December 12, 2008 by Staff Writer
Suzanne Betrand, Family Finance
We are likely in the midst of the deepest, most painful recession we have seen in our life times, so the question is: Why are so many so giddy?
I believe it’s because we’re all getting free gas. Before you consider this untrue because you have yet to find a gas station just giving it away at the pump, consider the facts and the math:
* Only a few months ago, the average price for gasoline in the United States was over $4.00 per gallon. In various reaches of the country, most particularly California, the price for premium hit $5.00 per gallon.
* Today, due to the good fortune of the world’s economic collapse, the average price for gas in America sits at less one-half the price it recently was, namely $1.70 per gallon.
* So it stands to reason that if it used to cost you, say, $100 to fill up the tank of your SUV, and now it costs you only $50, you have an extra $50 to spend each time you fill up that only last August you wouldn’t have had. It’s found money. What can you do with this extra $50? Obviously, put it toward filling your tank. Voila! The price of your gas is now free. Continue Reading »
Posted in Family Finance | Tagged Chrysler, exxonmobil, Ford, free cars, free gas, gas, gasoline, GM, price of gas | 2 Comments »
November 12, 2008 by Staff Writer
From our Washington Desk
The following is a transcript from a wishful hearing of the House Financial Services Committee regarding the $25 billion Detroit auto bailout proposal before Congress:
Chairman Barney Frank: I’d like to call on our next witness, Mrs. Oprah Winfrey, to make her opening statement.”
Mrs. Winfrey: “Thank you, Mr. Chairman. While I was not born in Detroit, I can tell you that-”
Rep. Peter King (R-NY): Excuse me, Mr. Chairman. I’m sorry to interrupt. I have great admiration for Mrs. Winfrey, but why in God’s name is she testifying before us on a bail out bill for Chrysler, Ford, and GM?”
Chairman Frank: “If the gentleman from New York will hold his tongue for a moment and let the witness speak, I’m sure he will find out.”
Mrs. Winfrey: “As I was saying, I’m not from Detroit, but I do know something about giving away cars. I have given away hundreds on my show and it’s really quite easy. What you do is you gather a lot of people in a studio audience and you-”
Rep. Deborah Pryce (R-OH): “I thought the bill under consideration would give away money, not cars, Mr. Chairman.”
Chairman Frank: “If the gentle lady will yield, yes, it was originally our intent to simply provide money directly to these car companies so that they survive this financial crisis. However, we have amended that bill to provide a benefit not only to “the Big Three” in Detroit, but to the American consumer as well.”
Rep. Price: “I see, and how does this work.” Continue Reading »
Posted in Politics | Tagged big three, Chrysler, detroit bail out, Ford, GM, oprah winfrey | 2 Comments »
November 7, 2008 by Staff Writer
Suzanne Betrand, Health and Living
As Congress debates whether to rush headlong toward passage of yet another multi-billion dollar stimulus plan before year’s end, we ought to pause and consider canceling Christmas instead. Hanukkah and Kwanzaa ought to go as well.
Certainly, we ought to take time off to observe the holidays as usual. Binge-drinking, over-eating like pigs in slop, making out with interns in the supply closet at office Christmas parties, fighting with visiting relatives you can’t stand, and celebrating all the tradition religious rituals that are part of the season should go forward as originally scheduled. When I say “cancel,” I mean simply ban the buying and giving of gifts.
Before you start believing this is nothing but a Scrooge-like diatribe against the season, consider the fact that the total financial meltdown and recession we are facing in America today is NOT because we spend too little, but rather because we spend too much. As a country, and as a people, we can’t get any more over extended. Continue Reading »
Posted in Family Finance | Tagged christmas, federal deficit, gifts, hanukkah, holiday gift giving, holiday gift ideas, kwanzaa, national debt, stimulus package | 10 Comments »
October 31, 2008 by Staff Writer
Craig Bengle, Washington Bureau Chief
I don’t think I’ve gotten off to a good start on a Monday morning in years.
This past Monday was no exception. Barefoot and bathrobe clad , I sauntered down to the end of the driveway to pick up the morning paper. Imagine my surprise when I was greeted by a prim, young woman with clip board in hand and a disposition that was sunnier than it ought to be at that time of the morning.
“Mr. Bengle?” she chimed.
“Yes, that’s me.” I said, pulling the knot on my robe a little tighter.
“My name is Marjorie Williams, and I’m from the Federal Housing Finance Agency.”
“That’s great,” I said. “What can I do for you at 6:30 a.m.?”
“Well, for starters,” she pulled out a form, “you can write me a check made payable to the U.S. Treasury in the amount of . . . of . . . here it is, $1,243.36.” Continue Reading »
Posted in Health and Living | Tagged federal housing finance agency, foreclosure, home loans, subprime mortgage, underwater | 4 Comments »
