Finance Globe

2008 was been a rough year for all of us, and 2009 doesn't look much better. Millions of Americans have already lost their jobs - few industries have been safe from the plague of cutbacks among ailing businesses struggling to survive. Investors who've built up their life savings, their retirement funds, and their kid's college tuition through years of hard work and discipline have watched hopelessly as the value of their holdings plunge by 40% or...

The government reported today that U.S. economy lost 524,000 jobs in the month of December, bringing the unemployment rate up to 7.2% from November's 6.8% unemployment rate. This is the highest unemployment rate in sixteen years. Over just the last four months of 2008, almost 2 million jobs have been lost. The job losses were spread far and wide across most industries and over 11 million Americans are now out of work. Since the start of...

President-elect Barack Obama said today that the ongoing recession could last for years unless dramatic action was taken as soon as possible.Obama said, "Throughout America’s history, there have been some years that simply rolled into the next without much notice or fanfare. Then there are the years that come along once in a generation – the kind that mark a clean break from a troubled past, and set a new course for our nation. This is...

It's not like you don't already know that things are really bad, but here are some numbers for you.The Congressional Budget Office (CBO) reported yesterday that the U.S. recession - officially recognized to have started about a year ago - is likely to last well into 2009.If it doesn't end until the second half of 2009, it'll be the longest recession since World War II. The two next longest recessions since that period, 1973-1974 and 1981-1982,...

Have a bill payment system, avoid late fees.If you're away from home for the first time, you've just been handed a long list of big responsibilities - and paying the bills is likely to be on that list.This may seem like common sense, but it's important to pay your bills on time. Nearly every one has forgotten to pay a bill at one time or another, me included, until we figured out a system to help...

Banks and credit unions offer a variety of FDIC or NCUA-insured accounts - checking, savings, money market deposit accounts, and Certificates of Deposit (CDs).Choosing the types of accounts that work for you should be fairly easy; it mostly depends on how much money you have and how long it will be before you need the money.Checking AccountsYour checking account is for very short term money needs. A checking account is designed to hold your cash until...

The Federal Trade Commission (FTC) reported earlier this week that Payneless Credit Repair, LLC and its owner, located in Richardson, Texas, has agreed to settle charges that the company's business practices violated federal law. The FTC charges against the company, filed in July 2008, are part of the FTC's crackdown on credit repair agencies, "Operation Clean Sweep." The company made false claims claiming they could fix a consumer's credit, charging advance fees of anywhere from $500...

The Obama Transition team announced on Sunday that President-elect Barack Obama intends to form a "White House Task Force on Working Families."The Task Force will be chaired by Vice President-elect Joe Biden and becomes effective January 20, 2009, the day Obama is sworn in as President of the United States.The aim of the Task Force is to raise the living standards for American middle-class, working families. Top-level administration policy-makers of the Task Force will paritcipate in...

Choosing a Financial InstitutionIf you need to open a checking and savings account, and possibly even get a credit card, it's a good idea to do some comparison shopping before you open your accounts.Aside from offering the services you need, convenience and cost should be your two determining factors in choosing a financial institution. A branch location near school, work, or home can save you time, but it may be worth a short walk or drive...

President Bush announced this morning the decision to help U.S. automakers General Motors Corp. and Chrysler, LLC with an emergency loan to give them an opportunity to bring their businesses back to profitability. Ford Motor Company is not taking out a government loan at the moment; Ford CEO Alan Mullaly said that they have enough money to get through the ongoing recession.Bush said that under normal economic circumstances he would allow the automakers to fail as...