http://fundscons.com News and Opinions Fri, 12 Mar 2010 00:51:10 +0000 http://backend.userland.com/rss092 en With unemployment high and personal wealth diminished, how was it that strapped consumers were paying down their credit card debt last year? It turns out they probably weren't. The bulk of 2009's drop in credit card debt instead came because banks were forced to write off loans consumers ... http://fundscons.com/banks-wrote-off-record-amount-of-credit-card-debt/ German Finance Minister Wolfgang Schaeuble said the Greek crisis shows the euro region should consider creating an organization with powers similar to the International Monetary Fund. “For the internal stability of the euro zone, we need an institution that has the powers and know-how of the IMF,” ... http://fundscons.com/schaeuble-says-euro-region-may-need-a-european-monetary-fund/ The risk posed by asset bubbles in Asia is overstated because surging prices in markets don’t threaten regional economies, said Stephen Roach, chairman of Morgan Stanley Asia Ltd. “The difference between the asset bubbles in this region and asset bubbles also around the world is that they ... http://fundscons.com/asset-bubbles-unlikely-to-threaten-asian-economies-roach-says/ The rate hikes are coming! The rate hikes are coming! Eventually. Days after the Federal Reserve seemed to sound the alarm that the era of near-zero interest rates is ending, Chairman Ben Bernanke tempered those expectations a bit this week. Just because the Fed boosted the rate it ... http://fundscons.com/be-prepared-rates-will-rise-again/ Federal Reserve Chairman Ben S. Bernanke said the use of credit default swaps to destabilize a country is “counterproductive,” and added the central bank is reviewing the arrangements of Goldman Sachs Group Inc. and other companies with Greece. “We are looking into a number of questions related ... http://fundscons.com/bernanke-says-fed-reviewing-goldman-swaps-with-greece/ Microsoft and Yahoo said Thursday that their online search deal has received approval from U.S. and European Union regulators, paving the way for the two companies to combine much of their Internet search business.Under the 10-year deal, which was announced in July, Yahoo.com and Bing.com will maintain their ... http://fundscons.com/yahoo-microsoft-search-deal-gets-final-ok/ The Federal Reserve Board raised the discount rate charged to banks for direct loans by a quarter point to 0.75 percent and said the move will encourage financial institutions to rely more on money markets rather than the central bank for short-term liquidity needs. “These changes are ... http://fundscons.com/fed-raises-discount-rate-by-quarter-point-to-075/ European Union finance ministers are uniting to oppose President Barack Obama’s proposal to limit banks’ size and risk-taking, saying his plan may run counter to EU policy, according to a draft document. Their position, which they will ratify at a two-day meeting starting today, comes after Obama ... http://fundscons.com/eu-finance-ministers-to-resist-obama-plans-for-banking-overhaul/ Japan’s economy probably grew at the fastest pace since the first quarter of 2008 as a global trade revival fueled demand for the nation’s exports. Gross domestic product rose an annualized 3.6 percent in the three months ended Dec. 31, following a 1.3 percent expansion in the ... http://fundscons.com/japan-gdp-probably-expanded-at-fastest-pace-in-almost-two-years/ Sterling Kozlowski, the region's top KeyBank N.A. executive since mid-2006, is leaving Western New York to become president of KeyBank's Maine district. Kozlowski begins his new job Feb. 16, according to a release issued Monday by the bank. He will replaced retiring Maine district president Dick Lucas. A search ... http://fundscons.com/kozlowski-leaves-wny-for-new-key-post/