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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The US Federal Reserve’s balance sheet growth is increasing amazingly since last year and this thing will not automatically lead to higher inflation as some critic’s fear, a study released on Thursday. There is an outside risk some of the central bank’s credit easing measures to damper the global financial crisis undermines its policy independence, and these things are discussed in the paper, and it will be discussed later on Thursday by Fed Vice Chairman Donald Kohn. So, after observing this discussion now, there is a chance that US may lead their economy in a better way because now things are changing dramatically.

Now there is another major thing which has to be kept in mind and regardless of any other policy choice, interest-rate policy alone determines inflation, discarding criticism the doubling in the Fed’s balance sheet to around $2 trillion will eventually lead prices higher. In a study at the Columbia University economist examines that the track record of the Fed a year after the failure of Lehman Brothers forced it to take unprecedented action to prevent a financial market meltdown.

So, the growth in the Fed’s balance sheet will offset the collapse in demand for US credit after Lehman’s demise. This growth in the Fed’s balance sheet will stop the economy tipping into the type of deflation suffered in Japan, where falling prices led to a decade of stagnation and all these symptoms are showing that now the US will come up form their decades worst crunch in finance and economy and it will lift again on the worlds number 1 strongest part in financial and economical sector!

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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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The world’s most patient democracy finally snapped. After nearly 50 years of single-party rule, Japanese voters handed the old guard leaders a landslide loss. Now, the new expected prime minister will be Hatoyama.  Hatoyama is widely expected to form Japan’s next government and become prime minister after his Democratic Party of Japan routed the incumbent conservative and pro-Washington Liberal Democratic Party in historic parliamentary elections Sunday. Hatoyama party captured more than 300 seats of the 480 up for grabs. The Liberal Democrats have run Japan for most of the past 54 years. Despite those close personal ties, however, Hatoyama has been vocal in criticizing the U.S. over the global financial crisis and has urged closer ties to Asia, a stance that has led to speculation of possible friction with Washington.

When the election was ready, Hatoyama drew attention with an interview in The New York Times that was critical of the US economic policy. He said Japan was “continually buffeted by the winds of market fundamentalism in a US-led movement that is more usually called globalization” and traced the origins of the global economic crisis to “American-style free market economics.” These all symptoms’ are showing that in future there must be a big change between the Japan and the US Financial sector.

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The US economy may be entering into a good zone, but their banks are still in intensive care. Banking in the US is about to get a whole lot more expensive for consumers as the government pick and choose who gets to live and who is allowed to fail? The number of “problems” banks has swelled to 416, up from 305 at the end of March, helping drain the country’s deposit insurance fund to its lowest level in 16 years, according to a quarterly status report yesterday from the US Federal Deposit Insurance Corp. (FDIC).

Now the question which will rise from the people “is their savings will remain safe?”The grim tally prompted FDIC chairwoman Sheila Bair to reassure Americans that their savings remain safe. “No matter how challenging the environment, the FDIC has ample resources to continue protecting depositors as we have for the last 75 years.” Ms. Bair said firmly. “No insured depositor has ever lost a penny of insured deposits, and no one ever will.” She acknowledged that the slow painful process of cleaning up bad banks, which has sapped the FDIC’s resources, could drag on for more than a year after the economy recovers.

Banking crisis is impacting badly and draining the FDIC’s resources as banks fail at a faster rate than it can readily handle. The insurance fund, which protects deposits of up to $250,000 (US) at roughly 8,200 US banks and savings institutions, has dwindled to just $10.4-billion. That’s down from more than $45-billion a year ago, as the FDIC has been forced to set aside funds to handle looming failures. So far, 81 banks have closed their doors this year, including 45 since the end of March. So, these are some very big challenges for the government to resolve and drive their country successfully!

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