Dodd-Frank to cost upwards of $3 billion, reports claim

The Dodd-Frank Wall Street Reform Act was meant to conserve United States consumers a significant amount of money – but at what cost? Working class individuals will bear the brunt, surely. In fact, the Government Accountability Office (GAO) has revealed in a report that it will cost $2.9 billion over five years. Article source – Dodd-Frank will cost nearly $3 billion, says GAO by MoneyBlogNewz.

security in finances needs more than taxpayer dollars

While it might seem as if working class individuals are being asked to pay without end, the Dodd-Frank Act reportedly will not require full taxpayer subsidization to function, writes the Wall Street Journal. Of the 11 agencies that will be responsible for putting the Dodd-Frank laws into practice, six are either fully or partially funded by revenues and assessments from businesses and/or entities that the Dodd-Frank agencies oversee. Congressional appropriations cover three others while the Federal reserve will give money to the Consumer Financial Protection Bureau which money comes, not from working class individuals, but from revenues for instance assessments.

United States government gets more money from banks

Banks, credit unions, investment houses and short term installment loan outlets are slated to pay the U.S. government more to operate under Dodd-Frank laws. GAO report findings have been used by Republicans to show that Dodd-Frank won’t be good for the economy because of these concerns of over-regulation.

In order to support the 11 agencies in the Dodd-Frank Wall Street Reform Act, $975 million will be needed. This is a statistic the GOP loves to remind everybody of. About $2.9 billion is anticipated to be the cost of five-years. This will be the amount needed. Moreover, hiring 2,600 full-time workers (including 1,225 for the Consumer Financial Protection Bureau) will produce significant cost.

Other highlights from the GAO report

From the forthcoming GOP presentation to the House Financial Services Subcommittee on Oversight and Investigations, the Journal points out the following:

• To be able to pay 290 full-time staff that will implement the Dodd-Frank act, a total of $77.5 million will be needed, according to a Fed estimate. Three new offices – the Office of Financial stability Policy and Research, Financial Market Infrastructures Risk Analytics and Financial Market Infrastructures Oversight – were created to run Dodd-Frank laws smoothly.
• The Financial security Oversight council will, starting in the fiscal year for 2012, have to pay $7.9 million for a full time staff of seven.
• The Office of Financial Research has $74.5 million earmarked for use in fiscal 2012 and will hire 135 full-time staff to perform duties under Dodd-Frank.

Articles cited

Senate

banking.senate.gov/public/_files/070110_Dodd_Frank_Wall_Street_Reform_comprehensive_summary_Final.pdf

Government Accountability Office

gao.gov/

Wall Street Journal

blogs.wsj.com/washwire/2011/03/28/dodd-frank-2-9-billion-over-5-years-gao-says/

GOP on what Dodd-Frank might cost small businesses

youtube.com/watch?v=6iB2fWk7Rho

Colorado HB 11-1290 alterations installment loans debate

Payday lenders and the Colorado economy as a whole felt the pain when Colorado HB 10-1351 passed, in accordance with state Rep. Larry Liston. In response to the controversial legislation, Colorado legislators have introduced HB 11-1290, which would fill the gap created when payday advance loans were banned by requiring a full payment of origination fees up front, rather than allowing for a pro-rated amount should the client pay off their short term installment loan early. Post resource – Colorado short term installment loans bill HB 11-1290 up for debate by MoneyBlogNewz.

This week, the Colorado House Bill 11-1290 might get to committee

Friday, Colorado House Bill 11-1290 was introduced. The Colorado Statesman explained that it may be debated soon. The installment loans origination fee of $20 per $100 loaned for the first $300 and $15 per $100 loaned for the next $200 up to a maximum of $500 loaned nets loan companies up to $75. In addition, a monthly maintenance of $7.50 per month per $100 and a finance charge of 45 percent could be charged in accordance with Colorado law.

Two-week payday advance loans are unlikely in Colorado now. Loan companies say the only way business can continue is if the full HB 11-1290 origination fee is charged.

Arguments between HB 11-1290 supporters and HB 10-1351 supporters

The legislation has 10 co-sponsors in the House, including Rep. Sue Schafer, D-Wheat Ridge, who voted "no" on HB 10-1351, also as Rep. Ed Casso, D-Commerce City, who favored HB 10-1351. Sen. Mary Hodge, D-Brighton, is another anti-HB-1351 person who sponsors the bill. Another is Sen. Louis Tochtrop, D-Adams County, in support.

Technical correction or incentive to re-borrow?

Supporters of Colorado House Bill 11-1290 maintain that the origination fee change is merely a technical correction to the provisions of last year’s HB 10-1351. Rich Jones of the Bell Policy Center disagree:

"It’s an incentive for the lenders to get customers to pay off their loans early and then take out more loans," Jones told the Statesman Friday.

Information from

DORA

dora.state.co.us/Financial-Services/pdf_forms/Revised HB10-1351_2.pdf

State Bill Info

statebillinfo.com/bills/bills/11/1290_01.pdf

Colorado Statesman

coloradostatesman.com/content/992687-payday-lender-bill-being-fast-tracked-through-house

‘Steering Colorado’s economy back on course’

youtube.com/watch?v=3mHOl-S6F1s

The interchange fight from an organization perspective

In July, new legislation is designed to reduce the interchange fees charged for card transactions to 12 cents. A few legislators have submitted new legislation that would remove this new requirement. The legislation cites these fee limits as a reason companies can be “less competitive”. These limits, however, are precisely what could save smaller businesses. Article source – A small business perspective on payment systems by MoneyBlogNewz.

Interchange fee primer

Card interchange fees are, in short, fees paid for the privilege of allowing customers to use a credit or debit card. The fees cost between 12 and 75 cents every time they’re used and are called “swipe fees.". This “interchange fee” is in addition to a certain percentage of the transaction amount that is charged for use of the card. All of the percentage fees and interchange fees are taken to pay for the process. The card processor, the banks and the card machine all are paid for this way. In 2010, the fees added up to $50 billion. The U.S. interchange fees are twice and much as Europe's interchanges fees. In order to help United States companies become less competitive, congress members are attempting to push some legislation. This would make interchange fees go down.

Less individuals willing to pay an interchange fee

It is hard to determine if business enterprise should take a charge card. It costs a lot of money for an organization to pay for the credit card. This is because businesses have to pay for the credit card transactions, a percentage of the transaction and a monthly fee also. Some companies do not have lots of extra money. It is worse for these companies. Smaller businesses then have to add extra costs that are passed on to consumers. High costs, extra charges and even minimum needs are sometimes added. Consumers are likely to make bigger purchases when there are credit cards while more people are willing to use your shop.

What my experience is

My husband and I own a small business that offers a variety of products and services. It was necessary to take credit cards. We never even considered otherwise. It didn't make sense to pay the $20 to $100 monthly charge card terminal fee when we didn't have a physical location and do not make too much money with it. Start-up Square was used for our credit cards processing credit cards through smartphones and charging a flat percentage of every transaction. On an average month with $300 in sales, our company pays more than $8 in credit card fees. Added on to $30 in business taxes and $26 in sales tax we collect, the amount accessible to pay our suppliers and make a profit gets thinner. The reduction in credit card interchange fees would allow us to cut back the amount we charge consumers or be able to really hire employees. Either way, card fees may not sound like much to a consumer, however those few percentage points are what can take a small business from “su! rviving” to “competitive.”

Information from

Market Watch

marketwatch.com/story/visa-mastercard-rise-on-swipe-fee-regulation-pact-2010-06-21

Delta Air Lines reducing Japan service as fuel prices increasing

Delta Air, among other air travel services, has reduced the number of flights the airline is conducting out and in of Japan because of the disasters that have taken place there. Falling demand and increasing costs have caused numerous airlines to cut service to and from Japan after the nation was rocked by natural disaster. Airlines worldwide are also feeling the pinch of increasing costs of jet fuel. Article source – Delta Air Lines reduces services to Japan as fuel prices rise by MoneyBlogNewz.

Japan service from airlines cut

The number of flights going out and in of Japan is being reduced across the board, as main airlines have too little demand and costs are too high to keep sending flights, in accordance with Bloomberg. Japan flights have been dropped by many main airlines due to the March 11 earthquake. These include Korean Air Lines, Cathay Pacific Airways, and Singapore Airlines and Qantas JetStar line.

Reuters states service will be slowed at Delta as well. Until May, service will go down 15 to 20 percent. The business estimates the quake, tsunami and nuclear disaster will cost it $250 to $400 million. However, American Airlines has not yet declared it will reduce its service to Japan, which is provided through a joint venture with Japan Airlines. Each year, you will find over 9 million people that go to Japan from the U.S.

Price of fuel means a harder time paying for flights

Airlines worldwide have been contending for the past several months with rising jet fuel prices. There has been unrest in Libya and the Middle East for the past few weeks which has caused fuel costs to go up. Before that, the price was already increasing though because of the bad winter. As a result, air fare increases are being implemented by numerous airlines. Forbes reports that even though there have been 16 percent more Southwest Airline passengers added since past year, the airline has already increased air fares six times this year.

Put more money into summer trip costs

The increases in oil, gasoline and jet fuel prices have nothing to do with any actual shortage of supply caused by unrest in Libya, which provides only 2 percent of world supply, according to CNN. The costs end up going up due to fear. Many have concerns that there can be more unrest in more nations.

Unfortunately means that a full tank of gas is going to cost more during the summer, and many people may need installment loans to finance plane tickets for summer travel. How much more costly air tickets will become remains to be seen, however projections seem to indicate the cost of travel will continue to rise for some time.

Information from

Bloomberg

bloomberg.com/news/2011-03-22/delta-air-lines-cuts-japan-seats-up-to-20-amr-says-quake-damped-revenue.html

Reuters

reuters.com/article/2011/03/22/us-delta-idUSTRE72L3HG20110322

Forbes

forbes.com/feeds/ap/2011/03/22/business-industrials-us-southwest-outlook_8368679.html

CNN

money.cnn.com/2011/03/22/markets/oil_prices/index.htm

Android overtakes RIM in smartphone sales

The popularity of the Blackberry is seriously on the wane, as Android has overtaken RIM for overall sale of smartphones. Google's well-liked Android line has spread quickly, overtaking Apple and Microsoft goods within months of the first launch of an Android phone. Far more than 170 types of devices use the Android system.

Dying of the Blackberry

When it came to smartphones, Blackberry phones were at the top of the list for Research in Motion. CNN states that the business is not at the top anymore though. All of the competition has been beaten by the Google based Android system. With 31 percent of product sales, the Android beat RIM product sales and got to the top. T-Mobile carried the first Android OS phone known as the HTC G1 which came out in Nov. 2009. In early 2010, Android had only a 7 percent share of the smartphone market, but the platform has liked constant growth since its introduction. An Android OS is now the base of more than 170 types of mobile phones and tablet computers across numerous carriers.

Old mobile phones might not last long

You will find four popular U.S. smartphone platforms. Android is the only one constantly growing though. Between February 2010 and January 2011, Research and Motion's smartphone product sales have gone down with RIM from 42 percent of the market share to 30.4 percent. Windows phones have been regularly on the decline, and now make up less than 10 percent of the smartphone industry. The iPhone has been good for Apple, but not good enough. It has stayed at a constant for the sector share. Each day, about 350,000 new Android phones are activated. The Symbian OS offered by Nokia held a larger share of the industry than Android until late 2010, when Symbian product sales finally were eclipsed by Android.

Android Nokia phone probably will not occur

Just about every phone company makes an Android phone, as Google licenses it for free, and adapting it is fairly simple for any developer, however Nokia isn’t having it, in accordance with the Los Angeles Times. Nokia and Microsoft have a relationship now. It seems that Windows Mobile on Nokia phones will become the normal thing. To be able to get the right to put Windows Phone 7 on Nokia devices, Microsoft is paying $1 billion to Nokia. Both corporations could benefit from the deal.

Citations

CNN

money.cnn.com/2011/03/07/technology/android/index.htm

Los Angeles Times

latimesblogs.latimes.com/technology/2011/03/Microsoft-reportedly-paying-nokia-more-than-1-billion-to-use-windows-phone-os.html

Four things to keep in mind whenever you rent area

Increasingly more homeowners are being forced out of their homes, and have to discover someplace new to live. This is quickly expanding the renter’s market. It is possible to make extra money by leasing out your space. If you are going to rent out area, you should take a few steps to protect your sanity. Source of article – The four basics of renting out your space by MoneyBlogNewz.

1-The local market should be looked over

Take time to research. Do these before you rent anything out. Take a look at newspaper ads, Craigslist, and online services for spaces comparable to yours. Make an appointment with a few landlords and take a look at spaces similar to what you are leasing out. Once you have made comparisons with comparable rentals and considered how much money you need to bring in, set your rental price.

2-Take laws into account

There are landlord/tenant laws in every state and sometimes individual cities. Even if you’re just leasing out a single room in your house, you need to research these laws. Most areas have at least one landlord association that offers information on the fundamentals of the law. The landlord/tenant law gives all the information needed. This consists of how much notice before entering a space is required when it is rented out while also stating what a rental demands.

3-Think about credit scores

There are not always individuals that have great credit. Sometimes credit is an issue. Your job as a landlord means deciding what is needed for potential renters. This could consist of a credit check sometimes. A credit history indicates the history of a person’s finances and bill-paying. Running a credit report on a potential renter, however, will cost you between $75 and $100. You have to make sure your renters can afford the apartment before giving it to them although this does not necessarily require a credit check. Checking references and employment history is the best way to gauge an applicant’s ability to pay.

4-Keep an eye on deposits, leases and documents

You should never rent a space to someone without paperwork. The paperwork is necessary for documentation, proof of residency, and protection of you both. Go online or to the landlord's association to find standard rental agreements although you’ll need to edit it while reading very carefully. Even in case you are friends with your renter, you need to charge a deposit of some kind. If something goes wrong — no matter how good of a friend your renter is — cleaning up after a renter moves out could be costly, and a deposit can pay for that.

Even if you plan on just renting out a single room to a good friend, you should make sure to price your area appropriately, know the law, consider the finances of your renter and do the paperwork. It’s very simple to get just a little bit of additional money in your pocket each month if you do all the work.

Return to revenue could possibly be in the future for Fannie Mae and Freddie Mac

After years of dismal performance, home loan houses Freddie Mac and Fannie Mae finally have some good news attributed to them. The 2 troubled firms are creeping back toward solvency. Both troubled mortgage backing houses were placed under government conservatorship in 2008. Since then, the two firms have been injected with more than $130 billion in loans to keep them afloat. However, dark clouds are on the horizon. The government intentions to possibly get rid of the two government sponsored enterprises and a fresh round of foreclosures is on the horizon.

Fannie and Freddie working back to the top

Lots of bailout money went to Freddie Mac and Fannie Mae. They were able to continue business this way. Both home loan houses received a combined sum of more than $130 billion to keep the real estate industry afloat. However, the 2 toxic companies are starting to hemorrhage less money, according to ABC. During the last quarter of 2010, the period from October to Dec., Fannie Mae posted a loss of only $2.1 billion and Freddie Mac posted a loss of only $1.7 billion. In 2009, during this exact same quarter, the deficits were much heavier. Freddie posted $7.8 billion in losses while Fannie had $16.3 billion in deficits. Fannie has asked for $2.6 billion and Freddie has asked for $500 million in loans, even with these losses decreasing.

Stopping the home loan titans from ruling

For decades, Freddie Mac and Fannie Mae have played a crucial role in the real estate industry. Mortgages are purchased and then resold as investments through the companies. This means lenders can lend more home loans because capital is freed. The government is trying to find ways to get Freddie and Fannie out of the mortgage industry. Just reducing involvement might help a lot. Timothy Geithner is the Treasury Secretary. He has told Congress that, before voting, they had better have a really good plan, USA Today states. Congress was warned by Geithner that there can be really terrible issues by cutting out the two programs. The housing finance industry could be destabilized entirely with this. Geithner thinks a gradual program should be used. This is if a program is used at all.

Hopefully the worst is almost over

It is expected that Fannie and Freddie won't get much better. They are anticipated to get hurt even more soon. Until "robo-signing" cases are solved, several foreclosures cannot be completed while about 50 percent of home loans in the United States are owned by Freddie and Fannie while 90 percent were created in the last few years. In the next few years, Treasury Secretary Geithner thinks that housing prices will go up in the next few years, no matter what takes place with Freddie and Fannie, Reuters reports. Housing conditions in the last few years have brought on home to recommend that buyers put down more money. This will create stability.

Citations

ABC News

abcnews.go.com/Business/wireStory?id=12995329&page=1

USA Today

usatoday.com/money/economy/housing/2011-03-01-fannie-freddie-geithner_N.htm

Reuters

reuters.com/article/2011/03/01/us-usa-housing-geithner-idUSTRE72000P20110301?pageNumber=1

H&R Block is down revenue as reimbursement cash advance solution has disappeared

Several months ago, tax preparation giant H&R Block announced it could not offer the tax refund cash loan it typically does for this tax season. As a result, revenues have been falling for the firm. Block recently released an earnings report that showed the firm was only breaking even at the height of tax season. Earlier this season, the company was instructed to forego reimbursement anticipation financial loans when a key partner was sued by the FDIC.

Slow start to taxes this year

CNBC accounts that H&R Block has dropped revenues as a tax preparation service since fewer individuals have been paying to have tax returns prepared. Breaking even in January might not be likely. In mid-February, things got better though. There was a 28 percent increase in online returns at H&R Block from January 1 to February 15, even though there has only been a 7.3 percent increase from the beginning for the year in digital tax returns. H&R Block is no longer offering refund anticipation loans as a cash advance. This has probably induced part of the 7.6 percent decrease in preparation fees.

Loaning block

Payday advances can effortlessly be in contrast to short term installment loans against tax reimbursements. Rather than waiting for a tax refund to come, some advanced money is given to a customer. The reimbursement is signed over to Block, and borrowers receive less than the total refund because fees are deducted. The lower and middle income customers really liked the anticipation loans which H&R Block announced it wouldn't offer in December 2010. When it comes to lending refund financial loans; the Federal Deposit Insurance Corporation stops also, HSBC, as a partner. The loan was given to 17 percent of consumers in 2010. They all wanted the refund anticipation loan.

FDIC countersued by reimbursement loan company

A prominent tax refund lender has sued the FDIC for interfering in the tax reimbursement loan business, in accordance with Business Week. The FDIC is getting sued by Kentucky based Republic Financial institution and Trust for overstepping boundaries by saying the loans were "unsafe and unsound" after the Republic was ordered to stop the financial loans. Republic lent more than $3 billion in reimbursement financial loans last year to almost 836,000 individuals. There was only a 2.13 percent default rate. In accordance with the suit, the FDIC is trying to stop goods that are really popular just because the government does not like it.

Articles cited

CNBC

cnbc.com/id/41747080

Business Week

businessweek.com/ap/financialnews/D9LN4P5G0.htm

Polls show most of U.S. favors collective bargaining rights

A recent New York Times/CBS News poll indicates a most of individuals in the United States support the collective bargaining rights of public employee unions. The same vast majority tended to fall on the side of not cutting public employee pay to shrink deficit gaps. The countrywide poll surveyed 984 adults, the majority of whom did not have a union member in the household.

Collective bargaining well-liked by Americans

In order to stop a bill from ending collective bargaining rights, Wisconsin senate members ducked a vote by leaving the state. However, collective bargaining was supported by most of the United States residents that were willing to answer the phone and participate in the New York Times/CBS News poll. A quarter of 984 polled people opposed labor unions while only a third supported them. Deciding on it was hard for the rest. They did not know what to choose.

Public employee unions got support though. They were supported more. The "extreme" deficit recovery things that Republican governors try to do for instance Wisconsin Gov. Scott Walker and OH Gov. John Kasich were what two to one poll participants objected too. In the poll, pay cuts were sustained by 37 percent and not supported by 56 percent of people. In the collective bargaining rights, the Republicans outnumbered the Democrats and Independents that didn't want it.

Paying too much for government workers, states governor

Concerns that public employees are overpaid or have too large of pension and health insurance plans has been something all governors have been worried about. About 61 percent of responders to the poll suggested that pay was "about right" or "too low" for public employees though. In the response, the idea of whether firefighters, teachers and others should get government benefits was divided. This involves things such as pension collection and early retirement.

'A job that needs to be done’ is all it is

Retired 67-year-old Democratic poll respondent Phil Merritt of Crossville, Tenn., told the New York Times that collective bargaining is essential for U.S. families.

"I feel they do a job that needs to be done. If you work hard, you should be able to have a home, save for retirement and send your kids to college," Merritt said. "Most public employees have to struggle to do those things, and generally both spouses must work."

The Republican viewpoint

There were supporters of the bill making collective bargaining rights disappear. This involved Longview, Texas' Warren Lemma who’s a 56 year old electrical contractor. The money to pay these benefits is not around right now.

"Retirement benefits shouldn’t be taken from those near retirement, but the system should be changed for workers just starting out," Lemma said. "The only way the system will change is to do something about union control, and the only way to do that is to remove collective bargaining."

Both Gallup Poll and USA Today are the same

Safeguarding collective bargaining rights was also on the minds of the majority of respondents to a comparable USA Today/Gallup Poll. There were 33 respondents who were in favor of the collective bargaining rights being abolished. Sixty one percent were against it though. While two-thirds of respondents recognized budget troubles in their states, they were split on how to solve those issues, whether it is through tax hikes or other government spending cuts.

Information from

New York Times

nytimes.com/2011/03/01/us/01poll.html?_r=1&hp

The Caucus NYT blog

thecaucus.blogs.nytimes.com/2011/02/28/fewer-voters-from-union-households-in-2010/

USA Today

usatoday.com/news/nation/2011-02-22-poll-public-unions-wisconsin_N.htm

Fascism and its effect on collective bargaining rights

youtube.com/watch?v=7gILmhwwbTg

Gasoline and oil prices increase as new permit given for deepwater drilling

The Obama administration has granted a permit for offshore oil drilling to Noble Energy. It’s the first offshore drilling permit in months, as offshore drilling procedures were put on hold after the BP oil spill. The volatility of gas and gasoline prices due to political turmoil in the Middle East means that the lift of the offshore drilling ban comes not a moment too soon.

First permit for offshore drilling issued in months

In Oct 2010, the national moratorium on offshore drilling was lifted. The New York Times reports that, for the first time since 2010, an offshore drilling permit has been given. The permit is a re-issue, not for a new site, for Noble Energy. This was given by the Department of the Interior. During the April 2010 Deepwater Horizon explosion and oil leak, Noble was necessary to stop operations as drilling is off the coast of Louisiana. Getting the brand new permit is great for the business. It means procedures can start again. About 6,500 feet below surface is where drilling is.

Judge claims Obama administration has to process permits

It was just one week after federal Judge Martin Feldman ordered the Obama administration to start taking permit applications and processing faster from a court in Louisiana when the Noble Energy permit was granted. The delay wasn't because of political agenda though, Director of the Bureau of Ocean Energy Management, Regulation and Enforcement, Michael Bromwich, explained. Currently there are six pending permits for deepwater drilling waiting for a response. For shallow offshore drilling, there have been 37 permits granted. Reuters reported that stock in businesses with stakes in offshore drilling went up with the news that a permit had been issued.

A rise in gasoline prices

Political turmoil in the Middle East has led to an almost consistent rise in gasoline prices over the past few weeks, according to CNN. Oil prices have fluctuated, however there have been guarantees from gas producing states, such as Saudi Arabia, that any drop in production would be made up. Despite those guarantees, the ongoing Libya demonstrations and similar situations in Bahrain, Oman, Yemen and Jordan have not inspired good confidence. Gasoline costs rose by 20 cents over the last week of February, marking a 27-cent rise in the cost of gasoline over the month of February. The national high of over $4.11 in July 2008 has not been met yet since gas is at an average of $3.34 a gallon currently.

Information from

New York Times

nytimes.com/2011/03/01/business/energy-environment/01drill.html?partner=rss&emc=rss

Reuters

reuters.com/article/2011/03/01/energy-drillers-idUSN0124305420110301

CNN

money.cnn.com/2011/03/01/news/economy/gas_prices/index.htm

Oil prices spike as Gadaffi will not leave turmoil in Libya

Due to unrest in Libya, oil prices have begun climbing and stock markets are beginning to droop. Libya is a major exporter of oil, and unrest in that nation can lead to a drop in the output of oil. After four decades of rule, many are calling for Muammar Gaddafi to abandon power though he staunchly will not do so. Article resource – Oil prices spike as Gadaffi refuses to leave turmoil in Libya by MoneyBlogNewz.

Using demonstrations to make it extremely hard for gas producer Libya to continue

Instability in a gas producing nation has brought on the stock markets to slide, the Los Angeles Times reports. This is due to the unrest going on in Libya in North Africa. During trade on Tuesday, February 22, the Dow Jones Industrial average went down over 178 points. This was because of crude costs increasing. The futures for crude oil went up from Monday to Tuesday quite a bit. It went from $91.43 a barrel to $94.49. Eventually, the crude oil prices changed to $93.57 per barrel. This was after an announcement from the oil minister of Saudi Arabia, Ali Ibrahim Naimi, made it clear that all shortfalls in Libya would be made up by the Organization of Petroleum Exporting Nations.

Gaddafi wants to stay

The Telegraph states that Libya ruler Muammar al-Gaddafi claims he will not leave his post. Gadaffi spoke on Libyan state TV saying the Libyan demonstrations would mean more bloodshed which is unlike other rules of countries that have showed empathy during protests. After four decades of being in charge of Libya, Gadaffi feels like he deserves his post. He feels like it’s perfectly acceptable due to this to use the death penalty on protestors. He said he would not "die a martyr" either.

No more Libyan officials to handle

Out of fear of protestors, Libyan officials and diplomats have been stepping down. The Christian Science monitor states that some of them have even defected. Ambassadors and other Libyan diplomatic staff at the United Nations and in India, Australia, the United States and elsewhere have called for an end to the bloodshed. Protestors have been shot by loyalists and security forces. African American mercenaries are being called in by Gaddafi to do so also. Jets and helicopters of any loyal Libyan military are shooting protestors also.

Citations

Los Angeles Times

latimesblogs.latimes.com/money_co/2011/02/stocks-end-sharply-lower-as-oil-hits-two-year-high.html

The Telegraph

telegraph.co.uk/news/worldnews/africaandindianocean/libya/8341683/Libya-Col-Gaddafi-threatens-to-unleash-mob-rule.html

Christian Science Monitor

csmonitor.com/World/terrorism-security/2011/0222/Qaddafi-deserted-by-Libyan-diplomats-amid-brutal-crackdown

At least three more years of payday cash advances in Mississippi, officially

The Associated Press states that Mississippi Gov. Haley Barbour has signed into law a bill that saves payday lending in the state for at least three more years. The new law may also change certain regulations by which pay day loan corporations must operate. The brand new Mississippi cash advance law will go into impact Jan. 1, 2012.

Mississippi payday lending continuing strong

The extension of payday lending was signed by Gov. Haley Barbour. It would have expired at the beginning of 2012 if this wasn't signed. There would have been a 36 percent APR requirement. This would have brought on the pay day loan outlets to shut down totally. Approximately 3,000 Mississippi careers would have been lost as a result of payday loan business closures.

Only through a thorough review of the effects that expulsion of payday lenders would have had on Mississippi were regulators able to decide upon the bill to send to Barbour. While some origination fees have been reduced, payday advances will remain a choice for consumers

“This time, it was the will of the Legislature that the consumers get reduced fees,” said Sen. Walter Michel (R-Jackson). “The bill that was passed will enable about 3,000 jobs to remain intact.”

What a Mississippi payday advance will cost customers

With the 14-day term, payday loan customers were used to paying $21.95 for every $100 that was borrowed. Under the brand new legislation, fees are capped at $20 per $100 borrowed for loans up to $250. The $21.95 fee is the same for amounts that are between $251 and $500. There has been an increase in short term to 30 days though. APR is something payday advances cannot logically be measured in. Nevertheless, dropping the APR in half like this makes regulators happy.

Just to keep abuse in check, there may also be a hotline added on top of the rate changes. This way, customers can get a hold of the state attorney general effortlessly for Mississippi pay day loan law.

Showing every little thing off

Dan Robinson of the Financial Services Centers of Mississippi does not understand why critics imply that pay day loans are so deceptive.

“There’s no fine print. No hidden charges. No documentation fees," he said. "It’s a very transparent transaction. We don’t collect our money until people pay the check.”

Articles cited

Bloomberg

bloomberg.com/news/2011-02-25/miss-gov-signs-bill-with-payday-lending-changes.html

Lawmakers know Mississippi payday loans are legitimate

youtube.com/watch?v=dKTIJ5Xmb8w

Emanuel wins political election for mayor of Chicago

The political election results are in, and Chicago voters have elected Rahm Emanuel as Mayor of Chicago. Emanuel left the White House Chief of Staff position he held to run in the mayoral race, despite legal challenges of his candidacy. He will take over in May, when he is inaugurated.

Emanuel ends up getting most votes

Since candidates would not get over 50 percent of votes, many were worried the Chicago mayoral election would end in a second runoff election. Just in case a candidate does not get over 50 percent of votes, a 2 round voting system is implemented in areas such as Chicago. Emanuel received 55 percent of the votes in the Chicago political election, in accordance with the Christian Science Monitors, avoiding a runoff and becoming the mayor-elect. When it came to competition, Rahm didn't really have any. Mayor Richard Daley's former Chief of Staff, Gery Chico, was the closest in the competition. About 24 percent of votes went to Chico.

The law stopping things from continuing

Rahm Emanuel had faced legal challenges in his bid to become the 55th mayor of Chicago. Early on, his candidacy was challenged in the courtroom on the grounds that he lived primarily in Washington, D.C., as he was the Chief of Staff for the Obama White House and thus was not a true resident of Chicago, according to the Washington Post. However, a series of appeals that went to the Illinois Supreme Court, which found in favor of Emanuel. He entered a field of six final candidates, and emerged the clear winner.

Emanuel has large shoes to fill in Chicago

CBS states that Mayor Richard M. Daley has been the Chicago Mayor since 1989 while Emanuel is now replacing him. Emanuel faces a budget deficit of $655 million and increasing crime rates. The City of Chicago will get another 1,000 police officers, he announced in a victory speech. He also promised to, in his first month in office, cut $75 million at the very least.

Articles cited

Christian Science Monitor

csmonitor.com/USA/Elections/2011/0223/Chicago-election-results-catapult-Rahm-Emanuel-into-mayor-s-office/%28page%29/2

Washington Post

washingtonpost.com/wp-dyn/content/story/2011/02/22/ST2011022207071.html?sid=ST2011022207071

CBS News

cbsnews.com/8301-503544_162-20035263-503544.html

Saudi student bomber was focusing on Bush's residence

A TX pupil has been imprisoned for allegedly preparing a bombing. Khalid Ali-M Aldawsari was taken into custody on Wednesday. George W. Bush was reportedly one of the targets of the bomb plot. A chemical company first found “suspicious purchases.” They reported the purchaser to the police, who involved the FBI. Source of article – Saudi student Bush home bomb plot: Khalid Ali-M Aldawsari accused by MoneyBlogNewz.

Khalid Ali-M Aldawsari arrested in TX

The arrest of Aldawsari occurred on Wed. FBI agents made the criminal arrest. A bomb plot that was targeting the home of the Bush family was being created by the South Plains College student that has been, since 2008, in the U.S. There is one specific charge that Aldawasri faces. Attempt to use a weapon of mass destruction is what he got accused with. Concentrated acids, wiring, clocks and even a Hazmat suit were all found in Aldawsari's apartment in the 2 searches the FBI carried out.

Bush house bomb plot funded by scholarships

In a notebook that FBI agents believe belongs to Aldawsari, plans for “Jihad … (that will) target the infidel Americans” were outlined. A scholarship was awarded to Aldawsari. This was used even with his plans in the United States to carry out "Jihad" as the notebook states. In addition to attending school, Aldawsari made an effort to learn English and just how to make explosives. Allegedly, Aldawsari sent himself e-mails identifying potential targets that included homes of United States military troops, dams and previous President Bush’s residence.

Federal officials criminal arrest Saudi student with chemical company help

Aldawsari came to the attention of federal officials when a chemical business reported him to the police. Aldawsari attempted to purchase concentrated phenol, which could be used to make picric acid, an explosive component. The chemical was for “off-campus, personal research.” This is what Aldawsari told the company. The business found his behavior suspicious and called the police. Federal agents opened an investigation, and within weeks, the arrest was made. The Saudi student’s Bush residence bomb plot could mean up to life in prison and a $250,000 fine if he is found guilty. A public statement hasn't been made by former President George W. Bush yet even though he knows about this.

Citations

MSNBC

msnbc.msn.com/id/41758705/ns/us_news-security/

New York Daily News

nydailynews.com/news/national/2011/02/24/2011-02-24_saudi_college_student_khalid_alim_aldawsari_accused_of_plotting_bomb_attack_on_g.html?r=news