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Senator Warren Proposes Bill To Allow Student Loans at Same Fed Discount Rate Banks Get

www.latimes.com | Students taking out government loans to help pay for college should pay the same rock-bottom interest rate that the Federal Reserve charges big banks, Sen. Elizabeth Warren (D-Mass.) proposed Wednesday.

With the interest rate on federal student loans set to double to 6.8% this summer, Warren said it's unfair that big banks can borrow money at 0.75% from the central bank's discount window.

  • Written by: John Galt
  • Category: Economics
  • Hits: 12661

Italy Votes Down Austerity Program

guardian.co.uk | Three years of German-led austerity and budget cuts aimed at saving the euro and retooling the European economy was left facing one of its biggest challenges as Italian voters' rejection of spending cuts and tax rises opened up a stark new fissure in European politics.

The governing stalemate in Rome and the vote in the general election – by a factor of three to two – against the austerity policies pursued by Italy's humiliated caretaker prime minister, Mario Monti, meant that the spending cuts and tax rises dictated by the eurozone would grind to a halt, risking a re-eruption of the euro crisis after six months of relative stability.

  • Written by: John Galt
  • Category: Economics
  • Hits: 12328

Federal Reserve Faces Half a Trillion in Potential Losses on QE

www.bloomberg.com | Federal Reserve Chairman Ben S. Bernanke’s efforts to rescue the economy could result in more than a half trillion dollars of paper losses on the central bank’s books if interest rates rise abruptly from recent levels.

That sum is the difference between the value of securities in the Fed’s portfolio on Dec. 31 and what they may fetch in three years, according to data compiled by MSCI Inc. (MSCI) of New York for Bloomberg News. MSCI applied scenarios devised by the Fed itself for stress-testing the nation’s 19 largest banks.

  • Written by: John Galt
  • Category: Economics
  • Hits: 12018

Federal Reserve Members Divided on QE

cnbc.com | Federal Reserve policymakers remain divided on the future of the central bank's bond buying program, according to minutes of the January meetingof the Federal Reserve Open Market Committee released Wednesday. Some believe that the program may need to end prior to the achievement of the Fed's announced goal of improvement in employment.

  • Written by: John Galt
  • Category: Economics
  • Hits: 12137

Gas Prices Hit $5 a Gallon in California

losangels.cbslocal.com | Gas prices in Southern California rose again on Monday, leaving some drivers paying over $5.00 per gallon.

CBS2′s Amber Lee reports the average price of a gallon of gas in the Los Angeles-Long Beach area climbed for the 25th consecutive day to $4.29 – over 50 cents higher than last month, according to the Automobile Club of Southern California.

One gas station in downtown Los Angeles was offering regular unleaded at $5.19 on Monday, prompting at least one potential customer to exit his vehicle, snap of a photo of the station’s prices – and then drive off in search of cheaper gas.

Nationwide, the average price of gas jumped to $3.73 per gallon, while customers paid only $3.30 just one month ago.

  • Written by: John Galt
  • Category: Economics
  • Hits: 12292

The US Energy Policy – Planned Power Outages

fromthetrenchesworldreport.com | Recently, I had a lively discussion with an acquaintance that lives in Texas who was disagreeing with my premise that America is no longer operating under a free market system.

  • Written by: John Galt
  • Category: Economics
  • Hits: 16017