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.
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 … Read more
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 … Read more
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 … Read more
The Emergency Economic Stabilization Act (EESA) of 2008 temporarily increases the federal insurance of savings deposits from $100,000 to $250,000. The increased insurance limits apply to banks insured by the Federal Deposit Insurance Corporation (FDIC) and to credit unions insured by the National Credit Union Administration (NCUA) until December 31, 2009. The increased insurance limits … Read more
The Federal Trade Commission has recently put out a warning that scammers have been using the wave of recent bank failures as an opportunity to con unsuspecting people out of their private information. Financial institutions are falling in these difficult economic times, and the bank you’ve done business with all your life may have a … Read more
The revised Emergency Economic Stabilization Act (EESA) of 2008 was approved by both houses of Congress and President Bush signed the bill into law on October 3, 2008. A summary of the original version of EESA 2008: Provides the Treasury with $700 billion to buy bad mortgage-related investments from banks. This move will gradually make … Read more
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. … Read more
The U.S. House of Representatives approved legislation last week that is meant to protect consumers from many of the tricky practices commonly used by credit card issuers. The Credit Card Holder’s Bill of Rights, HR 5244, was approved by a vote of 312-112. “This legislation will level the playing field by putting an end to … Read more
The latest version of the $700 billion bailout plan has been rejected by the U.S. House of Representatives, voting against the package 228-205. Earlier this morning before the vote, President Bush expressed confidence that the Emergency Economic Stabilization Act of 2008 would be passed by both houses. Stock markets around the world took a dive … Read more
Morgan Stanley and Goldman Sachs, the nation’s last two major investment banks which each own about $1 trillion in assets, were granted approval by the Fed to let them switch to bank holding status. The banks both have previously operated as industrial loan banks, meaning they did not have to adhere to the strict regulation … Read more
