Archive for October 20th, 2009

Obama administration noncommittal on housing tax credit

Reuters News: President Barack Obama administration noncommittal on housing tax credit,  Obama’s top housing adviser expressed doubts on Tuesday that the United States could afford to extend a popular tax credit for first-time homebuyers beyond its expiration next month.

Housing and Urban Development Secretary Shaun Donovan said he was aware the program was popular with lawmakers, but said: “at the same time, I am mindful that these proposals can be very expensive, especially at a time of significant budget deficits.”

In testimony prepared for delivery to the Senate Banking Committee, Donovan pledged to “work with Congress to fashion appropriate and effective homebuyer incentives, mindful of both their benefits to stimulating new demand and their costs to the American taxpayer.”

Georgia Republican Senator Johnny Isakson and Banking Chair Chris Dodd, a Connecticut Democrat, want Congress to extend the $8,000 tax credit through next June.

Isakson told the panel that failure to extend the popular tax credit would lead to “a dramatic and awful situation in the United States of America.”

Isakson’s housing credit amendment would be attached to legislation pending in the Senate that would extend unemployment benefits. The Senate could vote on that as early as this week.

Donovan also told the panel that the Federal Housing Administration would not need to ask Congress for additional funds to increase its capital levels.

Reuters report.

President Obama Meet Teen T-Shirt Entrepreneur

A 17-year-old entrepreneur Kalief Rollins, the president of the Phree Country clothing company  meet President Obama at White house today, he talked the story of his road to the White House to the CBS news.

Kalief said he’s wanted to be a businessman, “since birth.”

That’s only a slight exaggeration. Kalief started in 1st grade, using his lunch money to buy candy in bulk and then reselling it to his classmates. By junior high he’d moved on to jewelry.

5 months ago, in his mother’s garage in Carson, Calif. Kalief and his brother Anthony started and still run a custom T-shirt business called Phree Kountry. What they lack in spelling, they make up for in message.

Their shirts are all about ending gang violence and empowering those kids to be something more.

“This one says, ‘Caution: Educated African American Male,’” Kalief said.

Anthony does the designs. Kalief does the sales. The only other employee is their mother, Shukriyah.

Mom keeps track of the books and her son’s hours. She said, “I have to really tell them it’s time to go to bed.”

“I’m just a natural born salesman,” said Kalief.
Take it from me; He talked me into buying that “caution” shirt.

He sells about 65 shirts a month, mostly to classmates and friends. All profits go back to grow the business.

A few months ago, Kalief submitted his business plan in the National Young Entrepreneur Competition. Twenty-four thousand kids entered. Judges whittled it down – first to three, and then to Kalief.

He won $10,000 and, of course, a trip to meet the President. Kalief said they talked mostly about his company.

“We showed him a couple shirts, we couldn’t bring ‘em all,” said Kalief. “But he kept one of our shirts that says, ‘Caution: Educated African American Male.’”

The same shirt, that in the end, I decided wasn’t appropriate for me. Of course being the consummate businessman, Kalief was able to make a sale anyway. A sale, at my expense.

CBS News Report.