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NEW YORK: More than three years after the financial crisis struck, the US economy remains stuck in a consumer debt trap. It's a situation that could take years to correct itself. That's why some economists are calling for a radical step: massive debt relief.
WASHINGTON (Reuters) - Bankers are bracing for a Greek default, and their best hope is that Europe can erect firewalls around the banking system strong enough and soon enough to prevent it from spreading to other euro-zone countries.
NEW YORK: The Fed spoke - and financial markets rallied. The Dow Jones industrial average surged more than 429 points, its 10th-highest point gain in history and the biggest since March 2009. It was just one day after the Dow had its worst point decline since 2008.
NEW YORK: If you looked away Friday, you might have missed a market rally. Or a plunge. A soothing government report on employment in July eased concerns that the U.S. might slide back into a recession.
NEW YORK: New York City may be frying in near record temperatures but Wall Street has been feeling the heat for months. Wrangling over the US debt ceiling and question marks over corporate earnings mean markets are unlikely to get a break any time soon.
LOS ANGELES: Bank of America Corp. was close to finalizing a deal late Tuesday that calls for the lender to pay $8.5 billion to settle claims from a group of investors who bought mortgage-backed securities from the lender, according to a person familiar with the settlement talks.
BANKS that are too big to fail are being looked after by a big and high profile committee that includes former Federal Reserve chairman Paul Volcker and former Citigroup co-chairman John Reed.