On Saturday, federally guaranteed loans — the limits on which were increased during the financial upheaval of 2008 to as high as $729,750 in some parts of the country — will be capped at $625,500. Homebuyers looking to …
5 Weird Things People Are Stealing While the Economy’s in Bad Shape
Robbing a bank is so unoriginal. Because of a combination of an economy in horrific shape and the rising monetary value of certain goods, materials, and, believe it or not, creatures, many thieves are choosing unusual targets to …
Survey: Job Market’s Been Bad for Everybody—But Worse for the Less Affluent
Over the last three years, households with incomes of $75,000 and up have experienced a dreary, often harsh employment landscape. In more than one-quarter of these households, someone has lost a job. In nearly half of such …
Is That a Debt Collector Trying to Call Your Cell?
The debt-collection industry has launched a push to modernize the laws that govern how they do business and what they’re allowed to do, and new legislation under consideration in Congress would give them the right to do so if …
State capitalism vs the free market: Which performs better?
For much of the past 30 years, the long-running, 20th-century contest between state and market had appeared settled. The strong, post-Reagan economic performance of the U.S. based on deregulation, free trade and capital flows and globalization appeared to confirm the virtues of liberal economic policies, while the collapse of the Soviet …
Bank of America to Charge $5 a Month For Debit Card Use Next Year
Wells Fargo and Chase each stuck a toe in the water with the announcements that both were testing a $3 fee for debit card usage in limited markets. Bank of America, on the other hand, just cannonballed into the pool with the announcement that it will charge most of its deposit account customers a $5 fee for debit card usage starting …
Survey: The Frugal ‘New Normal’ Has Become the Norm
Throughout the recession and the slow, meek recovery that has followed, there has been much discussion about a “new normal.” After the financial collapse, there was a widespread shift among consumers, a tendency to scale back on …
Will China Help Save Europe?
There’s been a lot of talk this week in China about whether it should swoop in to save the eurozone. Loading up on Italian debt is one possibility, which could keep Europe’s overall bailout tab in check and boost market confidence. Another idea is to create an EU-China bond. Unlike an EU-only bond (a concept that hasn’t gained traction …
Now That’s Creepy: Americans Will Blow $7 Billion on Halloween
Our financial state is pretty scary right now, and we’re all watching our spending pretty closely. So what’s the one thing Americans are willing to shell out for in this economy? Costumes, decorations and entertainment designed …
Why America Must Revive Its Middle Class
In an excerpt from his new book The Price of Civilization, liberal economist Jeffery Sachs argues that without a robust middle class and even more government spending, the U.S. will remain stagnant for years.
Our New Era of Uncertainty
We’re in a new age of financial volatility that could last years, and it seems that nobody has the answers to get us out.
Americans Overwhelmingly Pessimistic About the Economy, Says TIME/Money Magazine Survey
It’s not often that the majority of Americans agrees about, well, pretty much anything. But based on a joint series of surveys conducted on the behalf of TIME and Money magazines, there’s near unanimity among Americans that the …