Posts filed under “Wages & Income”
Front page NYT article on the increasing number of personal bankruptcy filings:
The number of personal bankruptcy filings jumped nearly 8 percent in October from September, after marching steadily upward for the last two years, said Mike Bickford, president of Automated Access to Court Electronic Records, a bankruptcy data and management company.
Filings totaled 108,595, surpassing 100,000 for the first time since a law that made it more difficult — and often twice as expensive — to file for bankruptcy took effect in 2005. That translated to an average of 4,936 bankruptcies filed each business day last month, up nearly 34 percent from October 2007.
Let me remind you that this bill was pushed by the credit card industry — mostly based on claims that were factually inaccurate. Now, the same industry weasels who pushed this legislation thru are going back to DC begging for TARP money and a handout.
Question: How long before The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 act — a 1997 credit card industry drafted boondoggle, signed by President Bush — gets revised or even revoked?
The wide-opposed bill — dislike by consumer advocates, legal scholars, retired bankruptcy judges — was passed after the credit card industry spent more than $100 million lobbying for the bill. (See this Bloomberg video on Credit Cards and the TARP)
Downturn Drags More Consumers Into Bankruptcy
TARA SIEGEL BERNARD and JENNY ANDERSON
NYT, November 15, 2008
If you received and exercised stock options, and had to pay taxes on the phantom income, I have got some good news for you: Buried in the $700b TARP Bailout is this AMT tax amendment: “Their tax nightmare was created by a provision of the Internal Revenue Code called the Alternative Minimum Tax, or AMT….Read More
Depression era flashback: Remember all of those photos of people looking for work in the 1930s? The sandwich boards that said things like “WILL WORK FOR FOOD” ? Walking to work on Friday (42nd St and Vanderbilt), I bumped into Paul Nawrocki. He is looking for a job in Operations without much success. He got…Read More
Bob Farrell, Merrill Lynch’s now retired dean of Market Strategy, used to say “News doesn’t drive the markets, markets drive the news.” That’s worth keeping in mind in light of the recent slew of bad news: Bleak forecasts from Cisco (CSCO) and General Motors (GM), slumping sales at retailers, state and municipal budget shortfalls. Then,…Read More
One of the things this election will be notable for is how well the Press is using digital media and interactive pages to dissect the issues and polls. I’ve gathered a slew of them and posted them in the Digital Media Tab. Here’s a terrific example: Forget the polls for a moment, and consider instead…Read More
Interesting piece on how mortgage workers were comped during the heyday by John Quigley, titled Compensation and Incentives in the Mortgage Business. It goes a long way to explaining why so many people did such silly things during the boom: They were well paid to do so! A quick excerpt: The incentive structure that arose…Read More
With Congress recognizing the public’s dismay over this massive taxpayer giveaway, we are starting to see some serious questions about the folks who drove the financial ship of state aground. Hence, its time to take a closer look at pay and severance packages for CEOs at investment houses, banks and mortgage lenders, who perversely stand…Read More