The New York Times has an article that tells the unfortunate tale of Diane McLeod and her love affair with debt. She started out “debt free” when she got married, but after a divorce she’d managed to accrue $25,000 in credit card debt. Despite not having a down payment or any assets, Diane was given a $135,000 mortgage. Over the next few years, illness, underemployment, and shockingly irresponsible spending combined disastrously with the bank’s willingness to refinance her loan as her home appreciated (for a fee, of course). 5 years later, Diane owes $237,000 on her mortgage. She’s in foreclosure now, and a recent sheriff’s auction of the home did not draw a single bidder. A similar house down the street recently sold for $84,000 less than she owes on her home.
economy
Devastated Latte Lovers (Allegedly) Launch "Save Our Starbucks" Campaigns…
The Wall Street Journal would have you believe that devastated Starbucks-lovers all over this nation are launching campaigns to try to save their “beloved” Starbucks. We’re not entirely sure that we believe this based on the single example given in the article, but we’ll play along…
A Complete List Of Starbucks Locations That Will Be Closing
Starbucks has released the complete list of stores that will be closing. You can browse the full list, organized alphabetically by state, inside.
Coca-Cola: Expect Higher Prices After Labor Day
The U.S. Coca-Cola market just isn’t what it used to be — bottler Coca-Cola Enterprises’ profit fell 23% due to commodity costs and sluggish U.S. sales. The solution? Raise prices. You can expect battled Coke to cost a little more after labor day.
10 Banks That Could Be Next To Go Under
IndyMac bank going under probably has you wondering, is my bank next? Various analysts are predicting that hundreds of small and regional banks could collapse in the next year. Here’s the top 10 list of the nation’s most troubled banks…
IndyMac Failure Demonstrates That The FDIC's Customer Service Skills Could Use Some Work
We’re always told not to worry about our bank failing because our deposits are insured up to $100,000 by the FDIC. Well, in case you were wondering what happens when a bank actually does fail, look no further than the great state of California, where IndyMac has been taken over by federal regulators and its customers are getting a taste of all the FDIC has to offer.
Federal Reserve Chairman Thinks High Gas Prices Are Here To Stay
Federal Reserve Chairman Ben Bernanke told congress today that he expects the economy to stay sluggish, and was extremely pessimistic about the price of oil in the future. Despite the the airline industry’s open letter to consumers claiming that speculators are driving up the price of oil and causing a commodities bubble, Bernanke doesn’t agree.
A List Of Starbucks Stores That Will Close By The End Of The Month
Starbucks is releasing the list of the first batch of stores that are getting the axe. These stores will be closing by the end of the month.
Charity Founded To Help People In Remote Areas Obtain Basic Medical Care Sets Up Shop In The United States
Getting your basic health care from a charity organization isn’t just for people in remote areas anymore, according to 60 Minutes. Meet RAM — Remote Area Medical — a charity founded to bring basic health care: vision, dental, and mammograms, for example, to remote parts of the world. What remote areas are they working in now? Try Knoxville, Tenn.
U.S. Treasury Attempts To Save Freddie, Fannie, Avert Apocalypse
This Sunday the Bush administration asked Congress to approve a “rescue package” that would give officials the ability to inject “billions of federal dollars” into Freddie Mac and Fannie Mae. The Federal Reserve also announced that it would make its short-term lending programs available to Freddie and Fannie, said the NYT.
See How Soaring Gas Prices Have Impacted Your Community With This Transportation Cost Heat Map
The Center for Neighborhood Technology has an fun (but painfully slow) interactive map that will allow you to see how soaring transportation costs are impacting different metro areas across the US.
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Behold! A map of the Starbucks locations that are rumored to be closing. If you know of a location that’s getting the ax, you can submit your information to the Seattle Times. [Seattle Times via Starbucks Gossip]
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The WSJ Buzzwatch blog has a list of 50 things that are being blamed on the high cost of oil. Not all of them are bad, apparently my hometown of Elgin, IL is getting a new wind-turbine parts plant. [WSJ Buzzwatch via Kottke]
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If you’re wondering which 600 Starbucks locations are going to be closed, well, you can just keep on wondering. [Bizjournals via Starbucks Gossip]
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The current standby policies of 12 airlines. Free standby is going… going… [Dan’s Deals]
Midwest Airlines CEO Takes 40% Pay Cut
CEO Timothy Hoeksema will accept a pay cut of 40% as Midwest Airlines attempts to cut costs. From The Business Journal of Milwaukee:
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Anyone got $15 billion laying around? Merrill Lynch says GM needs it. Bad. [Reuters]
Starbucks To Close 600 Stores, Cut Up To 12,000 Jobs
MSNBC says that Starbucks has announced that it will be closing 600 locations in the US and could eliminate up to 12,000 full and part-time jobs. Previously, the company had announced that it would close only 100 stores.
