The state attorney generals of Nevada and Arizona have filed lawsuits against Bank of America regarding mortgage modification practices. The suits allege that Bank of America went ahead with foreclosures despite the fact that homeowners’ requests for mortgage modifications were still pending. Arizona attorney general Terry Goddard said in a statement that what Bank of […]
Former U.S. Federal Reserve Chairman Alan Greenspan says that the U.S. economy would continue its rebound and register a 3-3.5 percent growth next year. “The U.S. economy unquestionably has some momentum,” Greenspan told Bloomberg yesterday. “The fourth quarter looks good. The growth rate could be 3.5 percent or more” for the last quarter of 2010. […]
Lifting the current military gay ban would put U.S. troops at risk, the head of the U.S. Marine Corps told reporters at the Pentagon today. Commandant General James Amos reiterated his stance against the repeal of the “don’t ask, don’t tell” policy since it would unnecessarily endanger U.S. servicemen in combat duty in Afghanistan and […]
The southwestern United States could be hit by drought conditions lasting up to 60 years, the severity and length of which have never been seen since the 12th century, American researchers warn in a study published in the online edition of the Proceedings of the National Academy of Sciences on December 13. Scientists at the […]
Surging exports to meet gaining foreign demand and the weak dollar have helped trim down the U.S. trade deficit to a nine-month low. The Department of Commerce announced on Friday that the trade deficit in October stood at $38.7 billion, significantly lower than the $44.6 billion gap recorded in September. Exports of American goods, led by […]
Unemployment benefit claims have dropped more than expected last week according to the latest weekly report released by the Labor Department. For the week ended December 4, jobless claims dropped by 17,000 to 421,000. The claims forecast was between 436,000 and 438,000 and a dip of 13,000. In another sign that the job market is […]
The retirement savings of middle-class Americans are not nearly enough to sustain them when they enter retirement age. The survey issued by Wells Fargo & Co. on Wednesday revealed that most Americans feel a $300,000 retirement fund will be sufficient for them. But they have only saved $20,000 on average, or just seven percent of […]
Another U.S. recession is looming next year despite the quantitative easing implemented by the Federal Reserve according to investor John Taylor of FX Concepts. He expressed this prediction about the economy during the Reuters Investment Outlook Summit on Monday. If a recession happens, it would be favorable to the dollar and weigh on commodities. “It’s […]
The U.S. military ban repeal on gay servicemen and women should not be implemented at this time according to U.S. military generals. But they said the organization can handle the repeal of the ban if told by Congress. The top brass in the U.S. Marines wants to prioritize preparing and engaging in combat operations overseas […]
U.S. economic performance is expected to get stronger in the final months of the year if current trends continue. There is a noticeable increase in automobile sales, construction projects and manufacturing production lately. Stocks also performed well on Wednesday following a report that new jobs were added by the private sector, the largest hiring in […]
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