White House ‘war’ escalates with FoxNews

In their continuing back and forth war of words, Fox News, and the White House fight continues to escalate....

Source: www.foxnews.com

IMF Warns Countries to Sustain Stimulus

"Fiscal stimulus needs to be sustained until the recovery is on a firm footing and may need to be amplified...if downside risks to growth materialize" said the IMF in its World Economic Outlook...

Source: www.wsj.com

U.S. Home Prices Post Increase

Home prices rose again in July, S&P Case-Shiller indexes showed, but a drop in consumer confidence in September underscored the fragile state of the recovery...

Source: www.wsj.com

The pursuit of economic happiness

French President Nicolas Sarkozy has announced he doesn't like gross domestic product. And he is not alone. The King of Bhutan and many other people feel the same way..

www.cbc.ca

Stocks Rise as Traders Await Fed

By Peter A. Mckay and Donna Kardos Yesalavich..

Stocks pushed to the highest levels this year on the backs of financial, energy and materials shares, as investors went back to betting on a global recovery after a pullback Monday.

www.wsj.com

Stocks Rise as Traders Await Fed

By Peter A. Mckay and Donna Kardos Yesalavich..

Stocks pushed to the highest levels this year on the backs of financial, energy and materials shares, as investors went back to betting on a global recovery after a pullback Monday.

www.wsj.com

Fed Rejects Geithner Request for Study of Governance, Structure...

By Craig Torres and Robert Schmidt..

The Federal Reserve Board has rejected a request by U.S. Treasury Secretary Timothy Geithner for a public review of the central bank’s structure..

source: www.bloomberg.com

Treasury Futures Snap Decline as Fed to Hold Rate at Record Low

By Wes Goodman..

Treasury futures contracts were little changed, snapping a decline from last week, as economists said the Federal Reserve will keep its benchmark interest rate..

source: www.bloomberg.com

Banks to collect $27 billion this year in Overdrafts - from consumers

Have a debit card? If you 'overspend' and are hit with the average $34 overdraft charge, your in that group of people who will help the banks collect more than $27 billion in overdrafts....lucky you!

Bush baffled by economic collapse: Ex-staffer

Pres. Bush portrayed as bumbling lame duck in a new book from ex-speechwriter...

Seven New Rules for the First-Time Home Buyer

The roots of the mortgage contagion lie with all of us and our desire to own just a bit more house..

U.S. Is Finding Its Role in Business

U.S. Is Finding Its Role in Business Hard to Unwind

Banks fight plan to regulate derivatives....

WALL Street is suiting up for a battle to protect one of its richest fiefdoms..

Will HSBC start a mortgage war?

Will HSBC start a mortgage war? Some predicted a mortgage price war after HSBC introduced a discount deal at 1.99 per cent last week,...

Joe Wilson Apologizes For Shouting "You Lie!" At Obama

Huffingtonpost.com: GOP Rep. Joe Wilson has apologized for yelling out "You lie!" to Obama during his health care speech in front of Congress..

Wall Street Pursues Profit in Bundles of Life Insurance

Wall Street investment banks began searching for another big idea to make money..

SEC, CFTC asked to police stock markets

The two regulators have important differences in areas such as enforcement authority and their stance on market manipulation..

Mad as Hell: Growing Government Role Fuels Anger...

As the u.s government continue's to attempt to gain more and more control over american's daily lives(healthcare,etc), resentment against the government, is growing at an alarming pace..

The IRS Tracking you on Social Networks

Watch what you say on that 'social network' post. Because the IRS is reading and tracking people who owe taxes...

High Net Worth Clients 'rethink' Risk

Financial Times: “Wealthy families are not immune and their wealth faces some of the same threats as others. There is the potential for some to find themselves poorer as a result of these extraordinary circumstances.”

The 10 People who Predicted the Financial Meltdown...

Timesbusiness.typepad.com: The financial events of recent weeks have filled many of us with shock and panic. Surely no one could have predicted that we would be in this mess? Well, actually, they did. Here are ten people who saw the financial meltdown coming...

Mortgage Rates are low again - but for the moment.

Low mortgage rates are back, for the moment anyway. Rates have been as low as 5% on a 30 year fixed loan...

The 'New' Tactics in Mortgage Fraud

As more and more homeowners head back into the real estate picture, industry insiders say that new tactics are being used in mortgage fraud...

Forecast: U.S. Deficit to hit $9 Trillion

The U.S. deficit currently stands at a staggering record $1.6 trillion. But the Whitehouse now believes that within a decade, the deficit would rise to more than $9 Trillion.

BofA claims that it didnt lie to Investors..

Bank of America is again caught in a swarm of controversy.

Insiders close to this story believe that BofA may not have been 'truthful' in telling its investors about BofA's executives bonuses'...

Bank of America claims it never lied to any of its investors...

Billionaire's new Toy: 557-foot Yacht cost a staggering $300 million

It is the biggest private yacht in existence and comes with a missile-detection system, two helipads, a luxury spa, swimming pool and a miniature submarine.

But when you're Russian oligarch Roman Abramovich, only the most ostentatious displays of wealth will do.

Rate worries dent Wall Street recovery hopes

U.S. stocks fell on Wednesday on worries that rising interest rates could put a damper on consumer and business spending, but stocks pared losses late in the session to finish off the day's lows.

Indian Students Targeted in Melbourne Attacks

The violence is now threatening to spill over into neighboring New South Wales, Australia’s most populous state. Hundreds of men of Indian background rallied overnight in Sydney to protest a spate of attacks against students and migrants, the Sydney Morning Herald said today.

www.bloomberg.com

Obama Aid Signals Deal With ‘Devil’

President Barack Obama, in less than five months in office, kicked out the head of General Motors Corp., scored a majority stake in Chrysler LLC for the United Auto Workers and stiffened U.S. fuel-mileage standards.

www.bloomberg.com

Jack Welch Attacks Obama

Jack Welch, former chief executive officer of General Electric Co., criticized the government- backed bankruptcy of Chrysler LLC for favoring unions at the expense of creditors and said President Barack Obama’s economic stimulus programs will cause budget deficits..

www.bloomberg.com

Big changes in store for US credit cardholders

Every American with a credit card will see sweeping changes in the market, with limits on sudden hikes in interest rates that drive consumers deeper into debt. Even cardholders who pay off their balance each month may face new annual fees or lose out on lucrative rewards programs...

http://news.yahoo.com

Stocks in U.S. Fall on Concern Over Lending Restrictions;

U.S. Steel Gains U.S. stocks retreated, erasing gains in the final hour of trading for a second day, as the Federal Reserve predicted a deeper recession and concern grew that credit-card issuers will be hurt by new lending restrictions.

www.bloomberg.com

Madoff Scandal: Talon Seeks Order for Madoff Trustee to Pay Jet Fees of $47,000

Talon Air Inc. asked a bankruptcy judge to order the trustee liquidating Bernard Madoff’s defunct money-management firm to pay $47,217 owed for maintenance and servicing of a $25 million private jet that was used by Madoff..

www.bloomberg.com

GMAC Said to Get $7 Billion to Fund Chrysler, GM Customers

GMAC LLC, the auto and home lender that was bailed out in December, will receive more than $7 billion in government funds to provide financing for customers of Chrysler LLC and General Motors Corp., according to two people familiar with the matter..

www.bloomberg.com

General Motors may file bankruptcy, leave Detroit

General Motors is open to considering moving its headquarters from Detroit, selling off U.S. plants and even renegotiating parts of its restructuring plan with its major union, the new chief executive said Monday..

www.cnbc.com

Microsoft moves forward on plan to ax 5,000

Microsoft Corp. is pulling the trigger on thousands of the 5,000 job cuts it announced in January.

When Microsoft announced its first-ever companywide layoffs, the software maker cut 1,400 of the jobs it said it would slash, with the rest coming over an 18-month period..

www.msnbc.com

WELCOME TO AMERICA: Hundreds of thousands of jobs have vanished forever. Millions of people who were fired or laid off will find it harder..

Hundreds of thousands of jobs have vanished forever in industries such as auto manufacturing and financial services. Millions of people who were fired or laid off will find it harder to get hired again and for years may have to accept lower earnings than they enjoyed before the slump..

www.bloomberg.com

Acer's 11.6-inch Aspire One gets a spec list, release date

We've already gotten a good look at Acer's new 11.6-inch Aspire One netbook, and even gotten word of some of the specs, but it looks like Acer has now removed any last bit of mystery on its German website, where it has finally let loose a complete spec list..

www.engadget.com

Chrysler Files For Chapter 11

Chrysler filed for Chapter 11 bankruptcy protection and will enter into a partnership with Italy's Fiat. Obama said the deal would allow Chrysler to "thrive."

Lies, Threats, Deal: Paulson, Bernanke, Lewis

Revelations that Ken Lewis had his arm twisted at the highest levels of government to buy Merrill should make for some interesting litigation...

By Robert Lenzner
www.forbes.com

Economists see more job losses, 9.8% unemployment

Nearly one in 10 U.S. workers will be unemployed before the job market starts to improve, economists in a USA TODAY survey predict. Most expect continued deterioration in the overall economy over the next six months...

www.usatoday.com

Obama: Clearing economic "wreckage," fixing U.S. image

President Barack Obama sought to reassure Americans on Wednesday he was making progress tackling the economic crisis and in fixing the U.S. image abroad, but urged patience...

U.S. President Barack Obama speaks during his 100-day anniversary news conference in the White House East Room in Washington April 29, 2009....

www.thestar.com

Did Bernanke Bully Bank of America ?

A new report by the New York Attorney General says that government officials bullied Bank of America Chief Ken Lewis into accepting a merger with Merrill Lynch--then ordered him to keep mum about losses at Merrill..

www.forbes.com

Busting Bank of America

The cavalier use of brute government force has become routine, but the emerging story of how Hank Paulson and Ben Bernanke forced CEO Ken Lewis to blow up Bank of America is still shocking. It's a case study in the ways that panicky regulators have so often botched the bailout and made the financial crisis worse..

http://online.wsj.com

Knives out for 'reckless' Bank of America boss

Ken Lewis was preparing for the fight of his life this weekend in a high-stakes battle to retain his job as chief executive of Bank of America when shareholders assemble for the annual meeting of the financial giant...

www.independent.co.uk

Financial Aid Available for Adults Returning to School

Aralifestyle.com

The financial crisis has brought about new kinds of challenges for many Americans.

High gas prices, foreclosures and low wages are some well-known symptoms. One of the biggest obstacles, however, has been the feeling of uncertainty we encounter on a daily basis, whether it be our job stability, our family budgets, or even our ability to save for retirement.

With layoffs expected across a multitude of industries, many adults are taking action against this cloud of uncertainty by going back to school.

The Treasury and Commerce departments waste as much as $100 billion a year..

Bloomberg.com

While taxpayers and lawmakers fret about the $700 billion bank bailout, the Treasury and Commerce departments are among a list of agencies that waste as much as $100 billion a year on contracts, often managed in secret.

Meltdown losses Total '$4 trillion'

News.bbc.co.uk
One year ago, the IMF estimated that total losses from the credit crunch would be $1 trillion, which has been exceeded, showing how rapidly the financial meltdown has escalated.

Bank of America's Profit Mainly Due to Recent Deals..

The company's profits came mostly from Merrill Lynch, the investment bank it purchased in the fall with financial aid from the federal government.

Revenue from trading in financial products, including corporate debt and securities, has driven the renewed profitability of most large banks in the first quarter, even as retail banking operations continue to struggle.

Stocks slide as investors dump financials

Bank of America's earnings surpassed analyst expectations by more than tripling to $4.2 billion.

But investors were unnerved that the company wrote off almost $7 billion in bad debt -- more than twice the amount of a year ago -- and poured an additional $6.4 billion into its reserve to cover future loan losses.

The Top 4 Tricks Credit Card Companies Play..

Credit Card Companies Tricks

A credit card is part of a system of payments named after the small plastic card issued to users of the system. It is a card entitling its holder to buy goods and services based on the holder's promise to pay for these goods and services.

The issuer of the card grants a line of credit to the consumer (or the user) from which the user can borrow money for payment to a merchant or as a cash advance to the user.

A credit card is different from a charge card, where a charge card requires the balance to be paid in full each month. In contrast, credit cards allow the consumers to 'revolve' their balance, at the cost of having interest charged. Most credit cards are issued by local banks or credit unions, and are the shape and size specified by the ISO/IEC 7810 standard as ID-1.

Wall St reet fears grow over stress test results

FT.com: Rising panic over how the results will be released has raised fears the results could lead to another collapse of confidence in the battered financial sector.

Among other concerns, there is uncertainty over how the federal government will release the results, whether it will publish one aggregate number, or a bank-by-bank breakdown.

Ken Lewis has one foot out the door

Thedeal.com: Those rumors about Ken Lewis resigning or getting the boot as CEO of Bank of America Corp. (NYSE:BAC) just keep swirling and swirling. Meanwhile, Lewis, seems to already have one foot out the door.

Bulls and Bears Both Point to Lending

Online.wsj.com: The bulls are finding more evidence that this rally is the start of something lasting. The bears warn that the higher the market goes, the more pain will be suffered on the other side.

Strangely, both are pointing to the same part of the economy to make their opposing cases: the lending system.

Decision time at Bank of America Merrill Lynch

By William Wright:

Efinancialnews.com: If politics is the art of postponing decisions until they are no longer relevant, then it is time for Bank of America and Merrill Lynch to stop playing politics and get on with making their merger work...

BofA's wallet may be full enough to repay TARP

BofA Head Kenneth Lewis boldly told the Charlotte Observer Wednesday that BofA could repay the borrowed monies immediately if it were not maintaining higher-than-normal capital to account for the "fragile" state of the financial system.

MAKE MONEY: Bank of America earnings preview

TheDeal.com: Bank of America Corp. (NYSE:BAC) is releasing first-quarter earnings Monday morning. Now that J.P. Morgan (NYSE:JPM), Goldman Sachs Group Inc. (NYSE:GS) and Citigroup Inc. (NYSE:C) have issued earnings and beat analyst's expectations, Bank of America has a lot to prove, especially since CEO and Chairman Ken Lewis' position has come under fire in recent weeks due to the Merrill Lynch acquisition.

Tech earnings reports this week: Show me recovery

Money CNN: IBM, APPLE, YAHOO, MICROSOFT..

As four leaders report earnings this week, analysts say they expect headwinds and will look for how the companies plan to grow when the economy recovers.

High net worth clients rethink concept of risk

Financial Times: “Wealthy families are not immune and their wealth faces some of the same threats as others. There is the potential for some to find themselves poorer as a result of these extraordinary circumstances.”