From The Onion:

Pretty funny. Or is it?

Both the US House and the US Senate passed a bill to restrict credit card practices and eliminate sudden increases in interest rates and late fees.  Here are some of the major provisions of the bill and how it will affect you (via boston.com):

Creditors cannot increase the annual percentage rate (APR) during the first 12 [...]

I saw this quote from Alan Greenspan and it made me smirk:
Don’t use Fed as a ‘magical piggy bank’
He’s referring to the recent Federal spending splurge, bailouts, tax payer refunds, the housing bill… the list goes on. That giant sucking sound Ross Perot used to talk about is actually a giant crane sound lifting dollar [...]

If you’re looking for a movie this summer, here is one that you may want to see: I.O.U.S.A “One Nation. Under Stress. In Debt.”  I’ve only seen the trailer, so I can’t say how the movie is, but it certainly looks very interesting:

Movie site: IOUSA

From Bloomberg this morning as stocks tumble:
“This is a systemic financial crisis, there is no end to it,” Nouriel Roubini, professor of economics and international business at New York University, told Bloomberg Television. “It’s a vicious circle between a contracting economy and greater credit and financial losses feeding on the economy.”
President Bush reminds us that [...]

I came across an interesting post at The Liscio Report called “Presidential economics: Do parties matter?” And as I read through it I came across some interesting analysis and I realized there may be come misconceptions about which party really does what. Democrats are believed to be fiscally irresponsible, spenders and Republicans are supposed to [...]

Okay most everyone knows what I think about this massive bailout package Congress is about to pass. In case you missed it, I think it’s a sham. Seriously. A big sham. How else do you explain this to the 30% of tax payers who are not homeowners. How about the 80%+ homeowners who pay their bills [...]

Early in my mortgage career a sales veteran once told me that the best way to solve a customer problem was to throw money at it. I guess this is an even better solution when you’re the ones printing money.
Full story “Housing rescue plan passes key Senate test“.
My opinion:

Just to put things in perspective, I [...]

David Brooks wrote a thought provoking column today on money and debt. I think he makes a great point about “The Great Seduction” of debt and the impact on todays society. He makes some interesting observations on how powerful a role financial discipline played as the United States became the wealthiest nation on earth:
The United [...]

A few weeks ago it was widely reported that a Congresswoman from California was having mortgage trouble. Today we find out that Ed McMahon is talking about foreclosing on his house. This from Yahoo! News:
Ed McMahon talks about possible home foreclosure
Ed McMahon on home foreclosure: `If you spend more money than you make, you know [...]