China Interbank Market Freezes As Overnight Repo Explodes To 25% - It seems liquidity (or counterparty mistrust) is beginning to reach extreme levels in China as the nation's *banking system is now quoting overnight repo...
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The Fed chose to bump up the so-called "discount" lending rate by one-quarter point to 0.75 percent. It takes effect Friday.
President Obama created an 18-member fiscal commission Thursday charged with coming up with ideas to begin erasing $14.3 trillion in government red ink.
"These are tough times, and we can't keep spending like they're not," Obama said.