After his mother was diagnosed with a mild cognitive impairment, Craig DeLue started checking her finances. The northern California resident was puzzled by a $12.99 charge deducted from her bank account for something called Bank of America Privacy Assist. “She…
This week’s (un)lucky number is: 40 That is the percentage of banks that have tightened their lending standards on people looking for credit cards who have subprime credit. So, no more of this Oprah-ing of credit cards (“you get a credit…
One of my favorite sources for financial news, CNN Money, recently featured a piece on America’s “Lost Decade.” It referenced Japan’s “Lost Decade” — a period of similar economic crisis that began in the 1990s when their own real estate bubble burst. The author, Chris Isidore, says that private household debt in America is actually a much bigger problem than the government’s monstrous debt. With high unemployment and slow growth still plaguing us, it’s likely that things will continue to be this way for another six or seven years. We are “in for a long and painful adjustment period,” he says.
Learn more about achieving personal finance success with the following roundup of my favorite personal finance blog posts from the past week.
Last weekend, my fiance and I went and saw “Wall Street: Money Never Sleeps.” Although the plot had a few flaws, I really enjoyed it. What took me by surprise was how current it is and how much of the plot it based on the beginning of our country’s recession.
The movie is a sequel to the 1987 film “Wall Street,” but this film is set just a few years ago, right when the economy first buckled. It shows the despair felt by the first major investment firm that realized it was going down and the panic it caused the stock market. It also shows the private meetings between the Fed and its board of bankers and investors who discuss the concept of “too big to fail” for the first time.
The movie concludes by making the case that much of our current economic system is unsustainable and will continue causing cycles of bubbles and bursts if left unchanged. The narrator reminds us that the definition of insanity is doing the same thing over and over again and expecting a different result. I’m interested to see if President Obama’s Wall Street reform initiatives will produce different results.
On that note, I hope you will read on for my roundup of my favorite personal finance blog posts from the past week.
When it comes to ridding your credit report of inaccurate items, I recently learned the hard way that if you want it done right, you’ve got to do it yourself.