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Keyword: savings

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  • Nearly Half Of Us Couldn't Live A Month On Our Savings

    04/01/2014 9:01:03 PM PDT · by blam · 46 replies
    BI ^ | 4-1-2014 | Trae Bodge
    Nearly Half Of Us Couldn't Live A Month On Our Savings Trae Bodge , RetailMeNot's The Real Deal Apr. 1, 2014, 5:56 PM April is Financial Literacy Month (and dreaded tax time), so let’s talk about your financial know-how. Are you financially prepared if you need to stop working for a few months due to a layoff or illness? Do you know how much money you have lying around? What about your kids? Are you setting them on a path to financial health? RetailMeNot recently polled more than 1,000 Americans and found that overall consumers are doing pretty well on...
  • Want To Retire With $1 Million? Here's How Much You Need To Be Saving Right Now (Based on your age)

    03/24/2014 6:37:38 PM PDT · by SeekAndFind · 60 replies
    Business Insider ^ | 03/24/2014 | ANDY KIERSZ
    We recently pointed out that starting to save early for retirement is extremely helpful, and also a useful chart showing how much you should have saved at different stages of your career to ensure a comfortable retirement. To show how these ideas work, we figured out how much money you would have to set aside monthly, starting at different ages, and under different rates of return, to end up with $1,000,000 in savings when you are ready to retire at 65. Here is how much you would need to save each month at a 6% annual rate of return, starting...
  • Consider free cash from feds

    02/24/2014 2:15:42 AM PST · by Cincinatus' Wife · 21 replies
    The Pittsburg Tribue-Review ^ | February 23, 2014 | Gail MarksJarvis
    If you have a modest income, you've probably been asking yourself how you will ever be able to find the money to start saving. So here it is: Provided your income is low enough, the federal government will pay you to stash money away for your retirement — giving you as much as $1,000. The deal comes through what's known as the “saver's credit.” You can find it buried in the tax return you do each year, and if you use the free tax preparation software the government gives people with incomes below $58,000, locating the saver's credit will be...
  • Obama plan: Cut tax breaks for richest retirement savers

    02/21/2014 10:56:56 AM PST · by reaganaut1 · 60 replies
    Market Watch ^ | February 21, 2014 | Robert Powell
    President Barack Obama plans to ask Congress in early March, as part of his fiscal 2015 budget, to reduce some of the tax advantages for employer-sponsored retirement plans for higher-income earners, according to published reports. Plus, the president wants to limit the value of all tax deductions, defined contribution exclusions and IRA deductions to 28% of income — and include an overall cap on all retirement accounts, including pensions, that could bring in $1 billion a year in new tax revenue, according to a Pensions & Investments report. According to the report, the proposals are designed to direct more of...
  • Exclusive: EU executive sees personal savings used to plug long-term financing gap

    02/14/2014 10:36:17 AM PST · by BradtotheBone · 17 replies
    Reuters ^ | Wed Feb 12, 2014 6:00pm EST | Huw Jones
    (Reuters) - The savings of the European Union's 500 million citizens could be used to fund long-term investments to boost the economy and help plug the gap left by banks since the financial crisis, an EU document says. The EU is looking for ways to wean the 28-country bloc from its heavy reliance on bank financing and find other means of funding small companies, infrastructure projects and other investment. "The economic and financial crisis has impaired the ability of the financial sector to channel funds to the real economy, in particular long-term investment," said the document, seen by Reuters. The...
  • As 'Retirement Gap' Concerns Reach Across Partisan Divide, Senators Propose Savings Solutions

    02/14/2014 3:08:26 AM PST · by Cincinatus' Wife · 40 replies
    Roll Call ^ | February 12, 2014 | David Harrison
    When President Barack Obama introduced a new retirement savings plan during his State of the Union speech last month, the Republican response was uncharacteristically muted. Although Republicans were upset about the president’s new reliance on executive authority to push his agenda, they had few harsh words about the details of the retirement idea. Dubbed MyRA, Obama’s initiative is intended to allow workers who do not have access to other workplace savings plans to open an account overseen by the government that would invest in low-risk Treasury bonds. It’s a relatively modest proposal, one that would be entirely voluntary for employers...
  • Prepare For When The New MyRA Becomes "TheirRA"

    02/10/2014 11:11:19 AM PST · by blam · 10 replies
    Market Oracle ^ | 2-10-2014 | Peter Krauth
    Prepare For When The New MyRA Becomes "TheirRA" Personal_Finance / Pensions & Retirement Feb 10, 2014 - 06:47 PM GMTPeter KrauthBy: Money_Morning Personal Finance Peter Krauth writes: In his recent State of the Union Address, President Obama unveiled something new: a retirement savings account to "help" Americans build a nest egg, coining it the "MyRA." Something immediately felt wrong about the proposal... but I couldn't put my finger on it. So I researched the new MyRA and found details to help you understand just how it works. But I also saw some potential dangers there that you need to prepare...
  • The shape of 401k's to come

    02/08/2014 4:26:40 AM PST · by Libloather · 33 replies
    MSN ^ | 2/07/14 | Mark Miller
    **SNIP** The biggest change will be a new emphasis on retirement readiness, rather than simply getting workers to join a plan and contribute. The idea is to focus on actual retirement outcomes, and it reflects apprehension about the large number of Americans who are approaching retirement unprepared. If that's something you're worried about, it turns out your boss shares your concern. The 2013 Retirement Confidence Survey by the Employee Benefits Research Institute (EBRI) found that just 13 percent of workers are very confident they will have enough money to live comfortably in retirement. And a 401k benchmarking survey released last...
  • California's — And America's — Pension Debacle On Its Way: Watch Your Wallets

    02/06/2014 6:36:25 AM PST · by SeekAndFind · 9 replies
    IBD ^ | 02/06/2014 | Mark Bucher
    Hold on to your wallets, folks. Without a powerful intervention, California may soon become the first big domino to fall in America's public pension debacle. To help prevent catastrophe, the California Public Policy Center (CPPC) has just made public a new database detailing the size and scope of the state's outsized expenditures on public employees — the largest ever compiled in California. Legislators and voters should take note, because California can't afford another round of fact-free partisan warfare. As recently reported in the New York Times, the fate of California cities such as Desert Hot Springs — where civic bankruptcy...
  • MyRA? Oops! CEO: Name of Obama’s New IRA Program Already Taken

    02/01/2014 9:07:55 AM PST · by rktman · 38 replies
    CNSNews ^ | 1/30/2014 | Barbara Hollingsworth
    The president of a South Dakota-based financial services company says he was startled to hear President Obama call his new government-sponsored retirement program "MyRA" in Tuesday’s State of the Union address because that’s the same name as his firm’s four-year-old “keynote” investment product.
  • IMF paper warns of 'savings tax' and mass write-offs as West's debt hits 200-year high

    01/05/2014 3:25:47 AM PST · by Neil E. Wright · 20 replies
    Telegraph UK ^ | January 02,2014 | Ambrose Evans-Pritchard
    Much of the Western world will require defaults, a savings tax and higher inflation to clear the way for recovery as debt levels reach a 200-year high, according to a new report by the International Monetary Fund. The IMF working paper said debt burdens in developed nations have become extreme by any historical measure and will require a wave of haircuts, either negotiated 1930s-style write-offs or the standard mix of measures used by the IMF in its “toolkit” for emerging market blow-ups. “The size of the problem suggests that restructurings will be needed, for example, in the periphery of Europe,...
  • ObamaCare Raises Health Insurance Premiums, Especially For The Young [Consequences Happen]

    12/19/2013 2:50:46 PM PST · by SES1066 · 10 replies
    Forbes Magazine ^ | 12/05/2013 | Matthew Herper
    The Affordable Care Act has dramatically increased the cost of buying a health insurance plan on the individual market in California, Texas, Florida, New York, Illinois, Georgia, and North Carolina, states that account for more than half of America’s uninsured adults, according to a study by Sector & Sovereign, a sell-side firm that focuses on advising investors what sectors to put their money in. Worse, the firm argued in a note earlier this week, the increases in cost are most substantial for the young. According to S&S, the average deductible – the amount of money you spend out of pocket...
  • Canada to phase out home mail delivery to cut big losses

    12/17/2013 12:41:41 PM PST · by TurboZamboni · 44 replies
    Rooters ^ | 12-11-13 | David Ljunggren
    Dec 11 (Reuters) - Canada's postal service will phase out urban home delivery within five years and hike the cost of postage stamps to try to stem soaring losses, the post office said on Wednesday. Canada Post, like the U.S. Postal Service, is suffering as customers switch to digital communications. In August it said it was on track to run short of cash by the middle of 2014 unless major changes were made. The government-owned corporation - which has a mandate to be self-financing - last month reported a third-quarter loss of C$109 million ($103 million) before tax and said...
  • Many blacks and Latinos have no retirement savings, study shows

    12/10/2013 5:29:43 AM PST · by reaganaut1 · 54 replies
    Washington Post ^ | December 9, 2013 | Michael A. Fletcher
    Fewer than half of blacks and Latino workers have retirement plans on the job, leaving the vast majority of them with no savings designated for their golden years, according to a report to be released Tuesday. Americans of all races face the growing prospect of downward mobility in retirement, the report said, but the problem is particularly acute for blacks and Hispanics. More often than not, blacks and Latinos benefit little from the tax breaks and other policy initiatives aimed at bolstering retirement security because they typically have no money to save for retirement in IRAs and other vehicles outside...
  • The US needs to retire daylight savings and just have two time zones—one hour apart.

    11/01/2013 3:31:05 PM PDT · by Sergio · 90 replies
    Quartz ^ | November 1, 2013 | Allison Schrager
    Daylight saving time ends Nov. 3, setting off an annual ritual where Americans (who don’t live in Arizona or Hawaii) and residents of 78 other countries including Canada (but not Saskatchewan), most of Europe, Australia and New Zealand turn their clocks back one hour. It’s a controversial practice that became popular in the 1970s with the intent of conserving energy. The fall time change feels particularly hard because we lose another hour of evening daylight, just as the days grow shorter. It also creates confusion because countries that observe daylight saving change their clocks on different days. It would seem...
  • Slow Obamacare site repairs may limit coverage, savings

    10/29/2013 2:45:10 PM PDT · by NormsRevenge · 8 replies
    Yahoo! News ^ | 10/28/13 | Lewis Krauskopf and David Morgan - Reuters
    (Reuters) - If technical problems with the U.S. government's new healthcare website are not fixed in November, hundreds of thousands of Americans could lose easy access to lower-cost coverage, jeopardizing the Obama administration's goal of making affordable insurance broadly available in 2014. Consumers in 36 states are relying on Healthcare.gov to qualify for tax subsidies that will reduce coverage costs under the 2010 Affordable Care Act, which was expected to cover 7 million people next year alone through new private insurance marketplaces. But if glitches in the marketplaces that operate chiefly online fail to be resolved, the government might have...
  • Seniors Going Back To Work to Salvage Their Retirement Nest Eggs, Says AMAC

    10/28/2013 6:16:36 AM PDT · by smokingfrog · 27 replies
    AMAC.us ^ | 10-25-13 | AMAC Authors, press release
    Seniors who went back to work after retirement used to do it to keep busy, but the Obama Recession and the uncertainties of the Affordable Care Act have made it an economic necessity for more and more older Americans, according to Dan Weber, president of the Association of Mature American Citizens. “Two recent Gallup surveys show that there are more post-retirement job seekers out there than ever before, mainly because they’ve lost confidence in the economy. The historically destructive recession that started as the president took office and his inability to speed up the recovery have seniors scrambling for ways...
  • The Healthcare.gov Challenge

    10/02/2013 9:55:58 AM PDT · by Chris in VA · 20 replies
    Western Center for Journalism ^ | 10/2/13 | Chris McAllister
    However, in a recent speech in Maryland, Obama challenged Americans to go to “the website” to see how much money they could save under Obamacare. He said that once you do and find out how much you save, you’re going to sign up “even if you didn’t vote for me.” The website in question is www.healthcare.gov, and I did go to see how much money I could “save” under Obamacare.
  • Former VP flips burgers in retirement

    09/29/2013 6:34:25 PM PDT · by Innovative · 99 replies
    UK Mail Online ^ | Sept 23, 2013 | not stated
    Tom Palome, 77, was once a top marketing executive earning six figures and traveling first class He worked hard to pay off his mortgage and put his kids through college, but like most Americans didn’t save enough Now retired, he works two $10 an hour jobs to supplement his income Palome receives $1,200 from Social Security and a $600 a month pension from his last corporate job. Still, his $1,400 in monthly wages allows him to bolster his savings and provides for some extras. He goes to the theater, pays for plane tickets to visit his children and grandsons and...
  • Taking control of your 401K

    09/16/2013 9:55:52 PM PDT · by SteelTrap · 18 replies
    Ann Barnhardt ^ | 9/14/2013 | Ann Barnhardt
    Big Momma Barnhardt has an example of a form letter to send to your HR monkey to request that you can move your money to a company you trust. Trust being a relative term. Who should care? Anyone with a retirement fund but especially folks with all their eggs in one basket. People who have worked at the same company for a while are likely to have all their eggs in one basket. Enron you say?
  • WI senator has high praise for do-nothing Democrats

    08/28/2013 7:51:01 AM PDT · by afraidfortherepublic · 7 replies
    The Wisconsin Reporter ^ | 8-28-13 | M. D. Kittle
    MADISON – Thanks for nothing. No, really, thanks for nothing. Sen. Glenn Grothman, a staunch fiscal conservative, has nothing but praise for his peers in the Democratic Party who, he says, have done nothing to repeal Wisconsin’s controversial Act 10. The law, signed by Gov. Scott Walker in 2011, guts collective bargaining for most public employees in the state. “The press always focuses on disagreements, but the bipartisanship shown in agreeing that Act 10 should not be repealed is an untold story of us working together,” the West Bend Republican said in a statement, written, it would seem, with tongue...
  • Could You Raise $2,000 in a Pinch?

    07/28/2013 9:04:15 AM PDT · by Kip Russell · 58 replies
    Ricedelman.com ^ | September 2011 | Ric Edelman
    Or would you feel pinched? If your roof sprung a leak or your dentist said you needed a crown, would you be able to write a check to cover such an emergency? Either might cost $2,000, but about half of Americans say they couldn’t come up with that much cash within 30 days. That’s according to a paper published by the National Bureau of Economic Research, using data from the 2009 TNS Global Economic Crisis survey aimed at showing the extent of financial weakness in the U.S. and other nations. The survey asked, “If you were to face a $2,000...
  • 76% of Americans are living paycheck-to-paycheck

    06/24/2013 10:11:12 AM PDT · by rightwingintelligentsia · 64 replies
    CNN Money ^ | June 24, 2013 | Angela Johnson
    Roughly three-quarters of Americans are living paycheck-to-paycheck, with little to no emergency savings, according to a survey released by Bankrate.com Monday. Fewer than one in four Americans have enough money in their savings account to cover at least six months of expenses, enough to help cushion the blow of a job loss, medical emergency or some other unexpected event, according to the survey of 1,000 adults. Meanwhile, 50% of those surveyed have less than a three-month cushion and 27% had no savings at all. --snip-- Last week, online lender CashNetUSA said 22% of the 1,000 people it recently surveyed had...
  • Americans have record wealth, but aren’t spending it

    06/18/2013 5:50:17 AM PDT · by SeekAndFind · 67 replies
    Washington Post ^ | 06/17/2013 | Robert Samuelson
    In the economic history of our time, June 6, 2013, ought to occupy a special place. That’s the day the Federal Reserve disclosed that the net worth of American households — the value of what they own minus what they owe — hit $70 trillion, a record that exceeded the previous peak before the 2007-09 financial crisis. Higher stock prices and a long-awaited housing recovery are slowly restoring Americans’ lost wealth. By all rights, this symbolic crossing ought to improve confidence, prompt consumers to spend more freely and increase the economy’s growth. Maybe it will. But don’t hold your breath....
  • SEC proposes changes to money market fund rules

    The portion of the money market fund industry that suffered extreme disruptions during the financial crisis would be revamped under a plan proposed Wednesday by federal regulators, who have been struggling to address the industry’s vulnerabilities for years. The Securities and Exchange Commission unanimously approved the proposal after what SEC Chairman Mary Jo White described as a “journey.” The industry once fiercely opposed dramatic changes to money market funds, but regulators persisted, citing the losses and panic they sparked during the financial crisis. These types of mutual funds are popular with investors because they’re perceived to be as reliable as...
  • There Will Be Haircuts (Bill Gross)

    05/01/2013 7:23:44 AM PDT · by blam · 17 replies
    Pimco.com ^ | 5-1-2013 | William Gross
    There Will Be Haircuts William H. GrossMay 1, 2013 “Good as Money,” proclaimed the ad for Twenty Grand Cognac. Being a beer drinker, and never having cashed in a Budweiser to pay for a fill-up at the local gas station, I said to myself “Man, that must be really good stuff!” Even in a financial meltdown I thought, you could use it in place of cash, diamonds, gold or Bitcoins! And if the Mongol hordes descend upon us during a future revolution, who wouldn’t prefer a few belts of Twenty Grand on the way out, instead of some shiny rocks...
  • Leveraged Recovery:Pending Home Sales Rise, Savings Rate Low and Flat

    04/29/2013 7:38:32 AM PDT · by whitedog57 · 1 replies
    Confounded Interest ^ | 04/29/2013 | Anthony B. Sanders
    Pending home sales rose more than expected while real personal income continues to struggle. And the personal savings rate remains low. Looks like a zero interest rate, leveraged recovery to me! April 29 (Bloomberg) — More Americans than forecast signed contracts in March to buy previously owned homes, another indication of progress in the housing market. The index of pending home sales increased 1.5 percent after a revised 1 percent decline the prior month. Excluding the April 2010 first time homeowner tax credit, this is the highest print since 2007. In related news, consumer spending in the U.S. rose more...
  • I For One Am Worried, And I’m Taking Preparations” (shorten)

    04/06/2013 8:38:16 AM PDT · by Kartographer · 13 replies
    BULL MARKET THINKING ^ | 4/5/13 | Tekoa Da Silva
    When asked if bank account confiscation will be going worldwide, Jim said, ”Well, it’s now in their bag of tricks, but yes, they can do anything they want too now. I for one am worried and I’m taking preparations. Who knows if I’m right or not, but I’d rather be safe than sorry as all of those people who had money in Cyprus have learned. They thought they had a normal bank account…but now it’s been [taken] with the sanctions of many governments and institutions.”
  • Personal Income Falls By Most In 20 Years, Personal Savings Rate Fall To 2007 Levels

    03/01/2013 7:50:07 AM PST · by whitedog57 · 5 replies
    Confounded Interest ^ | 03/03/2013 | Anthony B. Sanders
    According to the BEA release this morning, personal income dropped by 3.6% in January, the biggest drop in 20 years. Meanwhile, the personal savings rate (as a percentage of disposable income) fell to its lowest point since 2007. As I have pointed out before, wages and salaries as a percentage of GDP continues to plummet since 1970. Of course, none of this is positive news for the housing market. The housing recovery cannot be eternally lifted by cash investors and The Fed zero interest rate policies. At least the 10 year Treasury rate is falling with wages and salaries. But...
  • Rand Paul returns more money to Treasury

    02/22/2013 9:07:25 AM PST · by TurboZamboni · 16 replies
    CNN ^ | 2-21-13 | kevin liptak
    (CNN) - Sen. Rand Paul cut another six-figure check to the United States Treasury Wednesday, taking the money he said he didn't need from his office's budget to make a tiny dent in the nation's massive federal debt. "We watch every purchase," Paul, a Republican from Kentucky, said at an event next to an oversized check for $600,000. "We watch what computers we buy, what paper we buy, the ink cartridges. We treat the money like it's our money, or your money, and we look at every expenditure." The $600,000 reflects more than 20% of Paul's annual office budget, according...
  • Nearly Half Of American Families Live On The Edge Of Financial Ruin

    02/04/2013 1:37:40 PM PST · by blam · 44 replies
    TBI ^ | 2-3-2013 | Mandi Woodruff
    Nearly Half Of American Families Live On The Edge Of Financial Ruin Mandi WoodruffFebruary 4, 2013, 1:19 PM In the past few years, Americans have learned a thing or two about how quickly disaster can strike. And with each Hurricane Sandy, housing crisis, and stock market crash that rocks our world, we're faced with the realization that many of us simply aren't prepared for the worst. A sobering new report by the Corporation for Enterprise Development shows nearly half of U.S. households (132.1 million people) don't have enough savings to weather emergencies, or finance long-term needs like college tuition, health...
  • Fiscal Cliff: Why Congress Might Have to Mess with the 401(k)

    11/29/2012 11:20:58 AM PST · by Perdogg · 196 replies
    Time ^ | 11/29/12 | Dan Kadlec
    One of the earliest fears about tax-favored savings accounts like IRAs and 401(k) plans was that when this pool of savings grew large enough Congress would not be able to resist tapping it to help solve the nation’s debt problems. We’re about to find out if those fears—persistent for decades—have been justified. Everything including the sacred mortgage deduction is on the table as lawmakers wrestle with the fiscal cliff, a year-end avalanche of scheduled spending cuts and tax increases. With a combined $10 trillion sitting in IRAs and 401(k) plans, retirement accounts make a juicy target. Some of this money...
  • Obama Begins Push to Confiscate IRA’s & 401k’s

    11/16/2012 11:45:13 PM PST · by rocksandbroncs · 116 replies
    Silver Doctors ^ | November 16, 2012 | The Doc
    It may be time to take the tax hit and withdraw funds from private retirement accounts before they are forced into long term T-bonds. The Obama administration is reportedly quickly moving on plans to nationalize private 401k and IRA retirement accounts, and replace them with government sponsored annuities(aka Treasury bonds that the Treasury currently can’t sell to anyone but the Fed). National Seniors Council Director Robert Crone warns: “This whole issue is moving forward very quickly. Already there is a bill requiring all businesses to automatically enroll their employees in IRA plans in which part of every employee’s paycheck would...
  • Survey: 40 Percent Of Americans Have $500 Or Less In Savings

    10/19/2012 12:31:42 PM PDT · by rightwingintelligentsia · 50 replies
    CBS Local ^ | October 19, 2012 | John Ostapkovich
    PHILADELPHIA (CBS) — A survey of about 1,100 Americans finds that more than 4-in-10 respondents admit they don’t have more than $500 in readily accessible savings. The survey is a kind of departure for CreditDonkey.com, a website that compares credit card deals. Not respondents all were poor. Some had big houses, big mortgages or 401(k)s, but still no more than five Benjamins to rub together right now. Jill Michal, president and CEO of the United Way of Greater Philadelphia and Southern New Jersey, reacts to the lack of liquid assets. “It doesn’t shock me, but it does scare me. You...
  • Thanks to the recession, more boomers are rethinking retirement

    09/03/2012 3:51:37 PM PDT · by TurboZamboni · 40 replies
    pioneer press ^ | 9-2-12 | Diane Stafford
    Just how much the Great Recession reshaped baby boomer retirements is becoming clearer: More than ever they expect to retire later or work when they're "retired." In 1991, just one in 10 workers told the Employee Benefit Research Institute that they planned to wait to retire until they were older than 65. By 2007, three in 10 said that. This year? More than four in 10. Boomers cruising toward a traditional retirement suffered a financial comeuppance in the economic slump that began in late 2007. The downturn sapped jobs, stock and housing values, and interest on savings. Many also were...
  • HSA Account

    07/12/2012 4:48:19 AM PDT · by junebug54 · 20 replies
    I have a question about Health Savings Accounts. I have a HSA that is no longer being funded. I have treated it like an IRA and have not used it since inception. With all the talk about Obamacare and what is in it, I am seeking advice on what to do with the funds in the account. Any suggestion (almost) will be appreciated.
  • Choices: Milwaukee teachers could have saved city schools, themselves

    06/19/2012 2:51:04 PM PDT · by afraidfortherepublic · 17 replies
    The Wisconsin Reporter ^ | 6-18-12 | M. D. Kittle
    MADISON — The dark fiscal clouds are starting to lighten in Wisconsin’s largest school District. But Milwaukee Public Schools‘ fiscal picture could be a lot brighter, had its teachers’ union chosen to open up its labor contract with MPS and agree to some salary concessions. Tweaking the deal could have saved scores of positions, opening up the opportunity for more teachers in the classroom, more programs to bolster the academic achievement of a school system that has seen its share of failure, and perhaps offering relief to Milwaukee taxpayers. Life is all about choices, and the Milwaukee Teachers’ Education Association...
  • Five Devastating Numbers That Show Obama's Incompetence

    04/24/2012 4:50:27 AM PDT · by Kaslin · 22 replies
    Townhall.com ^ | April 24, 2012 | John Hawkins
    Whether you've had some form of head trauma that has caused you to like Barack Obama or like all good hearted people, you can't stand him, his performance has objectively been terrible. Of course, we can debate WHY his performance has been so bad. His supporters would probably blame Bush, Republicans in Congress, ATM machines, fairy dust shortages and people forgetting to click their heels together three times before saying, "There's no place like home." On the other hand, people who haven't been drinking Barney Frankosaurus brand Kool-Aid might note that if Obama is going to blame Republicans for everything...
  • Derivative CDs Tempt Savers as Banks Reap Fees

    02/16/2012 9:05:52 PM PST · by Razzz42 · 5 replies
    jsmineset.com ^ | Feb 14, 2012 | By Matt Robinson
    A gray-haired woman picking a flower with a young girl adorns the cover of an HSBC Holdings Plc (HSBA) brochure that promises investors both “the growth of the market” and “the security of FDIC Insurance.” By tying interest rates to everything from the Dow Jones Industrial Average to precious metals, the pamphlet for HSBC’s Market-Linked Certificates of Deposits explains U.S. investors have the potential to earn “enhanced returns” over as long as seven years. A separate disclosure states that they also may earn zero, getting just their original principal back after the CD matures, while brokers may collect fees of...
  • Greece – the Prelude to the Fall

    02/15/2012 10:28:48 PM PST · by Razzz42 · 4 replies
    Armstrong Economics ^ | February 15, 2012 | Martin Armstrong
    [W]HILE Greece has been criticized for just about everything, especially about going on a debt binge, to be fair, that is the kettle calling the pot black. Let’s be honest. ALL Western governments have been doing the same thing. Greece is merely the PRELUDE to the Decline & Fall of Western Society. This is always about politicians and their inability to manage anything whatsoever. It always comes down to their personal self-interests and until we reform our political systems BARRING reelection of ALL politicians to prevent a political class from rising, then politicians will always say: “Vote for me and...
  • If You Live In Britain, All Your Savings Belong To Debt (Not a Wealthy Nation Anymore)

    02/14/2012 6:54:12 AM PST · by SeekAndFind · 4 replies
    Business Insider ^ | 02/14/2012 | Ashvin Pandurangi, The Automatic Earth
    The great myth of the last few decades is that people can establish sustainable savings by investing in other people’s debt. That is how relatively astute and candid writers, such as Jeremy Warner for the Telegraph, can claim that “Britain is still a hugely wealthy nation” and actually mean it. In his latest blog post, Warner tries to convince us that aggregate private debt in Britain is not so bad when we factor in “assets” as well.From his piece:Believe it or not, Britain is still a hugely wealthy nationLast week I drew attention to a report by Royal Bank of...
  • BIGGEST PROFIT MARGINS IN HISTORY

    01/29/2012 10:14:07 AM PST · by Razzz42 · 12 replies
    martinarmstrong.org ^ | January 28, 2012 | Martin Armstrong
    [T]he number one question pouring in is about the banks and their profit margin. Yes, the bottom line remains that the cost of money declines sharply for depositors while the cost of borrowing rises. Where the value of cash for three years is 0.7% to a depositor, for a fully collateralized borrower, the cost is about 4%. This is a profit margin for the banks of 571%. In other words, when the discount rate was 17% in 1981, this would have been the equivalent of a prime rate at 9707%. The profit margin at banks has NEVER been so high....
  • Unplugging (Vanity)

    01/19/2012 8:52:59 AM PST · by beachn4fun · 62 replies · 1+ views
    January 19, 2012 | beachn4fun
    Because I know that FReepers are smart and ingenious I am coming to you for assistance and insight in being able to get unplugged from DirecTV. They are raising our rates again. We currently use Netflix, but are also considering adding HuluPlus. Hubby streams from his PS3 in his game room, and in the living room we stream via BlueRay. Hubby and I are trying to get details on unplugging without losing our ability to watch our favorite (cable) show. I've read numerous articles how people are doing this same thing but have not found a step-by-step instruction in what...
  • Walker waste panel identifies nearly a half billion in savings

    01/12/2012 6:45:25 PM PST · by afraidfortherepublic · 5 replies
    Journal Sentinel Online ^ | 1-12-12 | Jason Stein and Patrick Marley
    $456 million can be cut, commission report says Madison - A report by Gov. Scott Walker's commission to cut waste and fraud in government says Wisconsin can cut or avoid nearly a half-billion dollars a year in government spending. The report lays out a total of $456 million in annual spending that it says can be prevented by making changes at every level of government. Most of that spending - $373 million - is done by the state government with another $83 million by local governments. But not all of that money would necessarily lead to new savings for the...
  • How The U.S. National Debt Could Drain Your Savings

    01/11/2012 8:33:20 AM PST · by blam · 28 replies
    Money Morning ^ | 1-11-2011 | David Zeiler
    How the U.S. National Debt Could Drain Your Savings January 9, 2012 By David Zeiler, Associate Editor, Money Morning Now that Congress has allowed the U.S. national debt to grow bigger than the American economy, it won't be long until the American public suffers the consequences by losing most of its savings to inflation.Figures for last year show the national debt officially exceeded 100% of the nation's gross domestic product (GDP). According to government figures, the national debt stood at $15.23 trillion at the close of 2011, compared to a GDP of $15.18 trillion. "The 100% mark means that your...
  • U.S. Savings Bonds Go Paperless

    01/07/2012 5:49:28 PM PST · by Libloather · 35 replies · 1+ views
    CBS Local ^ | 1/04/12
    U.S. Savings Bonds Go PaperlessJanuary 4, 2012 10:30 PM PITTSBURGH (KDKA) — U.S. savings bonds enclosed in birthday cards have been an American tradition for more than 70 years. But from now on, purchasers will have to be computer savvy. As of January 1, the U.S. Treasury declared that all bonds must be purchased online through the website www.treasurydirect.gov. The buyer can download a “gift certificate” indicating the amount of the bond, and for what occasion.
  • Super Young Retirement Savers

    12/19/2011 9:08:52 AM PST · by Hojczyk · 15 replies
    Yahoo Finance ^ | December 19,2011 | Blake Ellis
    Age: 18 Age started saving: 11 Amount saved: $300,000 Hometown: Princeton, N.J. When I retire, I want to have enough money to live comfortably. There are a lot of other things to save for [right now] since I'm only in my first year of college, so I try to put away the most that I can. I don't have a constant amount that I contribute, but when I'm working I'll try to put in at least $50 a month to my savings account. At this point, I'd say I have a little over $300,000 saved up. My parents encourage me,...
  • 80 is the new 65 when it comes to retirement, survey says

    11/16/2011 7:45:49 PM PST · by newzjunkey · 72 replies
    Reuters ^ | Karin Matz
    When it comes to retirement, many middle class Americans said 80 is the new 65 and plan to delay retirement because of worries over money, according to a new survey. Wells Fargo bank asked 1,500 Americans who earned between $25,000 and $99,999 and ranged in age from 20 into their 70s questions about retirement, savings and Social Security for its seventh annual retirement survey... On average, Americans have saved only seven percent of their desired retirement nest egg, with a median of $25,000 saved versus a median retirement goal of $350,000..."We did find a bright spot among middle class Americans...
  • Ron Paul says unemployment is 20%

    10/23/2011 7:18:00 PM PDT · by alexmai · 55 replies · 2+ views
    <p>“I think the downturn in the economy occurred in the year 2000,” Paul told CNN, adding that there have been no new jobs since then “and yet we’ve had a 30 million increase in population.”</p> <p>“Just go out and talk to the people – unemployment rate in the true numbers (is) over 20%, so there’s been a depression,” Paul said after an appearance on NBC’s “Meet the Press.”</p>
  • Personal Accounts and the Savings Rate

    09/11/2011 9:18:04 AM PDT · by Cincinatus' Wife · 6 replies
    Forbes ^ | September 11, 2011 | Timothy B. Lee
    .... One...key arguments for such a system is that the stock market’s historically high returns would allow the average worker to retire with more money in his pocket than the meager returns the Social Security system now promises (and projections suggest the system may not even deliver on those promises). The underlying reason this works is that the money in personal accounts would be invested in private sector businesses, which would use them to create new wealth. In contrast, Social Security taxes are used to finance current government spending..... [big snip of interesting points] To unpack this a bit, the...