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Clarence Page: Return of the vampire squid Published: Fri, May 18, 2012 Like a sequel to a bad horror movie, the “great vampire squid” is back. That was gonzo author Matt Taibbi's description in a 2009 Rolling Stone article of Goldman Sachs, the financial giant that played a central role in the 2008 financial meltdown. The world's most powerful investment bank, he wrote, was a... Read More
Borrowing has become Published: Fri, May 11, 2012 Federal Reserve chairman concedes some mortgage difficulties, notes healthier credit conditions Read More
Voters should know Obama's full record before Election Day Published: Wed, May 2, 2012 Vice President Joe Biden is touting the killing of Osama bin Laden and the taxpayer bailout of General Motors as the bumper sticker accomplishments of the Obama administration. A more accurate representation of his accomplishments should, at the very least, include record deficits, no private-sector job growth, the... Read More
Fees, tight credit a direct response to fed policy on banking industry Published: Mon, Oct 24, 2011 Yes, it's outrageous that Bank of America is going to charge me $5 a month if I use a debit card to spend my own money! And it's not alone. Wells Fargo announced last month that it will test a $3 monthly fee for debit card users in five states, and Chase is testing a monthly fee for debit card usage in northern... Read More
AP Sources: Chrysler has deal to repay government loans Published: Thu, May 19, 2011 Chrysler has lined up investors to help it refinance $7.5 billion in loans from the U.S. and Canadian governments, three people briefed on the matter said Wednesday. Under the deal, the company would take out $2.5 billion in bank loans and sell $3.5 billion worth of bonds to investors. Italy's Fiat, which has... Read More
S&P cuts long-term outlook for US debt to negative Updated: Mon, Apr 18, 2011 WASHINGTON (AP) — Standard & Poor's Ratings Service downgraded its outlook Monday on U.S. government debt, expressing unprecedented doubts over the ability of Washington to bring the massive federal budget deficits under control. The agency lowered the long-term outlook to "Negative" from "Stable," saying... Read More
Ireland going for international bailout Published: Sun, Nov 21, 2010 DUBLIN (AP) — After weeks of denying it needed a bailout, Ireland Sunday became the second European country to ask for a multibillion euro emergency loan to help stabilize its debt-ridden banks. Other eurozone countries and the European Central Bank had pushed Dublin to accept help after anxiety over... Read More
Covering your heart health Published: Tue, Sep 28, 2010 The Consumer Reports Health Ratings Center unveiled its first doctor ratings based on a new collaboration with The Society of Thoracic Surgeons (STS), publishing a list of 50 top-rated heart-bypass surgical groups in the United States. The surgeon ratings plus advice about treating heart disease are available in... Read More
Diagnostic tests Updated: Wed, Sep 30, 2009 Doctors have many ways to determine whether you are at risk for heart disease. Some of these are non-invasive, meaning that they don’t involve inserting needles, instruments or fluids into the body. Others are invasive and can involve procedures such as a simple needle prick, insertion of a device or major... Read More
Stocks tumble after gov't unveils financial plan Updated: Tue, Feb 10, 2009 NEW YORK (AP) -- Investors are frustrated with the government's latest bank bailout plan - and showing it by unloading stocks. The major stock indexes fell more than 4 percent Tuesday, including the Dow Jones industrial average, which tumbled 382 points. Financial stocks led the market lower, a sign of how... Read More
Hard sell: Detroit links bailout, national defense Published: Wed, Nov 19, 2008 WASHINGTON - In an increasingly anxious campaign for a $25 billion government rescue, Detroit's Big Three car makers and their allies in Washington are warning the demise of the auto industry will damage U.S. national security. That argument is a hard sell. General Motors Corp., Ford Motor Co. and Chrysler LLC... Read More
Economy jolts into decline; bad recession seen Published: Thu, Oct 30, 2008 WASHINGTON - Scared and out of money, Americans stopped buying everything from cars to corn flakes in the July-September quarter, ratcheting back spending by the largest amount in 28 years and jolting the national economy into what could be the most painful recession in decades. With retailers bracing for a grim... Read More
White House to banks: Start lending now Updated: Tue, Oct 28, 2008 WASHINGTON - An impatient White House served notice Tuesday on banks and other financial companies receiving billions of dollars in federal help to quit hoarding the money and start making more loans. "What we're trying to do is get banks to do what they are supposed to do, which is support the system that we... Read More
U.S. Sen. Tom Coburn defends bailout vote Updated: Tue, Oct 21, 2008 U.S. Sen. Tom Coburn rigorously defended his vote in favor of the economic rescue plan Monday as he faced hard questions at a town hall meeting in Oklahoma City. Coburn, R-Okla., told a crowd at the Oklahoma City campus of Langston University that he would vote to same way "time and time again," remembering the... Read More
Gov't eyes plan to take ownership stakes in banks Published: Sun, Oct 12, 2008 WASHINGTON -- Treasury Secretary Henry Paulson told international leaders on Sunday that isolationism and protectionism could worsen the spreading financial crisis. With a new trading week dawning, U.S. lawmakers urged quick action by the Bush administration on measures to make direct purchases of bank stock to help... Read More
McCain, Obama clash on cause, cure for econ crisis Published: Tue, Oct 7, 2008 NASHVILLE, Tenn. (AP) -- Leading in the polls, Barack Obama hopes to cement his standing while John McCain is trying to turn his fortunes around in their second presidential debate - with economic turmoil bordering on chaos suddenly serving as the backdrop. Exchanges between the candidates have grown ever more... Read More
Battered financial industry faces more oversight Published: Sun, Oct 5, 2008 WASHINGTON -- With the passage of the $700 billion rescue package, the financial industry will face greater congressional scrutiny in coming weeks and months. Further-reaching regulation is almost certain. Previously obscure corners of the industry now subject to few rules, such as complex derivatives and hedge... Read More
Lucas votes 'no' on second bailout plan Published: Fri, Oct 3, 2008 Rep. Frank Lucas was the only U.S. House member from Oklahoma to vote against the financial bailout plan that passed the U.S. House on Friday by a 263-177 margin. Reps. John Sullivan and Mary Fallin voted against the bailout earlier this week, but switched to "yes" on the Senate-approved version. Reps. Tom... Read More
Four Oklahoma House members vote for financial rescue plan Published: Fri, Oct 3, 2008 Congressman John Sullivan says he'll vote for the latest financial bailout plan while two other Representatives remain undecided. Sullivan joins Congressmen Tom Cole and Dan Boren in supporting the 700 billion dollar proposal that's to be voted on in the U.S. House later today. Sullivan and Representatives... Read More
Bailout passes Senate, House foes soften Published: Wed, Oct 1, 2008 WASHINGTON - After one spectacular failure, the $700 billion financial industry bailout found a second life Wednesday, winning lopsided passage in the Senate and gaining ground in the House, where Republicans opposition softened. Senators loaded the economic rescue bill with tax breaks and other sweeteners before... Read More
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