Archive for February, 2008
Countries around the world appear to hold the United States responsible for the subprime crisis, as they rightfully should. In the United States many people hold the federal government responsible for lack of regulatory enforcement. Tracking the issue back even further, state regulations were set aside in favor of federal-level regulations established by the Office of the Comptroller of the Currency. In reality the OCC did little or nothing.
The Senate today added payments for seniors and disabled veterans to an economic stimulus package approved by the House that would send checks to most American families, and then approved the $151 billion package designed to help the United States economy. Families should begin receiving checks by mid-May. The legislation would provide $600 payments for individuals, $1,200 for couples, and $300 for each child under 17. It would begin to phase out eligibility at $75,000 in adjusted gross income for individuals and $150,000 for couples. Workers who can show $3,000 in earned income last year (not enough to pay taxes) would be eligible for payments of $300.