Today’s Headlines…

Today’s Headlines…

Greenspan Says Greece Default ‘Almost Certain,’ May Trigger US Recession
By Vivien Lou Chen – Thu Jun 16 23:46:34 GMT 2011 Alan Greenspan, former Federal Reserve chairman, said a default by Greece is “almost certain” and could help drive the US economy into recession. “The problem you have is that it’s extremely unlikely

Philadelphia Fed Manufacturing Index Unexpectedly Falls to -7.7 From 3.9
Photographer: Mike Mergen/Bloomberg News The Federal Reserve Bank of Philadelphia’s general economic index dropped to minus 7.7 in June from 3.9 a month earlier. Photographer: Mike Mergen/Bloomberg Manufacturing in the Philadelphia region unexpectedly

US Regulators Defend Bank Capital Rules
The Dodd-Frank financial overhaul law mandates that the Federal Reserve impose stringent capital requirements on large, complex financial institutions that pose a risk to markets. Banks have complained that if US standards are higher than in other

As QE2 Nears End, Economists See Modest Achievement
Wall Street Journal (blog)
By Michael S. Derby As the sun sets on the Federal Reserve bond-buying program known to most as QE2, economists agree its chief impact has been to change the nation’s inflation outlook. That isn’t small potatoes. But from there, the reading on the $600

More credit card debt might be good for the economy
USA Today
While consumers are using their credit cards a bit more lately, they largely remain tight-fisted, according to a recent Federal Reserve report. “What we’re seeing is a return of consumers to their credit cards but a very slow one,” says economist

Durbin Amendment to Lower Debit Card Processing Rates
Practical Ecommerce
That’s because of the “Durbin Amendment” to the massive Dodd-Frank financial reform legislation, enacted last year. The Amendment’s aim is to inject competition, and reduce processing rates, into the debit card processing business.