Personal finance experts often advise people to spend no more than 30 percent of their income on housing. But for a growing number of US renters, spending only 30 percent would be a welcome prospect, a new study finds.
U.S. Treasury Secretary Jack Lew said Monday the government today had sold its final shares in the Detroit automaker, leaving taxpayers with a $10 billion loss on the $49.5 billion bailout. The move means GM is free of government pay restrictions and can again pay dividends on its common stock.
Demand was so great, Wally opened several more stores. Customers flocked to the stores and he opened even more locations. To raise money to do that, he sold shares in his company, but one day, Wally found he no longer owned a controlling interest.
One day, the new owners terminated Wally, and to make matters worse, he found he became the man without a name. Many would be stopped by that, but not Amos. He turned lemons into lemonade, which was the subtitle of one of his ten books. Losing his company and name put him on a spiritual path. It taught him lessons he never would have learned otherwise, and for that he is grateful.
TODAY’S RADIO GUEST
Wally Amos lives here on Oahu, and we have been friends with him ever since Claire and I produced his animated characters “Chip and Cookie.”
In addition to the character development and animation, I did the voice of Chip and Claire was the voice of Cookie, two characters that personified Wally Amos’ attempt to combine a cookie store with a book store that focused on parents and children reading together. It was a wonderful concept, but as is the case with many niche specialty stores, it fell victim to these hard economic times. The reason “Chip and Cookie” existed at all, and the reason why Wally is now “The Cookie Man” is a story that tells much about how the money-junkies operate with entrepreneurs in this country.For those who don’t already know, Wally Amos is The “Famous Amos” that started the cookie stores that were such a huge success. As the stores grew, Wally Amos needed investors and sold shares in the company until one day he no longer had controlling interest in his own company, at which point the people who did have controlling interest kicked him out of his company and brought legal action against Wally so that he cannot even use his own name “Famous Amos.” That is why although he alludes to his former public name, it appears nowhere on his Cookie Man website.
But this is a classic tale of how an entrepreneur can create a recognized brand around a quality product, then lose that brand (and his own name) to money-junkies who slap that brand on products that are not the original product that made that brand a success.
The important lesson here is that many people, thus abused by corporate shenanigans, might just quit, but Wally keeps pushing along and trying to reinvent himself.
And that is worth some applause.
UPDATE: Wally Amos will be our guest on the WRH radio show, Monday Jan 9th.
The US is ramping up pressure to secure a Trans-Pacific Trade Deal with conditions that could undermine the national interests of nations involved. WikiLeaks documents say talks are “paralyzed,” with the US refusing to compromise on disputed issues.
At the outset of World War II, the German Luftwaffe attached an ear-splitting siren – the Jericho Trumpet – to the Junker Ju-87 dive-bomber, commonly called the Stuka. Dive-bombers are wonderful tactical aircraft if you have control of the skies, highly effective against tanks, vehicles of all sorts, even smaller ships, but they simply don’t carry enough ordnance to be a strategic weapon. They can certainly help you win a battle, but they’re unlikely to help you win a war. By attaching the Jericho Trumpet, however, the Stuka became a psychological weapon as much as a physical weapon, striking fear in a much wider swath than the actual bombs. During the early Blitzkrieg days of the war, the Stuka had exactly this sort of strategic effect, crushing the morale of the Polish army in particular.
It increasingly appears that tapering is coming at the Fed’s meeting next week.
While forecasting the central bank’s moves has been an uncertain proposition for most of the past several months—with the conventional wisdom having it wrong in June and September—several of the Fed’s own financial tests for reducing its asset purchases look to have been met as it heads into the Dec. 17 meeting. Those include confidence in the outlook, an easing of fiscal drag and uncertainty, and what the Fed sees as more appropriate interest rates.
This will depress stock prices, so anyone who shorted those stocks will make a bundle.
Can the EPA run your property better than you? The Environmental Protection Agency says that its proposal to extend its regulatory powers over wetlands and waterways would produce economic benefits.
“The eurozone, Japan and emerging markets are all trying to export their way out of trouble. Who is going to buy all this stuff? The math does not work. Not everybody’s currency can fall at once.”
Sheltered banks do not trust broke American public: Too big to fail securely in place while business inventories surge to record levels.
Tracking consumer spending we find that industries subsidized by easy debt are growing at dramatic levels. These include student debt and auto loans since most Americans simply do not have enough saved up. Many have nothing to their name. The student debt market has grown dramatically this year again largely due to the reality that this debt is fully backed by the government and ability to pay the debt back is fully ignored. How else can someone get $30,000 or more a year to go to a for-profit paper mill? Beyond this, we now hear that household net worth has risen to record levels. However, since most Americans have no wealth in the stock market and are quickly losing home ownership in real estate, these gains are largely going to the top 10 percent in the nation that control roughly 75 percent of all wealth.
Up to 2.5m will take out a loan this Christmas just to heat their home – as families cancel their turkey to cut costs
Millions of cash-strapped families across the UK will take out loans just to keep their homes heated over Christmas, a new survey claims.
As many as seven million adults plan to take over a loan over the festive period to cover the extra costs this Christmas.
More than a third of these will use loans just to pay their winter energy bills and around four million people (57 per cent) will borrow just to put festive food on the table.
A payday loan advert is broadcast every 78 seconds: TV plugs for high-interest loans were seen 7.5BILLION times last year
The explosion in TV adverts for payday lenders was revealed today, with shocking figures they were viewed 7.5billion times last year.
The number of load adverts seen by children has leapt by a third, amid warnings the likes of Wonga and QuickQuid are ‘grooming’ children to become the next generation of borrowers.
TV watchdog Ofcom revealed how the number of adverts has soared from just 17,000 in 2008 to 400,000 last year, which would take 138 days to watch back-to-back around the clock.
A US ultimatum to Swiss banks has yielded results – with the first alpine hideaway giving up on centuries of total confidentiality
Iain Duncan Smith was confronted at the work and pensions select committee with claims that job centre staff are being handed targets to reduce the number of claimants by moving them off the register or ensuring that they have their benefit removed.
An anonymous whistleblower, a former job centre worker who was employed in the Greater Manchester area, told local Labour MP Debbie Abrahams and the Guardian that on one occasion the entire staff at a job centre were warned they would be disciplined unless they increased the number of claimants coming off the register, or raised the number threatened with the loss of their benefit entitlement.
Can you imagine participating in a protest outside the White House and forcing the entire U.S. government to resign? Can you imagine a group of randomly chosen private citizens rewriting the U.S. constitution to include measures banning corporate fraud? It seems incomprehensible in the U.S., but Icelanders did just that. Icelanders forced their entire government to resign after a banking fraud scandal, overthrowing the ruling party and creating a citizen’s group tasked with writing a new constitution that offered a solution to prevent corporate greed from destroying the country. The constitution of Iceland was scrapped and is being rewritten by private citizens; using a crowd-sourcing technique via social media channels such as Facebook and Twitter. These events have been going on since 2008, yet there’s been no word from the U.S. mainstream media about any of them.
We at WRH covered this while it was happening!
But of course, the presstitutes at CNN wouldn’t want American citizens to know that this had happened,or that this was even possible, so they ignored it.
This is the kind of after-the-fact, say something about it, then let it drop, blather that has made CNN totally irrelevant.
People who want real news are turning to the alternative media in droves, and abandoning all corporate media, because they know they won’t get it there: it’s just that simple.
Comic Relief has been forced to defend its investment policy after it emerged that millions of pounds donated to the charity went towards buying shares in tobacco, alcohol and arms firms.
It looks like the latest job report is another snow job, however, same as the one rolled out last October. “The October 2012 pre-election Non-Farm Jobs Report was falsified,” writes Jim Willie. “Nothing new in following orders from the camp commandants in officialdom. The reduced jobless rate from 8.1% to 7.8% permitted the occupant of the White House to report the success of the economic recovery.”
Lew Rockwell offers us in Fascism vs. Capitalism a provocative and insightful diagnosis of the political and economic ills of our time. The situation that we face, he says, is dire; but, fortunately, he does not leave us without remedy. To the contrary, the wisdom of Mises, Rothbard, and their colleagues in the Austrian School offers the means to rescue us, and the inspiring leadership of Ron Paul shows us the way to put their ideas into practice.
As the book’s title suggests, Rockwell finds “fascism” to be the key concept needed to analyze the modern American era. He is quick to deflect an objection:
“No, really; everything’s fine. Just fine. Fine. Don’t take your money out of the stock market. Especially now. Because … well, just DON’T! Everything will be okay. Everything will be okay. Everything will be okay. Everything will be okay.”
If you can’t afford to own, you can rent. But what if you can’t afford to rent, either? Millions of Americans are in precisely that situation, according to a study released today by the Joint Center for Housing Studies of Harvard University. The availability of apartments, especially cheaper ones, hasn’t nearly kept up with demand, and the problem has worsened since the 2007-09 recession, the study says.
Princess Michael of Kent has explained how she and her husband have been hit by austerity; meaning they can no longer dine out as it’s “too extravagant”.
Home repossessions ‘are set to soar again’ – thousands could lose properties when period of rock-bottom interest rates ends
The ‘benign period’ during which the number of families being repossessed or falling behind with their mortgage has remained exceptionally low ‘may be coming to an end’, the Council of Mortgage Lenders said yesterday.
If the government can tell you what you can and cannot do within the privacy of your home, whether it relates to what you eat, what you smoke or whom you love, you no longer have any rights whatsoever within your home.
At a time when Wall Street is absolutely swimming in wealth, New York City is experiencing an epidemic of homelessness. According to the New York Times, the last time there was this many homeless children in New York City was during the days of the Great Depression. And the number of homeless children in the United States overall recently set a new all-time record. As I mentioned yesterday, there are now 1.2 million public school kids in America that are homeless, and that number has gone up by about 72 percent since the start of the last recession. As Americans, we like to think of ourselves as “the wealthiest nation on the planet”, and yet the number of young kids that don’t even have a roof over their heads at night just keeps skyrocketing. There truly are “two Americas” today, and unfortunately most Americans that live in “good America” don’t seem to really care too much about the extreme suffering that is going on in “bad America”.