HARRISBURG, Pennsylvania (Reuters) – For three days last summer, Mayor Linda Thompson joined religious leaders to pray for a “cooperative spirit” among city leaders, the business community and residents here in Pennsylvania’s state capital.
The prayers have gone unanswered.
Looking for a way to resolve $300 million in debt, the city council defied Thompson and voted to file for bankruptcy this month. Not only did a majority of the council go against the mayor’s wishes, but the council members also decided not to even tell her of their decision.
NEW YORK (Reuters) – The Bank of England got it “about right” when it opted to inject another 75 billion pounds into the financial system, a move that will help fend off the risk of deflation, a top policy maker said on Wednesday.
“I think 75 billion is about right,” BOE policy maker Adam Posen told Reuters in an interview on the sidelines of the Economist’s Buttonwood conference in New York.
NEW YORK (Reuters) – The Federal Reserve should consider buying more mortgage bonds to support a fragile economic recovery, a top Fed official said on Thursday, while two other officials argued the central bank’s current policy is appropriate.
In his first speech explicitly on the economic outlook since joining the Fed in 2009, Fed Governor Daniel Tarullo said there was “ample room” for policymakers to do more. Tarullo said mortgage purchases should be on the table, a sentiment echoed by Boston Fed President Eric Rosengren in an interview with the Wall Street Journal on Wednesday.
BOSTON (Reuters) – Federal Reserve Chairman Ben Bernanke said on Tuesday that central banks may need to resort to monetary policy to combat asset bubbles, although regulation should be a first line of defense.
“The possibility that monetary policy could be used directly to support financial stability goals, at least on the margin, should not be ruled out,” he said at a conference at the Boston Federal Reserve Bank.
RADNOR, Pennsylvania (Reuters) – The Federal Reserve’s move last week to further lower borrowing costs was risky and won’t significantly speed up a “painfully protracted” recovery, one of the officials who dissented against the decision said on Thursday.
Philadelphia Federal Reserve Bank President Charles Plosser said he was skeptical the central bank’s so-called “Operation Twist” will prompt businesses to hire or consumers to spend given a backdrop of continued structural adjustments in the economy and fiscal uncertainty.
NEW YORK (Reuters) – From Seoul to Washington, policymakers are increasingly worried about the outlook for the global economy.
Central banks in Europe and Asia took a more cautious stance on Thursday and Brazil said the deteriorating world economy prompted its surprise rate cut last week.
NEW YORK (Reuters) – From Seoul to Washington, policymakers are increasingly worried.
Central banks in Europe and Asia took a new, more cautious stance on Thursday and Brazil said the deteriorating world economy prompted its surprise rate cut last week.
NEWBURGH, New York (Reuters) – Teenagers hung out on street corners and on the steps of boarded-up buildings in impoverished downtown Newburgh one blisteringly hot August day this year.
With the economy still in the doldrums and government summer work programs losing funding, there was little for them to do in this town about 60 miles north of New York City.
, Sept 6 (Reuters) – Teenagers hung out on
street corners and on the steps of boarded-up buildings in
impoverished downtown Newburgh one blisteringly hot August day
With the economy still in the doldrums and government
summer work programs losing funding, there was little for them
to do in this town about 60 miles north of New York City.
NEW YORK (Reuters) – Genna Saucedo supervises cashiers at a Wal-Mart in Pico Rivera, California, but her wages aren’t enough to feed herself and her 12-year-old son.
Saucedo, who earns $9.70 an hour for about 26 hours a week and lives with her mother, is one of the many Americans who survive because of government handouts in what has rapidly become a food stamp nation.