Other countries place crisis blame on United States

At the World Economic Forum in Davos, China and Russia placed the blame for the global economic crisis on the United States. Most Americans would agree, and so do many other world leaders. The Chinese premier, Wen Jiabao, used stronger language, leaving little doubt that Beijing blamed the US for the economic breakdown. “Inappropriate macroeconomic …

$29 trillion credit-default swap market proposed legislation

Draft legislation that would change how over-the-counter derivatives are regulated might prohibit most trading in the $29 trillion credit-default swap market. Is this needless regulation or a good idea announced too late to stop a disaster? Let’s ask the biggest party givers – AIG. U.S. regulators and politicians are stepping up pressure on banks to …

Brad Meltzer and The Millionaires – when our money is not real

Here is some food for thought during the current financial crisis. When I read the book “The Millionaires” I realized that I used some of the same words in previous blog articles and off-the-record discussions: “..grab Duckworth’s program and sell it to the highest bidder. Let a terrorist organization get ahold of it. Even worse, …

Those over 50 should not tap 401 (k) plans for foreclosure

There are many people facing foreclosure. The situation is totally unacceptable. The number of older homeowners facing foreclosure, over 700,000 of whom are 50+, means it will be hard to recover in a slowing economy, and the fact that statistics are that high is also totally unacceptable. Imagine working all your life just to see …