Articles

The average American saved about 9 percent of their after-tax income between 1960 and 1990 according to the Commerce Department. It was less than 1 percent in each of the last three years. That's going to change and it will cause wrenching changes in the economy.

Don't believe what any politician tells you about taxes. Economic reality makes it certain that they will have to raise taxes at some point in their administration.

California last week raised $5 billion dollars to avert a cash crunch stemming from the credit meltdown. The most interesting thing about it is they skipped the big investment banks and went directly to their consumers.

Bank of America is offering a promo for some of the professional organizations listed on the site - i.e. The Society of Mechanical Engineers - but they are open to everyone. When I contacted Bank of America about the CD rates they said no special validation was needed to open an account. That means everyone is eligible.

Most folks in their 30's and early 40's now realize that we have lost everything that we worked so hard for as a result of the excesses of the baby-boomers.

Last week the Fed cut rates by 50 basis points (half a percent) but the average rate paid on a savings account has not dropped significantly. Going back further, savings rates have remained significantly above the Federal Funds rate. What's going on?

Sovereign Bank was quietly purchased by Banco Santander after a run caused it to face collapse. More of this is coming even with the government bailout.

Everyone thought GE was the ultimate secure stock. But recent events have shown that the company has taken a severe hit from the financial meltdown, one that could severely impair it going forward.

Think the deficit and debt are bad now - $30,000 for every person in the US. Just wait another year. This is the unspoken story. We're just trading bad bank debt for government debt.

Even though the Fed dropped rates last week by 1/2 percent, GMAC raised the rate on their online savings acccount from 3.5% APY to 3.75% APY.

The latest financial rescue package is centered around a direct government investment of $250 billion, half of which will go in 9 major banks.

It's a screaming headline and it's true. After bringing this country to its knees, many key US banks are now going to have to deal with Uncle Sam for the foreseeable future. That should be fun.

There is no surprise that the market had its biggest one-day gain in 75 years after its biggest one-week loss in history. Today may feel good, but we have seen this all before.

Apple fell 27 cents and GE fell 7 cents all week. One is a stock that you should buy and the other is one that you should sell.

Two more banks failed yesterday, Northville, Mich.-based Main Street Bank and Eldred, Ill.-based Meridian Bank bringing the total number of failed banks in 2008 to 15.