Forums: Credit (finance)

Previous to the current meddling by Congress, stores were technically not allowed to require a minimum purchase for credit cards. If you wanted to charge ten cents or ten dollars merchants were supposed to accept the charge. But the Durbin Amendment (Sen. Dick Durbin, D of Ill.) to the credit card "reform" bill passed by Congress will change all that by allowing stores to set a minimum charge amount of $10 before you are allowed to use your credit card to purchase something. This is just one more way that Congress is reaching into your pocket and taking your money....

(Adds details) WASHINGTON, Sept 5 (Reuters) - President Barack Obama will ask the U.S. Congress on Wednesday to increase and permanently extend a tax credit for business research as a way of boosting job growth, an administration official said on Sunday. The proposal would cost $100 billion over 10 years, and Obama would pay for the plan by closing other corporate tax breaks, said the official, who spoke on condition of anonymity. Obama will call on Congress to increase to 17 percent from 14 percent one of two credit options available to businesses, the official said.

Banks take aim at credit unions' tax-exempt statusBy Mike Ivey | The Capital Times Posted: Sunday, September 5, 2010 5:00 am Amid the worst recession in a generation, the banking industry is again challenging the tax-exempt status of credit unions. As nonprofit, member-owned institutions, credit unions have long been exempt from corporate income taxes at both the state and federal level. The idea is that credit unions provide a public service by offering loans to those who might not otherwise have access to credit. **SNIP** "With local, state and federal governments all facing serious budgetary emergencies, the largest and most...

Since practically Day One of the Obama administration, there's been a crystal clear message: Credit lines have to loosen in order to improve the economy. "It's a recovery that will be measured by whether families and entrepreneurs can get the loans they need," President Barack Obama said in 2009."That's why we're freeing up credit that's frozen with a program that supports the market for more car loans, and student loans, and small business loans; and with a plan that will partner government resources with private investment to break the logjam that is currently preventing our banks from lending money to...

Are you highly critical of the president? Do you find that you don’t thank him nearly enough? Are you not giving him the credit that he deserves? Well it just might be that you are suffering from, “POST-TRAUMATIC FIRST AFRICAN-AMERICAN PRESIDENT SYNDROME or PTFAAPS!” That’s right America, like, who knew that there was such a thing? But apparently, there is, according to Progressives. One progressive in particular coined the term. Liberal commentator and MSNBC contributor Karen Hunter said she is the one who named the disorder. Apparently, “post-traumatic first African-American president Syndrome” is the diagnosis if we Americans don’t give...

Really simple (and may I say - accurate) Easy for EVERYONE to understand - no matter your background, experience and IQ.

In what could be seen as a sign that the world has been turned on its head, China's leading credit rating agency has stripped the UK, the USA, Germany and France of their AAA-ratings. Dagong Global Credit Rating, has cut the US to AA, while the UK and France are have been cut to AA- with Spain and Italy ranked at A-. At the same time, Dagong has upgraded China to AA+, putting in it the same category as Germany, Holland and Canada. The rationale is based on the simple prognosis that the growth potential in China is far greater...

WASHINGTON – Big companies are building up cash and are expected to report strong earnings starting this week. Not so for small businesses that can't get loans — or hire freely until they do. The gap helps explain why the economic rebound isn't stronger and could even stall. Federal Reserve Chairman Ben Bernanke stepped up pressure Monday on banks to break the logjam and lend more to smaller firms, which employ at least half of American workers. Small business owners are relying on personal credit cards or raiding retirement accounts to stay afloat, the Fed chairman said. Bernanke and other...

Cecchini: U.S. Consumers in 'Dire' Credit Situation by: Edward Harrison July 05, 2010 Peter Cecchini, chief strategist at BGC Financial, talks to Pimm Fox about the U.S. economy and consumer credit on Bloomberg Television’s "Taking Stock." He says that the 122% percent household debt to GDP ratio is well above the pre-1980 average of 60-80%. Just to get back to a 100% to GDP ratio, we need an additional $2 trillion of deleveraging. In the absence of income growth, you just aren’t going to get these numbers down without deleveraging. This is the major reason I have said that household...

U.S. Economy Falling Towards Another Credit Collapse? Economics / Credit Crisis 2010 Jul 03, 2010 - 09:56 AM By: Bob Chapman The Fed says US unemployment is likely to stay high for a long time, and that justifies zero interest rates indefinitely. The June Chicago Purchasing Managers Index was 59.1 vs. 59.7 in May. The employment component rose to 54.2 from 49.2 in May. New orders fell to 59.1 from 62.7. Homebuilder Lennar is cutting new home prices 15% as new orders fell 10%. KB Builders said new orders fell 23%, as new home sales fell 32%. The MBA Purchasing...