Publicist Howard Bragman confirmed that TV icon Ed McMahon and his wife have no plans to move from their home, which has been facing foreclosure for nine months. Bragman said he doesn't have details about the deal that's allowing the 85-year-old McMahon to stay, but added: "They ain't leaving." Public records show there was a series of transfers of the loans last month on McMahon's house. A Southern California company, Foreclosure Trackers Inc., has taken credit for brokering the deal and say they plan to negotiate a better deal for McMahon. For months, several people, including Lee and Donald Trump, have pledged to help McMahon and save his house.
With record low approval ratings and intense criticism for his handling of the Iraq war, Hurricane Katrina and the economy, the word most used to label George W. Bush's presidency will be "incompetent," historians say. Harvard University political history scholar Barbara Kellerman said when President-elect Barack Obama takes over in January, people may view Bush in a new light. "I think it's possible when people have stopped being as angry at the Bush administration as they are now ... that they will realize that some of this is just ... the luck of the draw." Kellerman, author of the book "Bad Leadership: What It Is, How It Happens, Why It Matters," noted that Bush has not had luck on his side for the past eight years. "He [Bush] has been a quite unlucky president. Certain things happened on his watch that most people don't have to deal with -- a 9/11, a [Hurricane] Katrina, the financial crisis, being three obvious examples," she said. "And yet they happened on his watch. He is being blamed," she said.
Chipotle Mexican Grill posted its first profit decline since going public in 2006 on Wednesday, as it battled higher ingredient costs and a slowing U.S. economy. The restaurant operator said sales were still positive but growth has slowed. The quarterly results from Denver-based Chipotle, a former Wall Street darling, comes amid worries financially stressed consumers will skip even more restaurant visits as they weather a housing slump, credit crisis and rising unemployment. "These tough economic times make it harder for customers to afford to eat out," Monty Moran, president, said during a conference call. "We know that some of our customers are forced to visit us a little less frequently than they were a year ago." Chipotle, known for serving premium-priced naturally raised meat, said third-quarter net income fell to $19.5 million, or 59 cents per share, from $20.6 million, or 62 cents per share, a year earlier. Chipotle said it plans to raise prices in the fourth quarter.
Fifty-three percent of likely voters questioned in the poll say they are backing Obama for president, with 45 percent supporting McCain. President George Bush may be part of the reason why Obama's making gains. Only 24 percent of those polled approve of Bush's job as president, an all-time low for a CNN survey.
Consumer prices in August posted the first monthly decline in nearly two years as Americans finally get a break from surging energy prices. The Labor Department reported Tuesday that consumer prices edged down 0.1 percent last month, a significant improvement from a 1.1 percent price spike in June and a 0.8 percent rise in July. The cost of gasoline and other fuels have plunged, reflecting big drops in crude oil prices.
7/23/08: Wachovia Corp. lost a staggering $8.9 billion in the second quarter, leading the nation's fourth-largest bank to cut its dividend and slash more than 6,000 jobs in response to mortgage-related losses. The bank's results were much worse than Wall Street anticipated, a stark contrast to its big bank rivals that handily beat the low targets analysts had set. Wachovia said it lost $8.86 billion and is slashing its dividend after losses tied to mortgages soared. The bank also said it would lay off 6,350 current employees, and leave unfilled another 4,400 open positions. The bank has already cut 2,000 retail mortgage jobs, it said.
minimum bonus of $937,500, payable in February 2009. The agreement also allows for severance payments if he is terminated for “good reason” or “without cause.” The company also will cover taxes owed if he loses his job in the case of a merger or acquisition.
In a forum last week with the Rev. Rick Warren, McCain was asked to define the word "rich" and to give a figure. After promoting his tax policies, McCain said: "I think if you are just talking about income, how about $5 million?" The audience laughed, and he added: "But seriously, I don't think you can — I don't think seriously that — the point is that I'm trying to make here, seriously — and I'm sure that comment will be distorted — but the point is that we want to keep people's taxes low and increase revenues."
Days after he cracked that being rich in the U.S. meant earning at least $5 million a year, Republican presidential candidate John McCain acknowledged that he wasn't sure how many houses he and his wealthy wife actually own. "I think — I'll have my staff get to you," McCain responded to a question posed by Politico, according to a story Thursday on the publication's Web site. "It's condominiums where — I'll have them get to you." Later, the McCain campaign told Politico that McCain and his wife, Cindy, have at least four in three states, Arizona, California and Virginia. Newsweek recently estimated the two owned at least seven properties.
The Commerce Department said purchases at U.S. retailers declined 0.1% last month. Economists surveyed by MarketWatch expected sales to slip 0.3%. Excluding automobiles, sales rose 0.4% last month, the smallest gain since February. The median forecast was for a 0.5% increase. See Economic Report. The report was "disheartening" in that is showed just how short-lived the tax rebates were, said Stone & McCarthy Research Associates.
