We’re coming up on the close of the year, so we thought we ought to take stock of some of the ideas we’ve put forward that we think are central to our commentary on the world of finance. Since starting Wallet Blog, we’ve found that our mission to provide information on the nation’s economy, consumer advocacy and commentary on the financial news of the day has become deeply linked to the recession.  Because of this, we’ve written many articles on what we think our country’s leaders should do in order to fix the economy, as well as what we think about what they’re actually doing.  During that process, we’ve noticed that a number of major factors keep coming up to describe the problems with the state of our economy and our recovery.  We wanted, then, to take a moment to summarize the ten things we see as endemic to the economic problems we are facing and the steps we see as necessary to achieving their solutions.

10.  Level the Playing Field for American Workers:  We shouldn’t be penalizing U.S. companies for hiring from inside the country rather than outsourcing.  The payroll taxes that our government requires employers to pay for their American workers encourages companies to hire from outside of the United States.

Citibank is suspending foreclosures and evictions for the holiday season.  For 30 days, from December 18th through January 17th, Citibank is offering a reprieve to borrowers whose loans are owned by Citibank Corporation.  The company reports that it will help about 4,000 borrowers who are either scheduled to be evicted, or scheduled to receive notice of eviction during this period.

Citibank deserves to be commended for this act.  In the general state of the American economy as it stands right now, lending institutions are placed in a precarious position where they have to implement tough policies to keep their businesses afloat.  It seems that Americans are increasingly turning to lending institutions as a solution to this recession as well as a scapegoat for this nation’s economic troubles.  All too often we hear that either our economic crisis was the result of banks giving out bad loans (which it was), or that economic recovery depends on lenders lowering the minimum requirements for loan qualification (which it does not).

On December 14, 2009, President Obama met with CEOs of the largest banks to urge them to approve more loans, to lower interest rates, and to curb fees.  The meeting was obviously in response to Federal lawmakers’ feeling that, having bailed out the banks, the nation has a right to expect concessions from its financial institutions.  This feeling is fueled by the belief that America’s banks, having received federal funds, have since failed to adequately return to the business of loaning money.

To put this in perspective, we should remember that one of the large contributors to the current recession was the practice of giving out home loans to people whose incomes and credit histories did not justify those loans.  The assumption was, of course, that any loan was essentially a good investment since the value of the house was expected to appreciate astronomically.

Now, here at Wallet Blog we’re no strangers to high-yield, interest-bearing checking accounts. Wrote about Focus Bank back in May and yes, their offer still stands. But how could I be content, knowing that I’ve only alerted you to one 4.51% checking account? Time to rectify that situation with a few other options.

For instance: Bank of the Sierra, based in my beloved California, also offers a 4.51% yield checking account. And you don’t have to be a millionaire to enjoy their top interest rate; you can open the account with only $50, and you’ll earn 4.51% APY on balances up to $25,000, so long as you meet the minimum qualifications for that statement cycle. (Qualifications include a minimum of 12 Sierra Check Card purchases per statement cycle, minimum of one direct deposit/automatic payment monthly, one Sierra BillPay payment per cycle, eStatements, and you must open the account line.) And, if that’s not enough, there are no monthly fees, you can earn up to $25 in ATM refunds each statement cycle, and there is a beautiful picture of Sequoia redwoods on their Sierra Reward Checking Web page. Click here to learn more and to open an account. Please note that the account is available nationwide, but you must be a U.S. resident or a U.S. resident alien to apply.

OK, the economy might be bouncing back but my wallet sure isn’t, so I went trolling on the Internet for some free samples. Call it cheapskate retail therapy. There are plenty of places where you can sign up for free stuff, but at what cost?

The first site I went to was Thunderfap.com.  They list an appealing “fall sample pack” on their home page, along with other items that would be of interest to pretty much anyone who has pets, kids, or a pulse.

In order “to provide support to mortgage and housing markets and to foster improved conditions in financial markets more generally,” (according to their own FAQ on the subject) the Federal Reserve Bank has been buying up $1.25 trillion in fixed rate Mortgage-Backed Securities otherwise guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae.  The result has been a drop in the mortgage rate for 30 year mortgages.  The duration of this program is limited, however, and is set to expire by the end of the first quarter, 2010.

At the end of the Fed’s purchase program next Spring, the market will be ripe for a mortgage rate increase and a reduction in purchasing power for consumers looking for low monthly mortgage payments.  Experts are estimating that when the Fed steps out of its current purchasing position, 30 year mortgage rates are likely to rise to 6% despite government incentives for first time home buyers as well as current homeowners.

Here at Wallet Blog, we get lots of PR pitches. It’s flattering, really. But one company I never expected to hear from, especially in November, is Coppertone. Nevertheless, it’s fun to be surprised (especially as I just winter-proofed my double-paned windows against the encroaching Nor’easters).

Their pitch was helpful and informative, and I live to be helpful and informative, so let’s talk about some little-known ways to maximize your FSA spending.

So, my husband and I have been delighted with our choice to buy a CSA farmshare. Our summer has been chock-full of mostly local, mostly organic vegetables, and it’s pushed me to become a more adventurous cook and eater (yes, I ate the beets. Call the press).

But now, there’s a new buy-local buzzword in town. It’s called “cowpooling.” This is where neighbors pool their money to purchase all of the meat from one local cow.

The latest version of the health care reform bill, sponsored by congressional Democrats, offers a mixture of both productive and counterproductive methods of gaining the necessary revenue to make affordable national health care a possibility. However, by-in-large, the bill ignores the fact that we operate in a free market capitalist society, in which competition exists in order to keep costs down. Instead, the bill proposes a funding solution that will cause a trickle-down effect, with the costs of reform being passed back to the consumer at the end of the day.

The bill does have a few provisions that would encourage competition and thereby drive down costs. For instance, it includes a provision that would allow the government to negotiate prescription drug prices for beneficiaries. However, in large part it targets the medical industry as a funding source for the suggested overhaul, by levying fees and taxes on medical device manufacturers and drug companies, among others.

According to the National Retail Federation, consumers are expected to spend nearly $24 billion on gift cards this holiday season. Additionally, gift cards are the most requested gift for the third year in a row - over half of adults said they would like to receive a gift card and almost 80 percent of people plan to buy one this holiday season. However, given these statistics, how do consumers know which gift cards to choose for their friends and loved ones this season and beyond? To answer this question, Card Hub® is pleased to announce the launch of its Gift Card application for Facebook – a completely free, first-of-its-kind gift-giving tool. The Gift Card application from Card Hub® removes the hassle from the process for gift givers and ensures that the receivers will be happy with the gift card they’ve gotten.

The primary feature of the Gift Card application is the Gift Card Wish List. In less than 60 seconds, it allows users to pick their favorite stores and share their selections with their friends, giving them potential spending power at places they actually like. Currently, there are hundreds of stores to choose from including restaurants, department stores and e-retailers, and that list is constantly growing. What’s more is that users with niche or special interests can add stores to the application that wouldn’t be top-of-mind to most consumers, simply by keying in the associated URL.

As Americans, you and I are part of a country with a great history of overcoming obstacles.  However, that history has always been rooted in the basic understanding that during extraordinary times, we are called to extraordinary courses of actions.  In order to overcome the problems we have faced, we have had to reinvent ourselves and the manner by which we handled our problems.  When our economy crashed in the late 1920s, we pulled ourselves up by our bootstraps, organized work projects and made our nation strong enough to engage in combat against the threat of world-wide fascism.  After decades of isolation following World War I, when America was called into action by the attack on Pearl Harbor, we rose to the occasion waging a new kind of war in Europe and the Pacific.  When it became clear that the fascist forces of Nazi Germany and Imperial Japan posed new kinds of threats to the peace and stability of the world, we met that threat by creating the atomic bomb.  When our country was faced by civil unrest, when the edifices of our nation’s governance proved unequal to its nation’s citizenry, we changed the manner of our laws and even our society to work towards civil rights and equal opportunities for all people.  We are a nation composed of people able to make drastic changes to meet our extraordinary circumstances.

It is, therefore, disheartening to hear the Thanksgiving affirmations of our nation’s leaders.  President Obama promises to extend unemployment benefits and secure national health care.  Meanwhile, we borrow money in record amounts and 1 out of every 10 Americans is unemployed.  Speaking on behalf of the GOP, Representative Mike Pence (R-Ind), offers that the answer to our economic issues is to cut taxes. Neither side provided any original answers.