President Obama tells personal finance writers about his early years managing debt: “I went to law school and much of my college was on scholarship. So did my wife. We were still paying off our student debt nine years after I graduated from law school. Our first home was a modest condo and I remember scraping together the down payment to purchase it at prevailing interests rates.
“When Michelle and I first met, the car I was driving I think I bought it for $500 and it had a big rust spot in it that you could see the road from the passenger side, so I know Michelle wasn’t marrying me for my money. We had credit card debt that was tough to pay off.”
Are congratulations in order?
Consumer groups are applauding the news that Harvard University law professor Elizabeth Warren may soon take over the early development of the new Consumer Financial Protection Bureau.
It isn’t official yet and the whole thing seems like a kind of back door way to get Warren into a position to run the consumer financial agency — or influence its early startup.
As the Internet grows, so does the amount of sensitive data floating around. Day after day, hundreds of thousands of usernames, passwords, dates of birth and yes, even credit card numbers drift around somewhere on this crazy thing we call “the Internet.” And as those numbers grow, so does the risk of that data falling into the wrong hands.
So the U.S. government, the ol’ watchdogs they are, wants to improve the security of your online information by creating an “identity ecosystem” through the use of personal identifiers. In a draft released June 25, 2010, the government proposed that Internet users create their own personal digital certificate or identity card to prove who they are before they complete an online transaction. The identifiers would be offered to consumers by online vendors.