The Latest Business Headlines from WWJ Newsradio 950
House Gets Bailout Bill | Several lawmakers are responding to an awakening among voters to the pain ahead of them if stability isn't restored to the tottering economy. | Story | Related Story
State Senate Passes Tax Cut | Republicans voted to speed elimination of a 22 percent surcharge added to Michigan's business tax to help resolve last year's budget crisis. | Story
Toyota Incentives | Toyota Motor Corp. has announced zero-percent financing on 11 models as it tries to woo would-be buyers sidelined by the consumer credit crunch. | Story
McCain Pullout = Less TV Revenue | The decision to move his campaign efforts out of Michigan means the loss of TV advertising dollars, Crain's Detroit Business reports.| Story
GM Could Do More Restructuring | General Motors Corp. said it can't rule out the need for more restructuring if the economic crisis worsens and said it was vital that U.S. lawmakers pass a financial bailout to shore up confidence in the economy. | Story
MTU Gets $10 Million | A business executive who graduated from Michigan Tech is giving $10 million to his alma mater. | Story
VP Candidates Clash | Vice presidential candidates Sarah Palin and Joe Biden clashed on the financial crisis, foreign policy, energy and taxes in a debate Thursday night. | Story | Video | Analysis
Dow Falls 348 Points | Stocks fell sharply. The Nasdaq Composite closed at its lowest level since May 2005, as unemployment data flashed a recession warning. | Story | Related Story
In the Market Brought to you by The Advanced Strategies Group
LOWER HOME VALUES COULD MEAN DELAYED RETIREMENTS FOR MANY AMERICANS
For a lot of people approaching retirement age, the value of their homes accounts for a majority of their net worth. According to a study from Principal Funds, a mutual fund management firm, the decrease in home values over the past year has significantly altered the retirement plans of many Americans.
Because home ownership increases with age, older people rely more on their home equity as a source of wealth – and as insurance against unforeseen negative life events, such as serious illness or the death of a spouse. Home value appreciation typically occurs over decades, so it might take a while to recover the equity that has been lost due to falling home prices. A steep drop-off in a home's value can blow a big hole in the retirement plans of its owner.
The fall home values have contributed to reduced confidence in retirement planning for people of all ages. More...
Unlicensed Paid Preparers Complete Mistake-Filled Tax Returns You are ultimately responsible for the information filed on your tax return. So, it makes sense to be careful when hiring a paid preparer – whether that person is licensed or not.
In a study of tax returns completed by unlicensed paid preparers, 17 out of 28 – roughly 61 percent – were prepared incorrectly, including one that showed the taxpayer owing $4,903 more than he really did. That’s according to a study by the Treasury Inspector General for Tax Administration, an agency that provides independent oversight of IRS activities.
Most of the mistakes resulted in an underpayment of taxes or a too-big refund. But sometimes it was the taxpayer, not the government, who would have paid for the mistake.More...
STOCK LOSSES TAKE HEAVY TOLL ON RETIREMENT SAVINGS: So close and yet so far. It's a frustration being felt by Americans who thought the finish line to their working life was almost in sight. The financial crisis that toppled major Wall Street banks and snarled credit markets around the world has also taken a toll on nest eggs, forcing people to rethink when – and even if – their savings will allow them to retire. More than half of people surveyed in an Associated Press-GfK poll said they worry that they will have to work longer because the value of their retirement savings has declined. More...
JOBLESS CLAIMS UP: New applications for unemployment benefits rose slightly last week to a seven-year high due to a weakening economy and the impact of Hurricanes Ike and Gustav, the Labor Department said Thursday.The department reported that initial claims for jobless benefits increased by 1,000 to a seasonally adjusted 497,000. That's significantly above analysts' estimate of 475,000. The total is the highest since just after the Sept. 11 terrorist attacks seven years ago.More...
BUFFETT SAYS ECONOMY NEEDS IMMEDIATE HELP: Billionaire investor Warren Buffett says the nation has been hit with an ''economic Pearl Harbor,'' and that the government must respond quickly. Buffett talked about the nation's financial woes in an appearance on the ''Charlie Rose'' show on PBS.More...
WORLDWIDE AUTOMOTIVE REPORT PODCAST: Auto CE's say we need a fix to the credit crisis now. BMW has a high-end hybrid. Ford says your driving can improve your fuel economy 25 percent.
YOUR WEEKEND
THE SUNSHINE BOYS: The Theatre Company of University Detroit Mercy presents The Sunshine Boys. Written by Neil Simon, the comedy tells the story of two vaudevillians who get a chance to reunite after a bitter break-up. More...
ACORN TOUR: The Walter P. Chrysler Museum is presenting the sixth annual Acorn Tour Sunday, Oct. 5 from 8:30 a.m.-4:30 p.m. The one-day scenic excursion, which is open to auto enthusiasts with vehicles of any make built before 1963, begins at the museum in Auburn Hills. It features a tour of Dick Shuman's private vehicle collection in Walled Lake, dinner at the Bay Pointe Golf Club in West Bloomfield, and historic tours of the Cranbrook Educational Community. More...
REGINA CARTER AND MARK STONE AT OU: Jazz violinist Regina Carter and world music artist Mark Stone perform a program of contemporary sounds. This concert is part of the Professional Artist Series and takes place Friday night at Oakland University's Varner Recital Hall. More...
MORE IDEAS AT GREATSTUFF For even more things to do, visit GreatStufftodo.com, southeast Michigan's online resource for creating a better weekend and making the most of your spare time. The GreatStuff Web site and weekly e-newsletter are produced through a partnership between ArtServe Michigan, the Detroit Free Press and WWJ Newsradio 950.
WHAT'S THE BIG DEAL ABOUT WIMAX? Sprint Nextel has made headlines all week as it's started lighting up its first 4G wireless network using a technology called WiMax. But what exactly is WiMax? And how does it fit into the future of wireless? CNet offers a primer to help you sort it out.More...
TECH M&A SPENDING TAKES STEEP HIT IN THIRD QUARTER: Tech mergers and acquisitions took a steep dive in the third quarter, falling by a third over year ago figures as Wall Street investment banks and financial institutions were rocked to the core, according to a report released by The 451 Group. Tech deals fell to 691 transactions with a total value of $37 billion in the third quarter, down from 822 deals and a value of $58 billion a year ago. That marked the second consecutive year that third quarter M&A activity declined. More...
TO ENCRYPT OR NOT? THAT IS THE QUESTION: Encryption hasn't become the privacy panacea it was once promised to be for e-mail, but it's making headway on hard drives. Here's why it isn't mainstream, yet. More...
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For a lot of people approaching retirement age, the value of their homes accounts for a majority of their net worth. According to a study from Principal Funds, a mutual fund management firm, the decrease in home values over the past year has significantly altered the retirement plans of many Americans.
You are ultimately responsible for the information filed on your tax return. So, it makes sense to be careful when hiring a paid preparer – whether that person is licensed or not.
JOBLESS CLAIMS UP: New applications for unemployment benefits rose slightly last week to a seven-year high due to a weakening economy and the impact of Hurricanes Ike and Gustav, the Labor Department said Thursday.The department reported that initial claims for jobless benefits increased by 1,000 to a seasonally adjusted 497,000. That's significantly above analysts' estimate of 475,000. The total is the highest since just after the Sept. 11 terrorist attacks seven years ago. 
ACORN TOUR: The Walter P. Chrysler Museum is presenting the sixth annual Acorn Tour Sunday, Oct. 5 from 8:30 a.m.-4:30 p.m. The one-day scenic excursion, which is open to auto enthusiasts with vehicles of any make built before 1963, begins at the museum in Auburn Hills. It features a tour of Dick Shuman's private vehicle collection in Walled Lake, dinner at the Bay Pointe Golf Club in West Bloomfield, and historic tours of the Cranbrook Educational Community. 
