The Washington Post says that the Treasury Department and the FDIC are considering a plan to guarantee millions of mortgages. According to the WaPo, the plan under consideration would encourage lenders to reduce borrowers monthly payments based on the homeowner’s ability to pay. To attract lenders into the program, the government would guarantee to repay the lender for a portion of its loss if the borrower defaulted on the reconfigured loan.
government
Fail: Giant Metaphor For Digital TV Transition Performs As Expected
By 10.21.08
The Federal Communications Commission and its benevolent overlord, Mr. Kevin Martin, recently spent $350,000 to sponsor a NASCAR team for 3 races. The “Digital TV Transition Ford” sponsored by the Federal Communications Commission crashed during its inaugural NASCAR race Sunday afternoon, says the WSJ.
AIG Was Spending Taxpayer Money Lobbying Against Mortgage Regulation
By 10.21.08
AIG apparently spends a pretty significant chunk of cash lobbying politicians, says the WSJ, a practice they’re being forced to abandon as they come under more scrutiny from lawmakers.
Wireless Carriers Tell Senate: "Text Messaging Rates Have Dropped, And Your Queries Have Led To Lawsuits Against Us!"
By 10.14.08
The national wireless carriers have responded to the Senate’s request for information on why its text-messaging fees have doubled over the past three years. Their collective response: they haven’t gotten more expensive, they’ve gotten cheaper—and your public suspicion of our business practices has led to lots of class action lawsuits!
Confronted With Hotel Bills, AIG Says, "This Is Totally Normal!" And "We're Having Another One!"
By 10.8.08
AIG says that the “retreat” that ABC News reported on the other day was really just an event for AIG’s top independent agents — and that only 10 employees were present out of 100 attendees. Here’s how they explain in a press release:
By 10.3.08
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Those of you interested in watching the bailout bill debate in the House can see it streaming on CSPAN, or read a liveblog on the NYT.
Bailout Plan Gets Tax Cuts And Other "Sweeteners" To Help It Pass
By 10.1.08
Despite the fact that unprecedented outcry from taxpayers overwhelmed the servers hosting the Web sites of the House and its members, forcing administrators to limit e-mails from the public for the first time ever, the steady push toward a bailout plan continues. The newest version of the plain contains what CNN is calling “sweeteners” — tax cuts and health care reforms that are meant to appeal to the holdouts.
Toy With A Budget More Depressing Than Your Own… The Federal Government's!
By 9.30.08
Think you’d do a better job at balancing the budget than Presidential Candidate X or Presidential Candidate Y? Now you can! American Public Media has put together the world’s most depressing game. You are asked to meet certain goals (you decide what they are, so you can choose to be either candidate, or a treehugger, or a socialist, or a libertarian, or a pr person for Walmart, whatever it is that you actually are) by playing different budget-affecting cards (Example: You can end “No Child Left Behind” and save $110 B.)
Medicare Costs Going Up In 2009, So Be Ready To Compare Plans
By 9.27.08
If there’s one group of Americans who don’t carry their weight and need to pay more money to the healthcare industry, it’s those layabout senior citizens! That’s why their Medicare drug premiums are increasing by an average of 31% for the 10 most popular plans beginning in 2009. If you were with Humana, formerly the cheapest Medicare drug plan you could get (its premium was $9.51 in 2006), you can expect to pay $40.83 per month in 2009, an increase of 60% over this year’s rate. As you would expect, Humana is no longer the cheapest option—so it may be time to shop around for a new plan.
BREAKING: Congress Has A Bailout Plan
By 9.25.08
CNN says that a deal has been reached — sort of. A bipartisan counterproposal to Bush’s $700 billion bailout plan has been drafted. The plan calls for caps on executive pay, and provides oversight on the Treasury’s actions.
What Else Can $700 Billion Buy?
By 9.24.08
A while back the New York Times was concerned about the cost of the Iraq War and published some estimates of what else we could have bought with that money. We didn’t find that very interesting at the time, but now, while trying to wrap our minds around just how effing huge the $700 billion proposed bailout of Wall Street really is, we decided to revisit that article. Here’s what you can buy for less than $700 billion, according to the New York Times.
American Airlines Says Some Customers Are More Equal Than Others
By 9.23.08
It’s true, you’re all going to the same place, but American Airlines has decided to debut new dedicated lanes available only to the “elite” members of the AAdvantage program, full-fare coach customers, AAirpass holders and passengers in business and first class. The lanes will direct these desirable individuals swiftly through the airport from check-in to boarding — including security.
How To Write To Congress
By 9.23.08
Writing to Congress is the single best way to express your view on public policy. The average consumer has a surprising ability to influence legislation by crafting a well written missive. Let’s find out what the common mistakes to avoid are, how the process works, and the best ways to ensure your letter has the greatest impact.
What Will The Largest Government Bailout Of Private Industry In US History Look Like?
By 9.22.08
A bailout of some kind is coming, but no one seems to know what it will look like and who it will help. The Wall Street Journal says that Senate Banking Committee Chairman Christopher Dodd of Connecticut has some ideas that might not go over too well with the Treasury Department.
Congress Asks Wireless Carriers To Justify Text Message Rate Increases
By 9.10.08
The similar price increases, coming at similar times, Kohl said, “is hardly consistent with the vigorous price competition we hope to see in a competitive marketplace.”
Washington Considering $25 Billion Loan Handout For U.S. Auto Makers
By 9.9.08
What do you do when your industry starts to go belly up and you can’t make enough revenue to stay afloat? If you’re a short-sighted U.S. auto maker, you beg the government for $25-50 billion in immediate, low-interest loans in order to retool your plants, so you can start producing the hybrid cars you should have been planning years ago.
Help! Chase Suddenly Wants Me To Buy Tons Of Flood Insurance!
By 9.2.08
Reader Nate and his wife recently bought their dream home, which they admit is more modest than most people’s dream homes, for $60,000. During closing, they wrote in their offer “that if the home was found to be in a flood plane we withdrew our offer,” but were happy to find out that the house was, in fact, not in a flood plain. That is, until Chase, decided that their house was in a flood plain after all and is requiring $185,000 in flood insurance.
Hooray! Newegg Stops Collecting New York Sales Tax
By 8.22.08
Reader Duke has forwarded us an email he got from Newegg explaining that as of yesterday they are no longer collecting New York state taxes. Hooray! Of course, you still have to pay your sales tax… but now it’s your responsibility.
