Finance Globe

President Obama signed the Children's Health Insurance Program Reauthorization Act last night, which renews the health care plan known as SCHIP (state children's health insurance program) for 7 million children and opens it up to 4 million more.Obama said before signing the legislation, "In a decent society, there are certain obligations that are not subject to tradeoffs or negotiations, and health care for our children is one of those obligations." "But, as I think everybody here...

Today President Barack Obama and the U.S. Treasury Department announced new restrictions on executive pay for institutions that receive government aid from TARP funds. "These measures are designed to ensure that public funds are directed only toward the public interest in strengthening our economy by stabilizing our financial system and not toward inappropriate private gain," said the Treasury. The new rules come just a week after President Barack Obama sharply criticized Wall Street bankers for giving...

The U.S. housing market is starting to show some signs of improvement as homebuyers begin to take advantage of more affordable home prices and historically low mortgage interest rates.According to a report from the National Association of Realtors, the pending home sales index increased by 6.3% in December to 87.7 - 2.1% higher than December 2007 when it was 85.9. (An index of 100 reflects the average level of contract activity in 2001 - the first...

Citigroup released a fourth-quarter 2008 report today outlining how it has used much of the $45 billion bailout they've received from the U.S. Treasury under the Troubled Asset Relief Program (TARP). Citigroup's first quarterly report comes out after much criticism from taxpayers and lawmakers that big banks who have received TARP funds have continued to spend as if they were spending their own money, and that little has been done to help struggling homeowners and help...

The U.S. economy continues in a dramatic slowdown.The government reported today that real gross domestic product - the output of goods and services produced by labor and property in the U.S. - is estimated to have decreased at an annual rate of 3.8% in the fourth quarter of 2008 for the steepest decline since the recession of 1982. The third quarter of 2008 saw the economy shrink by .5%.That was better than the previous estimate of...

Even after receiving billions of dollars in bailouts from Troubled Asset Relief Program (TARP) funds, Wall Street bankers gave themselves about $18 billion in bonuses in the past two months, according to a report from the New York State comptroller.How is that even possible? I always thought bonuses were for doing a good job at running a successful and profitable company.Do these bank execs think they should continue to live it up even as businesses are...

President Obama signed his first piece of legislation today, the Lilly Ledbetter Fair Pay Act of 2009.President Obama opened with, "Well, this is a wonderful day. First of all, it is fitting that the very first bill that I sign -- the Lilly Ledbetter Fair Pay Restoration Act -- that it is upholding one of this nation's founding principles: that we are all created equal, and each deserve a chance to pursue our own version of...

The U.S. Treasury Department announced on Wednesday efforts to increase transparency and accountability for the Troubled Asset Relief Program (TARP) and "a new policy of posting investment contracts for future completed transactions to the Department's website within five to 10 business days." Treasury Secretary Tim Geithner said, "In the coming weeks, we will unveil a series of reforms to help stabilize the nation's financial system and get credit flowing again to families and businesses. Included in...

Budget carefully and stay within your limit. Yes, you need a budget. A good budget is essential to good money management at every stage of life, no matter how much or how little you earn. Having a budget means that you are in control of your spending - a must if you want to be sure you can pay your bills every month and still have money for some of the fun stuff. A good budget...

The Federal Trade Commission announced yesterday that almost $28 million was returned to about 86,000 consumers as part of a settlement with the Bear Sterns Companies, LLC and EMC Mortgage Corporation.The September 2008 settlement was in response to charges that the companies engaged in illegal practices in servicing consumer mortgage loans - by misrepresenting the amounts the borrowers owed, using unlawful and abusive payment collection tactics, and charging unauthorized fees such as late fees, property inspection...