The first two provisions of the Credit Card Accountability, Responsibility, and Disclosure (“CARD”) Act of 2009 went into effect Thursday, August 20, 2009.  The CARD Act is designed to protect consumers from unfair and deceptive practices by credit card companies.�

It is the mid-1980’s. Savings & Loan institutions are failing at an alarming rate. So many are insolvent, in fact, that the Federal Savings & Loan Insurance Corporation (FSLIC), the deposit insurer of thrifts at that time, is running out of money to close insolvent thrifts. What does FSLIC do? It seeks out purchasers, who [...]

In Wednesday’s Business Week, Ben Steverman’s anaylsis of the possiblities of upcoming bankruptcy activity indicates that filings, rather than slowing as the economy gains its footing again, will instead swell with the failure of numerous entrepreneurial and high-debt companies. His opinion is that this will be due largely to the continuing spin-down in consumer demand [...]

“We may be seeing the beginning of the end of the recession,” President Barack Obama said yesterday in Raleigh.  Indeed, parts of the country are starting to experience some economic stability, according to the latest figures issued by the Federal Reserve, but the Fifth District of Virginia, North Carolina and  South Carolina remains weak.�

For nearly two years, the credit markets have been tightening, making it difficult for consumers and businesses to get credit for purchases and operations.  Several financial institutions declared bankruptcy or were on the brink of failure.  The federal government has used a variety of strategies to prevent a full-scale financial meltdown, including slashing interest rates, [...]

According to the Detroit News, General Motors reversed the closing of 41 of the 2,100 dealerships originally targeted to be closed as part of GM’s bankruptcy and restructuring.�

Now that the Bankruptcy Court has approved the sale of Chrysler’s assets to a consortium of buyers lead by Italian carmaker Fiat, the next major issue is which Dealer Agreements will be assumed and which ones will be rejected.�

Bloomberg reports that Magna International Inc., Canada’s largest auto-parts supplier, is in talks with General Motors Corp. about acquiring the Saturn brand as the automaker shrinks operations, people familiar with the discussions said.

MAKE THE MOST OF TROUBLED TIMES.
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After serving on a recent panel with three local entrepreneurs at our local American Marketing Association luncheon. I thought some of the themes and ideas that were discussed at that lunch belong on this blog, because I firmly believe that small businesses, privately owned businesses,  – businesses started, owned and [...]

SEE OPPORTUNITY IN TROUBLED TIMES.
Recently, I was fortunate to be on a panel with three local entrepreneurs at our local American Marketing Association luncheon. The topic was ” Start a Business? In THIS Economy?!?” On the panel with me were:
Ed Gooding, Owner of The Merge Computer Group
Connie Hom, Owner of Buckingham Greenery
Darrell Jervey, Owner of [...]