Dr. Peter Diamond has once again found himself in the cross-hairs of Sen. Richard Shelby of Alabama, the highest ranking Republican serving on the Senate Banking Committee. A Nobel laureate and MIT professor, Diamond has been nominated three times for the vacant seat on the influential Federal Reserve Board, twice having been blocked by Republicans [...]
It’s official. The New York Stock Exchange has been sold to, in one CNBC anchor’s words, ‘a bunch of foreigners’. The iconic trading floor of the NYSE was tense this morning as CNBC’s Mark Haines’ grilled CEO Duncan Niederauer on the just announced merger of Deutsche Börse and the NYSE, a deal resulting in the [...]
Yesterday at the National Press Club, Fed Chairman Ben Bernanke delivered a lengthy sermon justifying his grand strategy for the US economic recovery. In his discourse, the Chairman made it abundantly clear that, in his view, it was unfair to label Fed monetary policy as the cause of global increases in commodities prices, an issue [...]
We are navigating through truly uncharted political and economic territory. Members of the financial cognoscenti have freshly alluded to the notion of the ‘government bubble’ as the next blow to the world economic order.
Since 2008 we have seen the housing, financial, and insurance markets hit on a global level, one after the other. At one [...]
The news is in. Even you can open an account at the Bank of China in New York or Los Angeles. But you have to hurry, trading will be limited.
What does this bank account entail? According to the Wall Street Journal,
The Bank of China here in the U.S. has started allowing American customers to open [...]
This week the world discovered that Goldman Sachs and Russian investor Digital Sky Technologies are planning to invest $500 million in Facebook, a deal which values the company at $50 billion.
As a part of the deal, Goldman also plans to raise $1.5 billion by peddling $2 million stakes in Facebook among its most wealthy clients. [...]
Evidently, at least one member of Congress thinks that $500,000 of your tax dollars is appropriate to construct a fish passage barrier for salmon in Alaska. Although the Republican conference in both the House and Senate has sworn off earmarks, it seems that some in the Senate need one last feast at the trough of [...]
The municipal bond market is having a tough time today largely in part of looming rumors concerning the expiration of the Build America Bond or ‘BAB’ program. After all, this program was omitted from Obama’s tax deal with Republicans.
As a part of Obama’s Recovery and Reinvestment Act, BABs allow state and local governments to issue [...]