Consumerist
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money meltdown
WaMu Told Washington That Adjustable Rate Mortgages Were Safer Than Some Fixed Ones
The Associated Press says that a review of regulatory documents shows that years before the subprime mortgage crises developed into a full blown economic meltdown— the government ignored warnings and listened instead to lobbyists who represented some of the same banks that have now failed. More » -
aig bailout
AIG: No Bonuses For Top Executives This Year
It's apparently not entirely self-evident that when your company needs a taxpayer bailout you shouldn't get a "bonus," so money-sucking insurer AIG has written a letter to NY Attorney General Andrew Cuomo promising that their top executives will not get bonuses this year. More » -
government
It's A Trap!
In Brooklyn, NY there's a bike lane that directs cyclists onto the sidewalk — and into the waiting arms of the police. (Riding a bike on the sidewalk is illegal.) Whoops. [Gothamist] -
recession watch
Why Doesn't Costco Accept Food Stamps?
The New York Times City Room blog asks an interesting question. Why doesn't Costco accept food stamps? Even farmers markets accept them! What's the deal, Costco? More » -
auto bailout
Auto CEOs Flew Private Jets To Washington To Ask For Your Tax Money
ABCNews says that the big three auto CEOs "flew to the nation's capital yesterday in private luxurious jets to make their case to Washington that the auto industry is running out of cash and needs $25 billion in taxpayer money to avoid bankruptcy." More » -
auto bailout
GM Shares At 66 Year Low, But You Can Get Some For Free!
Hey, here's a new and exciting deal. Buy a car; get 100 shares of GM stock. "Join us in jump starting America," says the sales pitch. Unfortunately, GM's shares are trading at 66 year low today as a bailout looks doubtful. More » -
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remedial finance
Here's A Cartoon Explaining The Types Of Bonds
Slate's "The Big Money" has decided it's time to start educating readers on some core financial principles, and they're starting with the very basics, presented in a "Schoolhouse Rocks!" style. Their first cartoon explains the four types of bonds. Visually, it's a perfect match to the style of the original cartoons, but we hope they work on a catchier jingle for their next installment.
"Musical Numbers: Bonds" [Slate's The Big Money]
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bailout
GM's Prez Begs Customers To Plead On GM's Behalf
Consumerist reader Darkrose writes, "I just got this in my e-mail. Thought you guys might be interested in it." In the email, GM's president Troy Clarke is in high PR mode, pointing out the grave consequences and emphasizing that GM wants not "a bailout but rather a loan that will be repaid." We thought other readers who aren't GM customers would find it interesting.
Tonight, the president of Ford Motors will be on Campbell Brown's "No Bias, No Bull" program on CNN at 8pm ET/5pm PT, presumably to hit similar talking points. Dance, auto monkey! Dance for the TV audience! More »
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It looks like the auto industry bailout doesn't have the votes. [NYT]
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tragicomedy
The Tom Hanks Movie "The Money Pit" Is Actually A Documentary About Our Economy
Over at Slate they've realized that the Tom Hanks movie from the 80s "The Money Pit" is actually just a documentary about our current financial crisis and the bailout of AIG. Specifically, the scene in which the kitchen catches fire and the bathtub falls through the floor. (Video, inside...) More »
government
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