Today has seen a drop in CD rates from some of our top online banks.

Those eagerly looking to see how the economy turns out in the next few months will have plenty to watch out for in the next few days. In the banking industry, a major issue this week is the release of the fourth-quarter report earnings of big banks — Citigroup on Tuesday, Bank of America, Morgan Stanley, and Wells Fargo on Wednesday, and Goldman Sachs on Thursday. Analysts expect more than a few of these institutions to show record year-end profits that belie the serious crisis that the financial industry has just weathered.
Fate of Small Banks Less Certain

With the holiday season almost over, we already have seen a lot of improvements in the economy. Holiday spending has increased by 3.6 percent thus far, and while these are not final figures, as there will be returns and people will still be continuing to shop, it might mean that consumers will have a few positives to look forward to in 2010.  One negative that is yet to be fixed is the dismal job market.

President Barack Obama is set to convene with the top executives of the country’s largest banks Monday to ask them to support the government’s efforts to tighten the financial industry.
In an interview with CBS’ “60 Minutes” aired last Sunday the president said, “I did not run for office to be helping out a bunch of fat cat bankers on Wall Street.”

A federal report released last Friday shows that the unemployment rate surprisingly dipped from 10.2% in October to 10% last month, fueling optimism for a sustained economic recovery. The 11,000 jobs shed last month was the fewest number of lost jobs in a month since the start of the recession about two years ago. This dose of good news is indeed a much needed respite in an economy that’s been beset by one setback after another, despite the preliminary indications of a recovery.
Bank Failures Continue