Americans return Obama to the job
The most expensive election campaign in U.S. history came to an end yesterday. According to FEC and independent estimates over $4 billion was spent in the race between President Obama…
Justice Department to sue BofA over alleged Countrywide mortgage fraud
The news this week for Bank of American keeps getting worse. Today the Justice Department announced it was filing a lawsuit against the bank. The suit alleges that Countrywide Financial,…
BofA posts slight profit, but still struggles to find financial footing
The nation’s second largest bank continued its struggle to find stability in the wake of the Great Recession. Bank of America announced a slight $340 million profit in the third…
Justice Department, SEC give up investigation into Goldman Sachs
The Department of Justice announced it will not bring civil or criminal charges against investment bank Goldman Sachs, despite its probable violations of various banking and securities laws that precipitated…
Romney’s recent attacks mimic Republican lies on “welfare queens”
Republican presidential nominee Mitt Romney attacked President Obama on the campaign trail, claiming that an executive order issued this week through the Department of Health and Human Services significantly weakens…
July jobs report confirms weak pace of jobless economic “recovery”
The Labor Department released July’s employment figures today and once again there is little good news. According to the report the economy added 163,000 jobs last month even though the…
Romney proposes tax increase on middle class despite election rhetoric
A recent Tax Policy Center analysis shows that the the kind of revenue-neutral tax reform Romney is advocating is nothing but a wolf in sheep’s clothing. The rhetoric sounds good…
Fed warnings on economic recovery accentuate stark political choices
In the minutes from its June meeting several Fed policymakers warned that the economy could worsen due to a number of factors, including Congressional failure to avert tax hikes and…
Barclays scandal spreads to US banks, regulators, and politicians
As big banks face the fallout from a global investigation into interest rate manipulation, American and British lawmakers are scrutinizing regulators who failed to take action that might have prevented…
Stockton, CA files for bankruptcy
The city of Stockton will file for Chapter 9 bankruptcy protection after it failed to find acceptable terms for restructuring its ballooning debt. In a 6-1 vote the city council…