EconomicCrisis.US

Mid-August, 2009, was a peculiar time in the US economy. Wall Street, big banks, and the media were mostly celebrating “economic recovery.” Meanwhile, average Americans were suffering record levels of unemployment, job insecurities, home foreclosures, personal debt anxieties, and the upsets, tensions, and angers that inevitably result. One economist referred to the US as “one nation, two national economies.” Two particular sets of August economic data reveal the deepening economic divide behind the “recovery” talk.
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So new budget projections show a cumulative deficit of $9 trillion over the next decade. According to many commentators, that’s a terrifying number, requiring drastic action — in particular, of course, canceling efforts to boost the economy and calling off health care reform.

The truth is more complicated and less frightening. Right now deficits are actually helping the economy. In fact, deficits here and in other major economies saved the world from a much deeper slump. The longer-term outlook is worrying, but it’s not catastrophic.

The only real reason for concern is political. The United States can deal with its debts if politicians of both parties are, in the end, willing to show at least a bit of maturity. Need I say more?
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The U.S. Federal Reserve asked a federal judge not to enforce her order that it reveal the names of the banks that have participated in its emergency lending programs and the sums they received, saying such disclosure would threaten the companies and the economy.

The central bank filed its request on Wednesday, two days after Chief Judge Loretta Preska of the U.S. District Court in Manhattan ruled in favor of Bloomberg News, which had sought information under the federal Freedom of Information Act.

Preska said the Fed failed to show that revealing the names would stigmatize the banks and result in “imminent competitive harm.” The Fed asked the judge not to require disclosure while it readies an appeal.
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Fraudster stole purse from Fed chief’s wife and then tried to deposit a $900 cheque made out by ‘Ben and Anne Bernanke’

He may be the chairman of the US Federal Reserve, overseeing the world’s largest economy. But even Ben Bernanke can fall victim to the simplest of financial crimes – identity theft by a fraudster who snatched the family cheque book.

Court documents in Washington have revealed that Bernanke’s wife, Anne, had her purse swiped from the back of a chair in a branch of Starbucks in the US capital last year, losing her driving licence, social security card, credit cards and cheque book.
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