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Monday, 06 October 2008 |
 The stakes in the November elections are high for everyone, with the
high foreclosure rates, drastic economic decline, high unemployment
rates and the like; but it may be even higher for the youth and their
children, who will no doubt inherit the trillions of dollars in debt
that the country has racked up over the past eight years.
Depending on who takes office and how that president runs the country,
the youth stands to suffer most since their future depends on
availability of funds for student loans for college, mortgage loans and
the availability of jobs when they hit the job market.
This is why it is extremely important for the youth – voters between ages 18 and 24 – to cast their vote this election.
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Bailout bill: What’s in it for you? |
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Monday, 06 October 2008 |
The news has been saturated with talks about the Wall Street bailout
bill and the effects it might have on the economy and individuals
alike. Following the shock to the nation when the $700 billion
financial bail-out bill was rejected by the House of Representative by
228 to 205 votes, lawmakers rushed to make further amendments to the
bill and it was approved by the Senate by 74 to 25 votes Wednesday
night.
The “sweeteners,” or amendments made to the bill include the addition
of $110 billion in tax breaks for businesses and the middle class, an
amendment that should be popular with small businesses. Another
amendment that should reassure small businesses (and individuals) is
that to raise the cap on federal deposit insurance from $100,000 to
$250,000 making their money safer in the case their banks collapsed.
Other amendments eliminated the unpopular alternative minimum tax that
impacted some 20 million middle-income Americans; another provides $8
billion for people affected by hurricanes and other natural disasters
in the Midwest, Texas, and Louisiana; and extend the deductibility of
state and local taxes for people in states without income taxes which
should help Florida residents.
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Will $700B bailout help ‘Main Street’? |
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Sunday, 28 September 2008 |
 But the burning question is: Will it help ‘Main Street’ and the very taxpayers whose money will be tied up in this massive bailout? In essence, will it work?
President Bush has said the situation is dire and there is no doubt that the funds are needed to rescue Wall Street and stem the hemorrhaging tide that has become the US economy. Critics say that the amount could be too small to prevent total financial meltdown or the way in which the bill is written might not guarantee enough oversight to make sure it happens.
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FBI investigating financial companies |
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Sunday, 28 September 2008 |
The financial crisis gripping the nation over the past few weeks took a
dramatic step, when it was reported on Tuesday that the FBI has
commenced investigation of the companies that received government
bailout and those that went bankrupt.
Giant mortgage guarantee companies, Fannie Mae and Freddie Mac,
recently taken over by the government; the bankrupted Lehman Brothers
and AIG, which faced with a severe cash problem was also bailed out by
government with a loan of $85 billion are now being investigated.
The FBI investigations, which also include the executive of these
companies, is reported to being conducted as part of a broad look into
possible mortgage fraud, sources with knowledge of the investigation
told CNN Tuesday.
As the mortgage crisis worsens and has created an extremely negative
impact on the economy across the country, including here in South
Florida, there has been an increasing outcry from people who have lost
their jobs and houses, for some people in the banking, mortgage and
real estate industries to be arrested on fraud. In recent weeks the
Miami Herald has run an investigative story highlighting fraudulent
actions by mortgage brokers, and there have actually been arrests of
fraudulent brokers in the region in recent months.
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McCain, Obama battle over economy |
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Sunday, 21 September 2008 |
The Wall Street meltdown has finally shifted the race for White House from lipstick and farm animals to the number one issue among the American people – the economy.
And, the repetition of “The fundamentals of the American economy are strong,” has become an albatross around the neck of Republican presidential candidate John McCain. It has become fodder for the news and also ammunition for Democratic presidential candidate Barack Obama who is using that to bolster his point that John McCain is out of touch with what is happening in the economy.
Following the government’s gigantic American International Group (AIG) bailout, the two battled over who is better prepared to tackle and repair America’s economy which seems to be free falling.
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