Sears Holding Company announced this week that consumers who buy appliances on credit using a Sears Credit Card will be able to keep the appliances and have some or all of the debt forgiven in the event they lose their jobs. (Source: Bloomberg, June 29, 2009)
Customers who spend at least $399 on appliances between July 6 and August 1 will receive a guarantee — one twelfth of the purchase price will be credited to their accounts for each month they’re out of work. Consumers who are jobless for more than one year will have the entire debt forgiven according to company spokesman, Larry Costello. Read more »
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Federal Reserve Chair Ben Bernanke has coined the phrase ‘green shoots’ to describe signs of an economic recovery whenever positive economic news is heard.
Is he right?
Are the green shoots he sees really signs of an economic recovery?
Not in my opinion. Instead of green shoots, I believe the Federal Reserve Chairman is grasping at green straws. In John Mauldin’s most recent newsletter dated June 22, he makes some very interesting, and admittedly scary, observations; however, I believe Mr. Mauldin’s interpretations are correct. Read more »
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6 months ago, I wrote that you can’t solve a debt problem by accumulating more debt which was the Bush, and now the Obama administration’s approach to solving the financial crisis. I believe taking this approach will not work – and nothing has changed my mind.
Tax revenues are falling while government spending is increasing creating a crisis situation in many states. This crisis could potentially cause traditionally safe investments such as muni-bonds to default, or at the very best, reduce their ratings. Read more »
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