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...number of homeowners headed toward foreclosure is rising so quickly that "you need somebody to project what the projections will be - because they're just changing so fast," said Lindley Higgins, the applied-research manager at NeighborWorks America, an urban revitalization project created by Congress. A decade ago, Higgins said, 400,000 foreclosures nationwide was a busy year. America may see 2.5 million...
...government's holding of Citi preferred stock into common shares. The U.S. Treasury could end up owning more than 36% of the ailing bank. But confidence in the financial community remains low. Describing a vicious cycle of risk aversion, former Fed chief and current Obama adviser Paul Volcker told Congress's joint economic committee on Thursday that "an insecure bank faced with what it sees as insecure borrowers is not a very eager lender. It's a problem of lack of good borrowers, confident borrowers, as well as weak banks and worried bankers." Testifying before the House Committee on Financial...
...speech full of criticism for President Barack Obama's stimulus plan, Louisiana Governor Bobby Jindal singled out one program for particular scorn. "Instead of monitoring volcanoes, what Congress should be monitoring is the eruption of spending in Washington," Jindal said, deriding the $140 million appropriated to the U.S. Geological Survey (USGS) for "something called volcano-monitoring" as one of the most egregious bits of pork to lard up the $787 billion stimulus package. But to those who live under the looming threat of flowing lava, it was a poor punch line. "Does the governor have a volcano in his backyard...
...Jindal, Gov. Bobby • channeling by of the voice of 30 Rock's Kenneth the NBC page • David Brooks is appalled by speech of • Fox News commentators are appalled by speech of • "volcano monitoring" program is idiotically mocked - "Instead of monitoring volcanoes, what Congress should be monitoring is the eruption of spending in Washington, D.C." - by • Washington Post is appalled...
...been made. Most were eager to praise the new momentum Obama has breathed into the talks this week, including the breakout session on health in his fiscal-responsibility summit on Monday, the underlining of his commitment to health-care reform in his address to the joint session of Congress on Tuesday and in his budget announcement on Thursday, and his announcement of a health-care summit for next week. "This is a frank and respectful discussion that essentially began in earnest on Monday," says Dr. Nancy Nielsen, president of the AMA. "What we're hearing from him is that there...