State Tax Revenue in U.S. Drops Most Since 1963

Written By Brian K. Sullivan
January 15th, 2010

U.S. state tax collections fell the most in 46 years in the first three quarters of 2009 as the recession shrank revenue from sources including personal income, the Nelson A. Rockefeller Institute of Government said. Revenue dropped 13.3 percent, or $80 billion, compared with the same nine months of 2008, to $523 billion, the institute said. Collections in the third quarter alone sank 10.9 percent to about $162 billion, according to the report released today by the Albany-based body. It was the fourth straight quarterly decline. The institute is the public policy research arm of the State University of New York.

China Eager to Buy IMF Gold for $1,000 Per Ounce

Written By David Lew
January 14th, 2010

Two months after India’s Reserve Bank made big global news with the purchase of 200 tonnes of gold from the International Monetary Fund (IMF), bullion traders are now waiting for the ‘golden’ news of 2010. The news in question: Will China buy the remaining 203 tonnes of gold from IMF soon?

Geithner will testify on secretive bailout deals

Written By Daniel Wagner
January 14th, 2010

Treasury Secretary Timothy Geithner is set to testify before a House committee probing his role in deals that sent billions of bailout dollars to Goldman Sachs Group Inc. and other big banks. Rep. Edolphus Towns, D-N.Y., said in a statement Thursday that Geithner will appear at a Jan. 27 hearing of the House Committee on Oversight and Government Affairs.

Fed's balance sheet liabilities hit record

January 14th, 2010

The U.S. Federal Reserve's balance sheet rose to a record level in the latest week, boosted by its ongoing efforts to support the mortgage market, Fed data released on Thursday showed. The Fed's balance sheet -- a broad gauge of its lending to the financial system -- rose to $2.274 trillion in the week ended January 13 from 2.216 trillion in the prior week.