Archive for the “Financial” Category

If you haven’t caught the news it appears the Cash For Clunkers website has what must be the strangest or maybe scariest User Agreement statement I’ve ever seen on a site. Below is a screen capture as well as the text from the site:

Grv69E

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While supporters of “cash for clunkers” say the results prove the program has been an unqualified success, critics argue that it demonstrates the incompetence of the federal government.

No one disputes the results of the “cash for clunkers” rebate program: It succeeded in blowing through nearly all its $1 billion in a week and can burn rubber at least through the weekend.

Congress is racing to infuse it with an additional $2 billion, but although supporters say the results prove the program has been an unqualified success, critics argue that it demonstrates the incompetence of the federal government. Read the rest of this entry

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It was — note the past tense — the worst housing recession anyone but survivors of the Great Depression can remember.

From the frenzied peak of the real estate boom in 2005-2006 to the recession’s trough earlier this year, home resales fell 38 percent and sales of new homes tumbled 76 percent. Construction of homes and apartments skidded 79 percent. And for the first time in more than four decades of record keeping, home prices posted consecutive annual declines.

A staggering $4 trillion in home equity was wiped out, and millions of Americans lost their homes through foreclosure.

Now take a deep breath and exhale. The worst is over. Read the rest of this entry

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Budget Deal Not Complete But A Big License Plate Will Cost You $100

Although the state is still operating without a budget it appears elected officials had time to pass a bill to outlaw large license plate frames and sent the bill to Gov. Perdue to sign. At the same time state Democrat leaders have been meeting to iron out the new $19 billion budget that calls for cuts in school spending for grades 7-12 including staff and teachers, raises the sales tax by a penny which will now include many services as a taxable sale, increase taxes on cigarettes and alcohol, increase income taxes by as much as 3%, and cuts in tax revenue disbursements to local jurisdictions by as much as 66%.

As The Start Of School Nears Local H1N1 Cases Increase

State medical officials stated recently that the number of H1N1 cases in North Carolina has neared 500 with as many as 90 cases in the Triad Region alone. As the start of school nears officials are taking notice and have emphasized good hygiene such as frequent washing of hands however as of now they have no special plans for H1N1 that they wouldn’t apply to any other outbreak. The CDC has reported as many as 40% of the population will get H1N1 over the next two years and has planned for multiple flu vaccinations started as early as September. For more information in H1N1 visit www.noflu.org.

North Carolina Fisherman Lost And Presumed Dead At Sea

Michael L. Dodick has been missing since July 9th after being reported late for returning from a fishing trip off Atlantic Beach, North Carolina. On July 10th the Coast Guard located Dodick’s 28 foot boat adrift with the engines running and all fishing lines broken.

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By Bob Willis

July 31 (Bloomberg) — The first 12 months of the U.S. recession saw the economy shrink more than twice as much as previously estimated, reflecting even bigger declines in consumer spending and housing, revised figures showed.

The world’s largest economy contracted 1.9 percent from the fourth quarter of 2007 to the last three months of 2008, compared with the 0.8 percent drop previously on the books, the Commerce Department said today in Washington. Read the rest of this entry

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The U.S. Treasury sold $39 billion in five-year debt Wednesday in an auction that drew poor demand, raising worries over the cost of financing the government’s burgeoning budget deficit.

It was the second lackluster showing in as many days, convincing analysts that the stellar results of debt auctions just a few weeks ago were a fluke and that Thursday’s $28 billion seven-year offering could suffer a similar fate. Read the rest of this entry

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By Matthew Brown and Yasuhiko Seki

July 28 (Bloomberg) — The dollar fell to the lowest level this year against the currencies of six major U.S. trading partners as speculation the global economy is emerging from the recession reduced demand for a refuge.

The Australian dollar advanced to the highest level since September against the U.S. currency after the Reserve Bank said the economy may rebound faster than forecast six months ago. The euro climbed to a seven-week high against the dollar after Deutsche Bank AG said second-quarter profit rose 68 percent, beating analysts’ estimates. Read the rest of this entry

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Rick Moran
The Weekly Standard’s Fred Barnes writes “There’s no evidence Obama has even a sketchy grasp of economics.” He makes a good case:

The president also spoke favorably at the press conference of taxing “risky” ventures by Wall Street investors. It wasn’t clear what risky investments he had in mind. Never mind. Reckless risk-taking is hardly a problem at the moment. It’s the lack of any risk-taking at all by investors that’s holding back the economy. Read the rest of this entry

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