The Fight for Wall Street Reform

By Charlene Crowell
NNPA Financial Writer

After two weeks of intense negotiations by a joint Capitol Hill conference committee, Washington lawmakers finally reached agreement on the single largest financial reform package since the 1930s New Deal. The new reforms would establish stronger protections against abusive mortgages, help borrowers facing foreclosures, establish a strong Consumer Financial Protection Bureau, and rein in many of the risky activities of Wall Street and the large banks. Additionally, $2 billion will be equally shared in support of foreclosure prevention assistance and supplemental funding for the Neighborhood Stabilization Program (NSP).

Written by: Precinct Reporter Group

Magic Johnson Offers Business Wisdom

Magic Johnson Enterprises is renowned for its success in developing movie theaters, Starbucks outlets, restaurants and fitness centers in urban communities around the U.S., but its namesake learned a painful lesson when he first tried his hand at business.

One of Johnson’s first efforts after leaving the NBA was selling athletic apparel, he said at an event Thursday in Highland sponsored by the Economic Development Agency of San Bernardino County. The idea seemed natural for one of the best and most successful players in basketball history.

Written by: Precinct Reporter Group

Your Money Really Matters

“The Economy-Looking Back and Looking Ahead”
By Michael G. Shinn
NNPA Syndicated Writer

During 2009 we saw the end of the deepest recession since the Great Depression of the 1930s. We witnessed the bankruptcy of GM and Chrysler, a tumbling stock market, record housing foreclosures and double digit unemployment. And this was all in the first half!! The second half year saw a stabilizing in all of these areas, with economic growth moving into the black for the first time in two years.
Most forecasts for 2010 are for 2.0 percent to 3.0 percent GDP growth, some easing in unemployment and inflation remaining in check, primarily because of slack demand. Unfortunately, the improving economy is being propped up by federal government stimulus programs and a Federal Reserve Bank policy of low interest rates. Neither of these policies is sustainable over the long haul.

Written by: Precinct Reporter Group

New Credit Card Regulations

The relationship between consumers and credit card companies is in the midst of a dramatic shift. New regulations signed into law last year by President Obama are set to take effect Feb. 22, and they’re impacting the ways Americans qualify for, obtain and use their credit cards.
The first wave of guidelines associated with the Credit CARD Act of 2009 went into effect last year, such as a 21-day statement mailing requirement. Now, the majority of reforms are set to alter the credit landscape.

Written by: Precinct Reporter Group

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