Survey: Pessimism amid recovery Oct 23, 2009
The survey results are supported by report from the Bureau of Economic Analysis released on Friday that showed the personal savings rate in the second quarter increased to 4. 9 percent, up from 3. (MSNBC -- Race)
Bonuses for This Crowd Draw a Chorus of Raves Oct 20, 2009
More importantly, an economy without inflation is an economy in which seniors benefit much of the time, since many depend on fixed-income private pensions and personal savings. Seniors might be pleased as well since the lack of inflation helps their offspring. (Bloomberg -- Columnists)
Could gold be next bubble to burst? Oct 18, 2009
Key factors: personal savings rates rose in Asian economies, companies piled up profits year after year and Middle Eastern oil-exporting countries grew wealthier. Mckinsey Global Institute estimates this measure of wealth peaked at $194 trillion in 2007. (Athens Banner-Herald)
The Great Recession: Numbers Tell The Story Oct 11, 2009
5 percent: Personal savings rate in 2005 as home prices were soaring ... 9 percent: Personal savings rate in May. (Click2Houston, TX)
Italian Tax Evaders Are Repatriating Funds at Record Pace Amid Recession Oct 10, 2009
While entrepreneurs are likely to account for the bulk of repatriations, older people who have stashed personal savings outside Italy are also seeking to move money back to share with family members, said Ferruccio Ferri, chairman of Italian fiduciary unit, which administers client assets. Estates held abroad are re-emerging in notable dimensions, said Ferri. (Bloomberg -- Europe)
Federal official vows financial oversight Oct 9, 2009
The creation of more personal savings that doesn't depend on home-price appreciation. Global economic growth that doesn't depend largely on "unshakable American consumption and ever-increasing borrowing.". (AZCentral -- Business)
American Express President to Leave in Shuffle Oct 7, 2009
It has been expanding its product offerings, including recent plans to re-enter the market for personal savings deposit accounts. American Express also announced other management and organizational changes. (SmartMoney)
Consumer Spending Jumps By Most In 8 Years Oct 2, 2009
Personal savings in August fell to 3 percent of after-tax incomes, down from 4 percent in July. That was still nearly double the savings rate of a year ago and economists believe the savings rate will keep trending higher as households try to repair investment savings shredded by the recession. (Click2Houston, TX)
Fixing an Out-of-Whack Global Economy Oct 2, 2009
Personal savings rates in the U.S. fell to virtually zero between 2005 and 2007, he notes in a short but dire chapter written in November 2008. Asia, especially China, had no choice but to run huge trade surpluses and buy dollar assets with foreign reserves to underwrite U.S. consumers. (BusinessWeek)
Dow falls on jobless, factory reports Oct 2, 2009
The jump in spending and the much smaller gain in income sent the personal savings rate down to 3 percent in August, from 4 percent in July. Analysts think Americans will keep saving more in the months ahead. (The Augusta Chronicle)
Savings might be tax-free: panel Oct 1, 2009
A panel reviewing Australia's tax system is weighing up whether or not personal savings should be taxed, a conference has heard. Speaking about the positive and negative aspects of comprehensive income tax in Adelaide on Thursday, Treasury Secretary Ken Henry said Australia's current personal capital income taxation system had evolved into something that was far from the "originally intended ideal". (Sydney Morning Herald -- Business)
Market favors homebuyers, tenants Sep 30, 2009
Personal savings rates are up, which is a healthy sign for the economy, Dotzour said. In the 1980s, people saved about 12 percent of their income, he said. (Dallas Business Journal, TX)
Once a star, Hoku ran short of cash Sep 30, 2009
Incorporated in Honolulu in March 2001, its early financing came from the personal savings of co-founders (and Waiakea High School classmates) Dustin Shindo and Karl Kaleo Taft and small investments by local individuals impressed by its potential. Even as it won a $100,000 grant from the National Science Foundation in December 2001, Shindo said he was going after $5 million in venture capital to keep Hoku moving. (Pacific Business News, HI)
Resource Guide Sep 24, 2009
Financing is almost impossible to get right now. In some cases, that's not a bad thing. (CNN -- Money / Personal Finance)
Meltdown gives consumers new money mindset Sep 23, 2009
The personal savings rate has risen to more than 4 percent after sinking to near zero in the months before last fall's meltdown ... While personal income is down slightly since the recession officially began in late 2007, the personal savings rate is rising. (AZCentral -- Business)
Private Equity May Be on Cusp of "Golden Age" Sep 23, 2009
NEW YORK (Reuters) - The near collapse of the global financial system, which wiped out trillions in corporate value and personal savings, may be giving way to a new "golden age" for private equity investment, Silver Lake Co-CEO Glenn Hutchins said in an interview on Tuesday. Private equity firms suffered badly when debt markets seized up as a result of the crisis and banks did not want to lend increasingly scarce capital. (ABC News -- Wire)
Keep an eye on US-Chinese body language in Pittsburgh Sep 23, 2009
Indeed, the personal savings rate in the United States shot up to 5 percent in the second quarter of this year, about twice as high as it was a year before and higher than we've seen it this decade. That development is likely a reaction to the shock of the recession over last year and to losses of 40 and 50 percent of the value of many Americans' personal retirement portfolios. (Xinhuanet, China)
Obama seeks G-20 support to repair global economy Sep 22, 2009
Americans' personal savings rate has been rising during the current hard times as households cut back on spending and try to repair their cracked nest eggs. But the problem is that the U.S. budget deficit, a barometer of overall national savings, has been soaring, raising alarm bells in countries such as China, the largest foreign holder of U.S. government debt. (Albany Times Union)
More Americans living paycheck to paycheck Sep 20, 2009
To make ends meet, 21 percent said they have reduced their 401(k) contributions or personal savings in the last six months. An additional 36 percent said they don t put any money in retirement plans, up from 31 percent in 2008. (Albany Business Review, NY)
Click to read:Study: 45,000 Uninsured Die a Year Sep 18, 2009
Got something against personal savings, don't you. Personally, I don't enjoy being robbed as I'm being held hostage. (CBS News)
Obama, the 'Great Equalizer'? Sep 17, 2009
"I can name about 40ish. One family lives in government housing and their oldest son was nest freinds with my oldest before we moved. An elderly couple who is self employed who created a savings account for medical needs back in the 60's, for forty years they have put in less than they would have paid in insurance and through several surgeries and medical emergencies, their account is still strong. My sister who is past middle age and only gets her needed heart medicine when my parents buy it... (Lodi News Sentinel, CA)
Uganda: Wilson Victory Saves UNAA Sep 17, 2009
He had lots of money, not just from his personal savings, but mostly from the Ugandan taxpayer. Kabuye's candidacy was financed by the NRM government, to the tune of tens of thousands of dollars, not only as a means of removing Musisi from the UNAA leadership, but also as the regime's final assault on an organisation whose total control had been coveted by Kampala for nearly 10 years. (allAfrica.com)
Foreclosures hit new record in metro Atlanta Sep 17, 2009
They went through their personal savings and their children s college savings to try to make ends meet hoping to find a job only to get foreclosed on. It s not fair to them and it s not American for you to relish in someone else s misery. (Atlanta Journal-Constitution -- Business)
BofA CEO: Economy may rebound quickly Sep 16, 2009
Lewis pointed with optimism to low inventories held by businesses, higher personal savings rates and signs of recovery in the nation s housing market. But Lewis view is far from unanimous. (Charlotte Business Journal, NC)
Recession of '09 takes its toll on Americans Sep 14, 2009
With $40,000 in personal savings and money from family and friends, Davis and her supporters began work on a variety of programs that, she hoped, would one day provide income and help make the organization self-supporting. One of the group's main projects was establishing three block clubs in the troubled Kinsman neighborhood. (Honolulu Advertiser)
Social services suffered, Pa. budget deal or not Sep 13, 2009
Social services suffered, Pa. budget deal or not - Somerset - Daily American. (Somerset Daily American, PA)
Fed needs theme song to add pop Sep 12, 2009
That concept certainly reflects the Fed's empahsis on individual consumers and their encouragement of a higher rate of personal savings. Other contenders could including Madonna's "Material Girl," the Kinks' "Low Budget" or even Billy Joel's musical epiphany on the emptiness of the pursuit of riches, "Movin' Out.". (Daytona Beach News Journal -- Local)
Just sit back and click Sep 10, 2009
Six months later, Kaitlin r was born, says Ng, adding that the business capital came entirely from their personal savings. Echoes Tan, who lives in Singapore, Starting my own fashion business has always been my personal dream. (The Star Online, Malaysia)
Start managing you're finances before you're in over your head Sep 10, 2009
Personal savings are the key to financial prosperity. Had we been saving all these years, we would not be in our current economic state. (Daily Orange, NY)
Health Care Reform: Remedy, or prescription for failure? Sep 9, 2009
slowburn wrote on Sep 8, 2009 8:19 AM:" From The Atlantic: www.theatlantic.com/doc/200909/health-care This article compares health coverage and auto insurance as well, but in a different way. The author argues that health coverage should be limited to catostrophic events, and all else should be paid for through various other means, including personal savings accounts. Why do we need health insurance to pay for low-cost check-ups and procedures that we know are coming? Why does the insurance... (Longview Daily News, WA)
China alarmed by US money printing... Sep 8, 2009
" Moving some manufacturing labor jobs back is OK. Can not move all back because everyone here want a decent job like banker... on the contrary,that shall bring USA down to non-innovative third world country. The best way is to leading 4th industry revolution as US developed IT industry in 1990s. Forget about Indonesia, Philippines... Manufacturing is more than pressing buttons and cheap labors. I don't want my factories facing deficit and bankruptcy there due to competition from China. Ray on... (The Drudge Report)
Business invention Sep 3, 2009
She and her husband, Marcus, kicked in $25,000 of personal savings. Getting the financing was actually the easy part, she says. (Memphis Business Journal, TN)
Buyers tap IRAs for homes Sep 1, 2009
If they don't have enough funds to do that, they can partner with other IRA account owners, or even partner with themselves, for instance paying half from their IRA and half from their personal savings. 30% down required. (San Francisco Chronicle -- Business)
When a reverse mortgage works - it's debatable Sep 1, 2009
We would still have over $100,000 remaining in the HELOC for emergencies as well as personal savings. A: That's an interesting approach, but I see one potential hitch. (San Francisco Chronicle -- Business)
Small retailers feel sharper pinch Aug 31, 2009
Faced with few other options, many small business owners may also find that they have to rely on their personal savings or credit cards to stay afloat, meaning that any businesses troubles can quickly translate into personal financial problems as well. Burning through savingsTo keep his hobby business going even as sales have plummeted, Fine and his only remaining employee his brother have stopped taking paychecks, and hes burned through much of his savings. (MSNBC -- Business)
Spending edges up in July, but consumers remain a concern Aug 29, 2009
With incomes flat in July as spending rose, the personal savings rate dipped slightly to 4. 2% from 4. (USA Today -- Money)
The health care system needs fixing Aug 28, 2009
stantaves wrote on Aug 27, 2009 8:22 AM:" Mr. Fries, How is it that non-union carpenter could provide for his family, including healthcare, and still have something at the end of the month called personal savings? Answer: That was before the govt injected itself into the system and distorted the marketplace. What your not getting Mr. Fries is the marketplace will always find equalibrium. In other words, as the govt inefficiently consumes healthcare resources the supply goes down driving costs... (Lodi News Sentinel, CA)
Jobs: Lessons from the Great Recession Aug 27, 2009
Imagine, a mere two years ago the personal savings rate hovered around 1%, and now it has jumped to more than 4. It isn't just the numbers that have changed. (BusinessWeek)
Variable Annuity Assets Advance Most in 17 Years, Helping Insurer Met Life Aug 26, 2009
With the personal savings rate remaining high, were likely to see this renewed investment in annuities continue in the months to come. . (Bloomberg -- Canada)
Coconut Marketplace hanging on (192) Aug 17, 2009
I wouldn t start a new business right now unless it was a totally unique concept for tourists and locals, he said, adding that he is now faced with 30 years of hard work and personal savings going down the drain by having the expense of two stores. Gibbons said he must not be the only one facing tough times, as he has seen several shops go out of business over the past few weeks, including Kilohana Clothing Company. (Lihue Garden Island, HA)
Boycott Obamacare, Not Whole Foods Aug 17, 2009
Mackey's plan relies on a combination of high-deductible insurance for major medical needs--injuries, diseases, and chronic conditions -- and personal savings accounts to cover average health needs -- check-ups, flu, ear infections, etc. Insensitive. (Human Events Online)
Stop Jeremiah before it gets too late Aug 16, 2009
However, you and I know that such a confrontation is inevitable if the Land Tenure system is not settled, if the Bolewura and his son Jeremiah are given a blank check to deposit any amount they can possibly extort from people of Gonjaland in land deals, into their personal savings accounts. MOSES, OVER TO YOU WITH THE BOLEWURA AND HIS SON, JEREMIAH. (Ghana Web, Ghana)
Are You Ready to Make Real Money? Aug 16, 2009
India has a younger workforce; Chile a large budget surplus and abundant natural resources; China a massive population with significant personal savings; Brazil and Peru growing resource economies that are developing stronger and stronger ties with China. Thus, these countries can hold up to some degree even as the U.S. falters, though complete decoupling is unlikely. (MSNBC -- Business)
Stimulus-driven recovery will keep mkts on upswing through '09: Morgan Stanley Aug 10, 2009
The bears argue that the US consumer has just about begun the process of deleveraging and will refrain from any major new spending until the personal savings rate gets back to the historical norm of 8% from 6% currently. Under such a scenario, the economic rebound will prove to be a one or two quarter wonder, driven merely by the vicissitudes of the inventory cycle. (India Times)
Cities buy into shop local campaigns Aug 8, 2009
Last year, the couple had to dip into personal savings a few times to cover business expenses. 2009 has been turning around, he said. (Sacramento Business Journal, CA)
China to the Rescue: Growing Out of the Financial Crisis Aug 7, 2009
But if the personal savings rate resets at the current much higher level, then the US appetite for debt is likely to abate, freeing up capital for other global investment opportunities. In the end, if China does lead the world out of the current recession, the US is likely to pay the price in terms of lost power. (YaleGlobal Online Magazine, CT)
ANZ still considering a move on fees Aug 5, 2009
NAB was the first to move on the fees last week, abolishing its $30 overdrawn account fee on personal savings accounts and personal transaction accounts, and winning praise from consumer groups and politicians. Westpac soon followed suit, cutting its exception fees across credit cards and personal and business accounts to $9 from current levels of up to $45. (Sydney Morning Herald -- Business)
Breaking through G-2 framework; Seeking a real balance Aug 3, 2009
For example, it cannot be achieved overnight to boost personal savings rates in the U.S. and release the maximum of China's population energy to promote its spending. But having these strategic-level discussions between the world largest developing and developed economies will definitely help build the trust and relationships to tackle the most vexing global challenges of today, and beef up the confidence in future. (People's Daily Online, China)
* Demographics boosting China Aug 3, 2009
The research by Ma and Zhou offers insights into why China has funds to invest abroad and points to a high ratio of personal savings and a reduction of government borrowing as important factors. These, they say, are driven by demographics and enable the emerging Chinese powerhouse to export capital instead of importing it, thereby defying classical economic theory. (Taipei Times, Taiwan -- World)
The Economy - What Can We Expect? (13) Aug 3, 2009
Personal savings are up, Johnson noted, because consumers are saving instead of spending and this translates into fewer retail sales. There will be a recovery, but the basic recovery will be a little shaky. (Agri-View, WI)
GDP REVISIONS: Data show 2008 was worse than we thought Aug 1, 2009
Americans' personal savings rate savings as a percentage of after-tax income was revised up for 2008. The new figures show the savings rate last year was 2. (USA Today -- Money)
* Obama declares new era of PRC cooperation Jul 29, 2009
He said Americans were already moving to boost their personal savings rates. Economists have long argued that is necessary to controlling US trade deficits because it means Americans are not consuming as much in imports from China and other countries. (Taipei Times, Taiwan)
Major banks review overdrawn charges Jul 29, 2009
NAB will axe its $30 overdrawn charge from all of its personal savings accounts and personal transaction accounts from October 1. The move is also aimed at appeasing customers, with NAB receiving more complaints about the fees than anything else. (Sydney Morning Herald -- Business)
Summers, Geithner Seek to Calm China on Deficits Jul 28, 2009
He said Americans were already moving to boost their personal savings rates. Economists have long argued that is necessary to controlling U.S. trade deficits because it means Americans are not consuming as much in imports from China and other countries. (Newsmax)
German minister under fire for taking limo to Spain... Jul 27, 2009
German Employment Minister Olaf Scholz announced Sunday he intends to raise the permitted limit of personal savings for people receiving unemployment benefit Hartz IV.. Berlin state prosecutors are to extend their investigation into the mismanagement that led to the current chaos on the citys S-Bahn public transport system, newspaper Berliner Morgenpost reported Sunday. (The Drudge Report)
Financial Literacy: The Time Is Now Jul 25, 2009
The U.S. personal savings rate, about 11% in 1981, had fallen to near zero in recent years. But in an era of relative prosperity, as home values and stock prices moved higher, Americans' lack of crucial financial knowledge didn't attract as much notice. (BusinessWeek)
Debit cards gain appeal as payment channel Jul 18, 2009
Some of my clients do not like the idea of having a debit card linked to their personal savings accounts due to the fear that if they lose it or if there is fraud, they will lose their own money, unlike credit cards where they consider it as the banks money, Foo points out. Future Trends. (The Star Online, Malaysia -- Business)
New-home sales drop to decade-low Jul 18, 2009
The Gregory Group founder Greg Paquin noted that personal savings rates are up and that consumers aren t buying cars or dining out as much. During the fourth quarter, the announced that the U.S. was in a recession, auto manufacturers called for a federal bailout and retailers reported slow holiday sales. (Sacramento Business Journal, CA)
Obama Stimulus Fails to Reboot Economy as Multiplier Effect Shows No Life Jul 17, 2009
Obama Stimulus Fails to Reboot Economy as No Multiplier Effect - Bloomberg. Updated: New York, Jul 17 04:10 London, Jul 17 09:10 Tokyo, Jul 17 17:10. (Bloomberg)
Grant will help Blue Mermaid create specialty food line Jul 16, 2009
It was designed after an online NASE member poll found 57 percent of micro-business owners initially fund their businesses using personal savings and 40 percent continue to use personal savings for ongoing financing. "Over the past three years, we've seen how just a small amount of capital can get a business off the ground," said NASE Chief Operating Officer Keith Hall. (Seacoast New Hampshire)
Viewpoint: World Looks to U.S. for a Recovery Jul 15, 2009
This trend began last year, when the U.S. personal savings rate, which was 0. 6% in 2007, tripled to 1. (BusinessWeek)
Morehouse grad picked for top post Jul 14, 2009
After hurricanes and fires destroyed her clinic, Benjamin rebuilt it using her credit cards, personal savings and donations. Through floods and fires and severe want, Regina Benjamin has refused to give up, Obama said. (Atlanta Journal-Constitution)
Winton Capital to Start Japan Fund, Hire Hong Kong Staff in Asia Expansion Jul 13, 2009
The London-based firm is going to advise a new fund sold to Japanese retail investors through that will track the performance of its flagship commodity trading adviser fund as it seeks a slice of the nations $15 trillion in personal savings. In Hong Kong, where it opened its first overseas office in December, Winton is looking to hire one or two researchers with expertise in the Chinese markets, and in London, its seeking someone to market for the region, , head of business development for... (Bloomberg -- Japan)
Emergency Cash Loans - Pros & Cons Jul 12, 2009
A quick cash advance can help to pay bills and expenses when personal savings aren't available. For example, paying the rent could prevent eviction. (Suite101.com)
Is economy beginning to stabilize? Jul 11, 2009
Lockhart also pointed to consumer spending, which remains flat, saying that the nation's personal savings rate in April rose to 5. 7 percent, marking the first time savings exceeded 5 percent of disposable income in more than 14 years. (Daytona Beach News Journal -- Local)
