AIG Bonuses; Financial News Watchdogs; Mortgage Interest Deduction Reduction; Job Search 101
AIG Bonuses
A chunk of federal bail out money is going to American International Group's trading partners. AIG had received more than $170 billion in federal rescue money and reports are showing that $165 million is being portioned for bonuses. This comes at a time when President Barack Obama's game plan to fix the economy has come under immense scrutiny. Obama scolded AIG CEOs and has directed Treasure Secretary Timothy Geithner to try to stop the bonuses. But can he? Larry talks to the experts to about what's next for AIG, the Obama Administration and economic recovery in America.
Financial News Watchdogs
Last week's riveting interview between the Daily Show's Jon Stewart and CNBC's Jim Cramer ignited a conversation. During the exchange, Stewart accused Cramer and the financial news outlets of failing in their responsibility to cover business with a critical attitude. Stewart contended that financial news outlets failed to notice the impending market collapse by serving the businesses they covered instead of their audience. Larry Mantle and guests talk about the role of the financial news media.
Mortgage Interest Deduction Reduction
President Obama's budget includes a proposal to reduce the tax break for households earning more than $250,000. Under the plan, those paying 33% and 35% interest rates could claim deductions only at a 28% rate. This would impact the top 2% of households nationwide, but California contains a disproportionate one-sixth of those households affected. Some critics argue that reducing the tax break would cause high-income homebuyers to spend less on their homes and ultimately drive down all home values. Larry Mantle finds out how Obama's plan would affect the housing market.
Job Search 101
Losing a job is bad enough but finding another one can be immensely challenging in this climate, especially if you haven't been in the job market for some years. Larry Mantle and guests talk about how to search for a job now when the unemployment rate is approaching double digits.