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Main Street has paid a price for the ultra-low interest rates the Fed has kept in place to encourage banks to lend and to keep commerce flowing. Cheap money is nice for lenders and borrowers - but it's devastating for savers, especially for retirees who use interest income to supplement Social Security. If you had $500,000 stashed away - not a bad nest egg - you could earn a no-risk $20,000 to $25,000 annually (before taxes) two years ago buying bank CDs or short-term Treasury securities. Now you earn less than $5,000 in an average...
...fail. I don't know exactly how to do this - does anyone? - but that's how we solve the problem of letting the small fry fail while saving the wounded whales. Perhaps, as many have urged lately, we can start by reviving elements of the Glass-Steagall Act that kept old-fashioned banks out of the far riskier investment business. And out of big trouble. As we've seen, most of the giant rescued institutions didn't understand their problems until it was too late, so how do you expect a regulator to see trouble coming...
...wife, who asked that her name not be used, had called the City of Cambridge Police Department’s non-emergency hotline earlier that day. The couple said they had kept the cannonball on display under their television set since they found it in their closet a few years...
...Homecoming] was a well-kept secret,” O’Reilly said. “I’m old enough to remember when Homecoming was a big deal—[the HAA] seem to be building this as an alumni event, which is unfortunate because Homecoming should be an undergraduate-centered event...
...Sophie had a great weekend,” Green said. “[She] kept her composure which was very critical. She kept her focus and at the right moments she went for some big shots and came through...