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US To Buy Stake In Banks, First Since Depression

Posted: 10/11/2008 - The government will buy an ownership stake in a broad array of American banks for the first time since the Great Depression, Treasury Secretary Henry Paulson said late Friday, announcing the historic step after stock markets jolted still lower around the world despite all efforts to slow the selling stampede.

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States Cut Spending, Put Projects On Hold

Posted: 10/10/2008 - With the economy in a slide and the credit markets seized up, states are slashing budgets, eliminating jobs, putting major construction projects on hold and nervously waiting to see whether their shriveled pension funds recover.

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Wachovia Could Be Split Up

Posted: 10/08/2008 - Federal officials continued their fervent quest Wednesday to reach an agreement between Citigroup and Wells Fargo over the fate of Wachovia Corp. - which could include the splitting up of the bank.

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National Debt Clock Runs Out Of Digits

Posted: 10/08/2008 - In a sign of the times, the National Debt Clock in New York City has run out of digits to record the growing figure.

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Retirement Accounts Have Lost $2 Trillion So Far

Posted: 10/08/2008 - Americans' retirement plans have lost as much as $2 trillion in the past 15 months — about 20 percent of their value — Congress' top budget analyst estimated Tuesday as lawmakers began investigating how turmoil in the financial industry is whittling away workers' nest eggs.

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Emergency Move: Fed Will Lend To Companies

Updated: 10/08/2008 - Frantically trying to stop the bleeding on Wall Street, the Federal Reserve took a first-time step Tuesday to get cash directly to businesses and hinted that interest rates could come down soon. Stocks continued their free fall anyway and hit new five-year lows.

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Execs' Posh Retreat After Bailout Angers Lawmakers

Posted: 10/08/2008 - Less than a week after the federal government had to bail out American International Group Inc., the company sent executives on a $440,000 retreat to a posh California resort, lawmakers investigating the company's meltdown said Tuesday.

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Two Trillion Dollars Lost

Posted: 10/07/2008 - Americans' retirement plans have lost as much as $2 trillion in the past 15 months - about 20 percent of their value - Congress' top budget analyst estimated.

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Feeling Wall Street's Pain, From Manila To Paris

Posted: 10/05/2008 - Nearly 5,000 miles from Wall Street, Dmitry Zhiltsov's recruiting agency is bleeding clients, as investment banks that once hunted Russia's financial wizards succumb to the U.S. meltdown. Flipping on the morning news, he wonders: Who will fall today?

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NC Groups Starting Military Business Park

Posted: 10/02/2008 - A business park is being developed that caters to companies expected to come to North Carolina because of military base closures and relocations.

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Senate To Vote On Financial Rescue Plan On Wednesday

Posted: 10/01/2008 - In a surprise move to resurrect President Bush's $700 billion Wall Street rescue plan, Senate leaders slated a vote on the measure for Wednesday — but added a tax cut plan already rejected by the House.

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Credit Crunch Impacts Main Street As Well As Wall Street

Posted: 09/26/2008 - In a land where TV blares no-money-down pitches and everything from homes to furniture to college education is bought with borrowed money, the crisis on Wall Street is causing the credit market to seize up. On Main Street, this means fewer loans and smaller loans at higher rates - when they are available at all.

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Bush Warns Of Long Recession Without Rescue Plan

Posted: 09/25/2008 - President Bush on Wednesday warned Americans and lawmakers reluctant to pass a $700 billion financial rescue plan that failing to act fast risks wiping out retirement savings, rising foreclosures, lost jobs and closed businesses. "Our entire economy is in danger," he said.

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Main Street Voices Irritation With Wall Street

Posted: 09/24/2008 - Mark Endres has 19 years left to pay on his mortgage and the Philadelphia barber is not expecting anyone to cut him any slack. So what's all this talk about the government writing a $700 billion check to Wall Street?

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FBI Investigating Companies At Heart Of Meltdown

Posted: 09/24/2008 - The FBI is investigating four major U.S. financial institutions whose collapse helped trigger a $700 billion bailout plan by the Bush administration, The Associated Press has learned.

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Texas Mayor To Request $2.3B In Aid From Congress

Updated: 05/26/2010 - As repair crews work to make this hurricane-ravaged island city inhabitable for the thousands of residents set to return this week, the mayor is seeking more than $2 billion in emergency federal aid.

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