Mortgage & Financial News
Small Florida bank is 17th bank failure in '08
11/06/2008
U.S. bank regulators on Friday closed Freedom Bank in Florida, the 17th bank to fail this year
as the weakening economy and falling home prices take their toll on financial institutions.
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Consumer spending hit by crisis: MasterCard
11/05/2008
U.S. consumers slashed spending in October, shunning purchases of
items over $1,000. "The numbers for October are very negative across
the board," said Michael McNamara, vice president at MasterCard
Advisors, of sales figures.
The data provides an early glimpse into the strength of retailers' monthly sales, which will be released by chains like Wal-Mart Stores Inc, Saks Inc and American Eagle Outfitters Inc, later this week.
Wall Street is already bracing for weak sales. Consumers clamped down on spending as the financial crisis that began in September swept into October, roiling stock markets, erasing trillions of dollars in wealth and raising the prospect of a deep global recession.
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