Archive for the 'Money' Category

Worried About Inflation? Don’t Be.

By Justin Gardner | Related entries in Economy, Money

Why?
Because wages are going down, down, down…

Basically, people won’t be spending more if they’re earning less.
So don’t worry about inflation…yet.
(h/t: NY Times)

July 3rd, 2009 | Permalink| 6 Comments »

Quote Of The Day - Stimulus Impact

By Justin Gardner | Related entries in Money, Quotes

“We always knew we were not going to get all that much fiscal impact during the first five to six months. The big impact starts to hit from about now onwards.”
- Obama economic adviser Christina Romer on when the economy will pick back up
And this is true. From the CBO’s projections back in January, the [...]

June 29th, 2009 | Permalink| 2 Comments »

Health Care Industry Pressured To Cut Costs

By Justin Gardner | Related entries in Health Care, Money

Something has to give, and it isn’t going to be the CBO’s numbers.
From Politico:
“They are shaking people down, and it’s fair to say that includes a broad range of health care stakeholders,” said a health care industry insider, who asked for anonymity to speak candidly without fear of retribution. “They’re playing hardball, and they’re serious [...]

June 27th, 2009 | Permalink| 2 Comments »

Broke California To Issue IOUs To Businesses

By Justin Gardner | Related entries in California, Money

They’re seeing red in the Golden state.
From Reuters:
California’s controller said on Wednesday that he would have to issue IOUs in a week if lawmakers can’t quickly solve a $24 billion budget deficit, and the state’s treasurer plans to tap a reserve fund to meet debt service costs.
The measures came as a budget crisis deepened in [...]

June 25th, 2009 | Permalink| 10 Comments »

College Loan Applications To Get A Lot Simpler

By Justin Gardner | Related entries in Education, Money

First, the numbers…
. Last year, after the recession had begun, the number of applications rose by 12 percent to more than 16 million, according to the Education Department. Detailed estimates are not yet available for last year, but of all full-time college undergraduates in 2007, 58 percent applied for aid, and 47 percent received it.
Still, [...]

June 24th, 2009 | Permalink| 10 Comments »

CBO Reveals The True Costs Of Cap And Trade

By Justin Gardner | Related entries in Energy, Environment, Legislation, Money

Congressional Republicans have been telling voters that the cap and trade energy policy that’s set for a vote on Friday will cost each household about $3,100.
CBO puts the lie to those numbers and shows that they’re nearly 20 times the actual costs…in 2020.
From Reuters:
WASHINGTON (Reuters) - Climate change legislation pending in Congress would cost U.S. [...]

June 24th, 2009 | Permalink| 14 Comments »

Obama To Announce Massive Financial Regulation Overhaul

By Justin Gardner | Related entries in Banks, Barack, Money, Obama, Regulations

Even though he’s only been in office for 5 months, this has still be a long time coming.
And there are some important measures being introduced for home loans and consumer protection.
From Wash Post:
Many of the specific proposals will require legislation, and today’s announcement will drop the plan into an already heated debate on Capitol Hill [...]

June 17th, 2009 | Permalink| 2 Comments »

The Credit Crisis Explained With Motion Graphics

By Justin Gardner | Related entries in Economy, Money, Video, Wall Street

This nifty little video provides a good breakdown of what went down and why.

Basically, it boils down to what we all suspected: grossly irresponsible lending brought about by deregulation.
It seems so obvious in retrospect.
(h/t: The Crisis of Credit)

June 12th, 2009 | Permalink| 13 Comments »

Dems Set To Pass Retroactive Stop-Loss Bonuses

By Justin Gardner | Related entries in Military, Money

Because we overreached so much during the past eight years, the practice of stop-loss was an unfortunate and common reality for many soldiers who would have otherwise left the military.
Now we’re honoring their forced service with more than a pat on the back.
From AP:
WASHINGTON -The House and Senate reached a compromise Thursday to give a [...]

June 12th, 2009 | Permalink| 3 Comments »

Deficit Ownership: 53% Is Bush’s, 10% Is Obama’s

By Justin Gardner | Related entries in Barack, Bush, Democrats, Money, Obama, Republicans

A couple of days ago, I read a piece in Politico about the Republican’s strategy in 2010. Long story short, it’s all about blaming Obama for the current deficits.
In fact, Sen. John Cornyn of Texas actually said this (I’m presuming with a straight face) …
“This was not an inherited situation. This was a matter entirely [...]

June 12th, 2009 | Permalink| 12 Comments »

A.M.A. Comes Out Against Government Sponsored Healthcare

By Justin Gardner | Related entries in Barack, Democrats, Health Care, Legislation, Money, Obama

Looks like the Dems are going to have to fight the largest physician’s organization in the world.
Yikes.
From NY Times:
[...] in comments submitted to the Senate Finance Committee, the American Medical Association said: “The A.M.A. does not believe that creating a public health insurance option for non-disabled individuals under age 65 is the best way to [...]

June 11th, 2009 | Permalink| 20 Comments »

We Made Money On TARP?

By Justin Gardner | Related entries in Banks, Money

Even after reading this article I think it’s an open question, but I wasn’t aware that we were paid dividends on the preferred shares.
From McClatchy:
In addition to returning the $68 billion, the 10 banks paid the government $1.8 billion in dividends on the preferred shares of stock the government owned. That translates to an [...]

June 10th, 2009 | Permalink| 14 Comments »

10 Banks To Repay $68B Of TARP Funds

By Justin Gardner | Related entries in Banks, Economy, Money

That’s out of the nearly $230B given out over the past 9 months.
In other words, nearly 30% of the money that we would NEVER see again is being paid back. And the government could actually make a profit if they choose to exercise stock options, but there’s word they won’t do that.
Here’s more from Wash [...]

June 9th, 2009 | Permalink| 3 Comments »

Republican’s Bold Stimulus Play Could Backfire

By Justin Gardner | Related entries in Barack, Economic recovery, Economy, Jobs, Money, Obama, Republicans

So let’s get this straight…
$87 billion of the $787 billion has already been spent in the past 3.5 months, and the monthly unemployment claims were cut in half last month (when compared to the previous 6 months) and the stimulus isn’t working?
This is in response to Republican lawmakers, specifically Sarah Palin, continuing to push the [...]

June 8th, 2009 | Permalink| 11 Comments »

Congress Sends Obama Credit Card Bill

By Alan Stewart Carl | Related entries in Banks, Legislation, Money

Today, Congress sent President Obama the much talked-about bill setting in place new rules for the credit card industry.
The new restrictions will protect debt-ridden consumers from many of the surprise charges common in the industry, like over-the-limit fees and a charge to pay the bill by phone. People under 21 also will find it difficult [...]

May 20th, 2009 | Permalink| 6 Comments »

Steele Threatens To Quit Over Funding Decision?

By Justin Gardner | Related entries in Money, Republicans

I shared news about the increasingly irrelevant Steele a couple weeks ago and it looks like he’s fighting back.
And hey, good for him for fighting back, but my guess is that many want him out because they think he’s too moderate and too mouthy.
I mean, when you say that Romney’s mormonism was one of [...]

May 19th, 2009 | Permalink| 7 Comments »

Big Health Care Promises To Cut $2 Trillion Over 10 Years

By Justin Gardner | Related entries in Health Care, Money

This is pretty significant because the one thing that has always gotten in the way of universal health care is the massive cost. But if the health insurance providers are willing to look for ways to tighten their belts, it’ll make it much more fiscally realistic.
From USA Today:
WASHINGTON — President Obama will announce today that [...]

May 11th, 2009 | Permalink| 10 Comments »

Private Health Care Sector to Help Rein in Costs

By Alan Stewart Carl | Related entries in Business, Health Care, Money

With health care reform coming down the tracks, the private sector is left with two choices. Fight back against change or “join in” with the government’s efforts in an attempt to mitigate the damage. As of now, the private sector seems ready to play along.
President Obama will announce Monday that he has secured the [...]

May 11th, 2009 | Permalink| 1 Comment »

Stress Tests Show Banks Need Additional $75B

By Justin Gardner | Related entries in Bailouts, Banks, Money

I don’t think think this comes as a huge surprise, and it’s certainly disheartening.
From Wash Post:
The government signaled yesterday that its financial rescue efforts may have reached their high-water mark, announcing that the much-anticipated “stress tests” of 19 large banks showed that only one, GMAC, was likely to need additional taxpayer aid and that it [...]

May 8th, 2009 | Permalink| 2 Comments »

Michael Steele Becomes Powerless RNC Chairman

By Justin Gardner | Related entries in Money, Republicans

This comes as no surprise to those of us who’ve been following the floundering Steele, and it speaks to just how rudderless the GOP is right now.
From Washington Times:
Capitulating to critics on the Republican National Committee, embattled Republican Party Chairman Michael S. Steele has signed a secret pact agreeing to controls and restraints on how [...]

May 6th, 2009 | Permalink| 9 Comments »