How many homes do you think a real estate agent sells in a year? Ten? Maybe a couple dozen in a really good year? Well, it turns out the median agent does seven “sides” — that is, represents either a buyer or seller in a home transaction — in the course of a year. So it’s pretty remarkable that there’s an agent in Las Vegas who did 931 …
Come Again? American Auto Workers Get Signing Bonuses?
As the auto industry climbs out of the worst economic slowdown since the Great Depression, workers are demanding higher pay. But the closest thing they are likely to get from a labor agreement between the United Auto Workers and …
Most Car Shoppers Are Waiting for Year-End Sales Before Buying
It’s no mystery why consumers in the market for new wheels have been in no hurry to purchase cars: Prices for new and used vehicles remained unusually high throughout the summer—even during Labor Day weekend, which is normally …
What Lipstick Tells Us About the Economy
Designer coats and crystal glasses can be hard sells in a tough economy. But lipstick is another story. At least that’s the thinking behind the “lipstick index,” termed by Leonard Lauder, chairman emeritus of cosmetics company Estée Lauder, in 2001 to explain the surge in lipstick sales during that recession.
Lately, the lipstick …
Are euro zone bonds the new subprime?
So we all by now know the story of how the global economy fell into the 2008 financial crisis. Banks gorged themselves on high-yielding U.S. subprime mortgage securities, which were awarded top credit ratings (perhaps fraudulently). When those investments proved as financially sound as the over-leveraged homeowners behind them, the …
The Truth Behind Rick Perry’s Lie About Social Security
Presidential hopeful Rick Perry says Social Security is a Ponzi scheme, but even he knows better. So why would he tell such a lie? Perry wants to ignite a discussion about real spending issues that most politicians won’t touch.
Tons of Sold-Out ‘Missoni for Target’ Goods Wind Up on eBay—At 3X Original Prices
Yesterday morning, Target began selling clothes, accessories, and home furnishings from its new Missoni for Target collection. To say that Target’s collaboration with the Italian fashion house has been a hit is putting it mildly. …
More Young Adults Are Poor, Live With Their Parents
It’s not your imagination: It really is more crowded at mom and dad’s place. The Census Bureau made headlines yesterday with news that the nation’s official poverty rate hit 15.1%, the highest since 1993. Tough times have also translated into a rise in adult children moving back into (or never leaving) their parent’s homes. In the spring
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How to Drive 1,418 Miles on a Single Tank of Gas
The 2011 Kia Optima Hybrid is estimated to get a solid 40 mpg on the highway. But a team of “hypermiling” specialists—who utilize special driving techniques to boost a vehicle’s fuel economy—just finished a trip through every …
$54 Billion Closer to Our Next Financial Crisis
After a couple years of austerity, we’re again racking up credit card debt at an alarming clip.
Is Bank of America a Zombie?
Early on in the financial crisis, economists warned that the biggest danger of the bailouts was that we would end up with zombie banks – institutions kept alive by government bailouts, but essentially doomed to rot away. Recent news about Bank of America raises the question as to whether B of A has turned into a classic zombie. On
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4 Home Buying Lessons We Should Never Forget Again
Reasonably enough, Americans hate almost everything about the real estate recession. Underwater owners hate that they can neither sell nor refinance, distressed homeowners and consumer advocates hate robo-signing, and just about
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