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Breaking News Forum Americans' net worth shrinks $1.33 trillion in 1Q at News Forum - AP - American households lost $1.33 trillion of their wealth in the first three months of the year as the ...

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Old 06-11-2009, 12:49 PM   #1
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Default Americans' net worth shrinks $1.33 trillion in 1Q

AP - American households lost $1.33 trillion of their wealth in the first three months of the year as the recession took a bite out of stock portfolios and dragged down home prices.




Americans' net worth shrinks $1.33 trillion in 1Q
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Old 06-11-2009, 11:53 PM   #2
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Figure on 4-5 years before it starts to turn around - if then...

World Bank Predicts Deeper Economic Contraction
Friday, June 12, 2009 - The global economy is set to shrink this year more than previously expected, according to a forecast issued yesterday by the World Bank
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The bank predicted that the economy will contract at an annualized rate of 3 percent, far worse than the previous estimate of 1.7 percent issued in March. The forecast, which was prepared ahead of this weekend's meeting in Italy of the finance ministers from the eight leading industrialized countries, reflects a widespread view among economists that while the global recession is easing, it remains severe. Worldwide economic conditions have changed somewhat since the G-8 finance ministers last met in February, with tentative signs of improvement in several member countries.

In the United States, for instance, last week's employment report showed that employers shed fewer jobs in May than anticipated, suggesting job cuts are slowing. Japanese officials yesterday said their economy shrank in the first three months of the year at a fierce pace, but slower than the government had estimated. The IMF said Monday that the decline in the Euro economies, which went into recession in 2008, would moderate in coming months. The agency added that recovery is possible next year. Although the downturn appears to be losing steam in some developed nations, World Bank President Robert B. Zoellick stressed yesterday that the outlook for developing countries is grimmer.

"Even if the developed world starts on a path to recovery, for many [developing] countries . . . it will take longer," Zoellick said during a conference call with reporters. Developing nations have been hard-hit by a steep drop in demand for exports, the flight of foreign investment and a decline in remittances. They don't have as much financial wherewithal as developed nations, or the ability to borrow as much money to fund stimulus spending. Falling revenue has made it harder for them to service their debt. World Bank officials have already noticed more borrowers in Africa are behind in payments, while demand for grants and loans has increased.

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Old 01-26-2017, 12:36 AM   #3
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Uncle Ferd says dat's why he never got no money...

Survey: Most Mexico-Bound Cash Remittances Sent by Undocumented Workers
January 24, 2017 | – Most of the billions of dollars in cash sent to Mexico by Mexicans living in the U.S. is transferred by “undocumented” workers, and the total was expected to top $26 billion in 2016, according to research by the Washington institute Inter-American Dialogue. Mexico is the fourth largest recipient of all cash transfers – known as remittances – worldwide, according to the Congressional Research Service.
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A survey by Inter-American Dialogue of remittances to Mexico found that a majority, 67 percent in 2013, were sent by “undocumented” individuals living in the U.S. Of all of the remittances sent to 11 countries in Latin America from the U.S. in 2015, Mexico received the largest share by far at 36 percent – four times more than the closest competitor, Guatemala, at 9 percent, the survey found. “Remittances to Latin America and the Caribbean (LAC), which exceeded US$70 billion dollars in 2015, are playing a key role in the region's economic development,” according to the institute’s 2016 “Remittances scorecard.” The majority of remittances to Mexico, 88.2 percent, are sent using the services of companies like MoneyGram and Western Union, the institute found. It said the cash transfer industry has “expanded dramatically,” and now helps migrants in the U.S. pay their bills in Latin America. But while services have expanded, the cost of sending money to Latin America and the Caribbean has dropped to below 5 percent of the transfer amount.

Ira Mehlman, media director for the Federation for American Immigration Reform, says the cash transfers reveal a “hidden cost of illegal immigration because you have millions of dollars being taken out of local communities.” “Remittances being sent out of the country represent a substantial economic impact on local communities because that money is not circulating in those communities,” Mehlman told CNSNews.com. “On top of that, a lot of the people generating this money are working off the books and there are no payroll taxes being taken,” he added. In remarks published in the Inter-American Dialogue’s “Remittance Industry Observatory” newsletter last November, Manuel Orozco, a member of the institute’s Financial Services Advisor board, said that “at least” $130 billion is transferred out of the U.S. each year by more than 35 million migrants.


Data gathered by the Mexican government and BBVA Research shows that in 2015, nearly one-third (29.6 percent) of all of the remittances sent from the U.S. to Mexico originated in California. Just over 14 percent was sent from Texas, and 5.1 percent from Illinois. In 2015, remittances sent to Mexico totaled 2.3 percent of the country’s GDP, the data showed. Forbes has reported that the money sent from the U.S. to Mexico by migrants “replaced oil revenues as Mexico’s number one source of foreign income” in late 2015. Some 90 percent of all remittances sent worldwide are in cash, rather than by electronic or bank transfer, according to Alix Murphy, director of mobile partnerships at the remittances company WorldRemit, which operates in 47 states of the U.S. She said the market for money transfer services in the U.S. was “very diversified.” “We’re talking hundreds of companies that are regulated by the states.”

Individuals using the cash transfer services are required to show identification, but not immigration status, Murphy said. Foreign-issued IDs, however, can be used, according to a 2016 analysis by the Congressional Research Service. The Remittance Status Verification Act, introduced by then-Senator David Vitter (R-La.) in 2014 but never passed into law, would have fined senders of international cash transfers seven percent of the transfer amount if they could not show “proof of status under U.S. immigration laws.” If enacted, such a law could slow the flow of remittances considerably, according to David Landsman, executive director of the National Money Transmitters Association. In remarks published in the “Remittance Industry Observatory” newsletter last November, Landsman said that “[f]orcing remittance companies to be immigration enforcement agents would make remittance volumes plummet in the best of times.” “Their transactions would then go through more informal methods, and become completely opaque to law enforcement.”

Survey: Most Mexico-Bound Cash Remittances Sent by Undocumented Workers
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Old 01-26-2017, 01:41 AM   #4
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Granny says, "Dat's right make the illegals pay fer the wall...

Experts Explore Feasibility of Using Remittances to Fund US-Mexico Border Wall
January 19, 2017 – A previous congressional proposal and changes to banking regulations could lend support to President-elect Donald Trump’s threat to target cash transfers sent to Mexico by immigrants in the U.S. to pay for a border wall, experts say.
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But they also caution that blocking or taxing the transfers – known as remittances – could face legal challenges and may force the annual flow of billions of dollars to Mexico underground, making the transfers harder to regulate. Trump said in a memo sent to the Washington Post last March – and subsequently reproduced on his campaign website – that he could threaten to block remittances sent to Mexico as a way to force the Mexican government to pay for a border wall. Trump said Mexico receives some $24 billion a year in remittances from Mexican nationals working in the U.S., with most that amount coming “from illegal aliens.” Should Mexico in response agree to pay $5-10 billion to fund the wall, he wrote, then the threat to block the remittances would not be carried out.

Remittances to Mexico shot up by nearly 25 percent after Trump was elected last November, compared to 2015, Reuters has reported. Mexico received $26.5 billion in remittances sent from the U.S. in 2016, according to the Washington policy institute, Inter-American Dialogue. “This is one promise Mr. Trump might really keep,” David Landsman, executive director of the National Money Transmitters Association, told the institute last year. Landsman pointed to the Remittance Status Verification Act, introduced by then-Senator David Vitter (R-La.) in 2014, which would have fined senders of international cash transfers seven percent of the transfer amount if they could not show “proof of status under U.S. immigration laws.” The bill never advanced out of committee.


In remarks published by the Inter-American Dialogue’s “Remittance Industry Observatory” newsletter, Landsman said two General Accounting Office reports had “raised no legal obstacles to status verification.” “There are some constitutional doubts about a remittance tax at the state level, but none at the federal level,” he noted. “Under one-party Republican rule, the Democrats will have to pick their battles, and undocumented remittance senders are non-voters.” Reached for comment, Manuel Orozco, director of the Migration, Remittances and Development Program at Inter-American Dialogue, drew CNSNews.com’s attention to his opposing comments, published in the same newsletter. “If migrants are required to pay taxes on their transactions, some would opt to use informal mechanisms. Others would also use informal mechanisms out of fear of being found living without legal status,” he commented. “Moreover, it would be difficult to apply the tax only to Mexicans and not to any foreign-born individual in the United States.” “A tax on remittances to pay for a wall along the U.S.-Mexico border is technically and legally unfeasible,” Orozco said. “It would require not only the introduction of new taxes, but also an amendment to the Patriot Act to expect businesses to check immigrants’ legal status in the United States.”

However, according to a recent analysis of Trump’s proposal by The National Law Review, the Patriot Act has been updated to include companies that offer remittance services to immigrants in regulations related to the Bank Secrecy Act. The analysis also noted that Stuart Anderson, executive director of the National Foundation for American Policy, has said that using the Patriot Act to block the money transfers would likely be “challenged in court.” “If the new president establishes a tax on transfers, I think there would be years of lawsuits by companies and individuals,” predicted Alfredo Cuecuecha Mendoza, an economist at El Colegio de Tlaxcala, A.C., a university near Mexico City. “A tax would have to be applied to all transfers, not just transfers made by people of Mexican origin.”

Taxing the transfers could also force immigrants to use other, unregulated means, said Alix Murphy, director of mobile partnerships at the remittances company WorldRemit. “The fear is that more remittances will go underground,” she told CNSNews.com. Underground methods for sending cash abroad could include carrying it across the border or using unregistered remittances brokers who have networks of associates abroad. The brokers accept the cash in the U.S. and their associates make the payments overseas, Murphy said. Legal money transfers by immigrants are regulated by state laws, and while senders are required to show identification, they are not required to show their immigration status, she said. In fact, the U.S. Treasury Department allows remittance providers to accept foreign-issued IDs, and an ID issued in the US is not required, according to a 2016 analysis by the Congressional Research Service.

Experts Explore Feasibility of Using Remittances to Fund US-Mexico Border Wall
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