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Fed's Bernanke: Banks Aren't Too Big To Fail
Fed Chairman Ben Bernanke told a panel investigating the financial crisis that regulators must be ready to shutter the largest institutions if they threaten to bring down the financial system."If the crisis has a single lesson, it is that the too-big-to-fail problem must be solved," he said.
Factory Orders Edge Up; New Jobless Claims Fall
Orders to U.S. factories managed a slight gain in July, boosted by as a surge in demand for commercial aircraft. Meanwhile, the number of people requesting unemployment benefits declined for the second straight week, but the overall level remains high.
Home Contracts Up; Rates Dip To 4.32 Percent
The number of buyers who signed contracts to purchase previously occupied homes rose 5.2 percent in July but remained well below last year's levels. And the average rate for a 30-year fixed loan fell to 4.32 percent this week, the lowest level in decades.
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