On Obama’s desk is a financial reform bill designed for Wall Street. We do not want one more recession and want to stop helping banks. However, that brings up the issue of which institutions really were bailed out, or benefited probably the most. The public should know who was bailed out since they funded.
Much of the bailout given to Wall Street
According to CNN Money, there were 707 banks that participated within the Troubled Asset Relief Program, or TARP. From those 707 banking institutions, 690 of them had to split $ 40 billion between them. The average for those 690 banks is $ 57,971, 014.49 apiece. The government has been paid back by 13 of the 17 institutions that got many of the bailout given to them. Profitability is shown by the, according to Market Watch, $ 4.8 billion reported in profit by JP Morgan chase in the second quarter.
Main street left struggling
Smaller banks in the CPP, Capital Purchase Program, as outlined by the CNN article, received $ 15 billion of the $ 40 billion. Main street banks weren’t definitively left within the lurch, but the banks which were too big to fail certainly weren’t allowed to. Debts for those who received CPP loans have only been paid by 10 percent so far. Out of the small banks that still owe money from CPP loans, 15 percent have missed at least one payment.
Feed the wolves to conserve the sheep
The financial crash in 2008 still has Wall Street at the heart of it. The financial reform bill demands more responsibility as shown by the $ 550 million fine Gorman Sachs just received from the SEC, and it could be normal to have standards that are strict now. However, what happens if Main street banks go under? Will we have to choose from a small list of institutions that just cost us $ 700 billion or more to look at over our money?
More info about this topic at these websites
CNN Money on TARP
money.cnn.com/2010/07/14/news/economy/Main_Street_banks_TARP/index.htm
CNN on Goldman
money.cnn.com/2010/07/15/news/companies/SEC_goldman/index.htm
Market Watch
marketwatch.com/story/jpmorgan-chase-reports-second-quarter-2010-net-income-of-48-billion-or-109-per-share-on-revenue1-of-256-billion-2010-07-15?reflink=MW_news_stmp
Monday, July 26, 2010
Wednesday, July 21, 2010
NAACP and Tea Party feuding, but what will come of it?
The National Association for the Advancement of Colored People and also the so-called Tea Party have entered into a tiff. They shall fight on the beaches and so forth of the press. The Tea Party is pushing racist messages, according to the NAACP. The Tea Party says the NAACP is racist and covering for criminal actions of the New Black Panther Party. Sturm, and punditry from both sides of the aisle has started to spew forth. Resource for this article – NAACP and Tea Party feuding, but what will come of it by Personal Money Store.
The NAACP side
You will find photos of Tea Party attendees holding signs that the NAACP, and numerous others, contend are racist. The sick and twisted individuals in question don’t necessarily represent the Tea Party movement, but the NAACP is assuming there’s guilt by association. In fact, Tea Party rally organizers have been beginning to ban that sort from attending.
What the Tea Party said
The Tea Party’s counter-claim is that the NAACP is helping cover up an event involving some members of the New Black Panther Party. The NBPP had a few members outside a voting station during the 2008 election which was investigated by the US Attorney’s office. The case was dropped, and accusations of a cover-up at the behest of Obama appointees started quickly.
Which one is the villain?
This controversy gives MSNBC and Fox News something to talk about so they can sell commercials for TV and talk radio shows. Pundits will get paid, but it will advance neither cause nor do anything about real racism.
The NAACP side
You will find photos of Tea Party attendees holding signs that the NAACP, and numerous others, contend are racist. The sick and twisted individuals in question don’t necessarily represent the Tea Party movement, but the NAACP is assuming there’s guilt by association. In fact, Tea Party rally organizers have been beginning to ban that sort from attending.
What the Tea Party said
The Tea Party’s counter-claim is that the NAACP is helping cover up an event involving some members of the New Black Panther Party. The NBPP had a few members outside a voting station during the 2008 election which was investigated by the US Attorney’s office. The case was dropped, and accusations of a cover-up at the behest of Obama appointees started quickly.
Which one is the villain?
This controversy gives MSNBC and Fox News something to talk about so they can sell commercials for TV and talk radio shows. Pundits will get paid, but it will advance neither cause nor do anything about real racism.
Monday, July 19, 2010
Mel Gibson tapes prove crackpots better off silent
Mel Gibson has received many publicity from the scandal between him and Oksana Grigorieva, his ex-girlfriend. None of it is good. Lawyers are costly, but he may have to pay it considering he is looking at a domestic violence charge with lawsuits. There were rumors of a domestic dispute. Adding domestic violence on top of the release of the “Mel Gibson tapes,” which are disturbing to put it mildly, add a darker layer This could seriously hurt his career.
Mel Gibson tapes show a verbal assault
It is a shame he didn’t sell the “Mel Gibson tapes”. He could make quite a bit of money if he simply trademarked the phrase. Radaronline.com shows these videos that, if they are real, he is probably not able to come back from in his career. His agency, William Morris Endeavor, already fired him. The thing about Hollywood is that if you don’t have an agent, you do not have a SAG card, which means you do not work as an actor or director, or at least it is very hard to do so. Gibson could be seeing the end of his career.
Tolerance fades easily
After this “Mel Gibson tapes” saga, there likely won’t be a “Lethal Weapon 5.”. Even though it may be wrong, individuals are allowed to believe whichever they want. No matter what they say, the government won’t be able to really do anything. There are going to be other consequences.
Who wants to keep a crazy person around?
Does John Rocker sound familiar? The Atlanta Braves kicked out the baseball player who made racist comments. Look at Rush Limbaugh. After the Donovan McNabb debacle, he was right away shown the door by ESPN. Another example is the NFL player, Larry Johnson. He was released after his homophobic comments he made publicly. He also wasn’t playing very well. Just because somebody is racist or prejudice doesn’t mean they can stay around working individuals.
Citations
RadarOnline.com
radaronline.com/exclusives/2010/07/exclusive-audio-out-control-mel-gibson-says-hell-burn-down-house-after-demanding
Mel Gibson tapes show a verbal assault
It is a shame he didn’t sell the “Mel Gibson tapes”. He could make quite a bit of money if he simply trademarked the phrase. Radaronline.com shows these videos that, if they are real, he is probably not able to come back from in his career. His agency, William Morris Endeavor, already fired him. The thing about Hollywood is that if you don’t have an agent, you do not have a SAG card, which means you do not work as an actor or director, or at least it is very hard to do so. Gibson could be seeing the end of his career.
Tolerance fades easily
After this “Mel Gibson tapes” saga, there likely won’t be a “Lethal Weapon 5.”. Even though it may be wrong, individuals are allowed to believe whichever they want. No matter what they say, the government won’t be able to really do anything. There are going to be other consequences.
Who wants to keep a crazy person around?
Does John Rocker sound familiar? The Atlanta Braves kicked out the baseball player who made racist comments. Look at Rush Limbaugh. After the Donovan McNabb debacle, he was right away shown the door by ESPN. Another example is the NFL player, Larry Johnson. He was released after his homophobic comments he made publicly. He also wasn’t playing very well. Just because somebody is racist or prejudice doesn’t mean they can stay around working individuals.
Citations
RadarOnline.com
radaronline.com/exclusives/2010/07/exclusive-audio-out-control-mel-gibson-says-hell-burn-down-house-after-demanding
Google App Inventor for Android lets everyone create custom apps
Google App Inventor for Android enables you to create your own Android apps. App Inventor is a new tool in Google Labs that makes it easy for anybody to create mobile applications for their Android phone without knowing a stitch of code. Instead of learning Android’s Java code, App Inventor lets you to drag and drop the fundamental building blocks of basic apps to build unique Android apps from scratch.
Article source: Google App Inventor for Android lets everyone create custom apps by Personal Money Store
Will App Inventor start free-for-all in Android market?
As smartphones become the computers individuals rely on most, people should be able to create their own apps, Google said in Monday’s announcement of App Inventor for Android . The New York Times reports that to gain the upper hand in the Android market, App Inventor is one more way for Google is opening its technology to all developers. The strategy starkly contrasts that of Apple, Google’s main smartphone rival, which is known to have notoriously strict standards for iPhone app development. In the Android/Apple battle, the strategy seems to be working. Apple’s iPhone finished second to Android phones for the first time in first quarter sales this year.
Geek community upset by App inventor
The concept behind App Inventor is that if everyone can be app creators, Android will supplant Apple’s iPhone as the dominant smartphone platform. Geeks within the upper echelons of the programming world do not like this part of Google’s Android/Apple market strategy. Tech Crunch calls App Inventor “ugly” and wonders if it is either a “gateway drug for Android app development” or “a Doomsday device that will muck up native app development on the platform” . Tech Crunch laments the rise of WYSIWYG HTML editors, saying the tools that made it easy for anyone to create web pages easily filled the web with garbage.
App Inventor – one person’s trash is an additional person’s treasure
App Inventor enters a landscape where the quality of Android apps is mediocre to start with, said Larry Dignan at ZDNet. Numerous apps are simply useless on iPhone also as Android, he said. However, the beauty of App Inventor is that “useless is in the eye of the beholder”. There will be clunkers but marketplace demand will determine what is or is not useless. More than 225,000 apps are accessible at Apple’s Apps Store. With the introduction of App Inventor, AndroidLib estimates the Android market will easily have more than 100,000 mobile apps.
Discover more details:
nytimes.com
techcrunch.com
zdnet.com
Article source: Google App Inventor for Android lets everyone create custom apps by Personal Money Store
Will App Inventor start free-for-all in Android market?
As smartphones become the computers individuals rely on most, people should be able to create their own apps, Google said in Monday’s announcement of App Inventor for Android . The New York Times reports that to gain the upper hand in the Android market, App Inventor is one more way for Google is opening its technology to all developers. The strategy starkly contrasts that of Apple, Google’s main smartphone rival, which is known to have notoriously strict standards for iPhone app development. In the Android/Apple battle, the strategy seems to be working. Apple’s iPhone finished second to Android phones for the first time in first quarter sales this year.
Geek community upset by App inventor
The concept behind App Inventor is that if everyone can be app creators, Android will supplant Apple’s iPhone as the dominant smartphone platform. Geeks within the upper echelons of the programming world do not like this part of Google’s Android/Apple market strategy. Tech Crunch calls App Inventor “ugly” and wonders if it is either a “gateway drug for Android app development” or “a Doomsday device that will muck up native app development on the platform” . Tech Crunch laments the rise of WYSIWYG HTML editors, saying the tools that made it easy for anyone to create web pages easily filled the web with garbage.
App Inventor – one person’s trash is an additional person’s treasure
App Inventor enters a landscape where the quality of Android apps is mediocre to start with, said Larry Dignan at ZDNet. Numerous apps are simply useless on iPhone also as Android, he said. However, the beauty of App Inventor is that “useless is in the eye of the beholder”. There will be clunkers but marketplace demand will determine what is or is not useless. More than 225,000 apps are accessible at Apple’s Apps Store. With the introduction of App Inventor, AndroidLib estimates the Android market will easily have more than 100,000 mobile apps.
Discover more details:
nytimes.com
techcrunch.com
zdnet.com
Why opting out of debit card overdraft coverage is a good idea
If you are like many people, you have a debit card. By now, you need to have gotten a letter from the bank asking you if you would like to continue with the bank’s standard overdraft coverage. This letter is a result of new credit card rules that require banks to ask you if you would rather opt out of paying for an overdraft and just have your purchase declined. Consumer complaints about spiraling bank overdraft fees helped spur the change in regulations . If you haven’t made your decision yet, keep in mind that banks are selling the service for one reason: they make money doing it.
Post resource: Why opting out of debit card overdraft coverage is a good idea by Personal Money Store
The scam of debit card overdraft coverage
Jeff Gelles at the Philadelphia Inquirer reports that when debit cards came into fashion, banks saw a new way to steal from their customers by confusing them about the nature of debit and credit cards. Debit cards draw on money inside your checking account. When your checking account runs dry and also you use your debit card, overdraft coverage charges you a hefty overdraft fee. That’s where the “$ 40 cup of coffee” came into being. Rather than letting your bank pick your pocket with debit card overdraft coverage, it makes more sense to get a payday loan when you are short of cash.
Big bank pulls overdraft fees—could others follow
You should take this possibility to break free from your bank’s overdraft coverage, Gelles said. That’s’ such good advice, even Bank of America agrees with him. Bank of The US announced in March that it will no longer offer debit card overdraft coverage. The New York Times reports that other banks could be forced to do the exact same to compete for customers, although the lost revenue will cost tens of millions of dollars a year.
Bank overdraft fees get out of hand
As the offending transaction goes unnoticed, debit card overdraft fees can get out of hand in a hurry. Gelles said the Starbucks barista doesn’t say, “You know this is an overdraft, don’t you?” so when you get dinged once, you may get dinged again and again until you realize what’s going on. There are no legal limits to how many times you are able to get penalized. Wachovia will charge you for up to four overdrafts, or $ 140, a day. Citizens Bank, not quite as concerned about customer well being, will gladly pilfer $ 37 each for up to seven overdrafts a day: $ 259.
Get organized to keep away from bank overdraft fees
The new credit card rules about bank overdraft fees draw attention to the problem that too many consumers are poor managers of their checking accounts. In a press release, tips for avoiding overdraft fees or the unpleasant experience of having a purchase declined are offered by Michael S. Kappas, President and CEO of Apprisen:
1. Do not forget that an updated check register has a more accurate account balance than an ATM slip.
2.Keep track of all deposits, withdrawal slips and purchase receipts. Record those as part of your check register.
3.Know your checking account balance before you make a debit card purchase or ATM withdrawal.
4. Whether you write checks or not, balance your account once a month.
5. Pad your checking account with “ghost” funds. Throw an extra few hundred bucks in there and don’t write it within the register. Account for the additional cash whenever you balance the account.
6. Make certain you are aware of the possibilities your bank provides for avoiding potential overdraft situations.
philly.com
nytimes.com
prweb.com
Post resource: Why opting out of debit card overdraft coverage is a good idea by Personal Money Store
The scam of debit card overdraft coverage
Jeff Gelles at the Philadelphia Inquirer reports that when debit cards came into fashion, banks saw a new way to steal from their customers by confusing them about the nature of debit and credit cards. Debit cards draw on money inside your checking account. When your checking account runs dry and also you use your debit card, overdraft coverage charges you a hefty overdraft fee. That’s where the “$ 40 cup of coffee” came into being. Rather than letting your bank pick your pocket with debit card overdraft coverage, it makes more sense to get a payday loan when you are short of cash.
Big bank pulls overdraft fees—could others follow
You should take this possibility to break free from your bank’s overdraft coverage, Gelles said. That’s’ such good advice, even Bank of America agrees with him. Bank of The US announced in March that it will no longer offer debit card overdraft coverage. The New York Times reports that other banks could be forced to do the exact same to compete for customers, although the lost revenue will cost tens of millions of dollars a year.
Bank overdraft fees get out of hand
As the offending transaction goes unnoticed, debit card overdraft fees can get out of hand in a hurry. Gelles said the Starbucks barista doesn’t say, “You know this is an overdraft, don’t you?” so when you get dinged once, you may get dinged again and again until you realize what’s going on. There are no legal limits to how many times you are able to get penalized. Wachovia will charge you for up to four overdrafts, or $ 140, a day. Citizens Bank, not quite as concerned about customer well being, will gladly pilfer $ 37 each for up to seven overdrafts a day: $ 259.
Get organized to keep away from bank overdraft fees
The new credit card rules about bank overdraft fees draw attention to the problem that too many consumers are poor managers of their checking accounts. In a press release, tips for avoiding overdraft fees or the unpleasant experience of having a purchase declined are offered by Michael S. Kappas, President and CEO of Apprisen:
1. Do not forget that an updated check register has a more accurate account balance than an ATM slip.
2.Keep track of all deposits, withdrawal slips and purchase receipts. Record those as part of your check register.
3.Know your checking account balance before you make a debit card purchase or ATM withdrawal.
4. Whether you write checks or not, balance your account once a month.
5. Pad your checking account with “ghost” funds. Throw an extra few hundred bucks in there and don’t write it within the register. Account for the additional cash whenever you balance the account.
6. Make certain you are aware of the possibilities your bank provides for avoiding potential overdraft situations.
philly.com
nytimes.com
prweb.com
Saturday, July 17, 2010
US Government chooses Vision Airlines for spy swap
During the US-Russia spy swap this morning, the U.S. was represented not by a military plane, but by Vision Airlines. The contract for this flight was picked up by the charter company that usually runs escape flights. Some are questioning the use of a private charter company for government business.
Article resource: Vision Airlines – US Government flies Russian spies in style by Personal Money Store
Vision Airlines swaps spies
It looked more like a spy movie than a vision from 2010, but a Russian Emergency Ministry plane met up with Vision Airlines on a Vienna tarmac this morning. Ten accused Russian agents got on the Russian plane while four “Western sympathizers” got on the Vision Airlines jet. The biggest post-Cold War era spy drama was hopefully over once both planes took off.
The choice of Vision Airlines
The decision to send the Russian agents back home and bring the American agents back to the U.S. on a luxury charter jet is an interesting one. Russia had a much more official way of handling the situation. What exactly were US officials thinking with this choice? Was each other plane in the entire United States already taken? It is possible that both the United States and Russia agreed to not use military planes, just in case. No matter why, using a luxury charter jet is an intriguing choice. No word on if the a number of thousand dollar flight fee was donated, or if the bill is going to the government. Donating may are the smarter choice, as Vision Airlines is getting so much site traffic today that their site keeps going down.
Keeping the relation improvement going
According to Rahm Emanuel’s discussion with PBS’s “NewsHour,” the President was “briefed” on the spy swap decision. It appears most decisions were carefully made to keep away from as much conflict as possible. Both countries have said that they really want to try and “warm up” relations.
Article resource: Vision Airlines – US Government flies Russian spies in style by Personal Money Store
Vision Airlines swaps spies
It looked more like a spy movie than a vision from 2010, but a Russian Emergency Ministry plane met up with Vision Airlines on a Vienna tarmac this morning. Ten accused Russian agents got on the Russian plane while four “Western sympathizers” got on the Vision Airlines jet. The biggest post-Cold War era spy drama was hopefully over once both planes took off.
The choice of Vision Airlines
The decision to send the Russian agents back home and bring the American agents back to the U.S. on a luxury charter jet is an interesting one. Russia had a much more official way of handling the situation. What exactly were US officials thinking with this choice? Was each other plane in the entire United States already taken? It is possible that both the United States and Russia agreed to not use military planes, just in case. No matter why, using a luxury charter jet is an intriguing choice. No word on if the a number of thousand dollar flight fee was donated, or if the bill is going to the government. Donating may are the smarter choice, as Vision Airlines is getting so much site traffic today that their site keeps going down.
Keeping the relation improvement going
According to Rahm Emanuel’s discussion with PBS’s “NewsHour,” the President was “briefed” on the spy swap decision. It appears most decisions were carefully made to keep away from as much conflict as possible. Both countries have said that they really want to try and “warm up” relations.
Small company loans survive credit crisis at Sams Club
Small business lending has to adapt to survive. Small business loans have non-existent almost during the credit crisis, a stubborn legacy of the financial meltdown, housing crisis and Great Recession. But small business credit is making a comeback, even as a miserly banking industry holds back the U.S. economy as it tries to fight its way out of the recession. The latest innovator is Sam’s Club, which announced a pilot program to offer small business loans to its members.
Source for this article: Small business loans adapt to survive credit crisis at Sams Club by Personal Money Store
Small business lending that is innovative
The credit crisis is holding back the growth, hiring and spending of companies that Sam’s Club wants as part of their customers. MarketWatch reports that Sam’s Club, a unit of Wal-Mart Stores Inc., is testing a program to offer qualified members small-business loans from $ 5,000 to $ 25,000 backed by the Small business Administration. Small business loans can be offered online to Sam’s Club membership through a partnership with Superior Financial Group. Members who apply for a small business loan from Sam’s Club and online get $ 100 off the application fee, a 20 percent discount and a 7.5 APR. The terms can be locked in for 10 years.
Small business consumer spending stimulus
Sam’s Club decided to start offering all of their small business loans online after a company survey of small company customers indicated that tight credit was cutting into Sam’s Club retail sales. It was reported by The New York reports that just less than half of Sam’s Club membership is small business customers, accounting for just more than half of its revenue. 200 individuals have applied for SBA loans with a 45 percent approval rate. The business says it does not expect small business loans online to be a huge moneymaker, though it earns $ 50 for each financed loan. The payoff is to get consumers spending more freely — Sam’s Club hopes.
Another innovator for small company loans
Small company credit could be loosening at banks too. Last week JPMorgan Chase announced a program to stimulate small business hiring and growth. The JPMorgan Chase small business loan program isn’t as accessible as the pilot for Sam’s Club members, but it represents one more oasis within the credit crisis desert. The offer includes lowering the interest rate by 0.5 percent on a new business line of credit for each new employee that has been hired, up to three employees, for the life of the loan. The offer is available for companies that qualify for lines of credit up to $ 250,000.
Some of the small company lending motives
The Sam’s Club small business loans online pilot seems like as an unusual move for parent business Wal-Mart. According to MarketWatch, Wal-Mart has been accused of harming small companies with its aggressive pricing, scale and business methods. And a report at bnet said Wal-Mart chose Superior Financial as a partner because ongoing efforts to add banking to its resume makes the financial industry nervous.
Small business loans and a success story
But Sam’s Club small business loan customers like Michael Golata don’t care about the politics that are behind the program. Golata, a contractor in Louisville, Ky., for United Parcel Service, explained to the New York Times that he applied online for a $ 10,000 small business loan at 7.5 APR and got the money in 24 hours. He bought a new truck, hired 3 drivers and went from billing UPS $ 3,000 a week to $ 8,000.
Discover more details here:
Marketwatch.com
marketwatch.com/story/sams-club-takes-on-credit-crunch-offering-loans-2010-07-06?reflink=MW_news_stmp
New York Times
nytimes.com/2010/07/05/business/05loan.html?_r=1&scp=1&sq=sam%27s%20club%20small%20business%20loans&st=cse
Bnet
blogs.bnet.com/business-news/?p=3188
Source for this article: Small business loans adapt to survive credit crisis at Sams Club by Personal Money Store
Small business lending that is innovative
The credit crisis is holding back the growth, hiring and spending of companies that Sam’s Club wants as part of their customers. MarketWatch reports that Sam’s Club, a unit of Wal-Mart Stores Inc., is testing a program to offer qualified members small-business loans from $ 5,000 to $ 25,000 backed by the Small business Administration. Small business loans can be offered online to Sam’s Club membership through a partnership with Superior Financial Group. Members who apply for a small business loan from Sam’s Club and online get $ 100 off the application fee, a 20 percent discount and a 7.5 APR. The terms can be locked in for 10 years.
Small business consumer spending stimulus
Sam’s Club decided to start offering all of their small business loans online after a company survey of small company customers indicated that tight credit was cutting into Sam’s Club retail sales. It was reported by The New York reports that just less than half of Sam’s Club membership is small business customers, accounting for just more than half of its revenue. 200 individuals have applied for SBA loans with a 45 percent approval rate. The business says it does not expect small business loans online to be a huge moneymaker, though it earns $ 50 for each financed loan. The payoff is to get consumers spending more freely — Sam’s Club hopes.
Another innovator for small company loans
Small company credit could be loosening at banks too. Last week JPMorgan Chase announced a program to stimulate small business hiring and growth. The JPMorgan Chase small business loan program isn’t as accessible as the pilot for Sam’s Club members, but it represents one more oasis within the credit crisis desert. The offer includes lowering the interest rate by 0.5 percent on a new business line of credit for each new employee that has been hired, up to three employees, for the life of the loan. The offer is available for companies that qualify for lines of credit up to $ 250,000.
Some of the small company lending motives
The Sam’s Club small business loans online pilot seems like as an unusual move for parent business Wal-Mart. According to MarketWatch, Wal-Mart has been accused of harming small companies with its aggressive pricing, scale and business methods. And a report at bnet said Wal-Mart chose Superior Financial as a partner because ongoing efforts to add banking to its resume makes the financial industry nervous.
Small business loans and a success story
But Sam’s Club small business loan customers like Michael Golata don’t care about the politics that are behind the program. Golata, a contractor in Louisville, Ky., for United Parcel Service, explained to the New York Times that he applied online for a $ 10,000 small business loan at 7.5 APR and got the money in 24 hours. He bought a new truck, hired 3 drivers and went from billing UPS $ 3,000 a week to $ 8,000.
Discover more details here:
Marketwatch.com
marketwatch.com/story/sams-club-takes-on-credit-crunch-offering-loans-2010-07-06?reflink=MW_news_stmp
New York Times
nytimes.com/2010/07/05/business/05loan.html?_r=1&scp=1&sq=sam%27s%20club%20small%20business%20loans&st=cse
Bnet
blogs.bnet.com/business-news/?p=3188
Tuesday, July 13, 2010
Low costs loans to companies SBA is running out of
The Small business Administration has been charged lately with helping companies weather the recession, and money is running out. The 7(a) lending program provides loans to small companies around the country. The program, which was funded by the American Recovery and Reinvestment Act, is in a holding pattern, waiting for more money.
Article resource: SBA running out of low cost loans to companies by Personal Money Store
How low cost loans could be provided by the SBA
The SBA isn't actually the company to give money to business owners. Loans made by banks are backed up by the government agency. With the SBA “insurance policy” against default in place, banks are much more willing to act as payday lending to small businesses. The stimulus package authorized the SBA to waive fees and guarantee 90 percent of a loan’s actual value.
SBA loans and their effect
Small businesses are often forced to rely on credit and money lenders to keep their businesses going. Over just a three-month period of April to June, the SBA lent out $ 3 billion over 12,123 loans. Compared to the exact same quarter of last year, that is 21 percent more online cash loans for cash-strapped businesses. The program is nevertheless waiting for re-authorization, which is leaving millions of dollars of loans in limbo.
SBA and his loan queue
Since the official authorization for SBA loans expired in May, the agency has been forced to queue requests for loans. There are currently 419 borrowers waiting for more than $ 123 million in SBA-guaranteed funding. Because these SBA loans are generally one of the very few types of credit available to these businesses, the agency is scrambling to help them discover financing. Given the length of the recession thus far and the fact the economy is not yet growing at a steady pace, it is almost for certain that programs like the SBA 7(a) program will need to continue providing support for small business.
Article resource: SBA running out of low cost loans to companies by Personal Money Store
How low cost loans could be provided by the SBA
The SBA isn't actually the company to give money to business owners. Loans made by banks are backed up by the government agency. With the SBA “insurance policy” against default in place, banks are much more willing to act as payday lending to small businesses. The stimulus package authorized the SBA to waive fees and guarantee 90 percent of a loan’s actual value.
SBA loans and their effect
Small businesses are often forced to rely on credit and money lenders to keep their businesses going. Over just a three-month period of April to June, the SBA lent out $ 3 billion over 12,123 loans. Compared to the exact same quarter of last year, that is 21 percent more online cash loans for cash-strapped businesses. The program is nevertheless waiting for re-authorization, which is leaving millions of dollars of loans in limbo.
SBA and his loan queue
Since the official authorization for SBA loans expired in May, the agency has been forced to queue requests for loans. There are currently 419 borrowers waiting for more than $ 123 million in SBA-guaranteed funding. Because these SBA loans are generally one of the very few types of credit available to these businesses, the agency is scrambling to help them discover financing. Given the length of the recession thus far and the fact the economy is not yet growing at a steady pace, it is almost for certain that programs like the SBA 7(a) program will need to continue providing support for small business.
Wednesday, July 7, 2010
The Terrafugia Transition flies, drives and folds into the garage
Is it a flying car … or is it a drivable airplane? Actually, it's the world's first "roadable aircraft" according to Terrafugia, the aviation-slash-automotive company making the contraption. The company announced Wednesday that the Transition cleared a big obstacle toward its appearance at airports and rush hours. The Terrafugia Transition was granted an exemption to be classified as a "light sport aircraft" by the Federal Aviation Administration. Because of the classification, Transition owners will find it easier to get certified by the FAA to live their dream of driving a flying car.
Post resource: The Terrafugia Transition – a flying car that fits in your garage by Personal Money Store
The flying car that fits in your garage
The Terrafugia Transition fits in a garage and blends into traffic—as a car. According to CNET's Johnathon E. Skillings, the Terrafugia Transition looks like a "Volkswagen in the belly of a carp". He reports that the vehicle burns unleaded fuel from the corner gas station on the road and in the air. It gets 30 miles to the gallon on the highway and has a top speed of 65 mph. In flight it cruises at 115 mph and has a range of about 450 miles. The vehicle can transform from airplane to car in just 30 seconds, according to Terrafugia.
Light sport aircraft opens doors
As a light sport aircraft, the Terrafugia Transition now belongs in the FAA's smallest private plane classification. Normally it wouldn't exceed 1,320 pounds. But Terrafugia couldn't work in the air bags, crumple zones and roll cage mandatory for cars at that weight. Terrafugia wanted the FCC to classify the plane as a light sport aircraft, Jalopnik reports, because owners will only need 20 hours flying the Transition to be licensed by the FAA. With the FAA exemption, now Terrafugia is free to sell the Transition as long as buyers are informed of the extra 110 pounds.
Will Terrafugia take flight with Transition?
Terrafugia says the Transition carries a major safety advantage over its light sport aircraft brethren. The Telegraph reports that if pilots are grounded when the weather gets too bad for flying, they can simply drive home. But don't expect to see the Terrafugia Transition in your rear view mirror for awhile. The machine that earned its favorable classification from the FAA is a concept prototype. Sometime in 2011 is Terrafugia's target for a customer-ready production model. But that hasn't stopped 70 potential customers from reserving their space in line when that happens. Each potential buyer throws down a fully-refundable $ 10,000 held by the company in escrow, just in case Terrafugia crashes before the Transition gets off the ground.
Citations:
cnet.com
jalopnik.com
telegraph.co.uk
Post resource: The Terrafugia Transition – a flying car that fits in your garage by Personal Money Store
The flying car that fits in your garage
The Terrafugia Transition fits in a garage and blends into traffic—as a car. According to CNET's Johnathon E. Skillings, the Terrafugia Transition looks like a "Volkswagen in the belly of a carp". He reports that the vehicle burns unleaded fuel from the corner gas station on the road and in the air. It gets 30 miles to the gallon on the highway and has a top speed of 65 mph. In flight it cruises at 115 mph and has a range of about 450 miles. The vehicle can transform from airplane to car in just 30 seconds, according to Terrafugia.
Light sport aircraft opens doors
As a light sport aircraft, the Terrafugia Transition now belongs in the FAA's smallest private plane classification. Normally it wouldn't exceed 1,320 pounds. But Terrafugia couldn't work in the air bags, crumple zones and roll cage mandatory for cars at that weight. Terrafugia wanted the FCC to classify the plane as a light sport aircraft, Jalopnik reports, because owners will only need 20 hours flying the Transition to be licensed by the FAA. With the FAA exemption, now Terrafugia is free to sell the Transition as long as buyers are informed of the extra 110 pounds.
Will Terrafugia take flight with Transition?
Terrafugia says the Transition carries a major safety advantage over its light sport aircraft brethren. The Telegraph reports that if pilots are grounded when the weather gets too bad for flying, they can simply drive home. But don't expect to see the Terrafugia Transition in your rear view mirror for awhile. The machine that earned its favorable classification from the FAA is a concept prototype. Sometime in 2011 is Terrafugia's target for a customer-ready production model. But that hasn't stopped 70 potential customers from reserving their space in line when that happens. Each potential buyer throws down a fully-refundable $ 10,000 held by the company in escrow, just in case Terrafugia crashes before the Transition gets off the ground.
Citations:
cnet.com
jalopnik.com
telegraph.co.uk
Tuesday, July 6, 2010
Toyota’s investment with IPO can be secured by Tesla Motors
Tesla Motors has finally secured additional financing and investment from Toyota Motors. The Toyota Motors/Tesla Motors partnership is one of the numerous Tesla motors has developed in a quest for a mass-market, all-electric car. Is the investment going to be enough to keep Tesla Motors in business?
Article resource: Tesla Motors secures Toyota’s investment with IPO by Car Deal Expert
All about Tesla Motors
Tesla Motors is a business that was founded in 2003 and has the goal of creating all-electric autos. There are two Tesla Motors electric vehicles on the market right now — both more than $100,000. Tesla's goal is to, eventually; bring an all-electric sedan to the market for less than $50,000.
The investment Toyota has in Tesla
The investment that Toyota and Tesla announced a couple of months ago was contingent on Tesla completing an initial public offering. Now the TSLA IPO has been completed, Toyota motors will complete its investment. The now closed NUMMI plant will be purchased by Tesla Motors. Toyota will help advise Tesla on bringing a mass-produced car to the market.
Tesla Model S
The Tesla Model S should be an all-electric sedan vehicle. The 300-mile range of the current Tesla roadsters is the range for the sedan that they want to hit. Tesla aims to sell the Model S for under $50,000, which is considered the “midrange” price point for most automobiles. Government tax credits along with all of the fuel cost savings are expected to add up to make this vehicle more affordable for most buyers. The model S should be on the market by 2012.
Other investments received by Tesla Motors
Tesla Motors has gotten investment from more places than just Toyota Motors. Daimler-Chrysler as and the U.S. Government has given Tesla Motors loans to help bring the Model S to market. The investments are coming besides the operating losses yearly. The hope is that with the IPO investment money, Toyota’s help, the U.S. Government’s help, and also the Daimler-Chrysler investment, Tesla might become profitable in the next three years.
Chase cuts rate on small businesses loans for companies that hire
Small company loans could very well start getting more affordable, and also the U.S. unemployment rate
might be affected. The nation’s second-largest bank announced that it will lower the interest rate on small business lines of credit for companies that hire new employees. Small company lending has been a big issue as credit dried up while banks were bailed out by the government. Banks have resumed raking in billions while small company continues to struggle and unemployment remains high. Pressure from the public may be beginning to have an effect on loosening credit.
Article resource: Chase cuts rate on small companies loans for companies that hire by Personal Money Store
Small company loans along with some hiring incentives
Small business hiring incentives from J.P. Morgan Chase and Co. consist of lowering its interest rate by 0.5 percent on a new business line of credit for each and each and every new employee hired, for up to three employees, for the life of the loan. According to Zacks.com, J.P. Morgan will even provide discounts to small companies for opening checking accounts. Also, J.P. Morgan plans to hold conferences in 11 cities across the country to assist local and small business owners to improve their sales figures and fund their businesses.
Are companies ready to hire with all of of the banks ready to loan?
During the economic downturn, politicians and also the public have scorned all of the banks that received government assistance, yet refused to make small company loans to help reduce unemployment. As outlined by The Wall Street Journal, bankers have offered the excuse that there’s not enough demand from credit-worthy borrowers. And it's true that losses from small-business loans are severe at major small-business lenders. But Kevin Watters of J.P. Morgan Chase explained to the Journal the economic outlook among small company owners has improved and small businesses are ready to expand and hire.
Other banks offer help to small companies
Numerous banks are making more small companies loans. J.P. Morgan stated that first-quarter loans to small companies rose 31 percent from a year earlier, to $ 2.1 billion. Bank of The United States, reported that small business loans rose 18 percent from a year earlier to $ 19.4 billion. Many banks, including J.P. Morgan, U.S. Bancorp, PNC Financial Services Group Inc. and Capital One Financial Corp. are giving some of their previously rejected small-business loans a second look. Two years ago U.S. Bankcorp started training 3,000 bank managers about small company lending.
Chase is going to keep its word on small business loans
The J.P. Morgan Chase offer to cut all of its rate of interest for companies that hire new employees is available for business lines of credit up to $ 250,000. It was reported by MarketWatch that the offer is also accessible for existing customers who hire new employees to increase their lines of credit by $ 10,000 or more. Chase business checking customers are likely to receive an additional half percent discount on their loan rates for hiring new employees. The offer makes good on a promise J.P. Morgan Chase made late last year. The bank announced it planned to increase its lending to small businesses by $ 4 billion in 2010 to a total of $ 10 billion through access to working capital, term loans for expansion, commercial mortgages, lines of credit and also with some business credit cards. It also pledged to hire 325 additional business bankers.
More information about this topic at these websites:
zacks.com
zacks.com/stock/news/36284/JPMorgan+Motivates+Small+Businesses
TheWall Street Journal
online.wsj.com/article/BT-CO-20100629-713817.html
Marketwatch.com
marketwatch.com/story/hire-a-new-employee-chase-will-lower-the-interest-rate-on-your-business-loan-2010-06-30?reflink=MW_news_stmp
might be affected. The nation’s second-largest bank announced that it will lower the interest rate on small business lines of credit for companies that hire new employees. Small company lending has been a big issue as credit dried up while banks were bailed out by the government. Banks have resumed raking in billions while small company continues to struggle and unemployment remains high. Pressure from the public may be beginning to have an effect on loosening credit.
Article resource: Chase cuts rate on small companies loans for companies that hire by Personal Money Store
Small company loans along with some hiring incentives
Small business hiring incentives from J.P. Morgan Chase and Co. consist of lowering its interest rate by 0.5 percent on a new business line of credit for each and each and every new employee hired, for up to three employees, for the life of the loan. According to Zacks.com, J.P. Morgan will even provide discounts to small companies for opening checking accounts. Also, J.P. Morgan plans to hold conferences in 11 cities across the country to assist local and small business owners to improve their sales figures and fund their businesses.
Are companies ready to hire with all of of the banks ready to loan?
During the economic downturn, politicians and also the public have scorned all of the banks that received government assistance, yet refused to make small company loans to help reduce unemployment. As outlined by The Wall Street Journal, bankers have offered the excuse that there’s not enough demand from credit-worthy borrowers. And it's true that losses from small-business loans are severe at major small-business lenders. But Kevin Watters of J.P. Morgan Chase explained to the Journal the economic outlook among small company owners has improved and small businesses are ready to expand and hire.
Other banks offer help to small companies
Numerous banks are making more small companies loans. J.P. Morgan stated that first-quarter loans to small companies rose 31 percent from a year earlier, to $ 2.1 billion. Bank of The United States, reported that small business loans rose 18 percent from a year earlier to $ 19.4 billion. Many banks, including J.P. Morgan, U.S. Bancorp, PNC Financial Services Group Inc. and Capital One Financial Corp. are giving some of their previously rejected small-business loans a second look. Two years ago U.S. Bankcorp started training 3,000 bank managers about small company lending.
Chase is going to keep its word on small business loans
The J.P. Morgan Chase offer to cut all of its rate of interest for companies that hire new employees is available for business lines of credit up to $ 250,000. It was reported by MarketWatch that the offer is also accessible for existing customers who hire new employees to increase their lines of credit by $ 10,000 or more. Chase business checking customers are likely to receive an additional half percent discount on their loan rates for hiring new employees. The offer makes good on a promise J.P. Morgan Chase made late last year. The bank announced it planned to increase its lending to small businesses by $ 4 billion in 2010 to a total of $ 10 billion through access to working capital, term loans for expansion, commercial mortgages, lines of credit and also with some business credit cards. It also pledged to hire 325 additional business bankers.
More information about this topic at these websites:
zacks.com
zacks.com/stock/news/36284/JPMorgan+Motivates+Small+Businesses
TheWall Street Journal
online.wsj.com/article/BT-CO-20100629-713817.html
Marketwatch.com
marketwatch.com/story/hire-a-new-employee-chase-will-lower-the-interest-rate-on-your-business-loan-2010-06-30?reflink=MW_news_stmp
Monday, July 5, 2010
Oil spill tourism losses may be denied, says BP oil claims chief
On day 72 of the disaster Thursday, the oil spill within the Gulf of Mexico 2010 became the worst oil spill ever within the region. The rate of oil washing up on beaches increased this week thanks to Hurricane Alex, and cleanup operations were suspended. The booming tourism expected on the Gulf coast as the Fourth of July holiday weekend approaches is virtually non-existent. What's more, the government overseer of BP's oil spill claim program said oil spill tourism losses may not qualify. Meanwhile, the oil spill cap remains attached in the high winds and heavy seas, but it only captures about 25 percent of the crude that continues to spew from the undersea gusher into the gulf.
Article source: BP oil claims chief says oil spill tourism losses may be denied by Personal Money Store
Feinberg – BP claims for oil spill tourism in doubt
As 4th of July weekend approached and tourism tanked, the head of the $ 20 billion BP oil claims program added more bad news to the oil spill in the Gulf of Mexico 2010. USA Today reports that Kenneth Feinberg, appointed by President Obama to handle claims, said companies hurt because tourists have stayed from the Gulf might not be eligible for reimbursement. Tourism officials and individuals who make a living from tourism say the BP oil spill is driving away visitors and costing businesses billions of dollars. In a statement to the House Small business Committee, Feinberg said that claims made by companies that say tourists are staying away because they think beaches are ruined "may be non-compensatory".
More money, faster processing are Feinberg's goal
Up to 60,000 barrels a day are pouring to the oil spill within the Gulf of Mexico, a team of scientists has estimated. Hurricane Alex has taken as much as 6,000 skimming ships out of commission. As the environmental and economic disaster spreads with no end in sight, CNN reports that Feinberg said his priorities could be to cut bigger checks and send them out faster to the oil spill’s economic victims. Even though more than 80,000 claims have been made, the oil company has only made good on 41,000 worth about $ 130 million. Rather than the month-to-month emergency checks going out now, Feinberg plans to have his new entity, the Gulf Spill Independent Claims Fund, send out six-month lump sum payments “to give small companies more certainty”.
Worst oil disaster warrants biggest fine
As the oil that has spilled for two and a half months turns the Gulf of Mexico's white beaches brown and kills both wildlife and also the fishing industry, The Associated Press reports that BP's blowout has passed the 140-million gallon Ixtoc 1 spill off the coast of Mexico 30 years ago. Keeping track of the growing total is important, according to Larry McKinney, director of Texas A and M University at Corpus Christi’s Gulf of Mexico research institute, who told AP that BP's fine grows along with the gallons.
Citations:
usatoday.com
money.cnn.com
google.com/hostednews/ap/article
Article source: BP oil claims chief says oil spill tourism losses may be denied by Personal Money Store
Feinberg – BP claims for oil spill tourism in doubt
As 4th of July weekend approached and tourism tanked, the head of the $ 20 billion BP oil claims program added more bad news to the oil spill in the Gulf of Mexico 2010. USA Today reports that Kenneth Feinberg, appointed by President Obama to handle claims, said companies hurt because tourists have stayed from the Gulf might not be eligible for reimbursement. Tourism officials and individuals who make a living from tourism say the BP oil spill is driving away visitors and costing businesses billions of dollars. In a statement to the House Small business Committee, Feinberg said that claims made by companies that say tourists are staying away because they think beaches are ruined "may be non-compensatory".
More money, faster processing are Feinberg's goal
Up to 60,000 barrels a day are pouring to the oil spill within the Gulf of Mexico, a team of scientists has estimated. Hurricane Alex has taken as much as 6,000 skimming ships out of commission. As the environmental and economic disaster spreads with no end in sight, CNN reports that Feinberg said his priorities could be to cut bigger checks and send them out faster to the oil spill’s economic victims. Even though more than 80,000 claims have been made, the oil company has only made good on 41,000 worth about $ 130 million. Rather than the month-to-month emergency checks going out now, Feinberg plans to have his new entity, the Gulf Spill Independent Claims Fund, send out six-month lump sum payments “to give small companies more certainty”.
Worst oil disaster warrants biggest fine
As the oil that has spilled for two and a half months turns the Gulf of Mexico's white beaches brown and kills both wildlife and also the fishing industry, The Associated Press reports that BP's blowout has passed the 140-million gallon Ixtoc 1 spill off the coast of Mexico 30 years ago. Keeping track of the growing total is important, according to Larry McKinney, director of Texas A and M University at Corpus Christi’s Gulf of Mexico research institute, who told AP that BP's fine grows along with the gallons.
Citations:
usatoday.com
money.cnn.com
google.com/hostednews/ap/article
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