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Or at least $805.6 billion as of the end of September, not including debt service and additional reset costs; around $940 billion including interest payments.

As the US economy faces the prospects of stagnant growth or recession, it is of interest to see why the scope for fiscal policy is so circumscribed — that is why is the debt level so high given that in the last year of the Clinton Administration, we were paying down debt? Figure 1 depicts part of the answer (other parts, here).

To understand the magnitude of the cumulative nominal costs as of September 2011, it is useful to normalize by nominal GDP. As of 2011Q2, GDP was $15 trillion SAAR. Hence, cumulative expenditures (not including the resulting incremental interest rate payments) was equivalent to 5.4% of one year’s economic output. I

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The economy stinks. You and I know it, and the Federal Reserve knows it, too. Thats why they announced Operation Twist earlier this week. Operation Twist? Whats that, you say? Its yet another attempt to drive interest rates down in hopes of spurring economic activity.

This time around, theyre targeting 10-year bond Treasury rates because lots of interest rates, including mortgage rates, are tied to the 10-year bond rate. In short, theyre planning on selling some of the shorter term bonds that theyre holding and using the proceeds to buy longer term bonds.

More specifically, over the next nine months, they intend to sell $400B in short-term government bonds and use the proceed to buy longer-term bonds. As demand for these longer-term bonds rises, their interest rates will fall. This makes sense, as you dont have to pay as much interest to find buyers in a high demand market.

So The big question is whether or not this will work.

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Tags: Operation Twist, Twist

This week on The Broke and the Beautiful, the sports world is again overshadowing the rest of the celebrity bankruptcy world. A “Real Housewives” couple are in the spotlight, but the Dallas Stars are elbowing for a close-up, with several bidders possibly lining up to buy the team. Also this week, the Phoenix Coyotes saga lives on, and New York Jets player Mark Brunell is throwing out a new idea for his post-bankruptcy, post-NFL life.

Sports mogul Mark Cuban doesn’t want to buy the NHL’s Dallas Stars, but Texas businessman Doug Miller’s interest is piqued. According to the Dallas Morning News, Miller, who said he’s “been interested for some time,” may want to challenge Tom Gaglardi’s $267 million leading bid for the hockey team. Entrepreneur Chuck Greenberg—part of the group that bought the Texas Rangers out of Chapter 11 last year—also expressed interest in the team. Bankruptcy Beat noted

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Tags: Dallas Stars, Stars

Grammy award-winning singer Toni Braxton recently had many of her debts discharged under Chapter 7 bankruptcy.

The singer filed for bankruptcy last September. The Chapter 7 filing listed $18.3 million in debts and $1.6 million in assets.

Under Chapter 7 bankruptcy, certain types of debts are eligible to be discharged. An order from the U.S. Bankruptcy Court in Los Angeles states that most of the singer’s eligible debts were discharged. Some taxes, student loans, criminal fines, and domestic-support payments are not eligible for discharge.

With the order, Braxton is no longer responsible for paying off certain debts. In addition, creditors are prevented from taking action against the singer for repayment.

If you have questions about what qualifies as a dischargeable debt and what does not, contact the Birmingham dischargeable debt lawyers of Greenway Law, LLC at 205-324-4000 to speak with one of our experienced bankruptcy attorneys.

Tags: Bankruptcy, Debts Discharged

Are you in need of an auto loan? Have you reviewed your credit profile and determined your rating? If you have a bad credit and you think the world is over for you, think again. There is a bad credit auto loan offered by several special lenders for people like you and here are tips on how to get it easily.

Of course you know that your credit, being bad, will not assure you an immediate approval from the regular loan providers so do not go to them. Seek a specialized bad credit auto loan provider instead. These lenders can be found online just at the click of the mouse. You may not be pleased by the kinds of rates you come across at first, but do not despair. Search through the available websites, compare rates and choose the most favorable.

Having chosen your prospective lender, find out what he needs from you. In most cases the requirements only entails your financial details including an income proof and maybe a good down payment.

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Tags: Auto Loan, Bad Credit, Loan