June 2010 Archives

BusinessWeek
By: Scott Shane
June 29, 2010

Policymakers often point to entrepreneurship as a way to combat unemployment among twentysomethings. But it's an unrealistic solution, says Scott Shane

Across almost all industrialized countries, unemployment rates are highest among people just out of college. In the U.S., 17.2 percent of 20- to 24-year-olds are out of work. Clearly we need to do something to remedy this problem now and prevent it in the future.

Winston-Salem Journal
June 30, 2010

BOONE -- The N.C. Energy Office is introducing a $3.7 million program to improve energy efficiency in homes, designating Appalachian State University's Energy Center as one of two centers to work with the state.

The Wall Street Journal
By: Matthias Rieker
June 29, 2010

J.P. Morgan Chase & Co. wants small businesses not just to borrow, but also to hire.

The Wall Street Journal
By: Miriam Jordan
June 30, 2010

Study Measures Impact Beyond the Jobless Rate as Pay Cuts and Furloughs Take Toll; Ms. Lara Nixes a Martial-Arts Class

The nation's 9.7% unemployment rate tells only part of the recession's story, according to a new study that found more than half of adults in the U.S. labor force have suffered a spell of unemployment, a pay cut or reduction in work hours.

Minnesota Public Radio
By: Jessica Sundheim
June 29, 2010

Fergus Falls, Minn. -- People who work 37 hours a week for $7.50 per hour are not lazy.

The Wall Street Journal
By: Jeannette Neumann
June 29, 2010

Some public-sector unions, trying to avoid furloughs and layoffs, are accepting less-generous pension benefits for current workers and retirees, often for the first time in years.

The Washington Post
By: Frank Ahrens
June 29, 2010

Americans socked away more savings in May than at any time since September, as they continued to be cautious spenders, according to government data released Monday.

Greater Fools

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The New Yorker
By: James Surowiecki
July 5, 2010

Halfway through his Presidency, George W. Bush called on the country to build "an ownership society." He trumpeted the soaring rate of U.S. homeownership, and extolled the virtues of giving individuals more control over their own financial lives. It was a comforting vision, but, as we now know, behind it was a bleak reality--bad subprime loans, mountains of credit-card debt, and shrinking pensions--reflecting a simple fact: when it comes to financial matters, many Americans have been left without a clue.

US Fed News
June 29, 2010

New York City's 600,000-plus Dominicans are more likely than Latinos nationwide to have accounts at a bank or credit union. However, they continue to rely heavily on alternative financial institutions such as check-cashing businesses, and use costly financial instruments such as money orders and tax refund anticipation loans because the mainstream financial institutions are not meeting their needs.

American Banker
By: Mark Fogarty
June 29, 2010

Good reasons for becoming a homeowner are listed on signs taped up around the Navajo Partnership for Housing's homeowner education training room: "Financial security. Social recognition. Family security. Sense of accomplishment. Self respect. A comfortable life."

Wallet Pop
By: Abigail Wise
June 28, 2010

With tuition on the rise, it's getting more and more difficult for families to scrape together enough dough to fund degrees. San Francisco Mayor Gavin Newsom is trying to change that. Newsom has introduced a new program called Kindergarten to College (K2C), which would open savings accounts for kindergartners enrolled in the public school system. K2C aims to help families afford their children's higher education and teach kids about the importance of saving.

Belleville News Democrat
By: Rickeena J. Richards
June 27, 2010

Jim Allsup is teaching kids that you don't have to come from money to be successful in business

BELLEVILLE -- Jim Allsup, president and chief executive officer of the Belleville-based Allsup Inc., wants to show local students that where they come from is no indication of where they can go professionally.

Mortgages Face New Rules

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The Wall Street Journal
By: Nick Timiraos and James R. Hagerty
June 28, 2010

Some Worry About Higher Costs, Fewer Choices for Borrowers

The Dodd-Frank financial-regulatory overhaul, which Democrats hope will win final Congressional approval this week, offers greater protections for consumers against riskier and more complicated types of home mortgages. But some in the industry warn the legislation also may lead to higher costs and fewer choices for consumers.

The Washington Post
By: Tomoeh Murakami Tse
June 26, 2010

The massive financial overhaul approved by key lawmakers early Friday was hailed by many reform advocates as offering landmark protections for consumers, even as others expressed disappointment at key omissions and wondered whether big business would exploit the bill's loopholes.

The Wichita Eagle
By: Jim Graham
June 27, 2010

Our nation's youths must become literate in personal finance and economics if we are to avoid future financial and economic crises. On a basic test of financial literacy, recently administered by the Jump$tart Coalition for Personal Financial Literacy, high school seniors in Kansas correctly answered only about half of the questions.

Waterloo Courier
By: Jim Offner
June 27, 2010

WATERLOO -- Interest rates are falling to hitherto-unseen lows, thanks to a persistently volatile stock market and the ongoing debt crisis in Europe.

The Arizona Republic
By: Jahna Berry
June 26, 2010

Tens of thousands of jobless Arizonans may have to seek food stamps and other welfare safety-net programs after the U.S. Senate failed to pass a bill that would have extended unemployment benefits, state officials say.

The Star-Ledger
By: Kristen Alloway
June 25, 2010

ELIZABETH -- As Bayron Ortiz of Elizabeth and heads off to technical school, he is confident he will have a handle on how to manage his own money.

The New York Times
By: Sharon Otterman
June 24, 2010

The Education Department on Thursday detailed a new model for turning around some of New York City's lowest-performing schools, saying that the schools would serve as the first testing ground for new teacher evaluation laws passed by the Legislature in May.

The New York Times
By: Sam Dillon
June 25, 2010

LOS ANGELES -- As recently as 2008, Locke High School here was one of the nation's worst failing schools, and drew national attention for its hallway beatings, bathroom rapes and rooftop parties held by gangs. For every student who graduated, four others dropped out.

The Washington Post
By: Dina ElBoghdady
June 25, 2010

Mortgage rates have hit an all-time low, but consumers are responding with a big "So what?"

Chicago Tribune
By: Leslie Mann
June 24, 2010

They are the Rodney Dangerfields of new housing; they get no respect. Often misnamed and misunderstood, they are the exception to the rule. But for homebuyers like Jamie and Andrew Kach, they make sense.

The Washington Post
By: Dina ElBoghdady
June 24, 2010

Sales of newly built homes plunged in May to their lowest level in more than four decades after a lucrative tax credit expired, draining demand for home purchases in all four regions of the country.

The New York Times
By: Tamar Lewin
June 23, 2010

WALNUT, Calif. -- When Giovanny Villalta tried to register for winter-term classes at Mount San Antonio College here, he hit the wall.

Savings pushed by IDAs

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Madison County Herald
By: Lucy Weber
June 22, 2010

College used to seem impossibly out of reach for some in Madison County.

The Times-Standard
June 23, 2010

The Arcata Economic Development Corporation is one of 14 nonprofit agencies throughout California to receive a Wells Fargo grant of $100,000 over two years, the bank announced Tuesday.

Small loans, big business

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Chicago Tribune
By: Clarence Page
June 23, 2010

It's not really fair to refer to payday lenders as loan sharks.

Cutting Off the Unemployed

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The New York Times
June 23, 2010

It was bad enough when the Senate left town for a long Memorial Day break without passing a bill to extend expiring unemployment benefits. It's worse now.

The Washington Post
By: Henri E. Cauvin
June 23, 2010

The Obama administration released a strategy Tuesday to end homelessness by expanding programs to secure housing for veterans and families with young children and by building on efforts to help chronically homeless people.

Kansas City Star
By: Greg Hack
June 22, 2010

More than one in four households -- an estimated 2.3 million in the Federal Reserve Bank of Kansas City's district -- each day use non-bank businesses to meet their financial needs, a new Fed report says.

Home Sweet Home

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Morning Star
By: Katie Bedard
June 21, 2010

NORTHERN MICHIGAN - Many feel that in today's economy the dream of buying a home is unattainable. It's not.

A Credit Crunch that Lingers

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The Wall Street Journal
By: Emily Maltby
June 21, 2010

Forget the improving economy. Entrepreneurs still find it hard to get loans. Here's why we're in this mess--and how we may get out of it.

USA TODAY
By: Vicki Cox Golder
June 22, 2010

There's a reason homeownership is called the American Dream. U.S. history is replete with instances of government support of homeownership, from the Homestead Act during the Civil War to the G.I. Bill after World War II.

National Public Radio
June 21, 2010

RENEE MONTAGNE, host:

And when we talk about the financial crisis, we often hear about inadequate regulation, greedy bankers, irresponsible consumers. University of Chicago economist Raghu Rajan points to another cause: social inequality. He says disparity in income is one of the fault lines that contributed to the recent financial earthquake. Rajan's new book is called "Fault Lines," and he joined us to talk about it.

The Washington Post
By: Renae Merle
June 22, 2010

The Obama administration's marquee foreclosure-prevention initiative continues to struggle, as government data released Monday show that fewer homeowners are enrolling in the program and more are losing their federal mortgage aid.

The New York Times
By: David Streitfeld
June 22, 2010

As the housing market continues to sputter, the real estate industry is increasingly split on the responsibilities of overextended and foreclosed homeowners.

The Item
By: Jade Anderson
June 22, 2010

Lemira Elementary students are getting busy with business this summer.

The News Review
June 20, 2010

Sometimes you might wonder if the American dream is still possible for our younger generations. We're talking about the dream of owning your own home, getting a college education, starting your own business.

Sensible steps to job creation

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News and Observer
By: William Schweke
June 21, 2010

DURHAM -- There is no "paint-by-the-numbers" way to create jobs. One cannot look up the answer by consulting the index of some cookbook and following a simple recipe.

Daily Breeze
By: Sandy Mazza
June 20, 2010

Residents of Carson's mobile home parks may now have a small glimmer of hope in their long, mostly unsuccessful battle to maintain low rents.

Detroit Free Press
By: Rochelle Riley
June 20, 2010

The position of "community organizer" has earned great stature since the election of President Barack Obama.

Waterloo Courier
By: Jim Offner
June 20, 2010

CEDAR FALLS -- A group of young entrepreneurs met last week to flesh out ideas they had for new products and services.

The Wall Street Journal
By: Karen Blumenthal
June 19, 2010

Don't laugh, but Uncle Sam wants to teach you how to manage your money.

The New York Times
By: Eric Dash and Nelson Schwartz
June 20, 2010

As Congress rushes this week to complete the most far-reaching financial reform plan in decades, the banking industry is mounting an 11th-hour end run.

The New York Times
By: Mary Williams Walsh
June 19, 2010

Many states are acknowledging this year that they have promised pensions they cannot afford and are cutting once-sacrosanct benefits, to appease taxpayers and attack budget deficits.

Save Housing, Support Laird

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The Times Press Recorder
By: Marie Pounders
June 18, 2010

To the Editor:

California is facing a critical shortage of affordable housing. The counties of Santa Barbara and San Luis Obispo frequently are ranked within the top three of most expensive California counties in which to live.

The Wall Street Journal
By: Martin Vaughan
June 17, 2010

WASHINGTON--The U.S. House approved legislation Thursday to create a $30 billion fund to boost lending to small businesses through community banks.

Jobs bill blocked in Senate

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The Washington Post
By: Lori Montgomery and Brady Dennis
June 18, 2010

The Senate effectively rejected a slimmed-down package of jobless benefits and state aid late Thursday, rebuffing President Obama's call for urgent action to bolster the economic recovery.

The New York Times
By: Dirk Johnson and Rachel Cromidas
June 18, 2010

Not far from million-dollar homes in DuPage County, a line of people spills through the doors of a public aid office in Villa Park, now the busiest branch of the Illinois Department of Human Services.

The News-Review
By: Inka Bajandas
June 17, 2010

Even if it meant selling off the antiques she'd collected for years, Trish Hall did everything she could to gather up the $167 she needed each month for a whole year.

Deming Headlight
By: Terry Brunner
June 16, 2010

For many of us, sleeping every night in a safe and comfortable home is something we take for granted -but that's not the case for all families. However, for those families there are opportunities to buy a house to call home -even in these trying economic times.

Is Start-Up Savvy in Your DNA?

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The Wall Street Journal
By: Dyan Machan
June 16, 2010

Ross Staszak and Aksel Güngör have just graduated from Drexel University. Both want to start companies, and both are wondering whether to study entrepreneurship in grad school. But perhaps the question they should be asking is this: Do they have the right DNA?

The Washington Post
By: Ovetta Wiggins
June 17, 2010

For years, Amy Lamke's answer to her affordable housing dilemma was bouncing with her daughter, Katlin, from one place to another, sharing space with strangers whom she met through classified ads.

Charleston Gazette
By: Karen Baisden
June 16, 2010

There's good news if you want help getting a handle on your finances.

Basic needs too costly for many

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The Clarion Ledger
By: Gary Pettus
June 17, 2010

Lucy Johnson of Sharon did the math: Zero plus 1,000 equals 4,000.

The Wall Street Journal
By: Martin Vaughan
June 15, 2010

The U.S. House of Representatives approved legislation to eliminate capital-gains taxes on some small-business investments.

The Wall Street Journal
By: James R. Hagerty
June 16, 2010

Fitch Ratings Ltd. forecasts that most borrowers who get lower mortgage payments under a federal government program will default within 12 months.

The Washington Post
By: Dina ElBoghdady
June 16, 2010

After the bank foreclosed on Fernando Palacios's Gainesville home in March, he thought he was done with what he described as the most stressful financial situation of his life.

Orlando Sentinel
By: Mary Shanklin
June 15, 2010

A state group has unveiled plans for divvying up $317 million in federal foreclosure relief to mortgage-challenged Floridians struggling with unemployment, underemployment or medical hardships.

ABA Banking Journal
By: Arthur Johnson
June 16, 2010

High-school graduations are under way across the country and proud parents are watching restless seniors wave their diplomas in triumph. Soon those going off to college, to work, or military service will be walking into your bank and mine to open their first checking account--and apply for that first credit card. Many of them with no clue about financial matters.

USA Today
By: Sandra Block
June 15, 2010

Back when life moved at a more leisurely pace, here's how many people dealt with a short-term money crunch: They cashed a check at a friendly grocery store and prayed it wouldn't clear before payday.

CityNews Ohio
By: Vivian L. Sharp
June 15, 2010

Here at the Treasury we believe that economic recovery starts in the homes of Ohioans with individuals making smart money choices. That is why a major initiative of my administration is to promote financial education across the state and help you make more informed, confident financial decisions. The Treasury offers a variety of ways to learn about savings and finances so you can find the program that is right for you.

WALB-TV News
By: Tayleigh Davis
June 14, 2010

ALBANY, GA (WALB) - Albany State University wants to help improve Albany's economy by attracting more jobs and private investment to the city.

U.S. News & World Report
By: Luke Mullins
June 14, 2010

With the deadline to qualify for Uncle Sam's homebuyer tax credit quickly approaching, Congressional lawmakers are trying to provide additional time for consumers scrambling to close transactions.

The Unemployed Held Hostage

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The New York Times
June 14, 2010

Since June 1, when federal unemployment benefits began to expire, an estimated 325,000 jobless workers have been cut off. That number will swell to 1.25 million by the end of the month unless Congress extends the benefits. The Senate, so far, has failed to act.

The Huffington Post
By: Robert Kuttner
June 13, 2010

Here is a fable that is making the rounds. It is a collection of half-truths and outright lies:

Bangor Daily News
By: Russ Van Arsdale
June 14, 2010

Last week we called for more financial literacy education for young people. Here's our quiz for the rest of us.

Roseville Press Tribune
By: Joanna Jullien
June 12, 2010

You've heard of sending your kids to art camp or science camp. How about finance camp?

The Next Generation

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The Wall Street Journal
By: Annie Gasparro
June 14, 2010

As baby boomers retire and pass on their wealth, financial advisers are scrambling to build relationships with their children

Families are in the midst of one of the biggest wealth transfers in history, as retiring baby boomers shift from wealth accumulation to wealth distribution. The challenge for financial advisers: How do they start building relationships with the next generation, since wealth accumulation is much more lucrative for advisers than distribution?

Inequality back at record highs

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The Washington Post
By: Ezra Klein
June 11, 2010

In 2005 and 2006 and 2007, I wrote a lot about inequality, which had reached highs not seen since the run-up to the Great Depression. After the financial crisis, I largely stopped, as I figured that the sharp crash would pretty much wipe out the build-up in wealth. And I was right, for a time. But now it's come back.

Wake-Up Time for a Dream

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The New York Times
By: Joe Nocera
June 12, 2010

Sheila Bair, the chairwoman of the Federal Deposit Insurance Corporation, began her week with a bit of honest heresy, the kind that only she, among all the bank regulators, seems willing to utter in the wake of the financial crisis.

The Washington Post
By: Kenneth R. Harney
June 12, 2010

The Obama administration wants to stir the pot on a highly contentious issue involving homebuilders and their customers: the legality of the discounts, rebates, closing costs, upgrades and other lures that builders often dangle in front of buyers -- but only if they agree to use the builder's affiliated mortgage lender.

The New York Times
By: Bob Tedeschi
June 13, 2010

IF you can't divide 300 by 2, should you qualify for a loan?

American Banker

San Francisco's Promising Initiative

Opinion by Rimmy Malhotra

June 10, 2010

 

Last month, San Francisco mayor Mayor Gavin Newsom announced a new initiative that would provide a college savings account for every kindergartener entering San Francisco's public school program. EARN, a California non-profit that promotes wealth creation among low-income families, has pledged to match the first $100 of a family's savings in each account.

Washington Post

Bill would extend home buyers' deadline for tax credit

By Dina ElBoghdady

June 11, 2010

 

Home buyers hoping to take advantage of a lucrative federal tax credit would get three extra months to complete their purchases under a proposal introduced in the Senate on Thursday.

Planning for the next recession

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NC Policy Watch
By: Bill Schweke
June 9, 2010

How do we plan for the next economic downturn? It may seem a trifle premature to be tackling this task. After all, the North Carolina economy is just beginning to start its recovery from the Great Recession. And if the current European slump remains under control, we should be able to count on a sustained, if slow and uneven, economic upturn for some time.

The Washington Post
By: Daniel de Vise
June 6, 2010

In a nod to the rising cost of college tuition and the burden of massive student loan debt on graduates, a growing number of universities are stepping up with "no-loan" aid pledges.

WLBT-TV
By: Roslyn Anderson
June 10, 2010

JACKSON, MS (WLBT) - A new report outlines what it takes to for working families make ends meet.

Business and Finance Week
June 10, 2010

EARN, the nation's leading provider of matched savings accounts for low-income workers, has partnered with the City of San Francisco and CFED on an ambitious Kindergarten to College (K2C) children's savings accounts program to begin pilot implementation in spring 2010. EARN will match the savings of every low-income family participating in the pilot program; details of this groundbreaking initiative were announced by Mayor Gavin Newsom at a budget unveiling event.

The Daytona Beach News-Journal
June 9, 2010

Florida's rural homeowners with very low incomes and those with disabilities may qualify for a grant or low interest rate loan to repair and improve their residence. These opportunities are made available through the United States Department of Agriculture Rural Development.

Lexington Herald Leader
By: Merlene Davis
June 8, 2010

There are a couple of opportunities coming up for those who are straddling the fence about buying a home.

Arkansas Democrat-Gazette
By: Jake Sandlin
June 7, 2010

At 17, Sidney Moore says he isn't a teenager dreaming of becoming a professional athlete or an entertainer.

American Banker
By: Joe Adler
June 8, 2010

WASHINGTON - Federal Deposit Insurance Corp. Chairman Sheila Bair called on policymakers to review decades of housing policy that pushed homeownership to unsustainable levels while providing far fewer resources for rental housing.

The Washington Post
By: Michelle Singletary
June 6, 2010

Soon the sounds of "Pomp and Circumstance" will fade and thousands of college graduates will have to really start facing the music -- their education loans.

National Public Radio
By: Terry Gross and Gary Rivlin
June 7, 2010

This is FRESH AIR. I'm Terry Gross.

There's a relatively new financial subculture made up of businesses like payday lending, rent to own, check cashing, instant tax refunds, corporate pawn shops, consumer finance loans, subprime credit cards and debit cards sold by banks and other companies.

Southeast Farm Press
June 4, 2010

Agriculture Secretary Tom Vilsack held the Obama Administration's National Summit of Rural America with agricultural leaders, farmers, ranchers, community leaders, and rural residents who shared their vision and ideas to rebuild and revitalize rural America.

The Wall Street Journal
By: Nick Timiraos
June 7, 2010

The government agency that backs home loans may have some good news for taxpayers.

The Washington Post
By: Kenneth R. Harney
June 5, 2010

Though the Wall Street and banking features of the giant financial industry overhaul bill taking shape on Capitol Hill have drawn most of the attention, home buyers and mortgage applicants should be major winners when the legislation is finally signed into law, probably early next month.

Trailer trash no longer

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Contra Costa Times
June 6, 2010

There was a time when mobile homes were viewed as little more than cramped, rectangular boxes with narrow hallways and flimsy construction. Trailers, they were called.

The New York Times
By: Ron Lieber
June 4, 2010

If you run up big credit card bills buying a new home theater system and can't pay it off after a few years, bankruptcy judges can get rid of the debt. They may even erase loans from a casino.

Daddy's Little Money Pits

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The Wall Street Journal
By: Karen Blumenthal
June 5, 2010

Between rent, cellphones and health insurance, families are finding it harder than ever to stop supporting their adult children financially.

For years, Pat Bearce had a message for his daughter Andrea: After her college graduation, she would be on her own financially.

KBTX
By: Clay Falls
June 3, 2010

The Brazos County House Finance Corporation has announced a new $28 million local and federally funded program to assist first-time home buyers.

A new program in the Brazos Valley could make owning a home much easier.

Whidbey News Times
By: Jessie Stensland
June 3, 2010

Yet another mobile home park in Oak Harbor is in danger of being razed, inevitably exacerbating the lack of affordable housing on Whidbey Island.

The Christian Science Monitor
By: Robert Reich
June 2, 2010

The jump in "self-employed" workers in 2009 correlates with mass lay-offs. But is it right to call this new class of workers entrepreneurs?

Last year was a fabulous one for entrepreneurs, at least according to the Kauffman Index of Entrepreneurial Activity released last month by the Ewing Marion Kauffman Foundation. "Rather than making history for its deep recession and record unemployment," the foundation reported, "2009 might instead be remembered as the year business startups reached their highest level in 14 years -- even exceeding the number of startups during the peak 1999-2000 technology boom."

WLFI News
June 2, 2010

Residents that qualify can receive $16,000

LAFAYETTE, Ind. (WLFI) - The United Way's Individual Development Account (IDA) program is helping low income families who live in the Weed and Seed area of Lafayette quadruple their savings for the future.

National Public Radio
June 2, 2010

Unemployment rates fell in April for more than 90 percent of the nation's 372 largest metro areas as hiring picked up around the country.

Looking for Lending

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The Wall Street Journal
By: Emily Maltby
June 3, 2010

Business Owners Find Few Bank Loans for Low-Cost Property

Real-estate prices are enticingly low in many areas of the country, prompting business owners to pursue sweet deals on storefronts, manufacturing facilities and other commercial properties. But because banks remain wary of commercial real-estate loans, landing financing to make such a purchase can be time consuming and tedious.

Spotlight on Poverty and Opportunity
By: Andrea Levere
June 2, 2010

Most of us understand that a family's income can determine whether children grow up in a safe neighborhood and stable family, get proper nutrition and health care, and receive high-quality child care and schooling. We know that poverty is especially damaging and can permanently impair children's language and memory skills.

The Wall Street Journal
By: Jonelle Marte
June 1, 2010

At a time when many people short on income are calling on their inner entrepreneurs, some start-ups are finding relief in a little-known resource--individual development accounts.

The New York Times
By: Michael Powell
May 30, 2010

MEMPHIS -- For two decades, Tyrone Banks was one of many African-Americans who saw his economic prospects brightening in this Mississippi River city.

The Wall Street Journal
By: James R. Hagerty
June 2, 2010

The Federal Home Loan Banks are asking Congress to exempt them from a provision of the financial-overhaul legislation that would severely restrict their lending.

The Washington Post
By: Ylan Q. Mui
June 1, 2010

State governments have become an unlikely ally of the banking industry in a fight against putting limits on the fees that credit and debit card issuers can charge to retailers.

San Francisco Examiner
By: Terence Chea
May 29, 2010

SAN FRANCISCO -- Should cities help families save for their kids' college education? San Francisco Mayor Gavin Newsom thinks so.

The New York Times
By: Ron Lieber
May 29, 2010

Like many middle-class families, Cortney Munna and her mother began the college selection process with a grim determination. They would do whatever they could to get Cortney into the best possible college, and they maintained a blind faith that the investment would be worth it.

The Washington Post
By: Ylan Q. Mui
May 30, 2010

One of the big questions of the Great Recession is whether American consumers have truly learned their lesson.

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