Mervyn King, Governor of the Bank of England, fears that America shares many of the same fiscal problems currently haunting Europe.
"World's Worst Financial Crisis Ever": Governor Bank of England:
The following experts have said that the economic crisis could be worse than the Great Depression:
Midwest Bank Seized By FDIC: Despite receiving $85 million from a federally-distributed Troubled Asset Relief program, Midwest Bank was seized Friday after failing to raise enough capital to remain an independent bank.
FDIC closes Missouri and Illinois banks: The Federal Deposit Insurance Corporation has taken over Southwest Community Bank, based in Springfield, Mo. It had deposits of about $102 million and $96 million in assets.
FDIC shuts Plymouth bank: The Federal Deposit Insurance Corp. said Friday that it took over New Liberty Bank in Plymouth. It has about $101.8 million in deposits and $109.1 million in assets.
Bank-Failure Tally Grows to 72 for 2010: So far this year, 72 banks have collapsed and the spate of failures is expected to continue throughout 2010.
Bank Failures Exceed 2009's Pace: Year-to-date bank failures were more than double the pace for the same period in 2009, when there were 33 bank closures.
Bankers' earnings surge towards pre-crash levels: Pay and bonuses totalled £20.5bn in four months to April, compared with £24bn at height of boom in 2007
US bankruptcies resume upward path in 1st quarter: U.S. bankruptcy filings resumed their upward climb in the first quarter, nearly equaling their highest level since 2005, as high unemployment and a still-strained housing market squeezed consumers.
Millions of jobs lost, many may never return: Jobs in the beleaguered manufacturing sector aren't the only ones likely lost forever. What sets the Great Recession apart is the variety of jobs that may not return.
Let them eat cake: .... Schwarzenegger's budget deals blows to the poor: The governor unveils a proposal that would cut the welfare-to-work program and reduce child care for the needy.
Eight banks face US investigation: New York Attorney General Andrew Cuomo is looking at whether the relationship between the banks and credit rating agencies was manipulated to gain a better ratings for risky securities.
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