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13 Jul 2010 11:54

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Biz: Credit scores: FICO says some doing worse, others doing better

  • 25.5% of all consumers have credit scores below 600 – far higher than usual (blame unemployment)
  • 17.9% of all consumers have credit cards above 800 – also higher than usual (impressive) source
  • » Why this matters: Low scores tend to stick around a long time, as much as seven to ten years, making it hard to recover from bad decisions or worse luck. But it appears that those who stayed afloat during the reces­sion learned an impor­tant lesson – paying down debt and spend­ing less is better than having a low credit score.
Posted by Ernie Smith • View Comments • Permalink


28 May 2010 18:47

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U.S.: Obama on oil spill: It’s not going to be easy, but I have smart people

  • There are going to be a lot of judgment calls here. There are not going to be silver bullets or perfect answers.
  • Barack Obama • Speak­ing about the oil spill in Louisiana today. What are his plans? A few things. First off, check this site for the latest info on the response to the spill, which combines every­thing from all the involved parties. Second, he’s tripling the size of the response crews in Louisiana. Third, he’s keeping pressure on BP to pay for damages caused by the spill. Fourth, he’s going to help small business with loans needed due to the spill along with loan defer­ments for those they needed during Katrina. Finally, and most impor­tantly, he’s approv­ing a barrier island that will help prevent some of the oil from reach­ing shore. Will it help? Fingers crossed. source
Posted by Ernie Smith • View Comments • Permalink


11 Apr 2010 20:30

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World: The EU throws Greece a few bones so they can pay next month’s rent

  • €45 billion in loans; that's $61 billion for Amer'kans source
Posted by Ernie Smith • View Comments • Permalink


16 Feb 2010 12:54

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U.S.: Obama loans lots of money to a couple of nuclear reactors

  • $8.3 billion goes to two reactors in Burke County, Georgia source
Posted by Ernie Smith • View Comments • Permalink


11 Dec 2009 01:35

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U.S.: Pennsylvania screwed over thousands thanks to a budget holdout

  • 101 the number of days Pennsylvania's budget was delayed
  • 16,000 workers had to get loans due to the budget delay source
Posted by Ernie Smith • View Comments • Permalink


09 Dec 2009 09:58

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Biz, U.S.: The phrase “TARP” isn’t leaving our lives anytime soon

  • TARP is going nowhere, guys. Treasury secre­tary Timothy Geith­ner informed Congress this morning that the program, set to expire at the end of the year, will be extended until at least October. Which means that the bailouts won’t be going anywhere anytime soon, as a way to extend small-business credit. source
Posted by Ernie Smith • View Comments • Permalink


20 Jul 2009 10:42

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Biz: Sketchy subprime mortgagers try to screw already-screwed people

  • pre-burst Companies offer subprime mortgages that allow tons of people to get homes that they can’t afford. The companies make out like bandits, but when the housing bubble bursts, those homeowners are screwed. This is pretty evil.
  • post-burst Not afraid to kick already-lowered people or stick the knife further into their backs, the people behind the subprime mortgage companies start new loan-fixing companies, then fail to follow through on promised loan fixes. This is beyond evil. source
Posted by Ernie Smith • View Comments • Permalink


 

29 Jun 2009 20:46

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U.S.: Busy day on the Supreme Court tip. Here’s a sampling.

  • A seismic shift The biggest, most notable decision the court made today was ruling in favor of a group of white firefighters who felt they were discriminated against due to the city of New Haven, Conn. hiring black firefighters with lower scores on a test. This will affect hiring practices across the board.
  • Cable > big mediaThose with cable set-top boxes have reason to be happy, as the court also ruled in favor of cable companies who wanted to allow their users to store their shows on a central server. That means you don’t have to buy a DVR with a massive hard drive – and that TiVo is screwed.
  • Spitzer’s phoenix risesThe Court made one fairly surprising decision, letting state regulators take on national lenders for discriminatory practices, such as high interest rates. The decision should help former New York Gov. Elliot Spitzer’s rep, as it’s based on moves he made as the state’s attorney general.
Posted by Ernie Smith • View Comments • Permalink


06 Jun 2009 20:33

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Biz, U.S.: Big businesses try to get rid of the scourge that is TARP funds

  • $25 billion The estimated amount the federal government expected to get back from bailed-out financial institutions
  • twice that The updated amount of TARP funds the feds expect back; banks want to be rid of it source
Posted by Ernie Smith • View Comments • Permalink


04 Mar 2009 10:22

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Biz: Once part of the housing problem, now part of the solution?

  • It is very important to the entire team here to be part of a solution.
  • Stanford L. Kurland • Former president of Countrywide, a company synonymous with the housing crisis, on his new venture, PennyMac. PennyMac buys back delinquent mortgages and resells them. While some homeowners claim to be helped, some critics claim it’s like an arsonist who sets fire to the home, “then buys up the charred remains and resells it.” • source
Posted by Ernie Smith • View Comments • Permalink


 
 
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