The Daily Herald from Arlington Heights, Illinois • Page 112

WEDNESDAY, MARCH 26, 2008 DAILY HERALD SECTION 4 PA6E 3 Michelle Singletary The color of money Weddings need not bankrupt afamily WASHINGTON In several recent online discussions, I've gotten into a debate about the cost Of a wedding. It all stalled when someone on a tight budget asked: "How do I find a place and feed 100 people?" I responded that the best solution is to stick to your budget and cut the guest list. Well, you would have thought I had attacked the very institution of family. Here's what one person said: "I was surprised at your advice to the poster who wanted to reduce wedding costs. I absolutely agree that people should stick to a wedding budget, but I was raised to believe that weddings are not just about the couple, but about the families being joined together.

So the guest list is the last thing to cut, not the first." Then there was this response from someone who cut costs and was ridiculed by relatives. "My family was just appalled at the 'quaintness' of my wedding, a lunch with a cocktail hour," the person wrote. "It wasn't a big New York blowout. I got married in Atlanta. They wouldn't even have thought about coming down here if they weren't getting fed.

Honestly, I would have been embarrassed to do much less." There you have it folks. This is one the reasons so many people are broke. They perhaps even you are trying to meet other people's expectations. A wedding is not about the family. The families aren't being joined together (although you likely will have to deal with a lot of family drama).

A wedding is about die couple. (And no, Bridezilla, it's not about you.) It's supposed to be about die vows the two people make to each other. Yes, I'm aware many cultures have blowout bashes to celebrate the holy matrimony of two people. In some cultures, brides, grooms or ttieir families spend precious resources money, farm animals, etc. to pay for a wedding.

But some traditions, no matter how venerable, should be abandoned if they aren't reasonable. You can and should put a price on this special day. You should have the wedding you can afford. If friends or family complain about a small guest list, simply say, "We would love to have a bigger bash but we just can't." End the discussion there because it's your life and your money. JOUH, The Washington Post Co.

Americans sing housing blues Associated 7 NEW YORK consumers are gloomier about the economy than at any point since just before the U.S. invasion of Iraq, as slumping housing prices and soaring fuel costs depress consumer confidence to its lowest level in five years. The Conference Board, a business-backed research group, said Tuesday its Consumer Confidence Index plunged to 64.5 in March from a revised 76.4 in February. The March reading was far below the 73 expected by analysts surveyed by IFR and was the worst reading since the gauge registered 61.4 in March 2003, just ahead of the U.S. invasion of Iraq.

Weakening consumer confidence foreshadows weakening consumer spending, which could hurt the already faltering economy. Meanwhile, home prices plunged by record levels in January from a year ago, with almost no major cities Homes losing value The prices of single-family homes across the United States continued to decline according to the Schiller Home Price Indices. 275 As of March 2008 2000 100 80 2000 I. 80 I 2008 2000 2008 SOURCE: Standard and Poors immune from the spiraling market. The closely watched Standard Shiller index of home prices in 20 cities fell nearly 11 percent in January from a year earlier, the biggest drop in its two- decade history.

Prices were down about 20 percent in Las Vegas and Miami, both paying the price for especially rampant speculation and too much new construction during the hous- ing boom. The only bright spot was a 1.8 percent increase in Charlotte, N.C., where real estate agents say prices rose more modestly during the boom years and the regional economy is relatively strong. "It's just a spiral that will end up taking this year to get out of," said Pava Leyrer, president of Heritage National Mortgage in Detroit, adding that the market there is not expected to improve until the spring of 2009. The weak readings initially depressed Wall Street, but trading later flattened out. In early afternoon trading, the Dow fell 16.04, or 0.13 percent, to 12,532.60.

The Standard Poor's 500 index and the Nasdaq composite index rose slightly. Economist Bernard Baumohl, executive director of The Economic Outlook Group in Princeton Junction, N.J., said consumers' pessimism "reflects the great anxiety that households have because there are just so many uncertainties that everyone faces." He believes the economy fell into recession in the current quarter and growth probably won't resume until the second half of the year, after government stimulus programs have had a chance to work. These include measures by the Federal Reserve to boost credit markets and the plan by the Bush adminis- Index at 5-year low The consumer confidence index from a survey of 5,000 U.S. households: 125 Seasonally adjusted 1985 100 March 64.5 March 2007: 108.2 Feb. 2008: 76.4 50 MAMJJASONDJ FM 2007 2008 SOURCE: The Conference Board A tration to distribute tax rebates starting this summer.

Baumohl said government actions should help the economy resume growth later this year but the recovery could be weak. "Even if we emerge from recession sometime this summer, the second half of the year is going to feel bad. For most people, they won't be able to tell if the economy is growing 1 percent or shrinking 1 percent." FDIC prepares for failures Associated Press WASHINGTON Anticipating an increase in troubled financial institutions, federal regulators will increase by 60 percent the number of workers who handle bank failures. The Federal Deposit Insurance Corp. wants to add 140 workers to bring staff levels to 360 workers in the division that handles bank failures, John Bovenzi, the agency's chief operating officer, said Tuesday.

"We want to make sure that we're prepared," Bovenzi said, adding that most of die hires will be temporary and based in Dallas. There have been five bank failures since February 2007 following an uneventful more than two-year stretch. The last time the agency was hit hard with failures was during the 1990-1991 recession, when 502 banks failed in three years. Analysts see casualties rising but don't believe they will reach early-1990s levels. Gerard Cassidy, managing director of bank equity research at RBC Capital Markets, projects 150 bank failures over the next three years.

The FDIC provides insurance for deposits up to $100,000. There are 76 banks on the FDIC's "problem institutions" list, which would equate to about 10 expected bank failures this year, though FDIC officials declined to make projections. Historically, about six banks fail per year on average, FDIC officials said. There have been two failures in 2008, both small Missouri-based banks. Sun-Times, Hollinger reach deal Bloomberg News Sun-Times Media Group the newspaper publisher once led by convicted felon Conrad Black, has setded litigation with Hollinger ending the Toronto- based holding company's control over it.

The companies will end claims against each other and Hollinger will convert its super-voting stock to common shares, the companies said Tuesday in simultaneous statements. "The settlement also normalizes the governance" of the Sun-Times, the Sun- Times said in its statement. "Upon court approval, the six directors of the company who we re-appointed by Hollinger on July 31, 2007, will resign from the board." Under Black's eight-year stewardship, the Chicago- based Sun-Times Media Group, then known as Hollinger International was the world's third largest publisher of English-language newspapers, including the Chicago Sun-Times. Black resigned in November 2003 amid allegations of corrupt practices. He and other executives exercised control over Hollinger International by holding a majority interest in Hollinger Inc.

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