U.S. Economy

On June 8 The Senate voted to let the Federal Reserve slash the fees that retailers would have to pay banks each time consumers swipe their debit cards. The charge to reduce these fees was led by Democrat Dick Durbin (D-Ill), and was part of larger financial industry rules passed last year initiated by Barney Frank (D-MA) and Chriss Dodd (D-CT). Supporters of the cuts say it is a victory for small business and consumers, the facts say otherwise. Proponents of slashing the fees banks charge...Read Full Story

On Tuesday night this nation watched as Obama made a calculated pitch for the biggest power grab in this nation’s history! With carefully chosen words our President was insulting the intelligence of this nation, and counting on the media’s love affair with him, to get away with it. Praying on current fear, anger, and insecurity over the financial crisis, Obama wants Congress to grant unprecedented powers for the government to take control of financial institutions when it determines they are...Read Full Story

On Tuesday, Federal Reserve Chairman Ben Bernanke said “We must have a strategy that regulates the financial system as a whole, in a holistic way, not just its individual components,” during his speech to a committee on foreign relations. His call was for a complete overhaul of the regulatory systems to strengthen oversight of banks, mutual funds, and large financial institutions that could seriously damage our economy if those institutions collapsed. In the wake of our current recession...Read Full Story

In August 2008 the General Accounting Office (GAO) issued a Report to the Committee on Finance, U.S. Senate regarding Individual Retirement Account compliance issues. The GAO Report is in excess of 50 pages and discusses the complexities of complying with the Individual Retirement Account (IRA) tax rules. I will help you understand just what this means for you. According to the Report about 51 million taxpayers held $3.3 trillion in IRAs as of the end of 2004.  In addition, the GAO Report...Read Full Story

Browse > Home / BANKING AND FINANCIAL NEWS , BREAKING NEWS , PRESS RELEASE / The Economy - It’s No Laughing Matter- says reports October 17, 2008 Washington,DC(RUSHPRNEWS)10/17/08 –Two new reports paint a discouraging picture of the U.S. economy Friday, reported today Voice of America.A University of Michigan survey of hundreds of households shows the steepest monthly drop in consumer confidence on record in October. Economists watch consumer moods for clues...Read Full Story