The Emperor is Naked: David Stockman

A “paralyzed” Federal Reserve Bank, in its “final days,” held hostage by Wall Street “robots” trading in markets that are “artificially medicated” are just a few of the bleak observations shared by David Stockman, former Republican U.S. Congressman and director of the Office of Management and Budget. He is also a founding partner . . . → Read More: The Emperor is Naked: David Stockman

Five More Days

With the doomsday clock showing that America is five days away from the Economic Apocalypse™, I can’t help but wish that Boehner finally grows a pair and stands up against any proposed increases in the federal debt ceiling. I’ve noted multiple times before how an increase in federal debt is a horrible, horrible idea, . . . → Read More: Five More Days

Geithner: “Unpopular 2009 Actions Were The Right Thing To Do”

Treasury Secretary Timothy F. Geithner said credit availability is improving and companies are building up unprecedented cash reserves, signs that the U.S. economy continues on a path of increased growth.

Further the Secretary claimed on Tuesday that the government’s management of the $700 billion Troubled Asset Relief Program has yield the desire results while . . . → Read More: Geithner: “Unpopular 2009 Actions Were The Right Thing To Do”

Economic Events on April 29, 2010

At 8:30 AM EDT, the U.S. government will release its weekly Jobless Claims report.  The consensus is that there were 447,000 new jobless claims last week, which would be slightly less than the higher than expected number reported last week, and would continue the trend of slightly improving employment statistics.

At 10:00 AM EDT, . . . → Read More: Economic Events on April 29, 2010

Treasury Assists with $90B in Bonds: Saves States $12B

Last year’s stimulus package included a program for states and municipalities entitled “Build America Bonds.”

The U.S. Treasury announced that so far it is on target to save those local governments $12.3 billion in borrowing costs with federally subsidized taxable bonds already sold during the first year of the program.

Since the stimulus passed . . . → Read More: Treasury Assists with $90B in Bonds: Saves States $12B

Economic Events on April 12, 2010

At 2:00 PM EDT, the Treasury budget for March will be released.  The consensus is a deficit of $62 billion, after a deficit of $220.9 billion due to spending on stimulus projects and TARP outlays.  Historically, the U.S. Treasury has run an average deficit of $108 billion over the last 10 years, so if . . . → Read More: Economic Events on April 12, 2010

Today’s Economic Events

An updates on new jobless claims will be released at 8:30 AM EDT.   These claims have been slowly decreasing over the last few weeks, and the consensus forecast is that there will be 450,000 new jobless claims, compared to 457,000 in the last period.

Ben Bernanke speaks to the House Committee on Financial Services . . . → Read More: Today’s Economic Events

Record Fed Kickback: Taxpayers Get $46.1B

The Federal Reserve paid a record $46.1 billion to the U.S. Treasury in 2009 increasing by $14.4 billion its 2008 payment. It was the largest payment since the central bank was created in 1914. Its total 2009 net income of $52.1 billion also was a record.

“This is a silver lining in that big . . . → Read More: Record Fed Kickback: Taxpayers Get $46.1B