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State of the Economy - Good News and Bad News
5/2/2008 3:02 PM
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The U.S. only lost 20,000 jobs in April, far from the 80,000 loss of jobs many had anticipated. In addition the unemployment rate dropped to 5%, better than most people expected. The president said today that was not good enough for America, but he expressed confidence that the economy will pick up. These could be evidence that the "recession" will not be as long or as deep as many have feared.
The down side is that we are still losing jobs. Average hourly earnings rose just 1 cent and the average number of hours worked declined. This could have a negative effect on consumer spending.
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New Planned Crackdown on the Credit Card Industry
5/2/2008 2:58 PM
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The Federal Reserve and two other banking regulators are working on a plan to stop unfair and deceptive practices in the credit card industry.
The plan would set new rules that prevent credit card companies from arbitrarily raising interest rates and would ensure that card holders are given enough time to pay their bills. The new regulations could be in effect by the end of this year.
If not watered down by lobbyists, the new rules could be the most far reaching crackdown on the credit card industry in decades.
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Obama addresses Seniors Issues in Indiana
5/1/2008 12:15 PM
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Talking in Columbia City, Indiana today, Senator Obama advocated the elimination the income tax on social security, saying it would save senior citizens up to $1,400 a year. He said "If we eliminated the income tax on social security, there would be hundreds of thousands of seniors that wouldn't even have to file income tax."
Obama also spoke about health care reform, saying that negotiating prices with the pharmaceutical industry would save prescription drug users about 10 billion dollars per year and save tax payers about 20 billion dollars a year. "When congress designed the bad prescription drug bill, they decided because of lobbying from the prescription drug companies, that we would not be able to negotiate for the cheapest available price on drugs, the way the V.A. negotiates for the cheapest available price on drugs..."
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McCain talks about Health Care Reform In Cleveland
5/1/2008 11:30 AM
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Senator John McCain spoke today about health care reform in a town hall meeting in Cleveland at the Cleveland Clinic Complex.
He said that it's probably true that health care shouldn't be entirely privatized, but it also shouldn't contribute to a bigger federal government. He noted that those countries which have governmental health care do not have the quality of health care we Americans have gown to expect. He believes that increasing competition in health care is the answer to lower costs.
More>>>
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Feds cut interest rate to 2%
4/30/2008 2:15 PM
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The Federal Reserve cut the interest rate by a quarter of a point to 2%, as many have expected. This is the seventh interest rate cut since last August.
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The Rockefeller family came out today with stinging criticisms of Exxon policies regarding fossil fuel alternatives and global warming.
More>>>
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Barack Obama agrees with many analysts who believe the gas tax holiday proposed by Hillary Clinton and supported by John McCain may actually raise gas prices by causing people to consume more gas. The gas tax holiday would also increase the federal deficit. Obama said today "This isn't an idea to get you through the summer; this is an idea to get them through an election."
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U.S. economy only grew by about a half a percent first quarter
4/30/2008 11:30 AM
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The U.S. economy only grew by 0.6% in the first quarter of 2008, due to housing and credit problems and high oil prices. General Motors lost 3.3 billion dollars in the first quarter. Kraft foods first quarter earnings fell 13% compared to last year.
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Japanese Central Bank leaves interest rate unchanged
4/30/2008 10:45 AM
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Concerned about a global economic slowdown, the Japanese Central Bank today decided to leave its current key interest rate unchanged.
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Pentagon to cut some Iraqi Funding
4/29/2008 6:59 PM
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The Pentagon has agreed to cut $171 million from its budget tin Iraq after demands from Congress CNN
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Housing prices in February fell at the fastest rate ever
4/29/2008 3:15 PM
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Housing prices in February fell at the fastest rate recorded in the U.S. A 20-city pricing index recorded prices falling 12.7% from the year before. Las Vegas prices fell 22.8%, and Miami prices fell 21.7%.
There are more than twice the number of foreclosures in the first quarter compared to the year before. Analysts suggest that the government policies to alleviate the problem are not working.
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McCain Proposes a $5,000 Health Care Tax credit
4/29/2008 3:00 PM
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McCain proposes a $5,000 tax credit to help families pay for the health care of their choice. Speaking in Tampa, Florida today, John McCain said the answer to health care is not governmental control, but to make insurance companies compete in the open market.
He said the plan would be paid for by eliminating the tax exemption given to employers who pay a portion of their employees' coverage.
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Bush presses Congress on student loan reform
4/29/2008 2:45 PM
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In his news conference today, Bush urged congress to act on a bill that would temporarily give the federal government greater authority to buy student loans. He asserted that the plan would safeguard student loans without permanently expanding the government's role in their financing.
Students have lost access to over 6.9 billion per year in student loans. Many lenders have left the market since the federal government cut their subsidies. Many investors who were hurt by the mortgage crisis are avoiding buying student loan backed bonds.
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Gas Tax Relief
4/29/2008 2:30 PM
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Hillary Clinton proposes a gas tax holiday for the summer, suspending the federal tax on gasoline, which amounts to about 18 cents a gallon for gasoline and about 24 cents a gallon for diesel fuel. John McCain also supports the idea of gas tax relief.
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Dominican Republic still a bargain with the falling dollar
4/28/2008 8:25 PM
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People worried about going overseas to vacation as they are worried about their dollars not being worth much should look into going to the Dominican Republic. In the Dominican Republic you can vacation with all meals and drinks included in packages running about $100 per person. This is much less than it would cost to go Miami this time of year. Going to the Carribean is an adventure worth trying as you get to an exotic locations without having to take long plane flights. The main resort areas in the Dominican Republic are Punta Cana and Puerta Plata.
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