Stay updated on financial news, market trends, and economic changes that affect your money. From interest rate hikes to government policy shifts, we break down what’s happening now—and what it means for your finances.
Treasury Secretary Timothy Geithner on Tuesday unveiled the government’s plan to attack the ongoing credit crisis and stabilizing the nation’s banking system. But before outlining the Financial Stability Plan, he explained how economic growth was dependant on the flow of credit, and how access to credit was essential for people to own a home, buy … Read more
As consumers continue to limit their spending, increase their savings rate, and decrease their credit balances to protect themselves from the unknowns in the economy, businesses across nearly all industry sectors continue to cut jobs. The government reported today that the U.S. economy lost another 598,000 jobs in January, the biggest monthly decline since December … Read more
The Labor Department reported today that the estimated number of recently unemployed workers claiming benefits for the first time increased to 626,000 for the week of January 31, 2009, up by 35,000 from the previous week. Analysts had expected about 583,000 for that week. It’s estimated that there were nearly 4.8 million insured unemployed for … Read more
President Obama signed the Children’s Health Insurance Program Reauthorization Act last night, which renews the health care plan known as SCHIP (state children’s health insurance program) for 7 million children and opens it up to 4 million more. Obama said before signing the legislation, “In a decent society, there are certain obligations that are not … Read more
Today President Barack Obama and the U.S. Treasury Department announced new restrictions on executive pay for institutions that receive government aid from TARP funds. “These measures are designed to ensure that public funds are directed only toward the public interest in strengthening our economy by stabilizing our financial system and not toward inappropriate private gain,” … Read more
The U.S. housing market is starting to show some signs of improvement as homebuyers begin to take advantage of more affordable home prices and historically low mortgage interest rates. According to a report from the National Association of Realtors, the pending home sales index increased by 6.3% in December to 87.7 – 2.1% higher than … Read more
Citigroup released a fourth-quarter 2008 report today outlining how it has used much of the $45 billion bailout they’ve received from the U.S. Treasury under the Troubled Asset Relief Program (TARP). Citigroup’s first quarterly report comes out after much criticism from taxpayers and lawmakers that big banks who have received TARP funds have continued to … Read more
The U.S. economy continues in a dramatic slowdown. The government reported today that real gross domestic product – the output of goods and services produced by labor and property in the U.S. – is estimated to have decreased at an annual rate of 3.8% in the fourth quarter of 2008 for the steepest decline since … Read more
Even after receiving billions of dollars in bailouts from Troubled Asset Relief Program (TARP) funds, Wall Street bankers gave themselves about $18 billion in bonuses in the past two months, according to a report from the New York State comptroller. How is that even possible? I always thought bonuses were for doing a good job … Read more
President Obama signed his first piece of legislation today, the Lilly Ledbetter Fair Pay Act of 2009. President Obama opened with, “Well, this is a wonderful day. First of all, it is fitting that the very first bill that I sign — the Lilly Ledbetter Fair Pay Restoration Act — that it is upholding one … Read more
