Sometimes I think the euro zone debt crisis is like watching a remake of the Bill Murray classic Groundhog Day, with the screenplay written by Financial Times correspondents. I wake up and read the news coming from Europe: worries mount about a Greek default, contagion spreads across the continent, the euro zone leaders are lost in …
Can Income Based Repayment on Student Loans Save the Economy?
Virtually everyone in this country agrees that an uptick in new business creation is essential to solving our deep economic and employment problems. Unfortunately, there’s a huge obstacle standing in the way: U.S. graduates owe …
If Rajat Gupta Is An Inside Trader Maybe You Are, Too
So Rajat K. Gupta, the ex boss of McKinsey & Co. and a former Goldman Sachs board member, was arrested today, and charged with being a friend of hedge fund bigshot Raj Rajaratnam. Well, that’s not how the indictment read exactly. Officially, the allegations are conspiracy to commit securities fraud, plus five counts of securities …
How Shopping Is Good for the Economy—And Your Soul
Forget about diligent saving, careful spending, and avoiding debt. Forget about tax cuts and private investment. For the economy to blossom, it is essential—and morally, the right thing to do—for consumers and the government …
The Tragic Bungling of a ‘Class’ Act
Long-term care insurance for the masses came and went without much notice. Last week, the Obama administration quietly abandoned the CLASS Act, a provision slipped into health care reform two years ago that would have ensured …
60 Percent of Independent Banks See Spike in New Account Openings
When Bank of America announced its $5 debit card fee and Citibank raised monthly account fees and minimum balances, consumers threw a fit, with many pledging to change banks and one woman launching a campaign for a November 5 “Bank Transfer Day.” As it turns out, some ticked-off account holders are so mad they’re not waiting until then.
Obama’s Student Loan Plan to Offer Welcome Debt Relief
In a move sure to be popular with recent college graduates, the Obama Administration released details of a plan Tuesday that will ease the burden of student loan debt.
Married Couples Know Less About Their Debt Than Single People
A new study published by the Federal Reserve Bank of New York took a sweeping, multi-year look at data about the debt Americans carry and how much we know about those debts. One strange finding: Single people are much better at …
Attention Online Shoppers: No Reason to Pay for Shipping this Holiday Season
Last year, retailers resorted not only to the usual price wars to keep up with the competition, but battled it out with competing free shipping offers on holiday season purchases. Consumers can expect more free shipping …
Can China’s economy thrive with a censored Internet?
There are two Internets in the world today. The first is the one you are probably using right now to read this post, through which you can connect with people around the world, surf for whatever information you want and blog at will. This Internet is a key tool for businesses to enhance productivity, for people to educate themselves …
Is This the Beginning of the End for the Dollar Bill?
Remember the $1 coin? Probably not, considering none of us really use it. That’s why there’s about $1 billion worth of them sitting in the Federal Reserve’s vault. But now, the supercommittee charged with fixing our federal …
Why the ‘Joey Quits’ Video Is A Seriously Bad Career Move
With over 2.4 million views on YouTube, over 500 comments and nearly 20,000 likes, “Joey Quits” has become a viral sensation. The video features Joey DeFrancesco, a disgruntled employee of the Renaissance Hotel in Providence, …