AIG repays last of $85 billion loan
By raising money through a series of asset sales and stock offerings, AIG, the giant U.S. insurer that was nationalized during the 2008 financial crisis, has raised enough money to repay the last of an $85 billion emergency loan it received from the Federal Reserve in 2008. The U.S. still owns 92 percent of AIG’s stock, which it plans to sell over the next two years.
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Fewer Americans own homes
Home ownership is on the decline. The Census Bureau reported that 66.5 percent of U.S. households owned their homes at the end of 2010, down from 67.2 percent 12 months earlier. The rate was 69 percent at the end of 2005.
MarketWatch.com
Credit-card interest rates peak
Credit-card interest rates, now averaging 14.72 percent, are closing in on their all-time highs. Credit-card reforms that took effect last year limit some fees and mandate fuller disclosures, but they do not cap interest rates. So card companies are upping rates—many exceed 20 percent—to make up for revenue lost due to lower fees.
CNNMoney.com
Consumers hoard the incandescent
With conventional incandescent lightbulbs scheduled to start being phased out next year, some consumers are hoarding their old favorites. One in eight Americans—13 percent—intends to stock up on 100-watt bulbs and keep using them after they disappear from stores next January.
USA Today
Lenders return to commerical property
Lenders originated $110 billion in commercial mortgages last year, a 36 percent increase over 2009’s activity. Lenders have returned to the market after fears of a commercial-property meltdown proved overblown.
TheAtlantic.com
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August 23 editorial cartoonsCartoons Saturday's political cartoons include deficit dimness, steamroller-in-chief, and more
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5 museum-grade cartoons about Trump's Smithsonian purgeCartoons Artists take on institutional rebranding, exhibit interpretation, and more
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Settling the West Bank: a death knell for a Palestine state?In the Spotlight The reality on the ground is that the annexation of the West Bank is all but a done deal
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The bottom linefeature Fewer jobs, bigger paychecks on Wall Street; Home as the primary workplace; Revenue up in the music industry; The success of community college graduates; Millennials mind their debt
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The bottom line
feature Cattle prices hit a record high; The top 1 percent's new tax rate; The rising cost of college textbooks; Carbon emissions fall; Which microwave would you buy?
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The bottom line
feature Americans prefer bonds; The high cost of patent lawsuits; The price of gas in California; India's stock market takes a beating; The IMF issues a warning
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The bottom line
feature Real estate near good public schools; Travel agents make a comeback; Amazon takes on Home Depot and Staples; People receiving disability benefits at record high; How important are high-paying careers?
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The bottom line
feature China's wealthy lawmakers; Google's move into TV; Fastenal tops Apple and Microsoft; Sheldon Adelson's big bets; Housing prices in Detroit move up
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The bottom line
feature Sales of digital music surpass album sales; The business savvy of immigrants; The Kate Middleton Effect; China's luxury car market; A poor market for architecture majors
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The bottom line
feature JPMorgan Chase surpasses BofA; Are the protestors right?; A weak market for music; Italy's debt; Residence visas for wealthy foreigners
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The bottom line
feature Default rate on corporate debt falls; Business travel is up; Gold reaches a record high; Hunting industry reaps billions; Average credit card debt drops