Word: cash
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...What They're Selling in California: Millions of dollars' worth of IOUs--which the financially strapped state is issuing in lieu of cash as it grapples with a $24 billion budget crisis--are appearing on websites like Craigslist, where opportunists are buying them at a discount so they can turn a profit when the IOUs come due on Oct. 2. Meanwhile, Bank of America, Wells Fargo and Chase agreed to accept the IOUs at face value through July 10. After that, recipients will have to go to check-cashing storefronts or credit unions, which will take them at a fraction...
...recession hasn't spared any age group, it's been particularly brutal for older Americans who were counting on their (now shrunken) nest eggs to last through their retirement years. To supplement their stash, an increasing number of seniors are turning to reverse mortgages, which function essentially as a cash advance on their home equity, repaid only when they sell their home or die. The loans are available to those 62 and over, and lenders have to eat the difference if a home ends up declining in value. In the three months after February--when a provision in the economic...
That is, if they have enough resources to handle all the students. Chronically cash-starved, two-year schools pull in an average of just 30% of the federal funding per student allocated to state universities - though they educate nearly the same number of undergraduates. (Even after you account for the academic research that goes on at four-year schools, experts say community colleges still get shafted.) Two-year schools have been growing faster than four-year institutions, with the number of students they educate increasing more than sevenfold since 1963, compared with a near tripling at four-year schools...
...Saving Cash, Living at Home Community colleges are used to doing more with less. But this recession has led to record enrollment surges at many two-year schools, in part because of the influx of laid-off workers but also because more members of the middle class are looking to save money on the first couple of years of their children's higher education. Among them is Bruce Anderson, an Austin attorney who has lost nearly a third of his savings since the recession began and doesn't want to sideline his kid while waiting for the market to come...
...question is whether the foreign community will be as forgiving. Over the past year, Indonesia has profited from the political uncertainty in regional neighbors Thailand and Malaysia, with foreign investors considering the once turbulent country as an alternative location to park their cash. Indonesia recorded 4.1% year-on-year growth in the first quarter of this year, a particularly impressive feat given the global economic crisis. A peaceful presidential election on July 8 underscored the feeling that Indonesia, just 11 years after emerging from dictatorial rule, was transforming into a democracy serious about tackling corruption and wooing foreign investors with...