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Fact Checking Media ‘Fact Checking’

AP is having great success with its “fact-checking” stories, Plum Line‘s Greg Sargent reports. I asked AP Washington Bureau Chief Ron Fournier about this, and he told me something fascinating, if not all together unexpected: Their fact-checking efforts are almost uniformly the most clicked and most linked pieces they produce. Journalistic fact-checking with authority, it […]

Whites 5 Times Richer Than Blacks

After reading a Guardian story is headined “A $95,000 question: why are whites five times richer than blacks in the US?” I still don’t know. A typical white family is now five times richer than its African-American counterpart of the same class, according to a report released today by Brandeis University in Massachusetts. White families […]

GM Bailout Payback Lie

Reason‘s Nick Gillespie, resplendent in his ubiquitous black jacket, explains, “How The Hell Did GM Pay Back Its Loans “in Full And Ahead of Schedule”? Well, It Didn’t.” The script: General Motors CEO Ed Whitacre has bragged in TV commercials and newspaper columns that GM has paid back its bailout “in full and ahead of […]

Banks Roll Out New Fees for 2010

Faced with new regulations limiting some especially unpopular practices, many banks will introduce different practices, also sure to be unpopular but not yet illegal, to replace them. The nation’s banks will be bombarding customers with new fees and products in 2010 as they try to replace more than $50 billion in revenue wiped out by […]

Britain Ending Checks

England is phasing out the bank check. After more than three centuries, the humble check is set to become a historic relic after British banks voted to phase it out in favor of more modern payment methods. The board of the UK Payments Council, the body for setting payment strategy in Britain, agreed on Wednesday […]

Credit Card Fees

With regulation threatening their current business model, credit card companies are responding with new fees, Sandra Block reports for USA Today. Starting next year, Bank of America will charge a small number of customers an annual fee, ranging from $29 to $99. The bank has characterized the fee as experimental. But card holders who have […]

USAA iPhone Check Deposits

This is just awesome: The Internet has taken a lot of the paperwork out of banking, but there is no avoiding paper when someone gives you a check. Now one bank wants to let customers deposit checks immediately — through their phones. USAA, a privately held bank and insurance company, plans to update its iPhone […]

Divorces Drop Along with Housing Prices

The financial crisis has had one silver lining: fewer divorces.  Josie Cox for Reuters: Fewer British couples are filing for divorce as the sharp drop in property prices makes it hard for couples to sell a joint home and the credit crunch dampens a desire to fund two separate households, according to a study on […]

Three Myths of the Financial Crisis

V. V. Chari, Patrick Kehoe, and with Lawrence Christiano1 have a working paper arguing that three popular statements regarding the financial crisis are largely a myth. Bank lending to nonfinancial corporations and individuals has declined sharply. Interbank lending is essentially nonexistent. Commerical paper issuances by nonfinancial corporations has declined sharply, and rates have risen to […]

Public Opposes Auto Bailout

The public opposes bailing out the Big 3 automakers by a wide margin because they believe the companies are responsible for their own failure and doubt that their going bankrupt will hurt the economy, a new WaPo-ABC poll finds. Overall, 55 percent of those polled oppose the latest plan that Chrysler, Ford and General Motors […]

Defaulting Homeowners Default Again After Relief

Roughly three in five people who got bailed after failing to pay back home loans are back in trouble in short order according to a shocking government report.  (Well, shocking to government officials.  Otherwise, entirely predictable.) Recent data suggests that many borrowers who received help with mortgage modifications earlier this year tended to re-default on […]

Debit Cards Poised To Overtake Credit Cards

According to Business Week, money spent by means of debit cards could surpass credit card transactions this year as consumers seek to avoid the fees and costs of credit, not to mention the increased difficulty of getting credit in the first place. This has banks scrambling to figure out how to profit from cards that […]