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Daily Archives: May 19, 2009

Hardest hit in America

Click on the graph for the interactive map.


(source: AP)

Chinese economy: the other side of the coin

Is the stimulus plan by Chinese government sustainable? Two sides of the story.

Heroin and the sin of debt

A nice discussion on American consumers and the implication of their changing behaviors on the economy.

No more credit card perks

Today's NYT reports:

Credit cards have long been a very good deal for people who pay their bills on time and in full. Even as card companies imposed punitive fees and penalties on those late with their payments, the best customers racked up cash-back rewards, frequent-flier miles and other perks in recent years.

Now Congress is moving to limit the penalties on riskier borrowers, who have become a prime source of billions of dollars in fee revenue for the industry. And to make up for lost income, the card companies are going after those people with sterling credit.

Banks are expected to look at reviving annual fees, curtailing cash-back and other rewards programs and charging interest immediately on a purchase instead of allowing a grace period of weeks, according to bank officials and trade groups.