The precipitating event of the financial crisis was the financial collapse or near collapse of several large financial institutions including Bear Stearns, Lehman Brothers, AIG, Citibank and Bank of America.

From CBSNews.com: WASHINGTON – The reemergence of a Securities and Exchange Commission porn scandal may be political payback for the agency’s fraud suit against Goldman Sachs, some officials suspect.

WASHINGTON – Treasury Secretary Timothy Geithner (GYT’-nur) says the economy is growing faster than the Obama administration expected.

From LATimes.com: President Obama signed an extension of jobless benefits for the long-term unemployed Thursday night that will allow those whose aid expired to apply retroactively.

BOSTON – The tea party movement is returning to the city from which its revolutionary spirit was born, with Sarah Palin headlining a final rally before the activists’ cross-country tour culminates in Washington on Tax Day.

Millions of Americans have lost jobs and businesses during the worst recession in recent history. This crisis has affected Black Americans disproportionately as many of them live in cities directly hit by crises such as the auto industry bust and discriminatory lending. Have you been affected by the recession? Tell us your story. -NewsOne Staff […]

WASHINGTON – Legislation extending unemployment insurance for the long-term jobless faces a key test vote in the Senate, its momentum helped by about 60 popular tax breaks for individuals and businesses that expired at the end of last year.

WASHINGTON – President Barack Obama on Saturday pitched his proposed tax on banks to recover the cost of bailing them out during the financial crisis, saying if they can afford billions more in bonuses, they can pay back the taxpayers, too.