February 2009

Will Obama’s Budget Plans Help the Poor by Taxing the Rich?

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One of the corner stones in President Obama’s recently announced $3.6 trillion budget was to raise taxes on the rich in order to cut the budget deficit and fund many of his ambitious programs over the next decade. The prime focus of his tax reforms were the richest 2% of Americans who have household earnings [...]

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Obama's 2010 – $3.6 Trillion – Budget and My Money from Taxes to Health Care

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In his speech before a joint session of Congress President Obama promised to deliver America from the current financial crisis and restore the nation to its former glory by promoting 21st century industries, reforming health care and implementing a more sound financial and taxation system. To do this he said that more money would be [...]

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What Would Happen to My Money if Citigroup or Bank of America were Nationalized

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In an ominous sign that the financial and economic crisis has spread far and wide, a once laughable and highly unlikely event has come to pass. Our biggest banks are on the verge of being nationalized. That’s right – the government may soon step in and take over America’s biggest banks to save them from [...]

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Buying a Home in the Current Real Estate Market

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Marketwatch had an interesting series looking at the pros and cons of buying a house this year. Given I have commenced my own home buying process, it was a very timely piece, as I am sure it was for many others who are thinking of buying (or even selling) a home in year ahead. However [...]

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More Foreclosure Relief for Unemployed and Underwater Loans In Revised 2010 Mortgage Modification Plan

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[Updated April 2010] With a weakening housing market and impending expiration of the home buyer credit, the Obama administration and Treasury have stepped up efforts to help struggling home owners facing foreclosure, including subsidies for the unemployed and borrowers who owe more than their home is worth.    The updated/revised plan would increase payments to [...]

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Your Work, Home, Education and Auto Tax Breaks in the 2009 Economic Stimulus Package

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What a month! The $787 billion economic stimulus package was finally approved by Congress and signed into law by President Obama. The size of the stimulus is truly mind boggling – $787,000,000,000 (9 zeros!) – and works out to about $2,600 per American. To put in perspective, if the stimulus were a country it would [...]

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Are so called “Smart People” really Smarter

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When I was younger and whenever my mother took me to the doctor or a professional (like her banker, accountant or stock broker), she would always say: “Don’t worry son, you’re in good hands, these people are super smart.” Well, lets take a look at some of these “smart” professionals today. Ivy League trained bank [...]

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Help for Unemployed and Under Insured Workers (COBRA) in the Economic Stimulus Package

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Continuing with my in depth coverage of “Your Money in the Stimulus” series, it is was good to see that the final version of President Obama’s economic stimulus package retained benefits for the unemployed, disabled and under insured. With millions of workers facing a prolonged period of unemployment and more lay-offs being announced every day, [...]

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New Car (up to $49,500) Sales Tax Deduction in 2009 Obama Economic Stimulus Package. Will it be Extended into 2010?

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[Update on possible 2010 Extension] There has been a concerted push by various groups and congress members to get this tax deduction extended into 2010. They cite the success of this and the cash for clunkers programs in stabilizing the US auto-market. However there are concerns that extending this deduction will add to the growing [...]

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TARP Cost Tax Payers $50 Billion. Revised Bank Bailout and Housing Rescue Plan

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[Updated Oct 5 2010] Marketwatch reports that the total final cost to taxpayers of the much-maligned $700 billion Troubled Asset Relief Program (details below) will be around $50 billion, the Treasury Department estimated on Tuesday. The two-year TARP program, which officially expired on Sunday, initially used government money to make capital injections into large and [...]

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