It's been five years since Lehman Brothers collapsed and touched off a banking crisis that is still being felt by the global economy. Today, the banking industry is a lot stronger than it was, but some critics say efforts to reform banking regulations have fallen short of their potential.
Known as the "Carpet Capital of the World," Dalton, Ga., has struggled and lost 17,000 manufacturing jobs over the past decade.
But now, Engineered Floors is investing $450 million in two new manufacturing facilities and a distribution center in the area. The Dalton expansion is part of a resurgence in manufacturing in Georgia and it reflects an optimistic outlook for manufacturing across the Southeast.
American households lost roughly $16 trillion in net worth since the recession started in 2007. According to the latest Fed data, we regained about $14.6 trillion, or roughly 91 percent, of it. But let's not break out the champagne glasses just yet.
A new report from the St. Louis Fed shows that, after adjusting those numbers for inflation and normalizing them for population growth, we recovered less than half of what we've lost in wealth.
Across the country, state budgets are back in the black after years of belt-tightening and spending cuts. From California to Florida, in nearly every state, the economic recovery has produced a surge in tax revenue.
For governors and state legislators, that's produced a new question: how to spend the money.
The past three years have not been easy ones for elected officials. Nearly every state requires them to produce a balanced budget. And with declining revenue from sales, property and income taxes, that has meant big spending cuts.