| The Private Equity Bubble - When smart money does dumb things
Mike Larson writes : During the housing bubble, a lot of lenders lost their minds. It was as if some mass psychosis took over even the experienced executives, convincing them to do exceedingly dumb things. They didn't bother checking borrowers' incomes or assets … They didn't care if the loan covered the entire value of the house … And they weren't the least bit concerned that all kinds of exotic mortgages were being doled out to people with horrible credit histories.
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Millions of dollars in tax refunds going unclaimed
KINGMAN - In an interesting turn of events, the Internal Revenue Service is trying to give money away, but many don't seem to be interested.
The federal government is offering residents a refund on long distance telephone taxes.
The government placed a luxury tax on long distance telephone service in the 1890s to help pay for the Spanish American War.
According to the IRS' Web site, several court cases have determined that the tax no longer applies to today's long distance service.
The IRS is offering a one-time-only standard refund of between $30 and $60 to anyone who had a phone with long distance service between February 2003 and August 2006. The refund applies to long distance services for cell phones, Voice Over Internet Protocol or Internet phone services such as Vonage, as well as regular land line phones.
Wayne County news briefs
The Plymouth-Canton Community Schools Housing Committee will hold a public hearing to discuss possible changes in elementary school boundaries. The hearing will begin at 9 a.m. April 28 at Pioneer Middle School, 46081 Ann Arbor Road. Residents most affected by the changes will be mailed a special notice. .
How to buy a right home
All debt is not created equal. While financial advisers almost reflexively urge consumers to avoid carrying credit card balances from month to month and to go easy on boat loans, car loans and other forms of debt, they usually make an exception for a mortgage used to buy your home. A home mortgage is one of the very best uses of credit. How to buy the right home 1. Buy what you can afford 2. Be smart with equity 3. Get a loan that fits your finances The fundamental reasoning is simple: While you could save your money and buy clothes, cars and maybe even college tuition outright with cash, very few people could ever hope to save enough to buy a home for cash, especially during their child-rearing years when they have the greatest need.
Greenspan revels in new freedom of speech
During Alan Greenspan's 18 years as chairman of the Federal Reserve, the world's number-cruncher-in-chief relished his reputation as a deadly dull speaker. His scripts were carefully crafted to be nearly impenetrable, his body language was inscrutable. During a 30-minute speech at the Boca Raton Resort and Club in 1999, for instance, Greenspan never gesticulated and only occasionally glanced up from the lectern to look at his audience of CEOs. .
Hyundai brings down the hammer on 50 dealers
Shape up or ship out seems to be the message that Hyundai is sending to 50 of its worst performing dealers. Automotive News is reporting that Hyundai Motor America COO Steve Wilhite sent a "strongly worded" letter to 50 'chronic underachievers.' Poor sales and customer service is at the heart of Wilhite's threats: "We're giving them six months to correct the mistakes. If they can, we're thrilled to have them. If they can't, we want them to turn in their franchises." As Hyundai is moving towards a reputation that nearly equals that of the Japanese automakers, it is important that its dealer network match the company's commitment to delivering top-notch vehicles. Wilhite hopes the dealers will improve and stay on board, but if they don't, they will be forced out. Sort of. The dealers can still take their cases to the motor vehicle board in their state or even appeal to out-of-state courts before losing their franchise rights.
Fixing Iraq
Why did the Coalition Provisional Authority (C.P.A.) and the subsequent Iraqi governments do such a bad job of fixing Iraq? There was next to no planning; there was a major shortage of qualified personnel; those that did volunteer were inexperienced; few stayed for very long; and the constant turnover of staff created chaos. "There seemed to be too many chiefs in the palace, multiple people who had been summoned to the White House and told that they had been personally selected to run a part of Iraq, only to arrive and find that someone else had been told the exact same thing," Rory Stewart, the C.P.A. official in charge of Maysan, would write later.(2) "Then there were the non-Americans, who had been appointed by their politicians to do the very same jobs. Much of the energy of the C.P.A.
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