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Crushing student debt is not only killing dreams, it’s hurting the broader economy. The Consumer Financial Protection Bureau (CFPB) is warning of the “potential domino effects” to the economy of high student debt. A just-released report from the consumer watchdog highlights the ways this debt can deplete savings, limit spending, and shape choices about a graduate’s career path and where to live. “College can open up many opportunities, and we do not [...] U.S. consumer sentiment dropped to a six-month low in June as Americans’ view of the economy soured, a survey released on Friday showed. The Thomson Reuters/University of Michigan’s final reading on the overall index on consumer sentiment fell to 73.2 in June from 79.3 in May. It was the lowest level since December and fell short of economists’ expectations for the index to hold at the same level as June’s preliminary reading [...] by Jill Krasny and Noelia de la Cruz The Consumer Financial Protection Bureau (CFPB) has added yet another to-do to its ever-expanding agenda: On Wednesday, CFPB director Richard Cordray vowed to go after big banks that engage in transaction ordering—that is, ordering transactions from biggest to smallest—to hit customers with hefty overdraft fees. “With the fast-moving pace of our modern economy, consumers may engage in numerous transactions and pile up multiple overdraft charges before realizing [...] “The truth is [Cordray] could tell us the CFPB spent $100 million on paper clips last year and there is nothing Congress could do about it. Nothing,” the Alabama congressman said. By Ronald D. Orol, MarketWatch WASHINGTON — Republicans charged Wednesday that a new consumer-mortgage and credit-product watchdog bureau is unaccountable and a “recipe for disaster” because it is funded without the control of the congressional-appropriations process. “We have a [...] Student Protest Forces Sallie Mae To Alter $50 Fee Against Unemployed Borrowers by Mandi Woodruff The country’s largest private student loan lender, Sallie Mae, has changed the $50 penalty it usually charges unemployed borrowers to defer their loans. Instead of going into the lender’s own pockets, the fee will now be applied to students’ loan payments. The lender buckled under pressure from a student-led protest that garnered more than 75,000 signatures from people urging them [...] Smart meters will mean the end of meter readings as the information will be available remotely But of course reading the meter has readout of how much they’ve used and actual bills also give users the actual bill they have to pay. However the government claims to have calculated it will save the country £18.1 billion: The scheme to install new energy meters in every home in the UK should be [...] U.S. consumer sentiment deteriorated in early July to the lowest level since March 2009 on increasing pessimism over falling income and rising unemployment, a survey released Friday showed. Confidence in government economic policies also curdled, the Thomson Reuters/University of Michigan survey showed. U.S. lawmakers are wrangling over a budget deal that would allow the government to raise the debt ceiling—needed so the United States can fund its [...] |
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Gov’t ready to take pensions, 401K’s!!!
Via Michael Krieger of Liberty Blitzkrieg blog,
[ZH: We have discussed this threat over the past several years (must read).] The obvious concept is that when the government runs out of money, or they face a drying up in interest for its debt, they will come for the $19.4 trillion in American’s retirement accounts. It seems that day may be finally drawing near.
I stopped contributing to my 401k back when I worked at [...]