Forex News and Rumors – Afternoon Update

US Congress Grills Bankers

The heads of America’s largest banks were questioned by members of Congress today to explain how the banks have used the nearly 200 billion of taxpayer dollars they received from the government. Public anger over the use of the funds has reached a boiling point on news that the banks continued to pay dividends and handout huge bonuses to senior executives while at the same time claiming they needed public money to stave off bankruptcy. More

Geithner Pushed by Congress to Provide More Detail

US Treasury Secretary Timothy Geithner was put on the hot seat one day after announcing the next round in the battle to help American financial institutions. Geithner has been accused of not providing enough information and hiding the true cost of the bailout plan which is already pegged at $700 billion. More

US Federal Deficit Reaches All-Time High

Spurred on by a deepening recession and more rounds of stimulus payments, the US Treasury Department today announced that the national deficit for the period October 2008 to the end of January 2009, totaled $569 billion. More

Dollar Expected to Advance Despite Increased Skepticism Over Bank Rescue Plan

A survey from Bloomberg suggests that the US dollar and the yen are both expected to appreciate over the next six months. Critics suggest that the plan to rescue the US banking system will do little to improve economic conditions but the dollar will be considered a safer investment than most other currencies. More

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