Health care bill was signed by President Obama, on 23rd March, 2010.  There are still some areas that need to be addressed in the coming versions. There are millions of factors that age, location, family etc. they collectively that determine its impact on life.

Changes in 2010

• People less than 26 can avail the insurance plan of their parents.
• $250 rebate will be given to the Medicare recipients.
• The health insurance companies which have excluded the coverage for preexisting conditions for children will be banned.
• All the health insurance plans will have new regulations.

Changes in 2011

• Free wellness visits and personalized [preventions plans will b offered by the Medicare. Read the full story

Recently, President Obama initiated a law that aims to provide students with the needed financial assistance, so that they could achieve higher education without having to land themselves in immense debts. This new student loan bill ensure that all student loans and grants will be provided by the government, rather than by the banks,who charge them an arm and a leg for their educational pursuit.

This bill will increase the quantity of Pell Grants, which currently provides financial help for 8.5 million students, who are enrolled in a college education.Initially American students had to face extreme financial pressure, due to the high cost of education, and therefore when a student would take a private loan to enroll himself in an institute, he would be knee deep in debts by the time he is to graduate.

Around 80 commercial banks, chartered in the St. Louis region, had made up $66 million in profits, by this time last year. This year they have recorded $169 million in losses.

The main cause behind the downfall is bad loans, as the real estate problems spread from residential to commercial real estate. Bad loans, which can also be called nonperforming loans, increased 69% to $1.05 billion in the first six months, from $620 million a year earlier.

Read the full story

Congressman from California, Mr. George Miller , a Democrat, has introduced 181-page Student Aid and Fiscal Responsibility Act of 2009 to House of Representatives. The bill proposes several major revisions to student loan system. One of them is to allow access to federal student loans for collage students even if they were ever convicted for being drug offenders.

In 1998 an student who got convicted for drug-possession were denied access to all type of federal funded student aid programs including federal student loans. In order to be eligible for a student loan, such student had to complete rehab programs and pass two un announced drug tests. Student who got convicted for selling drugs have different rules. They are doomed forever. no loans for them.

Read the full story

Here are some thought provoking quotes on money and banking.   I hope you will enjoy reading them. They become even more interesting as you see them in perspective of current global financial crisis.

“The bank hath benefit of interest on all moneys which it creates out of nothing.” — William Paterson, founder of the Bank of England, 1694.

“All the perplexities, confusion and distresses in America arise not from defects in the constitution or confederation, nor from want of honor or virtue, as much from downright ignorance of the nature of coin, credit, and circulation.” — John Adams, letter to Thomas Jefferson.

If congress has the right under the Constitution to issue paper money, it was given them to use themselves, not to be delegated to individuals or corporations. — US President Andrew Jackson.

“The Government should create, issue, and circulate all the currency and credits needed to satisfy the spending power of the Government and the buying power of consumers. By the adoption of these principles, the taxpayers will be saved immense sums of interest. Money will cease to be master and become the servant of humanity.” — US President Abraham Lincoln

Read the full story