Tag: Credit and Debt

A Super Bowl Trip, a Bribery Indictment and the Taxi Industry’s Corruption

[What you need to know to start the day: Get New York Today in your inbox.] For decades, Alan S. Kaufman and Tony Georgiton held immense power in New York City’s taxi industry. Mr. Kaufman led a major credit union that lent money to thousands of drivers. Mr. Georgiton co-owned a fleet that operated 550 […]

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A Bailout for Taxi Drivers? The Mayor Says No, but Others Keep Pushing

After it emerged that thousands of taxi drivers had been lured into reckless loans that left them with overwhelming debt, city leaders took steps to keep it from happening again. They have begun enforcement proceedings against brokers who arranged the loans, arrested a debt collector, strengthened oversight and written new rules. But there is one […]

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Turkey’s Long, Painful Economic Crisis Grinds On

ARHAVI, Turkey — The terraced rows of tea plants climbing the hills above the Black Sea used to glint like money. Lately, they look like another casualty of Turkey’s long, grinding economic crisis. Lipton, the multinational giant, recently scrapped production at one of its three tea-processing factories in the area. It has slashed purchases of […]

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Trade War May Be Slowing Business Spending and Factories, Fed Says

WASHINGTON — Federal Reserve officials worry that the uncertainty caused by the trade war between the United States and China could be constraining business spending and may be contributing to a manufacturing slowdown that is dragging on growth. The concerns were outlined in the Fed’s semiannual Monetary Policy Report, released on Friday as Jerome H. […]

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How to Manage Your Credit Card Bills, Which Experts Say Are Late More Often

Even with a strong economy, a growing number of people are having trouble paying their credit card bills. Late credit card payments, while still low, have been ticking upward for the past two years, the Federal Reserve Bank of New York reported in May. Card delinquencies have been rising for borrowers under 30, in particular, […]

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Interest Rates Just Keep Falling. Economic Orthodoxy Is Falling With Them.

ImageTraders at the New York Stock Exchange. Recent movements in bond markets suggest that very low inflation is likely to be the norm indefinitely, despite the low jobless rate.CreditBryan R. Smith/Agence France-Presse — Getty Images American borrowing costs keep plunging, and that is signaling something important: Some of the basic assumptions of the most influential […]

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Taxi Officials Are Grilled Over Lending Crisis: ‘This Is a Moral Outrage’

[What you need to know to start the day: Get New York Today in your inbox.] The New York City Council excoriated the city officials who oversee the taxi industry on Monday, blaming them for a financial crisis that has ruined drivers and releasing a document that lawmakers said showed the officials knew for years […]

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Fed Faces Tricky Choice Amid Looming Risks and Trump Pressure

WASHINGTON — Federal Reserve officials are expected to leave interest rates unchanged on Wednesday, but officials face a tough decision as economic data sends conflicting signals, trade tensions run high and political pressures mount. Overall growth and consumer spending remain strong a decade into the economic expansion, but job gains are slowing, the factory sector […]

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Risky Borrowing Is Making a Comeback, but Banks Are on the Sideline

A decade after reckless home lending nearly destroyed the financial system, the business of making risky loans is back. This time the money is bypassing the traditional, and heavily regulated, banking system and flowing through a growing network of businesses that stepped in to provide loans to parts of the economy that banks abandoned after […]

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These Artists Want to Blow Up the Whole Financial System

LONDON — “3 … 2 … 1 …” A deafening bang echoed around the deserted Royal Docks marina in East London, as a crowd of onlookers cheered and whooped. The source of this ruckus on a recent Sunday morning? The exploding carcass of a gold-painted van, surrounded by fluttering paper notes, each stamped with the […]

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Modern Monetary Theory’s Reluctant Poster Child: Japan

TOKYO — Spend big and never mind the deficit. That’s what proponents of modern monetary theory, the unorthodox set of economic ideas that has inspired politicians like Bernie Sanders and Alexandria Ocasio-Cortez, see as the winning formula for American prosperity. For proof, its admirers point to Japan. Despite the highest debt in the developed world, […]

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What Actually Happened to New York’s Taxi Drivers

Listen and subscribe to our podcast from your mobile device: Via Apple Podcasts | Via RadioPublic | Via Stitcher In the past year, many New York City taxi drivers have fallen deeper into debt, even as the city moved to rein in ride-hailing apps like Uber and Lyft. Our colleague explains how the rush to […]

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