The Bank of America Corp. (BAC) on this Tuesday unveiled a revamp of its checking-account options and services “that will help customers avoid excessive overdraft fess and better manage their finances.” Its shares are up 0.5% to $17.70.

Most of the US financial shares traded lower on Wednesday ahead of the Federal Reserve’s expected outlook on the economy and its plans for monetary policy later in the day. Federal Reserve officials are trying their best to stay out of the limelight this week out of fear that any steps they might take could be construed as tightening policy. According to the analyst point of view on Wednesday, the Financial Select Sector SPDR ETF (XLF) dipped 0.4% to $15.27. Most financial stocks on the Standard & Poor’s 500 traded lower, but American International Group’s (AIG) shares were up 1.3% to $46.38.

On the other hand in the US, two of the nation’s largest banks have eased controversial overdraft rules for customers as the financial-services industry faces criticism over charging lucrative fees to boost sagging profits in the recession. In Europe, the European Commission on Wednesday cleared asset management company BlackRock Inc. (BLK) to buy Barclays Global Investors from U.K. bank Barclays PLC (BCS). BlackRock shares climbed 4.5% to $217.60.

On the political front, the US Treasury Secretary Timothy Geithner on Wednesday defended the department’s proposal to create a Consumer Financial Protection Agency before a House of Representatives committee, saying it is needed to supervise banks as well as write rules for mortgages and credit cards.

So, these all things are clearly showing that the US is improving slightly so time is demanding some more efforts n order to support the US financial situation.

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Federal Reserve Chairman Ben Bernanke said it more emphatically that: “We are in a recovery.” The wall street journal reports that Bernanke said today that he thinks that the” recession is very likely over at this point”. He was saying from a technical standpoint, his outlook is hardly bright. The economy, he said, is likely to grow moderately in 2010, leading to little improvement in the job market. So, these all things are indicating towards a strong financial recovery and now the US economy is slightly moving towards the stability.

Bernanke also added in his speech that it’s still going to feel like a very weak economy because credit conditions remain tight and a decline in the unemployment rate will probably only happen gradually, the WSJ wrote.

If that’s the case, is the recession really over?

Technically, economists expect the gross domestic product to expand by about 3 percent this quarter, which would halt the slide. But if unemployment continues to rise, as it is likely to do, should we be defining the recession in such narrow terms?

Now, we can hope the best that this long recession has been ended which was lingering and the recovery of it will become the cause of the US financial and economical growth. President Obama and his administrations are doing their job as the best as they can. So, I am very hope full that with continues efforts President Obama will get his goal of life and lead our country on the way of success.

We have to talk about the financial crisis in terms of what happens to people and what happens to other industries, It would be tragic to respond to a sub-prime crisis with sub-prime policies, When we ask the question that when the financial crisis will be finished then no nobody knows the answer another question rises which is very much important that have we learned nothing from the financial crisis of the past two years? Very little, it appears. Optimists say the markets are up and economic recovery is upon us. Bodies such as the Organization for Economic Co-operation and Development are revising up their forecasts for world growth this year and next and assuming we are out of the woods. The investment bankers are out there making money again, popping the champagne corks and telling themselves how clever they are – after all, they have managed to pass a good proportion of their huge losses on to us, the taxpayers, and are sitting at the roulette table again.

There is a danger that in spite of all the talk among the G20 finance ministers at their weekend summit about the need to do something about bankers’ bonuses and banks’ capital ratios, the drive to reform could fade as the economic crisis recedes. This financial crisis is ruining the life of U.S people so, government have to take some quick steps for this and everyone is looking worried that when this situation will be gone off! We have to change the current system and make it work for us. Our policymakers seem too tired to do much about it. But failure to do so will leave the clock ticking down towards the next crisis.

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President Obama on Tuesday will nominate Ben S. Bernanke to a second term as chairman of the Federal Reserve; administration officials said this will be surely a great success of the Ben S. Bernanke. Mr. Bernanke, a Republican who was appointed by President George W. Bush almost four years ago and who had briefly served as chairman of Mr. Bush’s Council of Economic Advisers. Now President Obama is putting again responsibilities on Bernanke’s shoulders to take out country form the economical crunch and he will announce his decision, with Mr. Bernanke at his side, at 9 a.m. “The president thinks that Ben’s done a great job as Fed chairman, that he has helped the economy through one of the worst experiences since the Great Depression and that he has essentially been pulling the economy back from the brink of what would have been the second Great Depression,” the White House chief of staff, Rahm Emanuel, said Monday night.

Mr. Obama will announce his decision, with Mr. Bernanke at his side, at 9 a.m. at an appearance at Oak Bluffs School on Martha’s Vineyard, where the Obama family is vacationing this week. The first challenge that he has to face is the housing sector that has to be improved. Bernanke’s comments and the housing news sent Standard & Poor’s 500-stock index up 1.9 percent to a new high this year. The US and global economy “appear to be leveling out”, Bernanke told an audience of some of the world’s leading economists and central bankers, and “prospects for a return to growth in the near term appear good.” He warned, however, that the recovery is “likely to be relatively slow at first,” with unemployment declining only gradually.  So, these all issues should be sort out in order to improve our countries economical situation!

The most popular Government program cash for clunkers has extended by 18 hours. The deadline for car dealers to file applications for rebates under the “cash for clunkers” car scrappage scheme, after heavy demand brought down a computer system processing the deals. The extension of 18 hours was made because it was difficult to handle this burden of applications. This program was $1billion dollar program but after the popularity of this program, congress understand the importance of this program and then Congress rushed to push through an additional $2 billion before leaving for its summer recess, in anticipation that the money would last until Labor Day, but that prediction was way off, as well.

Watch the video “Auto Dealer Struggles to Get Clunkers Cash”

Droves of prospective buyers who called today to ask whether they still had time to make a deal had to be turned away, several dealers in the region said “Some people are disappointed and some are happy,”. The clunkers, including a black 1991 Ford F250 truck with 98,000 miles on it, were bound for a junkyard, where their motors would be destroyed with sodium silicate, or liquid glass.  So, According to this deal, buyers who trade in old vehicles for those with lower fuel consumption receive a rebate of either $3,500 or $4,500.

The incentives were intended to benefit Detroit’s three hard-pressed car makers, Ford Motor, Chrysler and General Motors. However, their Asian rivals have emerged as the main winners. Now, this scheme is going to end after getting huge success and popularity from car dealers but still they are facing problems which should have to be settling down!

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