Cavuto on the financial meltdown

[deltex1]

Neal was a hero when on CNBC...now the LIBTARDS will call him a zero cause he's on Fox. Just read what he says and deny if you will...



"There’s no arguing banks gunned the system, but why isn’t anyone pointing out who gave them the gun? Who ran the system? Who was the system? Who made the rules for the system? Who gave banks the license to collateralize bad debt and sell it, so they could make more loans as they were doing it? Who pushed them to keep lending and keep risking? Who turned home ownership from a goal to a birthright? Who not only encouraged more lending, but all but made it a law to force more lending?

Washington did that. Congress did that. Presidents under both parties did that, and encouraged that. Bill Clinton got the ball rolling when he reformed something called the Community Reinvestment Act. The goal was to encourage more lending. Unfortunately as with all good Washington intentions, that goal morphed into something entirely different."






Regulators Trying to Place Blame for the Financial Crisis Should Look Within | Fox Business

 

[waltky]

Interest rates stay the same for now but Wall Street to be monitored more closely...

US Central Bank Expects to End Direct Support of Economy in October
September 17, 2014 ~ The U.S. central bank says it expects to end its direct support of the American economy next month, but still maintain its record-low benchmark interest rate for a "considerable time" until economic conditions improve more.

Policy makers at the Federal Reserve Wednesday said the U.S. economy, the world's largest, is still advancing "at a moderate pace." But they said the country's labor market, which added a disappointing 142,000 jobs in August, is not improving as fast as it could. The Fed, after a two-day meeting in Washington, cut another $10 billion in the size of the monthly asset purchases it has been making for nearly two years in an effort to boost the country's recovery from the severe recession in 2008 and 2009. The policy makers said that if the country's economic advance continues in the coming weeks, they expect to end their last $15 billion in monthly asset purchases at their next meeting in late October.

Fed chair Janet Yellen said the economic downturn, the country's worst in seven decades, continues to play a role in U.S. economic fortunes. "Many cite the residual effects of the financial crisis, which although slowly diminishing, are likely to continue to restrain household spending, constrain credit availability, and depress expectations for future growth in output and incomes," she said. At the same time, the policy makers said they will keep their benchmark interest rate at zero to a quarter of a percentage point for a considerable period after that, especially if inflation in the U.S. continues to run below the 2 percent target set by the Federal Reserve. Yellen has suggested that the central bank may not increase the interest rate until mid-2015. The Fed's benchmark rate directly influences interest rates that businesses and consumers are charged to borrow money.

Economic growth in the U.S. has been uneven this year, with a 2.1 percent contraction in the first quarter and 4.2 percent growth in the April-to-June period. The Fed is predicting a 2 to 2.2 percent advance for all of 2014, and a 2.6 to 3 percent gain next year. Even so, the 2015 projection is down from an earlier central bank forecast. The path to a rate increase is hugely important for investors. In June, the median of the Fed's projections suggested rates would reach 1.125 percent by the end of next year, more than a quarter point higher than futures markets have priced in.

US Central Bank Expects to End Direct Support of Economy in October

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US Attorney General to Propose More Rewards, Agents to Fight Wall St Crime
September 17, 2014: WASHINGTON — Wall Street whistleblowers who provide U.S. prosecutors with evidence of financial fraud should get larger rewards for their efforts, U.S. Attorney General Eric Holder plans to say in a speech on Wednesday, according to a Justice Department official.

The FBI also needs more agents, including those with expertise in forensic accounting, to better pursue complicated financial crime investigations, Holder will say, said the person, who declined to be named. The comments, expected in a speech Wednesday afternoon at New York University, come after the Justice Department faced years of criticism for bringing few marquee prosecutions against Wall Street executives for conduct that contributed to the 2007-2009 financial crisis.

Prosecutors have stepped up efforts to pursue bankers, traders and others in the industry for other types of financial fraud, including insider trading and the manipulation of interest rate benchmarks and foreign exchange rates. Some of those efforts have been helped by cooperating witnesses inside major financial institutions, and more cases could come in the coming months.

But the law caps rewards for potential whistleblowers in cases that do not involve fraud against government programs, and hurts the ability for prosecutors to get Wall Street executives to cooperate, Holder is expected to say. In one recent case in which a federal judge ordered Bank of America to pay $1.27 billion over fraud at its Countrywide unit, a key whistleblower who served as the government's star witness at trial is entitled to only $1.6 million.

US Attorney General to Propose More Rewards Agents to Fight Wall St Crime