Personal Finance

How the just-passed banking overhaul bill affects consumers

Legislation that eases banking regulations — and modifies rules governing credit reports and some consumer loans — has cleared Congress and is headed to President Trump for his expected signature. The bill, which was approved by the Senate in March, passed the House on Tuesday in a vote of 258 to 159. The measure rolls back some of the regulations imposed by the Dodd-Frank Act of 2010. That legislation came on the heels of the financial meltdown that rocked the U.S. economy a decade ago, when risky and unaffordable mortgages contributed to millions of homeowners losing their houses to foreclosure. While the banking industry and supporters of the bill are lauding its passage as a boon to community and regional banks, consumer advocates say it will lead to banking practices that contributed ...

More people are unprepared for retirement because of student loans

When it came to saving for retirement, Mary Koster was killing it. She was young, just starting her career and managing to save around 12 percent a year. Then, in 2007, she returned to school in the hopes of advancing her career as a graphic designer. She took out federal and private loans to do so. When she graduated, she was eager to wipe out her education debt. She decided to withdraw $10,000 from her 401(k) plan. After struggling to find a high-paying job, she wasn’t able to free herself from her student loans as fast as she had hoped. Meanwhile, the balance kept growing, thanks to interest. When she did find work, any extra money went toward her debt. Her attitude about her golden years has since soured. “I can’t ever retire,” Koster, 44, said. “The stude...

Nordstrom’s post-earnings sell-off was ‘overdone,’ buy for its digital strategy, Deutsche Bank says

Nordstrom's recent earnings sell-off presents a compelling buying opportunity, according to Deutsche Bank.

Micron is up 43 percent this year and has more room to run, says market watcher

After Micron Technology's explosive start to 2018, investors may be wondering whether the stock has any more energy.

3 debts you should watch as the Federal Reserve raises interest rates

The market has already started anticipating rate hikes by the Federal Reserve, and you should too. Central bank officials have said they are planning to raise rates three times this year. That could go up to four hikes, depending on how June unemployment rate numbers play out. Those moves under Federal Reserve Chair Jerome Powell will change how you access credit and borrow money. One key area you want to watch is how these changes affect your existing debts, according to Ted Jenkin, CEO of Oxygen Financial. More from Straight Talk:Investors will keep buying cryptocurrencies: PunditUnwanted life insurance? Sell itQuestions you need to ask your financial advisor Here are three key debts Jenkin recommends you should watch. If you have an adjustable rate mortgage, now may be the time to lock ...

Morgan Stanley Recalls Quant From Bridgewater Internship/Spy Mission

The Morgan Stanley SWAT team extracts Court Crane from 1 Glendinning Place. By English: Lance Cpl. Kenneth K. Trotter Jr [Public domain], via Wikimedia Commons Three years ago, Morgan Stanley embedded a spy within Bridgewater Associates to learn its mysterious ways. Specifically, the mysterious and lucrative ways and means of its army of Principled robots. And with Ray Dalio and co. temporarily distracted by other matters, the bank decided it was the perfect time to safely extract him from Westport and get him to work putting other people at Morgan Stanley out of work. And maybe teach them to videotape all meetings and how best to deal with sexual misconduct allegations. Morgan Stanley has rehired a former electronic trading specialist as investment banks arm themselves for a future in whi...

Turkey Now Less Credit Worthy Than Senegal Amid Ongoing Currency Crisis … Is What A ‘Gulenist Tool’ Would Say

Listen, it is imperative that you understand something and that something is this: Turkish President, Kurd hunter extraordinaire and world-renowned rates strategist, Recep Tayyip Erdoğan, knows what he’s doing, ok? Sure, there’s a lot of market speculation that maybe his theories about interest rates and FX and inflation are indicative of his generalized penchant for lunacy and yes, there are some folks out there who think it would be an absolutely terrible idea for him to go through with the promise he made last week when he told a shocked Bloomberg anchor that he’s going to basically name himself central bank head, but that’s all nonsense. It’s just jealous foreigners trying to sow doubt and confusion and otherwise sully his sterling reputation. Or worse, it’s evidence the firms that are...

Fed survey shows 40 percent of adults still can’t cover $400 emergency expense

Even with most Americans feeling more financially secure than they did five years ago, many continue struggling to set aside any type of savings, federal data released Tuesday shows. About 40 percent of adults said that if faced with a $400 unexpected expense, they would either not be able to pay it or would do so by selling something or borrowing money, according to the Federal Reserve’s Report on the Economic Well-Being of U.S. Households in 2017. Additionally, less than 40 percent of non-retired adults think they are on track in saving for their golden years. Another 25 percent of respondents have no retirement savings or pension at all, the report says. These results show that “millions of Americans are in desperate need of establishing a savings habit before it’s too...

Five facts you didn’t know about the booming cannabis industry

Recreational sales are legal in Alaska, California, Colorado, Nevada, Oregon and Washington state, according to the Marijuana Policy Project. In Washington, D.C., adults over 21 can legally possess up to 2 ounces of marijuana, grow up to six cannabis plants in their home or give away up to one ounce of marijuana to another person who is at least 21. Sales are not legal in the nation’s capital. Maine permits recreational marijuana, and state lawmakers are pushing for legislation to establish a regulated market. Starting July 1, adults over 21 will be able to purchase recreational pot at retail stores in Massachusetts.

Craig Carton Pleads Stupidity, And Who Are We To Argue?

Craig Carton’s intellectual deficiencies were readily apparent to anyone whose car radio was stuck on WFAN in New York on weekday mornings before his untimely arrest in September on charges of running a ticket-scalping Ponzi scheme at the expense of an allegedly well-run hedge fund. Presumably, his lawyers are preparing transcripts of some of his choicer takes on the Mets and Jets to fortify their argument that he should not be facing those charges on account of those intellectual deficiencies. “The Indictment is devoid of any allegations that Mr. Carton possessed ‘culpable intent’ at the time the Hedge Fund established the loan facility for approximately $4.6 million in the ticket resale business on December 8, 2016,” reads the court document. “The Government has failed to put forth any a...

America Doesn’t Have The Stomach For Trump’s Trade War

President Trump’s capitulation to the Chinese only surprising in that it was so complete. In exchange for lifting the threat of new tariffs on $150 billion worth of goods, the president received nothing besides vague assurances of increased purchases of American agriculture, something that rapidly rising demand would have necessitated anyway. One must give credit to Chinese negotiators, who wisely realize they have nothing to gain from taking Trump’s tariff threats seriously until the American electorate signals its support for the trade war over the course of at least another election cycle. And let’s also credit Donald Trump’s predecessors. It turns out that they’re probably not as stupid as the president thinks, and that lopsided terms of trade between China and the U.S. hasn’t resulted...

Raytheon downgraded as Credit Suisse curbs its enthusiasm for defense and aerospace

The hot trade in aerospace and defense – including that of industry leader Raytheon – is coming to an end, according to Credit Suisse.