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.
The Federal Reserve announced today that they cut the federal funds rate to a range of 0 to .25%, down from the previous interest rate of 1%. The rate cut brings the key interest rate down to a historic low. Citing their concern over the worsening job market, and the decrease in consumer spending, business … Read more
Unemployment rates in the U.S. continue to creep upward as the economy lost over a half a million jobs last month. The Department of Labor reported on Friday that the jobless rate for November is 6.7%, up from 6.5% in October. We haven’t experienced this level of joblessness for over fifteen years, since September of … Read more
This morning President-elect Barack Obama outlined details of the economic recovery plan that will create or save 2.5 million American jobs and help both Main Street and Wall Street. Obama plans to strengthen the economy by improving the nation’s infrastructure, reducing the nation’s dependency on foreign oil through energy-efficiency programs, and by fixing schools as … Read more
President-elect Barack Obama said in his address on Friday that this week’s news points to the severity of the nation’s economic crisis, citing that new home purchases for October were at the lowest level in fifty years, while 540,000 claims for unemployment were filed last week – the highest in eighteen years. He also said … Read more
On Friday, President Bush signed into law H.R. 6867, the “Unemployment Compensation Extention Act of 2008”, to help individuals who have not been able to find work in this difficult economy. The new law extends Emergency Unemployment Compensation (EUC) an additional 7 weeks for a total of 20 weeks. It also provides for an additional … Read more
Fannie Mae and Freddie Mac announced yesterday that they have suspended foreclosure and eviction proceedings through the holiday season for owner-occupied single family homes, in an effort to help more troubled homeowners work out a solution with their lenders to keep their homes. Freddie Mac announced they would also delay foreclosure and eviction proceedings on … Read more
Last night President Bush welcomed almost two dozen leaders from around the world, of both developed economies and emerging markets, to the White House State Dining Room for a working dinner to discuss the global financial crisis. For most of today, they will continue to meet at the first Summit on Financial Markets and the … Read more
In the Democratic weekly address to the nation today, President-elect Barack Obama expressed that he was glad that President Bush is meeting with world leaders this weekend to coordinate a quick response to the global financial crisis. He also said that while it was important to address the global crisis, that it was important to … Read more
The Federal Trade Commission, the nation’s consumer fraud protection agency, reported on Thursday that they and the State of Nevada are charging an internet payday loan company and its principals with violating federal and state laws by failing to disclose loan terms and by using abusive and deceptive loan collection tactics. The payday loans didn’t … Read more
Treasury Secretary Henry Paulson announced on Wednesday that the original plan to buy up toxic mortgage debt from banks with up to $700 billion of taxpayer money has changed. Just over a month ago Paulson said that the rescue money was absolutely necessary to relieve struggling lenders of their bad mortgages. Yesterday Paulson said, “Over … Read more
