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More Scenes From The Great Recovery
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Moody's warned the big banks months ago, and now it's here: a credit ratings cut. Citibank and B of A are two notches above junk status. It's all about the banks' exposure to the volatility of capital markets. Lest you celebrate the banks finally getting theirs, who do you think will ultimately pay for this? You will, through a tighter credit market and fees that even the not-big banks will institute, because they can. (New York Times)
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