Obama's best jobs plan might be status quo

First, do no harm Economists say the mainly important part of the jobs plan President Barack Obama will unveil Thursday night is the renewal of two measures previously in place a cut in Social Security taxes and emergency aid for the without a job his new proposals, like spending more for transportation projects and cutting taxes for company that hire the unemployed, probably wouldn't add many jobs, they say not soon, anyway.

"These are not bold, new, big programs," says Nariman Behravesh, chief economist with IHS Global Insight, "You put the whole thing together, it's going to be pretty small, "The job market needs big help in August, the economy generate zero job growth and the unemployment rate is 9.1 percent, a level more typical for a depression than for a recovery in its third year.

For Obama, who also faces sinking endorsement ratings as he goes before a joint session of Congress and on national TV, the options are limited congress have to approve any new measures, and congressional Republicans be against new spending, "Anything that would be of a big enough size to in fact help the labor market is going to have trouble getting through Congress," says Michael Hanson, leading economist at Bank of America Merrill Lynch, "and anything that can get during Congress will be too small to be much help."

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Feds sue big banks over sales of risky investments

The government on Friday sued 17 financial firms, as well as the largest U.S. banks, for selling Fannie Mae and Freddie Mac billions of dollars appeal of mortgage-backed securities that turned toxic when the housing market collapsed.

Among those targeted with the lawsuits were Bank of America Corp., Citigroup Inc., JP Morgan Chase & Co., and Goldman Sachs Group Inc, Large European banks as well as The Royal Bank of Scotland, Barclays Bank and Credit Suisse were also sued.

The lawsuits were filed by the Federal Housing Finance Agency it oversees Fannie and Freddie, the two agencies so as to buy mortgages loans and mortgage securities issued by the lenders, The total price tag for the mortgage-backed securities sold to Fannie and Freddie through the firms named in the lawsuits: $196 billion.

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Bank of America starts thaw in foreclosure freeze

The speed of U.S. home foreclosures may not slow a large amount after all. Bank of America said Monday that it plans to begin again seizing more than 100,000 homes in 23 states next week.

It said it has a legal right to foreclose notwithstanding accusation that documents used in the method were flawed. It's not yet clear if other chief leaders will follow suit and resume foreclosures in the states that require a judge's support.

But the move by the nation's major bank could give way to an industry-wide effort to push ahead with a wave of foreclosures that have miserable the housing market.

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