply of, and demand for, loans to businesses and households over the past three months. The survey also included three sets of special questions:...
News release: "The U.S. Department of the Treasury today announced its current estimates of marketable borrowing...During the January – March 2009 quarter, Treasury expects to borrow $493 billion of marketable debt, assuming an end-of-March cash balance of $225 billion, which...
Estimated Budget Effects Of The Revenue Provisions Contained In Titles I And III Of S. 350, The “American Recovery And Reinvestment Tax Act Of 2009,” As Reported By The Committee On Finance Related postings on American Recovery and Reinvestment Act...
Federal Reserve Bank of Atlanta - Subprime Mortgages, Foreclosures, and Urban Neighborhoods, Kristopher S. Gerardi and Paul S. Willen. Working Paper 2009-1, February 2009. "This paper analyzes the impact of the subprime mortgage crisis on urban neighborhoods in Massachusetts. We...
The Financial Services Fact Book 2009, Insurance Information Institute, The Financial Services Roundtable: "The 2009 edition includes a host of new material to shed light on this challenging environment, including - Trends in bank insolvencies Data on credit default swaps...
Financial Services Roundtable Principals for Financial Regulatory Reform, January 29, 2009 Related postings on financial system...
News release: "The Federal Reserve Board on Friday announced two final rules pertaining to the Asset-Backed Commercial Paper Money Market Fund Liquidity Facility (AMLF), which extends loans to banking organizations to finance their purchases of high-quality asset-backed commercial paper from...
Forecasts for the UK economy, A comparison of independent forecasts January 2009, Compiled by the Macroeconomic Prospects Team. "This edition of the comparison contains 29 new forecasts, all of which were received between January 5th and January 14th, 2009." Related...
Capital Purchase Program: Application Documents Completed Transactions: Contract Terms Targeted Investment Program: Contract Terms Systemically Significantly Failing Institutions: Contract Terms Automotive Industry Financing Program: Contract Terms Related postings on financial system...
Supplemental appropriations for job creation and preservation infrastructure investment, energy efficiency/science, assistance to the unemployed, and State/local fiscal stabilization: H.R. 1 - American Recovery and Reinvestment Act of 2009 (680 pages, PDF) Related postings on financial system More documents via...
Troubled Asset Relief Program: Status of Efforts to Address Transparency and Accountability Issues, GAO-09-296, January 30, 2009. "As of January 23, 2009, Treasury had disbursed about $293.7 billion of the $700 billion in program funds. Most of the funds (about...
The Congressional Oversight Panel (COP) - "COP released its special report on regulatory reform today. The report discusses how regulation would have averted the crisis that we are in today, and how the implementation of smart regulation will help the...
Addressing the Ongoing Crisis in the Housing and Financial Markets, January 28, 2009, Testimony before the Committee on the Budget, United States Senate. "...the ongoing crisis in the U.S. financial system has significantly depressed economic activity during the past year...
News release: "Building on President Barack Obama and Secretary Tim Geithner's commitment to increase transparency and accountability in the Troubled Assets Relief Program (TARP), the U.S. Department of the Treasury today announced a new policy of posting investment contracts for...
News release: "World growth is forecast to fall to its lowest level since World War II, with financial markets remaining under stress and the global economy taking a sharp turn for the worse, sending both global output and trade plummeting,...
Testimony, CBO, Statement of Douglas W. Elmendorf, Director, The State of the Economy and Issues in Developing an Effective Policy Response before the Committee on the Budget, U.S. House of Representatives, January 27, 2009. "The economy is currently enduring a...
News release: "The U.S. Treasury Department today announced investments of approximately $386 million in 23 banks across the nation as part of its Capital Purchase Program (CPP), a means to directly infuse capital into healthy, viable banks with the goal...
"House Financial Services Committee Chairman Barney Frank (D-MA) sent a letter today to the TARP Special Inspector General praising him for his work in providing greater transparency for the TARP Program. Frank’s letter...is in response to a letter from Inspector...
CRS Report - Economic Stimulus: Issues and Policies, January 23, 2009 "Recent policies have sought to contain damages spilling over from housing and financial markets to the broader economy, including monetary policy, which is the responsibility of the Federal Reserve,...
House Committee on Transportation and Infrastructure: H.R. 1, the "American Recovery and Reinvestment Act of 2009" - Distribution of Highway Infrastructure Funds to Large Urbanized Areas with Populations Greater than 200,000 See also: Funding Tables for the American Recovery and...
Follow up to postings on the American Recovery and Reinvestment Act of 2009, this CBO report released today: H.R. 1, American Recovery and Reinvestment Act of 2009,Cost estimate for the bill as introduced in the House of Representatives on January...
"On January 15, 2009, The Group of Thirty released its latest report (fee only): Financial Reform: A Framework for Financial Stability. The report addresses flaws in the global financial system and provides 18 specific recommendations to: improve supervisory systems by...
The American Reinvestment and Recovery Plan – By the Numbers "The American economy is in the midst of a crisis unlike any we have seen in our lifetime. The economy lost 2.6 million jobs in 2008, the most of any...
News release includes detailed summary: "Senate Finance Committee Chairman Max Baucus (D-Mont.) today unveiled an original Chairman’s Mark of economic recovery provisions for inclusion in the American Recovery and Reinvestment Act of 2009, including $275 billion in tax cuts and...
News release, Congressman Dave Obey: 'The economy is in a crisis not seen since the Great Depression. Credit is frozen, consumer purchasing power is in decline, in the last four months the country has lost 2 million jobs and we...
News release: "The Treasury Department, through the First Accounts Program, has contributed to the opening of over 37,000 savings and checking accounts in urban, suburban, rural and Native American communities across the country. The Treasury released a report [Executive Summary...
"The Asset Managers’ Committee and the Investors’ Committee have released their best practices reports for hedge fund managers and investors, respectively. The Asset Managers’ Committee and the Investors’ Committee are private sector committees established by the President’s Working Group on...
The United States Conference of Mayors - American Recovery and Reinvestment: The Role of Metro Areas, January 17, 2009 "The U.S. economy enters 2009 in crisis. The financial system meltdown of last Fall is unresolved. The economy is now in...
News release: "The U.S. Department of the Treasury issued interim final rules for reporting and recordkeeping requirements under the executive compensation standards of the Troubled Asset Relief Program's (TARP) Capital Purchase Program (CPP). The new rule issued requires the chief...
News release: "The Treasury Department today announced that it will make a $1.5 billion loan to a special purpose entity created by Chrysler Financial to finance the extension of new consumer auto loans as part of a broader program to...
Redesigning the SEC: Does the Treasury Have a Better Idea? by John C. Coffee, Jr., Hillary A. Sale. This article will appear in the 75th Anniversary SEC Symposium in the Virginia Law Review. "The natural superiority of the U.S. model...
News release: "The Prime Minister and the Chancellor have announced new measures to bring stability to the banking sector and ensure the resumption of lending to families and businesses across the UK...the PM said that a new asset protection scheme...
News release: "Building on President Barack Obama and Secretary Tim Geithner's commitment to increase transparency and accountability in the Troubled Assets Relief Program (TARP), the U.S. Department of the Treasury today announced a new policy of posting investment contracts for...
Congressional Budget Office (CBO): The Troubled Asset Relief Program: Report on Transactions Through December 31, 2008 "This is the first of CBO’s statutory reports on the TARP’s transactions. Through December 31, 2008, those transactions totaled $247 billion. Valuing those assets...
News release: "The U.S. government entered into an agreement today with Bank of America to provide a package of guarantees, liquidity access and capital as part of its commitment to support financial market stability. Treasury and the Federal Deposit Insurance...
News release: "Citi today announced it will realign into two businesses, Citicorp and Citi Holdings, to optimize the company's global businesses for future profitable growth and opportunities. This structure will enable Citi to focus on driving the performance of its...
News release: "The Pension Benefit Guaranty Corp. solidified its foundation for the future during fiscal year 2008, the Corporation reported in its 2008 Annual Report, released today....[Director Charles E.F. Millard] noted that the progressive shrinkage of the shortfall, to $11.2...
News release: "The U.S. Treasury Department today released the term sheet and answers to frequently asked questions for qualified financial institutions applying to the Capital Purchase Program that are S corporations. The term sheet provides for issuances of debt instead...
Summary of Commentary on Current Economic Conditions by Federal Reserve District, January 14, 2009: "Overall economic activity continued to weaken across almost all of the Federal Reserve Districts since the previous reporting period. Most Districts noted reduced or low activity...
Financial Regulation: A Framework for Crafting and Assessing Proposals to Modernize the Outdated U.S. Financial Regulatory System, GAO-09-310T, January 14, 2009. "...significant developments have outpaced a fragmented and outdated regulatory structure, and, as a result, significant reforms to the U.S....
News release: "The U.S. Treasury Department announced details this week of a $14.77 billion investment in 43 banks made through its Capital Purchase Program. Treasury created the Capital Purchase Program, a part of the Troubled Asset Relief Program, to help...
A Visual Guide to the Financial Crisis: The Bailout by WallStats.com: "What do you do if you don’t have the money to pay a debt? If you are like most of us, you borrow. The US Government is no different....
White House - Troubled Assets Relief Program Section 115 Plan to Exercise Authority, January 12, 2009: This report to the Congress is submitted in accordance with section 115 (a) (3) of the Emergency Economic Stabilization Act (Act) and serves to...
WSJ - Big Slide in 401(k)s Spurs Calls for Change: "About 50 million Americans have 401(k) plans, which have $2.5 trillion in total assets, estimates the Employee Benefit Research Institute in Washington. In the 12 months following the stock market's...
Squeezed! Caught between Unemployment Benefts And Health Care Costs, January 2009, by Families USA Foundation. "This report shows that, to maintain their employer-based health coverage under COBRA [Consolidated Omnibus Budget Reconciliation Act of 1986], most unemployed people would have to...
Monthly Budget Review, January 2009: Based on the Monthly Treasury Statement for November and the Daily Treasury Statements for December. "CBO estimates that the Treasury Department will report a federal budget deficit of $485 billion for the first quarter of...
The Job Impact of the American Recovery and Investment Plan, released January 10, 2009 - by Christina Romer and Jared Bernstein. "A key goal enunciated by the President-Elect concerning the American Recovery and Reinvestment Plan is that it should save...
Remarks of President-Elect Barack Obama, Radio Address, Saturday, January 10, 2008, Washington, DC We start this new year in the midst of an economic crisis unlike any we have seen in our lifetime. We learned yesterday that in the past...
News release: "Unemployment (Household Survey Data) - In December, the number of unemployed persons increased by 632,000 to 11.1 million and the unemployment rate rose to 7.2 percent. Since the start of the recession in December 2007, the number of...
Federal Reserve Bank of St. Louis, The Financial Crisis: A Timeline of Events and Policy Actions (PDF) and graphical version. "The Federal Reserve and other agencies have taken many steps to contain the ongoing financial crisis and limit its impact...
Brookings: Assessing the 110th Congress, Anticipating the 111th, Sarah A. Binder, Thomas E. Mann, Norman J. Ornstein and Molly Reynolds. "Barack Obama’s triumphant presidential campaign in the 2008 election attracted extraordinary interest and excitement in the United States and around...
Governor O'Malley Launches Website Aimed at Government Transparency and Accountability: "Welcome to the Maryland Funding Accountability web site. This is a public web site which allows citizens of Maryland and visitors to search and view summary information on payments made...
Financial Regulation: A Framework for Crafting and Assessing Proposals to Modernize the Outdated U.S. Financial Regulatory System, GAO-09-216, January 08, 2009 "To help policymakers better understand existing problems with the financial regulatory system and craft and evaluate reform proposals, this...
Remarks, Interim Assistant Secretary for Financial Stability: "Today, I will brief you about five areas. First, I will give an update on execution of the programs Treasury has implemented under the TARP. Second, I will review the progress we've made...
News release: "Online advertised job vacancies declined 507,000 to 3,861,000 in December, according to The Conference Board’s Help-Wanted Online Data Series (HWOL)™ released today. The December loss brought the monthly total of online advertised vacancies below 4 million for the...
Pro Publica Map: "Each marker represents the headquarters of a financial institution that expects or has already received money from the Treasury Department under the TARP (Troubled Asset Relief Program). The size of each marker represents the amount of bailout...
News release: "National Taxpayer Advocate Nina E. Olson today released her annual report, urging Congress to greatly simplify the tax code and recommending measures to reduce the burden on taxpayers who are struggling to pay their tax bills. The report...
The Budget and Economic Outlook: Fiscal Years 2009 to 2019, January 2009 "The sharp downturn in housing markets across the country, which undermined the solvency of major financial institutions and severely disrupted the functioning of financial markets, has led the...
The State of American Business 2009: "The nation is in a recession. Credit remains tight, jobs are scarce, and confidence is low. Basic industries, such as housing and autos, have yet to find the bottom of their downward spirals. Some...
Announcement: The Treasury Market Practices Group (TMPG) on Monday announced additional details regarding the progress on new market practices aimed at addressing settlement fails in the U.S. Treasury Market. Following discussions with market participants, the TMPG has refined its November...
"The Treasury Department today released the report, United States Department of the Treasury Section 105(a) Troubled Asset Relief Program Report to Congress for the Period December 1, 2008 to December 31, 2008, required by section 105(a) of the Emergency Economic...
New York Times Transcript of President Elect Obama's comments: "One of the measures of irresponsibility that we've seen is the enormous federal debt that has accumulated, a number that has doubled in recent years. As we just discussed, my budget...
News release: "The U.S. Treasury Department announced details this week of a $15 billion investment in 7 banks made through its Capital Purchase Program. Treasury created the Capital Purchase Program, a part of the Troubled Asset Relief Program, to help...
States of the Union Before and After Bush, by Jodie T. Allen, Senior Editor, Pew Research Center, January 5, 2009 "No question the overall mood of the public has changed a great deal since Bush was elected president in the...
Reuters: Chrysler gets $4 billion U.S. government loan "GMAC Financial Services today [December 29, 2009] announced that it has sold $5.0 billion of GMAC's preferred membership interests and warrants to the U.S. Department of the Treasury as a participant in...
[Federal Register: January 2, 2009 (Volume 74, Number 1)] [Notices][Page 133-139] Order Pursuant to Section 36 of the Securities Exchange Act of 1934 Granting Temporary Exemptions From Sections 5 and 6 of the Exchange Act for Broker-Dealers and Exchanges Effecting...
"The benchmark 30-year fixed-rate mortgage fell 20 basis points, to 5.64 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total...
News release: "Treasury today released the attached report [Report to Congress Pursuant to Section 102 of the Emergency Economic Stabilization Act 12/31/2008], required by section 102 of the Emergency Economic Stabilization Act. As required by section 102(a), Treasury established the...
News release: "Treasury today released the program description for the Targeted Investment Program under which the Citigroup investment that was announced on Nov. 23 was made. This program description is required by Section 101(d) of the Emergency Economic Stabilization Act....
News release: "On Wednesday December 31, 2008 the Federal Deposit Insurance Corporation (FDIC) signed a letter of intent to sell the banking operations of IndyMac Federal Bank, FSB, Pasadena, California, to a thrift holding company controlled by IMB Management Holdings...
Several sources are reporting the current price tag for the bailout of the financial system. According to the Washington Post's Binyamin Appelbaum, "...the Treasury Department has now spent or committed more money than Congress has allocated to its financial rescue...
Financial Times (sub. req'd): "The US government has had to battle the financial crisis without all the tools it required to do so effectively, Hank Paulson, the outgoing US Treasury Secretary has told the Financial Times. In one of his...
News release: "The Treasury Department today released responses to questions posed in the Congressional Oversight Panel's first report on implementation of the Emergency Economic Stabilization Act." Responses to Questions of the First Report of the Congressional Oversight Panel for Economic...
News release: "The Federal Reserve on Tuesday announced that it expects to begin operations in early January under the previously announced program to purchase mortgage-backed securities (MBS) and that it has selected private investment managers to act as its agents...
News release: "The Securities and Exchange Commission today delivered a report to Congress mandated by the Emergency Economic Stabilization Act of 2008 that recommends against the suspension of fair value accounting standards. Rather, the 211-page report by the SEC's Office...
News release: "The Conference Board Consumer Confidence Index™, which had increased moderately in November, declined to a new all-time low in December. The Index now stands at 38.0 (1985=100), down from 44.7 in November. The Present Situation Index plummeted to...
News release: "Data through October 2008, released today by Standard & Poor’s for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, shows continued broad based declines in the prices of existing single family homes across the...
News release: "The Treasury Department today announced that it will purchase $5 billion in senior preferred equity with an 8% dividend from GMAC LLC as part of a broader program to assist the domestic automotive industry in becoming financially viable....
News release: "Insured U.S. commercial banks reported $6.0 billion in revenues from trading cash and derivative instruments in the third quarter, compared to revenues of $1.6 billion in the second quarter of 2008, the Office of the Comptroller of the...
8 Events that Shook the Industry in 2008 - From Hurricanes to Ponzi Schemes, it Was a Year of Disasters, Linda McGlasson, Managing Editor, Bank Info Security: "The year 2008 was marked with significant milestones. Major banks and investment firms...
News release: "Existing-home sales weakened against a backdrop of an eroding economy, according to the National Association of Realtors®. Existing-home sales – including single-family, townhomes, condominiums and co-ops – fell 8.6 percent to a seasonally adjusted annual rateą of 4.49...
News release: "Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- decreased at an annual rate of 0.5 percent in the third quarter of 2008, (that is,...
Factors Underlying the Decline in Manufacturing Employment Since 2000