The U.S. economy grew at a better-than-expected 3.5 percent annualized rate in the third quarter, according to an “advance estimate” released by the Bureau of Economic Analysis (BEA) October 29.
Less than a week after Federal Reserve Chairman Ben Bernanke urged Congress to act with dispatch to pass new legislation giving the Fed and the Federal Government more surveillance powers and control over the financial sector, the Obama administration has unveiled a bill that, if passed, would put most of Bernanke’s proposals into effect.
A year after the onset of the greatest financial crisis since the Great Depression, details continue to emerge of the sordid secret deals cut by the Federal Reserve in bailing out certain financial giants. The very latest, courtesy of Bloomberg News, alleges that the Federal Reserve Bank of New York, under the leadership of Timothy Geithner (now U.S. Treasury Secretary), engineered a sweetheart deal to pay off holders of AIG debt at par, rather than the 40 cents on the dollar that AIG negotiators had been pushing for.
Fed Chairman Ben Bernanke is growing impatient. With the financial crisis continuing to drag on, Bernanke appeared again before Congress yesterday to urge lawmakers to pass legislation aimed at preventing future economic crises of the severity of the ongoing Great Recessioan.