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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow BofA came back from the brink of collapseWith assets totaling more than $3 trillion, Bank of America is the second-largest bank in the U.S. today. Shares of the company have seen astonishing gains of over 290% in the last decade. But just more than a decade ago, the 2008 financial crisis pushed the bank to the brink of collapse. It was a loss so catastrophic that it required a $45 billion bailout from the U.S. Treasury. So how was Bank of America able to stage such an impressive comeback and where is it headed next?

☆ How Bank of America achieved a massive comeback from the brink of collapse
▼ + stars: | 2022-12-27 | by ( Nathaniel Lee | ) www.cnbc.com time to read: +2 min

"If the government did not intervene for Bank of America and the other banks, Bank of America would have failed." The bank reported net income of $31.9 billion in 2021, compared with just $4 billion in 2008. "This is unique to the banking industry and Bank of America being one of the largest banks, stands to benefit the most." "The big change at Bank of America is that they have gone from irresponsible growth to responsible growth," said Mayo. "One key aspect of Bank of America's responsible growth is to say no and no more often," explained Mayo.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy ADHD diagnoses have skyrocketedThe rate of ADHD diagnoses has been rising in the U.S. for the past two decades, and experts suspect that social media and the pandemic may be a catalyst. More Americans are seeking out treatment, which is straining the health care system. Then, in October, the Centers for Disease Control and Prevention announced there was a shortage of Adderall, both the brand and generic form. Watch the video above to learn more about ADHD and whether the medical system can handle the sharp rise in demand.

☆ Over half of Americans believe that both Democrats and Republicans do such a poor job that a third major party is needed
▼ + stars: | 2022-11-03 | by ( Nathaniel Lee | ) www.cnbc.com time to read: +1 min

A study by the Pew Research center found that 61% of U.S. adults today find the Republican Party unfavorable, while 57% shared the same sentiment toward the Democratic Party. About a quarter of Americans say they have an unfavorable view of both major parties, a considerable jump from just 6% in 1994. Some experts suggest that the two-party system could be blamed for the political polarization we find in America. "It's a two-party system and you have to pick one side or the other," said Lee Drutman, a senior fellow at New America. More than half — 56% of Americans — believe the current parties do such a poor job that a third major party is needed, according to a survey by Gallup.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy both the Democrats and Republicans are so dislikedJust two political parties have long dominated American government. The 117th Congress had just two independent members in the Senate, who both caucus with the Democrats. It's been more than half a century since a candidate who wasn't a Democrat or a Republican won any electoral votes in a presidential election. But an increasing number of Americans are expressing their discontent, with a study [cite source here] saying that nearly 4 in 10 of them want more parties to choose from.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy Americans are finding it more difficult to retireRetirement is the final chapter of the American dream. But that dream of the "golden years" is quickly turning into a fairy tale for a growing number of people. More than a third of Americans today feel unprepared or unsure if they are on track for retirement, according to a new study. But, on the other hand, some experts say American seniors are better off than their counterparts in other countries. Is America really facing a retirement crisis, and if so can it be solved?

☆ A quarter of Americans are expecting to delay their retirement due to rising consumer costs, according to a new study
▼ + stars: | 2022-10-13 | by ( Nathaniel Lee | ) www.cnbc.com time to read: +2 min

And nearly a third of seniors say they either plan to work through the age of 70 or never retire, according to a study by BlackRock. "The United States is definitely facing a retirement crisis," said Nari Rhee, a director of the retirement security program at the UC Berkeley Labor Center. "If you're retired and on a fixed income, inflation really, really hurts," said Rhee. One million dollars in a retirement account just two years ago is worth about $120,000 less when adjusted for inflation, and now, with that financial backdrop, a quarter of Americans say that are expecting to delay their retirement due to rising consumer costs, according to a survey by BMO Harris Bank. Retirees like Juanita Dykes, a former factory worker living in Rural Retreat, Virginia, say more things are becoming impossible to afford.

☆ How I achieved a perfect credit score—here's the 'magic formula' I used
▼ + stars: | 2022-10-13 | by ( Nathaniel Lee | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow I achieved a perfect credit score—here's the 'magic formula' I usedLynnette Khalfani-Cox, 54, achieved a perfect credit score for the first time in 2021. According to FICO, just 1.6% of Americans have a credit score of 850. Lynnette says the "magic formula" lies in understanding exactly how credit scores are calculated.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow credit scores can both help and hurt AmericansCredit scores affect almost every aspect of an American's financial life. A recent study showed, for example, that 42% of Americans said their credit scores prevented them from accessing financial products like credit cards or loans. But some credit experts argue the current reporting and scoring systems have major issues. Others say that many of the criticisms are misguided. So, how do credit scores work in America and do they help or hurt consumers?

☆ How structural racism plays a role in lowering credit scores
▼ + stars: | 2022-10-11 | by ( Nathaniel Lee | ) www.cnbc.com time to read: +2 min

Credit scores, which represent how likely a person is to pay his or her bills, affects almost every aspect of an American's financial life. "Credit scores are based on past performance," said Aaron Klein, senior fellow in economic studies at The Brookings Institute. Forty-two percent of Americans said their credit scores prevented them from accessing financial products like credit cards or loans. "If the information is not on a credit report, it is systematically impossible for your credit score to be influenced by it," said John Ulzheimer, a longtime expert in the credit industry. Watch the video to find out more about how credit scores can help — and hurt — consumers.

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