The economy has gained either 2.5 million jobs or 3.6 million jobs since the Recovery Act was signed into law in January, 2009, depending upon which statistical “model” is used, according to Christina Romer, Chair of the White House's Council of Economic Advisers. When compared to the report issued earlier this month by the Bureau of Labor Statistics, neither number is even close.
Central bankers and analysts are warning of another credit crisis just around the corner as banks start competing with governments to refinance trillions of dollars in short-term debts coming due soon, resulting in significantly reduced credit availability for businesses and consumers, among other problems.
The Treasury Department’s Troubled Asset Relief Program (TARP) is wreaking havoc on hundreds of small banks that took bailout money, according to a new report issued by the Congressional Oversight Panel. The COP oversees the $700 billion in bailout funds.
On Thursday, October 24, 1907, Wall Street was in turmoil. Crowds of spectators gathered to watch panicked bankers and their lackeys rushing about, desperately trying to halt the financial hemorrhaging of what would be known in the history books as the Panic of 1907. Outside one troubled bank, the Trust Company of America — where J. P. Morgan himself worked frantically behind the scenes to keep the institution solvent — long lines of angry depositors waited, hands jammed in pockets in the chill autumn air, to retrieve their deposited monies. No one knew whether the beleaguered bank, which Morgan had declared to be “the place to stop the trouble,” would have enough funds to survive the run.
The final version of the financial reform bill that has become a central component of President Obama’s New Deal-esque program to enormously enlarge the powers of the federal government is on the brink of passage by the Senate.