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7 Chilling Facts About Retirement in America That Should Make Obama Tremble Before Cutting Social Security and Medicare

Tue, 09 Apr 2013 00:00:00 -0700

AlterNet - By Lynn Stuart Parramore - Apr. 09 (Opinion) - We are headed for a catastrophic retirement train wreck. A Wall Street-driven financial crisis has stripped millions of people of things like jobs, pensions and home equity that were supposed to deliver a dignified retirement after a lifetime of hard work. The crisis has also provided certain interests the opportunity to make false claims about the “unaffordability” of vital social insurance programs like Social Security and Medicare that help the 99% make it. These opportunistic “ Raiders of Your Lost Retirement” do not give a hoot if you starve in your golden years – this is about money to them

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Major Banks Aid in Payday Loans Banned by States

Sat, 23 Feb 2013 00:00:00 -0800

New York Times - By By JESSICA SILVER-GREENBERG - Feb. 23 (News Report) - Major banks have quickly become behind-the-scenes allies of Internet-based payday lenders that offer short-term loans with interest rates sometimes exceeding 500 percent.

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Payback! Hundreds of Homeowners Associations Threaten Banks with Foreclosure

Fri, 28 Dec 2012 00:00:00 -0800

AlterNet - By Laura Gottesdiener - Dec. 28 (News) - When a bank forecloses on a house, evicts the family and then repossesses the property, it also assumes responsibility for maintaining the home and yard and paying homeowner or condo association fees. Yet, some of the nation’s largest and richest banks have been unable or unwilling to upkeep their properties—prompting neighbors across Florida to declare enough is enough.

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How Financial Aid Letters Often Leave Students Confused and Misinformed

Tue, 16 Oct 2012 00:00:00 -0700

ProPublica - By Marian Wang - Oct. 16 (Investigative Report) - The financial aid award letters that colleges send to prospective students can be confusing: Many mix grants, scholarships and loans all under the heading of "Award," "Financial Assistance," or "Offered Financial Aid." Some schools also suggest loans in amounts that families can't afford.

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Grieving Father Struggles to Pay Dead Son’s Student Loans

Mon, 18 Jun 2012 00:00:00 -0700

Mother Jones - By Marian Wang - Jun. 18 (Investigative Report) - A few months after he buried his son, Francisco Reynoso began getting notices in the mail. Then the debt collectors came calling.

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Banks Quietly Ramp Up Consumer Fees

Mon, 14 Nov 2011 00:00:00 -0800

New York Times - Nov. 14 (News) - Facing a reaction from an angry public and heightened scrutiny from regulators, banks are turning to all sorts of fees that fly under the radar.

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Thousands Move Accounts on 'Bank Transfer Day'

Sun, 06 Nov 2011 00:00:00 -0700

Wall Street Journal - Nov. 06 (News) - Thousands Move Accounts on 'Bank Transfer Day' Wall Street Journal Thousands of people flooded into credit unions and small banks over the weekend as part of "Bank Transfer Day," an effort to prod depositors to abandon giant banks. But at least some of the big banks won't mind losing those customers. ... Credit unions see a boost in new accounts Statesman Journal On 'Bank Transfer Day,' Peninsula credit unions see opportunity to court new ... Peninsula Press On 'Bank Transfer Day,' Peninsula credit unions see opportunity to court new ... San Francisco Chronicle (blog) NewsOK.com Patch.com all 1,596 news ...

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BofA Retreats On Debit Fee, Citing Uproar

Tue, 01 Nov 2011 00:00:00 -0700

Wall Street Journal - By Dan Fitzpatrick, Robin Sidel - Nov. 01 (News Report) - Bank of America is dropping its plan to charge customers $5 a month for making purchases with their debit cards, a person familiar with the situation said. The move follows similar actions by rivals Wells Fargo and J.P. Morgan.

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Student loan debts crush an entire generation - Debt

Thu, 20 Oct 2011 00:00:00 -0700

Salon - Oct. 20 (Opinion) -

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Emerging public health crisis linked to mortgage default and foreclosure

Thu, 20 Oct 2011 00:00:00 -0700

eurekalert.org - Oct. 20 (Opinion) -

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Citibank Arrests Customers for Trying to Close Accounts

Mon, 17 Oct 2011 00:00:00 -0700

economicvoice.com - By Richard Henley Davis - Oct. 17 (News Report) - This notion of removing money from the banks in order to bring them down is a genuine threat to the banking industry and we can expect more arrests by banks who are using the police force as their private security to prevent a collapse in their interests through mass deposit withdrawal.

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Tea Party Rep: Bank Should Have Known I Wouldn't Be Able To Repay $2.2 Million Loan

Thu, 11 Aug 2011 00:00:00 -0700

Talking Points Memo - By Jillian Rayfield | - Aug. 11 (Opinion) - Tea Party aligned Georgia Rep. Tom Graves (R), who castigates Washington for fiscal irresponsibility, reached an out of court settlement Wednesday after he was sued for defaulting on a $2.2 million loan -- which his attorney argued is the bank's fault for lending him the money in the first place.

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This Is an Emergency Fund Emergency: 64% of Americans Don’t Have $1,000 in Savings

Thu, 11 Aug 2011 00:00:00 -0700

Time - By Brad Tuttle - Aug. 11 (News) - If you suddenly needed $1,000 to cover an unexpected expense, how would you come up with the money? In a new survey, only 36% of Americans said they’d simply turn to their trusty savings accounts. The rest would be forced to hit up friends, family, or loan operations for the money, get a cash advance on a credit card, disregard payments on monthly expenses, or pawn some of their stuff.

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U.S. Stocks Drop Sharply Amid Fears About Europe

Wed, 10 Aug 2011 00:00:00 -0700

New York Times - By Christine Hauser - Aug. 10 (News Report) - Stocks on Wall Street finished steeply lower on Wednesday as the financial sector dragged down the broader market, in a sharp reversal from the rally of the previous day. Financial stocks were down by more than 7 percent at about 4 p.m., in part because of fears about their exposure to French banks as shares in those institutions dropped during European trading. The broad stock market was affected because big countries like France in the heart of Europe might now be called upon to bail out their own banks as well as economies like Spain and Italy. "Today it’s fears about French banks and France," Michael Gapen, United States economist at Barclays Capital in New York, said, singling out the French bank Société Générale, whose shares fell about 18 percent. "SocGen is the name that is really driving trading."

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Ted Kennedy Speaks Out on Health-Care Reform

Sun, 19 Jul 2009 00:00:00 -0700

Newsweek - By Edward M. Kennedy - Jul. 19 (Special Report) - In 1964, I was flying with several companions to the Massachusetts Democratic Convention when our small plane crashed and burned short of the runway. My friend and colleague in the Senate, Birch Bayh, risked his life to pull me from the wreckage. Our pilot, Edwin Zimny, and my administrative assistant, Ed Moss, didn't survive. With crushed vertebrae, broken ribs, and a collapsed lung, I spent months in New England Baptist Hospital in Boston. To prevent paralysis, I was strapped into a special bed that immobilizes a patient between two canvas slings. Nurses would regularly turn me over so my lungs didn't fill with fluid. I knew the care was expensive, but I didn't have to worry about that. I needed the care and I got it.

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Value of UK Bank Shares Purchased by Bank Chiefs Drops 99.7% in 6 Months

Thu, 19 Mar 2009 00:00:00 -0700

money.co.uk - Mar. 19 (News Report) - A new report has revealed a staggering 99.7% drop in the value of UK bank shares purchased by the Chairmen and CEOs responsible for running these financial institutions since the collapse of Lehman Brothers last September.

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