Personal Income & Finance Consulting Group

CQ Transcripts Wire Tuesday, April 29, 2008; 11:39 AM PRESIDENT GEORGE W. BUSH: Thank you. via The Washington Post

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“This has the ability to keep people in their houses”

By JULIE HIRSCHFELD DAVIS The Associated Press Tuesday, April 29, 2008; 3:43 PM WASHINGTON — The Democrats’ housing rescue plan is picking up converts among Republicans who are shrugging off White House … via Washington Post

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“But in all other areas that we’ve identified, the issue of discrimination against same-sex couples will be removed”

By Michael Perry

SYDNEY (Reuters) - Australia will remove almost 100 discriminatory laws preventing gay couples from sharing financial and social entitlements enjoyed by married and defacto couples, such as superannuation and pension death benefits.

But the legislative overhaul, to occur when the Labor government sits for its first budget session in May, will not change marriage laws to include gay marriages.

“The government believes that marriage is between a man and a woman so it won’t amend the marriage act,” Attorney-General Robert McClelland said on Wednesday in announcing the changes. Read more

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Paying for gasoline easily tops the list of economic woes facing families in the United States, according to a survey on how changes in the economy have affected people’s lives. via The Boston Globe

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State records show the personal information of about 56,000 people in Maryland was compromised by former employees of Charlotte, N.C-based Lending Tree. via WRC Washington DC Channel 4

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04/29/08 Ford Motors announced a recall of 65,000 2008 Volvo brand xc70 and v70 passenger vehicles which have a defect in the side airbag release system. via ClipSyndicate

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“While there is still more work to be done, concrete progress is being made”

More than a half-million U.S. households got mortgage assistance in the first three months of 2008, though most of the help was temporary, a mortgage industry group said. via Inside Bay Area

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“Anyone who knows CalPERS knows that part of our success as an organization is our willingness to speak frankly and debate the issues. It comes with the territory.”

The chief executive officer of the California Public Employees’ Retirement System announced Monday that he is stepping down to pursue private-sector opportunities. via The Press-Enterprise

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“Its just amazing to me that we’ve got this stuff and we are putting millions of people at risk”

Tax forms were sent out to thousands of people in Wisconsin with their Social Security numbers on the mailing labels. via CBS News

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U.K. house prices fell in April from a year earlier, the first such decline since 1996, after the credit squeeze dried up finance for property purchases, Nationwide Building Society said. via Bloomberg Business News

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Whether you are looking to escape from life’s hectic turmoil, or just seeking quality time with those you love, a hot tub makes for a perfect solution. There are many Utah hot tub dealers online where you can find some of the best values available. You can also find information about the healing benefits of hot water. Hydrotherapy, or warm water therapy, consists of three main healing ingredients; heat, buoyancy, and massage. Together, they create an experience that is both relaxing and healthy. Hot tub hydrotherapy on a regular basis provides physical health benefits that go much deeper than just relaxation and pleasure. Water is so pure and simple, yet it can do the most amazing things. Whether you are experiencing joint or muscle pain, having trouble sleeping, or are just plain stressed out, spending time in a Utah hot tub can provide therapeutic benefits for just about everyone.The Hydrotherapy use of hot tub spas by athletes has skyrocketed. Tennis Magazine said it best: “Your skin and muscles loosen and relax from the increased blood circulation” adding that, if muscles are injured: “A soak in a hot tub or whirlpool increases blood flow to the injured area, bringing nutrients to help repair the damage.” For the finest hot tub Salt Lake City, head online today.

A lot of people are not blessed to have a successful marriage. This is why anniversaries are worth celebrating for. Some couple would have lavish celebrations…all the friends and loved ones will share the momentous event. Others would prefer to be on their own in a quiet hideaway. Whatever preference they have anniversary gifts are always given prime consideration.For 5th wedding anniversary, the traditional theme is wood. Wood is strong and enduring, a symbol of the marriage bond’s strength. Wood however, would seem pretty unexciting. But be surprised with the following anniversary gift ideas.

Have your wedding invitation framed in an intricately carved wooden frame. This is a superb 5th anniversary gift. If you use to give bouquet of flowers to your wife, have the flowers in a wooden vase this time. Another anniversary gift idea is to give a wooden jewelry box with a written clue to find a hidden jewelry. This is a fun and exciting idea.

Surprise your partner with a big box that contains a sapling of a shade tree. This romantic fifth anniversary gift would surely be appreciated as this will give you the opportunity to care for the tree and watch it grow.

HBOS considers 4bn cash call - and other banks may follow Shareholders’ meeting to be told of board decision Barclays expected to seek external investments HBOS is considering a cash call on its investors to … via Guardian Unlimited

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“We regret deeply the inconvenience to the good people of Scotland, but we’ve been forced to make a stand”

Tankers loaded with additional supplies of fuel have begun arriving in Scotland as a 48-hour walkout by staff at the Grangemouth oil refinery got under way. via IcNorthWales

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Air conditioning is an expensive way to stay cool, but there are ways to chill your house without burning up your bank account. via ClipSyndicate

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“Our focus is not on killing the deal, but on making sure the deal works, not just for the corporations but for people in neighborhoods and borrowers”

Angelo Mozilo, founder and former CEO of Countrywide Financial Corporation, center, testifies before the House Oversight and Government Reform Committee hearing on Capitol Hill in Washington, March 7, 2008 in … via The Florida Times-Union

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You may be getting your economic stimulus payment as early as today. The Bush administration wants you to spend that money. But here are some smart ideas on what you can do with your money.

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“We’re now filing three cases a month”

Mortgage crisis hits prime borrowers in NH Sunday, Apr. 27, 2008 As the number of foreclosures in New Hampshire continues to climb, housing advocates are seeing a disturbing trend: The mortgage crisis is … via UnionLeader.com

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California Public Employees’ Retirement System Chief Executive Officer Fred Buenrostro may leave amid tensions with the board, becoming the third top executive to depart this year, according to two people … via Bloomberg

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“We’ll continue to dig until we’re confident that state pensions are only going to those people that rightly earned them.”

State Comptroller Thomas P. DiNapoli today announced his office suspended the pension of Albert D’Agostino. The action is part of DiNapoli’s on-going review of the records of every attorney in the Retirement … via Empire State News

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“Even the reputable firms have a short track record with this.”

With legions of baby boomers set to retire in the next few years, mutual fund companies are scrambling to find answers to a critical question: What’s the best way for those newly freed from the work force to … via The Journal News

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“We also help teach people how to run small businesses and how to expand their business when the time comes.”

Struggling with difficult decisions on how to begin your own small business? Worry no more, help is here. via Fort Collins Coloradoan

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“Taken together, investments in real estate assets, real estate related securities (including mortgage backed securities) shall not be less than 75 per cent of the net assets of the scheme”

Scheme should not undertake housing finance activities Every scheme should be close-ended Net asset value should be declared daily MUMBAI: The Securities and Exchange Board of India on Friday stipulated that at … via The Hindu

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“She’s said that she was in favor and would do the test, provided that the other children also took the test”

A South Carolina judge has ordered a paternity test for the 6-year-old son of a woman who claims to be James Brown’s widow. via Pleasant Hill Record

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Could widespread designations of entire ZIP codes, metropolitan areas - even entire states - as “declining markets” hinder a real estate recovery and hurt minority groups and moderate-income buyers … via Chico Enterprise-Record

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“It’s become the norm for recent grads to move back home”

When Melissa Jenkins received her college diploma last year, she was ready to get on with life - and move in with her parents. via Concord Monitor

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Federal Reserve policymakers meet for two days to set interest rate policy, with most dealers expecting another rate cut. via Reuters Video

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Gerri Willis answers reader’s questions.

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“Sorry, we’re changing the agreement. You can now only borrow $10,000.”

Gas prices are through the roof, food prices aren’t far behind, jobless rolls are increasing, the mortgage mess is continuing, the housing market is still tanking, and the “R” word is on everyone’s lips.

Logic would dictate Americans would be tightening their belts in times like these. But, says the “The Early Show’s” resident financial adviser, Ray Martin, such logic would be wrong.

He said on the show Saturday that more and more of us are turning to our credit cards and home equity loans just to stay afloat. Read more

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04/25/08 What will likely impact the next trading session. via ClipSyndicate

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Just getting to work is getting more expensive. But there are ways to cut down on commuting costs. Here are some top tips on how to save while driving to work.

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“This suggests that while the rest of 2008 will be difficult, the focus will be on rebuilding earnings rather than managing the bank’s at risk assets”

Credit Suisse on Thursday swung to a larger-than-expected loss in the first quarter after taking another 5.3 billion Swiss francs of write-downs on risky assets, while Barclays said it remained profitable in … via MarketWatch

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“Mr. Kelly categorically denies ever instructing Mr. Cellini or any other person to approach Mr. Rosenberg for an illegal contribution”

Tom Rosenberg was a Hollywood producer and a partner in a Chicago real estate firm that managed $2 billion in assets, not the kind of guy easily pushed around.

So when he thought Antoin ‘Tony’ Rezko and Chris Kelly, two fundraisers for Gov. Rod Blagojevich, were squeezing him for a campaign contribution, he fought back. He passed a message to the pair through William Cellini, another powerful Illinois political insider.

‘I told Cellini I would take them down. I would tell this story on the corner of State and Madison,’ said Rosenberg, recounting an angry phone call for jurors at Rezko’s fraud trial Thursday. ‘And if there isn’t a grand jury already on Mr. Rezko and Kelly, there shortly would be.’ Read more

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04/23/08 In an statement released by President Ma Ying-jeou, Taiwan;s international airport will be receiving a much needed renovation that will cost over $40 billion USD. via ClipSyndicate

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“Average rates on mortgages increased across the board this last week as the most recent economic data raised inflationary concerns in the capital markets”

Rates on 30-year mortgages topped 6% for the first time in six weeks as financial markets grew more worried about rising inflation pressures. via CNN Money

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“I have never sensed that my uniform has been an issue at the nation’s premier center of civilian intelligence”

CIA Director Michael Hayden announced Wednesday he will retire from the Air Force in July after 39 years in uniform, but he will continue in his intelligence post as a civilian. via Fox News

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The federal government, eager to boost the flagging economy, will start distributing special tax rebates on Monday - five days earlier than expected, the Treasury Department said Thursday.

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“Let’s say a family shopping for a car is interested in the BMW Series 3 four-door wagon”

Missing a car payment, a wallet full of credit cars, ignoring your company’s 401 plan — these are just a few of the financial mistakes people make on a regular basis. via The Indy Channel

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“They haven’t done the level of analysis that for almost 30 years would be commonplace.”

Those costs are enough to trigger a federal law that would require the Homeland Security Department to analyze more thoroughly the effect of its proposal, said Richard Belzer, a consultant hired by the chamber … via SF Gate

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Russell Read , the chief investment officer at the California Public Employees’ Retirement System, resigned from the biggest U.S. pension fund, spokeswoman Pat Macht said. via Bloomberg

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“The emergence of excess supply in the economy should keep downward pressure on inflation throughout 2009.”

- The Bank of Canada has signalled its concern over the stalling economy by slashing interest rates half a percentage point for the second time in two months to bring the overnight rate to 3.0 per cent.

“The bank is now projecting a deeper and more protracted slowdown in the U.S. economy,” it said in a statement Tuesday morning.

“This has direct consequences for the Canadian economic outlook, with declining exports projected to exert a significant drag on growth in 2008.”

Tuesday’s action suggests that rookie governor Mark Carney believes in taking a more interventionist approach to monetary policy. After several years of incremental 25 basis point adjustments to interest rates under David Dodge, Carney has twice sliced rates by half a point. Read more

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Homeowners staggering under mounting mortgage debt and facing foreclosure could get cheaper, government-backed loans under Democrats’ housing rescue plan.

But first, lenders would have to agree to wipe out part of their debt. And the borrowers would have to show they could afford the new mortgage. They also would have to agree to share any future profits on the home with the government.

The plan would be a massive expansion of the Federal Housing Administration, the Depression-era mortgage insurer. FHA would take on $300 billion in new loans for as many as 1 million distressed homeowners, most of whom otherwise wouldn’t qualify for a government-backed loan. Read more

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State and Federal officials are recommending foreclosure counseling to homeowners hit hard by the mortgage foreclosure crisis. via KKCO-TV Grand Junction

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“The share price has been hemmed down by a number of factors over recent months, not least of which have been the credit crunch fallout and the feeling that it may have paid a very full price for the ABN acquisition”

Royal Bank of Scotland said Tuesday it had suffered $11.7 billion in additional losses and was forced to raise $23.9 billion in new capital to cover exposure to toxic U.S. loans. via FindLaw

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“England’s central bank is also becoming more aggressive about inflation, and that’s having an effect on Treasuries.”

Treasury prices declined Monday as investors speculated that the Federal Reserve would follow the Bank of England’s lead in using means beyond cutting interest rates to ease tightness in the credit markets. via Hugh Hewitt

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Sales of existing homes fell in March as a severe slump in housing showed no signs of abating. The median price of a home fell compared with the price a year ago.

The National Association of Realtors said sales of existing single-family homes and condominiums dropped by 2 percent in March to a seasonally adjusted annual rate of 4.93 million units.

The median price of a home sold last month was $200,700, a decline of 7.7 percent from the median price a year ago. That was the second-biggest year-over-year price decline following a record 8.4 percent drop in February. The records go back to 1999. Read more

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AT&T Inc. and Research in Motion announced today the availability of BlackBerry Professional Software for AT&T’s small business customers, which provides a wireless communications and collaboration solution … via MobileTechNews

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“The housing market crisis continues to disrupt the global credit markets, and our credit derivatives and direct mortgage portfolios were severely impacted once again”

Ambac Financial Group Inc. posted another steep loss for the first quarter on Wednesday as turmoil in the bond market pummeled the value of many of the bond insurer’s deals.

Ambac lost $1.66 billion, or $11.69 per share, in the first quarter, compared with profit of $213.3 million, or $2.02 per share, in the first quarter last year. The company has lost almost $5.3 billion in the last nine months.

The New York-based insurer recorded $1.73 billion in losses on a book of contracts promising to cover missed payments on complex investments backed by home loans. Read more

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If your electronic junk has been piling up, Earth Day is the ideal time to get rid of unwanted items in an environmentally friendly way. Here are tips on how to recycle everything from your computer to your iPod.

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04/22/08 Yahoo has rebuffed Microsoft’s bid a number of times on the grounds that the offer is too low, Yahoo’s earnings on Tuesday may swing the pendulum. via ClipSyndicate

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04/22/08 Steve Grasso of Frankel Stuart & Co. explains the effects earnings have on the markets and why the U.S. economy is not affecting global markets as much as it once did. via ClipSyndicate

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If you own or plan to buy a condominium, an ominous new phase of the mortgage credit squeeze could be looming on your horizon. via The Morning Call

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“The weakness in the economy and prolonged disruptions in the capital markets took their toll.”

Bank of America Corp. said Monday its profit fell 77 percent in the first quarter, hurt by trading losses and a $3.3 billion increase in reserves for problem loans. via 2NEWS.TV

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National City Corp. will get about $6 billion from private investors in a deal that provides much-needed capital to a Midwestern bank heavily exposed to the worsening mortgage and housing market, according to reports published Sunday.

National City officials were negotiating final terms of the transaction with a group of investors led by Corsair Capital LLC, a New York private equity group, The Wall Street Journal and The Plain Dealer reported on their Web sites, citing sources they didn’t identify. Read more

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Q: If both my spouse and I are entitled to Social Security benefits, will we each get our own full retirement amounts, or is there a reduction? A: When each member of a married couple works and earns enough … via WisInfo

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“Regardless of this transaction, we’re going to continue this philosophy of adjusting capacity to demand as these fuel prices continue at these levels. That’s the rational thing to do, and we’ll continue to do that.”

Weary shareholders and creditors of Delta Air Lines Inc. and Northwest Airlines Corp. via 680News

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The House Education and Labor Committee voted yesterday on an Act to ensure that you have access to complete and clear information about fees associated with your 401(k). But there are still a lot of legislative hurdles to overcome, and many of us don’t want to wait for the government to make a decision.

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“Our society does often over-respond to such anger with more regulation, and it has interfered with the free working of the market”

A heavier federal hand is reaching into American life as politicians in both parties demand an overhaul of government financial regulation and more protection for homeowners in the face of mortgage woes and a … via Leader-Telegram

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“Senator McCain believes we are better off”

John McCain doesn’t have an effective plan to turn around the faltering U.S. economy, Democratic Party chairman Howard Dean said Saturday.

‘As I listened to Senator John McCain’s remarks about the economy this week, I heard more of the same Republican policies that George Bush has brought us for the last eight years,’ Dean said in the Democrats’ weekly radio address.

Among those policies, Dean said, are ‘privatizing Social Security, denying our children health care, adding $8 trillion in new deficits, no plan to turn our economy around or help people keep their homes.’ Read more

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“The Bank will be making money available to the British banking system … the idea behind it is it will open up the market and it will begin the process of opening up the mortgage market, “

The Bank of England will unveil on Monday a plan to swap government bonds for commercial banks’ mortgage debt in an effort to unblock the home loan market and ease the effects of the credit crunch on consumers. via Reuters UK

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