Confidence among U.S. consumers fell in July to the lowest level since November, posing a threat to the largest part of the economy.The Thomson Reuters/University of Michigan final index of consumer sentiment declined to 67.8 this month from 76 in June. The preliminary measure was 66.5.Employment growth has been slow to take hold and lower home prices are depressing wealth. The lack of confidence may further restrain consumer spending, which accounts for 70 percent of the economy, and limit the pace of growth.
Posts Tagged ‘Consumers’
Financial Overhaul Signed Into Law
July 21st, 2010 
Before You Invest Reveling in victory, President Barack Obama on Wednesday signed into law the most sweeping reform of financial regulations since the Fantastic Depression, a package that aims to protect consumers and ensure economic stability from Main Street to Wall Street.The law, pushed through mainly by Democrats in Washington’s deeply partisan environment, comes nearly two years after the infamous near financial meltdown in 2008 in the United States that was felt around the globe. The legislation gives the government new powers to break up companies that threaten the economy, makes a new agency to guard consumers in their financial transactions and puts more light on the financial markets that escaped the oversight of regulators.Obama described them all as commonsense reforms that will help people in their daily life — signing contracts, understanding fees, understanding risks.He went so far as to call the reforms “the strongest consumer protections in history.” The president added to a burst of applause: “Because of this law, the American people will never again be questioned to foot the bill for Wall Street’s mistakes.”
Posted in Finance Fraud 
Tags: Applause, Barack Obama, Burst, Consumer Protections, Consumers, Contracts, Democrats, Economic Stability, Economy, Financial Markets, Financial Meltdown, Financial Transactions, Globe, Great Depression, Legislation, Oversight, Regulators, United States, Victory, Wall Street 
Comments OffNew Financial Reforms Move Forward
July 15th, 2010 Before You Invest The financial-overhaul legislation cleared a major procedural hurdle on the way to President Barack Obama’s desk Thursday, setting the stage for the Senate to give its final approval to the measure later Thursday. The Senate voted 60-to-38 to end debate on the wide-ranging legislation, a go that required 60 votes to succeed.
Posted in Finance Fraud Tags: Barack Obama, Budget, Consumers, Credit Cards, Desk, Economy, Final Approval, Final Vote, Financial Markets, Financial Reforms, Flashpoints, Hurdle, Legislation, Mortgages, Objections, Procedural Vote, Regulators, Republicans, Senate Lawmakers, Victory Comments OffChina becomes biggest importer of bordeaux wine
March 30th, 2010 Before You Invest China has overtaken the U.S. to become the largest export market for bordeaux wine outside the E.U., sources reported.Statistics from the Bordeaux Wine Council showed that China imported 13.7 million liters of bordeaux wine in 2009, which were valued at EUR 74 million.But, the U.S. and Japan each bought 11.6 million liters. Four million and two hundred thousand liters were sold to Hong Kong for EUR 109 million.Due to the global financial crisis, the demand for Bordeaux wine from the U.S., UK and Belgium, the major consumers of the wine, decreased by 44%, 33% and 16% year on year, respectively last year.It is estimated that the export volume of bordeaux wine to the Greater China region will increase by 50% as more and more Chinese middle class started drinking wine as a fashion.Reportedly, sales of wine in China amounted to RMB 44 billion at retail price in 2009, up 12% from a year ago.
Posted in Finance Fraud Tags: 6 Million, Belgium, Bordeaux Wine, China Region, Consumers, Drinking Wine, Export Market, Export Volume, Fashion, Global Financial Crisis, Greater China, Hong Kong, Hundred Thousand, Japan, Liters, Middle Class, Retail Price, Rmb 44, Statistics, Wine Council Comments OffObama proposes fee for 50 largest financial institutions
January 15th, 2010 Before You Invest President Barack Obama announced details of a proposed fee on about 50 of the largest financial institutions. The plot is to generate roughly $9 billion each year during the next 10 years or so by imposing a 0.15% fee on the firms’ liabilities, not including insured deposits.
Wells Fargo joins rush to leave TARP
December 15th, 2009 Before You Invest Wells Fargo has joined Bank of America and Citigroup to become the latest financial institution to announce its plans to leave the Troubled Asset Relief Program (TARP).It is launching a $10.4 billion common stock offering to help fund its total withdrawal from the TARP scheme, paying back $25 billion to the US government.John Stumpf, president and chief executive officer of Wells Fargo, said: “We’re ready to fully repay TARP in a way that serves the interests of the US taxpayer, as well as our customers, team members and investors.”Mr Stumpf added that the financial services company was committed to continuing lending to homeowners and had supplied more than $640 billion in credit to consumers and businesses in the US since entering the TARP scheme last year.Last month, government statistics revealed that Wells Fargo was the top US lender to small businesses operating in the country, after approving $827 million in financing to such companies during the last fiscal year.
Posted in Finance Fraud Tags: Bank Of America, Chief Executive Officer, Citigroup, Common Stock, Consumers, Financial Institution, Financial Services Company, Fiscal Year, Government Statistics, Investors, John Stumpf, Rush, Small Businesses, Team Members, Us Government, Us Taxpayer, Wells Fargo No Comments »Regulating derivatives could do more harm than good
October 23rd, 2009 Before You Invest Rep. Eric Cantor, R-Va., writes that lawmakers are focusing on an simple target — the derivatives market — rather than identifying and tackling the root causes of the global financial crisis. Cantor, the Republican whip, warns that new regulations being considered by Congress could do irreparable hurt to businesses and consumers. “Rather than the tool for yucky financial manipulation it is described to be, the derivatives market plays a very vital role in solidifying the competitiveness of American businesses,” Cantor writes.more at http://www.investors.com/NewsAndAnalysis/Article.aspx?id=509198
U.S. consumers’ mood darkens in August: survey
August 14th, 2009 Before You Invest (Reuters) – U.S. consumer confidence fell in early August as a growing number of Americans fretted about their finances even though they expected the broader economy to improve, a survey showed on Friday.The Reuters/University of Michigan Surveys of Consumers said its preliminary reading of the index of confidence for August fell to 63.2 from 66.0 in July. This was below economists’ median expectation of a reading of 68.5, according to a Reuters poll.The index of consumer expectations fell to 62.1 in early August, its lowest reading since March and down from 63.2 in July.”Consumers reported much less favorable assessments of their personal finances even as they were more likely to expect improved conditions in the national economy,” the Reuters/University of Michigan Surveys of Consumers said in a statement.The fewest consumers in the survey’s sixty-year history reported improved finances, with many citing job losses, shorter working hours and smaller wage gains, said the survey.
Fed proposes sweeping rules for consumer protection
July 25th, 2009 Before You Invest As the Federal Reserve defends its role as a consumer-protection agency, officials at the central bank proposed overhauling disclosures made on mortgages and home-equity loans to consumers. “I reckon the general thrust of this is to make more intelligent shoppers of households, have them make better decisions,” said Fed Vice Chairman Donald Kohn.
Cyber Security Settlement: $9.75 million Settlement for Alleged Data Breach
July 16th, 2009 Before You Invest Speechly Bircham LLP reports on The Association of Corporate Counsel’s webpage that TJX, the parent company of TK Maxx, has paid settlement monies of $9.75m to 41 US states following a data breach told in January 2007 which reportedly exposed at least 45.7 million credit and debit cardholders to possible fraud in the computer systems.
Posted in Finance Fraud Tags: Admission, Association Of Corporate Counsel, Cardholders, Computer Systems, Consumers, Core Business, Cyber Security, Data Breach, Data Security, Desire, Distraction, Fraud, Investigations, Monies, Parent Company, Security Fund, Security Laws, Security Measures, Stress, Tjx No Comments »
