Word: crediteers
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...which a single strike makes you a loser. And that brutality explains another strain of anger beginning to bubble up from the newly bankrupted. People like Paula Stevens and Joseph Zachery weren't flipping houses or lying on their loan applications. They didn't pile up mountains of credit-card debt. They worked hard for what they had and shared their modest portions with others. Each readily admits to making occasional mistakes with money, but even Warren Buffett has made occasional mistakes with money. Their bitterness stems from a feeling that they've held up their end of the social...
Dramatic action in the banking industry is crucial, since the effects of the $787 billion American Recovery and Reinvestment Act will be strongly diminished if the credit crunch continues. The weeks spent debating the merits and drawbacks of the stimulus plan cannot go to waste. In an ordinary recession, the Federal Reserve could cut interest rates to get credit flowing, sparking the economy. However, in the words of our president in an interview with ABC News, “…we are in not just an ordinary recession.” With the target for the Federal Funds...
...Citigroup, allowed international students to take out loans without a cosigner, a requirement for most student loans. The announcement did not specify whether the newly negotiated partnership with JPMorgan will contain the same provision. Citibank terminated its arrangement with Harvard in early October, citing the effects of the frozen credit markets. International students typically have a higher probability of defaulting on their loans than American students, a Citibank spokesman said at the time. The bank had also canceled similar agreements with other schools including MIT and the University of Michigan. The abrupt termination of the program left Harvard administrators scrambling...
Then came the cars. And the backyard barbecues. And the black-and-white TVs. Ozzy and Harriet, Lucy and Ricky, Leave it to Beaver. In September 1958, Bank of America tested its first 60,000 credit cards (later named Visa) in Fresno, Calif. Within a decade, Americans had signed up for more than 100 million credit cards. Today, the number tops 1 billion. African Americans were able to pull themselves into the middle-class bracket through the social gains of the civil rights movement, though a disproportionate number still live below the poverty line. (Read the 1974 TIME article "America...
...suburban stereotype still holds, the middle class is just as likely to be found in urban centers (rural, not so much), and 70% of them have cable and two or more cars. Two-thirds have high-speed Internet, and 40% own a flat-screen TV. They have several credit cards each and a lot of luxury goods, but they still believe that others have more than they do. In 1970, TIME described middle America as people who "sing the national anthem at football games - and mean...