The percentage of people over age 65 who are working is at a record high, with over 1/3 of men and over 1/4 of women aged 65-69 holding jobs. Of those 75 years old and over, 1 in 9 men and 1 in 20 women are employed. Meanwhile, the percentage of people younger than 64 with jobs has fallen, with those aged 25-54 down most. "This aging-but-not-yet-aged segment of the baby boomer class can’t afford to retire," says economist David Rosenberg. [View news story]
Its not what you make but what you spend that counts. To many people spend to much of their future earnings for present gratification.
Thousands of demonstrators are taking advantage of the upcoming NATO summit in Chicago to stage a protest today, chanting mostly about economic issues that have little to do with the summit's topic: The war in Afghanistan and other security issues. President Barack Obama and representatives from some 60 countries are due to arrive soon for the two-day meeting over the weekend. [View news story]
At least they are finally protesting elected officials and not wasting there time blocking the sidewalks in front of the banks
SYRIZA leader Alexis Tsipras believes he can call the eurozone's bluff and renegotiate Greece's bailout terms, but officials are so far having none of it. The ECB's Patrick Honohan yesterday said a Greek exit from the euro could be "technically" managed, while Bundesbank chief Jens Weidmann threatened that the cash would stop flowing to Athens. [View news story]
I say we give them Ca and IL and we take Greece and Spain. LOL
The New York Times (NYT) says it's sold its remaining stake in Fenway Sports Group, owner of the Boston Red Sox, in a deal valued at $63M. Yankees fans, take note. NYT +1% AH. [View news story]
Now if the paper could just sell itself to someone less biased they would probably survive.
President Obama's advance team might want to do a little more fact checking next time they send the president out with the housing crisis' latest "victims" to tout home refinance. The president visited a Nevada couple on Friday, describing them as “responsible” homeowners who owe more on their mortgage than it's currently worth. The fact is, the couple did a cash-out refinance in 2007, borrowing $178K off the equity in the home. Had they not taken that money out, and continued paying on the original mortgage, they would not be underwater today. [View news story]
Do you have any supporting links to show Chrysler paid the money back?
President Obama's advance team might want to do a little more fact checking next time they send the president out with the housing crisis' latest "victims" to tout home refinance. The president visited a Nevada couple on Friday, describing them as “responsible” homeowners who owe more on their mortgage than it's currently worth. The fact is, the couple did a cash-out refinance in 2007, borrowing $178K off the equity in the home. Had they not taken that money out, and continued paying on the original mortgage, they would not be underwater today. [View news story]
I take it you also don't agree with bailing out the UAW by giving money to GM and Chrysler.
President Obama's advance team might want to do a little more fact checking next time they send the president out with the housing crisis' latest "victims" to tout home refinance. The president visited a Nevada couple on Friday, describing them as “responsible” homeowners who owe more on their mortgage than it's currently worth. The fact is, the couple did a cash-out refinance in 2007, borrowing $178K off the equity in the home. Had they not taken that money out, and continued paying on the original mortgage, they would not be underwater today. [View news story]
Facebook (FB) co-founder Eduardo Saverin renounces his U.S. citizenship ahead of the IPO, a move likely aimed at reducing his tax bill. He currently resides and is enjoying the good life in Singapore. [View news story]
If Obama gets reelected there will be more following him.
Governor Brown's administration in California has notified state employee union leaders of its intent to cut payroll costs by at least 5% as a hoped-for $9.2B budget deficit looks to be considerably higher. Brown has the authority for layoffs, but not to adjust pay and benefits, which have been targeted for years without success. (earlier) [View news story]
IL and Ca. resident. IL is starting to make Ca. look good. I certainly hope the feds don't bail either of them out. When will people realize unions are a part of the reason unemployment is so high.
Goodbye TBTF? The FDIC's Martin Gruenberg is expected to outline today that the next time a major financial firm is brought to its knees, the FDIC will seize the parent company and unwind it while allowing its global subsidiaries to keep operating. Equity stakeholders will be wiped out and bondholders will face losses as their holdings are swapped for equity in a new entity. [View news story]
Taking advantage of a loophole in Dodd-Frank, JPMorgan (JPM) plans to move its least profitable checking account customers to new accounts relying prepaid debit cards. New regulations prevent banks from charging high fees to those who overdraw regularly or keep low balances, but place no such limit on prepaid cards. There you have it. [View news story]
JPM could just refuse to give them a checking account. Then watch the government really start to scream. JPM doesn't realize they're suppose to provide services that lose money.
Canada is the "world's biggest oil loser," buying its crude oil high and selling it low, costing its economy ~$19B annually in lost revenue. The spread between Alberta’s exported Western Canada Select and Brent oil imported into Ontario and Quebec has reached ~$30.50/bbl, a difference BofC Governor Mark Carney says is creating a drag on growth. [View news story]
Ally Financial receives conditional approval to puts its ResCap mortgage finance unit into bankruptcy, according to an administration official. Formerly known as GMAC, Ally is majority-owned by the taxpayers and the administration has concluded addressing ResCap's mortgage losses is the best way of recouping the investment. [View news story]
Where is the news media screaming about this bailout !!!
Stop-Start Realities And EV Fantasies [View article]
The percentage of people over age 65 who are working is at a record high, with over 1/3 of men and over 1/4 of women aged 65-69 holding jobs. Of those 75 years old and over, 1 in 9 men and 1 in 20 women are employed. Meanwhile, the percentage of people younger than 64 with jobs has fallen, with those aged 25-54 down most. "This aging-but-not-yet-aged segment of the baby boomer class can’t afford to retire," says economist David Rosenberg. [View news story]
Thousands of demonstrators are taking advantage of the upcoming NATO summit in Chicago to stage a protest today, chanting mostly about economic issues that have little to do with the summit's topic: The war in Afghanistan and other security issues. President Barack Obama and representatives from some 60 countries are due to arrive soon for the two-day meeting over the weekend. [View news story]
JPMorgan Mess Will Drive Stock Below $28 This Summer [View article]
SYRIZA leader Alexis Tsipras believes he can call the eurozone's bluff and renegotiate Greece's bailout terms, but officials are so far having none of it. The ECB's Patrick Honohan yesterday said a Greek exit from the euro could be "technically" managed, while Bundesbank chief Jens Weidmann threatened that the cash would stop flowing to Athens. [View news story]
The New York Times (NYT) says it's sold its remaining stake in Fenway Sports Group, owner of the Boston Red Sox, in a deal valued at $63M. Yankees fans, take note. NYT +1% AH. [View news story]
President Obama's advance team might want to do a little more fact checking next time they send the president out with the housing crisis' latest "victims" to tout home refinance. The president visited a Nevada couple on Friday, describing them as “responsible” homeowners who owe more on their mortgage than it's currently worth. The fact is, the couple did a cash-out refinance in 2007, borrowing $178K off the equity in the home. Had they not taken that money out, and continued paying on the original mortgage, they would not be underwater today. [View news story]
President Obama's advance team might want to do a little more fact checking next time they send the president out with the housing crisis' latest "victims" to tout home refinance. The president visited a Nevada couple on Friday, describing them as “responsible” homeowners who owe more on their mortgage than it's currently worth. The fact is, the couple did a cash-out refinance in 2007, borrowing $178K off the equity in the home. Had they not taken that money out, and continued paying on the original mortgage, they would not be underwater today. [View news story]
President Obama's advance team might want to do a little more fact checking next time they send the president out with the housing crisis' latest "victims" to tout home refinance. The president visited a Nevada couple on Friday, describing them as “responsible” homeowners who owe more on their mortgage than it's currently worth. The fact is, the couple did a cash-out refinance in 2007, borrowing $178K off the equity in the home. Had they not taken that money out, and continued paying on the original mortgage, they would not be underwater today. [View news story]
Facebook (FB) co-founder Eduardo Saverin renounces his U.S. citizenship ahead of the IPO, a move likely aimed at reducing his tax bill. He currently resides and is enjoying the good life in Singapore. [View news story]
Governor Brown's administration in California has notified state employee union leaders of its intent to cut payroll costs by at least 5% as a hoped-for $9.2B budget deficit looks to be considerably higher. Brown has the authority for layoffs, but not to adjust pay and benefits, which have been targeted for years without success. (earlier) [View news story]
Goodbye TBTF? The FDIC's Martin Gruenberg is expected to outline today that the next time a major financial firm is brought to its knees, the FDIC will seize the parent company and unwind it while allowing its global subsidiaries to keep operating. Equity stakeholders will be wiped out and bondholders will face losses as their holdings are swapped for equity in a new entity. [View news story]
Taking advantage of a loophole in Dodd-Frank, JPMorgan (JPM) plans to move its least profitable checking account customers to new accounts relying prepaid debit cards. New regulations prevent banks from charging high fees to those who overdraw regularly or keep low balances, but place no such limit on prepaid cards. There you have it. [View news story]
Canada is the "world's biggest oil loser," buying its crude oil high and selling it low, costing its economy ~$19B annually in lost revenue. The spread between Alberta’s exported Western Canada Select and Brent oil imported into Ontario and Quebec has reached ~$30.50/bbl, a difference BofC Governor Mark Carney says is creating a drag on growth. [View news story]
Ally Financial receives conditional approval to puts its ResCap mortgage finance unit into bankruptcy, according to an administration official. Formerly known as GMAC, Ally is majority-owned by the taxpayers and the administration has concluded addressing ResCap's mortgage losses is the best way of recouping the investment. [View news story]