July 6- In the midst of moving from Atlanta to St. Louis last year, Thomas Nitzsche discovered his parked rental car had been hit by another car, causing $791 in damage. To keep costs low, he had rejected the "collision damage waiver" insurance offered by the rental car company, which can run as much as $45 a day and can include a deductible. It took three months or so for the...» Read More
Two market crashes and a couple of recessions later, 25 percent of all boomers don’t have anything saved for retirement and now find themselves in dire need of government services and potential bailouts of math defying pension plans.
As Americans struggle to pay off underwater mortgages and student loan debt, some experts say simple changes to bankruptcy law could provide many with financial relief and potentially help the economy.
Lending money to a European Investment Banks who form a Special Purpose Vehicle who issues bonds guaranteed by broke countries to use as collateral to borrow more money to buy more bad debt? That's their plan? No thank you; I'm still buying gold.
Gov. Rick Perry has been lionized for calling social security a Ponzi scheme, rebuked for using the foul language of common sense that most Americans understand.
It would appear that capitalism has a developed a terrible dependency issue, turning hostile and violent when there’s nothing left in the punch bowl. Unfortunately, new fears of a double dip recession have emerged, the caked residue of weak economic growth and a soft job market. On the heels of a 30-year spending spree and the party of our lifetime, we find ourselves searching for our equilibrium once again.
The list of things we never thought we’d see continues to grow, like a tumor. Our republic has finally reached a midlife crisis, having lost the pejorative AAA credit rating from an agency that considers yesterday’s sub-prime CDO a safer bet than today’s Uncle Sam. The American economy is stuck in a classic catch-22, that as we solve one problem, it is quickly replaced by a greater concern.
Tea Party activists, 44 percent of whom are on Medicare or have an immediate family member receiving benefits, could not be consoled by the fact that their health-care costs are largely responsible for the distended federal budget. But they have a point.
Investors are justifiably concerned about being hoodwinked three times in ten years. Without question, extravagant returns enjoyed by the precious metal are well received, but the potential hangover from yet another bubble deprived of air, and the associated shame, would take several years to subside.
Many distressed homeowners have spent years wondering when they’re going to get kicked out. But the backlog of foreclosures has provided a reprieve. In New York, for example, it would take 62 years to process them all.
The nation’s two biggest providers of reverse mortgages are no longer offering the loans, as the economics of the business have come under pressure.
Analysts have been feverishly revising down their growth projections. Much depends on the effectiveness of policies and, critically, whether there will finally be a more coherent and sustained policy response in systemically important countries, especially the US and Europe.
Our beloved two party political system is currently negotiating an increase to the debt ceiling, all in the name of fiscal responsibility.
President Obama’s gyroscopic legislative endeavors helped the nation survive the worst financial crisis since the 1930’s. It would have been unfathomable to risk America’s image of economic invincibility and allow the free markets to punish bad behavior. Instead, the Federal Reserve printed money to inflate the stock market and promote economic growth, all courtesy of a low interest rate environment. Now Congress is faced with yet another debt ceiling, and sure enough, they’re scrambling for the next fiscal stunt.
In the past 8 months housing prices have risen 30 percent while sales volumes have dropped 70 percent. In other words, people buying homes can afford them. There is no panic selling like in the US or Dubai because rules in place for years have prevented the kind of speculation that was rampant in America, where people bought multiple homes with zero down.
Who amongst us has any confidence that our elected officials will solve the country’s debt problem, or for that matter, allow private enterprise to do it in their absence? Intrinsic value is irrelevant; gold positions serve as a short sale on Congress.
The ongoing debate over tax relief has lost all integrity, like a favorite sweater long past its prime. Some believe that tax cuts increase the budget deficit while others suggest wealthy citizens have no moral obligation to share their bounty. Worthy positions indeed, but they are two mutually independent arguments, both valid, one having nothing to do with the other.
Nouriel Roubini has argued China's economy will suffer a hard landing after 2013. He reasons its 47 percent fixed investment share of GDP, 30 percent savings rates, and low wages will cause a deflationary spiral much like in Japan.
J.P. Morgan Chase and other banks are trying to recoup approximately $30 billion a year in lost overdraft fee income by testing $5 ATM fees