Finance Globe

U.S. financial and economic topics from several finance writers.

The Great Depression Compared to the Current Financial Crisis

The next Great Depression? You've probably heard the media comparisons between the current economic crisis and the 1929 stock market crash that preceded the Great Depression, but is there really any reason for the scare tactics? Well yes, we have recently experienced a number of similarities with the series of events that led up to the worst financial crisis in history, but there are also some very important differences. Due to the many complex issues that...
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President-Elect Barack Obama's Plans for the Economy

Last night, we experienced a historic event in the election of our new president. President-elect Barack Obama will be the 44th American President to lead our great nation. Though nearly half of American voters are likely to be extremely disappointed in the victory of the Democratic candidate, all Americans should be proud that we have reached a symbolic new era that proves that greatness isn't dictated by the color of our skin or the nation of...
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The Great Depression - A Look at Significant Events

This article is the third in a three-part series, the previous article discusses events leading up to the stock market crash of 1929. This article is a short history refresher on some of the major events that contributed to the crash, as well as how the government's past actions or lack of actions may have contributed to the severity and longevity of the Great Depression. I would also like to point out that many economic historians...
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Brace For a Difficult 2009

2008 was been a rough year for all of us, and 2009 doesn't look much better. Millions of Americans have already lost their jobs - few industries have been safe from the plague of cutbacks among ailing businesses struggling to survive. Investors who've built up their life savings, their retirement funds, and their kid's college tuition through years of hard work and discipline have watched hopelessly as the value of their holdings plunge by 40% or...
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President Bush Hopes for a Solution to the Economic Crisis

President Bush Hopes for a Solution to the Economic Crisis
Stock markets around the world plunged in response to the U.S. House of Representatives' rejection of the $700 billion rescue plan. The Dow Jones Industrial Average dropped 777 points on Monday after it was apparent that the bill would not be passed, for the largest single-day drop in history. The markets have since recovered slightly. Though most Americans don't like the way it happened, many realize that there must be some government intervention to prevent further...
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Exxon-Mobil Takes Top Spot on Fortune 500 List

Exxon-Mobil Takes Top Spot on Fortune 500 List
Exxon Mobil Corp. bumped Wal-Mart Stores, Inc. out of the number one position in the 2009 Fortune 500 list released on Sunday. Fortune's list ranks companies by their annual revenue. Exxon-Mobil surpassed the retail giant's revenue by bringing in $45.22 billion in profit for 2008, up by almost 19% from 2007. Exxon-Mobil managed to post record gains for the fourth year in a row, according to the magazine. Though slowing demand and lower oil prices hurt...
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Sweepstakes Scam Halted by the FTC

Sweepstakes Scam Halted by the FTC
A bogus sweepstakes that duped consumers into paying a “processing fee” to collect “prize money” has been halted by a federal judge at the request of the Federal Trade Commission, the agency reported on Wednesday. According to FTC allegations, the company sometimes posed as a government agency, and used tricky language and official-looking documents and seals to fool consumers into paying $20 to collect a fake multi-million dollar sweepstakes prize. According to the FTC’s complaint, the...
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FTC Halts Spam Text Messages

FTC Halts Spam Text Messages
A debt and mortgage relief operation that allegedly sent 5.5 million illegal spam text messages has been halted by a federal judge at the request of the Federal Trade Commission. The unsolicited text messages were allegedly sent over a 40-day period by the defendant, Phillip A. Flora, at an average rate of 85 texts per minute ‘round the clock. The FTC calls the number of texts in such a short period, “mind-boggling.” According to the FTC’s...
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ID Theft Top Consumer Complaint 11th Year in a Row

ID Theft Top Consumer Complaint 11th Year in a Row
Despite all the education on the importance of protecting our sensitive personal information - identity theft must to be paying off for crooks because the crime remains at the top of the list of consumer complaints for 2010. Identity theft continues to be the most reported complaint for the 11th year in a row, according to an annual report released by the Federal Trade Commission. Out of the over 1.3 million complaints received by the FTC...
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Obama Deficit Reduction Plan

Obama Deficit Reduction Plan
In his budget speech today at George Washington University, President Obama said that his goal was to cut the federal debt by $4 trillion over the next twelve years, phased in over time to avoid hampering the economic recovery. To deal with the nation’s $14 trillion deficit, Obama said he would not extend Bush-era tax cuts for high earners - set to expire at the end of 2012. “In the last decade, the average income of...
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