On Monday, federal regulators said they will launch a revamped program to shore up troubled banks. Part of the program may include increased government ownership in financial institutions. The regulators, however, stress that keeping banks private is a priority.
Federal regulators can say what they want. Americans want to see enforced regulations. Both the government and Wall Street have let us down. If the SEC had listened to the man who told them about Bernie Maddoff ten years ago, the damage done would have been millions less. This man went through the proper channels to report misdoings and was ignored. Americans want to know that they have some type of recourse to hold government and Wall Street accountable. We’ll see what happens as time goes on and more regulations are put in place.
Thursday, February 26, 2009
Wednesday, February 25, 2009
$15B from stimulus goes to states to help with Medicaid
On Monday President Obama said he would begin distributing $15B to states to help with Medicaid payments to the poor. He says the payments should reach states by today. This will offer some relief to states that are struggling with making payments through this program that is partly underwritten by states and partly by the federal government.
I am pleased to see that the Obama administration is trying to ease the strain on poor families. It’s nice to help the middle class but the poor need help too. They are suffering the most because they aren’t living in an environment where they can pull themselves up into the middle class. Hopefully as the President begins to fix the economic problem, an environment will be created where all Americans and not just a few can elevate their station in life.
I am pleased to see that the Obama administration is trying to ease the strain on poor families. It’s nice to help the middle class but the poor need help too. They are suffering the most because they aren’t living in an environment where they can pull themselves up into the middle class. Hopefully as the President begins to fix the economic problem, an environment will be created where all Americans and not just a few can elevate their station in life.
Tuesday, February 24, 2009
Is recession making Sunday Blue Laws a thing of the past?
Five state legislatures are considering lifting the restrictions on the sale of liquor, beer, and wine on Sundays. Georgia, Connecticut, Alabama, Minnesota, and Texas say they have good voter support for lifting the ban but are facing strong opposition from the Christian right. These states feel that lifting the ban will give their states much needed state tax revenue. Religious groups are saying that repealing the sales restrictions will hurt families. As state budgets continue to be under stress these laws may begin to fall away all together.
Thursday, February 19, 2009
Credit Card holders get a reprieve in 2010
New Fed regulations will reign in credit card insurers’ business practices in 2010. Currently insurers can do the following:
Raise interest rates on existing balances at any time
Bury changes and terms in the fine print
Change your terms and rates with 15 days notice
Charge you interest on this and last month’s balance
In 2010 insurers will have to:
Not raise interest rates unless you are 30-plus days late
Provide bills that clearly show terms, fees, and total interest paid
Give 45 days’ notice for new terms and rates
Calculate interest only on what you currently owe
Oh happy day. There are finally some regulations that will help the people, what a refreshing approach.
Raise interest rates on existing balances at any time
Bury changes and terms in the fine print
Change your terms and rates with 15 days notice
Charge you interest on this and last month’s balance
In 2010 insurers will have to:
Not raise interest rates unless you are 30-plus days late
Provide bills that clearly show terms, fees, and total interest paid
Give 45 days’ notice for new terms and rates
Calculate interest only on what you currently owe
Oh happy day. There are finally some regulations that will help the people, what a refreshing approach.
Wednesday, February 18, 2009
Save money and stress with these nine secrets health insurers don’t want you to know
On Health.com there is an article by Suz Redfearn that can help you save money and get the health coverage you need. Below are the nine secrets the article shared:
Don’t pay if you don’t have a say. Most plans charge you for seeing an out-of-network doctor. However, if you are in the hospital you may not have control over whether the doctors treating are in your network. If you don’t have control over this, especially during an emergency, you are not liable. So if you get a bill from your insurer, send them a strong letter letting them know that the doctor treating you was out of your control and you will not be paying any additional fees.
You may be eligible for more coverage. Depending on your state you may be eligible for more coverage than your insurer is telling you about. To find out you can contact your state’s insurance commissioner or check with consumer health organizations like Families USA.
To get tested, talk up your symptoms. Insurers in general don’t like to pay for tests. When you visit your voice your health concerns to your doctor so you can receive tests that you feel will put your mind at ease.
Stall first and answer questions later. Sometimes when you go for medical services like during pregnancy your insurer denies coverage while going on a fishing expedition to see if they can deny you coverage don’t sign any release forms allowing your insurer to review your medical history. Your history is private and after about 3 months the insurer will usually pay for your care and drop their investigation.
Letters are your best bet. Don’t overlook the power of a letter. It gives you a paper trail and gets a response from your insurer. When you send letters, make sure you send copies to your state insurance commissioner. And always keep any responses you receive.
Doctors are good weapons. When your insurer won’t pay for care you received under doctor’s orders, ask you doctor for help. They can call your insurer and say they will make a complaint to the state medical board. Another option is to call your congressman and/or Medicare office to lodge a formal complaint.
A little research can go a long way. If there is a test you want but your doctor won’t order it unless it is an absolute must do a little research and get some expert info to persuade your doctor.
There are ways to get drugs cheaper. Always ask for the generic brand. If there isn’t a generic then order your prescription by mail. To avoid extra co-pays ask you doctor to write a prescription for two to three months if you have a chronic condition.
An advocate can help you win. If you are denied coverage a health care advocate may be the answer. They know the laws and will take over the battle with your insurer so you can focus on your medical issues. They may even be able to get policies changed. To find an advocate you can contact the Patient Advocate Foundation or the Society for Healthcare Consumer Advocacy. You can also check with medical associations for a specific condition because they usually keep a list of advocates.
Don’t pay if you don’t have a say. Most plans charge you for seeing an out-of-network doctor. However, if you are in the hospital you may not have control over whether the doctors treating are in your network. If you don’t have control over this, especially during an emergency, you are not liable. So if you get a bill from your insurer, send them a strong letter letting them know that the doctor treating you was out of your control and you will not be paying any additional fees.
You may be eligible for more coverage. Depending on your state you may be eligible for more coverage than your insurer is telling you about. To find out you can contact your state’s insurance commissioner or check with consumer health organizations like Families USA.
To get tested, talk up your symptoms. Insurers in general don’t like to pay for tests. When you visit your voice your health concerns to your doctor so you can receive tests that you feel will put your mind at ease.
Stall first and answer questions later. Sometimes when you go for medical services like during pregnancy your insurer denies coverage while going on a fishing expedition to see if they can deny you coverage don’t sign any release forms allowing your insurer to review your medical history. Your history is private and after about 3 months the insurer will usually pay for your care and drop their investigation.
Letters are your best bet. Don’t overlook the power of a letter. It gives you a paper trail and gets a response from your insurer. When you send letters, make sure you send copies to your state insurance commissioner. And always keep any responses you receive.
Doctors are good weapons. When your insurer won’t pay for care you received under doctor’s orders, ask you doctor for help. They can call your insurer and say they will make a complaint to the state medical board. Another option is to call your congressman and/or Medicare office to lodge a formal complaint.
A little research can go a long way. If there is a test you want but your doctor won’t order it unless it is an absolute must do a little research and get some expert info to persuade your doctor.
There are ways to get drugs cheaper. Always ask for the generic brand. If there isn’t a generic then order your prescription by mail. To avoid extra co-pays ask you doctor to write a prescription for two to three months if you have a chronic condition.
An advocate can help you win. If you are denied coverage a health care advocate may be the answer. They know the laws and will take over the battle with your insurer so you can focus on your medical issues. They may even be able to get policies changed. To find an advocate you can contact the Patient Advocate Foundation or the Society for Healthcare Consumer Advocacy. You can also check with medical associations for a specific condition because they usually keep a list of advocates.
Tuesday, February 17, 2009
What can states hope to gain from stimulus package?
In an article on CNNMoney.com, yesterday, Tami Luhby breaks down what states will receive from the stimulus package. According to the article, most of the money will be allocated for Medicaid, education, and infrastructure projects. Experts say that the money should plug about 40% of the deficit in most states. That’s helpful but at least 46 states are facing budget shortfalls totaling over $140 billion. The stimulus bill provides the following:
$87 billion for Medicaid;
$46 billion for transportation projects, including $27.5 billion for highway and bridge construction, $8.4 billion for mass transit and $4 billion for public housing;
$39.5 billion for aid to local school districts, as well as $13 billion for programs for disadvantages students and $12.2 billion for special education;
$8.8 billion for governors' high-priority needs;
$4 billion for law enforcement; and
$2 billion to redevelop abandoned and foreclosed properties.Many governors will still have to fill a shortfall of over $50 million. This means that the federal funds from the American Recovery and reinvestment Act will alleviate but nor eliminate many of the cuts governors will have to make. I know I and everyone else is hoping at the very least it starts moving the American economy in the right direction. Hopefully the plans for the banking institutions and the housing crisis will be put in place shortly so that all these plans are working together to begin fixing the problem.
President Obama is scheduled to sign the bill today in Denver.
$87 billion for Medicaid;
$46 billion for transportation projects, including $27.5 billion for highway and bridge construction, $8.4 billion for mass transit and $4 billion for public housing;
$39.5 billion for aid to local school districts, as well as $13 billion for programs for disadvantages students and $12.2 billion for special education;
$8.8 billion for governors' high-priority needs;
$4 billion for law enforcement; and
$2 billion to redevelop abandoned and foreclosed properties.Many governors will still have to fill a shortfall of over $50 million. This means that the federal funds from the American Recovery and reinvestment Act will alleviate but nor eliminate many of the cuts governors will have to make. I know I and everyone else is hoping at the very least it starts moving the American economy in the right direction. Hopefully the plans for the banking institutions and the housing crisis will be put in place shortly so that all these plans are working together to begin fixing the problem.
President Obama is scheduled to sign the bill today in Denver.
Thursday, February 12, 2009
How will the new plan for TARP 2 affect us?
On Tuesday Secretary Geithner laid out the plans for how the oversight will work for the second half of the TARP money. Instead of putting in rules on executive compensation or asking that money be used to do mortgage modification these will now be requirements for receiving the money. The problem is that I haven’t seen what happens to these institutions if they don’t comply with the requirements laid out for them. How can oversight be effective if there are no consequences? I hope Americans keep track of what happens to this money. Go to the web site of the US treasury, www.ustreas.gov, to find the web site that will make the spending of TARP 2 funds transparent.
If this money is spent wisely and the banks do what they are supposed to do, more businesses will be able to make payroll and if not hire more people at least keep the people they currently employ. Also, homeowners may get the much needed help they need in revising their mortgages so they stop being upside down on their mortgages. We’ll see if the banks are really committed to saving the US economy or just saving their golden parachutes.
If this money is spent wisely and the banks do what they are supposed to do, more businesses will be able to make payroll and if not hire more people at least keep the people they currently employ. Also, homeowners may get the much needed help they need in revising their mortgages so they stop being upside down on their mortgages. We’ll see if the banks are really committed to saving the US economy or just saving their golden parachutes.
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