Even the US financial sector was under pressure, as rumors swirled about Bank of America ( BAC).
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Select Sector SPDR-Financial (XLF) has 81 cap-weighted holdings, Vanguard Financial Index Fund (VFH) has 492 cap-weighted holdings, iShares Dow Jones US Financial Sector (IYF) has 258 cap-weighted holdings and , iShares Dow Jones US Financial Services (IYG) has 119 cap-weighted holdings.
In some ways, as frustrating as the financial sector has been here in the United States after the Lehmans collapse, the aggressive actions that were taken right after Lehmans did help us to strengthen the financial sector and the banking sector in ways that Europe did not fully go through.
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Not only did he put the financial sector first in last night's negotiations, in the critics' view, but he let the desire for an open-ended veto on all matters relating to the financial sector put us on the outside of Europe, perhaps irrevocably - potentially endangering our long-term relationship with a region that accounts for half of our exports.
Of course, US financial stocks were also hit, with the Select Sector SPDR Financial ( XLF) at its lowest level since July 2009.
The Fed did, however, take some action in 2007 to try to resolve the growing problems in the financial sector, cutting US interest rates three times.
Now, keep in mind I have said before and I will continue to repeat, we have to have a strong, effective financial sector in order for us to grow.
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The overall volume of indebtedness in the economy is therefore still with us - although it has been shuffled from financial sector to public sector.
Finally, a strong middle class can only exist in an economy where everyone plays by the same rules, from Wall Street to Main Street. (Applause.) As infuriating as it was for all of us, we rescued our major banks from collapse, not only because a full-blown financial meltdown would have sent us into a second Depression, but because we need a strong, healthy financial sector in this country.
This is not only the right thing to do but positions us to deal with the financial pressures we anticipate this sector of the industry will face.
But with 13 other Swiss banks currently being investigated by US lawyers who have no intention of giving up, many in Switzerland also argue that the country's financial sector has more to offer than support for tax evasion.
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