financial crisis

New York State

New York state is getting $800 million as its share of a national $16.65 billion settlement with Bank of America over its role in the sale of mortgage-backed securities in the run-up to the financial crisis.

New York Attorney General Eric Schneiderman announced the settlement Thursday. He says the bank has agreed to pay the state $300 million in cash and $500 million in the form of direct relief to consumers.

  Europe’s financial fortunes have a major influence on the rest of the world.

In today’s Congressional Corner, Massachusetts Democratic Representative Richard Neal tells WAMC’s Alan Chartock that Ireland is making a slow comeback.

    Europe’s financial fortunes have influenced the world economy for years. In today’s Congressional Corner, Vermont representative Peter Welch and WAMC’s Alan Chartock discuss Welch’s study group on Europe.

WIkimedia Commons / Alexander Marks

WASHINGTON (AP) — The financially struggling U.S. Postal Service says it plans to stop delivering mail on Saturdays, but continue delivering packages six days a week.

In an announcement scheduled for later today, the service is expected to say the cut, beginning in August, would mean a cost saving of about $2 billion annually.

The move accentuates one of the agency's strong points — package delivery has increased by 14 percent since 2010. The delivery of letters and other mail has declined with the increasing use of email and other Internet use.

    Alan Blinder is an esteemed Princeton professor, Wall Street Journal columnist, and former vice chairman of the Federal Reserve Board. He has written a major new book on this nation’s most recent financial crisis.

After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead is a comprehensive and coherent narrative of how the worst economic crisis in postwar American history happened, what the government did to fight it, and what we can do from here—mired as we still are in its wreckage.