Mint Migration happens with Quicken online which is definitely not 'seamless'

Mint.com will get to take Quicken Online users and all their personal finance data. This will happen on August 29. On that date, no one could be able to sign in at Quicken Online. Mint.com was bought by Intuit who made Quicken for about $ 170 million. Quicken Online users got a notification of this change from Intuit. Intuit explained that info including account histories and connections would be “migrated seamlessly” to the Mint budgeting website. Users have to transfer their own accounts because you will find different software programs on the two websites. The Quicken Online to Mint migration has proven to be troublesome and inconvenient.

A ‘boneheaded move’ is what Intuit made

Many users of Quicken were astonished. They didn’t learn about the migration from Quicken Online to Mint. Most thought they wouldn’t have to do anything. They expected an automatic transition. Tech Crunch explains that Intuit was going to have “elegance or accuracy” as part of the change. It changed its mind after seeing what a big change it really was. The possibility for error would give Quicken Online users inaccurate personal financial data in Mint. That would mean more work for the site. Double checking and manual correction would be required by workers. Because of these complications, Tech Crunch called Intuit’s policy a “boneheaded move” and said that Intuit should have given Quicken Online users until the end of the year to move or spend more time figuring out how to import their accounts to Mint.

Budgeting with other sites

August 29 is when Quicken Online users will lose all their info from Intuit. Any users who want to keep their info have to take a couple steps. Make sure you pick which info you would like to save and export it to a file. The New York Daily news talked to those using Quicken Online. The article explained that other personal financial data possibilities are available other than just Mint. Quicken Desktop products that cost you money are what Intuit is trying to sell with the Quicken Online to Mint migration. The Intuit desktop products cost between about $ 50 and $ 90. You are able to get an Online account for QuickBooks for $ 120. Online budgeting sites also contain GnuCash.org, HelloWallet.com and Yodlee.com, for many who want to quit Intuit altogether.

Intuit can’t count

Many individuals are having troubles. Most of this comes from the migration from Quicken Online to Mint. The Street has Jonathon Blum speaking. He says that Mint and Quicken Online were never meant to get along with one another. Because of the different software platforms, Quicken Online data doesn’t flow directly into Mint. Data comes in differently. It is the very same as data coming from a credit card or bank. Business transactions in Quicken Online don’t go directly over the Mint. About half of them are just lost within the process. An Intuit representative said that the migration system made data converted from Quicken Online to Mint ledgers 90 percent accurate. Blum has his own opinion on the matter. Only 90 percent means a failing grade with accounting.

Additional reading

Tech Crunch

techcrunch.com/2010/07/19/quicken-online-users-saw-the-bait-took-the-switch-to-mint-com-and-are-left-with-nothing/

New York Daily News

nydailynews.com/money/2010/08/20/2010-08-20_quicken_online_free_budgeting_site_to_shut_down_by_september.html

The Street

thestreet.com/story/10841504/1/quickens-migration-to-mint-is-not-so-fresh.html?cm_ven=GOOGLEFI

The Kestrel auto a Canadian cannabis miracle

Green automotive news has received a hit of exciting news. Motive Industries, a Calgary, Alberta-based company, has a new bio-composite electric-powered car within the works, as outlined by Fast Company. Kestrel is the name, and hemp is the green construction material. You heard right; it’s a green cannabis auto.

The Hemp-car Program energizes coming of Kestrel

Understandably, the Kestrel has sparked up controversy. We are talking about cannabis, and Americans cannot resist the boogeyman. But Hempcar.org’s 10,000-mile test run of a hemp biofueled car proved that it could work. The Kestrel – at least in early stages – can be made partly from hemp, but won’t run on hemp biofuel. The 2001 choice fuel automobile used hemp biodiesel for fuel, and the group stressed at the time that if hemp could legally be cultivated in the United States, greater fuel economy and lesser environmental impact would be within reach. Considering the industrial hemp necessary has no psychoactive properties and is not a drug, Hemp-car.org found America’s lack of response bewildering.

Alberta Innovates Technology Futures provides the hemp

So the supply chain for hemp runs from a farm in Vegreville, Alberta, to Alberta Innovates Technology Futures. They in turn supply the hemp for the Kestrel. The hemp makes for an very lightweight but solid automobile. Parts are very easily recyclable and also the construction is as strong as glass composite, writes Fast Business.It is unclear at this stage when Kestrel will enter the production phase, but Motive has plans to test the vehicle at great length later in 2010.

Henry Ford had this idea in 1925

”The fuel of the future is going to come from fruit like that sumach out by the road, or from apples, weeds, sawdust — almost anything,” said the prescient Henry Ford to the New York Times during the Good Depression. ”There is fuel in every bit of vegetable matter that could be fermented”.

Among the weeds Ford acknowledged was hemp. He even went as far as to construct a vehicle of resin-stiffened hemp fiber that ran on ethanol made from hemp. American farmers faced economic calamity during the ongoing recession, and Ford envisioned a movement toward “Farm Chemurgy” that would cultivate plant and vegetable material as vehicular fuel sources and body construction elements. Both Ford and farmers would likely have seen tremendous profits. However, Congress eventually passed the Marijuana Tax Act of 1937. Thanks in large part to the influence of the DuPont company and newspaper magnate William Randolph Hearst, weed was criminalized in America.

More on this topic

Fast Company

fastcompany.com/1684111/motive-industries-hemp-ev?partner=rss

Hempcar.org

hempcar.org/ford.shtml

Wikipedia

en.wikipedia.org/wiki/Legal_history_of_cannabis_in_the_United_States

Now, the Joneses have no debt, meaning to stay up you are going to have to get rid of it too

Keeping up a social status has often been referred to as “keeping up with the Joneses”. This is the thing that most often causes spurts of getting with iPhones, flat screen TVs, riding lawnmowers and many other things. The Joneses are more concerned about getting rid of debt instead of spending on their credit cards.

Fed says debt within the home is going down

The Federal Reserve gave out a new report. The report shows all of the numbers for household debt in America. The recession came causing numerous to change their minds. Many decided it was really essential to get their debt paid off. Debt consolidation can help numerous. The Wall Street Journal reports that debt levels have gone down for seven quarters. Second quarter of 2010 showed a 1.5 percent reduction from the past quarter and a 6.5 percent reduction from the previous peak, in third quarter of 2008. $ 178 billion in debt was paid off within the last 3 months. People are anxious to get the debt out the door. That’s a lot of individuals basically giving themselves a cash until payday each month.

A few caveats

Falling household debt and an increased savings rate isn’t the entire picture. Consumer debt is going down. But delinquency has gone up a bit. This quarter was also the first instance of delinquent debt being reduced, which fell by 0.5 percent. Unfortunately there’s an additional thing to consider. Bankruptcy went up 34 percent. It seems fewer people are using pay day loan to keep up with paying for credit cards, as 272 million accounts were closed and only 161 million opened. Credit card companies aren’t doing all that well. They might need their own emergency cash loans.

Debt dying off

Americans are trying desperately to get rid of their debt. More people are trying to pay credit cards off than get new ones. You will find more people going bankrupt though. Still, there are a lot of good signs that people want to stay out of debt, preferring the security of cold, hard, cash.

Further reading

Wall Street Journal

blogs.wsj.com/economics/2010/08/17/ny-fed-households-continue-to-reduce-debt/

Savings and investments hurt by low interest rates that help banks

Debt cutting is popular now with many wanting more money in savings. The Federal Reserve, in an effort to keep the economy from a double-dip recession, is keeping the benchmark interest rate artificially low. Record-low interest rates are fattening bank bottom lines. Now the range between what borrowers have to pay and what financial institutions have to pay is wider with the low interest rates. An “invisible tax” is what the amount lost is called from Fed monetary policies for savers, investors, pensions and endowments.

Reasons for saving gone

Savers are getting the least amount of rates on savings account as possible. Bloomberg did a study with Market Rate Insight suggesting that 0.99 percent was about how much in July was paid towards interest on checking, savings, money market and certificates. America had 1,300 banks tested by Market Rates. That is where this number comes from. The report also tracked savings rate fluctuations between Jan. 2004 and July 2010. There is a correlation between unemployment and savings rates. If only unemployment would go down. Then savings rates would get to go up.

Banks make paying debt harder

Fed monetary policy that is holding the interest rate at near zero, some believe, is rewarding banks and penalizing the average citizen. People who want to cut back debt and conserve more seem to have the deck stacked against them. Daily Markets’ Larry Doyle explained that those with fixed incomes are having a bad time with low interest rates. You don’t get any money out of savings accounts. Banks do not have to pay hardly anything to borrow money. This means they will continue to raise interest rates on credit cards in order to get more money.

An invisible tax is what a low interest rate is considered

The Fed’s interest rate policy may be causing more economic difficulties than it’s solving, according to Gretchen Morgenson at the New York Times. Todd E. Petzel of Offit Capital Advisors told Morgenson that the Fed’s interest rate policy is an “invisible tax” that costs savers and investors about $350 billion a year. Since the Treasury lent about $14 trillion with a near zero interest rate, he started there. 3 percent has been the typical rating. That is the average over time. 2.5 points is already too low. $350 billion a year in loss to savers, investors, pensions and endowments is what 2.5 percent of $14 trillion adds up to. The money lost is more than 2 percent of gross domestic product and almost 3 percent of disposable personal income.

Discover more info on this subject

Bloomberg

bloomberg.com/news/2010-08-24/u-s-banks-paying-depositors-record-low-interest-rates-market-rates-says.html

Daily Markets

dailymarkets.com/stock/2010/08/24/invisible-taxes-loan-sharking-usury/

New York Times

nytimes.com/2010/08/22/business/22gret.html?_r=2 and amp;ref=gretchen_morgenson

Apple seeks patent to stop anyone jailbreaking iPhones

Jailbreaking your iPhone is currently legal as outlined by U.S. copyright officials, but that doesn’t mean that Apple is happy to sit back while users break free of their proprietary corporate mold and utilize the full potential of the handheld device. The Register reports the technology giant has applied for a patent “covering an elaborate series of measures” that will “protect iPhone owners from thieves” and other non-authorized users. Any iPhones can be locked down if jailbreaking exploits occur under this new Apple patent. This patent is called “Systems and Methods for Identifying Unauthorized Users of an Electronic Device.” Resource for this article – Apple patent seeks to lock up jailbroken iPhones by Personal Money Store.

Data from iPhones given out with jailbreaking

Apple has the story it says when talking about jailbreaking iPhones which is that personal data is given to many when jailbreaking an iPhone. Apple has numerous different ways there might be difficulties with a jailbroken iPhone. The iPhone’s camera could be turned on automatically. Also, there can be personal info stolen like geotagging. If the patent is approved, Apple would be able to tag and lock down any jailbroken iPhone it detects – and the business says it is for the user’s own good.

Apple keeps an eye out

Hacking programs generally show a rise of memory usage all the sudden. This is why, as outlined by the Register, Apple tags phones that have that same increase as ones that are jailbroken. Unlocking an iPhone means it could be used on other networks besides AT and T. If the patent goes through, Apple can be able to detect which of its phones do that as well. The Register also explains that “fraudulent use” of the iPhone can be detected by simply checking the accelerometer on the iPhone to see if it was carried by “thieves in transit.” Technical experts and consumer rights groups do not like the suggestion Apple has made at putting security measures into the phone like possible voice-print identification.

Camera rights with patent

This patent would make it possible for Apple to activate your iPhone camera. Steve Jobs would have the right to see what is going on everywhere you are. Regardless of how much you like the style and convenience of Apple devices, do you want Apple to be able to turn on your camera at any time it chooses? Perhaps Steve Jobs won’t approve of what you are doing.

Additional reading

The Register

theregister.co.uk/2010/08/20/apple_jailbreak_patent/

For-profit colleges now have to deal with federal aid troubles because of Gainful employment rules

There was a report released by the Education Department last week. It showed that two thirds of students at for-profit schools have been avoiding their federal student loan payments. There are supposedly going to be new “gainful employment” rules. This could determine whether or not financial aid is given. With rising college costs , the return on investment is being questioned. Loans won’t be given to anybody anymore with gainful employment rules. Students with degrees that will actually make money may be the only ones with loans. Article source – Gainful employment rules target federal aid at for-profit schools by Personal Money Store.

Student loan repayment rates make gainful employment rules required

The Education Department has to write new rules about gainful employment because of the Federal student loan repayment rates. When students from for-profit schools have less than 45 percent of graduates repaying their loans, the schools will lose federal aid. For-profit colleges had bad rates in 2009 already, says the Los Angeles Times. The rate was around 36 percent. The student loan repayment rate at private nonprofit schools was 56 percent. 54 percent were paying their loans of those coming from state colleges. Without federal aid, for-profit schools would lose a lot. They might even have to shut down. Some rely on federal student loan funding for nearly 90 percent of their revenue.

Is it really worth it giving to for-profit schools?

Gainful employment rules also consider the total student loan debt and average earnings. The Center for College Affordability reports that eligible for-profit colleges must have graduates with a debt-to-earnings ratio of less than 20 percent of discretionary income or 8 percent of total income. Prospective students have to pick their debt to income ratios before entering the school if tests are failed.

For-profit colleges take advantage of the government

Federal aid has gone up. This is especially true of for-profit colleges. For-profit colleges received quite a chunk of money in just 2000. $ 4 billion was given in federal student aid, reports NPR. Now $ 27 billion is given. Marketing companies saying “college” make students confused. They pay a premium to take courses and borrow money to pay the bill. Upon graduation, often the degree isn’t really worth what they paid. They can’t pay back the loan. Taxpayers take over. It isn’t really very fair.

Making college a sound investment

Colleges are getting more costly and many are wondering if it is worth all the student loans to pay for it all. Allison Lynn who works at MSNBC thinks college is just another investment. Anybody who knows about investing knows you don’t make an investment without careful consideration first. Future income won’t likely come from a degree in philosophy. Many individuals aren’t doing a good job of figuring out what cash they really need to take out in student loans. They are just living off of loans instead of savings or a job. The income you make your first year out of school is likely to be a max point for the loans you take out. This comes from Suze Orman who works in finance.

More on this topic

Los Angeles Times

articles.latimes.com/2010/aug/16/business/la-fi-for-profit-colleges-20100816

NPR

npr.org/templates/story/story.php?storyId=129259157

MSNBC

msnbc.msn.com/id/38561562/ns/business-personal_finance/

Brett Favre truly going to practice with Vikings

The modern version of the fable “The Boy who Cried Wolf” has sort of become “Brett Favre Retiring.” Brett Favre has gone north to Minnesota to participate in training camp with the Minnesota Vikings. The worm has turned after some teammates visited him at home. It isn’t known if the holder of more NFL records than any NFL quarterback hasn’t said he certainly will make it through an entire season yet, but if last year and him showing up at practice is a good sign there’s a great chance he will. Source of article – Brett Favre really going to practice with Vikings by Newystype.com.

Minnesota has Brett Favre back

Following the third year of intense debate over the subject, Brett Favre has held out until the last minute and decided not to retire, returning to practice with the Minnesota Vikings. On Tuesday, Aug. 17, Favre stepped off a plane and joined his teammates on the practice field, having missed yet another training camp, according to ESPN. Brett Favre didn’t need any stinking training camp last year. The Vikings lived up to their title, rampaging around the NFL and utterly destroyed a pathetic Dallas Cowboys squad within the first game of the post-season. Favre picked up an ankle injury in the heartbreaking loss to New Orleans within the NFC title game in overtime.

Decision to return may have been helped by fellow Vikings

A visit from teammates may have made the difference in convincing Favre to come back. Three teammates of his from the Vikings headed down to Favre’s home in Hattiesburg, Miss., to get him back to practice. Lineman Steve Hutchinson, kicker Ryan Longwell and defensive end Jared Allen (owner of maybe one of the most famous mullet in the NFL) flew down to talk to Favre. Favre flew to Minnesota with them, so they must have made quite the case.

The only grandfather in the league for making a lot

If Favre plays this season, as outlined by USA Today, he stands to earn $20 million. He will have to earn every penny. One of their opening games is going to be against the Packers, and they probably still want revenge. Packers’ QB Aaron Rodgers put up some very good numbers last year, and knocking off the Vikings, with Favre to boot, could be a real feather in their cap.

Discover more data on this subject

USA Today

content.usatoday.com/communities/thehuddle/post/2010/08/vikings-bernard-berrian-brett-favre-addressed-team-on-wednesday-morning-committed-to-winning-title/1

ESPN

sports.espn.go.com/nfl/trainingcamp10/news/story?id=5470904

So your engine computer needs reprogramming

Your engine’s computer needs to be flashed, or reprogrammed after being erased, if you would like your engine control modules (ECM’s) to stay up to date all the time. Microprocessors within the power train and fuel injectors have to have this done if cars are older newer than 1996 since the system won’t work properly otherwise. Your engine does much better when the programming is up to date. It’s a bountiful cash crop for repair shops, who tend to charge between $ 80 and $ 120 for the service, according to Under hood Service. Your car can be flashed by you for those who have the right equipment around.
Source of article – How to reprogram your engine computer by Car Deal Expert.

How reprogramming an engine computer works

Under the steering wheel in the car is a diagnostic port in a car which needs a scanner attached to it when reprogramming an engine computer. The auto manufacturer has put new programming into this scanner which erases the old and replaces with the new. Back in the day, the reprogramming process involved removing different parts from the car, but now an USB cable, scanning device, and a quite good Internet connection is all that is needed to work with the diagnostic port. The manufacturer’s website has the new software on it which is flashed onto the ECM.

Flashing an ECM?

Auto repair shops say flashing should be done once each and every few years, and this may be appropriate. Unless a recall is issued by a manufacturer on your car, this really only needs to be done when you’ve noticed something wrong with your vehicle. Routine maintenance shouldn’t include flashing when doing every little thing else to make sure your car works.

DAY flashers have to do this

It is simple to do usually. See what software updates are on your automobile manufacturer’s site. The update could be put in a device for flash programming. Proper engine turning is a concern for some which may require more software. If you’d like to get some more info, then check places like DIYEFI.org. Before doing anything, your state’s motor car authority should be consulted considering states like California have touch emissions testing making it illegal to do some different engine reprogramming.

Get a new car with no ECM programming troubles with an autoloans

More on this topic

Underhood Services

underhoodservice.com/Article/39556/flash_reprogramming_vehicle_computers.aspx

Scotty Kilmer on reprogramming your car’s computer

youtube.com/watch?v=Mc0aMxSdat4

DIYEFI

diyefi.org/index.htm

Terror babies threaten security in U.S.

Illegal immigrants having children in the U.S. are called “terror babies” by Texas Republicans who would like for the U.S. constitution to repeal the 14th amendment. Because the 14th amendment is in place, any person born within the U.S. gets U.S. citizenship. All of the illegal immigrants coming to America pregnant to have their babies are being paid by taxpayers, says Louie Gohmert, Texas congressman, and Debbie Riddle who’s the state representative. Then they take their little U.S. citizens home to be trained as deadly sleeper agents, who return as an adults to attack from within.

Terror babies having a conspiracy

CNN’s Anderson Cooper talked all about the conspiracy theory about terror babies. Riddle and Gohmert, Texas republicans, said “former FBI officials” told them all the info on terror babies. Terror babies are the reason why Gohmert would like to change the 14th amendment. Riddle said foreign women are having babies within the U.S. “with the nefarious purpose of turning them into little terrorists, who’ll then come back to the U.S. and do us harm.”

When pressed by Cooper, neither could provide any evidence of the existence of terror babies. Riddle complained on camera that before the taping not a soul warned her that she would have to come up with actual facts during the interview.

Fat chance these terrorists exist

When thinking about how the law is set up, says Think Progress, there isn’t really much of a chance for there to be terror babies like these. The process to obtain a tourist visa to the U.S. is rigorous. The U.S. has fingerprints, photos and evidence of the purpose of the trip for these people also as having had an interview with an officer who works at the U.S. embassy. While you will find immigrant women — documented and undocumented — who have babies in the U.S. who become American citizens, their purpose within the country is generally to work.

Anchor babies a slow boat to citizenship

Republican senators argue more about “anchor babies” than terror babies saying “birthright citizenship” is not right and the 14th amendment should be rewritten It isn’t easier becoming a U.S. citizen by having an anchor baby in the U.S., reports PolitiFact. It will take numerous more than 30 years to do it. Until children are 21, children can’t sponsor their parents in the country. If the parents seeking sponsorship happen to be illegal immigrants, they must return home for 10 years before applying to re-enter the U.S.

FBI evidence a fabrication}

Gohmert and Riddle told this terror babies story to CNN when Cooper then turned around and interviewed an FBI’s assistant director in international operations who served from 2004 to 1008 named Tom Fuentes. Fuentes said there was never a credible report on terror babies. The Texas Tribune got on this with Elise Hu who wanted to know about any records made between a former FBI agent and Riddle. Evidently the records were never made.

Additional reading

YouTube

youtube.com/watch?v=jUA7obmYvPk

CNN

cnn.com/2010/OPINION/08/13/navarrette.terror.babies/

Think Progress

thinkprogress.org/2010/08/13/gohmert-terrorists-immigration/

PolitiFact

politifact.com/truth-o-meter/statements/2010/aug/06/lindsey-graham/illegal-immigrants-anchor-babies-birthright/

Greater closing costs on mortgages

Closing costs are part of any mortgage, and they’re assessed whenever you either sell the home or pay off the mortgage. The average closing cost is about ten times the cost of the average cash advance. The average amount of a closing cost has risen nationally, although not universally. Added to the turmoil and more stringent regulations in place it may be awhile before the real estate industry has completely recovered. Resource for this article – Mortgage loan closing costs on the rise by Personal Money Store.

The nation’s highest closing costs

New York, according to Bankrate, has the honor of having the highest closing costs within the nation. The closing costs individuals pay in New York would have just about everyone hard up for a cash loan. For a $ 200,000 mortgage, closing costs are $ 5,623 in New York. It’s too bad there isn’t really closing cost modification to go with mortgage loan modification. Most people would have to look into getting a personal bank loan for those kind of costs, as not everybody has enough instant money on hand to pay that much. Alaska, California, Texas, and Utah rounded out probably the most expensive states.

Closing costs rise nationwide

Since last year, closing costs for mortgage loans went up by 36.6 percent. 3rd party fees went up 47.2 percent, and lender costs went up by 22.8 percent. The average cost from last year was $ 2,739 which went up to $ 3,741 for this year. That’s a rise of more than $ 1,000, which is about three times the typical money loans. As the market has become somewhat depressed, getting funding together for mortgage loans is a harder thing these days. There is also a lot more regulation concerning consumer finance.

Costs to lenders increasing also

The costs for lenders has also gone up, which is part of what fueled the fee increase. Lenders have to guess what the closing costs are, and if they guess too little they have to pay fines. The Federal Reserve also banned bonus incentives for loan brokers who sell customers on higher rates than they might normally pay, as outlined by the Los Angeles Times. However, if turning a profit depends entirely on bilking the consumer, then change is needed to a business.

Citations

Bankrate

bankrate.com/finance/mortgages/2010-closing-costs/

LA Times

latimesblogs.latimes.com/money_co/2010/08/federal-reserve-mortgage-lender-bonuses.html

BP nevertheless must finish their relief well

A relief well must be completed that will seal the ruptured well that was the source of the BP oil spill in the Gulf of Mexico. BP had suggested that the relief well could be used to pump oil, given that the static kill which stopped the leak last month is holding fast. Retired Coast Guard Adm. Thad Allen, the Obama administration’s director of the oil spill response, suggested earlier that the “bottom kill” from the relief well may not be necessary. After pressure tests on the well, he confirmed Friday that the bottom kill from the relief well would proceed as planned.

Finished relief well the only option

In recent days BP refused to commit to pumping cement down the relief well for the bottom kill, saying only that it could be put to use one way or another. The New York Times reports that to confirm that pumping heavy mud and cement into the Macondo well plugged the leak, BP and government scientists performed test on the well. The tests appear to show that the static kill fully sealed the well. Thad Allen said that as outlined by BP estimates, about 1,000 barrels of oil remains trapped in the well. Until the gusher is permanently plugged, the government said work on the relief well will continue.

Static kill – no guarantees

When the static kill was complete, BP engineers were assured that cement had plugged the metal casing pipe in the well. They didn’t know, however, if cement had successfully blocked the annulus, a space between the pipe and the well bore. The Los Angeles Times reports that the leak seems to be entirely sealed by mud and cement poured through the top of the well, as outlined by the tests. Allen said the relief well needed to be the final step because it could not be guaranteed that the static kill would close all the possible paths for oil to leak from the well.

Relief well threading the needle

Drilling of the first relief well started in early May. The Associated Press reports that in a few months the drill has travelled about three miles from the surface and two miles under the ocean floor to come within just 30 to 50 feet of the Macondo well. The drill is about as wide as a grapefruit, its target less than half the size of a dartboard. It’s yet unclear when it could possibly be finished.

Additional reading

New York Times

nytimes.com

Los Angeles Times

latimes.com

Associated Press

google.com/hostednews/ap

Fed monetary stimulus trying to stay away from liquidity trap

The Federal Reserve is trying desperately to work with money and bring the economy in the U.S. back where it should be. The Fed is buying U.S. Treasury notes and bonds and is also getting interest from mortgage backed securities to try and keep all the interest rates down to a near zero rate. This practice, called monetary stimulus, or quantitative easing, injects cash into the public market. The theory is that by expanding the money supply through monetizing debt, interest rates decline. Since saving doesn’t help earn any money, businesses and consumers have no reason to not to borrow and spend more.

Fed’s monetary stimulus has a concern about the economy

The monetary stimulus was tried before and didn’t do anything to help the economy recover. Reuters reports the second round of quantitative easing, dubbed QE2, is the most significant monetary policy announcement for the Fed since it first revealed its intention to buy assets in late 2008. Right now it seems that just the announcement of QE2 is having an opposite affect than planned. The Fed announcing another round of monetary stimulus means it is concerned about the economy’s state. The announcement fueled a sense of doubt in markets. Stocks plunged. A Japanese-style deflation is the fear of every person meaning the economy can’t be helped with a monetary stimulus.

QE2 a big gamble for the Fed

The People’s Voice suggests that the Fed’s move to do a monetary stimulus is a risky one. Mortgage rates went down to record lows following the Fed bought $ 1 trillion in Fannie and Freddie securities as an attempt to help with the housing crisis. Fed officials wondered publicly how they were possible going to get rid of all these securities. Considering economic recovery doesn’t appear to be happening, the Fed explained mortgage rates are likely going to have to be forced up once again. The Fed will be collecting principal and interest with this portfolio adding to billions. The cash coming in will be used to monetize debt and could possibly be a very risky move. This could make the housing market work meaning foreclosures. The Fed can have billion of dollars of credi! t losses on its portfolio when that happens.

Getting into a liquidity trap

The monetary policy would be an excellent move for the Fed if the economy were textbook. Daniel Indiviglio writes that this assumption is based upon off the fact that supply can be met by a rising demand. Interest rates are already low, but businesses haven’t been convinced yet that the demand is going to rise for products, so they sit on all of their money. Since the future is so uncertain, consumers want more than anything to just get out of debt. A liquidity trap is what economists call this. The economic recovery won’t be helped with lower interest rates if nobody is willing to borrow money.

More on this topic

Reuters

reuters.com/article/idUSN1123481920100811

The Peoples Voice

thepeoplesvoice.org/TPV3/Voices.php/2010/08/11/monetizing

Atlantic

theatlantic.com/business/archive/2010/08/will-the-feds-new-monetary-stimulus-help/61327/

The enterprise of a New Korean War

Some of the more extreme camps within the right-wing mass media see the president’s plummeting poll numbers and also the persistent calls from Israel to invade Iran as proof that war with Iran is on the horizon. Mike Mullen, chairman of the Joint Chiefs of Staff, made a point on “Meet the Press” just lately the U.S. is more than ready to take up arms against Iran. However, such speculation may be premature. According to Front Page Magazine, war against North Korea is more likely. And from a modern business view, a New Korean War would be disastrous.

Kim Jong-il and New Korean War rhetoric

Numerous territory clashes between North Korea and South Korea – which culminated within the sinking of the South Korean ocean vessel Cheonan – have pulled the United States of America into the potential New Korean War conflict, says Front Page and various other news sources. Kim Jong-il, North Korea’s leader, has boasted of his nation’s readiness to fight, which has given world stock markets reason to hiccup. That task of unification, as outlined by the Associated Press, could include “powerful nuclear deterrence”.

Jong-il has also threatened violent retaliation if additional sanctions are placed on North Korea by the United States and the European Union, a move both nations have seriously considered.

The U.S. in on South Korea’s side

A recent opinion poll indicates that over half of American adults fully expect a New Korean War within the near future, stories UPI. Less than half of those surveyed are against America’s involvement in such a war. Considering the Secretary of State Hillary Clinton said following the Cheonan sinking the Americas would defend its ally – South Korea – in an armed conflict with North Korea, the intent is clearly there.

Boasts of war, busts of business

The Detroit Bureau reports that the prospect of a New Korean War is unsettling to business interests. From an import standpoint, war might be disastrous. Automakers like Hyundai and Daewoo, as well as electronics manufacturers like LG would be hurt, as would import-dependent retail giants like Wal-Mart and Best Buy. South Korea would experience economic hard times as their import routes are constricted by war, and even China would feel the pinch as they deal with refugees flooding their borders with the Koreas. Eventually the United States of America would feel economic hardship in a chain of events related to our ever-cheaper, ever-faster consumer world.

This is America off South Korean imports

Considering reports that South Korean manufacturers are largely unprepared for the possibility of a New Korean War, shipping lanes would likely be shut down or severely impeded. Even with the North Korean military reportedly in shambles – although accurate information on such topics is difficult to determine with certainty – the impact of violent conflict would be felt. Experts predict that North Korea will not come out ahead in any New Korean War, but that doesn’t mean that South Korea, Europe and the United States won’t carry wounds for many years to come.

Additional reading

Associated Press

newser.com/article/d9h5b3183/north-korea-threatens-nuclear-retaliation-to-us-south-korea-military-exercises.html

The Detroit Bureau

thedetroitbureau.com/2010/05/how-a-new-korean-war-would-affect-u-s-business/

Front Page Magazine

frontpagemag.com/2010/05/26/the-new-korean-war/

Real Clear Politics

realclearpolitics.com/articles/2010/08/04/iran_war_option_on_the_table_106598.html

UPI

upi.com/Top_News/US/2010/06/03/US-adults-expect-new-Korean-war/UPI-27261275605162/

Judge rules against Rip Torn probation in bank break-in case

Emmy Award-winning actor Rip Torn could be heading down to the jail house. On Wednesday, a judge ruled against his request for a special probation program, stating the charges are too severe to qualify him. Rip Torn was arrested earlier this year in January for breaking into a Connecticut bank, drunk and armed.

Rip Torn’s case and the charges involved

Rip Torn, whose real name is Elmore Rual Torn, has had troubles in the past with alcohol-related incidents. Salisbury, Conn., is where the latest event took place, where he was arrested not just for breaking into a Litchfield Bancorp branch office during closing hours, but for carrying a firearm without a permit, also. Police easily responded to the alarm that went off in the bank. Holding a loaded .22-caliber pistol, the Men in Black actor was found wandering inside the facility. According to court records, Torn had a blood-alcohol level of 0.203, almost three times the legal limit for Connecticut drivers.

The Associated Press reports that Torn had pleaded not guilty to second-degree criminal trespassing, third-degree criminal mischief, carrying a firearm without a permit and carrying a weapon while intoxicated.

Other criminal incidents related to alcohol

In January of 2004, Torn was arrested in the Big Apple after his car crashed into a taxi. An angry Rip Torn was broadcasted all over news outlets refusing to take a breathalyzer test while cursing at police officers. He was acquitted from all charges in October of that year. In December 2006, just two years later, the actor was again arrested for drunk driving in North Salem, New York, after crashing into a tractor trailer. He pleaded guilty, had his driver’s license revoked for 90 days and was ordered to pay a $ 380 fine.

Connecticut judge says no to Rip Torn’s special request

Unfortunately for Rip Torn, Litchfield Superior Court Judge James Ginocchio has ruled that the charges placed on the 79-year-old actor for breaking into a Connecticut bank in January are too significant to qualify him for the accelerated rehabilitation program. Torn was nevertheless in a court-ordered alcohol education program from a previous DUI charge at the time of the bank break-in, and that fact certainly doesn’t help his situation. His lawyer has requested a court-ordered evaluation of Torn’s alcohol dependency troubles, and depending on the results, Torn could possibly be ordered to go through a state-monitored treatment for up to two years before any charges might be dropped.

More on this topic

Yahoo News

news.yahoo.com/s/ap/20100811/ap_on_en_tv/us_people_rip_torn_12

Superbug gene turns lethal bacteria into drug-resistant mutants

A new superbug virus could become a world-wide threat, thanks to Brits seeking out cheap face lifts in India and bringing home more than mementos. A new class of superbug has infected plastic surgery patients in south Asia who have carried it to the U.K., from where it could spread around the globe. A gene interchangeable among bacteria in the new superbug makes infections resistant to one of the most powerful antibiotic drugs ever made. While Big Pharma chases lucrative conditions like erectile dysfunction, experts say governments have to do something to encourage more investment in antibiotic research.

Drug-resistant superbug gene makes bacteria deadly

After travelling from Britain to India via medical tourism, a new superbug infection is threatening to spread all over the world. Scientists say there are almost no drugs to treat it. Researchers examining patients in both south Asia and Britain have detected the new gene, called New Delhi metallo-beta-lactamase, or NDM-1. The NDM-1 gene alters bacteria to make them highly resistant to almost all antibiotics, including one of the most powerful class called carbapenems. Drug experts say the research pipeline has no new antibiotics in progress to suppress it. Timothy Walsh, who led the study, told Reuters he fears the new superbug could soon spread across the globe with international travel for cheap cosmetic surgery procedures increasing.

Superbug lives to migrate and mutate

In an article published online Wednesday within the journal Lancet Infectious Diseases, the researchers said the superbug gene was already circulating widely in India, where the health care system is much less likely to detect it or have adequate antibiotics to fight it. The Associated Press reports that after going to India or Pakistan for plastic surgery, 37 individuals in Britain with drug-resistant infections were diagnosed with the superbug gene. The superbug gene also been detected in Australia, Canada, the Americas, the Netherlands and Sweden . The authors of the Lancet article said the gene is detected on DNA structures called plasmids that are copied and passed on with ease between bacteria, leading them to declare that the superbug has “an alarming potential to spread and diversify”.

Superbug takes a backseat to Large Pharma profits

The pharmaceutical industry lacks interest in superbugs. New antibiotics aren’t marketable long enough for making enough profits because bacteria evolve so quickly . The Wall Street Journal reports that in order to earn enough for shareholders, Big Pharma wants governments to subsidize research with large tax breaks. Strict research and development demands from official regulators are also blamed for cutting into future earnings. Nevertheless, Pfizer and Merck in the United States of America, Novartis in Switzerland and GlaxoSmithKline and AstraZeneca in the U.K are engaged in antibiotic research .

Additional reading

Reuters

reuters.com/article/idUSTRE67A0YU20100811

Associated Press

google.com/hostednews/ap/article/ALeqM5gpFQ3Bz7hIFhSsHlYpROVwTVwwoAD9HHAI6G0

Wall Street Journal

online.wsj.com/article/BT-CO-20100811-710190.html

Ultrinsic- gambling for grades

Ultrinsic, a New York-based Net business, is helping university students to achieve better grades by giving them a platform where they can wager on their own good grades. From betting on top grades to delving into “grade insurance” against failure, Ultrinsic gives students the opportunity for students to put their money where their grades are.

Ultrinsic CEO says this isn’t online gambling

Online gambling is illegal in the United States, so Ultrinsic CEO Steven Wolf makes a point of informing any person who’ll listen that his company is not an online gambling site. According to the Associated Press, Wolf makes the distinction between “betting on grades” at Ultrinsic and using a standard online gambling portal- Ultrinsic involves skill, instead of luck. Gambling is a game of chance, whereas Ultrinsic gives students a chance to take control and invest in their academic future.

“The students have 100 percent control over it, over how they do. Other people’s stuff you bet on – your own stuff you invest in,” Wolf says. “Everything’s true about this; I’m just trying to say that the underlying concept is a little bit more than just making a bet – it is actually an incentive”.

The Ultrinsic way

So long as a college student is 18 years old or older, they are eligible to register and begin wagering on their future success in school. Based upon past academic history, Ultrinsic calculates the odds of for the projected level of academic achievement for the current semester. Odds are also influenced by data Ultrinsic has obtained about the courses a customer is taking. Students can wager up to $25 on their grades at first, but this cap increases as students use the site more frequently. Currently, 36 colleges participate within the Ultrinsic network.

How is this now online gambling?

I. Nelson Rose of California’s Whittier Law School says that while standard online gambling involves chance, a fee/wager and some form of prize, what Ultrinsic does is less clear-cut. Sometimes, grades are partly influenced by instructor grading theories that prevent A’s from being assigned, for instance. Nevertheless, students are the driving force the vast majority of the time. Thus, luck falls largely by the wayside as skill becomes the prime determinant.

Wolf doesn’t discount the variables. Student effort reigns supreme. ”The biggest variable is how much effort the student wants to put in,” Wolf stated with great clarity. “In general, if anybody would study 10 hours a day consistently for one class, they would get no matter what grade they wanted to get”.

Find more information on this subject

Associated Press

articles.moneycentral.msn.com/news/article.aspx?feed=AP and amp;date=20100810 and amp;id=11861854

Ultrinsic

ultrinsic.com/

Student loan debt exceeds credit card debt as college costs rise

Credit card debt has fallen behind student loans when it comes to the number one debt. While individuals are paying down their credit card balances in the aftermath of the financial crisis, college costs continue to rise. Many think this is happening because there has been less consumer protection. It isn’t really worth getting student loans anymore with college costs being so high. A bachelor’s degree isn’t even needed for the fields growing the fastest right now. Source for this article – Student loan debt exceeds credit card debt as college costs rise by Personal Money Store.

More student loans required with increasing college prices

Americans owe about $ 826.5 billion in revolving credit, as outlined by June 2010 figures from the Federal Reserve. Americans have $ 829,785 billion in student loans according to a Wall Street Journal article showing a report from FinAid.org. The Journal talked to the publisher of FinAid.org and FastWeb.com, Mark Kantrowitz, who said that in just the last four years there has been $ 200 billion taken out in student debt. There is a higher rate of unemployment and college costs more meaning parents borrow to get every little thing done.

Student loans lack consumer protections

Credit card debt is usually safer than student loan debt. Student loans nevertheless stay with a person, even through a bankruptcy. And some student loan repayment terms inflict harsh penalties for borrowers who miss payments. According to Student Loan Justice, federal student loan borrowers have none of the consumer protections that come with credit card debt, including statutes of limitations, truth in lending laws, state usury laws and fair debt collection statutes. As outlined by the same group, student loans are “an inherently predatory lending system that succeeds when the students fail.”

Family finances take a hit with college costs

Student loan debt is rising along with college costs. Bank Investment Consultant reports that average total college costs for 2009-2010 were $ 35,636 at private universities and $ 15,213 for in-state students at state colleges. An increase of 5 percent has happened each and every year. Many top institutions have announced that total charges will top $ 50,000 within the current academic year. This is too much for families trying to use all of their savings and spend income also to pay for school.

Bachelor’s degrees net poor returns

Because student loans are increasing, people are concerned that getting a degree doesn’t even have a point anymore. By 2012, only half of those who started a bachelor’s degree program in 2006 may have graduated, reports the New York Times. Only seven of the 30 jobs that are supposed to grow fastest within the next ten years even need a bachelor’s degree, reports the Bureau of Labor Statistics. You will find also 10 of the top growing job categories, 2 of which need degrees. 15 percent of all mail carriers have bachelor degrees as shown in a 1999 federal study discussed in the Times by Richard K. Vedder who is the founder of the Center for College Affordability. He was quoted saying:

“Some of them could have bought a house for what they spent on their education.”

More on this topic

Wall Street Journal

blogs.wsj.com/economics/2010/08/09/student-loan-debt-surpasses-credit-cards/

Bank Investment Consultant

bankinvestmentconsultant.com/bic_issues/2010_8/college-cost-gone-wild-2668047-1.html?zkPrintable=1 and amp;nopagination=1

New York Times

nytimes.com/2010/05/16/weekinreview/16steinberg.html

Claims cause BP oil spill fund to get $ 3 billion

The $ 20 billion BP oil spill fund was made available Monday when BP and the Justice Department finished all their negotiations. BP deposited $ 3 billion to the fund that will compensate victims of the oil spill in the Gulf of Mexico 2010. The fund was set up after BP and Obama met and discussed the situation on June 16. The total BP bill is about $ 6.1 billion which contains a portion paid for oil spill claims which was about $ 319 million. You will find nevertheless 100,000 people that hope their claims will soon be answered. And the lawyers still aren’t certain how the fund will work.

Better than expected is the BP oil spill fund schedule

The oil spill fund is designed to have its first deposit from BP made by the end of September. Robert Dudley, who replaces Tony Hayward as BP’s chief executive officer on Oct. 1, told Bloomberg that making the deposit ahead of schedule emphasizes the company’s commitment to “making it right within the Gulf.”. Obama explained in June that BP is nevertheless responsible for cleanup and economic damage, and individuals nevertheless may sue the company whenever they feel the right to do so. $ 5 billion will be put in the fund annually for the next four years. Within the fourth quarter of every year, $ 2 billion more will need to be paid with a BP deposit of $ 1.25 billion per quarter until having reached $ 20 billion.

BP claims process bogging down

Checks from the BP oil spill fund could be cashed for free at New Orleans-based Whitney National Bank, which has 160 branches along the Gulf Coast. By the end of this month, Kenneth Feinberg who was appointed by the government as an administrator of the fund, explains that a BP oil claims facility will be up and running.

145,000 oil spill claims were filed and on record by August 7. 103,900 claims totaling $ 319 million were paid already. NPR reports the oil spill in the Gulf of Mexico 2010 has numerous coastal residents fighting for their economic survival, and they expect BP to keep them afloat. But more than 100,000 individuals are nevertheless waiting to hear about their claims. Many think that with the BP claims process, it is hard to actually get anything done. Some businesses have given up on BP altogether and say they’ll wait until Feinberg takes over the BP oil spill fund later this month.

Hard to determine BP oil spill fund

While the BP oil spill fund has been highly publicized, the actual information of what is going on with the fund are murky. The BP oil spill fund seems difficult to access for those lawyers and clients who are trying to be a part of the program, reports the Legal Broadcast Network (LBN). Lawyers handling oil spill claims wonder about the ability of their clients to structure oil claim payments over time to reduce the tax hit. Legal fees on the checks being handed out aren’t tax deductible. LBN said these questions remain to be answered, or even asked, of the people running the fund.

Find more information on this subject

Bloomberg

bloomberg.com/news/2010-08-09/bp-20-billion-oil-spill-compensation-fund-agreement-completed-with-u-s-.html

NPR

npr.org/templates/story/story.php?storyId=129074745

Legal Broadcast Network

thelegalbroadcastnetwork.squarespace.com/the-lbn-blog/2010/8/9/the-bp-oil-spill-compensation-fund-what-is-next-ken-feinberg.html

Odd widening with the trade deficit meaning a rise being recorded

Wall Street went into a panic Wednesday as the Commerce Department reported a sharp increase in the U.S. trade deficit in June. $ 7.9 billion was how much in June the trade deficit widened. Stocks right away went down. The trade deficit also led analysts to believe that U.S. economic recovery slowed more than they thought last quarter. The recession could go into a double-dip with the trade deficit so unstable.

June U.S. trade deficit caused by strong dollar

The dollar became much stronger when those within the U.S. decided to start buying more exports from China because they are cheaper, reports the Commerce Department. $ 49.9 billion was where the gap went from $ 42.0 billion in May. The Washington Post reports that economists had been expecting a smaller gap after a recent drop in oil prices. In May imports were at $ 194.4 billion. They then rose to $ 200.3 billion in June while more consumer products, auto parts and other things were being bought out of the country. Exports then went down from $ 152.4 billion to $ 150.5 billion. Industrial supplies, food and consumer goods weren’t sold out of the country as much that month.

Predictions for trade deficit wrong

73 economists predicted in a Bloomberg News Survey that $ 42.1 billion was going to be the trade deficit. There was a 19 percent increase within the gap when it declined instead to $ 42.3 billion. According to Bloomberg, the number used to calculate gross domestic product, or trade deficit, when adjusted for inflation increased 54.1 billion since 2008 in February. The disappointing numbers prompted some economists to reduce estimates for second-quarter growth to around 1 percent to 1.5 percent.

Unemployment a bigger issue}

Economists still argue whether a double-dip recession is about to occur because of June’s deficit numbers. U.S. unemployment rates should be more of the focus instead of the trade deficit reports the Christian Science Monitor. Trade deficits coexisted with domestic job growth for years prior to the recession. We should focus on consumer demand and business investment to help the economy.

Numerous still think unemployment would decrease with better trade deficits

The Monitor article said some economists think bold efforts to fix the trade deficit could really hurt economic recovery if they blunt the trend of expanding global commerce. Other economists think the trade deficit problem has got to be worked on. Peter Morici, University of Maryland economist, explained that unemployment is about 10 percent in the U.S. while China accounts for almost all of the trade deficit with the oil and consumer goods bought from them.

More on this topic

Washington Post

washingtonpost.com/wp-dyn/content/article/2010/08/11/AR2010081103472_2.html?sid=ST2010081102399

Jet Blue flight attendant shows the consumer can be wrong

Steven Slater, a profession flight attendant, came to the tipping point. During a day at work, in the professional field he had been in for more than two full decades, a passenger saw fit to abuse Steven Slater for doing his job. Slater, at the time a Jet Blue flight attendant, nabbed the intercom, went on a profane tirade of his own, opened the emergency chute on the side of the plane, hit the tarmac and took off. He has been charged with criminal mischief, reckless endangerment and other crimes. Post resource – Jet Blue flight attendant shows the customer can be wrong by Personal Money Store.

That he had enough abuse is plane to see

According to CNN, Jet Blue Flight 1052 from Pittsburgh landed at JFK International Airport. As the plane taxied toward the terminal, a passenger stood up to retrieve his bag too early, and he was told by flight attendant Steven Slater he had to sit back down. Exactly what happened is not known, but it is clear that Slater was struck by either the bag falling from the overhead bin or the passenger struck him. The man refused to apologize and swore at him. Slater took over the intercom, cursed the cretin, and announced he was quitting. He grabbed some beer from the galley before engaging the emergency inflatable slide to exit the plane. Hours later, he was arrested at home.

Cabin had too much pressure

Slater barely had a moment’s rest at home when not working, as outlined by MSN. Slater was often flying to Thousand Oaks to take care of his dying mother, according to his roommate, which Slater also did for his father. His mother was a career flight attendant also, as outlined by the New York Times. His father, formerly a pilot, had perished from Lou Gehrig’s Disease.

Customers are wrong more often than they think

The service trades are not as easy as one might think, and they should not be maltreated at all. The general public can be absolutely horrid, as everyone who has ever worked a day in their life within the service industry knows. It costs nothing to be polite and cooperative, even if mistakes do sometimes get made.

More on this topic

MSNBC

msnbc.msn.com/id/38629517/ns/travel-news/

CNN

cnn.com/2010/TRAVEL/08/10/new.york.escape.chute.opened/?hpt=C2

NY Times

nytimes.com/2010/08/10/nyregion/10attendant.html?_r=1 and hp

Maxine Waters in very same boat as Charlie Rangel

Representative Charlie Rangel (D-NY) had a high profile ethics investigation over the last few weeks. His misconduct earned him a Congressional reprimand. As his ordeal wore on, Representative Maxine Waters (D-CA) has also been called out for conflicts of interest. She has asked for a fast procedure, to clear her name as soon as possible. Post resource – First Charlie Rangel and now Maxine Waters by Newystype.com.

Conflicts of interest alleged against Waters

Maxine Waters, a 10-term representative from California, was charged with ethics violations by the House of Representatives today. The charges were announced over a week ago. According to USA Today, she allegedly arranged for special favors for OneUnited Bank, an online financial institution which her husband owns stock in. The bank received $ 12 million in bailout funding. Allegedly, she arranged for the bank’s representatives to be in a meeting with officials from the Treasury, to get a crack at bailout money. Mikael Moore, her chief of staff, was allegedly not informed to steer clear of the conflict of interest. Moore, coincidentally, is her grandson.

Little proof of innocence for Rangel

On July 30, it was announced that Representative Charlie Rangel would only be reprimanded by Congress for 13 charges of ethics violations. The New York Times reports the charges included improper soliciting for donations, and falsifying income tax returns by not reporting large portions of income and assets. The investigation has been ongoing for two years. The House and Senate have procedures for censuring or expelling members, but it isn’t used often. The last member of the House expelled was James Trafficant, and there hasn’t been a House censure since 1983. Senate censures are also rare; only four Senators have been censured since 1950, one of whom was Thomas J. Dodd, father of current Senator Chris Dodd.

Does not meet expectations

If Rangel is found guilty he should quit, according to Representative Ann Kirkpatrick (A-AZ). She also reported that members of Congress needed to hold themselves to higher standards, including the law applies to elected officials just as much as to citizens.

Additional reading

nytimes.com/2010/07/31/nyregion/31rangel.html?_r=1 and scp=8 and sq= and st=nyt

content.usatoday.com/communities/onpolitics/post/2010/08/maxine-water-ethics-charge/1

What the anti-taxation sentiment gets you

The American people are sleeping at the switch when it comes to recognizing the role taxation plays in creating the necessary income for basic area services. In a recent New York Times piece, Paul Krugman believes that we should all be worried over this. Services that make for safer communities, fuel commerce and educate our young should not be slashed, but tax cuts have made it so, at least on the local level. Cutbacks run deep, and not enough tea partiers seem to realize that tax dollars could change those fortunes.

Governments wonder, ‘Where’s the taxation’?

While various economic theories exist regarding taxation, it is difficult to dispute that tax boosts could help local governments provide more reliable important services. Krugman points out that the federal government “isn’t cash-strapped at all,” thinking about that they’re more than willing to sell inflation-protected long-term bonds at only 1.04 percent interest. More can be done. The sense of priority is in effect warped, says Krugman. The able rich appear to be more interesting in barding for personal war than really waging war on behalf of a disappearing America.

Cutting out services and casting jobs to the wind

State and local governments are spending less on nearly anything, which doesn’t bode well for families. America is moving backward, says Krugman, as local and state governments are locking down due to lack of tax dollars when the federal government begins to turn off the stimulus faucet. An employed teacher serves the community and creates a definite job. But you will find no guarantees when it comes to tax cuts for the rich; they may spend it or hide it away.

Assuming the worst about government money management

Many believe the public sector doesn’t possess the skill to manage tax earnings appropriately. Tea party rhetoric says that taxation is wrong because it contributes to waste and fraud. Krugman argues that there was never so much waste as the right claimed, nevertheless. Thinking about how far America has fallen in education and infrastructure while fear of new taxation has reigned, perhaps taxation shouldn’t have been the focus of the fear. Now, writes Krugman, the fear of taxation may have us on the “road to nowhere”.

Additional reading

New York Times

nytimes.com/2010/08/09/opinion/09krugman.html?_r=1 and amp;partner=rssnyt and amp;emc=rss

Drug trafficking at an auto dealership

Auto dealerships have been having more and more drug trafficking happen in them which are being allowed by either employees or owners. When marijuana is a part within the box of parts being shipped, “parts is parts” takes on a new meaning.

Drug ring found at Maryland Honda/Volkswagen dealership

DealershipForum.com reports that $ 1.6 million, or 120 pounds of marijuana was found in a Maryland Honda/Volkswagen dealership. An employee in the parts department reported to have been paid $ 100 for every delivery made. He was in charge of passing this to the dealer. A Detroit-area Mopar Parts Distribution Center was found to have 10 pound bricks of marijuana with a batch of wiper blades, reports Automotive News. Is good help that hard to discover, when everybody needs a job?

Auto dealership hijinks abound

Are these the only cases? Think again. According to the Seattle Times, drug dealing happened at the previous Huling Brothers Auto Center of Seattle. A Florida auto dealership was getting used by Richard Carlson, who owns Nova Motor Group, as a “massive drug trafficking business,” reports Fox 29 WFLX of Hollywood, Fla.. Apparently Carlson stashed cocaine in SUVs that were shipped to Sweden. In Abington, Massachusetts, a couple partners working with Duane Glenn in a Midway Motors selling cocaine. Marijuana was being sold in this situation also.

The story behind John DeLorean

From 1975 to 1982, The DeLorean Motor company sold luxury sports cars, but then it went bankrupt. In the 1980s, the DeLorean DMC-12 was one of the best cars to get, although John DeLorean could not figure out how to maintain all of its operating capital. Drugs began to be sold be DeLorean as proved in a film. DeLorean went free because there seemed to have been some entrapment.

No entrapment here – auto loan for bad credit can conserve you green

Further reading

Automotive News

autonews.com/article/20100810/BLOG14/100819997/-1

Massachusetts Law enforcement Network

masscops.com/f79/police-make-drug-bust-abington-auto-dealer-38799/

Seattle Times

seattletimes.nwsource.com/html/localnews/2003563972_huling09m.html

WFLX

wflx.com/Global/story.asp?S=12740394″>WFLX.com

Wikipedia

en.wikipedia.org/wiki/DeLorean_Motor_Company

Man sues Texas auto dealership that sold him ‘drug car’

youtube.com/watch?v=auVGmt9T4uk

Little secure about Social Security Administration

It has been contended that Social Security is going bankrupt. This year is going to be a mark in favor of that viewpoint. The tax income the Social Security Administration takes in this year could be less than they are due to shell out. It also is not the first time it’s occurred. The SSA was subject of a lot of turmoil in the 1980s. There is a trust fund that Social Security puts the additional money into, which is how they’ll cover the loss.

Spending will exceed income by Social Security

According to the Los Angeles Times, the Social Security Administration will spend more than it will earn this year. The trustees of Social Security and Medicare released a report on Thursday, August 5, that reveals Social Security has more payments for making to Social Security recipients than funds it is due to accumulate by the end of 2010. After the new health care reform bill passed, Medicare was expected to stay solvent until 2029. Medicare had previously been given until 2017 before it fell into insolvency. More incentives and regulations are expected to stave off Medicare’s impending demise.

Social Security can be raiding their trust fund

The Social Security Administration keeps a trust fund in case of these instances. Tax income that’s left over after expenditures goes into the trust fund. In case of a shortfall, that’s what the fund is there for. The fund itself was created for exactly this purpose. According to the New York Times, the Social Security Trust Fund is not in danger of running out until 2037. The Social Security commissioner, Michael Astrue, says according to the numbers the Social Security Administration will nevertheless be able to meet at least 75 percent of their obligations.

Who will be Peter with so many Paul’s?

Social Security depends on tax revenue. The fewer individuals that are working, the fewer dollars it receives. As people live longer lives, the amount that has to be paid out increases, and therefore so do the obligations the SSA has to meet. This specific Social Security shortfall won’t affect people’s benefits, but the next one might.

Further reading

nytimes.com/2010/08/06/us/politics/06benefits.html

latimes.com/news/nationworld/nation/wire/sc-dc-0806-social-security-20100805,0,6306255.story

Kelly Blue Book says that new automobile buyers are probably to consider a Ford

The quarterly survey of new vehicle buyers has been released by Kelly Blue Book, the major source for auto pricing information in the United States. The study is non-scientific but considered authoritative. The results of this survey reveal the effects of negative press, and show a big shakeup in preferences. The top five factors that vehicle buyers are thinking about are driving comfort, reliability, driving performance, safety, and efficiency in their new car.

The top spot – Ford

At this time last year, Toyota held the top position. As outlined by the latest survey from Kelly Blue Book, 29 percent of people considering a new vehicle are considering a Ford automobile before all others. This matches up well with the estimation that truck sales could be increasing within the next one to two years.

Toyota takes second spot

Over the last year, Toyota has been forced to undertake numerous recalls because of safety issues. Despite the fact that these difficulties are well-known, 22 percent of individuals looking at a new automobile are thinking about a Toyota. This very strong showing is in part because Toyota cars have very high fuel efficiency.The particularly successful “Swagger Wagon” advertising campaign is also cited as a reason Toyota had such a strong showing.

Third – Chevrolet

Just behind Toyota, 21 percent of new vehicle buyers are considering a Chevrolet vehicle. This could possibly be attributed in part to the upcoming release of the Volt, though the hefty price tag is likely scaring just as numerous buyers away. The brand did very well, in part, because of the reputation for safety in Chevrolet vehicles.

Honda in fourth

With a reputation for fuel savings and reliability as well as a full offering of hybrid vehicles, Honda is doing well. Currently 20 percent of new auto shoppers are thinking about making this American-built, Japanese-owned brand their newest set of wheels.

Fifth place for Hyundai

South Korean carmaker Hyundai ousted competitor Nissan for the fifth place this year. The report shows that a full 13 percent of those considering purchasing a new car are thinking about Hyundai, because their automobiles are well-known for being fuel sippers.

Default has made FHA loans for mortgages harder to come by

The reason Federal Housing Administration mortgages happened was because of the housing crisis in 2007. To keep mortgage lending from stopping completely, the FHA helped individuals get loans. A 3rd of the mortgage market has been surviving off FHA mortgages. But risks and delinquencies from those loans are rising. The FHA before would cover losses that occurred when a borrower defaulted onto their loan, although that is not happening as much anymore. To protect those reserves, the easy terms of an FHA mortgage are about to change.

Mortgage insurance for FHA gets hit hard

Mortgage insurance for FHA loans being so low was fine during the housing crisis but is really hurting right now. The Real Estate Channel reports that the FHA said 6.2 percent (about 360,000 loans) of the entire insured FHA mortgage portfolio had been issued to homebuyers with FICO scores lower than 500. Foreclosures, bankruptcy or 60 days delinquent are the result of 37 percent of these loans. During the housing crisis, the FHA helped 450,000 families keep their homes out of foreclosure in fiscal year 2009. 122,000 families were helped within the first quarter of 2010 alone. There was a default rate of 67 percent within the next twelve months after being helped by the FHA, reports the Office of Comptroller of Currency and also the Office of Thrift Supervision. More than 90 days delinquent were 555,000 FHA mortgages in May 2010.

Terms becoming tougher for FHA reserves

On Sept. 30, 2008, the Capital Reserve Account for the FHA was $ 19.3 billion, while in 2009 it had gone down to $ 3.5 billion, which is why the FHA is trying to protect itself. SmartMoney.com reports that last week the Senate passed a bill that allows the annual insurance premium to increase on FHA mortgages. At least a 580 credit score has to be met to qualify for a 3.5 percent down payment with the FHA. A credit score between 500 and 580 would require a 10 percent down payment to be made.

Needs for FHA mortgage loans

There will be new FHA mortgage loan requirements once September 2010 hits. According to Chicago 77, those buyers who can barely afford a home will no longer be able to get to that point. Under the new structure, FHA calls for a borrower to pay an upfront mortgage insurance premium calculated at 1 percent of the loan amount. 2.25 percent is needed now which means this is good. The bad news is the monthly figure will increase from .55 percent annually to .90 percent annually. As an example, Chicago77 examines a $ 150,000 home purchase:

Before Sept. 7 2010

Upfront Premium (2.25 percent): $ 3,256.88

Monthly payment including mortgage insurance: $ 793.93

On or after Sept. 7 2010

Upfront Premium (1.00 percent): $ 1,447.50

Monthly payment including mortgage insurance: $ 826.93

Net changes

Upfront cost: Decreased by $ 1,809.38

Monthly cost: Increased by $ 33.00

Discover more data on this subject

Real Estate Channel

realestatechannel.com/us-markets/residential-real-estate-1/real-estate-news-fha-mortgages-mortgage-backed-securities-mbs-federal-housing-administration-fha-department-of-veterans-affairs-va-congress-home-loans-keith-jurow-2969.php

SmartMoney

smartmoney.com/personal-finance/real-estate/the-fha-rethinks-its-mortgage-lending/

Chicago77

thechicago77.com/2010/08/major-fha-changes-coming-on-the-september-7th/

Putting together the small business lending bill and partisan politics

The Small business Jobs and Credit Act was made so that small banks would be able to get cheap capital. Persistent high unemployment has put pressure on the Obama administration to do something about job creation. The Small business Jobs and Credit Act came from that pressure. However, partisan bickering prevented Congress from doing anything about the bill before it went on its August trip. Business credit and tax relief has to wait until September now to be looked at by any politicians. One more bill for small company called the Small business Association Arc Loan Program is going to expire in September though. Article resource – Small business lending bill is latest victim of partisan politics by Personal Money Store.

Bill promotes small business lending and tax relief

The bill is called the Small business Jobs Act also, and will allow $ 30 billion to be put into a lending fund. Banks with less than $ 10 billion in assets tend to be the ones lending to small business, reports CNNMoney.com. Companies should be able to get some more money with capital going into community banks. The bill also would make between 2010 and 2020 some tax relief for small businesses possible. It increases SBA loan limits and extends loan incentives through the end of the year. Small business tax cuts are there so more people will venture to make companies. $ 1.5 billion in grants will be given to numerous of the state governments with no money left to be seen.

Small business credit just a game

Chances of the Small business Jobs Act being enacted before September ended with Senate bickering over a procedural dispute before the House recessed July 30. As outlined by Bizjournals.com, partisan maneuvering by Republicans about things that weren’t related to small business credit slowed the Senate. The Republicans argued this was “another bank bailout” which is why they didn’t want the $ 30 billion small business lending fund to go through. When considered a separate amendment, 60 votes were given for filibuster-proof with two republicans helping. All of the Republicans stopped the Senate from passing the whole bill with their votes though. Republicans wanted more amendments added to the bill than Democrats did.

September is an expiration date for the Interest-Free SBA Arc loan program

Help is accessible to small businesses for just just a little when longer. While waiting for a decision from Congress, check out SBA Arc loans. All small businesses unless they are just now starting up can qualify for up to $ 35,000 in 100 percent guaranteed, interest-free loans, reports Helium. SBA Arc Loans are only accessible to companies that can prove at least one year of profitability has happened within the last two years of business. Five years are allowed to pay back the loan. In six months, the whole loan will be given out. Companies have to get the SBA Arc loan before the end of September when it ends.

Further reading

CNN Money

money.cnn.com/2010/08/06/smallbusiness/small_business_bill_stalemate/index.htm

Bizjournals

denver.bizjournals.com/denver/stories/2010/08/02/daily78.html

Helium

helium.com/items/1915352-sab-arc-loan-program

South Africa anti-condom with teeth, Rape-aXe

Dr. Sonnet Ehlers produced Rape-aXe, a female condom with jagged teeth, in an effort to cut down on sexual offenders in South Africa, a country with one of the worst rape rates within the world. The doctor, who is fed up after watching floods of rape victims pouring in, will be giving away thousands of the “condom with teeth” devices during the World Cup./p>

Rape in South Africa

Non-governmental organization CIET Africa conducted a survey ten years ago that showed just how bad sexual violence is in South Africa. About 4,000 women were questioned within the survey, with one in each 3 admitting to are a victim of rape over the previous year. More than 50,000 cases are reported to authorities each and every year, as outlined by BBC News. That figure, however, is only a fraction of the actual number of assaults against women.

The latex condom with teeth

CNN reports the latex condom with teeth is inserted by women just like tampons. Lined inside the device are rows of jagged teeth-like hooks that latch on to a man’s penis upon penetration. Dr. Ehlers said that once the machine is hooked on, only a specialized doctor can remove it. She hopes it will help cut down on sexual violence.

“It hurts, he cannot pee and walk when it’s on,” stated Ehlers. “If he tries to remove it, it will clasp even tighter… however, it doesn’t break the skin, and there’s no danger of fluid exposure.”

Cutting down on sexual violence

Dr. Sonnet Ehlers is planning to distribute 30,000 of the female condoms with teeth — Rape-aXe — for free. The latex machine will then sell for $ 2 each as soon as the trial period is over. Ehlers, a mother of two, said she even visited various prisons to speak to convicted rapists to find out whether such a preventative tool would have made them reconsider their actions. A number of them said it would have.

Further reading

CNN

cnn.com/2010/WORLD/africa/06/20/south.africa.female.condom/index.html

FHA loans can be seeing mortgage rate increases

Some low income mortgages are guaranteed by the Federal Housing Administration. The FHA doesn’t directly provide no credit loans for homes, but guarantees loans to certain classes of borrowers. To hedge against the possibility of loans going bad, the FHA is legally required to keep 2 percent reserves – however they presently only have about .53 percent. You will find plans in place to really help reduce average payments when Interest rates on FHA loans go up on Sept. 7th.

FHA guarantees poor credit loans

Borrowers that need cash now for a mortgage but don’t have the best credit generally turn to the FHA for help. FHA loan programs reduce how much has to be put down on a loan. About 3.5 percent of the value of the loan needs to be put down with an FHA loan. A bill that would have required a 5 percent down payment perished within the Senate. Currently, about 20 percent of the mortgage loans are originated by the FHA.

Requirements for FHA reserves

Currently, the FHA has money reserves on hand that would be able to cover only .53 percent of the loans they have currently guaranteed. A full 2 percent of the loans should be held in reserve, as outlined by federal law. To close this gap, the FHA has asked for an increase in mortgage rates. Lawmakers approved a rise of 1 percent on the premium for home insurance paid over the life of the loan. This change will take effect on September 7, but the FHA plans on phasing within the changes. Each and every year, this one percentage point increase will create $ 3.6 billion in additional income.

Payments on FHA loans

The change within the cost of an FHA loan could be relatively small. The FHA will be reducing the origination fees paid on these loans to help offset the increase in cost. The loan origination fee will be going down from 2.25 percent of the loan to 1 percent. The effect, in the end, is that FHA loan holders could have to pay $ 40 per month more when they hold their loan .

McNugget rampage of Melodi Dushane now public record

In January, Melodi Dushane was caught on video tape rampaging through a McDonald’s drive-through window. Today the video tape of Melodi Dushane punching two McDonald’s workers became public record. The video, which contains no audio, shows Melodi Dushane attacking workers because there were no Chicken McNuggets accessible.

The attack by Melodi Dushane on New Year’s Day

Early in the morning on New Year’s Day 2010, Melodi Dushane visited a McDonald’s in Toledo, Ohio. She ordered Chicken McNuggets, however they are not currently available because it was breakfast hours. The employees of McDonald’s tried to convince Dushane that she could not get the McNuggets, but she attacked them. Melodi Dushane is shown punching and slapping two workers, then breaking the glass of the drive-through window.

Two months of jail time for Melodi Dushane

Eventually, Melodi Dushane was changed with both vandalism and assault in connection with the attack. When the charges were brought against Dushane, she pled not guilty. In the end, Dushane was sentenced to 60 days in jail and had to pay for the broken window at the McDonald’s. Melodi Dushane also admitted that she was totally drunk at the time of the attack. The legal costs of the court battle could very easily run into the thousands of dollars.

Debating if evidence like this should be made entirely public

Some legal experts are wondering if the public’s right to know really outweighs individual rights. When court evidence was made public in the past, a person had to actively search for it. Now, when evidence is made public, it is often spread around the world in moments. While the right to know of the public is typically considered reason enough to release these items, some worry that it could be violating the rights of individuals who have served their time for their crimes.What do you think about this?

Troubles come from FluidNow and need EUC to fix it?

Emergency loans are needed by thousands of Americans who are living off of emergency unemployment benefits because of job loss during the recession. Extending benefits has been a huge debate since employers aren’t hiring like the government would like them to be right now. In Florida, the state’s Agency for Workforce Innovation has made an earnest try to come to the aid of more than 100,000 “long-term” jobless through the website FluidNow (www.fluidnow.com). Many individuals had their benefits started again after they had expired, but now it appears like fluid now is not so fluid for many that apply.

Customers can’t get FluidNow benefits soon enough

According to one of Florida’s long-term unemployed, calling the fluidnow help line at 800-204-2418 results in hours of connection attempts, only to be greeted eventually be a pre-recorded “call back later” message. Eventually the intrepid citizen reached an AWI employee who had no information on whether they’d be eligible to receive an extension of unemployment benefits. The only reassurance Florida residents have received lately on this front came from AWI Director Cynthia Lorenzo, who claims that once the U.S. Department of Labor sent fluidnow guidance, payments would be issued. When that guidance would come – two weeks, as Lorenzo suggested, or some other interminable governmental interval – was uncertain.

Fixing things with EUC

Many unemployed people are looking at getting loans or getting a part time job to help with their money issues. This won’t even pay for all the bills often times. Plus, there’s fear that the benefits already being received would shrink upon signing up for part-time work. The Emergency Unemployment Compensation Fix could be able to help. Michigan’s MLive.com explained that this was part of the extension that Congress did send out about emergency unemployed benefits. The intention behind the provision is to “remove the disincentive for people who take part-time jobs while collecting benefits.” Struggling citizens would not have to fear having their benefits reduced in their second year of benefits, reports the Michigan news portal.

EUC Fix can’t help everyone from before it was applied

According to the National Employment Law Project, the EUC Fix is only good for those unemployed citizens with benefit years ending on or after July 22, 2010. Those who do not fit that window are out of luck, much like scores of Florida unemployed who are waiting on fluidnow or at least some form of instant cash. Going to the National Employment Law Project website will help you get more information about the EUC Fix.

Further reading

Examiner

examiner.com/x-41045-Miami-Unemployment-Examiner~y2010m7d27-Labor-Dept-yet-to-give-Florida-details-on-unemployment-extension

MLive

mlive.com/michigan-job-search/index.ssf/2010/08/latest_unemployment_extension_removes_di.html

National Employment Law Project

nelp.org/page/-/UI/2010/Final EUC Fix QA.pdf

Fluidnow

fluidnow.com/

Drug testing for unemployment in Florida

youtube.com/watch?v=RvSoZ1U3n30

Towing four wheel vehicles

You will find many reasons to tow a auto. Getting two different autos to one place needs work. Towing can conserve you time, money, fuel and stress. Using the right tow bar after picking out the right one and installing it is much simpler than imagined. Article resource – Tow Bar Basics- Four-wheeled car towing by Car Deal Expert.

Tow bar info

Tow bars attach to vehicles creating a trailer. You are able to use a tow bar to just pull a car behind another rather than going through the hassle of getting a vehicle trailer or two-wheel system. The two bars you’ve to choose form are collapsible and rigid. Rigid tow bars are just a little harder to put together but cots less. It is easier to put together a collapsible tow bar but costs some more money. The tow bar will go on the front of a car you would like to tow so it can attach to a towing hitch.

Rigid tow bars

Rigid tow bars are usually an A-frame design made of steel or strong aluminum. You may have to put a specialty base on the car you want to tow as some rigid tow bars require this. As the tow bar has a rigid design, it has to be installed carefully on the vehicle. The simple design, though, means it is much less costly. Hooking up necessary electronics for legal towing is easier with the rigid tow bar.

Facts about collapsible tow bars

A collapsible tow bar is a better option if you plan on doing a lot of towing. The collapsible tow bar makes sure to center itself and starts up on its own when you drive. Removing a collapsible tow bar could be easier on you. The cost of collapsible tow bars also tend to be a little bit higher. If you don’t know if you will use tow bars very often, start with the tow bar and you also can switch later.

Demand for gas going up

The Energy Information shows us that gas in July was the lowest it had been since June 2004. The combination of a soft economy and better fuel efficiency is contributing to a lower demand. The lower demand for gas means gas prices get to go up. Post resource – Gasoline demand going up in small increments by Vehicle Deal Expert.

Drop in gasoline demand

Gas and oil demand dropped throughout 2008. Because it dropped, gas prices went up to $ 4 and more. There were more fuel efficient and hybrid vehicle created during this time. Fuel efficient automobiles are still being made although there has been more of a demand since late 2009. In the winter, more oil is needed for heating so the demand for oil is more than the demand for gas.

U.S. Oil production

There is a strong connection between U.S. oil production and gas prices. About 28 percent of the daily requirement of oil in the United States is met domestically, though the shutdown of offshore oil production is starting to trickle down. There have to be more imports now since oil is being produced less.

More summer driving

There has been a rise in oil demand because of summer vacations requiring more driving. More individuals will drive longer distances this summer, reports the Automobile Association.

Fuel comparisons in the U.S.

The U.S. uses one of the most fuel. With the demand China has, they’re second but could beat the U.S. and become first soon. Gas can cost up to $ 8 per gallon in European countries that have taxes. Fuel efficient vehicles will probably become more popular with supply decreases.