One of the hardest things about going freelance is figuring out what hourly rate to charge. Freelance Switch has an easy-to-use online calculator to helps you figure that out. [More]
economy
Your Household's Share Of The September 2008 Economic Collapse: $104,350
By 5.25.10
A recent report from the Pew Charitable Trusts tallies up each US household’s share in the economic collapse. Your household’s share? $104,350. That includes lost income, government bailouts, and both reduced home values and reduced stock values. [More]
265,000 Homeowners Stuck In "3 Month" Trial Loan Period For 6+ Months
By 5.21.10
Newly released data shows 265,000 homeowners are trapped in loan mod limbo, stuck in “3 month” trial loan periods for over 6 months, reports ProPublica. [More]
10% Of Homeowners Just Missed A Mortgage Payment
By 5.20.10
The Mortgage Bankers Association says that if you just missed a morgage payment, you’re not alone — 10% of homeowners just did the same thing. [More]
Some Homeowners Worse After Getting Rushed Into Gov't Loan Mod Program
By 5.14.10
Despite fulfilling every obligation under trial government-sponsored loan modification programs, some homeowners can end up far worse off than if they had never joined up at all, Propublica reports. That’s because if they’re denied a permanent modification, they have to pay the entire amount that was being discounted, often within a very short period of time. This pushes already strapped families past the breaking point. [More]
America: Eyes Wide Open, Wallet Half Shut
By 5.13.10
Like a tempered blade, America has passed through the fires of recession and emerged stronger and sharper, albeit with some pieces of itself permanently oxidized. What is on our minds? How do we feel and how are we acting in the new economy? Researchers at Communispace surveyed more than 1,200 U.S. consumers, spoke with 694 online community members, and came up with some very interesting results and insights. Here they are, in chunky infographic form: [More]
VIDEO: Unusual Selloff 30 Min Ahead Of Crash?
By 5.10.10
Might there be more to last week’s crash than a “fat fingered” trade, or someone mistakenly entering a “billion” instead of a “million?” An online stock trader has a video showing an unusual spike in trading volume, followed by a very quick sell-off, by funds at large investment firms BlackRock and Vanguard and some other funds 30 to 15 minutes before the big crash. Prescience? Watch the video, check the logs, and decide for yourself. [More]
As Consumer Demand Recovers, Meat Prices Are Going Up
By 5.10.10
Chicken producers like Tyson and Pilgrim’s Pride slashed production in 2008 as feed prices went up and consumer demand for meat fell — but now as the economy recovers the demand is going up — along with prices. [More]
Stock Market Typo/Robot Apocalypse Still Being Investigated
By 5.10.10
Treasury Secretary Tim Geithner will meet with federal regulators and top officials from the NYSE and other exchanges to dicuss whatever the hell happened last Thursday that caused the stock market to completely freak out. [More]
BoA Sued For Taking TARP $ But Not Helping Foreclosures
By 5.7.10
A class action lawsuit has been filed against Bank of America for taking $25 billion in federal TARP bailout money but intentionally failing to live up to its part of the bargain. The deal was that banks were supposed to use use the money to allow struggling homeowners to reduce their payments to affordable levels. “Bank of America came up with every excuse to defer the Kahlo family from a home loan modification, from stating they ‘lost’ their paperwork to saying they never approved the new terms of the mortgage agreement,” said the plaintiff’s attorney. “And we know from our investigation this isn’t an isolated incident.” Bank of America declined to comment.
Washington homeowners file class action against Bank of America [Seattle PI]
Cops Break Down Door To Foreclosure Protest House, Carry Away Homeowner
By 5.7.10
The cops in Wood County, Ohio have broken down the door to the foreclosure protest house and arrested the homeowner and several protesters who had spent the week barricaded inside. As you can see here, the homeowner was literally carried off the property by the authorities. [More]
Wall Street's Biggest Drop Ever Caused By Typo?
By 5.7.10
The AP says that a computerized selloff that may have been caused by a typo (the theory is that someone typed $16 billion when they meant $16 million) caused the biggest ever drop during a trading day. How could one typo result in such massive turmoil? The idea is that the erroneous trade triggered other computers to sell. [More]
Goldman Riskier Than Citigroup
By 5.6.10
Bond markets slammed Goldman Sach this week, making the firm pay more for cashizzle then even the bailed-out Citigroup. Goldman’s yield rose to 2.79 percentage points over Citigroups’ 2.29. At the end of March, before the legal and regulatory headaches began, Citigrouop’s spread was wider than Goldman’s by .45 percentage points. Higher yields on debt usually indicate a higher risk of default or other negative credit events. Concerns continue to mount over how long and how deep the firm will be tainted by the SEC’s civil lawsuit and the investigation by federal prosecutors, and what other skeletons the scrutiny might shake out.
Blankfein’s Bonds Are Riskier Bet Than Pandit’s: Credit Markets [Bloomberg]
Banks Gone Amok, Unlawfully Foreclosing
By 5.5.10
“Darnit, where was that mortgage modification paper? I knew I put it somewhere. Oh well, let’s just foreclose on these people’s house. STAMP! Whoo, that was tough. Time to treat myself to a Diet Coke.” That’s an imaginative reenactment at what’s going on inside the mortgage departments of the biggest banks in America: total disorganization, the right hand not knowing what the left is doing, a bureaucratic and document-strewn nightmare that can swallow up people’s homes right from under them. [More]
What It's Like To Buy A Short Sale House (Hell, With Benefits)
By 5.3.10
With the housing bubble burst and evaporation of credit, short sales have grown in popularity as debtors behind on their mortgage seek to offload their depreciated property and avoid the derogatory effects a foreclosure can have on their credit report. Ads in the paper and tacked onto telephone poles at intersections scream about the great steals to be had.But what is it actually like to go through this process whereby the bank agrees for the house to be sold at a small loss instead of incurring the sizable fees a full foreclosure would entail? A lot harder than the brightly colored bold letters would have you believe. Long-time reader kyleorton walks us through what he went through to buy his a house listed at $274k via short sale for $229,000, a procedure complicated by Bank of America bureaucracy and a seller’s agent that didn’t feel like doing any work. [More]
Ouch: Spain Has 20% Unemployment
By 4.30.10
The overall unemployment rate in the EU is about 10%, but Spain is being especially hard hit by the economy and has reached 20%. Ouch. [More]
Chase To 15% Of Cardholders: Drop Dead
By 4.16.10
15% of current Chase credit card users are going to get the axe, Chase CEO Jamie Dimon announced in a shareholder letter this week. “In light of new regulations,” that forbid sucking in customers with zero-interest introductory rates and then ratcheting up lunatic penalty rates, “we deem them too risky.” Other highlights from the letter (PDF): [More]
See The Fortune 500 Magazine Cover That Was Too Brutally Honest To Run
Fortune magazine commissioned artist Chris Ware to design a cover for their 2010 Fortune 500 issue, so he did. Unfortunately, what he delivered was a detailed, funny, and biting commentary on the current state of our economy–with banker types dancing on the top of mega-buildings that spell out “500,” a factory in Mexico churning out big box merchandise, and a “401k cemetary.” Fortune rejected it, but hasn’t provided any comment on why. Well, okay, it’s probably self-evident why they killed it, but it’s still funny. [More]