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Fed's Beige Book: Economic Activity Rose Only Modestly

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U.S. economic activity rose only modestly in June and the first half of July, the Fed said in a report Wednesday, in another sign that the recovery may be running out of steam.

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The $25 billion mortgage robo-signing settlement is:
Political extortion from the banks in an election year
A slap on the wrist — the banks put reserves away for this long ago, they won't even feel it
A source of relief for both banks and homeowners that could help the housing market and economy recover
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