Financial Crisis

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Authorities close six banks in Illinois, all controlled by the same family, as losses on risky investments mounted. A seventh bank, located in Texas, was also seized, bringing this year's tally of failed banks to 52.

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Paychecks Shrink as Economy Slumps

posted: 12 HOURS 11 MINUTES AGOcomments: 0

filed under: Financial Crisis

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Unemployment is rising, but that doesn't mean workers lucky enough to still have a job are in the clear. That's because the slumping economy is forcing wages lower, taking a bite out of their paychecks.
From DailyFinance: Unemployment Rate Hits 9.5 Percent

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Bank of America to Repay $713M to TARP

posted: 1 DAY AGOcomments: 0

filed under: Financial Crisis

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Bank of America Corp. says its board has authorized roughly $713 million in dividend payments to the U.S. government under the troubled asset relief program.
Also: FDIC Seeks New Investors in Failed Banks

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California Turns to IOUs to Pay Bills

posted: 2 DAYS 7 HOURS AGO

filed under: Financial Crisis

The Golden State will start using IOUs instead of cash to make public assistance payments to the elderly and disabled after Gov. Arnold Schwarzenegger and lawmakers in the state legislature couldn't come to terms on a new budget.
Also See: Budget Woes Threaten State Shutdowns

Freddie Mac Gets $6.1 Billion in US Aid

posted: 2 DAYS 7 HOURS AGOcomments: 0

filed under: Financial Crisis

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Troubled government-backed mortgage company Freddie Mac receives an additional $6.1 billion in assistance from the Treasury Department as its financial health worsens.

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Can Banks Balance Profits and Honesty?

posted: 2 DAYS 9 HOURS AGO

filed under: Financial Crisis

Why are banks cool to the Obama administration's proposed Consumer Financial Protection Agency? DailyFinance's Peter Cohan says banks make their money off their customers' ignorance, and couldn't profit if forced to provide an honest value.
From 24/7 Wall St.: Citigroup Raising Its Rates?

GE's Flawed Vision Of The New Economy

posted: 2 DAYS 11 HOURS AGO

filed under: Financial Crisis

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General Electric CEO Jeff Immelt is launching a national ad campaign touting the role of manufacturing in his company’s future, and proposing the US focus on rebuilding its manufacturing economy in the hope of expanding the American export base. Doug McIntrye of 24/7 Wall Street says the notion is laudable, but financially impossible. Quote: GE

Fewer Holiday Drivers May Not be All Bad

posted: 4 DAYS 3 HOURS AGO

filed under: Financial Crisis

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On Independence Day this week, AAA predicts that 37.1 million travelers will drive or fly more than 50 miles from home, a 1.9 percent drop from last year. That drop-off is far less than the previous year when gas hit $4 a gallon, which may reveal positive changes in consumer optimism, disposable income, and the effects of gas prices.