First deputy managing director of the International Monetary Fund (IMF) John Lipsky says that credit deterioration is widening and deepening in the United States. He also says that economic policy makers will need to employ decisive and innovative measures to safeguard financial stability (:43)
Senator Christopher Dodd (D-CT) discusses credit card debt at CARD press conference. (0:37)
Why did you bail out Bear Stearns? It was the resounding question heard over and over in the Senate Banking, Housing, and Urban Affairs Committee hearing on “Turmoil in U.S. Credit Markets: Examining the Recent Actions of Federal Financial Regulators.” Federal Reserve Chairman Ben Bernanke, SEC Chairman Christopher Cox, United States Treasury Under Secretary Robert Steel, and President of the Federal Reserve Bank of New York Timothy F. Geithner, all attempted to answer that question to Congress. (more…)
