Federal Reserve Bank of New York President William Dudley

Your no fax payday loans source keeps you informed about who is running the country’s finances.

William Dudley, who until now was head of the New York Fed’s markets group, has taken over Treasury Secretary Timothy Geithner’s former post as president of the Federal Reserve Bank of New York .

Dudley began his new job Tuesday, the day after Geithner was sworn in as Obama’s Treasury secretary. The promotion puts Dudley on the front lines of the battle to straighten out the United States’ credit crisis.

Job description

Among other “perks,” Dudley’s position means he is a voting member of the Federal Open Market Committee. That committee is in charge of setting interest rates as well as making other policy decisions.

In addition to aiding with those duties, Dudley will be responsible for carrying out the Fed’s decisions regarding Treasury securities. He will carrying out purchasing and sales of Treasury securities based on federal policies. It is possible that he will be involved in shaping federal policy regarding no fax payday loans.

Get to know your Fed Head

Dudley has been part of the New York Fed since January 2007. Before that he was a partner and managing director at Goldman Sachs & Co. He served as the company’s chief U.S. economist for 10 years. He also has served the Federal Reserve on a national level.

Dudley earned his bachelor’s degree at New College in Sarasota, Florida. He then went on to get his doctorate degree in economics from University of California at Berkeley.

Check back with your no fax payday loans store to get more updates on who is in charge of the nation’s money.

The Treasury has started handing out bailout money again

It seems the Treasury has taken a lesson from some payday advance loans companies. Just as PersonalMoneyStore.com lets you know upfront what the fees, limits and regulations are on payday advance loans, the Treasury seems to be making good on its promise of transparency.

Today the Treasury Department shared with the public the amount of bailout money it distributed and how many financial institutions received financial aid. The Treasury distributed $386 million to 23 banks.

Times, they are a-changin’

The awards are the first that the Treasury has given since Congress allowed President Barack Obama access to the funds. Many lawmakers on both sides of the political aisle were disgruntled by the Bush administration’s handling of the funds. There were widespread complaints that there wasn’t enough accountability from the Treasury and leaders, let alone taxpayers, couldn’t figure out where the money had gone.

The Treasury appears to have changed its tune. It reported today that it gave $111 million to 1st Source Corp. in South Bend, Indiana. Also, it spent $194.2 million on buying bank stock in order to encourage banks to resume normal lending patterns. It’s too bad they can’t just give the money directly to taxpayers instead of having the banks lend it to them. But don’t despair, at least you can get payday advance loans when you need a bailout.

Shaking things up from Day One

Timothy Geithner

Today was Treasury Secretary Timothy Geithner’s first day in office, and he has already put rules in place to prohibit lobbyists from influencing the bailout. He is also requiring officials operating the rescue fund to report the process they went through to make their decisions. For instance, officials will have to write up how they came to the conclusion that 1st Source should get $111 million.

Here at your payday advance loans source, I’ll keep my eye out for more news on how the bailout money is being spent.

World Economic Forum Founder and Executive Chairman Klaus Schwab

Your source for payday loans online keeps you updated on the world economy.

The World Economic Forum meets once per year. As you can imagine, a few more people this year made room in their busy schedules to attend the meeting. Nearly twice as many heads of state and government showed up this year compared to last year.

It seems the U.S. is far from being the only country whose main focus is keeping its economy afloat. The theme for the meeting was pretty optimistic: “Shaping the Post-Crisis World.” At least one columnist asserts that “the focus should be on how we can even get as far as a post-crisis world.”

On the agenda

Valerie Jarrett

The five-day meeting begins tomorrow, Wednesday, in Davos-Klosters Switzerland. From the U.S., presidential aide Valerie Jarrett, who headed Obama’s transition team, will attend. This has drawn criticism from some media outlets, who expected Treasury Secretary Timothy Geithner and Director of the National Economic Council Lawrence Summers to attend.

The meeting will, of course, focus on improving the global economy. The WEF’s official web site says leaders will discuss everything from economic reform to climate change. With such a wide range of subjects, I won’t be surprised if they discuss the growing trend of getting payday loans online.

The guest list

People are allowed to go to the meeting by invitation only. The majority of attendees, about 56 percent, at the meeting will be business leaders. The WEF says it has also invited labor leaders and social entrepreneurs.

The WEF has also invited people it considers “young global leaders,” including several from the United States. Some examples from the list: Harvard Business School Associate Professor Laura Alfaro, CNBC Anchor Maria Bartiromo and The Economist magazine’s New York Bureau Chief, Matthew Bishop.

Check back with your source for payday loans online for news about the World Economic Forum’s annual meeting.

Treasury Secretary Timothy Geithner is taking a no-nonsense approach when it comes to bailout funds.

Your online payday loan source keeps you informed on the government’s use of $700 billion in bailout money.

Last year $700 billion in government funds was slated to aid the mortgage crisis and stabilize the financial system. Now it seems more companies are trying to get a piece of that pie, and lobbyist are quick to speak up for their favorite candidates.

The auto industry has asked for billions of dollars to prevent a meltdown, and it is predicted that auto parts companies will request a $10 billion to $12 billion bailout as well. Newly appointed Treasury Secretary Timothy Geithner has decided enough is enough.

Drawing a line in the cash

Geithner has made it clear that corporate lobbyist and Congressional lawmakers are barred from influencing decisions about what to do with bailout money. He specified that officials in charge of the funds are prohibited from communicating with lobbyists “in connection with applications for, or disbursements of” bailout money.

“American taxpayers deserve to know that their money is spent in the most effective way to stabilize the financial system,” Mr. Geithner said. “Today’s actions reaffirm our commitment toward that goal.”

The Treasury Department says the efforts are aimed at protecting taxpayer money from political influence. If only we could protect online payday loan regulations from political influence.

Who decides and how?

The Treasury has said they won’t listen to corporate lobbyists and high-ranking officials who are trying to steer bailout money toward specific banks. Instead, they said, Treasury officials will make decisions objectively, based solely on numbers and facts in each case.

Check back with your online payday loan source for more updates on the federal bailout.

Timothy Geithner

Your payday loan source keeps you updated on the nation’s financial news.

The United States is one step closer to having a new Banker in Chief. Timothy Geithner’s nomination today was approved by a Senate panel, and next the full senate will vote. Despite concerns about Geithner’s mistakes on his taxes at the beginning of the decade, he was approved 18-5.

Obama says he hopes the full Senate will approve Geithner quickly to expedite implementing the stimulus and bailout plans in the works. Geither will head up the $825 billion American Recovery and Reinvestment Plan and the distribution of the remaining $350 billion in Troubled Asset Relief Funds.

A big job

According to Wikipedia, the Treasury Secretary “is responsible for formulating and recommending domestic and international financial, economic, and tax policy.” The secretary also is the top financial adviser to the president. Geither will be very influential in how the stimulus and bailout plans are implemented.

Furthermore, Geithner will be involved in making long-term economic policies. As the economic landscape in the country changes over the next four years, Geithner will be responsible for creating policies that will govern the nation’s finances for years to come.  He could even be involved in making policies that apply to payday loan companies.

Obama’s first request

Before Obama was given access to the other half of the TARP funds, he promised more transparency in regard to how the money is spent. Many politicians and other citizens were disgruntled about the way the first half of the TARP funds was handled. The main complaint from the Senate and the public was that the Treasury didn’t track how the money was used.

Geithner, if his nomination is approved, will be responsible for keeping Obama’s promise to track where the TARP money goes and the effects it has. He will also need to present this information to the public in order to follow through on the promise of transparency.

Full disclosure

Geithner has done pretty well so far at being transparent about his personal finances. He didn’t hesitate to talk about the mistakes he made on his taxes at the beginning of the decade. He disclosed the amount and nature of the mistakes, and repaid all back taxes and interest.

The IRS audited his taxes for 2003 and 2004 and found that he had mistakenly not paid his taxes in full because he worked for an international company that does not automatically deduct taxes for Social Security and Medicare. He then took it upon himself to re-evaluate his own taxes for 2001 and 2002 and made reparations for those years.

Money management

Despite Geithner’s honesty and transparency regarding his taxes, some senators argue that making those mistakes in the first place makes him disqualified for the Treasury Secretary post. The five “no” votes regarding the Geithner’s nomination came from Republicans.

The five dissenters said Geithner’s tax mistakes were a serious error for an official who would oversee the IRS. Even some Democrats who voted “yes” expressed disappointment that the man who will likely oversee the nation’s finances made mistakes on his own taxes. But they said because of the urgency of the economic crisis, they approved him so that recovery plans could quickly be implemented.

Check with your payday loan source for more news on the economy.

President Barack Obama recently nominated Geithner for the position. The Obama team is defending Geithner, saying the tax discrepancies were “an honest mistake.”

The errors

Because the IMF is an international organization, it does not withhold employees’ wages for Social Security and Medicare. But those employees are responsible for paying those taxes on their own. Just as payday loan recipients are responsible for paying their loans back.

The Senate Finance Committee’s official statement says he “failed to pay self-employment taxes for money he received while he working for the International Monetary Fund.” The IRS found errors in 2006 when they audited Geithner for 2003 and 2004, for which he owed $16, 732 in taxes and interest.

Geithner’s response

After the 2006 audit, Geithner promptly paid the amount owed in full. After Obama nominated him for the Treasury Secretary position, he voluntarily amended his 2001 and 2002 taxes. He found that he owed $25,970 in taxes and interest and paid that amount in full.

Obama spokesman Robert Gibbs says that Geithner’s errors are a common mistake. Geithner discussed his tax mistakes with the Senate finance committee, and he said the errors were unintentional. He also emphasized the fact that he repaid the full amount of taxes and interest that he owed.

Support and dissent

Democrats are fully supporting Obama’s nomination of Geithner.

“He’s the right person to help lead our economic recovery during these challenging times,” Gibbs said.

Republicans have not specifically said that they believe his tax errors should prevent Geithner from being appointed. However, at least one Republican Senator objected to holding the nomination hearing on its originally scheduled date, Friday. The hearing is currently scheduled for Jan. 21.

The numbers game

The consensus among both parties seems to be that Geithner made an honest mistake. He’s human, after all. Messing up on his tax forms doesn’t make him a bad person or a dishonest person. I’m sure most of us have done the same thing.

So if average Americans can mess up on their taxes and then simply be forgiven if they pay it back, should Geithner receive the same courtesy? Well, I just have one thing to point out. The average American is not in charge of the entire nation’s money. I’d be lying if I didn’t say I was concerned that the would-be Treasury Secretary doesn’t know the nation’s tax laws.

Room for growth

In his defense, the errors happened several years ago. He was intelligent enough recently to re-do his own taxes and discover the amount he owed on his own. To me, that shows he is good with numbers. It also shows that he believes in doing the right thing. He could have saved 25 grand, but instead he basically turned himself in.

It is disconcerting that the possible future Treasury Secretary has had problems with money and numbers. However, it is possible that he has learned from his mistakes and grown as a politician and an itellectual since then.

What about that other thing?

Those of you who have already read the news reports about Geithner know there is another issue being discussed. For a short time, Geithner’s housekeeper, an immigrant, worked for him after her work eligibility had expired.

To me, this is a non-issue as far as Geithner’s appointment is concerned. The woman he employed was married to an American citizen, and thus should have been considered a citizen herself. I don’t think this is an issue of whether Geithner made a mistake, it’s an issue of flaws in immigration policy. And that is all I have to say about that.

You decide

What do you think? Should Geithner be appointed? You can leave your comments here on your payday loan source’s Money Blog.