The aristocracy on Wall Street got $1.2 trillion in secret loans

wall street

Citigroup and Bank of America were the reigning champs of finance in 2006.

The reigning champions of finance in 2006 were Citigroup Inc. (C) and Bank of America Corp. (BAC).   As home prices peaked, they were leading the 10 biggest U.S. banks and brokerage firms to their best year ever with $104 billion of profits.

 

Continue reading… “The aristocracy on Wall Street got $1.2 trillion in secret loans”

Debt problems plague older Americans

postponing retirement

Many Americans have to postpone retirement.

Many Americans are reaching their 60s with so much debt they can’t afford to retire.  Before retiring most people would pay off their debts. But as wages have barely kept up with rising prices over the past 35 years Americans have pushed debt higher, living beyond their means. Now, people are postponing retirement, cutting living standards or both.

 

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Top 5 worst places in the U.S. to retire

lake las vegas

Lake Las Vegas, Nevada

Lists of the best place to retire in the United States are easy to find.  AARP has one; so do Forbes, U.S. News and a host of retiree-oriented websites. The same cities and states tend to appear on each list — Tucson, Ariz.! Austin, Texas! — in part because the things that matter most as people pick a place to retire — proximity to good medical care, tax advantages for seniors, nice climate and safe streets — never really go out of style.

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Are new technologies making jobs obsolete?

post office

Post office is the latest casualty of digital technology.

Digital technology is slowly but steadily replacing working humans.  And the latest casualty of digital technology is the U.S. Postal Service.  The post office is going to have to drastically scale back its operations or shut down altogether if they don’t find an external source of funding. 600,000 people will be out of work and another 480,000 pensioners facing an adjustment in terms.

 

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What’s at the top of wish list for China’s wealthiest? To leave China

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Goldlink Go-Abroad Consulting Co., an immigration consulting firm in Bejing assists Chinese to immigrate to Canada and the United States.

One of the people powering China’s economy on its path to becoming the world’s biggest is Chines millionaire Su, who builds skyscrapers in Bejing.

 

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Toughest competition unemployed face is the underemployed

part time work

There are 8.8 million part time workers wanting full time jobs.

The unemployment rate in the U.S. is 9.1 percent but the job market is actually worse than that.  The 14 million unemployed in the U.S. aren’t just competing with each other they are also competing with the 8.8 million people that are part-timers who want full-time work.

 

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