Banking/Finance

With summer driving season upon us, it's important to note that there's a traditional jump in gas prices. But will this seasonal adjustment benefit commodities, specifically oil and make the price of gasoline even higher? That could happen if those forms of energy lure investment from what seems to be an over-valued equities market, brought on by what some claim is cheap money.  On her April 5…

The Obama administration is trying out a second big-government remedy for people facing foreclosure, but NBC's "Today" failed to mention criticism of the initial program or provide any free-market solutions.  The White House has now tapped $14 billion in TARP funds to expand the administration's existing mortgage assistance program.  Matt Lauer introduced the "Today" show March 29 discussion of…

Did you know that the Obama administration owns stock in beleaguered financial giant Citigroup NOT the taxpayers?You might have gotten that impression from a Washington Post article published Saturday.Take a look at the second paragraph of David Cho's piece on speculation that there's an imminent stock transaction about to transpire involving Citigroup and the federal government (h/t NBer…

Overshadowed in the ObamaCare shenanigans the past few weeks are provisions weaved into the Democratic health bill that would require all federal student loans to originate with the government - the largest overhaul in decades. On the morning after the House passed the legislation, CNN Newsroom's Kyra Phillips did dedicate just thirty-four seconds to the government take-over of the student loan…

The liberal media's favorite targets - Wall Street "fat cats" - have endured a firestorm of outrage and attack over bonuses since the financial meltdown. As some, like CNBC contributor Rick Santelli pointed out however, part of the screaming is the result of it is Obama and the White House whipping up political outrage.  Now we'll have a chance to see if it's also selective outrage. Fox…

It's a topic that would probably make the average individual's eyes glaze over, but will have a profound impact on the economy - for better or worse. The topic - financial regulation reform. With Senate Banking Chairman Sen. Chris Dodd, D-Conn., setting his proposal out for the public, the take away on the reporting from two of the country's major newspapers - The New York Times and Wall…

"He dug into the idiocy and negligence that produced the worst financial crisis since the Great Depression," Steve Kroft opened a segment of the March 14 CBS "60 Minutes," featuring author Michael Lewis' latest work - "The Big Short: Inside the Doomsday Machine." If Lewis "dug into the idiocy and negligence," he did so selectively - or that's what viewers could conclude from the long "60…

NBC's "Today" gave backhanded praise to Bank of America (BofA) on March 11 because of its decision to stop charging overdraft fees for debit-card transactions. "This is clearly an effort by Bank of America to repair its battered image," senior investigative correspondent Lisa Myers said. "But it's also a meaningful step that will save consumers money and keep families from spending more than…

Left-wing filmmaker Michael Moore and CNBC's Rick Santelli couldn't be more philosophically opposite. Style of argument differs too: Michael Moore assumes the worst in people that oppose his view. In a March 12 appearance on WNYC 93.9 FM/820 AM's "The Brian Lehrer Show," Moore was asked to react to Rick Santelli's February 2009 call for action against the Obama administration proposal to offer a…

Back on Christmas Eve of 2009, Obama's Treasury Dept. said it would lift the limits on what the federal government could provide in "emergency aid" to Fannie Mae and Freddie Mac - without seeking Congressional permission.  Very few reporters noticed, except for The Washington Post's Zachary Goldfarb who reported the story on Christmas Day and CNBC CME Group reporter and tea party inspiration…

It's been proven time and again in over two hundred years of recorded American history, but some people still don't get it - the government is not the most efficient spender of money. On CNBC's March 4 "Squawk Box," in the midst of reporting jobless claims and productivity data, the network's senior economics reporter Steve Liesman offered the suggestion that since some banks were increasing…

Oliver Stone's latest attack on American capitalism - "Wall Street: Money Never Sleeps" is finally hitting theaters April 2010, twenty-three years after its predecessor. According to Michael Lewis, who interviewed the moviemaker for his latest Vanity Fair piece, Stone's biggest problem with the sequel was making a movie based on helplessly diabolical bankers, actually watchable.Lewis wrote that…

In a segment on the banking industry on CBS's Sunday Morning, fill-in anchor Anthony Mason cited the movie "It's A Wonderful Life" and wondered: "Who would you say is today's equivalent of the movie's villain, the dastardly Mister Potter?" His answer: "If you ask the Huffington Post's web mistress Arianna Huffington, it's these guys." Footage rolled of big bank CEOs. Mason touted Huffington's…

After the closing bell on Friday, just in time for everyone to stop paying close attention, mortgage behemoth and ward of the state Fannie Mae ("Fan") released its fourth-quarter and full-year financial results. Its press release (PDF) informs us that its $74.4 billion loss in 2009 (inclusive of dividends paid to the government) followed a $58.8 billion loss in 2008. For those keeping score at…