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  1. #2146
    Joined
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    10,803

    Re: Economic News/Discussion

    Interesting news day for things that affect the economy...

    Bush considering "orderly" auto bankruptcy

    ABA Statement on Final Credit Card Regulations

    The new rules prohibit:

    _Placing unfair time constraints on payments. A payment could not be deemed late unless the borrower is given a reasonable period of time, such as 21 days, to pay.

    _Placing too-high fees for exceeding the credit limit solely because of a hold placed on the account.

    _Unfairly computing balances in a computing tactic known as double-cycle billing.

    _Unfairly adding security deposits and fees for issuing credit or making it available.

    _Making deceptive offers of credit.

    Travis Plunkett, legislative director of the Consumer Federation of America, said customer frustrations run deep, as reflected in the comment letters submitted to the Fed.

    Many of them "were spontaneous from consumers who feel they've been treated unfairly by their credit card companies and are literally begging the Fed for help," he said.

    Many people acknowledged paying late, often mistakenly, and felt it was unreasonable for their card issuer to increase the interest rate on the balance, Plunkett said. Another common theme came from people who pay on time but are hit with a rate increase because the company needed to recoup losses from other cardholders, he added.

    Under the new rules, credit card lenders will be required to apply any payment above the minimum to the part of the balance with the highest interest rate.

    The so-called subprime cards for people with low credit scores typically have no more than a $500 credit limit but require a large upfront fee.

    The rules cap that fee at 50 percent of the credit limit and allow the cardholder to pay off the initial balance over a year, not immediately.
    Last edited by otoc; 12-18-2008 at 12:40 PM. Reason: added better link for actual CC changes
    Thomas Jefferson to John Page Fairfeilds Dec: 25. 1762.
    ... But the old-fellows say we must read to gain knowledge; and gain knowledge to make us happy and be admired. Mere jargon! Is there any such thing as happiness in this world? No: And as for admiration I am sure the man who powders most, parfumes most, embroiders most, and talks most nonsense, is most admired.

  2. #2147
    Joined
    May 2002
    Location
    Twain Harte, CA
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    20,446

    Re: Economic News/Discussion

    Here's a sneak peek at what bi-partisanship might look like in the coming months: http://www.latimes.com/news/local/la...,1785472.story

    I like the taxes converted to fees tactic. Or, how the lefties in California finally learned to appreciate the work of S.I. Hayakawa.

  3. #2148
    Joined
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    California
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    26,273

    Re: Economic News/Discussion

    Quote Originally Posted by Dutchcedar View Post
    Here's a sneak peek at what bi-partisanship might look like in the coming months: http://www.latimes.com/news/local/la...,1785472.story

    I like the taxes converted to fees tactic. Or, how the lefties in California finally learned to appreciate the work of S.I. Hayakawa.
    At least here they attach a word that infers $$$. Unlike that "free/universal" health care we keep hearing about.

    "I still believe in bipartisanship," Senate President Pro Tem Darrell Steinberg (D-Sacramento) said at a Capitol news conference. "But there is an even greater responsibility than practicing bipartisanship, and that is to govern. And that is what we intend to do here today."
    Ya.. you believe up until you disagree. Then it's highway robbery fee's for all..

    Last edited by AMDScooter; 12-18-2008 at 05:02 PM.
    "The most dangerous myth is the demagoguery that business can be made to pay a larger share, thus relieving the individual. Politicians preaching this are either deliberately dishonest, or economically illiterate, and either one should scare us...
    Only people pay taxes, and people pay as consumers every tax that is assessed against a business."


    -The Gipper


  4. #2149
    Joined
    Aug 2001
    Posts
    74,682

    Re: Economic News/Discussion

    Im almost ready to rest my case. But not quite. I always hedge my predictions

    http://money.cnn.com/2008/12/18/markets/oil/index.htm

    Take it this way. We all have gotten a bigtime decrease in a "hidden tax" Good.

  5. #2150
    Joined
    Mar 2002
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    California
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    26,273

    Re: Economic News/Discussion

    Quote Originally Posted by jimzinsocal View Post
    Im almost ready to rest my case. But not quite. I always hedge my predictions

    http://money.cnn.com/2008/12/18/markets/oil/index.htm

    Take it this way. We all have gotten a bigtime decrease in a "hidden tax" Good.
    While demand and prices are low.. DRILL HERE!!! DRILL NOW DAMMIT!! Lets keep it that way!!

    "The most dangerous myth is the demagoguery that business can be made to pay a larger share, thus relieving the individual. Politicians preaching this are either deliberately dishonest, or economically illiterate, and either one should scare us...
    Only people pay taxes, and people pay as consumers every tax that is assessed against a business."


    -The Gipper


  6. #2151
    Joined
    Aug 2001
    Posts
    74,682

    Re: Economic News/Discussion

    And I hope the guys that run our strategic reserve are smart enough to release what we have[bit by bit] and replace it with less costly oil.
    Isnt that what we would do?
    I should have said increase the strategic reserve. Its worth what its worth.
    I have to remind myself government doesnt think about profit and loss


    Strategic Petroleum Reserve

    The U.S. Strategic Petroleum Reserve is the largest stockpile of government-owned emergency crude oil in the world. Established in the aftermath of the 1973-74 oil embargo, the SPR provides the President with a powerful response option should a disruption in commercial oil supplies threaten the U.S. economy. It also allows the United States to meet part of its International Energy Agency obligation to maintain emergency oil stocks, and it provides a national defense fuel reserve.
    The Energy Policy Act of 2005 directed the Secretary of Energy to fill the SPR to its authorized one billion barrel capacity. This required the Department of Energy to complete proceedings to select sites necessary to expand the SPR to one billion barrels.
    Last edited by jimzinsocal; 12-18-2008 at 05:42 PM.

  7. #2152
    Joined
    Sep 2001
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    Colorafornia, USSA
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    13,823

    Re: Economic News/Discussion

    Speaking of the Strategic Oil Reserves. I'm now wishing Bush had used it back when oil was going for almost $150.00 a barrel. Hindsight is 20/20 though, and let's face it, no one knew oil was going to drop as fast as it did.

  8. #2153
    Joined
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    Posts
    74,682

    Re: Economic News/Discussion

    Anyone with a brain would have increased it when the drop became so obvious. Not that it was Bush's call particularly.
    Lets reduce it to terms we all understand.
    Its centered on dollar cost smoothing [averaging].
    And again my simplistic Perdue Oven Stuffer Roaster analogy.
    You have 1000 of them in the "freezer" that you paid a dear price for.
    Lets say.1.99 a lb.
    Now they drop to .69 a lb.
    Only a dumb ass doesnt buy more to lessen the previous high cost
    related to earlier purchases/inventory.
    Who wants to admit the cost of inventory took a 70% hit.
    Last edited by jimzinsocal; 12-18-2008 at 07:52 PM.

  9. #2154
    Joined
    Aug 2001
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    74,682

    Re: Economic News/Discussion

    Mayors' infrastructure request full of pork, critic says
    • Story Highlights
    • Mayors' infrastructure projects include polar bear exhibit, water ride
    • Another request: $20 million for a minor league baseball museum
    • Mayors contend projects will boost economy, create jobs
    • Critic says proposal represents "power grabs, money grabs"



    A report to Congress that requests $73.2 billion to pay for infrastructure projects around the country includes plans for a polar bear exhibit, an anti-prostitution program, a water park ride, zoos, museums and aquatic centers, CNN has found.
    Last edited by jimzinsocal; 12-19-2008 at 08:00 AM.

  10. #2155
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    74,682

  11. #2156
    Joined
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    Posts
    74,682

    Re: Economic News/Discussion

    Just now at FOX

    Breaking News >> White House to Give Automakers Low-Interest Loans

  12. #2157
    Joined
    Sep 2008
    Location
    Crazy AZ USA
    Posts
    3,516

    Re: Economic News/Discussion

    ^^^ I can guarantee you that if Toyota is having trouble selling its fuel efficient models, the US automakers are in a world of hurt.

    You'll laugh, you'll cry, but I think we just kissed $17 more billion goodbye and their only return will be whatever the UAW+management pays in taxes.

    I see that they have a call on it March 31st. Any one know what the Vegas odds are on Obama dumping many times that into this by then?

    I hate to say it, but I think George Bush may go down as the Herbert Hoover of this century.
    "We say in our platform that we believe that the right to coin money and issue money is a function of government....

    Those who are opposed to this proposition tell us that the issue of paper money is a function of the bank and that the government ought to go out of the banking business. I stand with Jefferson rather than with them, and tell them, as he did, that the issue of money is a function of the government and that the banks should go out of the governing business."

    William Jennings Bryan.

  13. #2158
    Joined
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    13,823

    Re: Economic News/Discussion

    Wow! Oil is at just over $35.00 a barrel now! If you would've told me back in July that oil would be at $35.00 a barrel by the end of the year? Let's just say I'd have had a good laugh. I wonder if we'll see $1.00 a gallon gas soon?

    OK, well...scratch what I wrote 30 seconds ago! Oil has now dropped even farther to $34.83!!!!

    http://www.oil-price.net/

  14. #2159
    Joined
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    California
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    26,273

    Re: Economic News/Discussion

    Quote Originally Posted by AeroSim View Post
    ^^^ I can guarantee you that if Toyota is having trouble selling its fuel efficient models, the US automakers are in a world of hurt.

    You'll laugh, you'll cry, but I think we just kissed $17 more billion goodbye and their only return will be whatever the UAW+management pays in taxes.

    I see that they have a call on it March 31st. Any one know what the Vegas odds are on Obama dumping many times that into this by then?

    I hate to say it, but I think George Bush may go down as the Herbert Hoover of this century.
    Yup... we (courtesy of GWB) have just loaned them $17b to continue business as usual. With a promise to reshape their "business models" to one that Pelosi and Co. / the incoming Obama administration assure us will be more "green"... with little else changing due to their strong UAW connections.

    So they will be building lower quality "green" cars no one in their right mind will buy over a Prius... Camry or Civic… at a loss... instead of the current product line. And the UAW workers benefits and salaries will still ensure they will never be able to compete with their foreign competitors while ripping through the Billions we’re looking to loan them while they slowly bankrupt the companies... again. And we'll be on the hook. Excuse me for a few minutes while I go jab the ice picks into my eye sockets.

    "The most dangerous myth is the demagoguery that business can be made to pay a larger share, thus relieving the individual. Politicians preaching this are either deliberately dishonest, or economically illiterate, and either one should scare us...
    Only people pay taxes, and people pay as consumers every tax that is assessed against a business."


    -The Gipper


  15. #2160
    Joined
    Mar 2002
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    California
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    26,273

    Re: Economic News/Discussion

    Bush’s Auto Bailout: Illegal or Unconstitutional

    The Bush Administration is planning to use money from the $700 billion financial system bailout for an auto industry bailout. To do that, it is seizing on the fact that the bailout statute contains a very broad definition of “financial institution,” which the Administration claims includes virtually any institution, financial or not. The bailout statute defines “financial institutions” eligible for the bailout as ”any institution, including, but not limited to, any bank, savings association, credit union, security broker or dealer, or insurance company.” Never mind that Congress listed as examples of ”financial institutions” only entities that were banks, insurance companies, or financial institutions, not automakers.

    The Heritage Foundation and Michelle Malkin have made a strong argument that this violates the financial bailout statute under the principle of statutory construction known as ejusdem generis, which says that when a term’s definition includes examples that are all of a similar kind, it limits the meaning of the term to things similar in kind to such examples.

    But if that’s not so, and the bailout was just a big slush fund for the Administration to dispense with as it chooses, then the bailout law itself was unconstitutional, since it conferred unbridled discretion in the hands of the President to do whatever he wanted with it. The Supreme Court ruled in the Schechter Poultry case that giving the executive uncabined discretion violates the constitutional separation of powers between different branches of government, by giving the president essentially legislative powers. (An earlier version of the bailout law was even more clearly a violation of separation of powers, since it failed to provide for judicial review of the vast discretion it gave the president, unlike past delegations of power upheld in cases like the Amalgamated Meat Cutters case).

    In other news, the Washington Post reports that bailed-out companies may be able to evade limits on executive compensation Congress included in the bailout, because of a loophole. The limits on executive pay apply only to companies that sell distressed assets to the government. And the Administration, rather than buying up distressed assets as it said it would do with the bailout money, is instead buying up shares in banks with the money (a step toward bank nationalization).

    The incoming Obama administration may be able to use the $700 billion dollar financial system bailout as a vast political slush fund. All the bailout money, and Obama’s plans for extensive new regulation of energy and financial markets, are attracting a swarm of lobbyists.
    "The most dangerous myth is the demagoguery that business can be made to pay a larger share, thus relieving the individual. Politicians preaching this are either deliberately dishonest, or economically illiterate, and either one should scare us...
    Only people pay taxes, and people pay as consumers every tax that is assessed against a business."


    -The Gipper


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