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Economy - Economics USA

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NY Times

As Congress and the Bush administration struggle to contain the housing and credit crises — and prevent more Wall Street firms from collapsing as Bear Stearns did — a split is forming over how to strengthen oversight of financial institutions after d

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Reuters

Bank of America Corp, the largest U.S. retail bank, may set aside a record $6.5 billion in the first quarter to cover possible future loan losses, including in its mortgage and home equity portfolios, according to a banking analyst.

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AP

For months, Americans have been subjected to a sort of economic water torture — a maddening drip of bad news about jobs, gas prices, sagging home values, creeping inflation, the slouching dollar and a stock market in bumpy descent. Then came Bear Ste

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CounterPunch.org

John McCain, the addled, past-his-sell-date Republican candidate for president, is committed to continuing this madness for another century, even if he cannot remember who the US is fighting over there....

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Throughout the world people will gather with friends and families this weekend to celebrate Christianity's highest holiday, Easter. Tomorrow, though, holders of US debt will celebrate like it's Thanksgiving.

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Las Vegas Review Journal.com

The numbers continued to worsen for the Las Vegas housing market in February as sales of new homes plunged nearly 40 percent to 867 and their median price dropped 11.8 percent to $283,315....

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Reuters

U.S. investment banks Goldman Sachs, Lehman Brothers and Morgan Stanley are testing a new program that allows investment banks to borrow directly from the Federal Reserve, according to people at the banks. [these ain't banks]

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The $30 billion ante by the Fed to help JP Morgan Chase purchase Bear Stearns brokerage house reflects just how much government intervention exists in the American economy. Republicans are anything but idle as they are accused of being by their

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AP

The Federal Reserve is expected to aggressively lower interest rates in its intensified battle against the credit crisis and spreading economic weakness. The question is whether all of the effort will turn the tide. [the rest will make you vomit]

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New York Times

In the case of Lehman Brothers, some investors fear that the firm is vulnerable to the same ills that undid Bear Stearns. Like Bear Stearns, Lehman is small and more reliant on the mortgage business than its rivals.

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The Australian

FEARS are growing that the US Federal Reserve may soon find itself short of funds needed to continue propping up the nation's financial system. Analysts believe the threat to the financial system...is getting too big for the Federal Reserve.

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Bloomberg.com

``We're in a crash,'' Granville, 84, said in a telephone interview from Kansas City, Missouri, where he lives and works. ``This is the worst I've seen, and I've studied every bit of history all my life.''

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AP

"Its difficult to call where the bottom is," said Richard Hunter, a broker at Hargreaves Lansdown in London. Oil prices hit a record in Asian trading, U.S. stock index futures fell sharply and the dollar hit record lows.

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YouTube.com

During the Great Depression it was common to see camps of homeless families trying to survive in the utter squalor of Hoovervilles. Today via Youtube we get a chance to see a Bushville outside LA.

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CNN

Vice President Dick Cheney arrived in Baghdad on Monday on an unannounced visit, the Iraqi prime minister's office said. (The economic news will divert attention from whatever he is doing,... or his trip will draw attention from the economic n

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