WFW News

 July 1 - Reuters - Hezron Selvi

Citigroup Inc has increased interest rates on up to 15 million U.S. credit card accounts just months before curbs on such rises come into effect, the Financial Times reported citing people close to the situation

 It has become the trillion-dollar question: can President Obama find that much in spending cuts and tax increases to keep his campaign promise to overhaul the health care system, without adding to already huge deficits? Mr. Obama and the Democrats running Congress are deeply split over the possibilities.

 June 23, 2009 - The Washington Post - Renae Merle

The housing market remained weak last month, with bargain hunters fueling a small increase in sales but prices taking another tumble as foreclosures continued to dominate the market.

June 17, 2009 - The New York Times - Stephen Labaton

June 15, 2009 - The New York Times - Helene Cooper

Sunday, June 13 - The New York Times - Reed Abelson

The White House is caught in a battle within its own party over how to finance a comprehensive overhaul of America's health-care system, as key Democrats advocate a tax plan that could require President Obama to break his campaign pledge not to raise taxes on the middle class.

The House today gave final approval to a bill that would prohibit credit card companies from arbritarily raising interest rates on existing balances and charging certain fees.

With a 361-64 vote, the House ensured that President Obama will be able to sign the bill into law by Memorial Day, as he requested.

A primer on the new restrictions that credit card companies face, and some reassurances on those rewards programs.

Distressed borrowers have overwhelmed many lenders, nonprofits in foreclosure prevention plan.

The Senate Finance Committee is scheduled to meet Tuesday and Thursday to discuss financing a health care overhaul and expanding access to insurance coverage, possibly through a public plan option that would compete with private insurers.

The House today passed a $3.5 trillion budget outline that lays the groundwork for President Obama's ambitious initiatives on health care and education.

WFW Pennsylvania recently helped coordinate a rally for Health Care for All. The event was a huge success. To see more pictures, click here.

President Obama used a White House meeting on Thursday to pressure credit card company executives to act quickly to change policies that have led cardholders to pay higher rates on existing balances.

During the meeting, which White House press secretary Robert Gibbs described as “cordial and courteous,” Obama called for companies to do more to protect consumers.

NYTimes Editorial - We welcomed President Obama’s plan, unveiled in March, to head off foreclosures and keep more Americans in their homes, but we feared that it wouldn’t be enough. We were particularly concerned that without a reform of the bankruptcy code, lenders wouldn’t do enough to voluntarily modify troubled loans.

Read more.

As thousands of anti-tax protesters rallied across the nation yesterday and the president promised tax cuts for most, new data showed that the federal income tax burden is already hovering near its lowest level in three decades for all but the wealthiest Americans.

The Treasury Department said yesterday that it has signed contracts with six major mortgage lenders to participate in the Obama administration's $75 billion foreclosure prevention effort.

$3.5 Trillion Spending Plan Paves Way for Obama Goals

The nation's unemployment rate shot up from 8.1 to 8.5 percent last month, new figures out today show, as employers continued to slash jobs in the face of slumping demand.

A total of 5.1 million jobs have been lost since the recession began in December 2007, and more than 13 million people are unemployed.

An estimated 46 million Americans are uninsured, and that number is likely to climb as the recession costs more workers their jobs, and their employer-provided health coverage.

WSJ's Kelly Evans parses the latest economic data, which reported the number of people filing for unemployment benefits cracked the five million mark for the first time. She also discusses new housing and manufacturing data.

An examination by The New York Times of the fates of the laid-off workers found that less than 15 percent of the hourly workers had steady jobs almost a year later.

WASHINGTON — Congressional aides worked Sunday to identify differences between the House and Senate economic stimulus packages in advance of final negotiations scheduled to begin after the Senate’s anticipated approval of its measure on Tuesday.

3.7 million -- that's how many jobs were lost since December 2007. A broad measure of unemployment — which counts part-time workers who want to be working full time — is now almost 14 percent.

January was the largest one-month job loss since December 1974, and pushed the unemployment rate to 7.6 percent, from 7.2 percent in December

President Obama and his congressional allies took a modest step toward reshaping the nation's healthcare system Thursday as the Senate passed legislation to expand health insurance for children.

Record number standing in unemployment lines
Initial jobless claims rise 3,000 to 588,000; continuing claims hit 4.78 million

The high price of 'free' trade
NAFTA's failure has cost the United States jobs across the nation

The stimulus bill passed by the House last night contains a controversial provision that would mostly bar foreign steel and iron from the infrastructure projects laid out by the $819 billion economic package.

The stimulus passed its first hurdle – the House Appropriations Committee.

Democrats in the House introduce a $825 billion economic recovery package, an expansive combination of spending and tax cuts that aims to put millions of unemployed Americans back to work and halt what is widely believed to be the nation’s worst recession since the Depression.David M. Herszenhorn

US Forclosure Filings increased by 81% in 2008. 

The real unemployment rate released today by the Bureau of Labor Statistics is 13.5%, nearly double the official 7.2% rate reported.

Banks that are getting taxpayer bailouts awarded their top executives nearly $1.6 billion in salaries, bonuses, and other benefits last year, an Associated Press analysis reveals.

Despite Free-Market Pledge, Many Nations Adopt Restrictive Policies

House Speaker Nancy Pelosi said Monday she is directing a key lawmaker to write legislation that would specifically require Treasury to take steps to help homeowners avoid foreclosure if it wants access to the second $350 billion in government bank bailout funds.

The Washington Post examines the origins of the economic crisis.

Consumer prices fell at a record rate in November and housing starts plummeted to a level not seen in nearly half a century, stark signs of the weakness that has spread through the U.S. economy.

Fannie Mae has agreed to let renters stay in their homes even if the owners of the properties have been foreclosed on, according to an announcement from the company yesterday.

With unemployment claims reaching their highest levels in decades, states are running out of money to pay benefits, and some are turning to the federal government for loans or increasing taxes on businesses to make the payments.

Initial jobless claims surged by 58,000, to 573,000 in the week ending Dec. 6, the highest level since 1982 (not controlling for population growth). This article contains a roundup of reactions by economists and analysts.

Federal Reserve Chairman Ben S. Bernanke urged using more taxpayer funds for new efforts to prevent home foreclosures, saying the private sector is incapable of coping with the crisis on its own.

In the past 18 months, the foreclosure debacle has pushed tens of thousands of area residents into the rental market, many with crippled credit and a desperate need for housing. Waiting for them is a new cast of swindlers, cheats and real estate sharks ready to prey on the weak and needy. Scams of various stripes are thriving in the foreclosure mess and flourishing at the margins of landlord-tenant laws.

The nation's grim economic picture now has a face. For four days, employees at a window and door factory that went out of business have refused to leave and face the prospect of a cold winter without a job.

As bad as the headline numbers in Friday’s employment report were, they still made the job market look better than it really is.

U.S. employers shed more than half a million jobs in November, accelerating a steady decline in the labor market with the worst monthly showing in 34 years.

A record one in 10 American homeowners with a mortgage were either at least a month behind on their payments or in foreclosure at the end of September as the source of housing market pressure shifted to the crumbling U.S. economy.

Private employers slashed an unexpectedly high 250,000 jobs in November, the most in seven years, while third-quarter labor costs rose less than first thought, in the latest signs the job market is nowhere near a bottom as the U.S. recession enters its second year.

Layoffs Send Residents Who Were Living Comfortably Into Economic Tailspin

Nationwide, 3.07% of prime mortgages were in foreclosure or at least 60 days late in the second quarter of this year, easily topping the previous record of 1.97% set in 1985.

Initial unemployment filings rise to 542,000 and the number of Americans continuing on benefits nears a 26-year high.

Thursday, November 13, 2008 - USA TODAY - Barbara Hagenbaugh and Sue Kirchhoff

The administration is still working on the best way to deploy the remaining money in the $700 billion financial rescue plan passed last month. Treasury Secretary Henry Paulson said Wednesday that the government will no longer buy troubled assets from bank balance sheets, the original intent of the legislation, and will mainly focus on injecting money into the financial sector.

For the complete story, click here.

Friday, November 7, 2008 - The Washington Post - Howard Schneider

The U.S. economy shed 240,000 jobs in October and the unemployment rate jumped sharply to 6.5 percent, a worse-than-expected showing that highlights one of the top issues President-elect Barack Obama faces when he meets with his economic advisers later today.

For the complete story, click here.

Wednesday, November 5, 2008 - Reuters - Richard Cowan

U.S. House of Representatives Speaker Nancy Pelosi on Wednesday urged passage of at least $61 billion in new economic stimulus funding this month, but said the future of the legislation requires cooperation from Republicans in the Senate and President George W. Bush.

For the complete story, click here.

Thursday, November 6, 2008 - The Washington Post - Jeannine Aversa

The number of out-of-work Americans continuing to draw unemployment benefits has surged to a 25-year high, while shoppers turned extra frugal, further proof of the damage from sinking economy, credit problems and financial stresses.

For the complete story, click here.

Friday, October 31, 2008 - The Washington Post - Neil Irwin, Lori Montgomery and Howard Schneider

Overall consumer spending dropped 0.3 percent in September compared with the month before, while disposable income -- the money left after taxes -- barely crept ahead of inflation, increasing by 0.1 percent. A drop in spending on big-ticket consumer items, particularly automobiles and parts, accounted for much of the decline in overall spending, with a drop of 2.9 percent in September compared with the month before.

For the complete story, click here.

Wednesday, October 29, 2008 - The Washington Post - Amit R. Paley and Binyamin Appelbaum

Congressional investigators yesterday demanded that the nation's nine largest banks prove they are not using an emergency infusion of $125 billion in taxpayer funds to lavish their executives with wealthy bonuses.

For the complete story, click here.

Wednesday, October 22, 2008 - By Reuters with CNBC.com

The cruel earnings season for the American worker intensified Wednesday as more companies announced layoffs.

For the complete story, click here.

Thursday, October 16, 2008 - Reuters - Claudia Parsons

Government steps to shore up the banking system and unfreeze credit markets showed some signs of progress on Thursday, but grim news from major economies reinforced fears of recession and hammered global markets.

For the complete story, click here.

Tuesday, October 14, 2008 - Reuters - Daniel Trotta

NEW YORK (Reuters) - The United States ushered in a new era in banking on Tuesday with plans to take equity stakes worth up to $250 billion in financial institutions, an incursion into the private sector that U.S. officials called a regrettable last resort.

For the complete story, click here.

Friday, October 10, 2008 - The Economist - From Economist.com

The falls underline that stockmarkets, traumatised by the near-paralysis in credit markets, the collapse of once-mighty banks and the prospect of global recession, are suffering what has been dubbed a “cascading crash”: a series of blows which, added together, are stomach-churning.

For the complete story, click here.

Thursday, October 9, 2008 - The Economist - From The Economist print edition

The economic downturn has struck at the heart of the world’s shopping capital, and not even the influx of foreigners taking advantage of the weak dollar has been enough to save Sharper Image or its neighbour. Unlike the fashion houses along the street, neither was helped by the fact that their big-ticket items could not easily be carried onto a plane. But even Bergdorf Goodman, a nearby luxury department store, reported weak sales in August.

For the complete story, click here.

Wednesday, October 8, 2008 - The Washington Post - Nancy Trejos

For many Americans, pensions and 401(k) plans are their only form of savings. The dwindling of these assets -- about a 20 percent decline overall -- is another setback just as many people are grappling with higher gas and food prices, more credit card debt, declining home values and less access to loans.

For the complete story, click here.

Monday, October 6, 2008 - Oregon Live.com - Arthur Stamoulis

Oregon is hurting under existing trade policies. For too long, elected officials from this state and beyond have allowed themselves to be guided by theories regarding trade that have not played out well for the majority of their constituents. They would be wise to respond to voter anger over the way in which international trade has been conducted. The first step is acknowledging the need for a new direction.

For the complete story, click here.

Monday, October 6, 2008 - The Wallstreet Journal - Zachary Karabell

Soon enough, America's financial crisis will wind down -- maybe in a month, maybe in a year. Yet regardless of when, this crisis marks the beginning of a new era for the U.S.

For the complete story, click here.

Saturday, October 4, 2008 - The Washington Post - Lori Montgomery and Paul Kane

With evidence mounting that the nation faces a sharp economic downturn, Congress yesterday gave final approval to what may be the biggest government bailout in American history, authorizing the Bush administration to spend $700 billion to try to thaw frozen credit markets and prevent a deep recession.

For the complete story, click here.

Saturday, November 4, 2006 - The Washington Post - Michael A. Fletcher

Employers slashed jobs at the fastest rate in five years in September, marking the ninth consecutive month of job losses and providing another grim indicator of the deteriorating state of the U.S. economy, the government reported yesterday.

For the complete story, click here.

The New York Times Video -

Ron Lieber on what lies ahead for investors.   video.on.nytimes.com/

Sunday, September 27, 2008 - The New York Times

A look at the recent events that shook the world's financial system.  Click here.

Friday, September 19, 2008 - The Washington Post - Howard Schneider and Binyamin Appelbaum

The U.S. Treasury this morning offered temporary insurance for money market funds, attempting to restore confidence in one of the economy's important safe-haven investments.

For the complete story, click here.

Thursday, September 18, 2008 - The Associated Press - Evelyn Nieves

The foreclosure crisis is forcing many people into homeless camps.  For the complete story, click here.

Wednesday, September 17, 2008 - NPR - All Things Considered

The federal government has bailed out American Insurance Group with an $85 billion rescue package. Diane Brady, senior editor at Business Week, says though it's technically a loan, the package is a bailout because AIG could have gone bankrupt.

For the complete story, click here.

Wednesday, September 17, 2008 - The New York Times - Edmund L. Andrews

WASHINGTON — The mighty Federal Reserve is being stretched to its limits, both in the range of problems it is being asked to fix and in its financial firepower.

The central bank has also transformed itself almost overnight into the Fed Inc. by essentially taking over American International Group after already taking on hundreds of billions of dollars in mortgage securities to help ailing financial institutions.

For the complete story, click here.

Friday, September 12, 2008 - The Washington Post - Glenn Somerville

The director of the White House Budget Office on Friday said that operations of mortgage companies Fannie Mae and Freddie Mac seized by the government last week should not be treated as part of the federal budget.

For the complete story, click here.

Thursday, September 11, 2008 - The Washington Post - (various authors)

Letters to the Editors regarding the recent Fannie Mae and Freddie Mac take over. 

For the complete story, click here.

Tuesday, September 9, 2008 - The Hill - Jeffrey Young

Democrats intend to move a second stimulus package costing at least $50 billion this month and make its passage a priority, Rep. Rahm Emanuel (D-Ill.) said Tuesday.

For the complete story, click here.

Friday, September 5, 2008 - The Washington Post - Neil Irwin and Heather Landy

The unemployment rate soared in August and employers slashed jobs, as a weakening in the labor market accelerated. The numbers suggest there is little good news ahead for American workers, who face deepening stress from several sides.

For the complete story, click here.

Sunday, August 17, 2008 - The Washington Post - Michelle Singletary

Part of the Housing and Economic Recovery Act of 2008 authorizes a tax credit of up to $7,500 for qualified first-time home buyers. Based on the questions I'm getting from readers, many people are ready to jump on this money like Scooby-Doo panting after Scooby Snacks.

To help those considering this credit, which is really a loan, I talked to Eric Smith, a spokesman for the Internal Revenue Service, which will be handling the implementation. Following are some questions sent to me by readers and answered by Smith:

For the complete story, click here.

Sunday, August 17, 2008 - NPR Weekend Edition - Kelly Weiss

With the current housing market crisis, it is more difficult for senior citizens to move into assisted living because many rely on the profit from selling their house to pay for this expensive care. From Capitol Public Radio, Kelly Weiss reports.

For the complete story, click here.

Sunday, August 14, 2008 - The New York Times - Louise Story

Part 3 of a series about the surge in consumer debt and the lenders who made it possible.

For the complete story, click here.

Sunday, August 9, 2008 - The New York Times - Mark Landler

Part 2 of a series about the surge in consumer debt and the lenders who made it possible.

For the complete story, click here.

Sunday, July 20, 2008 - The New York Times - Gretchen Morgenson

Part 1 of a series about the surge in consumer debt and the lenders who made it possible.

For the complete story, click here.

Thursday August 14 2008 - The Guardian - Andrew Clark

The US property market has collapsed with such ferocity that almost a third of homebuyers are trapped in negative equity with mortgages outstripping the value of their homes.

For the complete story, click here.

Tuesday, August 5, 2008 - The Independent - Arthur Levin, MPH

Healthcare woes and reforms have certainly been in the forefront of both presumptive candidates' stump speeches. Unfortunately, reforming the U.S. healthcare system is likely to be a Sisyphean task. A new report from the non-profit Commonwealth Fund indicates that whoever is elected president in November will inherit a healthcare system that is seriously under-performing to put in kindly.

For the complete story, click here.

Tuesday, August 5, 2008 - The New York Times - Catherine Rampell

Consumer spending increased in June, but those gains were outpaced by rising prices, the Bureau of Economic Analysis reported Monday.

The increase in spending was $57.1 billion, or 0.6 percent, from May, but prices rose 0.8 percent in the month. It was the highest inflation level in the monthly report since September 2005.

For the complete story, click here.

Monday, August 4, 2008 - The New York Times - Vikas Bajaj

The first wave of Americans to default on their home mortgages appears to be cresting, but a second, far larger one is quickly building.

Homeowners with good credit are falling behind on their payments in growing numbers, even as the problems with mortgages made to people with weak, or subprime, credit are showing their first, tentative signs of leveling off after two years of spiraling defaults.

For the complete story, click here.

Friday, August 1, 2008 - The Huffington Post - Jeannine Aversa

The nation's unemployment rate climbed to a four-year high of 5.7 percent in July as employers cut 51,000 jobs, dashing the hopes of an influx of young people looking for summer work.

For the complete story, click here.

Wednesday, July 30, 2008 - The Washington Post - Anthony Faiola and Rama Lakshmi

International talks aimed at ushering in a new era of free trade collapsed in Geneva yesterday during a bitter split between developed and developing countries over the future shape of global commerce.

For the complete story, click here.

Tuesday, July 29, 2008 - The Politico - Victoria McGrane

House Financial Services Committee Chairman Barney Frank has put the mortgage industry on notice: Passage of the landmark housing bill doesn’t get it off the hook.

In the next few months, the mortgage finance industry will be under pressure to show results and convince Congress that it’s doing everything possible to stem the tide of foreclosures across the country. Its lenders and loan servicers will have to do so against the backdrop of a record number of delinquencies and rising foreclosures.

For the complete story, click here.

Tuesday, July 29, 2008 - The Huffington Post - J.W. Elphinstone

Home prices tumbled by the steepest rate ever in May, according to a closely watched housing index released Tuesday, as the housing slump deepened nationwide.

For the complete story, click here.

Wednesday, July 28, 2008 - Market Watch - Kate Gibson

U.S. stocks on Monday were on the defensive as worries about the economy and the troubled financial system overtook any cheer over a rescue plan for mortgage giants Fannie Mae and Freddie Mac nearing enactment.

For the complete story, click here.

Monday, July 28, 2008 - The Hill - J. Taylor Rushing

The Senate on Monday inched toward a potential breakthrough on stalled energy legislation, as Majority Leader Harry Reid (D-Nev.) said Republicans could offer four amendments, including a vote on offshore oil drilling.

For the complete story, click here.

Monday, July 28, 2008 - The Chicago Sun-Times - Sandra Guy

Rebate checks are going unclaimed -- and this free money is no scam.

More than 210,000 Illinois seniors and veterans, including 134,000 in the Chicago area, have not yet filed an income tax return so they can receive the federal economic stimulus tax rebate, ranging from $600 for a single person to $1,200 for married couples filing jointly, Sen. Dick Durbin told a press conference Sunday.

For the complete story, click here.

Monday, July 28, 2008 - The Politico - Chris Frates

The National Federation of Independent Business is on the Hill today, distributing a new booklet to congressional offices titled, “The Faces of the Healthcare Crisis: Small Business in America.”

The compendium details the difficulties small business owners face in getting health care. The effort is designed to send a message to Congress and the next president that “small businesses are demanding solutions to rising health care costs and they expect reform that works for them.”

For the complete story, click here.

Sunday, July 27, 2008 - The Washington Post - Lori Montgomery and Paul Kane

Even as a huge bipartisan majority in the Senate voted yesterday to send a sprawling housing bill to the White House, economists, consumer advocates and other analysts said the package of programs for struggling homeowners and shaken mortgage lenders is unlikely to relieve the foreclosure crisis that is driving the nation toward recession.

For the complete story, click here.

Sunday, July 27, 2008 - The Washington Post - Steven Mufson

The two events, half a world apart, went largely unheralded.

Early this month, Valero Energy in Texas got the unwelcome news that Mexico would be cutting supplies to one of the company's Gulf Coast refineries by up to 15 percent. Mexico's state-owned oil enterprise is one of Valero's main sources of crude, but oil output from Mexican fields, including the giant Cantarell field, is drying up. Mexican sales of crude oil to the United States have plunged to their lowest level in more than a dozen years.

For the complete story, click here.

Saturday, July 26, 2008 - The Washington Post - Kevin Drawbaugh

The U.S. Congress approved a massive housing market rescue bill on Saturday, offering emergency financing to mortgage titans Fannie Mae and Freddie Mac, and setting up a $300-billion fund to help hundreds of thousands of troubled homeowners.

For the complete story, click here.

Monday, July 21, 2008 - Money Morning - Jason Simpkins

Consumer spending, which accounts for more than 70% of the economy, will be seriously threatened in the months ahead, as prices continue to rise, wages plateau, and government stimulus checks wear thin.

Consumer spending has remained strong in recent months, even jumping 0.8% in the month of May. But that boost was largely inflated by the $50 billion in government rebate checks that were cashed and put to use in the month.

For the complete story, click here.

Wednesday, July 16, 2008 - Michigan Live - Rick Haglund

Laid off from your job? Lost your home to foreclosure? Forced to choose between eating and filling your car's tank with $4-a-gallon gas?

Oh, stop your whining. It's all in your head.

That's former U.S. Sen. Phil Gramm's astounding assessment of the American economic psyche, laid out in a recent interview with the Washington Times.

"You've heard of mental depression; this is a mental recession," Gramm said. He went on: "We have sort of become a nation of whiners."

For the complete story, click here.

Wednesday, July 16, 2008 - AlterNet - Maggie Mahar & Health Beat

Most plans for health care reform that stress "choice" give families the opportunity to choose from a menu of plans that offer insurance at different prices. In effect, families are "free to choose" the health care plan that they can afford. (More accurately, they are "forced to choose" the plan they can afford.)

Imagine, instead, a proposal for health care reform that guarantees free, high-quality health care for all Americans. No premiums. No deductibles. Under this plan, the government insists that all insurers offer the same comprehensive benefits to everyone, including: office and home visits, hospitalization, preventive screening tests, prescription drugs, some dental care, inpatient and outpatient mental health care, and physical and occupational therapy.

For the complete story, click here.

Friday, July 11, 2008 - National Journal - Anna Edney

Congress has had its hands full with the mad dash to wrap up major legislation, but proposals to revamp health care and make it more accessible and affordable are taking shape as lawmakers and their staffs gear up for a healthcare overhaul in the near future.

Committees are working with each other and even across the aisle and the halls of the Capitol, though House and Senate healthcare leaders are employing different tactics.

For the complete story, click here.

Thursday, July 10, 2008 - The Washington Post - Paul Kane

Sen. Edward M. Kennedy (D-Mass.) made a dramatic return to the Capitol yesterday to help the Senate pass legislation that would rescind a sharp cut in Medicare payments to physicians.

The legislation was approved by a veto-proof margin, 69 to 30, after falling one vote shy of passage less than two weeks ago. Kennedy cited that close vote, and his potential to make a difference, as the reason for his reappearance.

For the complete story, click here.

Thursday, July 10, 2008 - The Associated Press - Jeannine Aversa

Fewer people signed up for unemployment benefits last week, but not enough to obscure continuing weakness in the country's labor market.

For the complete story, click here.

Monday, July 7, 2008 - The Huffington Post - RJ Eskow

People who think they know "what business wants" may need to think again -- especially when it comes to social issues like health reform. Case in point: A recent study of New York small business owners shows that more than half believe small businesses have an obligation to provide health coverage. What's more, 51% think they should be required to provide it.

But do they distrust government solutions, preferring to let "the market" solve everything? Apparently not: 72% support the option of joining state-run insurance pools, and a stunning 85% think government should act as a "watchdog" over health insurance companies.

For the complete story, click here.

Wednesday, July 2, 2008 - The New York Times - Peter S. Goodman

As automakers dropped their latest batch of awful sales numbers on the market on Tuesday, reinforcing the gloom spreading across the economy, the troubles confronting American workers seemed to intensify.

For the complete story, click here.

Sunday, June 29, 2008 - The New York Times - Ben Stein

But the trend is dismal. The average private worker now earns very roughly $600 a week, not counting fringe benefits. For this worker, gasoline might well account for close to one-tenth of his or her earnings. If the price of gas goes up 25 percent, the effect is serious. To put it mildly, people making $600 a week do not have a lot of leeway on spending.

For the complete story, click here.

Friday, June 27, 2008 - U.S. News and World Report - Mortimer Zuckerman

The once-in-a-century housing boom of the first half-dozen years of this decade has now turned into a bust. Home prices are down between 15 and 20 percent from their peak in 2006. Many experts predict as much as an additional 15 percent decline before the pricing bubble is undone.

For the complete story, click here.
 

Monday, June 23, 2008 - The Public Record - Jason Leopold

If the United States does not act soon to address health-care costs, federal and state governments as well as American businesses could face a cascading fiscal crisis with devastating long-term consequences, says a new report by the Government Accountability Office.

In the report entitled, “Long Term Federal Fiscal Challenge Driven Primarily by Health Care,” the GAO, the investigative arm of Congress, said an immediate “multi-pronged solution” must be pursued before the “window of opportunity” to address the issue closes.

For the complete story, click here.

Monday, June 23, 2008 - Occupational Health & Safety

The federal minimum wage will increase to $6.55 per hour on July 24, 2008. However, many states also have minimum wage laws, and quite a few are higher than the federal minimum. In cases where an employee is subject to both the state and federal minimum wage laws, the employee is entitled to the higher of the two minimum wages.

For the complete story, click here.

Tuesday, June 17, 2008 - The Wallstreet Journal - Brett Arends

Here's another excellent reason to take a scalpel to household spending: On Friday, the Bureau of Labor Statistics revealed that the average American worker is losing ground in real terms. Again.

After counting inflation, American workers actually earned less in May than in April, and substantially less than a year ago. The month-on-month fall in real wages was 0.4%, while compared with May 2007 it was 1.2%.

For the complete story, click here.

Thursday, June 19, 2008 - The Hill - Jeffrey Young

In sum, the settlement shifts more of the burden to rectify mix-ups on the Centers for Medicare and Medicaid Services (CMS), private Part D benefit plans and states and away from low-income elderly and disabled beneficiaries who are enrolled in both Medicare and Medicaid.

For the complete story, click here.

Tuesday, June 17, 2008 - The New York Times - Adam Cohen

This week marks the 75th anniversary of the National Industrial Recovery Act — which Roosevelt signed June 16, 1933, at the end of his famous first 100 days — and of the federal minimum wage. It was a grudging, almost accidental win, and the road since then has been rocky. Advocates for low-income workers have had a hard time keeping the minimum wage at a reasonable level and passing other laws necessary to fulfill the original goal: ensuring that people who work hard can achieve a reasonable standard of living.

For the complete story, click here.

Friday, June 13, 2008 - NewsRadio 840 KXNT

For the 17th straight month, Nevada leads the nation in foreclosure rates. New figures by the firm RealtyTrac say one out of every 118 Nevada households received a foreclosure filing in May, up nearly 24% from April and a 72% increase from May 2007. California was second in foreclosures, followed by Arizona, Florida and Georgia. Overall, Nevada reported just over 9,000 foreclosure filings last month. Among metro areas, Las Vegas was the only city outside Florida and California in the top ten. Vegas ranked sixth overall for foreclosure rates, with one out of every 96 households receiving a filing in May. Nationally, foreclosure activity rose 7% from April to May, and jumped 48% from a year earlier.

Thursday, June 12, 2008 - The Politico - David Rogers

The House approved extended jobless benefits for the long-term unemployed Thursday, with Democrats capturing a narrow two-thirds majority that could boost chances for action in the Senate.

For the complete story, click here.

Monday, June 9, 2008- The Wall Street Journal - Sudeep Reedy

The average price of gasoline in the U.S. hit $4 a gallon for the first time Sunday, the latest milestone in a run-up in fuel prices that is sapping consumer confidence and threatening to nudge the nation into recession.

The record nationwide average for regular-gasoline prices, announced by auto club AAA, follows Friday's near-$11 surge in oil prices to a record $138.54 a barrel. Both are part of what, by some measures, is the worst energy-price shock Americans have faced for a generation, in terms of its toll on their pocketbooks.

For the complete story, click here.

Monday, June 9, 2008 - The New York Times - Clifford Krauss

TCHULA, Miss. — Gasoline prices reached a national average of $4 a gallon for the first time over the weekend, adding more strain to motorists across the country.

But the pain is not being felt uniformly. Across broad swaths of the South, Southwest and the upper Great Plains, the combination of low incomes, high gas prices and heavy dependence on pickup trucks and vans is putting an even tighter squeeze on family budgets.

The disparity between rural America and the rest of the country is a matter of simple home economics. Nationwide, Americans are now spending about 4 percent of their take-home income on gasoline. By contrast, in some counties in the Mississippi Delta, that figure has surpassed 13 percent.

For the complete story, click here.

Friday, June 6, 2008 - The Associated Press - Jeannine Aversa

The government reports the nation's unemployment rate jumped to 5.5 percent in May - the biggest monthly rise since 1986 - as nervous employers cut 49,000 jobs last month. It was a dramatic sign of a deeply troubled economy.

The Labor Department's new report released Friday showed employment conditions worsening, reflecting the damage from housing, credit and financial crisis.

For the complete story, click here.

Friday, June 6, 2008 - The New York Times - Vikas Bajaj and Michael M. Grynbaum

About 1 in 11 American mortgages were past due or in foreclosure at the end of March, according to a report released on Thursday, a figure that is rising fast as home prices fall and the job market weakens.

The first three months of 2008 marked the worst quarter for American homeowners in nearly three decades, according to the report, issued by the Mortgage Bankers Association. The rate of new foreclosures and past-due payments surged to their highest level since 1979, when the group first started collecting the data.

For the complete story, click here.

Wednesday, June 4, 2008 - Workday Minnesota - Barb Kucera

For years, fair trade advocates have fought unfair deals that shipped U.S. jobs abroad and undermined worker rights and the environment. Now, for the first time, they are putting forth comprehensive legislation to overhaul U.S. trade policy and create a new vision for the global economy.

For the complete story, click here.

Friday, May 30, 2008 - Los Angeles Times - Kathy M. Kristof

More than 160 million Americans would be able to learn their all-important credit scores at no charge -- and with no strings attached -- under a settlement by credit reporting giant TransUnion Corp. of a long-running class-action lawsuit.

The agreement would entitle consumers to at least six months of a TransUnion monitoring service, giving them access to the latest information in their credit reports as well as their current scores at any time.

For the complete story, click here. 

Wednesday, May 28, 2008 - The New York Times - Vikas Bajaj

America’s home-buying season, when for-sale signs sprout like dandelions, is shaping up to be even worse than expected this year, with prices falling, sales slowing and few signs of a turnaround emerging.

Two reports released Tuesday captured the bleak picture. One showed that home prices nationally fell 14.4 percent in March from a year earlier. The other showed sales of new homes, although up slightly in April, remained mired near their lowest levels since 1991.

For the complete story, click here.

Tuesday, May 27, 2008 - The New York Times - Robert Pear

The Securities and Exchange Commission, shifting its position, has told companies they must allow shareholders to vote on a proposal for universal health insurance coverage.

Shareholders, including religious groups and labor unions, have offered the proposal in an effort to draw the nation’s largest corporations deeper into a debate over the future of health care, fast emerging as one of the most important issue in domestic policy.

For the complete story, click here.

Saturday, May 24, 2008 - The Hill - Mike Soraghan

House Democrats are planning to highlight the mortgage crisis with a field hearing in Ohio, the presidential battleground state hit hardest by foreclosures.

A House Financial Services subcommittee is holding a hearing June 16 in Cleveland to focus on the mortgage crisis, according to a “Dear Colleague” letter sent this week by Rep. Marcy Kaptur (D-Ohio).

For the complete story, click here.

Thursday, May 22, 2008 - The Hill - Mike Soraghan

A clerical error caused widespread confusion on Capitol Hill Thursday, stealing the spotlight from Democrats hoping to tout the second veto override of President Bush’s reign.

Democrats in the House and Senate won enough votes to override Bush’s veto, but one of the farm bill’s 15 titles was omitted from the official “parchment” copy sent to the White House.

For the complete story, click here.

Thursday, May 22, 2008 - The Politico - David Rogers

The House moved quickly to override President Bush’s veto of the Farm Bill Wednesday — so quickly that lawmakers may have to do it again.

One hundred Republicans joined 216 Democrats on the 316-108 vote, which came just hours after the White House had returned the $307 billion, five-year measure.

But the new majority hurt its cause in the case of the Farm Bill. In the rush to act before the Memorial Day recess, the leadership ignored the full consequences of a clerical error in which the third of the bill’s 15 titles had been dropped from the text presented on parchment to the president for his signature or veto.

For the complete story, click here.

Wednesday, May 21, 2008 - The New York Times - David M. Herszenhorn

The Senate Banking Committee on Tuesday approved compromise legislation aimed at helping hundreds of thousands of homeowners in danger of foreclosure by expanding the availability of government-insured mortgages.

For the complete story, click here.

Tuesday, May 19, 2008 - The Politico - Victoria McGrane

Sen. Chris Dodd (D-Conn.) and Richard Shelby (R-Ala.) have hashed out compromise housing legislation.

A release announcing the compromise didn't offer any specifics on the new legislation but it sounds like Shelby won his battle to eliminate the $1.7 billion taxpayer subsidy in the original bill for a foreclosure-prevention program. The voluntary measure is still there but now its "at no estimated cost to taxpayers."

For the complete story, click here.

Thursday, May 15, 2008 - The New York Times - David M. Herszenhorn and David Stout

The Senate voted overwhelmingly on Thursday to approve a five-year, $307 billion farm bill, sending it to President Bush for what is expected to be his futile veto.

The 81-to-15 Senate vote, like the 318-to-106 House vote on Wednesday, attracted broad bipartisan support and received far more than the two-thirds that would be needed to override Mr. Bush’s veto, should he keep his pledge to wield his pen.

For the complete story, click here.

Tuesday, May 13, 2008 - The Hill - Jeffrey Young

Sometimes if you want a seat at the table, you need to build your own chair.

That’s what Reps. Jim Langevin (D-R.I.) and Christopher Shays (R-Conn.) are working on as the unlikely pair position themselves for a major debate on healthcare reform in 2009 by laying down a marker this year.

Players on Capitol Hill and K Street have been gearing up since the beginning of last year for the possibility of healthcare reform taking center stage in Washington for the first time since President Clinton’s plan crashed and burned in 1994. Langevin and Shays want in.

For the complete story, click here.

Tuesday, May 13, 2008 - The Washington Post - Lori Montgomery and Jeffrey H. Birnbaum

Hope dimmed yesterday that Congress would act quickly to rescue homeowners at risk of foreclosure after key Republican and Democratic negotiators in the Senate said they could not reach agreement on a plan.

Talks broke down late Friday between aides to Senate Banking Committee Chairman Christopher J. Dodd (D-Conn.) and the senior Republican on his committee, Richard C. Shelby (Ala.), aides said. The two camps had been trying for more than a month to develop a bipartisan proposal to ease the nation's housing crisis.

For the complete story, click here.

Friday, May 9, 2008 - The Washington Post - Lori Montgomery

The House yesterday approved an ambitious plan to rescue hundreds of thousands of homeowners at risk of foreclosure by helping them trade exotic loans with rapidly rising monthly payments for more affordable mortgages backed by the federal government.

Bucking a White House veto threat, 39 Republicans joined Democrats in supporting the bill, the centerpiece of a broader housing package that represents Washington's most aggressive response to the nation's housing crisis. The measure aims to unfreeze mortgage markets by expanding the Federal Housing Administration's reach and strengthening mortgage giants Fannie Mae and Freddie Mac. It also would create a $7,500 tax credit for first-time home buyers to try to boost sales and slow plummeting home prices.

For the complete story, click here.

Thursday, May 8, 2008 - International Herald Tribune -  David Stout

WASHINGTON: As the House prepared to vote on a housing-relief bill offered by Democratic leaders, President George W. Bush on Wednesday told the lawmakers, in effect, not to bother.

"I will veto the bill that's moving through the House today if it makes it to my desk," the president said at the White House, after meeting with Republican House leaders. "I urge members on both sides of the aisle to focus on a good piece of legislation that is being sponsored by Republican members."

For the complete story, click here.
 

Wednesday, May 7, 2008 - The Politico - Lisa Lerer

Congress has fast-tracked legislation to stave off a potential crisis over student loans by ensuring their availability for millions of students.

The legislation, approved by Congress last week, authorizes the Education Department to buy outstanding federally backed loans from private lenders. President Bush signed the bill Wednesday, and the Education Department said Monday that it should start processing the emergency advances by June 1.

For the complete story, click here.

May 10th is World Fair Trade Day! 

World Fair Trade Day is a celebration of Fair Trade internationally, with events organized worldwide. Events including Fair Trade breakfasts, talks, music concerts, and fashion shows are held to promote Fair Trade and campaign for justice in trade.

For more information or to find an event near you, click here.

Thursday, May 1, 2008 - The Wall Street Journal

A new poll from the Pew Research Center finds Americans turning largely bearish on free-trade agreements, as Nafta and trade have taken on renewed importance in the 2008 presidential campaign amid the economic downturn.

Nearly half of respondents (48%) said that free-trade agreements are having a negative impact on their personal financial situations, compared with just 27% who say it has helped. The number of people saying free trade has hurt their situation is up from 36% in December of 2006.

For the complete story, click here.

Monday, April 28, 2008 - The New York Times - Alex Berenson

In Unalakleet, Alaska a local dental clinic offers basic dental work like cavity fillings.  However, the woman that runs this facility is not a dentist.  Instead, Aurora Johnson completed a two year training program that is unique to Alaska.  This issue of therapists performing basic drilling and fillings is one that the Alaska Dental Society and the American Dental Association do not approve. 

Some dentists who specialize in public health, noting that 100 million Americans cannot afford adequate dental care, say such training programs should be offered nationwide.

For the complete story, click here.

Thursday, April 24, 2008 – Politico – Victoria McGrane & David Rogers

The House Financial Services Committee approved a $15 billion foreclosure aid package Wednesday, but only after it survived a behind-the-scenes regional fight in which Chairman Barney Frank (D-Mass.) invoked House Speaker Nancy Pelosi (D-Calif.) to stave off Midwest efforts to claim a larger share of funds, at the expense of California.

The battle — and the hair-splitting — illustrates tensions raised by a subprime mortgage crisis that has slammed some states with recently booming economies and others that had long been struggling.

For the complete story, click here.

Thursday, April 24, 2008 - The Wall Street Journal - Market Watch - Thomas Kostigen

This article discusses genetically modified organisms (GMOs), particularly in reference to seeds and plants. Typically agricultural products are engineered to be more resistant to pests or environmental conditions or to grow more quickly and bountifully. With soaring food prices and global grain shortages, more attention is being shifted towards GMOs. The article describes the trade policies that control the GMO industry that produces a costly profit from the poor.

For the complete story, click here.

Thursday, April 24, 2008 - The Washington Post - Lori Montgomery

Senate Republicans yesterday blocked legislation to make it easier for women and others alleging discrimination to sue their employers over unequal pay.  The measure aimed to reverse the Supreme Court ruling from last May limiting how long workers can wait before suing for pay discrimination.

For the complete story, click here.

Friday, April 18, 2008 - Huffington Post - Gerardo Cajamarca Alarcón

This blog post, written by Gerardo Cajamarca Alarcón, describes from a first hand account some of the effects that free trade has had on Colombia. 

For the complete story, click here.

Wednesday, April 23, 2008 - The Hill - Manu Raju

Congressional Democrats are backing away from healthcare reform promises made by their two presidential candidates, saying that even if their party controls the White House and Congress, sweeping change will be difficult.

For the complete story, click here.

WFW is happy to present its new website!