Entries Tagged as 'Finance'

LA Auto Show

The auto show might be a no show…

With the big three US auto makers in dire financial shape, and most Americans finding themselves worrying more about how to put food on the table than considering a new vehicle… but the show must go on!

Some high lights:

  • The Mini Cooper Electric, the Mini E
  • The new Honda Insight [Concept] – redesigned to be more like the Toyota Prius, alledgedly with better fuel economy, and less expensive.
  • The new Ford Fusion and Mercury Milan hybrid sedans ($1000 more than the Toyota Camry hybrid)
  • The all-new Nissan Cube (similar to, but smaller than the Scion xB)

Several auto makers with drew plans to launch vehicles at the auto show.

Originally posted 2008-11-20 18:00:12.

Stuck in the toilet…

If the economy stays stuck in the toilet, I have a shot at beating Obama...
by Mike Luckovich

Originally posted 2011-07-06 02:00:52.

:( Banks might not have gotten a Get Out Of Jail Free Card afterall :)

It looks like the first major salvo has been fired in potentially forcing the banks to accept liability in the Residential Mortgage Backed Securities (RMBS) fiasco that cause devastating harm to the US economy recently.

The New York Fed, BlackRock, and Pacific Investment Management Company sent letters to Bank of America alleging that its subsidiary, Countrywide, failed to perperly service loans totaling $47 billion.

While the letter itself doesn’t constitute any litigation, it does lay the groundwork for investors filing to recover investments that may have been negligently (mis)handled by banks.

This is a direct result of the “robo-signing” mess that banks have gotten themselves into; since it would be fairly easily established that the banks did not perform due diligence on loans where the documents were not properly reviewed.

I suspect this time it won’t be quite as easy for the banks to pull a rabbit out of the hat by getting the Federal government to provide them with loans — but then again, if you and I don’t make it clear to our elected officials that we’re not interested in another loan to banks, that we expect them to resolve it just like regular Americans have during this economic crisis that banks are largely responsible for.

Originally posted 2010-10-26 02:00:55.

Satellite TV Law Suit

The State of Washington Attorney General filed a law suit against the nation’s largest satellite television provider DirecTV today alleging ‘deception’ was built into their business model.

Great start Rob, you must have a long list of major US companies to file litigation against behind this one.

Satellite TV providers, cable television companies, cellular telephone providers, credit card providers — most all of them seem to build deception into their marketing and customer relationship… and you really don’t need to survey many of their customers to get a good picture of it.

The only thing that’s surprising about this law suit is that DirecTV was so arrogant they didn’t quickly settle out of court for a fraction of what they’ve likely soaked their customers for — and that they may well now have similar litigation filed in most every other state.

For completeness I’ve included a link to the complaint filed against DirecTV by the State of Washington.  You can search for more information on the case, and (humorous) responses from DirecTV.

State of Washington v DirectTV (King County Superior Court, WA)

Originally posted 2009-12-14 01:00:17.

Boehner makes sense

House Minority Leader John Boehner (Republican) stated that he would support President Barack Obama’s proposal to renew the expiring Bush tax cuts only for those making less than $250,000 if it were his only option.

The Republicans in both the House and Senate were quick to add fuel to the fire and turn up the volume on the rhetoric about fiscal responsibility, watching out for the little guy, etc, etc, etc — and saying that they believe the tax cuts should be extended for all Americans.

Do people making over $250,000 really need a tax cut?

Seems to me that they’re doing OK; much better than the average American is fairing in this economic crisis (I won’t call it a recession because it certainly seems much more like a depression — so we’ll leave it a crisis).

The bottom line is we have to pay our bills — and as the Republicans are complaining about the government has been spending out of control… but what they don’t remind you is that George W Bush is responsible for the out of control spending; Barrack Obama and his administration haven’t spent anywhere near as much as George W Bush — and a large amount of what is being spent now is being spent on a war that George W Bush threw this country into (and lied to get the support for it).

I’m well aware that it’s a tenant of Socialism that we take more from those who can afford it, and give it to those who need it…

From each according to his ability, to each according to his need
· Karl Marx, 1875 Critique of the Gotha Program

But in point of fact the American income tax structure has always been based on a progressive tax (those who earn more, pay more); except what happens now is that those who earn enough can avoid taxes by taking advantage of the loop holes the complex laws afford them.

We really need to rework the tax system so that it’s more equitable across the board; and those who benefit greatly from society pay their fair share of the costs of supporting society… but until then, I think getting $700B from those who earn more than a quarter million dollars per year is a necessary step to putting this country back on the road to stability.

Originally posted 2010-09-15 02:00:52.

Mr President, now is the time to be a president.

There is a good article on CNN.com by Donna Brazile on what President Obama could (and should) do to get the economy back on track.

I think she’s got the right idea, but I think she really stops short of just outright saying that the problem isn’t necessarily Obama’s failed programs, it’s his failed leadership.

Now is not the time to sit on the fence Mr President; you’ve tried to build a consensus with congress (you failed to do that when your party had control of both houses, and you’ve continued to fail to do that now that your party doesn’t)… it’s time for you to lead — or to step aside and let someone else do so.

The problems this country has are solvable; but every day we wait to start moving down a path that is likely to put us on the road to get American’s working and to pay down the enormous debt that Republicans and Democrats alike have saddle the current (and future) generation(s) with we simply make the problem harder — and at some point there will not be a solution, the US will simply drift into the fray of third world countries never likely to regain it’s position as a real world leader again.

So, Mr President — be the president; make the hard choices; and move this country forward… it’s not the time to be a politician or a two term hopeful, it’s time to be a president.

 


4 ways Obama can take control to get America back on track by Donna Brazile on CNN.com

Originally posted 2011-08-17 02:00:42.

Boeing

I’ve seen a number of initiatives from Boeing that are targeted at trying to get a US DOD contract for supplying tankers to the US Air Force.

I don’t think there’s anything wrong with Boeing as a potential supplier for tankers (though I would like everyone to review why we need to build tankers period); but Boeing seems to be forgetting that with government contracts, it’s the lowest bidder who wins.

Boeing talks about American jobs, know-how, unfair competition from Air Bus (well, Boeing probably thinks any competition is unfair)… but they don’t highlight the fact that they simply aren’t competitive.

Welfare capitalism to large is just another form of socialism — and part of the “trickle down” philosophy (the question is how much get’s skimmed of with huge executive bonuses and how much really does trickle down).

We need to think global; and keep moving forward to creating a global economy and global society rather than trying to make sure the grass in our own yard stays the greenest (of course we can talk about this on a state-by-state basis just as easily as a nation-by-nation basis).

I say, the the low bidder win; and let’s make sure that the defense budget is treated with the same scrutiny and cuts that other budgets are — waste is waste, and “saving” our troops (who were put in danger by a lie by George W) just isn’t a reasonable excuse to keep spending on destruction.

Originally posted 2010-04-29 02:00:45.

How To Use Credit Cards To Your Advantage

If you’re a savvy shopper you know that you can save a great deal of money watching for sales and taking advantage of lost leaders.

It’s your money, so you might as well save as much of it as you can; not like some ones just handing it out to you without hard work.

One of the easiest ways to make your money go further is to take advantage of special offers from credit card companies that pay you money back to use their cards.  Most of the programs are complicated, and maximizing your benefits takes a little bit of discipline, but you can end up with quite a bit of money back every year.

The cards I recommend (in order) are:

  • Citibank Rewards Dividend Platinum Card (Master Card)
  • Chase Freedom (VISA)
  • Citibank Cash Returns (Master Card)

I recommend you get all three of them, and here’s why.

There are limits on the Citi Rewards and Chase Freedom cards, but if you use them right you can get 3% cash back, and with the Chase card as much as 5%!  But if you use your card a great deal you’ll cap it out before the end of the year.

The Citi Cash Returns Card doesn’t have a cap, but only pays 1% (1.2% for the first year).

I believe all Citi cards also provide you with virtual account numbers, which give you control of who can change what to your card when.  Chase unfortunately does not offer virtual cards numbers.  If you must have a VISA with virtual account numbers, Bank of America has several cards with decent rewards programs (more like the Citi Premier Pass Card utilizing the “Thank-You Network”).

There are of course many other cards that you might be able to save money with.

For instance I have a Chase Amazon (VISA) Card, mainly because they gave me $30 off my first purchase (since then they’ve given me $20 for $100 in charges, and $30 for $100 in charges to encourage me to use the card; but since I don’t purchase from Amazon much, it really isn’t that great a card for me).

The other way to make a credit card work for you is use it any time a merchant accepts it; they’ve built it into their pricing, so you might as well get 1-3% cash back for using your card; of course you do need to make sure you pay your bill in full before the due date every month, or those “savings” will quickly disappear with the interest charges!

On other word of advice, don’t acquire a huge number of credit cards; it will adversely effect your credit rating even if you don’t use them or carry a balance.  The immediate hit of lots of credit inquiries will make it harder to get credit, and having a large number of open accounts trims down your score as well.  And honestly, you don’t really need lots of cards, companies like Citi and Chase will provide you with INSANE credit limits.

Originally posted 2008-05-16 21:28:07.

The Dawn…

And now the dawn of a new day and with it a new year…

Once our collective head ache clears I’m sure the future will seam sunny and bright; even though today is overcast and bleak.

Originally posted 2010-01-01 01:00:22.

The Eve…

It is the eve of a new year.

It would be interesting to know who future historians will characterize the first decade of this millennium; and what they will have to say about the causes of our plights.

Today; however, we don’t have the advantage of hind sight on today — nor can we really have good perspective on the recent events that have gotten us to where we are.

Each generation looks to it’s time as a decay of what was, and longs for the “good ol’ days”… and for us it’s hard to imagine that these will be the “good ol’ days” of another generation — and much as we lament about today with dwell on fond remembrances of our past so will our children’s children.

Well, that is if the light at the end of the tunnel isn’t an on coming train.

Originally posted 2009-12-31 01:00:25.