Posted by WARREN MOSLER on 12th January 2010
Federal Reserve Made Record Profit in 2009: Report
Jan. 12 (Reuters) — The U.S. Federal Reserve made record profits in 2009 and will return $45 billion to the U.S. Treasury, after its efforts to prop up the economy created a windfall for the government, the Washington Post reported.
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Posted in Fed | 61 Comments »
Posted by WARREN MOSLER on 12th January 2010
Seems like the wrong time to be cutting aggregate demand?
Obama Plans to Raise as Much as $120 Billion From Bank Fees
By Hans Nichols
Jan. 12 (Bloomberg) — President Barack Obama plans to impose a fee on banks expected to raise about $120 billion in order to help recoup losses from the Troubled Asset Relief Program, according to an administration official.
The White House hasn’t settled on the final structure of the fee and how to target the big banks that have returned to profitability, said the official, who request anonymity.
The plan is to have revenue from the fee dedicated to deficit reduction and to cover the amount that the Treasury Department estimates it will lose from TARP, which is $120 billion. Details will be contained in the fiscal 2011 budget that Obama will submit to Congress next month, the official said.
Agreed.
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Posted in Uncategorized | 41 Comments »
Posted by WARREN MOSLER on 12th January 2010
America slides deeper into depression as Wall Street revels
Agreed.
Sad part is it can all be reversed with a few simple spread sheet entries. A full payroll tax holiday and per capita revenue distributions to the states to restore demand, output, and employment
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Posted in Banking, GDP, USA | No Comments »
