In a much-discussed live televised forum last week, Jamie Dimon, CEO of JP Morgan Chase, asked Federal Reserve Chairman Ben S. Bernanke the 64-trillion-dollar question. While most commentators focused on the apt question, it was Mr. Bernanke’s answer that shocked me when I heard it - and ought to shock the nation much more than it has so far.

Question: “Now we’re told there are going to be even higher capital requirements, and we know there are 300 [financial regulatory] rules coming. Has anyone bothered to study the cumulative effect of these things? And do you have a fear - like I do - that when we look back and look at them all, that they will be the reason that it took so long for our banks, our credit, our businesses, and most importantly, our job creation, to start going again? read more »

The Senate has passed the financial reform bill -- legislation whose content is expected to bring landmark changes to the financial industry.

In a statement following Thursday's 60-39 vote on the bill, President Barack Obama stated that "from now on, every American will be empowered with the clear and concise information you need to make financial decisions that are best for you." The measure is expected to be signed into law by the president by the middle of next week.

Supporters of the massive 2,200-page bill say it will bring safeguards to consumers which led to the nation's current financial crisis. But critics are reluctant to believe what President Obama and those supporters say about the Chris Dodd/Barney Frank-sponsored measure. Mark Calabria, director of financial regulation studies at The CATO Institute, says the bill is worse than no changes at all...

Rejected once amid public fury about bailing out reckless financiers, a $700 billion rescue package is getting a second chance in the House as voters anxiously ponder an economic meltdown that could wipe out their ability to borrow, plunder their savings and put them out of work.

Republicans and Democrats were jumping aboard the bailout as the House sped toward a make-or-break vote — a much-anticipated do-over after the plan met with a stunning defeat Monday, triggering a historic stock market plunge...

Following the defeat of the $700-billion bailout package on Monday, Rep. Jeb
Hensarling (R-Texas), chairman of the Republican Study Committee (RSC),
introduced a bill that he said relies on the free market rather than the federal
government to solve the nation’s financial problems.

Instead of mandating that the U.S. Treasury purchase up to $700 billion in
teetering mortgages and mortgage-backed securities, as the plan backed by the
Bush administration and congressional leadership mandated, the RSC alternative
would try to restore confidence in the mortgage market by insuring all such
investments at 100 percent of their value...

Democrat Barack Obama and Republican John McCain on Sunday gingerly embraced a
newly negotiated congressional deal for a $700 billion bailout of the hobbled
financial industry...

Hours before the premiere presidential debate was scheduled to begin Friday night, Republican John McCain's attendance was still in doubt as Congress and the Bush administration continued to negotiate a Wall Street bailout plan.

McCain met briefly Friday morning with Senate Minority Leader Mitch McConnell, R-Ky., and House Minority Leader John Boehner, R-Ohio, before heading to his campaign headquarters. He has pledged to stay in Washington to work on a deal that would address the financial crisis, even if it meant postponing the debate...