Daily News Channel
The Secretary General of the Organization of American States, Jose Miguel Insulza, will travel to Honduras on Friday as part of a diplomatic attempt to restore deposed Honduran President Jose Manuel Zelaya to power. The OAS on Tuesday passed a resolution calling for Zelaya’s reinstatement by Saturday
North Korea and its nuclear ambitions are expected to be a key part of discussions as President Obama hosts the South Korean president Tuesday. Obama is to meet with President Lee Myung-bak in a closed-door session at the White House on Tuesday morning and then share a working lunch
Since the first, dramatic interventions into the financial system by the Treasury Department and the Federal Reserve during the collapse of Bear Stearns a year ago, Timothy Geithner has based his approach on one underlying theory. The crisis, the former New York Fed president and now Treasury Secretary believes, is the result of the collapse of a shadow banking system that grew over the past 30 years to rival the traditional banking system in size but lacked all four of the safeguards that had been imposed after repeated collapses of the traditional system in the early part of the 20th century. Geithner, his predecessor Hank Paulson, FDIC chief Sheila Bair and Fed Chairman Ben Bernanke have so far used ad hoc powers to erect two of those crucial four pillars.