Keyword: savings

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  • Don't Bank on It

    01/23/2011 10:53:49 AM PST · by FromLori · 13 replies · 1+ views
    WSJ ^ | 1/22/2011 | AL LEWIS
    Disappointing earnings, shrinking revenues and optimism that somehow the economy is improving despite an ongoing housing hangover -- this is what America's biggest banks offered as they released year-end financial results last week. "Last year was a necessary repair and rebuilding year," Bank of America CEO Brian Moynihan said Friday. Yes, we know. The shards of our broken economy remain scattered on the ground and we're gluing them back together. What else could Mr. Moynihan say as he announced a 2010 loss of $2.2 billion? "We enter 2011...against a backdrop of an improving economy," he said. But then he qualified:...
  • Heartwarming child's gift

    11/28/2010 4:13:21 AM PST · by mountaineer1997 · 2 replies
    WCHS ^ | 11/28/2010 | Leslie Rubin
    Thanks to a generous and wonderful little guy who wants to make his, and our, world a bit better!
  • Melinda Gates pledges $500 mn more for world's poor( To Help The World's Poor Save More Money)

    11/18/2010 2:49:48 PM PST · by Captain Peter Blood · 34 replies
    Yahoo News ^ | 11/18/2010 | Yahoo News
    Thu, Nov 18 08:43 PM Washington, Nov 18 (IANS) Melinda Gates, co-chair of the Bill & Melinda Gates Foundation, Thursday pledged another $500 million for the world's poor as she hailed a historic moment that will help bring financial services, particularly savings accounts, to hundreds of millions of people living on less than $2 a day. Speaking at the foundation-hosted Global Savings Forum in Seattle, the first global gathering focused on the role of savings in the developing world, Gates urged leaders in government, banking, mobile communications, and international development to work together to build a new kind of financial...
  • Mark Hemingway: Unions target your private retirement savings

    11/01/2010 8:40:42 AM PDT · by Nachum · 37 replies · 1+ views
    Washington Examinier ^ | 11/1/10 | Mark Hemingway
    Will the government outlaw your 401(k) plan? It seems like an absurd possibility, yet earlier this month two Democratic senators, Sen. Tom Harkin, D-Iowa, and Sen. Bernie Sanders, I-Vt., held a hearing on Capitol Hill exploring the possibility of doing exactly that. On Oct. 8, the two senators from the Health, Education, Labor and Pensions (HELP) Committee held a hearing on "Retirement (In)security in America." Among the proposals discussed was "Guaranteed Retirement Accounts," or GRAs. The purpose of the GRA proposal is simple: To force Americans to stop putting their retirement savings money into private 401(k) accounts and send their...
  • New Rules Coming for Payments Out of Health Savings Accounts

    10/28/2010 10:56:57 PM PDT · by T.L.Sink · 43 replies
    Fox News ^ | Oct. 16, 2010
    Under the new health care law, consumers using workplace pre-tax health savings accounts will soon need a doctor's note to pay for Tylenol and an estimated 15,000 other over-the-counter drugs. Starting Jan. 1, employees who use flexible spending accounts, health saving accounts, or health reimbursement arrangements to pay for common medications such as pain relievers, cold medicines, antacids and allergy medications will need prescriptions. The new rules will prohibit the use of such debit cards becsuse the IRS says there's no way to prove the drugs are prescribed. The IRS says any money removed from HSA accounts to pay for...
  • Does It Make Sense to Decrease Your Retirement Savings to Pay Down Your Mortgage?

    10/27/2010 1:25:57 PM PDT · by Kaslin · 75 replies ^ | October 27, 2010 | Carrie Schwab Pomerantz
    Dear Carrie: I'm 60 and will probably retire between age 66 and 70. I currently have $375,000 in IRA/401(k) funds and I'm adding 8 percent of my income annually. My employer matches a portion. I still have a mortgage of over $165,000 at 4.75 percent. I'm wondering... should I stop my 401(k) contributions and apply that money in extra principal on my mortgage? If I do, I'd pay my house off in about 10 years, making life a lot easier when I retire. But I'd lose the tax advantages as well as the employer match. One idea is to contribute...
  • Fed Reserve Officials: Americans Are Saving Too Much Money, We Need To Purposely Generate Inflation

    10/08/2010 9:45:50 AM PDT · by WebFocus · 30 replies
    The Economic Collapse ^ | 10/08/2010 | Economic Collapse
    Some top Federal Reserve officials have come up with a really bizarre proposal for stimulating the U.S. economy. As unbelievable as it sounds, what they actually propose to do is to purposely raise the rate of inflation so that Americans will stop saving so much money and will start spending wildly again. The idea behind it is that if inflation rises a couple of percentage points, but consumers are only earning half a percent (or less) on their savings accounts, then there will be an incentive for consumers to spend that money as the value of it deteriorates sitting in...
  • Heh Look The Market Is Up 0.2% And You Are Starving

    09/28/2010 10:27:44 AM PDT · by jacquej · 34 replies
    The ^ | 9/28/2010 | Karl Denninger
    ........ "This is the game being played to "pump confidence" in the stock market. The Fed comes in and "POMOs" their so-called MBS "rolloffs", and the money immediately goes into speculation. This drives up equity prices, but it drives down the dollar by more (about 12% since this new "POMO" program began in June) and in turn this is immediately reflected in higher commodity prices." .......
  • Savers Told to Stop Moaning and Start Spending (Empty Your Bank Accounts!)

    09/27/2010 8:06:02 PM PDT · by Dallas59 · 11 replies
    Telegraph ^ | 9/27/2010 | Robert Winnett and Myra Butterworth
    Older households could afford to suffer because they had benefited from previous property price rises, Charles Bean, the deputy governor, suggested. They should "not expect" to live off interest, he added, admitting that low returns were part of a strategy. His remarks are likely to infuriate savers, who are among the biggest victims of the recession. About five million retired people are thought to rely on the interest earned by their nest-eggs. But almost all savings accounts now pay less than inflation. The typical savings rate has fallen from more than 2.8 per cent before the financial crisis to 0.23...
  • US Departments of Labor and Treasury Schedule Hearing on Confiscation of Private Retirement Accounts

    On August 26, the US Department of Labor issued a news release It lists the agenda for the joint hearings being held with the Department of Treasury September 14-15, 2010 on what is euphemistically called “lifetime income options for retirement plans.” The hearings are being conducted by the Labor Department’s Employee Benefits Security Administration. I don’t like speaking in tabloid-style terms, but the unstated agenda of these hearings, as I understand it, is to push for the US government to eventually nationalize (confiscate) all assets in private Individual Retirement Accounts (IRAs) and 401K plans! The US government is desperate to...
  • US Census Bureau Saves $1.6 Billion (You know that's not true)

    08/18/2010 8:22:05 PM PDT · by hometoroost · 8 replies
    This is a link to an article on the government claiming a "savings" of $1.6 BN. The savings is based on not spending all of the $14.7 BN they budgeted. Nice theory but if the 2000 Census only cost $4.5 billion then how does spending $13.1 BN constitute a savings?
  • 'Automatic' IRAs to Fill Retirement Gap

    08/12/2010 10:01:10 AM PDT · by Clairity · 64 replies
    The ^ | Aug. 12, 2010 | Joe Mont
    A bill filed by U.S. senators Jeff Bingaman (D-New Mexico) and John Kerry (D-Mass.) would automatically enroll most U.S. workers in individual retirement accounts if their employers don't sponsor a retirement plan. All automatic IRAs would offer the same three standardized investment options, each to be developed with regulations and fee guidelines issued by the Treasury and Department of Labor. The options would include a "principal preservation fund" (which would include a special Treasury Retirement Bond , the R-Bond, designed for use within an automatic IRA), a "life-cycle" option and an "alternative investment option" that can include a higher concentration...
  • So long, middle class

    08/01/2010 2:13:12 AM PDT · by Scanian · 23 replies · 1+ views
    NY Post ^ | August 1, 2010 | MICHAEL T. SNYDER
    The 25 statistics below prove that the middle class is being systematically wiped out of existence in America. The rich are getting richer and the poor are getting poorer at a staggering rate. Why? Compared to the rest of the world, American workers are extremely expensive, and the government keeps passing rules, regulations and taxes that make it even more difficult to conduct business here. What has developed is a situation where the people at the top are doing quite well, while the average family barely gets by. Entitlement programs are expanding at unprecedented rates, but it is the people...
  • How The US’s Debt Crisis Affects Savings

    07/11/2010 11:40:40 AM PDT · by Shout Bits · 3 replies
    Shout Bits Blog ^ | 07/11/2010 | Shout Bits
    While hardly a household name, Dr. Harry Markowitz developed a new way of looking at savings and investment that has fundamentally changed the financial world. In the 1950′s, Markowitz quantified the benefits of diversification in one’s savings. Prior to his work, most investors thought in terms of individual good and bad investments, but Markowitz proved that the best approach is to consider how an overall portfolio performs. Among the many assumptions in the application of Markowitz’s Modern Portfolio Theory is the notion that US Treasury Bills are risk free. With the US assuming far more liabilities than it can likely...
  • Business Week: U.S. Economy -- Rising Incomes Lead to Gains in Spending, Savings

    06/28/2010 9:59:24 AM PDT · by SeekAndFind · 16 replies
    Business Week ^ | 06/27/2010
    Incomes grew faster than spending in May, making it possible for American households to simultaneously increase savings and support the economic recovery. Gains in payrolls, longer workweeks and rising pay give Americans more confidence and the means to maintain spending in coming months. The Federal Reserve’s decision last week to keep interest rates unchanged may help households weather the fallout from the European debt crisis, unemployment hovering near a 26- year high and tight credit. “The consumer is finally starting to see some positive wage gains as the job market starts to improve,” said Omair Sharif, an economist at RBS...
  • Health Care and Saving Money

    06/15/2010 10:37:20 AM PDT · by Patriot1259 · 71+ views ^ | 06/15/2010 | Mark Roberts
    The Life Legal Defense Foundation has filed a lawsuit against the City of Birmingham and several Birmingham police officers for the outrageous civil rights violations perpetrated against nine young people who were unlawfully arrested in February last year. The team of pro-life activists spent more than 14 hours in jail for simply holding signs and handing out literature on a public sidewalk in front of a local high school. The lawsuit, filed in conjunction with local attorney Phillip Jauregui, seeks redress for the unlawful actions of Birmingham police officers in prohibiting peaceful free speech activity on the public sidewalk adjacent...
  • Siemens’ High-Speed Rail: These “Cars” Get 700 Miles-Per-Gallon

    06/11/2010 7:43:40 AM PDT · by Willie Green · 198 replies · 1,641+ views
    Investment U ^ | Friday, June 11, 2010 | David Fessler, Energy and Infrastructure Expert
    America has a “waiting problem.”Think about the time you spend waiting in traffic jams… at the doctor/dentist’s office… at restaurants… at the gas station.And how about the six months of your life spent waiting at traffic lights? Or the five years you’ll spend just waiting in lines at retail stores, the post office, DMV, etc. (Early buyers of Apple’s products likely spend far more.)And according to Robert Poole, Director of Transportation Policy at the Reason Foundation, the average air traveler now spends two to three hours waiting at the airport. Granted, much of that is due to more rigorous security...
  • Are the Feds Trying to Nationalize Your Retirement Savings?

    05/10/2010 10:45:10 PM PDT · by mark_interrupted · 21 replies · 1,459+ views ^ | John Hinderaker
    Are the Feds Trying to Nationalize Your Retirement Savings? Share Post Print May 9, 2010 Posted by John at 7:15 PM For some time, there have been rumblings that the federal government might try to solve its budgetary problems by nationalizing (i.e., stealing) the money that millions of Americans have set aside for retirement in 401(k) plans and the like. One way they might do this is to confiscate the cash on hand in exchange for a promise to make future payments in the form of an "annuity." An involuntary annuity, in that scenario. I haven't taken this speculation too...
  • Orszag: CBO lowballs savings from Obama's healthcare reform

    04/11/2010 2:38:36 PM PDT · by Nachum · 13 replies · 603+ views
    The Hill ^ | 4/11/10 | Walter Alarkon
    White House Budget Director Peter Orszag is arguing that the Congressional Budget Office (CBO) underestimates the savings from President Barack Obama's healthcare bill. CBO, the independent agency Orszag ran before he joined the Obama administration, said the legislation will reduce deficits $143 billion in its first decade and by even more -- roughly 0.25 percent to 0.5 percent of gross domestic product -- in its second decade. That would probably amount to more than $1 trillion in savings, but Orszag considers that a lowball estimate.
  • In Michigan: Latest Vote Shows Cost-Saving Plan Now Opposed by 71 in House — Including Seven GOP

    04/09/2010 9:48:15 AM PDT · by MichCapCon · 10 replies · 337+ views
    Michigan Capitol Confidential ^ | 4/9/2010 | Ken Braun
    While nearly all of the Republican lawmakers in Lansing have been generically very eager to proclaim their desire to cut the cost of state government — and for reductions in the cost of the state workforce in particular — some have been voting down the Secretary of State's effort to actually implement a specific plan to do so — when it impacts their interests...