Showing posts with label Credit. Show all posts
Showing posts with label Credit. Show all posts
Thursday, January 30, 2014
Federal consumer bureau data-mining hundreds of millions of consumer credit card accounts, mortgages
◼ Officials at the Consumer Financial Protection Bureau are conducting a massive, NSA-esque data-mining project collecting account information on an estimated 991 million American credit card accounts. - Richard Pollock/Washington Examiner
It was also learned at a Congressional hearing Tuesday that CFPB officials are working with the Federal Housing Finance Agency on a second data-mining effort, this one focused on the 53 million residential mortgages taken out by Americans since 1998.
The mortgage information is being compiled in a database that can be "reversed engineered" by hackers seeking information for identify theft, according to an expert cited during the hearing.
The revelations came in a hearing of the House Financial Services Committee, during which CFPB Director Richard Cordray was repeatedly pressed about federal officials rummaging around in the private financial affairs of millions of Americans.
Labels:
Big Brother,
Credit,
datamining,
Invasion of Privacy,
Loans and Mortgages,
NSA,
Privacy,
Spying
Thursday, October 17, 2013
"The fundamental situation that the debt growth rate significantly outpaces that of fiscal income and gross domestic product remains unchanged," Dagong said in the statement, adding Washington's solvency was vulnerable as old debts were still repaid through raising new debts.
◼ Chinese agency downgrades US credit rating - France24
The announcement came after the US Congress passed and President Barack Obama signed a bill that extends the nation's borrowing authority and ends a two-week government shutdown....
Dagong made headlines in August 2011 when it lowered its main rating for US sovereign debt after Congress passed an earlier bill to raise Washington's debt ceiling.
◼ Stocks open lower as euphoria fizzles... - CNBC
The announcement came after the US Congress passed and President Barack Obama signed a bill that extends the nation's borrowing authority and ends a two-week government shutdown....
Dagong made headlines in August 2011 when it lowered its main rating for US sovereign debt after Congress passed an earlier bill to raise Washington's debt ceiling.
◼ Stocks open lower as euphoria fizzles... - CNBC
Labels:
China,
Credit,
Debt,
DEBT CEILING,
Decline,
Fiscal Responsibility,
Spending
Wednesday, October 16, 2013
Saturday, January 26, 2013
Illinois’ credit rating downgraded; state drops to worst in the nation
◼ A warning came Saturday morning from state treasurer Dan Rutherford (R) IL State Treasurer. The Standard and Poor’s downgrade from A to A-minus puts Illinois last on the list– and means a higher cost to borrow money. - WGNTV ◼ Via Drudge
On Wednesday, the state will issue $500 million in new bonds to pay for roads and other transportation projects. Rutherford says the credit downgrade will cost taxpayers an additional $95 million in interest,
When compared to a perfect triple-a bond rating enjoyed by other11 states including neighboring Indiana, Iowa and Missouri.
“Our problem in Illinois is that we have not substantively and fairly addressed the state public pension issue.”
◼ Obama's Illinois Downgrade Makes It America's Greece - IBD Editorial
State Budgets: Inability or unwillingness to fix the state's hemorrhaging pension system and curb union power has led a major credit rating service to downgrade the Land of Lincoln's rating to the lowest in the nation....
The news comes after failed attempts at even modest pension reform failed in a lame duck state legislative session.
A recent release by the Illinois Policy Institute shows this is only the tip of the iceberg and when you add in other liabilities such as $54 billion in unfunded liabilities for retiree health insurance and $15 billion in pension bonds that Gov. Pat Quinn and his immediate predecessor, former Gov. Rod Blagojevich, issued to avoid pension reform, Illinois' total unfunded liabilities amount to $275 billion, or $58,000 in debt for each and every household in the state.
While neighbors like Wisconsin, Indiana and Michigan have either challenged the unions on pension reform or embraced right-to-work to encourage the economic growth to fund them, Illinois remains in thrall to big labor.
Monday, December 31, 2012
When the time came to run for re-election, Obama finally started talking about the economy -- a lot. He talked about it, and why his economic plan was superior to Mitt Romney's, so much that audiences might well have come away with the impression that economic recovery was the president's top second-term priority. Turns out they would have been wrong.
Wednesday, November 28, 2012
REPUBLICANS LEAD THE BEST-RUN STATES IN AMERICA, DEMOCRATS DOMINATE THE WORST
◼ The annual Best and Worst Run States in America survey by 24/7 Wall St. came out today, revealing that the top 5 states are led by Republicans while the bottom five are dominated by Democrats. - Glenn Hall/The Blaze
The list is based on a review of data for financial health, standard of living and government services. While noting that current situations may stem from decisions made years ago and that external factors like weather can be as much to blame as poor governance, 24/7 Wall St. also points out that all of the high-ranking states have “well-managed budgets” and the worst states have “high debt relative to both income and expenditure.”
Here’s how it breaks down at the top and bottom of the list cross-referenced with details on party control based on this map from Americans for Tax Reform:
THE TOP 5 STATES:
California is 24/7 Wall St.’s “Worst Run State” for the second year in a row. Due to high levels of debt, the state’s S&P credit rating is the worst of all states, while its Moody’s credit rating is the second-worst. Much of California’s fiscal woes involve the economic downturn. Home prices plunged by 33.6% between 2006 and 2011, worse than all states except for three. The state’s foreclosure rate and unemployment rate were the third- and second-highest in the country, respectively. But efforts to get finances on track are moving forward. State voters passed a ballot initiative to raise sales taxes as well as income taxes for people who make at least $250,000 a year. While median income is the 10th-highest in the country, the state also has one of the highest tax burdens on income. According to the Tax Foundation, the state also has the third-worst business tax climate in the country.
More details, like Debt per capita, Budget deficit, Unemployment rate, Median household income: $57,287, and Pct. below poverty line breakdowns, at the link.
◼
The Best and Worst Run States in America: A Survey of All 50 - Wall St. Journal
The list is based on a review of data for financial health, standard of living and government services. While noting that current situations may stem from decisions made years ago and that external factors like weather can be as much to blame as poor governance, 24/7 Wall St. also points out that all of the high-ranking states have “well-managed budgets” and the worst states have “high debt relative to both income and expenditure.”
Here’s how it breaks down at the top and bottom of the list cross-referenced with details on party control based on this map from Americans for Tax Reform:
THE TOP 5 STATES:
1. North DakotaTHE BOTTOM 5 STATES:
Governor: Jack Dalrymple, Republican
State Senate: Republican control
State House of Representatives: Republican control
2. Wyoming
Governor: Matt Mead, Republican
State Senate: Republican control
State House of Representatives: Republican control
3. Nebraska
Governor: Dave Heineman, Republican
State Legislature: Republican control
4. Utah
Governor: Gary Herbert, Republican
State Senate: Republican control
State House of Representatives: Republican control
5. Iowa
Governor: Terry Branstad, Republican
State Senate: Republican control
State House of Representatives: Republican control
46. New Jersey
Governor: Chris Christie, Republican
State Senate: Democrat control
State House of Representatives: Democrat control
47. Arizona
Governor: Jan Brewer, Republican
State Senate: Republican control
State House of Representatives: Republican control
48. Illinois
Governor: Pat Quinn, Democrat
State Senate: Democrat control
State House of Representatives: Democrat control
49. Rhode Island
Governor: Lincoln Chafee, Republican
State Senate: Democrat control
State House of Representatives: Democrat control
50. California
Governor: Jerry Brown, Democrat
State Senate: Democrat control
State House of Representatives: Democrat control
California is 24/7 Wall St.’s “Worst Run State” for the second year in a row. Due to high levels of debt, the state’s S&P credit rating is the worst of all states, while its Moody’s credit rating is the second-worst. Much of California’s fiscal woes involve the economic downturn. Home prices plunged by 33.6% between 2006 and 2011, worse than all states except for three. The state’s foreclosure rate and unemployment rate were the third- and second-highest in the country, respectively. But efforts to get finances on track are moving forward. State voters passed a ballot initiative to raise sales taxes as well as income taxes for people who make at least $250,000 a year. While median income is the 10th-highest in the country, the state also has one of the highest tax burdens on income. According to the Tax Foundation, the state also has the third-worst business tax climate in the country.
More details, like Debt per capita, Budget deficit, Unemployment rate, Median household income: $57,287, and Pct. below poverty line breakdowns, at the link.
◼
The Best and Worst Run States in America: A Survey of All 50 - Wall St. Journal
The best-run states have certain characteristics in common, as do the worst run. The high-ranking states all have well-managed budgets. Each of the top ten has a perfect, or near-perfect, credit rating from Standard & Poor’s, Moody’s, or both. Of the ten worst-ranked, only three received top scores from one agency, and none from both. California is currently the only state rated A- by S&P, the lowest score given to any state. These poor-ranked states have high debt relative to both income and expenditure.◼ And, Click here to see how all of the states do with 24/7 Wall St.’s new interactive state tool.
Labels:
Business,
California,
Credit,
Debt,
Democrats,
Economy,
Regulation,
Republicans,
resources,
Spending,
Taxes
Friday, August 17, 2012
MORE CALIF. CITIES AT RISK OF BANKRUPTCY
◼ One of the nation's top credit rating agencies said Friday that it expects more municipal bankruptcies and defaults in California, the nation's largest issuer of municipal bonds. - AP
Moody's Investors Service said in a report that the growing fiscal distress in many California cities was putting bondholders at risk....
Moody's reports that some cities are turning bankruptcy as a new strategy to take on budget deficits and avoid obligations to bondholders, an emerging dynamic that could have ripple effects throughout the investment community.
...In California, officials rushed to downplay the report.
◼ City Watch Los Angeles: California is on the way to becoming an enormous version of Detroit - Doug Ross
The reason Democrat politicians and their supporters are completely insane is this: we can see the results of their policies in failed states like California.
Collective bargaining for public sector employees... unchecked environmental radicalism... crony capitalism... incredibly dense layers of regulation... demonization of business and industry... all the primary planks of the Democrat Party at the federal level. The alarm claxons are going off not only in Cali, but also in Washington.
◼ Is California the next Detroit? - Robert J. Cristiano/CityWatchLA
There was little outcry: California has a $16 billion deficit that no one seems to notice. Brown’s budget “assumes” that California voters will pass massive tax increases on themselves. If they do not, the 2013 deficit becomes a mind-numbing $20 billion. The budget, mandated to balance by the Calfornia Constitution, has been billions in the red for 10 straight years. How could Californians re-elect the same politicians year after year that produce budgets with multi-billion dollar deficits?
One Party Rule: Similarly, (to Detroit) California now has one-party rule. The Democrats of California did not need a single Republican vote to pass their budget. They now own the Golden State’s fate. The politicians’ plan to address the nation’s largest deficit is to raise taxes instead of cutting spending. If the Proposition 30 tax increase passes, the deficit would drop from $20 billion to a mere $12 billion.
Democrats have done nothing to cure the systemic problems of a bloated bureaucracy. Brown, referring to the state’s highway system, once said, “If we do not build it, they will not come.” Caltrans stopped building highways under Brown, but the people kept coming. Now 37 million Californians are locked in traffic jams each day.
Brown was rewarded for such prescience with re-election as Governor. California’s egotistical politicians passed AB 32, the Global Warming Solutions Act in 2006. Dan Sperling, an appointee to the California Air Resources Board, and a professor of engineering and environmental science at UC Davis, is the lead advocate on the board for a “low carbon fuel standard.” The powerful state agency charged with implementing AB 32 and other climate control measures claims the low carbon fuel standard will “only” raise gasoline prices $.30 gallon in 2013. But The California Political Review reported implementation of these the policies will raise prices by $1.00 per gallon.
Detroit was once the most prosperous manufacturing city in the world. Will California follow Detroit down a tragic path to ruin? In 1950, no one fathomed the Detroit of 2010. In 1970, when foreign imports started to make a foothold, the unions and their bought and paid for politicians resisted any change.
Moody's Investors Service said in a report that the growing fiscal distress in many California cities was putting bondholders at risk....
Moody's reports that some cities are turning bankruptcy as a new strategy to take on budget deficits and avoid obligations to bondholders, an emerging dynamic that could have ripple effects throughout the investment community.
...In California, officials rushed to downplay the report.
◼ City Watch Los Angeles: California is on the way to becoming an enormous version of Detroit - Doug Ross
The reason Democrat politicians and their supporters are completely insane is this: we can see the results of their policies in failed states like California.
Collective bargaining for public sector employees... unchecked environmental radicalism... crony capitalism... incredibly dense layers of regulation... demonization of business and industry... all the primary planks of the Democrat Party at the federal level. The alarm claxons are going off not only in Cali, but also in Washington.
◼ Is California the next Detroit? - Robert J. Cristiano/CityWatchLA
There was little outcry: California has a $16 billion deficit that no one seems to notice. Brown’s budget “assumes” that California voters will pass massive tax increases on themselves. If they do not, the 2013 deficit becomes a mind-numbing $20 billion. The budget, mandated to balance by the Calfornia Constitution, has been billions in the red for 10 straight years. How could Californians re-elect the same politicians year after year that produce budgets with multi-billion dollar deficits?
One Party Rule: Similarly, (to Detroit) California now has one-party rule. The Democrats of California did not need a single Republican vote to pass their budget. They now own the Golden State’s fate. The politicians’ plan to address the nation’s largest deficit is to raise taxes instead of cutting spending. If the Proposition 30 tax increase passes, the deficit would drop from $20 billion to a mere $12 billion.
Democrats have done nothing to cure the systemic problems of a bloated bureaucracy. Brown, referring to the state’s highway system, once said, “If we do not build it, they will not come.” Caltrans stopped building highways under Brown, but the people kept coming. Now 37 million Californians are locked in traffic jams each day.
Brown was rewarded for such prescience with re-election as Governor. California’s egotistical politicians passed AB 32, the Global Warming Solutions Act in 2006. Dan Sperling, an appointee to the California Air Resources Board, and a professor of engineering and environmental science at UC Davis, is the lead advocate on the board for a “low carbon fuel standard.” The powerful state agency charged with implementing AB 32 and other climate control measures claims the low carbon fuel standard will “only” raise gasoline prices $.30 gallon in 2013. But The California Political Review reported implementation of these the policies will raise prices by $1.00 per gallon.
Detroit was once the most prosperous manufacturing city in the world. Will California follow Detroit down a tragic path to ruin? In 1950, no one fathomed the Detroit of 2010. In 1970, when foreign imports started to make a foothold, the unions and their bought and paid for politicians resisted any change.
Labels:
Bankrupt,
California,
Credit
Thursday, June 7, 2012
Sunday, March 11, 2012
Monday, October 3, 2011
Another success story for central planning: New Fed rule will ban credit cards for many stay-at-home parents
◼ A federal rule kicked in Saturday that will prevent many applicants from qualifying for new credit card accounts. - Doug Ross
◼ Fed rule limits credit cards for stay-at-home parents - Household income can no longer be considered, regulator says - creditcards.com
The Federal Reserve's rule told credit card companies that they no longer can consider household income when assessing the creditworthiness of an individual who applies for his or her own card. Under the rule, only an individual's own salary or other income -- rather than combined household income -- can be considered.
One major effect of the new regulation: Stay-at-home moms (or dads) without significant outside income no longer will be able to open their own credit card accounts -- and establish their own credit histories to build their credit scores. Compliance with the rule became mandatory Oct. 1, 2011.
"From an economic standpoint, this is a whopper," said Manisha Thakor, founder of the Women's Financial Literacy Initiative, a financial fellow at Wellesley College and a Houston-based financial analyst. "Not only will be harder to build a credit score, but this ruling is tantamount to assigning a zero dollar value to the work stay-at-home parents do day in and day out to keep households running."
...Previously, an individual member of a household could qualify for a credit card account by pointing to the combined income of several members of that household. For instance, in the case of a married couple, a stay-at-home wife without any independent income could qualify for and obtain a credit card under only her own name -- and establish her own credit history -- by pointing to the salary of her husband.
That no longer will be the case. Now, she must prove that she can make the payments with only her own resources, a nearly impossible hurdle for many homemakers to overcome.
◼ Fed rule limits credit cards for stay-at-home parents - Household income can no longer be considered, regulator says - creditcards.com
The Federal Reserve's rule told credit card companies that they no longer can consider household income when assessing the creditworthiness of an individual who applies for his or her own card. Under the rule, only an individual's own salary or other income -- rather than combined household income -- can be considered.
One major effect of the new regulation: Stay-at-home moms (or dads) without significant outside income no longer will be able to open their own credit card accounts -- and establish their own credit histories to build their credit scores. Compliance with the rule became mandatory Oct. 1, 2011.
"From an economic standpoint, this is a whopper," said Manisha Thakor, founder of the Women's Financial Literacy Initiative, a financial fellow at Wellesley College and a Houston-based financial analyst. "Not only will be harder to build a credit score, but this ruling is tantamount to assigning a zero dollar value to the work stay-at-home parents do day in and day out to keep households running."
...Previously, an individual member of a household could qualify for a credit card account by pointing to the combined income of several members of that household. For instance, in the case of a married couple, a stay-at-home wife without any independent income could qualify for and obtain a credit card under only her own name -- and establish her own credit history -- by pointing to the salary of her husband.
That no longer will be the case. Now, she must prove that she can make the payments with only her own resources, a nearly impossible hurdle for many homemakers to overcome.
Labels:
Credit,
Federal Legislation,
Households
Subscribe to:
Posts (Atom)