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By Charles W. McMillion and Charles W. McMillion,SPECIAL TO THE SUN | August 25, 2002
Even more than most inherently upbeat Americans, Marylanders are reluctant to face the consequences of the collapse in the stock market bubble and a return to a far more challenging reality. Irrational exuberance was grand while it lasted. It created fantasies of easy riches, emphasized spending money over earning it, and seemed to assure that any unpleasantness would quickly work itself out. But because of these illusions and careless practices they fostered, the current prosperity cannot be taken for granted.
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NEWS
Marta H. Mossburg | December 4, 2012
State media keep talking about the fiscal cliff as if it will obliterate Maryland's wealth if Congress does not reach a compromise on debt talks. The truth is, cuts are far down the road if they happen, and Maryland will continue to thrive as an extension of Washington's bureaucratic complex. There is an imminent financial crisis in Maryland, however: state debt. According to the nonpartisan nonprofit State Budget Solutions, the total debt of Maryland is almost $82 billion. (www.statebudgetsolutions.org/publications/detail/state-budget-solutions-third-annual-state-debt-report-shows-total-state-debt-over-4-trillion)
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NEWS
By Charlie Cooper | December 27, 2010
Debt is at the heart of our economic crisis, but the current furor over federal government debt is disproportionate, given the need to get people working. The hypnotic trance of the media on this topic betrays and breeds a woeful ignorance of how money changers exploited nearly everyone and created the economic crisis. Let's look at how debt exploded from 1980 — when President Ronald Reagan won election on a platform of deregulation and (wink, wink!) balanced budgets — to 2007, the eve of the Great Recession.
BUSINESS
Jay Hancock | January 30, 2012
This shouldn't surprise you. The holiday shopping season was not gangbusters after all. With 13 million unemployed Americans and millions more working part-time or otherwise underemployed, the country has not returned to the mall in full force. It's not 2006 again, and it's certainly not 1999. The economic rebuilding from the 2008 financial crash is far from over. Consumers focused as much on saving in December as on spending, a Commerce Department report released Monday showed.
BUSINESS
By Kenneth R. Harney | October 18, 1998
FIRST-TIME homebuyers -- especially those with limited cash on hand -- are likely to be the primary beneficiaries of congressional legislation passed Oct. 8 that expands the reach of the federal government's largest mortgage program.Under the new legislation, the Federal Housing Administration (FHA) will be able to insure low-down-payment home loans as large as $197,621 in nearly three dozen "high cost" metropolitan areas across the country. FHA loans in most other markets will get a new upper limit of $109,032 -- up from the $86,317 limit currently in effect.
BUSINESS
Jay Hancock | January 30, 2012
This shouldn't surprise you. The holiday shopping season was not gangbusters after all. With 13 million unemployed Americans and millions more working part-time or otherwise underemployed, the country has not returned to the mall in full force. It's not 2006 again, and it's certainly not 1999. The economic rebuilding from the 2008 financial crash is far from over. Consumers focused as much on saving in December as on spending, a Commerce Department report released Monday showed.
NEWS
By NEW YORK TIMES NEWS SERVICE | August 21, 2005
BOISE, Idaho - Rushing to beat an October deadline, when the biggest overhaul of the bankruptcy law in a quarter-century goes into effect, rising numbers of Americans seeking to have their debts erased have filed for protection in the four months since the law was changed. Since President Bush signed the new law in April, bankruptcy filings have jumped, particularly in the heartland. Filings in the four months through July are up 17 percent this year over last in Cleveland, 14 percent in Milwaukee and 22 percent in northern Iowa, according to court filings, matching similar patterns in the Midwest and parts of the South and rural West.
NEWS
By Robert D. Manning | February 26, 2001
HOUSTON -- Like an athlete who uses steroids to temporarily exaggerate muscle mass and to boost physical strength, the U.S. economy has been perilously inflated through the enormous increase of debt over the last two decades. And, like the myriad of medical maladies that eventually afflict steroid abusers, the negative long-term impact of societal debt has been neglected during this period of unprecedented U.S. economic growth. Today, the three principal legs of the U.S. debt triangle have reached staggering proportions: About $6.7 trillion in household (including home mortgages)
NEWS
March 24, 2002
NOW, THAT WASN'T so bad, was it? Unless of course you've been downsized to a lower tax bracket or lost your job or your life savings. In an amazingly quick turnaround over the last few weeks, our high priests of money have been declaring the national recession licked. Some now are even saying our recent financial pains weren't sufficiently prolonged to formally qualify as a recession. In anticipation, the stock market late last month went on a nice little tear -- on top of big gains since its September bottom.
NEWS
By THOMAS F. SCHALLER | July 18, 2007
If you think President Bush's abysmal public approval is strictly a function of his mismanagement of the Iraq war, think again: While Mr. Bush's overall approval, depending on the poll, hovers near 30 percent, his approval for handling the economy is not much better. A June national poll by the American Research Group, in fact, pegged Mr. Bush's overall approval at 27 percent and his handling of the economy just 2 points higher, at 29 percent. Given that the war has eaten most of the president's national agenda, is it any surprise that he gets low marks for policies that have nothing to do with Iraq?
NEWS
By Charlie Cooper | December 27, 2010
Debt is at the heart of our economic crisis, but the current furor over federal government debt is disproportionate, given the need to get people working. The hypnotic trance of the media on this topic betrays and breeds a woeful ignorance of how money changers exploited nearly everyone and created the economic crisis. Let's look at how debt exploded from 1980 — when President Ronald Reagan won election on a platform of deregulation and (wink, wink!) balanced budgets — to 2007, the eve of the Great Recession.
NEWS
By THOMAS F. SCHALLER | July 18, 2007
If you think President Bush's abysmal public approval is strictly a function of his mismanagement of the Iraq war, think again: While Mr. Bush's overall approval, depending on the poll, hovers near 30 percent, his approval for handling the economy is not much better. A June national poll by the American Research Group, in fact, pegged Mr. Bush's overall approval at 27 percent and his handling of the economy just 2 points higher, at 29 percent. Given that the war has eaten most of the president's national agenda, is it any surprise that he gets low marks for policies that have nothing to do with Iraq?
NEWS
By NEW YORK TIMES NEWS SERVICE | August 21, 2005
BOISE, Idaho - Rushing to beat an October deadline, when the biggest overhaul of the bankruptcy law in a quarter-century goes into effect, rising numbers of Americans seeking to have their debts erased have filed for protection in the four months since the law was changed. Since President Bush signed the new law in April, bankruptcy filings have jumped, particularly in the heartland. Filings in the four months through July are up 17 percent this year over last in Cleveland, 14 percent in Milwaukee and 22 percent in northern Iowa, according to court filings, matching similar patterns in the Midwest and parts of the South and rural West.
TOPIC
By Charles W. McMillion and Charles W. McMillion,SPECIAL TO THE SUN | August 25, 2002
Even more than most inherently upbeat Americans, Marylanders are reluctant to face the consequences of the collapse in the stock market bubble and a return to a far more challenging reality. Irrational exuberance was grand while it lasted. It created fantasies of easy riches, emphasized spending money over earning it, and seemed to assure that any unpleasantness would quickly work itself out. But because of these illusions and careless practices they fostered, the current prosperity cannot be taken for granted.
NEWS
March 24, 2002
NOW, THAT WASN'T so bad, was it? Unless of course you've been downsized to a lower tax bracket or lost your job or your life savings. In an amazingly quick turnaround over the last few weeks, our high priests of money have been declaring the national recession licked. Some now are even saying our recent financial pains weren't sufficiently prolonged to formally qualify as a recession. In anticipation, the stock market late last month went on a nice little tear -- on top of big gains since its September bottom.
NEWS
By Robert D. Manning | February 26, 2001
HOUSTON -- Like an athlete who uses steroids to temporarily exaggerate muscle mass and to boost physical strength, the U.S. economy has been perilously inflated through the enormous increase of debt over the last two decades. And, like the myriad of medical maladies that eventually afflict steroid abusers, the negative long-term impact of societal debt has been neglected during this period of unprecedented U.S. economic growth. Today, the three principal legs of the U.S. debt triangle have reached staggering proportions: About $6.7 trillion in household (including home mortgages)
NEWS
Marta H. Mossburg | December 4, 2012
State media keep talking about the fiscal cliff as if it will obliterate Maryland's wealth if Congress does not reach a compromise on debt talks. The truth is, cuts are far down the road if they happen, and Maryland will continue to thrive as an extension of Washington's bureaucratic complex. There is an imminent financial crisis in Maryland, however: state debt. According to the nonpartisan nonprofit State Budget Solutions, the total debt of Maryland is almost $82 billion. (www.statebudgetsolutions.org/publications/detail/state-budget-solutions-third-annual-state-debt-report-shows-total-state-debt-over-4-trillion)
BUSINESS
By KENNETH HARNEY | September 12, 2004
FOR ANYBODY who tracks home appreciation rates, the latest federal numbers are stunning and sobering: The average home in the United States gained 9.4 percent in market value from mid-2003 to mid-2004. That average increase is more than three times the rate of inflation for goods and services in the economy overall during the same period, as measured by the Consumer Price Index. Maryland's 15.4 percent increase during the 12 months that ended in June was the sixth-highest in the nation behind Nevada, 23 percent; Hawaii, 19 percent; California, 18.4 percent; Rhode Island, 17.9 percent; and the District of Columbia, 16.1 percent.
BUSINESS
By Kenneth R. Harney | October 18, 1998
FIRST-TIME homebuyers -- especially those with limited cash on hand -- are likely to be the primary beneficiaries of congressional legislation passed Oct. 8 that expands the reach of the federal government's largest mortgage program.Under the new legislation, the Federal Housing Administration (FHA) will be able to insure low-down-payment home loans as large as $197,621 in nearly three dozen "high cost" metropolitan areas across the country. FHA loans in most other markets will get a new upper limit of $109,032 -- up from the $86,317 limit currently in effect.
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