Ben Affleck film encourages real-life robberies

Two armed bandits in nun costumes robbed a financial institution Sunday, jumping a teller countertop and making off with an undisclosed amount of money. The thievery was surprisingly similar to last year’s critically applauded Ben Affleck film, “The Town.”

Firing shots not shown in escape

Probably the most recent “The Town”-style burglary took place at the TCF financial institution in Palos Heights, Ill. Rubber masks and nuns’ habits were worn by the two robbers who were male and female. Handguns were on both of them. They stuffed a duffel bag with cash while at the bank and before leaving. They left in a Chevrolet with tinted windows. Nobody got hurt since no shots were fired.

Very close to Ben Affleck’s movie

The film “The Town,” directed and co-written by Ben Affleck, tells the story of a male who comes from a Boston neighborhood known for turning out a high number of geared up robbers, generation after generation. The man, played by Affleck, follows in their footsteps but is conflicted over it. In the movie, the burglary uses nun masks and habits also. This is just like Illinois’ burglary. Although no confirmation exists, it is apparent that the thieves may have been influenced by the movie.

As a film, ‘The Town,’ has influenced far too several robberies

This is not the first burglary that imitates the Affleck film. There were three men wearing Halloween masks in Bank of The United States in Delray Beach, Fla., robbing the financial institution on January 4, including 29 year old Lee Lubin, 27 year old Eddie Solomon, and 28 year old Kay Daughin. As thieves stole $67,000 in cash, the bank customers had to lie on their backs. They fled in a waiting Cadillac, followed by law enforcement and news helicopters. Local Television stations followed and covered them really well. It didn’t take long to catch them. The three men were quickly caught.

Court records show that Lubin said that he got the idea for the robbery after watching the movie “The Town.”

Citations

Pop Eater

popeater.com/2011/06/02/ben-affleck-the-town-chicago-bank-robbery/

Mail OnlineM

dailymail.co.uk/news/article-1344758/Three-men-dress-Halloween-masks-rob-bank-Florida-inspired-Ben-Affleck-film-The-Town.html

WPBF

wpbf.com/news/26381238/detail.html

‘The Town’ trailer

youtube.com/watch?v=QQ7wcayQQLQ

Cons promising debt reduction and consolidation still around

Debt reduction and consolidation businesses seem to have spread like wildfire in the past couple of years. Not all of these corporations are exactly honest, though most are perfectly fine. Not all of these debt relief businesses seem to have gotten the memo.

Not paying attention to Federal Trade Commission rules

The Federal Trade Commission started some new rules up over half a year ago to stop fake debt settlement and debt settlement businesses from stealing from individuals. KNDU is a Washington state NBC affiliate. According to KNDU, debt servicing businesses are not allowed to misrepresent themselves, have to make information accessible at first and aren’t allowed to ask for advance fees. Exactly how much money an individual can save and what the fees are in the service have to be explained upfront. However, many corporations aren’t following the law.

Getting a company in trouble

Laws for debt services were not being followed by Freedom Debt Relief. This is what the states of New York and Washington discovered in a sting, WalletPop explains. The California firm was found to have misled consumers in those states. In both cases, the company settled. It settled for $2 million in payments in customers. The business previously settled comparable cases with four other states and is currently part of a class action lawsuit. The Wall Street Journal states the Federal Trade Commission won two large settlements against companies that were illegally “robocalling” customers with messages on their phones. The two businesses promised reduced debt for a hefty fee when robocalling individuals. These businesses were Dynamic Financial Group and Advanced Management Services NW. The corporations both would send a card telling customers that they simply have to pay their bills on time. Advanced Management Services did offer a refund if it didn’t ! work though.

Nothing in life is free or simple

The old maxim that “if it looks too good to be true, it probably is” holds true when it comes to debt settlement businesses. The Federal Trade Commission and Federal Deposit Insurance Company agree on one thing. They both suggest anything that says you can pay “pennies on the dollar” to get something removed from your credit is a scam you should avoid. Also, it is illegal for any debt settlement or debt reduction company to ask for any money whatsoever until after the debt is reduced or somehow changed. Customers can get a debt reduction plan from nonprofit debt counselors too. According to the FDIC, don’t go straight for the for-profit debt reduction services. Try the not-for-profit credit counseling first. You are able to get help from the National Foundation for Credit Counseling. This will be where financial advisors in your area could be found.

Information from

Walletpop

walletpop.com/2011/03/08/freedom-debt-relief-agrees-to-pay-back-consumers-after-accusatio/

KNDUO/p>

kndo.com/story/14696586/how-new-federal-debt-relief-rules-protect-consumers

Wall Street Journal

online.wsj.com/article/BT-CO-20110526-711657.html

FDIC

fdic.gov/consumers/consumer/news/cnfall10/debtoverload.html

FTC

ftc.gov/bcp/edu/microsites/moneymatters/dealing-with-debt-relief-services.shtml

NFCC

nfcc.org/

2013 vehicles will call for brand new stickers

The United States Department of Energy last week revealed its brand new label style. The new labeling will be required for all 2013 cars and light trucks. The brand new marking process will for the very first time rate overall environmental effect as well as approximated yearly fuel expenses.

What you should know about the Energy Independence and Security Act

The labels stem from the Energy Independence and Security Act of 2007, which needed labels for energy usage. Customer information was in the agreement between the EPA and DOT in 2010. It is there too.

Similar to earlier conceptual drafts

The labels are pretty close to the Environmental Protection Agency conceptual draft labels that came out. They display the type of fuel for each car, the miles-per-gallon (MPG) ratings, and amounts of consumption and emission ratings.

Letter grades get nixed

In earlier drafts, there was a ton of debate on whether or not letter grades should be incorporated. The grades were intended to rate car efficiency from D to A PLUS, with an average medium of B-. It will estimate fuel costs instead. This will be for five years. Also, they will rate harmful emissions on a scale of 1 to 10.

Hybrid and electric vehicles

Labels will be put on plug-in electric and hybrid vehicles with the distance they can travel on a full charge with the car.

Have a look at the QR rating

In order to help out smartphone users, the labels will have a QR code too. This is also needed. The code can be used to calculate estimates on gasoline costs depending on the driver’s personal habits also as tailored to his or her locality. QR calculators will even be accessible online.

Washington thinks it is a ‘win-win’ for everyone

“These new window stickers are a win-win,” said Transportation Secretary Ray LaHood. “They’ll help consumers make informed choices to save at the pump.”

Making history with the program

The brand new stickers replace a five-year-old style which needed much more basic information about approximated gas mileage. It is the largest overhaul ever of the 35-year-old sticker program.

Not the end

Brand new gas mileage standards will be released for commercial buses and trucks in July by the Environmental Protection Agency. There will be brand new gas mileage standards for passenger cars next fall too.

The automobiles could possibly be seen very soon even though they will not be required until 2013 sales.

Citations

Edmonton Journal

edmontonjournal.com/cars/labels+better+reflect+fuel+costs/4865881/story.html

New York Times

nytimes.com/2011/05/26/business/energy-environment/26label.html

Automotive

blogs.automotive.com/6730328/miscellaneous/new-fuel-economy-window-sticker-update-details/index.html

Suit accuses rent-to-own business of spying on consumers

A Wyoming couple is suing the Atlanta-based rent-to-own company Aaron’s over confidentiality problems. The couple claims that a computer they rented last year was used to spy on them in their home. The lawsuit has brought back some on-going debates about privacy and ethics in the cyber-age.

Taking a photograph from the computer

A Dell computer was to be repossessed by the Casper, Wyo., store manager on Dec. 22 of last year at the home of 2 year old Brian Byrd and 24 year old Chrystal which is what brought the violations to light. The rent-to-own payment hadn’t been made, the manager thought. The manager was given a receipt. This was after the manager showed a photograph of Byrd from his home computer taken from the webcam.

The lawsuit has a comment from the manager. He said he was “not supposed to disclose that Aaron’s had the photograph.”

There is spyware on the computer already

The suit further asserts the rented computer was loaded with spyware designed to track keystrokes, make screenshots and take webcam images.

“It feels like we were pretty much invaded, like somebody else was in our house,” claims Byrd. “Crystal gets online before she gets a shower and checks her grades. Who knows? They could print that stuff off there and take it home.”

Several use ‘Kill switch’

A “Kill switch” is legal with the Computer Fraud and Abuse Act to help out the industry, according to Ohio State professor Petere Swire. Sometimes a device needs to be shut off for an emergency. This is when a kill switch may be used. ”But this action sounds like it’s stretching the self-defense exception pretty far,” Swire made clear.

Suit talks about spyware designer

Designerware LLC is located in Pennsylvania and was where the spyware used was manufactured. Designerware has also been named in the lawsuit. Aaron’s was not a customer according to technical support Chief Tim Kelly.

How Aaron’s responds

There are over 1,140 company-owned Aaron’s stores and several franchised as well as the company is a nationwide corporation. The company claims that the Byrds rented their computer from one of the independent franchisees and that none of the business stores use Designerware goods.

Cyber surveillance raises ethics problems

Cyber surveillance has become increasingly common in the computer age. Computer tracking and video cameras are common in modern offices. Highways and public places almost always have cameras. We could be monitored with a GPS device that can typically be found in every cellphone. And with this loss of privacy comes several questions of ethics.

”We’re already concerned that Americans are tracked, followed and spied on as never before,” ACLU’s Jay Stanley said.

The lawmaker reaction to it all

The Don’t Track Me Online Act, comparable to the national do-not-call list, was introduced earlier this year by Rep. Jackie Speier, D-Calif. If the user chooses, companies wouldn’t be able to trade stored user information with the legislation.

Articles cited

Bloomberg

bit.ly/jimOOk

News Tribune

newstribune.com/news/2011/may/04/suit-against-pc-renter-aarons-raises-privacy-quest/

PC Pitstop

techtalk.pcpitstop.com/2011/05/24/i-can-see-you-in-your-home/

No shots from Guerena before demise

Towards the beginning of this month, the demise of a 26 year old Marine Corps veteran happened at the hands of law enforcement. Jose Guerena of Arizona was shot with bullets dead by a SWAT raid in front of his wife and children. The law enforcement were not terminated upon, but sent a ton of bullets in Guerena, a veteran of 2 tours in Iraq. The conduct of the law enforcement officers in question is a point of argument in the incident.v

Many shots by the SWAT officers

On May 5, SWAT officers of the Pima County Sheriff’s office arrived at the house of Jose Guerena to serve out a search warrant. When the officers entered the house, according to CNN, they found him holding an AR-15 rifle and they opened fire. CNN states he was shot 22 times while ABS states he was really shot about 60 times, which makes it controversial. Not one shot was fired by Guerena. In fact, his rifle’s safety was still on when it happened. Vanessa Guerena, his wife, called paramedics, but the law enforcement prevented them from entering the home until after he had perished.

Arrest not needed

The suspicion that Guerena was part of a drug smuggling and robbery ring got the police a warrant to go to his house. Supposedly, he had assault weapons and paramilitary clothing on while doing some home invasions. Guns, body armor and a “piece of law enforcement-style clothing” were found in the home, according to the Arizona Daily Star. Mike Storie, the attorney for the SWAT officers, according to KGUN Tucson, has been quoted as saying that Guerena had nothing in his home that would have been cause to arrest him. The Pima County Sheriff, Clarence Dupnik, has been critical of the press for asking questions about the shooting and whether it was legal. Dupnik said that Guerena terminated at officers, but later admitted the truth that he hadn’t, right after the shooting.

Paramedics detained for 60 minutes

Jose Guerena’s shooting occurred with paramedics arriving fairly easily. They received there within two minutes of shots. However, the officers at the scene prevented emergency medical personnel from entering the house and observing Guerena for more than an hour, long after he was dead. One picture was put up in the house that is a hint. It was a picture of the “patron saint” of narcotic runners Jesus Malverde. Wikipedia states that Malverde may not really be real. He is still considered a hero to some just like Jesse James and Billy the Kid were known in the Wild West. It still isn’t known whether there were any drugs in the house, and nothing illegal was found in the initial search. Guerena had two kids, who were ages 6 and 4, and worked for the Asarco copper mine.

Articles cited

CNN

cnn.com/2011/CRIME/05/27/arizona.marine.death/index.html?hpt=T2

Arizona Daily Star

azstarnet.com/news/local/article_47d3b9b2-8345-11e0-a48d-001cc4c03286.html

KGUN Tuscon

kgun9.com/story/14682200/guerena-family-attorney-responds-to-swat-lawyer

ABC

abcnews.go.com/US/tucson-swat-team-defends-shooting-iraq-marine-veteran/story?id=13640112

Suit over overdraft fees settled by Bank of America for $410 million in payment

Bank of America has arrived at a settlement in a huge case that consists of most big retail financial institutions in the U.S. B of A has agreed to a payout of $410 million to make the suit disappear. Extreme overdraft policies are the subject of a massive class action, involving about one million people and more than two dozen banks, including B of A.

Fees on accounts lead to lawsuits

Some of the largest United States and Canadian financial institutions are the target of huge class action lawsuits due to the account fees and overdraft fees that have made consumers angry. Bloomberg states that there have been suits against Citigroup, Wells Fargo and JPMorgan Chase. There is one giant class action suit against Bank of America with almost a million people involved. A $410 million settlement was approved for Bank of America. More than two dozen banks from the United States. Canada and Europe are being sued for overdraft fees, according to Reuters, and the cases were all consolidated into one massive class action. There is one name for the case. It is In Re: Checking Account Overdraft Litigation.

The problem with overdraft fees seen by customers

In order to create multiple overdraft fees rather than just one or two, Bank of America has been accused of processing largest to smallest transactions so that accounts will go into overdraft over and over rather than in the order they came in. Banks will allow a transaction to go through with overdraft fees but add a charge to the account for the consumer just like short term credit. Generally between $25 and $35 is typically charged. That’s an average area for fees. Some customers cannot possibly afford overdraft fees. That is why consumer supports do not like them. Banks can no longer enroll consumers into an overdraft protection program automatically; customers have to elect to enroll.

Mobile use at Bank of America with a pilot program

The LA Times reports there is a pilot program at Bank of America starting. After a transaction has been declined, the consumer will get a text. This text will ask if the consumer wants to get an overdraft charge on the transaction and allow it to go through. The customer can then stay away from the $35 overdraft charge if they are able to deposit the funds before 8 p.m. that evening. Only that transaction would have the option. The New York Times states that when the Consumer Financial Protection Bureau begins operations, overdraft fees will become essential to review. The CFPB is involved in an ongoing Congressional tug-of-war over the director position and what powers the bureau should have.

Information from

Bloomberg

bloomberg.com/news/2011-05-23/bank-of-america-410-million-overdraft-fee-accord-wins-tentative-approval.html

Reuters

reuters.com/article/2011/05/23/business-us-bankofamerica-overdraft-sett-idUKTRE74M63K20110523?type=companyNews

Los Angeles Times

latimesblogs.latimes.com/money_co/2011/05/bofa-overdraft-text-message.html

New York Times

nytimes.com/2011/05/19/opinion/19thu3.html

Los Angeles Dodgers attempting to dodge the Brian Stow suit

Brian Stow’s family, the male who was beaten into a coma at a baseball game a short while ago, is suing the LA Dodgers. Stow, a San Francisco Giants fan, was attacked by a group of Dodgers followers while attending a game in Los Angeles and left in a comatose state. He is still in the hospital. Only a single arrest was made.

Recent arrest in connection with the Brian Stow beating case

The Los Angeles Police Department made a criminal arrest in the Brian Stow beating case recently, according to the LA Times. Brian Stow still remains in critical condition after the March 31 beating by two individuals. One of the supposed men, Giovanni Ramirez, 31, was arrested by the LAPD recently. Stow was seen being taunted by two men because he wore a Giants shirt until one took a swing at him. He fell to the ground and was kicked over and over by the men, even when he was no longer conscious. Ramirez has three prior felony convictions and is a known gang member. He is being charged, because he killed a victim to near death, with assault with a deadly weapon.

Dodgers face case

The Dodgers organization is being sued by the Stow family, states ESPN. This is being done because there was not enough security. The lawyer for the Stow family asserts that the Dodgers organization was derelict in its responsibility to ensure the safety of enthusiasts at Dodgers’ stadium. Right away after the incident, the Dodgers started hiring more security personnel, including previous LAPD officials to oversee security details. Other Dodgers enthusiasts have been drunk and unruly in the past. Some say these “problem fans” are gang members that like to watch the game. There were sketches made of the two men that beat Stow. Ramirez was identified as one of the men by his parole officer. The other man remains at large. Since then, Stow has been improving. He can open his eyes and move both his arms and legs, CNN states.

Violence at sporting events

It isn’t uncommon for a sports fan to be violent. There’s a long history of this occurring. Wikipedia reports that there was an instance in 532 A.D. when the Nika riots happened where rioting happened for a week in Constantinople over chariot racing which led to over 10,000 dying and half the city burning down before rioters were stopped by the army. For a while now, Europe has seen lots of violence with soccer. It is a common occurrence. Fox News reports that in Greece, there was a huge riot at the end of April. This was when the Greek professional soccer championship was finished. Until police came on the scene and stopped the rioting, Polish soccer supporters rioted on May 3 when the Polish Cup Final match was finally over. Players were assaulted while the stadium was set on fire.

Citations

Los Angeles Times

latimes.com/news/local/la-me-dodgers-20110523,0,2773021.story

ESPN

sports.espn.go.com/los-angeles/mlb/news/story?id=6584013&campaign=rss&source=MLBHeadlines

CNN

articles.cnn.com/2011-05-19/justice/california.fan.beaten_1_billboard-campaign-brutal-attack-parking-lot?_s=PM:CRIME

Nika Riots

en.wikipedia.org/wiki/Nika_riots

Fox News

foxnews.com/sports/2011/05/02/aek-fan-club-torched-2-days-cup-final-riots/

Daily Mail

dailymail.co.uk/news/article-1383480/Concerns-hooliganism-Poland-football-cup-final-ends-mass-riot.html

Second tornado might strike Joplin, Mo.

More than a hundred individuals are dead in Joplin, Mo., due to a savage tornado touchdown in the town, and a second one might soon be on the way. More tornadoes are probably going to hit, as another storm front is heading toward the lower Midwest. A five state area is presently at risk of tornado outbreak.

Risk of a tornado increases with state

About 116 individuals were killed on Sunday, May 22 in Joplin, Mo., where a twister hit and is beginning to form once again. According to MSNBC, the storm system has been producing tornadoes in the United States after starting in the south. A thunderstorm advisory is in effect for Missouri, Arkansas, Oklahoma, Kansas and the northeast corner of Texas, and individuals are told to view for tornadoes, hail and strong winds throughout the region. The risk of tornado outbreaks is “not through … not by a long shot,” according to a National Weather Service official. As the storm progresses in the week, the chance of another tornado just like the one that hit Joplin occurring will decrease, although the chance is still there, reports USA Today.

Huge storms during the La Nina year

Tornadoes are the reason for several fatalities. Just this year 482 individuals have perished from them. Due to La Nina, or a time when the tropical Pacific Ocean gets cooler, the strength of the storms goes up. When the Pacific cools, jet streams become stronger because of more cool air increasing to the atmosphere, causing storm systems to become more severe and increasingly prone to tornadoes. Meteorologists, according to Yahoo News, are noting that while the tornado outbreaks in the Midwest have been devastating, none of these events are out of the ordinary. Weather patterns, for instance low pressure systems conducive to tornadoes, can form in areas and stay for long periods of time. Last month, several tornadoes tore across several states and killed more than 300 individuals.

Paying out all the insurance

Insurance companies are projected to post losses in the billions, according to Reuters. The recent Mississippi river flooding and other natural disasters in the United States for instance tornado outbreaks are anticipated to cost various insurance companies up to $10 billion this year, compared to a normal year’s outlays of $2 billion to $4 billion. All of the insurance companies in the world may have to pay up to $55 billion this year. This is just for the damage the New Zealand and Japan earthquake have brought on. In just 2011, there have been 1,151 tornadoes that have hit. Building towns back up is what the Federal Emergency Agency is working on. Since 1947, the Joplin tornado is the deadliest one that has hit. In 1947, 181 people were killed in Woodward, Okla., from a tornado. At one point during the storm, the Joplin tornado was three-quarters of a mile across. Speeds of 200 miles per hour came from it.

Citations

MSNBC

msnbc.msn.com/id/43147795/ns/weather/

USA Today

usatoday.com/weather/storms/tornadoes/2011-05-23-tornadoes-hit-plains_n.htm

Yahoo News

news.yahoo.com/s/ap/us_sci_midwest_storms_science;_ylt=AjjcCUBXXogIBRiQGeOupzqs0NUE;_ylu=X3oDMTNjM21oOHRnBGFzc2V0A2FwLzIwMTEwNTI0L3VzX21pZHdlc3Rfc3Rvcm1zBGNjb2RlA21vc3Rwb3B1bGFyBGNwb3MDMQRwb3MDNgRwdANob21lX2Nva2UEc2VjA3luX3RvcF9zdG9yeQRzbGsDcmVsYXRlZA–

Reuters

reuters.com/article/2011/05/24/us-insurance-disasters-idUSTRE74M6GH20110524

Should zombies attack, the CDC is ready

The CDC is tasked with a large job. The agency is supposed to inform citizens of public health dangers. In a blog posted on Monday, May 16, the head of the Centers for Disease Control provided recommendations for how to get ready for a zombie apocalypse. The post is intended to be a tongue-in-cheek consideration of zombies. The preparedness advice, however, is entirely legitimate.

Ways to get ready recommended by the Centers for Disease Control

In the case of a zombie apocalypse, the Centers for disease control recommend keeping some basic preparedness supplies around. At the very least, the supplies should hold you over for a while. Eventually you’ll “find a zombie-free refugee camp” though. It is essential to have water. One gallon per person, per day is the recommended amount to have. Non-perishable food items, clothing, important documents, tools, first aid materials and other basic emergency preparedness items are important to keep around. The CDC’s job during this event was also outlined to be to offer assistance and investigate.

Why the CDC has brought it up

The director of the CDC first started considering putting out zombie apocalypse suggestions a few months ago. In a web chat about the nuclear power difficulties in Japan, a participant asked whether that nuclear leak would create a zombie apocalypse in Japan. The head of CDC’s Office of Public Health Preparedness and Response, Dr. Ali S. Khan, realized at this point how many people were concerned with the idea of a zombie apocalypse. Dr. Khan is always attempting to find ways to get the public interested in preparedness with the CDC mission, as a fan of “Resident Evil” himself.

Using pop culture to spread a significant message

Whether you are thinking about zombies or 2012 disaster, people are very worried. It has become a popular thing to be concerned about. Since Dr. Khan took over the CDC’s OPHPR, the office has put out “official recommendations” for both a zombie strike and a meteor hitting the earth. These things probably won’t take place. It is more likely that there will be a flu outbreak or a tornado. There are still the same preparedness steps. Now, the CDC has taken advantage of live web chats, social media, public interaction and pop culture to teach about preparedness. Hopefully this will help individuals to be more prepared for disasters in the future.

Citations

CDC

emergency.cdc.gov/socialmedia/zombies_blog.asp

CNN

cnn.com/2011/HEALTH/05/19/zombie.warning/index.html?npt=NP1

Planet Gliese 581d could be habitable by humans

They had a term on “Star Trek” for planets capable of sustaining human life. They were named “class m” planets. That classification system is fiction, hut the reality it represents may be true. The planet Gliese 581d may soon earn the title of the first non-Earth planet to be capable of supporting humans.

Only 20 light-years away from Earth

Earth’s closes neighbor is red-dwarf star Gliese 581. It is 20 light years away from Earth though. That means it is too far away for visiting. It would take 300,000 years to make it there. That is assuming we are using our current technology still.

Atmosphere examined

The extraterrestrial world was examined by scientists with a computer model. It looked at the atmosphere. The planet is not so chilly that it stays frozen or so hot that it boils every little thing on it at the edge of the “Goldilocks zone” which is an excellent spot. It is the perfect climate. Water on it will stay liquid.

System has other planets that humans could live on

The Gliese 581 system continues to be a popular system to look to while searching for habitable planets. Of the planets checked out in the system, Gliese 581d was the only one that passed the tests. Two others were checked and failed. It was too cold on Gliese 581e. Another one was Gliese 581g that got attention last year. It was also known as “Zarmina’s World” to some. Scientists declared that it was roughly the same mass as Earth and was also within the Goldilocks zone. Some scientists don’t believe the planet even exists saying it was a “hiccup” in starlight. The find is still supported by those who discovered it.

An alien but supportable world

Gliese 581d, first spotted in 2007, has a mass at least seven times that of Earth and is about two times our planet’s size. The planet does not have defined days or night. They aren’t there at all in fact. Half of the planet is light and half is dark. This never changes though. The planet regulates heat well though since it has got red light and a heavy carbon atmosphere creating an impact like a greenhouse, according to French scientists at the Laboratoire de Météorologie Dynamique at the Institute of Pierre Simon Laplace. It is lit by a perpetual red twilight, and its gravity is two times that of the Earth. Though it would make moving around difficult, human life could possibly exist under such conditions.

Information from

Huffington Post

huffingtonpost.com/2011/05/17/first-habitable-planet-2030_n_862785.html

Discovery

news.discovery.com/space/exoplanet-gliese-581d-human-habitation-110516.html

Yahoo news

news.yahoo.com/s/space/20110517/sc_space/istherockyalienplanetgliese581dreallyhabitable

After scandal, Strauss-Kahn can't get out of jail

During the arraignment of International Monetary Fund head Dominique Strauss-Kahn on sexual attack charges, the judge found he was a flight risk and denied him bail. Strauss-Kahn was arrested on suspicion of sexual attack and false imprisonment. He is supposedly attempted to rape a hotel worker. He is in custody at Riker’s Island.

Accused in a court room

The IMF head was brought into a NYC courtroom on Monday, May 16 and arraigned on charges of sexual assault and false imprisonment, states the Guardian. This will be one of the highest profile sex scandals in years to come out. Strauss-Kahn was arrested on Saturday for sexual attack and false imprisonment after he was accused of sexually assaulting a hotel maid at Sofitel, the Times Square hotel he had been staying at. He went before a judge on Monday after being arrested while boarding a plane for France, Reuters reports. If he had left, France wouldn’t extradite him while attorneys said he was a flight risk. He is at the Riker’s Island Correctional Facility right now after being denied bail.

Still having International Monetary Fund operations in his absence

Despite the head of the organization’s imprisonment, the International Monetary Fund is still carrying on, according to the Los Angeles Times. Kahn missed a meeting with several finance ministers in Europe in Brussels because he was in arraignment. This meeting discussed the chance of a joint bailout package for the Portugal debt crisis between the European Union and IMF. There is still a Greece debt crisis. The topic of sending more aid was to be discussed also. A newspaper in Athens carried the headline “the chambermaid blocks Greece!” in reaction to the scandal, and Strauss-Kahn is already a reviled figure there for forcing austerity measures to give the country emergency financial assistance. The Guardian states that Strauss-Kahn is in The Tombs holding cells near Riker’s Island Courthouse while all of this is occurring.

Future lost from scandal

Strauss-Kahn is a prominent figure in the Socialist party in his native France and had been expected to challenge current president Nikolas Sarkozy in the coming elections. He will most likely be exchanged. Francois Hollande or Martine Aubry could both do the job. The Telegraph states that his job at International Monetary Fund is up for grabs. Many individuals are ready to take the position too. The previous English prime minister Gordon Brown is said to covet the job, however it is said that current P.M. David Cameron won’t endorse him. Axel Weber as a former finance minister of Germany is a possibility for the job. Christine Lagarde is also in the running as the current France finance minister.

Citations

The Telegraph

telegraph.co.uk/finance/dominique-strauss-kahn/8517119/Christine-Lagarde-and-Axel-Weber-front-runners-for-Dominique-Strauss-Kahns-IMF-role.html

Los Angeles Times

latimesblogs.latimes.com/washington/2011/05/ron-paul-imf-dominique-strauss-kahn.html

Reuters

reuters.com/article/2011/05/16/us-strausskahn-arrest-idUSTRE74D29F20110516

Los Angeles Times

latimes.com/news/nationworld/world/la-fg-euro-talks-20110517,0,2339845.story

The Guardian

guardian.co.uk/world/2011/may/17/dominique-strauss-kahn-court-appearance

The Guardian

guardian.co.uk/world/2011/may/15/strauss-kahn-arrest-hits-french-elections

North Carolina H810 ups fees on personal financing

The North Carolina General Assembly has introduced a bill that would enable installment loan companies in the state to adjust loan fees to compensate for the ravages of the recession. The Jacksonville Daily News states that N.C. H810 would amend the North Carolina Consumer Finance Act to allow lenders to increase the processing fee on installment loans of $2,000 or less by as much as $100. A handling charge of $3 per month per $100 borrowed would also apply.

Fees on loans worry Marines

Marine Corps Installations East director of Legal Assistance Michael Archer took aim at the suggested changes to North Carolina quick installment loans, claiming that higher loan fees would "encourage usurious lending" and lead borrowers straight into a squalid debtors’ prison, straight out of Charles Dickens. In the process, he also denounced payday lending, which is already illegal in the state and not currently slated to return.

"We have a lot of businesses, particularly lenders, that target military installations, large places like Camp Lejeune and Fort Bragg," said Archer. "We have a very unsophisticated population as well. They have crosshairs on their backs and they are vulnerable."

Even though the installment loan and military loan corporations near the military base already have very tight restrictions on them near installations for instance Camp Lejeune, Archer still felt he needed to express concern. Whenever a customer needs a loan, they will discover it. It does not matter what restrictions are there.

"It's very difficult, both procedurally and practically, to put a place off limits," Archer told the Daily News.

Instruction center of fight

Marines and families of the Marines will be able to go to some educational workshops if H810 is put into law. These will be started by Camp Lejeune financial counselor Lewis Summerville. Added instruction would enable military consumers to make informed decisions concerning the use of private loans.

Such would be the case if educators like Summerville even considered adopting an even-handed approach to the military lending issue. According to the Jackson Daily News, the education that Marine families in North Carolina receive most likely won't be this instruction. They’ll most likely be taught the "just say no" approach that isn't really an instruction.

"We can only educate and make sure they make the right choice in not taking that loan," said Summerville.

Discover out for yourself

Private loans do not trigger poverty. They actually contribute to financial well-being, according to independent studies. If Michael Archer and Lewis Summerville had taken the time to read existing research, perhaps they’d have valuable information to add to the installment and military loan dialogue.

Information from

Jacksonville Daily News

jdnews.com/news/-91125–.html

eLobbyist

new.e-lobbyist.com/gaits/text/250150

North Carolina Consumer Finance Act

ncga.state.nc.us/EnactedLegislation/Statutes/HTML/ByArticle/Chapter_53/Article_15.html

North Carolina professionals support installment loans

youtube.com/watch?v=gmDwppf-tGQ

Visa Digital Wallet quickens mobile payment race

Paying with cash, check or credit is almost entirely out of date now, if you believe the large numbers of iPhone and Android supporters. With some help from Visa, we might be that much closer to the utopia of the cashless society. According to Wired, the charge card giant will launch Visa Digital Wallet this fall.

Near Field Communication technology is the key

The announcement from Visa for Digital Wallets will change the phone payments race. More people will try and go faster with it. Most consumers, charge card companies and retail companies have been waiting for the day when they could do a transaction with a phone. With secure Near Field technology short-range communication, that day is almost upon us.

“The widespread adoption of Internet and mobile technology is changing the way people connect and transact across the globe,” said Visa chairman and CEO Joseph Saunders in a statement. “We’re focused on delivering locally tailored payments products and services.”

The plan with Visa Digital Wallet

Experts predict that not only will NFC technology make cell payments the preferred method of transaction, but other technology that Visa and others are developing will streamline the one-click purchasing experience online and allow customers to consolidate accounts from multiple financial institutions in one place.

In this and other ways, Visa is becoming more of a commerce-focused technology company than ever before.

“When you think about what’s impacting commerce, you have one overarching trend: the continued adoption of electronic forms of payments,” said Visa executive Jennifer Schulz to Wired. “People are migrating away from cash and check and using electronic capabilities. … We’ve seen the use of and ubiquity of mobile devices really driving consumer behavior.”

Get in Google

According to MocoNews.net, Google plans to launch its own cell payments service within the next few months. Retailers that use cash registers developed by VeriFone Systems in New York and San Francisco will benefit from the NFC-backbone system. Both Android smartphones and the iPhone 5 will support NFC. The future versions of the iPad will also have it.

Connection with Visa Digital Wallet needed by financial institutions

U.S. Bank, Royal Bank of Canada and PNC Bank are just a few of the big-name financial institutions that will be throwing their hats to the ring with Visa on the Digital Wallet project, states Schulz. More partners are expected to be declared before the fall launch.

Citations

Moco News

moconews.net/article/419-googles-mobile-payments-venture-heats-up-with-mastercard-citigroup/

Visa Media Center

corporate.visa.com/media-center/press-releases/press1124.jsp

Wired

wired.com/epicenter/2011/05/visa-digital-wallet-nfc/

‘What would the ideal payment experience look like?’

youtube.com/watch?v=Y80tSc1b8UI

NFL lockout loans: Money for players without salaries

For every $100 loaned to consumers via same day loans, a 15 to 25 percent fee is added for the convenience. This amounts to $50 or $60 in most cases, which is hardly earth-shattering. According to Yahoo! Sports, now there’s a high-dollar variant of such instant pay day loans for disenfranchised athletes: the NFL lockout loan. In this case, lending agents are coming to the players with offers, knowing the salaries aren’t coming and cash needs continue to exist. Article resource – NFL lockout loans: More money, more problems by MoneyBlogNewz.

The problem with 36 percent Annual Percentage Rate on lockout loans

A 36 percent Annual Percentage Rate on a loan as little as $300 to $400 will not mean much while it can cost quite a bit for NFL lockout loans of over $60,000. Yahoo! Sports states that there have been players from 16 NFL teams that got these loans.

Some players have been better off with the NFL Players Association lockout while others have had a very difficult time keeping up with finances. Hardly any players listened when the National Football League Players Association advised players to save three game checks. This was given as advice to players in preparation of the 2011 lockout. The NFLPA told players to do other things to make money such as refinance homes, fly coach and do things for instance autograph signings, MSNBC states.

Paying NFL players a lot just to have them waste it

From a young age, star athletes are surrounded by enablers, according to psychologists. By the time players reach the professional ranks, it is not uncommon for them to lack real world financial knowledge, as they’ve never had to take responsibility for such things. Millions being given to someone who was poor might also be an issue. These individuals might just spend it all up. This is perhaps why as much as 80 percent of retired NFL players have declared bankruptcy, according to a Sports Illustrated estimate. MSNBC indicates that as many as 380 of the NFL’s 1,700 players live from paycheck to paycheck, even though the average NFL annual salary in 2010 was $1.87 million. About $320,000 was paid on average to a rookie. Nevertheless, after taxes and agent payments, players could end up poor.

Rogers supports lockout loans for players

Sherard Rogers, a financial adviser to numerous NFL athletes, told Yahoo! Sports that lockout loans are a legitimate product that meets player demand. It might be really hard for any players that are used to spending.

“Every NFL team was valued at over $1 billion, so they can weather the storm of a lockout. But could players if there weren’t resources to cover this short-term labor dispute?” asked Rogers. “The key is to figure out how to solve the short-term liquidity issue and put the pieces in place to ensure they don’t have this liquidity issue again.”

Information from

MSNBC

msnbc.msn.com/id/41855264/ns/business-personal_finance/41855226

Philly Sports Column

philly.sportscolumn.com/showthread.php?t=11751

The Real Athlete Blog

accessathletes.com/blog/blogDisplay.cfm?/Education-is-Key-for-Pro-Athletes-596

The Post Game

thepostgame.com/features/201104/tpg-exclusive-cash-strapped-nfl-players-seeking-high-risk-lockout-loans

Both sides are feeling the ‘deal heat’

youtu.be/CQD7MvhD3sI

First-time homebuyer tax credit: Be ready to pay

Working class individuals who claimed the $7,500 first-time homebuyer tax credit two years back need to get ready to pay come tax day 2011, states the Philadelphia Inquirer. On Monday, April 18, the first of fifteen annual payments is due on that loan. Source of article – First-time homebuyer tax credit: Get ready to pay by MoneyBlogNewz.

How the first-time homebuyer credit worked

There were many home buyers able to get a fantastic tax credit in the United States These buyers could get a maximum of $7,500 for 10 percent of the home purchase price. The tax credit could be divided by unmarried homebuyers or married individuals filing separately could get $3,750 each, according to the House and Economic Recovery Act of 2008. The credit applied to homes purchased after April 8, 2008, but before January 1, 2009.

As you can imagine, this first-time home buyer tax credit proved to be wildly popular. However calling it a “credit” was always problematic, as it was actually an interest-free loan. These homebuyers eventually will be repaying the government. This could be done in installment payments yearly for 15 years. Someone who gets a credit of $7,500 will end up paying $500 a year. This is not charged if the house is sold quickly though. At that point, the entire remaining amount comes due right away.

The homebuyer tax breaks given

The first-time homebuyer tax credit was not the only thing Congress did. There were two other tax credits extended. Any first time home buyers that signed contracts between January 2009 and April 30, 2010 got an $8,000 credit. As long as the contract had been signed by April 30, the sale might be completed by September 30, 2010, and the taxpayer could qualify for the credit. There was also a $6,500 credit available. This was for long term homeowners that bought, between Nov 7, 2009 and April 30, 2010, a new or existing home.

The tax credits, whether it be for $8,000 or $6,500, had to be repaid by the homeowners if the home is sold within three years of purchase or if it is a secondary residence. It is easy to sell within three years nevertheless. There are ways around it. The home buyer only need to repay what the profit is if the home buyer makes a profit on the sale of the home.

Issues in the IRS

Numerous glitches that impacted tax refunds for married couples filing joint returns have caused aggravation for the IRS, writes the Inquirer. With the Form 5405: “First-Time Homebuyer Credit and Repayment of the Credit,” many filed before February 22, 2011. That means manual returns were required taking a long time to process.

IRS projections indicate that about 1 million United States households will be repaying the $7,500 first-time homebuyer tax credit. You are able to go to IRS.gov and look at the “Where’s My Refund?” link to find out more if you do not have your refund.

Information from

Housing and Economic Recovery Act

frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=110_cong_bills&docid=f:h3221enr.txt.pdf

IRS

irs.gov/newsroom/article/0,,id=204671,00.html

Philadelphia Inquirer

philly.com/philly/phillywomen/119915874.html

How Canada helps first-time home buyers

youtube.com/watch?v=lg_i8SRhMO0

Fourteen financial institutions to pay back property owners back for wrong foreclosures

Property owners which were wrongfully foreclosed on by financial institutions in the robosigning scandal could be paid back, as 14 large mortgage lenders have been required to pay these individuals back by the government. Though the people who have had to endure this injustice can be repaid, the exact number of people who were foreclosed on without having done anything wrong is not known yet.

Financial institutions paying homeowners

In the robosigning scandal, there were difficulties where paperwork was signed and sent through the system without doing the proper checking of facts which now, federal regulators and financial institutions have come to a settlement about. The financial institutions that wrongly foreclosed on homes have to pay back the victims as part of the agreements, Reuters states. USA Today states the 14 corporations involved were Ally Financial, Aurora Bank, EverBank, HSBC, Sovereign Bank, SunTrust Banks, MetLife Bank, OneWest Bank, and PNC, U.S. Bank, Wells Fargo, Bank of America, JPMorgan Chase, Citigroup and subsidiary Citibank. There will even have to be payments made by loan service businesses MERSCORP and Lender Processing Services. Soon, affected homeowners could be contacted. Arrangements can then be made.

Total fallout to be determined

The numbers of people that need to get paid or the fines that can be placed have not been added together yet. Government officials like the idea of giving a $20 billion fine to the financial institutions. The settlement is only with the Office of the Comptroller of the Currency, the Office of Thrift Supervision and the Federal Reserve. Other settlements with other federal agencies are nevertheless pending also as every state attorney general in the nation.

Mortgage costs to go up

The regulation and legislation are being increased for financial institutions. That means property owners have to worry about increase mortgage costs. New Federal Reserve rules on mortgage officer compensation, according to MarketWatch, may cut into commissions for loan officers. Mortgage brokers and loan officers at lending institutions can’t receive a commission depending on the interest rate at which a mortgage is lent at any longer, which analysts predict will eat into profits. The Center for Responsible Lending, a consumer advocacy group that has endorsed reform of financial products from mortgages to payday loans, insists that costs to customers won’t go up, however decreasing revenues are typically passed to customers in the form of increased costs.

Information from

Reuters

reuters.com/article/2011/04/13/us-financial-regulation-foreclosures-idUSTRE73C3DV20110413?pageNumber=1

USA Today

usatoday.com/money/economy/housing/2011-04-13-wrong-foreclosures-repay.htm

MarketWatch

marketwatch.com/story/home-loan-brokers-face-new-limits-on-pay-2011-04-11

Banks fighting to corner market for EMV chip charge cards

In an effort to attract customers that frequently travel, banks are rolling out a new line of EMV chip credit cards. The chips are actually a microchip and integrated circuit built into a credit card instead of a traditional magnetic stripe. Magnetic stripe cards are really only used by those backwater, un-evolved hill-folk called Americans; most of the world has gotten on the EMV chip bandwagon. Post resource – Banks fighting to corner market for EMV chip credit cards by MoneyBlogNewz.

Fixing the international credit card issue

American credit cards are hard to process by European merchants because rather than having common EMV chips in them, they have magnetic strips, reports Bloomberg. This is what many who travel regularly complain about. Both Wells Fargo and JPMorgan Chase have decided to fix this issue. As a service, the high end credit cards will have EMV chips in them. This summer, Wells Fargo will pilot the program while having EMV chips put into the cards of 15,000 customers. Any high net worth clients in the Palladium program can be getting EMV cards from Chase bank who isn’t even piloting it.

The money lost in Europe

The EMV card is necessary. It is not a joke to laugh about. In 2008, $ 4 billion in losses to merchants and $ 447 million in card provider revenue was lost because of the technology gap as few merchants in Europe take magnetic strip cards. Wikipedia points out that Smart Cards are not just like magnetic stripes. They use “Chip and PIN” technology. The information for the user is stored in Chip and PIN cards with a small computer chip and circuit board about 3 by 5 millimeters. A smart card reader is carried by merchants to read the card. The user simply gives their Personal Identification Number, and the sale is made. The benefit is that smart cards are less easily corrupted by thieves.

Card businesses already have them

The EMV chips were developed between Eurocard, MasterCard and Visa, calling it “EMV,” which is just one type of smart chip. There are EMV chips in American Express cards already. Its Express Pay line has the chips. Europe has more of the smartcard reader technology than the U.S. This is because America has trouble adapting technology from other countries sometimes. All consumers will eventually have access to EMV chips at JPMorgan. The business is just giving them to high end consumers before this.

Citations

Bloomberg

bloomberg.com/news/2011-04-14/jpmorgan-pushes-chip-cards-to-wealthy-in-race-with-wells-fargo.html

Wikipedia

en.wikipedia.org/wiki/EMV

GOP budget strategy based on supply side economics

April 5 Rep. Ryan, R-Wis., unveiled a long range budget plan with the grandiose title “Path to Wealth. Reducing tax rates is the gist of supply side economics, which contends that such action leads to job creation and the resulting increase in government revenue. Supply side economics were the principle behind the Bush tax cuts of 2001, which gave record profits to corporations while producing the weakest job growth since the Great Depression.

Supply side economics versus reality

About $100 billion in tax revenues could be created if spending and taxes are cut, Ryan believes. By 2021, this is supposed to bring joblessness down 2.8 percent. Ryan wrote “Path to Prosperity” with the help of the Heritage Foundation, a conservative Washington think tank formed to advance supply side economics. The unemployment will fall to 6.4 percent from 8.8 percent in just one year if the corporate tax rate drops from 35 percent to 25 percent. There can be runaway inflation though if joblessness got to 4 percent in just four years. Interest rates would be elevated a lot by the Federal Reserve to make it stop.

The job-killing Road to Prosperity

The tax cuts will create a ton of jobs booming, the “Path to Prosperity” suggests. In Ryan’s plan, next year’s housing investments look really good. He says it would be $89 billion in just the one year. The foreclosures backlogged and unsold homes worry several though. This and the falling home costs make several believe the housing market is not getting better anytime soon. By 2012, 200,000 jobs would be lost if 61 billion in spending cuts happened like the GOP wants, according to Fed chairman Ben Bernanke. Another issue is the decrease in GDP predicted by Goldman Sachs. It forecasted a 2 percent decrease. The poor, elderly and disabled are the only ones impacted by the “Path to Prosperity” tax cuts Ryan suggests. The report didn’t talk about the U.S. businesses with billions of dollars. These businesses aren’t hiring anyway.

One example is the Bush tax cuts

The best predictions for the future of the “Path to Prosperity” lie in the past. When George W. Bush signed the 2001 and 2003 tax cuts into law, he boasted that he had launched a new era of sustained economic growth and prosperity. In reality, from 2001 to 2007 United States millionaires and billionaires got richer while average household income fell for the first time in history, jobs grew at the weakest pace in more than 60 years, the federal deficit rose to record amounts, and the financial industry careened to the brink of collapse. While jobs weren’t growing, a brand new bill was passed to give companies a break on taxes. About $362 was lost due to this. Shareholders got most of this money rather than hiring.

Information from

Fortune

finance.fortune.cnn.com/2011/04/08/lower-corporate-taxes-wont-create-more-jobs/

Huffington Post

huffingtonpost.com/jake-berliner/the-magical-economy-broug_b_845233.html

National Journal

nationaljournal.com/budget/ryan-plan-pushes-optimism-to-the-outer-limits-20110405

Political Correction

politicalcorrection.org/factcheck/201011190001

Government shutdown would harm employees more than deficit

The looming issue in Washington D.C. has been a potential government shutdown. If Congress can’t agree on a budget proposal, the government may have to temporarily close. There are individuals that are likely to be hurt by a shutdown if it takes place, though it appears that winning approval from less than the majority of the American individuals is more essential that other considerations. Government employees would feel the majority of the pinch.

Shutdown may not stop anything

Getting a spending bill passed has been very hard for congress. May 16, a government shutdown might happen if this isn't fixed. If a shutdown occurs, basic services will continue. Since the United State USPS is self-financed for the most part, it will continue to operate. According to MSNBC, any government service “involving the safety of human life or the protection of property” cannot legally be stopped in a government spending budget showdown. There may also be Social Security benefits continuing.

No more pay for government workers

This government shutdown is bad for government employees. They lose the most on it. Some won’t have to worry; air traffic controllers will still be needed, and allowing members of the military to miss a paycheck would be political suicide. Any clerical, managerial or financial companies can have a hold put on the company though. The Obama administration froze the pay for these employees already. It could be bad for government contract workers also. They’ll, reports the Wall Street Journal, lose money due to it. Any revenue that contractors or government employees lose is probably not reimbursed.

Plans for this

There are some contingency plans in case a government shutdown happens. The Credit Union Times reports that any members on temporary federal government shutdown layoffs can be able to get zero percent interest furlough loans from the Cabrillo Credit Union in San Diego. Government employees were offered a program comparable to this during the shutdown in 1995-1996 which several employees should search for at local credit unions. Reuters reports that Treasury Secretary Timothy Geithner said he might end up going into the Social Security Trust fund and other sources to help with the shutdown giving funding to employees if there’s a shutdown.

Information from

Wall Street Journal

online.wsj.com/article/SB10001424052748704587004576241033511757282.html?mod=googlenews_wsj

Reuters

reuters.com/article/2011/04/04/us-usa-budget-debt-idUSTRE7335BY20110404?pageNumber=1

MSNBC

msnbc.msn.com/id/42380178/ns/politics/

Credit Union Times

cutimes.com/2011/04/04/cabrillo-offers-0-interest-government-shutdown-loa

Payday loans online: Nevertheless right for Kentucky

According to Kevin Borland of the Kentucky chapter of the Community Financial Services Association of The United States, the truth that pay day loans will live on in the state after House Bill 182 failed to install a 36 percent APR cap is an affirmation of customer freedom of choice. He writes in a Lexington Herald-Leader op-ed that this battle for freedom of choice sits at the heart of almost all arguments for the short term installment loans industry. Resource for this article – Right for consumers to choose preserved in Kentucky by MoneyBlogNewz.

House Bill 182 stopped for a while

A 13-10 vote was used to defeat Kentucky House Bill 182. Still, the bill will likely be introduced in 2012 by opponents of payday cash advances. Such stubbornness illustrates how much Kentucky activists misunderstand pay day loans, writes Borland. Personal loan companies aren’t allowed to charge interest in the state law. In Kentucky, the product is categorized as a single-payment, fee-based product.

Borland suggests that the opposition’s use of Annual Percentage Rate as a yardstick is “an attempt to trick legislators and the public” into thinking that short term installment loan pricing is exorbitant. Depending on the lender, it is just a 15 to 25 percent fee in a flat fee of $15 to $25 on every $100 loaned.

CLOUT’s opinion

House Bill 182 was supported by the AARP, the Citizens of Louisville Organized and united Together (CLOUT) and the Kentucky Coalition for Responsible Lending (KCRL). The quick installment loan market has banks and credit unions in them, funded by CLOUT and KCRL that compete. CLOUT and KCRL can be attacking payday lenders like this while the competition hands over money. It is great for competition in the free market without this additional bit of bribery though. Borland states that there should be some kind of disclaimer about the involvement.

The payday loan company has AARP as a competitor directly. Chase Financial is used as a credit card. These allow AARP members to obtain money advances, which Borland claims bears a high rate of interest.

Best choice by consumer

Every situation is different for every customer. Still, payday advance are sometimes the best choice. Borland believes that CLOUT, KCRL and AARP would do better to discover alternatives if they think short term loans are harmful. The belief that those organizations do not do so may suggest that the attacks are all bark and no bite.

Information from

CLOUT Funding

cloutky.org/page3/page3.html

KCRL Coalition

kyresponsiblelending.wordpress.com/coalition-membership/

Lexington Herald-Leader

kentucky.com/2011/04/11/1704022/consumers-won-with-defeat-of-payday.html

The CFSA encourages responsible lending and borrowing

youtu.be/OZQr_nh7GZA

Investing fundamentals and how NOT to invest

Individuals invest because they want to create wealth. Day traders may savor the adrenaline rush, but profit is the reason. The right approach requires just a couple basic guidelines. The basic ideas contain knowing how not to invest, interestingly enough. Resource for this article – Investing basics and how NOT to invest by MoneyBlogNewz.

The 401(k)

It is advised by experts that as early as possible that you try to get a 401(k) plan started from you place of employment. If your retirement money sits in an account and earns capital gains, interest, and dividends; it won’t be taxed. Retirement will only grow if you leave your money sitting.

A 401(k) isn’t really an investment. It is more of an account that saves money and builds interest at different rates.

The storm will come so saving is highly significant

Make certain you do not overlook savings. Financial advisors can tell you what to conserve, but there are plenty of free tools online such as Motley Fool.

Roth and Traditional IRA accounts should be maxed out

A Roth IRA retirement account gives you the flexibility to make contributions after taxes, so taxes are paid only upon withdrawal. Maxing out your contribution limits will enable you to build a fine nest egg. Those who don’t qualify for a Roth IRA can nevertheless use traditional IRA accounts with more flexibility than several other accounts.

The choices are wider than just retirement accounts

Producing additional wealth can mean opening a brokerage account and buying stocks. Prior to investing, have a clear picture of what you try to achieve. Know what you want and just how long it will take you to get there based upon the amount of the investment and rate of return.

Charge card debt should be paid off

Probably the most detrimental debt to a person is charge card debt due to their interest rates. Make sure you pay all your charge card debt off before you even start to try and invest in stocks.

There are negative ways to invest

The market is highly unpredictable, however Motley Fool still suggests investing. Their theory is that if you do not invest anything you won’t gain anything. Compound interest only matters when you have something to have interest in. Make sure that before you invest you are prepared to pay attention to the market or you will lose everything. Pay attention to your stocks and make a switch when the time is correct. You should be prepared to lose big if you leave your comfort zone.

In and out is expensive

When using a brokerage firm, in and out trading costs a lot with fees, and also could be risky. This works well for day traders but it does not work well for long-term investors. Motley Fool advises those looking for short-term investment to consider CDs or money market funds.

Citations

About.com

beginnersinvest.about.com/od/investing101/a/how-to-start-investing.htm

Motley Fool

fool.com/investing/beginning/why-should-i-invest.aspx?source=iibedihpo0000001

From socks to stocks

youtu.be/50PBUcwfe-w

City of San Francisco awards Twitter a payroll tax break

The San Francisco Board of Supervisors has voted to extend a new employee payroll tax holiday to Twitter, reports the Los Angeles Times. The 1.5 percent tax shelter could be good for the next six years, providing corporations like Twitter maintain their physical San Francisco offices. While San Francisco Mayor Lee sees this as a good step toward keeping Twitter around and revitalizing sagging business districts within the city, critics view the ordinance as a major misstep toward allowing corporations to hold cities as economic hostages. Source for this article – City of San Francisco grants Twitter a payroll tax break by MoneyBlogNewz.

Keeping Twitter there is necessary for ‘rejuvenation’

Offering Twitter a payroll tax break was necessary to keep the social media giant in San Francisco for years to come, said Lee.

“This moment represents a real step forward in the effort to revitalize and transform the Central Market area,” he said. “Central Market and the Tenderloin have been burdened with high vacancies and blight for decades.”

Lee said that he appreciated Twitter's help in those districts to the San Francisco Chronicle although Twitter officials did not make a statement about the Wednesday tax exclusion. Those areas need some job creation. It would help out San Francisco a lot.

“There is great synergy between Twitter and the arts organizations and small retail businesses who are looking to expand in the area," said Lee. "The city can work collaboratively with businesses, community-based organizations, property owners and area residents to catalyze meaningful change.”

Companies will expect the tax holiday, critics claim

Through the next six years, the Twitter payroll tax break is projected to save the company about $22 million on its taxes, the Chronicle reports. John Avalos as a city supervisor pointed out San Francisco really needs that $22 million.

“I don’t believe giving an exception to our payroll tax is the way to go,” he said. “I believe that businesses in San Francisco and around the country should be socially responsible. … If we allow a company to threaten to leave, then give them a tax break so they don’t, we’re setting a bad precedent."

Citations

Los Angeles Times

latimesblogs.latimes.com/technology/2011/04/twitter-gets-6-year-payroll-tax-break-from-san-francisco-board-of-supervisors.html

San Francisco Chronicles

sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/04/05/BA7R1IQM9D.DTL

San Francisco Mayor's Office

sfmayor.org/index.aspx?page=330

Minnesota Gov. Tim Pawlenty on corporate tax holidays and offshoring

youtube.com/watch?v=MIRncAiu9Vw

Recovery Watch: Credit card mail has increased dramatically

A lot of people discover a mailbox filled with credit card offers unappealing, however look at the bright side: It’s a sign the squeeze on customer credit may be loosening. Bankrate reports that the consumer credit industry has experienced a kind of renaissance when it comes to charge card mail offers. Media monitoring business Mintel Comperemedia found in a recent study that charge card mail offers almost tripled in the U.S. from Q4 2009 (551 million pieces of mail) to Q4 2010 (1.4 billion). Source of article – Recovery Watch: Credit card mail has increased dramatically by MoneyBlogNewz.

Credit standing out in the sea of offers

No foreign transaction charges, no transfer charges, and low introductory charges; all contribute to the growing benefits of charge cards. Waiving balance transfer fees is particularly popular. Senior V.P. Andrew Davidson of Mintel told CreditCards.com that banks will do almost anything to grab the competitive advantage. In 2010, a study showed that around 40 banks offering credit completely cancelled their transfer fees, and those who did keep them only kept the fee around 3.06%.

Working to be your intercontinental champion

The foreign arena or currency conversion charges are a large competitive area for credit card issuers. While not as visible as Annual Percentage Rate, annual fees and balance transfer charges, foreign transaction charges are important to everyone who travels, whether for pleasure or business. Most cards add a 3 percent surcharge for each foreign transaction, a tax that can add up easily. Past year a study conducted showed that over 90 percent of bank cards consist of this type of fee.

Chase, Citibank, HSBC and others currently waive foreign transaction charges on several of their cards, said Mintel.

Customers like extended introductory rates

Perhaps probably the most hotly contested area in the credit card mail wars is the extended introductory rate. A low initial APR for balance transfers and purchases is appealing to consumers, and some charge card issuers even dangle a zero-percent APR.

Mintel reported the introductory rate was around 13 months for the fourth quarter of 2010. According to Davidson, that number is expected to grow.

“The squeeze on credit observed during mid-2009 is being reversed, and many issuers are now offering durations of 15, 17 or 18 months or more,” he told Bankrate. “We have even seen offers with 24- and 30-month intro rate durations in recent months.”

Rates of interest are low due to Credit card regulations

The Credit Card Accountability, Responsibility and Disclosure Act (CARD) have helped stabilize credit card APRs. 14.03 percent was the average Annual Percentage Rate in the fourth quarter of 2010, according to Mintel. “Many credit card companies have contrasted their APRs against the relatively high prime rate as a consumer draw,” said Davidson.

Citations

Bankrate

bankrate.com/financing/credit-cards/4-trends-in-credit-card-mail/

CreditCards.com

creditcards.com/credit-card-news/foreign-exchange-fees-going-up-1267.php

Pew Trusts

pewtrusts.org/uploadedFiles/wwwpewtrustsorg/Reports/Credit_Cards/PEW-CreditCard FINAL.PDF

WhiteHouse.gov

whitehouse.gov/the_press_office/Fact-Sheet-Reforms-to-Protect-American-Credit-Card-Holders/

Shop around for a better credit card than this

youtu.be/FunpS4QXcRI

Large banks considering prepaid debit cards

It has been a few months since new card fees, banking rules and overdraft regulations went into impact. Prepaid cards are potentially a new product that many big banks are considering. These cards would provide a new revenue stream for these big banks. Pre-paid cards are lauded as a fantastic financial option by trade groups. Customer groups, however, are warning that these cards can come with high fees. Article resource – Expensive alternatives to checking accounts becoming more popular by MoneyBlogNewz.

Growth in the pre-paid card market

There was a rise from 700,000 to 3.4 million in the number of active prepaid cards used between 2005 and 2009. The growth of the industry is expected to continue, according to the Wall Street Journal. There can be around 7 million users by 2014. These numbers don’t contain payroll cards, which are very comparable to pre-paid cards. There could be over 9 million in the prepaid card market in the U.S. combined.

The argument for prepaid cards

Most prepaid debit cards do not come from banks. Non-bank businesses are responsible for them. These are offered by several locations. These consist of grocery stores, convenience stores and instant payday loans stores. Many big-box stores such as Walmart and Target offer branded prepaid cards. A customer with a prepaid card can be pay much less in fees than a traditional financial institution account holder according to a report done by Bretton Woods Inc., which Network Branded Prepaid Card Association employed as a consulting firm. When it comes to money management, prepaid cards are also good. Those with the cards can only spend what is already loaded on. Customers who do not have access to a traditional financial institution will even like the idea of pre-paid cards.

Reasons not to get a pre-paid card

Customer States publisher Consumers Unions did a report that states checking accounts are typically cheaper than pre-paid cards. Nine of the 12 cards studied were more expensive than the five comparative checking accounts. Dependent upon what is used, checking fees range per checking account. They’re generally between $0 and $438 a year. Between $18 and $606 is charged for pre-paid debit cards. That’s the average range. Most pro-prepaid studies just used overdraft fees as part of the checking. Only about 22 percent of consumers are willing to get overdraft protection though since the Dodd-Frank laws came out saying that it had to be something customers chose. Traditional checking accounts can be cheaper than prepaid cards. It may be a nice idea to get a prepaid card. Nevertheless, those doing this, need to watch out for fees that could be charged with them.

Articles cited

Consumer Reports

news.consumerreports.org/money/2011/04/debit-cards-banks-checking-acounts-fees-consumers-union-analysis.html?EXTKEY=AAOLWP05

Bretton Woods

bretton-woods.com/71501/index.html

Wall Street Journal

online.wsj.com/article/SB10001424052748704377004575651072113863694.html?mod=WSJ_PersonalFinance_PF4

Construction sector continues to restrain more robust recovery

construction spending, an important driver of the economy, has been in freefall for months. The construction industry has gotten so weak, spending in February reached its lowest level since the fall of 1999. New home construction is leading the retreat and has reached its lowest level since the government has officially documented its performance. Source of article – Construction sector continues to hold back more robust recovery by MoneyBlogNewz.

February as a bad month for construction

It has been years since the number of projects breaking ground in a month was as low as it was in February. There were fewer homes, apartments and government projects being started. Construction spending in February dropped 1.4 percent; it was the third straight month of decline. The construction annual rate of spending was at its lowest since October 1999 with February spending at $760.8 billion. The construction industry has been getting worse while the rest of the United States economy seems to be getting better. There are fewer corporations wanting to build office buildings, hotels and shopping centers still even though the recession is over. Nevertheless, the construction market has to deal with this. Half of the $1.5 trillion level that is considered "healthy" for construction was reached in February. It has been estimated that construction will not recover from the housing bubble that triggered the recession for another four years.

End to housing bubble means end to new homes

A 3.7 percent decrease in private residential construction occurred in February. It went down to $228.5 billion total. Because of the foreclosures and unsold homes, there were less single-family and multi-family homes created. Home inventory needs to go down to help new home construction. This is the only way it will get better. The National Association of Realtors states that existing home sales went down about 3 percent past year. In this same time frame, there was a 28 percent drop in new home sales. In February alone, new home sales dropped 16.9 percent, from an annual rate of 301,000 to 250,000 — the lowest level since the government started tracking the numbers in 1963.

Purchasing and building are both down

New home sales are necessary to the construction market. The Gross Domestic Product is part of this. The National Association of Realtors states that right now, buying a new home is about 29 percent more expensive than an existing home, which is not normal. About 4 percent of February home sales were foreclosures and short sales, which is hurting the market. The foreclosures have to end while the inventory of new homes needs to go down. Until this takes place, home builders will stop building homes. The recession was hard on the recession. Before it, 80 percent of builders needed financing. The National Association of Home Builders reports that this number dropped quite a bit. Now it is at 20 percent.

Information from

Associated Press

finance.yahoo.com/news/February-construction-apf-1467794995.html?x=0&sec=topStories&pos=8&asset=&ccode=

Market Watch

marketwatch.com/story/buyers-shun-new-homes-1301521568482

CNN Money

money.cnn.com/2011/03/23/real_estate/new_home_sales/index.htm

McDonald's hiring spree will make 50,000 jobs on April 19

McDonald’s can be serving up jobs at a record clip this month, reports MSNBC. McDonald’s will hire as many as 50,000 people in-restaurant and via its corporate website on April 19. Improved sales in recent months made the employment spree doable. Source of article – McDonald’s hiring spree will produce 50,000 jobs on April 19 by MoneyBlogNewz.

Seven percent increase in workforce due to McDonald's

There will be a 7 percent increase to about 700,000 employees at McDonald's including restaurant workers to senior managers. Every restaurant may have to employ three or four new employees.

Spending, spending, spending

McDonald's wages will increase quite a bit, claims a California state University professor. He said that in 2011 there will be over a $518 million increase. FOX Business reports that about $1.4 billion in annual spending, or $3.5 million a day, could be spent because of the employment which will also mean an extra $54 million in more payroll taxes.

The increase can be good for the United States job industry. FOX reports this will be the case no matter what. After 192,000 added jobs in February, the U.S. job industry had an increase in March of 216,000 jobs showing the warming trend in the industry. In February, there was a 240,000 job increase in the private market while March showed a private sector rise of 230,000 new jobs.

The 24-hour goal for the Golden Arches

There are about 14,000 restaurants in the United States for McDonald's. The franchisees operate about 90 percent of these. More McDonald's restaurants will be able to stay open all day with the McDonald's employment spree, or "McDonald's Hiring Day" as it’s also called. Such is the case with the 111 Golden Arches locations in southern Nevada, where the joblessness rate is currently 13.7 percent – 14.2 percent in Las Vegas – and 193,000 Nevadans are unemployed.

Ron Smith is the Co-op McDonald's V.P.. He knows very well the job industry is bad.

"We feel that it's very important, especially in light of the critical economic situation, that we put as many people as possible back to work," he said.

Only part time positions are being offered at Nevada McDonald's. Still, those with financial struggles should be able to get a little help with flexible hrs and free meals.

Best employees

The importance of employees to success in McDonald's was confirmed by USA President Jan Fields.

"Our restaurant employees are the foundation of our business. They are the men and women who interact with our customers every day, enhance the McDonald’s experience and continue to help make our business strong,” she said.

The McDonald's hiring spree is one you are able to get more information about easily. Just go to your local McDonald's or to the McDonald's Careers site. Applicants must be at least 16 years old.

Information from

Fox Business

foxbusiness.com/2011/04/04/mcdonalds-looks-hire-50000-workers-april-1/

Fox 5 Las Vegas

fox5Vegas.com/news/23661640/detail.html

McDonald's Careers

mcdonalds.com/us/en/careers.html

MSNBC

msnbc.msn.com/id/42412605/ns/business-consumer_news/

McDonald’s hiring spree set for April 19

youtube.com/watch?v=2qh8jsK54Lc

Ask for an Extended Payment Plan whenever you face payday loan default

Despite preparing and the best of intentions, sometimes people discover themselves unable to repay their payday loans when they come due. If the lender is a member of the Community Financial Services Association of America, you can ask for an Extended Payment Plan (EPP). These types of private loans enable customers to repay their loans over a period of additional weeks although there is the reason for default and free of additional charges.

Lenders determine, after the state, EPP rules

Depending upon the state in which payday loans originate and whether the lender is a CFSA member, the stipulations of an Extended Payment Plan will vary. State laws are followed if the law already provides an EPP for consumers on payday loans. In states where there is not already a specific law, members of the CFSA will follow these requirements. eHow Money states that CFSA-members typically need to let customers repay in four equal payments in four paydays all the loans. Sometimes an EPP payment is missed. In this case, additional fees might apply.

Get an EPP from lenders in CFSA

• Lender should be CFSA. Try and get this. The lender that is in CFSA may have its blue oval logo on display. This could possibly be on the website or in the office of the lender. Even if the lender isn’t a CFSA member, it may offer its own extended repayment plan. Get the details by asking.
• The lender needs to be contacted. Do this before the due date end of business day. If you’re going to run into trouble repaying your payday loans, contact your lender just before close of business on the day before your loan is due. You can go to the office if you have to. You may be able to contact the lender online too. Ask for an Extended Payment Plan. You’ll then need to sign an agreement form that will specify the additional due dates. Read the extended repayment plan carefully just before signing.

Go ahead and complain if a lender was not willing to give you an EPP in the last 12 months and is a member of CFSA. During the Eastern time business hours, you can go call 888-572-9329 (fax 703-684-1219) or email cfsa@multistate.com to contact the CFSA. Alternatively, contact the CFSA by mail at 515 King St., Suite 300, Alexandria, Va., 22314.

Information from

CFSA Consumer Complaint Form

cfsaa.com/cfsa-member-best-practices/how-to-file-a-customer-complaint.aspx

CFSA

cfsaa.com/cfsa-member-best-practices/what-is-an-extended-payment-plan.aspx

eHow

ehow.com/how_5906522_extended-can_t-pay-payday-loan.html

Nasdaq rebalancing lessens unpredictability potential of Apple

To temper the volatility of Apple shares, Nasdaq officials will rebalance the Nasdaq-100 index in May. The Nasdaq rebalancing lessens the weight of Apple stock on the total value of the Nasdaq index by half. Nasdaq’s stirrings will shrink the propensity of financial institutions of the hedge fund type to cynically disrupt the natural rhythms of Apple stock so that average Joes can count on a more reasonable possibility of return on investment down the road.

Shifting Apple to fix the Nasdaq

A rise in Apple stock has also been an increase in the Nasdaq-100 in the last few years. Since the market bottomed out in 2009, the Mac, iPhone and iPad have driven Apple shares skyward more than 250 percent. Apple stock went up since then another 150 percent. That is more than 20 percent of the Nasdaq-100 total value. In accordance with Nasdaq officials, Apple stock has ballooned to more than twice the weight it should have on the index. Apple shares will be less than 12 percent of Nasdaq-100 shares after the May 2 Nasdaq rebalancing. The adjustment to repair for Apple realigns the ratio for the company's stock and outstanding shares with the way the Nasdaq-100 is calculated. The change also decreases weighting for 81 other companies. Apple rivals may gain due to this. A Microsoft raise is expected. It should go from 3.4 percent to 8.3 percent total. Oracle will rise to 6.7 percent, Google will rise to 5.8 percent, and Intel will climb to 4.2 percent.

How hedge funds manipulate the market with Apple rumors

Any future manipulation by hedge fund traders that could hurt the Nasdaq-100 or short Apple will be prevented by the lower ratio of Apple shares. Jason Schwartz at Seeking Alpha describes a recent instance in which unconfirmed conjecture about Apple based on vague sources subjected Apple stock to irrational price swings. There was a rumor that the iPad 2 would be delayed until June in February by hedge fund Yuanta Securities when Apple was trading at $360. Yuanta Securities shorted Apple shares while the rumor spread. It only took two days to decrease Apple stock. It had a $20 decrease. Shortly afterward, Steve Jobs, who was given six weeks to live by bloggers, announced that the iPad would go on sale March 10. Investors who should have known better felt duped, and Yuanta padded its returns. The Nasdaq-100 was affected because of this.

Can't even see the impact anymore

The Nasdaq rebalancing doesn’t take impact until next month, but money managers are already rebalancing their holdings. A drop occurred on Tuesday in Apple stock during this. It brought on a $4.19 decrease from $337 to $341.19. The ability of hedge funds to manipulate the market using Apple already has been diminished. Analysts do not expect the latest iPhone delay rumors (which would freeze the iPhone market and hurt Apple if they were true) to work because Apple stock remains about $15 below its high and is trending upward again. Apple is anticipated to do better than expected in first quarter earnings while investors and traders can trade Apple shares.

Citations

Fortune

tech.fortune.cnn.com/2011/04/05/a-good-day-to-buy-aapl/

Mac Observer

macobserver.com/tmo/article/nasdaq-100_to_cut_apples_index_share_nearly_in_half/

MSN Money

money.msn.com/market-news/default.aspx?feat=e52a3c86-3053-48e5-91eb-970765febdcc

Seeking Alpha

seekingalpha.com/article/260887-hedge-funds-bloggers-and-the-origin-of-apple-rumors

Real price of nuclear power apparent at Fukushima

Before the Fukushima disaster, nuclear power appeared on the brink of a comeback. But as a direct consequence of the Japan earthquake and tsunami, nuclear reactors worldwide have been turned off and construction of nuclear plants has been put on hold. Measures to protect nuclear reactors from earthquakes in the future might be so expensive that investors will think twice before believing that an investment in nuclear energy can be profitable. Post resource – Fukushima disaster lays bare the true cost of nuclear power by MoneyBlogNewz.

What it will cost with nuclear power

In a 2010 Gallup poll, about 62 percent of responders said that using nuclear power as a clean, reliable power source was a good idea. To be able to get nuclear power plants built, the Obama administration is preparing on providing $54.2 billion in loan guarantees for construction projects. The Vermont Law School's Institute for Energy and the Environment's Mark Cooper explained that building nuclear reactors in the United States was unlikely prior to the Fukushima disaster anyway. In a presentation prior to the House of Commons in Ottawa, Canada, Cooper said the United States nuclear industry was a bubble about to burst. Billions in loan guarantees were put out for nuclear energy by the Bush administration in 2001 which was when the bubble began. By 2008 it became evident the nuclear industry could not deliver on costs. It ended due to the recession, many other clean energy options and cheap natural gas.

Nuclear power starting to cost more

In the wake of the Fukushima disaster, building new reactors could become even more cost prohibitive. After the 1979 Three Mile Island accident in Pennsylvania, construction costs for nuclear reactors rose 95 percent, according to Cooper’s research. As a result, households paid 40 percent more for electricity. Construction costs went up 89 percent causing electricity to rise 42 percent in 1986 after the Ukraine Chernobyl disaster. The price of construction goes up quite a bit after accidents occur for nuclear reactors. This is as the safety needs to be addressed causing a design change. The Nuclear Regulatory Commission has already assembled a task force to investigate the design changes required for planned nuclear plants in the United States, based on lessons learned from Fukushima.

Too much of a risk

Now the Fukushima incident has occurred, investors are worried about where they put their money. Instead of invest in nuclear power plants, they are more likely to put money into clean energy alternatives for instance solar, wind and natural gas. The nuclear plant risk is one utility might pass on also. Sometimes you don’t want to pay much for energy. If this is the only consideration, nuclear energy makes the most sense. Before taking into account the cleanup costs of a nuclear accident, onshore wind farms, for example, are up to 35 percent cheaper than nuclear plants. The nuclear power plant financial and ecological costs are avoided with alternative sources can effortlessly help strength the world. For savvy investors, clean energy alternatives promise more profitable opportunities.

Articles cited

Reuters

reuters.com/article/2011/03/25/idUS423443138820110325

Fast Company

fastcompany.com/1742619/what-are-the-economics-of-nuclear-power-after-fukishima

The National

thenational.ae/lifestyle/personal-finance/japans-nuclear-woes-add-pressure-to-invest-in-green-energy

Shortly, Social Security Disability Insurance will go bankrupt

In 2005, the Social Security Disability Insurance fund began to dish out more money than it was bringing in via tax receipts. That trend has continued each year – plus the number of Social Security beneficiaries grew by 489,488 last year, the highest one-year increase in history. This has led experts to predict that Social Security Disability Insurance will exhaust surplus funds in four to 7 years, reports the Wall Street Journal.

Losing $22 with Social Security

There’s a $153 billion projection for Social Security on benefits and costs. This will hit by 2015. Americans can have to face the problem that comes with this considering $22 billion less is anticipated to be taken in with this. The Social Security retirement fund is anticipated to last until 2040 while Medicare is only expected to last until 2029. Government auditors explain that change has to happen. This is the only way that Social Security Disability Insurance could be able to last more than seven years.

Number of applications Social Security has

The Social Security program got more applicants than normal with the recession. There has been a huge increase in the last decade of the number of individuals getting Social Security. This number increased to 10.2 million individuals from 6.6 million. There are lots of United States and territories that use SSDI funds. They’re needed by many. Texas’ enrollment has reportedly increased by 85 percent over the last 10 years, while New Hampshire’s has grown by 69 over the same span. West Virginia gets more SSDI than any other state when considering the percentage of total population.

The cause that many suspect is the manual labor related health troubles that many states with manufacturing and agriculture are facing. In the last few years, military bases and factories have been closing in U.S. territories for instance Puerto Rico. That means more people are relying on Social Security there. The highest joblessness is usually reported in these states also. Puerto Rico politics are another issue. There is a lot of corruption.

Getting doctor's approval for SSDA

Social Security and Medicare are both age-based programs. SSDI, on the other hand, is about medical opinion over other things. Local medical officials don't have any reasons to stop enrollment since somebody else pays for it. Government benefits are given with Social Security Disability Insurance benefits although they’re around $1,064 a month on average in 2009. Working class individuals end up picking up the tab. David Autor works at the Massachusetts Institute of Technology as an SSDI expert. He said that regular SSDI benefits to one person can add up to about $300,000 over a lifetime.

Is possible to have higher taxes?

Increasing the Social Security fund would be the only way to conserve Social Security Disability Insurance without increasing taxes. Retirees would lose benefits pretty quickly since the retirement fund would be lost. However, as Nancy Altman of the activist group Social Security Works contends, something must be done.

“This is a program of crucial importance to every working American and his or her family,” she said.

Citations

ssdi, social security, social security disability insurance, social security bankrupt

Social Security Disability Insurance may go dry in four years

By 2005, the Social Security Disability Insurance (SSDI) fund was cashing checks its tax body couldn’t cash. As nearly half a million individuals went on Social Security past year, a clear financial issue arises. In accordance with the Wall Street Journal, SSDI could be empty in 7 years or fewer. Post resource – Social Security Disability Insurance may go dry in 4 years by MoneyBlogNewz.

$22 billion deficit for Social Security

By 2015, projections indicate that Social Security will spend $153 billion in benefits and other costs. There could be a $22 billion deficit from what is being taken in. Americans are going to have to deal with this issue. It is anticipated that Medicare will last until 2029. The Social Security retirement fund is anticipated to go much longer to 2040. Government auditors explain that change has to happen. This is the only way that SSDI could be able to last more than seven years.

Too many individuals applying for Social Security

Because of the recession, more individuals have wanted Social Security. They have been applying like crazy. There has been a huge increase in the last decade of the number of individuals getting Social Security. This number increased to 10.2 million individuals from 6.6 million. The Social Security Disability Insurance funds are needed by a lot of states and territories that the U.S. owns. Texas’ enrollment has reportedly increased by 85 percent over the last 10 years, while New Hampshire’s has grown by 69 over the same span. Measuring the amount of Social Security Disability Insurance a state gets is done with the percentage of total population that has it. In this way, West Virginia gets more Social Security Disability Insurance than any other state.

The trigger that many suspect is the manual labor related health troubles that many states with manufacturing and agriculture are facing. United States territories like Puerto Rico heavily depend upon Social Security, considering the rash of factory and military base closures in recent years. The highest joblessness is generally reported in these states also. In the case of Puerto Rico, political corruption is also an issue.

Doctor determines SSDI

Social Security Disability Insurance is more about medical opinion rather than being depending on age such as Medicare and Social Security. In these cases, somebody else pays for what is going on. That means there is no reason for local medical officials to stop allowing enrollment. In 2009, payments were around $1,064 in Social Security Disability Insurance benefits although they can be modest. David Autor works at the MA Institute of Technology as an SSDI expert. He said that regular Social Security Disability Insurance benefits to one person can add up to about $300,000 over a lifetime.

Should we expect higher taxes soon

In the short term, the only way Congress can conserve SSDI without tax increases is to fold it to the main Social Security fund. Retirees would lose benefits pretty quickly since the retirement fund would be lost. Nancy Altman is in the Social Security Works activist group. She says something has to be done about this.

“This is a program of crucial importance to every working American and his or her family,” she said.

Citations

Social Security Online

ssa.gov/disability/

Wall Street Journal

online.wsj.com/article/SB10001424052748703752404576178570674769318.html

Milton Friedman on Social Security: Save your money

youtube.com/watch?v=rCdgv7n9xCY

Social Security Online

ssa.gov/disability/

Wall Street Journal

online.wsj.com/article/SB10001424052748703752404576178570674769318.html

Milton Friedman on Social Security: Save your money

youtube.com/watch?v=rCdgv7n9xCY