Economic Recovery Measures
GAO Report Says AIG Bailout Repayment Remains Unclear
The Government Accountability Office (GAO) recently issued a report (congrats to Andrew Samwick for pointing this out) on the status of government assistance to AIG (click here for a summary and here for the full report).
The G-20 Summit and Beyond
As the G-20 Summit gets underway in Pittsburgh, what should we hope to hear from the G-20 leaders?
Fed's Monetary Policy Committee Sees Improvement; Policies Stay Unchanged
Following its two day meeting yesterday and today, the Fed’s monetary policy setting body (the Federal Open Market Committee or FOMC) released its concluding statement this afternoon.
Pressure to Extend Expiring Stimulus Provisions Likely
Recently, Senate Majority Leader Harry Reid announced his support for the extension of the First-time Homebuyer Tax Credit by signing on as a cosponsor to a new bill that would extend the existing credit for 6 more months. “[Yesterday] we learned that new home sales have increased in Las Vegas, and that’s good news,” he explained.
One More FDIC Bank Closing
On Friday evening, the FDIC reported that it has taken over an additional bank (Irwin Union Bank and Trust Company) for a cost to the FDIC of around $850 million. This brings the total number of failed banks since the beginning of 2008 to 110.
Financial Crisis Inquiry Commission Kicks Off Work This Week
This week, members of the 10-person, bipartisan Financial Crisis Inquiry Commission met for the first time to begin efforts to investigate the causes of the financial crisis.
Treasury Ends Money Market Fund Guarantee
Today, the Treasury announced the end of the Guarantee Program for Money Market Funds. According to the Treasury, risk of a “catastrophic failure” of the financial sector has receded, allowing some of the emergency funding and guarantee programs to sunset.
The Lehman Collapse -- One Year Later
This week marks the one year anniversary of the Lehman Brothers collapse, an event that both seriously destabilized and ominously ruptured the U.S. and global financial system. Beginning in 2007, losses in mortgage markets weakened the balance sheets of large banking institutions.
Fiscal Stimulus: The CEA Report and Beyond
Is the largest fiscal stimulus package adopted in U.S. history working? Is it worth the high fiscal cost in the future? With these questions in mind, our Fiscal Roadmap Project looks at the first quarterly report on the stimulus package by the President’s Council of Economic Advisers and beyond.
Three More FDIC Bank Closings
On Friday evening, the FDIC reported that it has taken over three additional banks (Venture Bank, Brickwell Community Bank, and Corus Bank) for a cost of around $2 billion.
