Susan Tompor Detroit Free Press Published 10:00 p.m. UTC Jul 18, 2018 Five years after Detroit's bankruptcy filing, retiree Barbara Yokom feels the financial hit each time she pays about $940 a month for health coverage. It's a bill that Yokom, 64, receives now only because the city ran into deep financial troubles and filed for Chapter 9 bankruptcy relief July 18, 2013. Her health-care insurance was covered when she retired in April 2012 after 38 years of working as a library technical assistant at the main branch of the Detroit Public Library. Retirees who are too young for Medicare, which covers those 65 and older, had to find health insurance elsewhere, and many paid a fairly steep price as they sought coverage under the Affordable Care Act, known as Obamacare. Health care wasn't the only hit, of course. Yokom saw a cut to her pension. She also was part of a group that had to hand over extra money that was part of a savings plan. She ended up turning … [Read more...] about Even 5 years later, retirees feel the effects of Detroit’s bankruptcy
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Susan Tompor Detroit Free Press Published 11:01 p.m. UTC Jun 22, 2018 Is it possible that Fed watchers and investors could get even more on edge when the Fed tries to reassure the markets by repeating what might seem obvious? Transparency has been the name of the game, particularly since the leadership of Fed Chair Ben Bernanke, who headed the central bank during the financial crisis in 2008-09. University of Michigan's Derek Harmon examined every speech made by the Federal Reserve chairperson from 1998 to 2014 — from Fed chairs Alan Greenspan to Ben Bernanke to Janet Yellen. He did not review the speeches of the current Fed chair James Powell, who has been serving in that office only since February. Read more: Harmon, an assistant professor of strategy at the University of Michigan Ross School of Business, concluded that the more a Fed chairperson discussed a taken-for-granted assumption, the more volatile the financial markets grew. His work was … [Read more...] about How can Fed make investors uncertain? U-M professor says it’s obvious
The Mahindra Roxor is the modern incarnation of the original civilian Jeep, the Willys CJ-2A. But to find out if it’s as good in the rough stuff, I took the Indian side-by-side and my junky 1948 Willys off-road, and beat the crap out of both. After flooding the Willys’ engine and denting the Mahindra’s tub, one winner rose to the top. But by just a hair. (Full disclosure: Mahindra lent me a Roxor and a trailer for a weekend, U-Haul let me borrow an Auto Transport trailer to bring my CJ-2A along for the ride, and Ram gave me a 1500 for a few days to tow the Willys. I borrowed a lot of stuff for this test, but I returned most of it without dents. Most of it.) For decades, Wrangler and CJ enthusiasts have complained about how Jeeps aren’t what they used to be. “Oh no, a plastic dash and interior creature comforts!” fans lamented when the YJ Wrangler launched for 1987. “Oh no, coil springs!” they cried in dismay when the TJ launched for … [Read more...] about Here’s How The Mahindra Roxor Compares To A 1948 Willys CJ-2A Jeep Off-Road
Nathan Bomey and John Gallagher Detroit Free Press Published 5:43 p.m. UTC May 24, 2018 Originally published Sept. 15, 2013 Detroit is broke, but it didn’t have to be. An in-depth Free Press analysis of the city’s financial history back to the 1950s shows that its elected officials and others charged with managing its finances repeatedly failed — or refused — to make the tough economic and political decisions that might have saved the city from financial ruin. Instead, amid a huge exodus of residents, plummeting tax revenues and skyrocketing home abandonment, Detroit’s leaders engaged in a billion-dollar borrowing binge, created new taxes and failed to cut expenses when they needed to. Simultaneously, they gifted workers and retirees with generous bonuses. And under pressure from unions and, sometimes, arbitrators, they failed to cut health care benefits — saddling the city with staggering costs that today threaten the safety and quality of … [Read more...] about How Detroit went broke: The answers may surprise you — and don’t blame Coleman Young
Democracy Dies in Darkness Sections Home Try 1 month for $1 Username Sign In Account Profile Newsletters & Alerts Gift Subscriptions Contact Us Help Desk Subscribe Account Profile Newsletters & Alerts Gift Subscriptions Contact Us Help Desk Accessibility for screenreader Business by Damian Paletta and Josh Dawsey by Damian Paletta and Josh Dawsey Email the author May 18 at 1:32 PM Email the author President Trump has personally pushed U.S. Postmaster General Megan Brennan to double the rate the Postal Service charges Amazon.com and other firms to ship packages, according to three people familiar with their conversations, a dramatic move that probably would cost these companies billions of dollars. Brennan has so far resisted Trump’s demand, explaining in multiple conversations occurring this year and last that these arrangements are bound by contracts and must be reviewed by a regulatory … [Read more...] about Trump personally pushed postmaster general to double rates on Amazon, other firms
Jim Hackett arrived atop the Glass House a year ago to navigate the Blue Oval through some of the biggest changes the automotive industry has ever seen. But Ford Motor Co.’s newest CEO, whose track record includes leading Grand Rapids-based furniture company Steelcase Inc. and a stint as interim athletic director for the University of Michigan, has only just started to give shareholders, Wall Street and the news media tangible evidence that he’s delivering change to the Blue Oval. “He’s put in place a lot of important things for Ford’s future,” said Karl Brauer, an analyst for Cox Automotive. “But these are things that are not going to manifest in terms of revenue, shares or market share for a while.” That’s proving problematic, especially in contrast to crosstown rival General Motors Co. As Hackett and Ford push to gain traction in what feels like yet another turnaround, Detroit’s No. 1 automaker is shifting into a higher … [Read more...] about Hackett’s Ford still trying to gain traction
Earlier this week Tesla CEO Elon Musk took some heat from industry investors and short-sellers for refusing to answer pointed questions about Tesla’s finding requirements going forward. Musk responded to questions about his behavior by warning people who are betting against the company on the stock market that they are about to get ‘burn’, then followed up those warning by investing a further $10 million of his own money back into TSLA shares. That’s according to an SEC filing, below, that was recently posted to Electrek. SEC Filing for Elon Musk TSLA Stock Buy The move is being hailed by Tesla fanboys cultists supporters as a massive vote of confidence in the electric car maker’s future by the prominent and media-savvy CEO. Others, though, might look at things a bit differently. Especially considering Musk already owned more than $10 billion worth of TSLA before making this move. For those of you who aren’t quick on the draw with your … [Read more...] about Elon Musk Puts His Money Where His Mouth Is — Kinda
Your car may be the most valuable thing you own. You’ve worked hard and made many payments to get that title. Whether looking for a new vehicle or just letting go of the monthly gas expense, you deserve to get the most you can out of selling your car. To this end, we’ve put together 12 no-fail steps to help you get the maximum money possible from a buyer. Step 1: Selling Your Car Starts With Documentation Used cars are harder to sell to private individuals. Most people worry that there may be something hidden in a vehicle’s past that could lead to major repairs or make it unsafe to drive. What you need to do is ease their concerns with as much documentation as possible. There are a few ways of doing this. You can provide all of your maintenance and repair records, and you can purchase a CARFAX report to show potential buyers. 1. Gather up those repair and maintenance records if you have them. This shows that you’ve given the car regular oil changes, tune ups, … [Read more...] about The Ultimate Guide To Selling Your Car For Top Dollar
In case you haven’t heard the news, the electric Chevrolet Bolt—with its official 235-mile range (or more, as I ran up 267 miles)—is great. In fact, it makes the best case yet for Americans to own an EV, starting with double the battery range of most its antecedents. The price—$37,495 before options and a $7,500 tax credit—is stiffer than we’d like but a hell of a lot cheaper than a Tesla and not beyond the means of most early-intender-type buyers. The cost is also likely to fall in years ahead with greater volume and advances in battery manufacturing.The Bolt is not, to be clear, a Tesla Model S when it comes to luxury, flat-screen fantasia, or top-end performance. But then it costs considerably less. And it stands up to Tesla’s popularly priced baby brother, the Model 3, both in the fact you can buy or lease one today and in that it is a fully engineered machine, ready to use daily. The Bolt offers drivers the reassuring sense they’ve … [Read more...] about Whither the Electric Stovebolt, GM?
In case you haven’t heard the news, the electric Chevrolet Bolt—with its official 235-mile range (or more, as I ran up 267 miles)—is great. In fact, it makes the best case yet for Americans to own an EV, starting with double the battery range of most its antecedents. The price—$37,495 before options and a $7,500 tax credit—is stiffer than we’d like but a hell of a lot cheaper than a Tesla and not beyond the means of most early-intender-type buyers. The cost is also likely to fall in years ahead with greater volume and advances in battery manufacturing.The Bolt is not, to be clear, a Tesla Model S when it comes to luxury, flat-screen fantasia, or top-end performance. But then it costs considerably less. And it stands up to Tesla’s popularly priced baby brother, the Model 3, both in the fact you can buy or lease one today and in that it is a fully engineered machine, ready to use daily. The Bolt offers drivers the reassuring sense they’ve … [Read more...] about Wither the Electric Stovebolt, GM?