Fed's volte face sends the dollar tumbling: Rarely before have a few coded words in the minutes of the US Federal Reserve caused such an upheaval in the global currency system, or such a sudden flight from the dollar.
Economic "Recovery" Showing New Signs of Losing Steam: Investors got a strong dose of sobering economic news Thursday as several key manufacturing indexes show that the recovery is losing steam.
Banks repossess homes at record pace: RealtyTrac: Banks took control of 269,962 properties in the second quarter, up 5 percent from the prior quarter and a 38 percent spike from the second quarter of last year.
35 Million May Experience Unemployment This Year: EPI: Labor Department data show that in 2008 (the most recent year for which this info is available), 21.2 million people were out of work at one point or another
The U.S. Economy Is A Dead Horse And The American People Are Starting To Get Really Pissed Off And Frustrated: All our lives we have been taught that America is the richest and most prosperous nation on the planet, and that while there will always be times of "recession", things will always bounce back and be better than ever before. But this time things aren't bouncing back.
How the Sneaky Hands of the Big Banks Are Working Overtime to Rip You off: The most pernicious of these predatory practices is the overdraft fee. In 2009, banks reaped over $38 billion in overdraft fees from their own customers, while posting a total combined profit of just $12.5 billion. Without overdrafts, many banks would have scored massive losses last year, and possibly gone under. Instead, they booked epic bonuses.
JPMorgan profit leaps nearly 80%: US banking giant JPMorgan Chase on Thursday announced a net profit of 4.8 billion dollars in the second quarter, up nearly 80 percent from the same period last year.
Goldman in record $550m SEC settlement: The SEC accused the investment bank of defrauding investors about the make up of the package of subprime mortgage-backed securities. The investment bank had, the US regulator claimed, created and marketed the product without telling investors that a hedge fund helped choose the underlying securities and was betting against them.
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