Item: President Barack Obama, reported the Bloomberg news agency for July 11, “said his $787 billion stimulus bill ‘has worked as intended’ as he pushed back against Republican criticism that his recovery program has failed to rescue the economy.”
Nine financial firms that received a total of $32.6 billion through the government's Troubled Asset Relief Program (TARP) paid their top traders and bankers more than $5 billion in bonuses last year, even as those same firms lost $81 billion, according to a report released on Thursday by New York Attorney general Andrew Cuomo.
Just call it irony. The same day the value of the dollar plunged to a current-year low as measured against six other major currencies, and the same week in which the U.S. Treasury is in the midst of a record $106 billion debt auction, Federal Reserve Chairman Ben Bernanke fielded a question on PBS’s “News Hour” from a man who touched on the problem:
Federal Reserve Chairman Ben Bernanke must know he’s in trouble. This week he completed a “town hall”-style meeting for PBS television to promote the Federal Reserve and suppress what appears to be overwhelming congressional support for an independent audit of the Fed.