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The World’s Economies Try To Prevent Another Crisis

Monday, June 28th, 2010

Banks might have to operate under tighter rules in order to avoid another global financial slump.

  • Some of the world’s largest economies are designing major regulations for banks that would ensure they are prepared to absorb large financial losses and avoid another financial meltdown.
  • The negotiations, called Basel III, require banks to have secure and defined assets that they can hold against short- and long-term financial losses. But after a meeting on Sunday it seems that it could be years before these regulations are put into place.
  • Banks are reluctant to adopt these regulations. They argue that they could slow the global recovery from the recent economic crises.

Facts & Figures

  • If Basel III is put into place, the economic growth of the United States and Japan could fall 3% by 2015

Best Quote

“The quality and amount of capital in the banking system must be significantly higher to improve loss absorbency and resiliency.”  - Mr. Draghi, Governor, Bank of Italy.

Combating Homelessness From Every Angle

Monday, June 28th, 2010

The Obama administration gets into the nitty-gritty of the helping the nation’s staggering number of homeless citizens.

  • The homeless population in the United States is growing and does not just include single adults but also countless American families.
  • On June 22nd, the Obama administration unveiled a plan to combat increasing homelessness. The plan, called “Opening Doors,” aims to eradicate homelessness for single adults, families, children, and veterans.
  • The first step will be to examine what strategies have worked in cities and counties across the nation. Chicago’s push for affordable housing was so successful that the Obama administration hopes to apply it nationwide.

Facts & Figures

  • The number of homeless families had increased by 30% in the past two years
  • The number of homeless veterans of the Vietnam war is greater than the number that died in it.

Best Quote

“This is a tragedy we can solve.” – Shaun Donovan, Chair, Inter-agency Council on Homelessness.

White South Africans Fall On Hard Times

Friday, June 25th, 2010

Repairing apartheid in South Africa wasn’t beneficial for everyone…

  • In the last decade, the number of white South Africans living below the poverty line has greatly increased, contradicting the common stereotype of white South African privilege and black South African persecution.
  • In response to years of apartheid, the government removed some of the safety net that kept poor white citizens afloat, and replaced it with harsh affirmative action laws that guaranteed black South Africans more economic opportunities.
  • Today, many poor white South Africans have been forced to squat in cramped trailer parks, some without electricity or running water.

Facts & Figures

  • White unemployment nearly doubled between 1995 and 2005
  • Ten percent of the white South African population live below the poverty line

Best Quote

“The vast number in black poverty does not mean we must ignore white poverty, which is becoming an embarrassment to talk about.” - Jacob Zuma, South African President

The Ups and Downs Of A Carbon Tax in Britain

Friday, June 25th, 2010

To tax or not to tax? Will imposing a carbon tax have enough advantages to not disgruntle the British population?

  • A British economic-modeling firm (Cambridge Econometrics) evaluated the effect a carbon tax would have on the country’s economy and environment.
  • The results were mixed. Experts found the tax would boost the overall economy by increasing gas-fired power stations and decreasing expensive wind power operations. However, Britain depends on gas already, and encouraging its use would only speed up the country’s dwindling supply.
  • A carbon tax would also be much simpler than then hodgepodge of environmental laws and tax breaks already in place. The tax would regulate the price of carbon so that if people pollute, they pay for it, encouraging greener technologies.

Facts & Figures

  • With a carbon tax, Britain would raise an extra 11 billion pounds by 2015.
  • Average fuel bills would also grow by 0.5 % by 2020.

Living In Walt Disney World

Thursday, June 24th, 2010

Walt Disney Co. plans to develop an expensive vacation-home real estate community – “Golden Oak” – in Walt Disney World in Florida.

  • Golden Oak homes will be priced between $1.5 and $8 million dollars, placing them at the very top of the Orlando area housing market.
  • Construction on the first homes is expected to be finished in 2011.
  • There is another real estate development next to the theme park – “Celebration” – that is more economically diverse and generally considered a successful project.

Facts & Figures

  • The average price of new home listings in the Orlando area in 2010 is about $243,000.
  • The proposed plan includes 450 homes, a 445-room Four Seasons hotel, 2 updated golf courses, a clubhouse, parks, walkways, and wetlands.

Best Quote

“This may be the first time that a kind of man-made entertainment center has generated that kind of real-estate activity.” – Elizabeth Plater-Zyberk, Dean of Architecture at the University of Miami

Why Greece’s Debt Is Our Problem

Wednesday, June 23rd, 2010
Will Europe’s shaky financial situation cross the pond to the U.S.?
  • Moody’s – a major credit rating agency – handed Greece an awful credit score on Monday, and Wall Street reacted with a distinct slump.
  • The low credit score means low confidence in Greece’s ability to dig out of its debt crisis. Even the bailout plan set out by Greece’s neighbors wasn’t enough to convince the analysts at Moody’s that things would turn around anytime soon.
  • The fact that the U.S. market reacted so directly to this news illustrates the strong link between the European and U.S. economies. Still, analysts predict that the U.S. economy will continue to grow despite this temporary setback.

Facts & Figures

  • The DJIA was down 20.18 points (-0.2%) by the end of Monday
  • At the same time, the value of Bank of America stock fell 1.22% and JPMorgan stock dropped 2%

Best Quote

“It was not a huge surprise that Moody’s is following suit. But it is another reminder of the negative news stream coming out of Europe.” – Win Thin, Currency Strategist, Brown Brothers Harriman

Foreclosed Homes: A Good Deal For Buyers?

Wednesday, June 23rd, 2010

The number of foreclosures on private homes continues to increase, and it shows no indication of stopping in 2010.

  • Between 3 and 3.5 million houses in the U.S. are expected to go into foreclosure in 2010 (up from 2.8 million in 2009).
  • Foreclosed homes are sold “as is,” so there are many potential complications and hidden costs.
  • It’s typical for bank-owned homes to have electricity, gas, and water completely turned off, emphasizing the importance of buyer inspections.

Facts and Figures

  • There have been more than 300,000 homes per month for 15 consecutive months that received foreclosure notices.
  • An estimated 45% of adults may consider purchasing a foreclosure.
  • Some banks are offering financial incentives to those buying foreclosures.

Best Quote

“We’ve plateaued at an unprecedented level of foreclosure activity.” – Rick Sharga, Senior Vice President of RealtyTrac

Gates And Buffett Encourage Fellow Billionaires To Give It Away

Wednesday, June 23rd, 2010

For the past year, Bill Gates and Warren Buffett have been campaigning to get other American billionaires to donate at least half of their fortunes to charity.

  • People are asked to donate their money either during their lifetime or after death.
  • Most of the money raised by charities comes from normal people donating $5-$50 at a time.
  • Gates and Buffett encourage large donors to publicly pledge and explain their decision.

Facts and Figures

  • Buffett donated 99% of his $46 billion fortune to charity in 2006.
  • Gates and Buffett believe they can generate $600 billion through these pledges.
  • American philanthropies received $300 billion in donations in 2009.
  • Only 17 people on the Forbes’s 400 wealthiest people in America are also on the Chronicle of Philanthropy’s list of the most generous American donors.

Best Quote

“The pledge is a moral commitment to give, not a legal contract. It does not involve pooling money or supporting a particular set of causes or organizations.” – A written statement by Bill Gates, Co-Founder of Microsoft Corporation and Warren Buffett, chairmenn and CEO of Berkshire Hathaway Inc.

Obama Attempts To Repair An Environmental Disaster

Tuesday, June 22nd, 2010

President Obama reacts with strict environmental regulations in response to the BP oil disaster.

  • On Tuesday night, the president addressed the United States regarding his plans to repair, repay, and prevent damage caused by the BP oil spill in the Gulf of Mexico.
  • Obama is proposing a multi-billion dollar compensation plan for Gulf residents that BP seems unlikely to agree to.
  • In order to prevent more harm to the environment, Obama says he will develop new energy sources, expand nuclear power, and is considering a tax on carbon to reduce pollution.

Best Quote

“Make no mistake, we will fight this spill with everything we’ve got for as long it takes. We will make BP pay for the damage their company has caused. And we will do whatever’s necessary to help the Gulf Coast and its people recover from this tragedy.” – President Barack Obama

Motivating Children Of Wealthy Families To Work

Tuesday, June 22nd, 2010

Affluent parents struggle to maintain a balance between helping their children financially and teaching them how to become self-sufficient.

  • While parents mean well by providing financial help, they may be hampering their child’s productivity and preventing them from learning the value of work.
  • Affluent or not, parents are concerned how to raise productive children. Setting financial limits and sticking to them can help ensure that their children don’t depend on what they see as an endless supply of money.
  • Banks like Gibraltar and J.P. Morgan have begun to offer classes and seminars focusing on understanding and managing finances and preparing for the future.

Best Quote

“You have to help a kid understand what it means out there. You can’t expect kids to go out in the world and be self-sufficient if they don’t know what a utility bill is.” – Joline Godfrey, Chief Executive of Independent Means

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