Word: loan
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Those sorts of handouts buy the state grudging acquiescence even from low-income workers like Joodi. When he married in 2001, the loan was $700; today it's approaching $1,300. Joodi is far from content. He tells me, "I work from 6 a.m. to midnight, come home exhausted and see my family for half an hour before I pass out." But the loan clearly mattered in his life, allowing him to marry at once, which could mean the difference between his continuing to tolerate the Islamic system and revolting against...
...expectation of unending price increases. (One study found that Los Angeles homeowners expect their home values to grow 22% every year for a decade.) Meanwhile, promiscuous lenders are throwing money at buyers like beads during Mardi Gras. "Anybody who can crawl in off the street can get a loan with 0% down at three or four times their income," Leamer says...
Complicating that danger, home buyers have turned to some risky strategies to afford their purchases. Nothing-down, interest-only and "negative amortization" (in which you wind up paying so little each month that your loan amount grows larger, though hopefully your house's value rises faster) mortgages are on the rise. Such loans can pay off--if you sell within a few years at a profit. But if interest rates rise and home values stall or--gasp!fall, those borrowers may become overwhelmed by steadily rising payments. (Household monthly debt costs are already at an all-time high.) Even...
...DUTT, 75, Bollywood actor turned politician who rose from poverty to star in 100 movies and later spent two decades in India's Parliament; in Bombay. One of India's best-loved actors, Dutt's breakthrough role came in 1957 as an idealistic young man who stands up to loan sharks in the Academy Award-nominated classic Mother India. Elected to Parliament five times starting in 1984 as a member of the Congress Party, he became India's Minister of Sports and Youth Affairs in 2004. On his death, chairperson of India's ruling coalition Sonia Gandhi praised...
...just over three months and received total compensation of $94,003. After leaving the position, Reardon spent the rest of the fiscal year working as senior advisor to the president, for which he received $198,149. His total compensation for that position, including benefits and $8,877 in loan interest subsidies, totaled...