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As investors search for yield anywhere and everywhere, bonds are trading in uncharted territory. Please consider Obama Wins Low Yield as Markets Shrink Aiding Deficit

Bond investors seeking top-rated securities face fewer alternatives to Treasuries, allowing President Barack Obama to sell unprecedented sums of debt at ever lower rates to finance a $1.47 trillion deficit.

Shrinking credit markets help explain why some Treasury yields are at record lows even after the amount of marketable government debt outstanding increased by 21 percent from a year earlier to $8.18 trillion. Last week, the U.S. government auctioned $34 billion of three-year notes at a yield of 0.844 percent, the lowest ever for that maturity.

Spending by companies and consumers has slowed as the economy has shown signs of weakening. Companies in the Standard & Poor’s 500 Index have stockpiled a record $2.3 trillion of cash and equivalents. Company borrowing slid 29 percent in the first half of the year to $528 billion amid a dearth of business investment, Bloomberg data shows.

Piles of Cash Equates to Piles of Debt

Companies are piling up cash alright. However, the flip side of that cash is debt.

Moreover, analysts mistake that cash for willingness to expand. The reality is corporations do not want to get trapped like they did in 2008, unable to borrow.

For more on corporate cash levels, please see Are Corporations Sitting on Piles of Cash?

Individuals are also hoarding cash. The U.S. savings rate reached 6.4 percent in June, up from 1.7 percent in August 2007, the start of the financial crisis.

Are Individuals Hoarding Cash?

Individuals are not really “hoarding cash” either. Instead they are paying down debt. Most do not realize that by definition, paying down debt constitutes “saving”.

For most wage earners, the savings rate is after-tax salary minus personal consumption expenditures (PCE). For a more precise definition, please see What's Behind The Soaring Savings Rate?

“There’s been a collapse in both consumer and business credit demand,” said James Kochan, the chief fixed-income strategist at Menomonee Falls, Wisconsin-based Wells Fargo Fund Management, which oversees $179 billion. “To see both categories so weak for such an extended period of time, you’d probably have to go back to the Depression.”

Food Stamps and Unemployment Insurance Mask Depression

I believe we are in a depression now. The key difference is food stamps and unemployment checks have replaced bread lines.

We also have hundreds of thousands of people living in their homes without making payments on their mortgage or home equity lines. The slow foreclosure process encourages more to do the same.

“The diminishing supply” of alternatives to Treasuries “is giving Washington an opportunity to continue with its fiscal irresponsibilities,” said Mark MacQueen, partner and portfolio manager at Austin, Texas-based Sage Advisory Services, which oversees $8.5 billion. “The only way to tell Washington and America ‘no more’ is a weak dollar, which eventually leads to higher interest rates.”

“We are slowly playing a fool’s game as rates go further down to unsustainably low levels,” said Dan Shackelford, a money manager who helps oversee $15 billion in fixed-income assets at T. Rowe Price Group Inc. in Baltimore.

Thoughts on the Fool's Game

If you are managing $15 billion thinking it is a “fool's game”, then in my opinion you ought not be doing it. It seems to me there is a lack of fiduciary responsibility if one is investing client money in a “fool's game”.

What the hell – Anything for a fee!

I do think corporate bonds, especially most junk is playing for the greater fool. In regards to treasuries, there is going to be an exit problem for sure, but that could be years away. In Japan, yields stayed low for a decade. Why can't it happen here?

Yields certainly might stay low for an extended period. Whether or not they do remains to be seen. I happen to like long-term treasuries right now, but certainly not as much as when the 10-year was at 3.75% and bears were foolishly shorting treasuries like mad.

The government isn’t the only one getting a good deal. Armonk, New York-based International Business Machines Corp., the world’s biggest computer services provider, sold $1.5 billion of three-year notes on Aug. 2 with a coupon of 1 percent, the lowest of the more than 3,400 securities in the Barclays Capital U.S. Corporate Index of investment-grade company debt.

Portland, Oregon, sold about $408 million in sewer-system revenue debt on Aug. 11, with utility bond yields at the lowest level on record. Yields on 10-year, AA rated tax-exempts backed by utility revenue stood at 3.02 percent on Aug. 10, according to Bloomberg Fair Market Value data. That’s the lowest since the index was created in November 1993.

“We are in unchartered territory,” said [William Larkin, a fixed-income money manager in Salem, Massachusetts at Cabot Money Management]. “We are pushing and pulling levers that we don’t understand the full implications.”

Uncharted Territory

This is indeed uncharted territory thanks to the Fed pushing and pulling levers in a manner it does not understand. William Black, a former bank regulator, is one person who does understand. Black says U.S. Using “Rally Stupid Strategy” to Hide Bank Losses – Will Produce Japanese Style Lost Decade.

I agree with his assessment.

Mike “Mish” Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

Tracking your spendings online with web apps is very convenient since they offer the power of monitoring your expenses in detail without the clunky interface found in desktop apps. If you are looking for alternatives to popular personal finance apps, then you should check out Accpal. This Silverlight-based money management tool allows you to track your accounts with extra features such as multi-level tagging, comprehensive reports, and one-click transactions.

To use Accpal, simply add your new account and currency. After which, you can start adding individual transactions. You can add multiple transactions by clicking “Add & New” while adding an entry. Inputting data feels like working with a spreadsheet which is not necessarily a bad thing. In fact, many will find this a nice surprise since you can see your income and expenses in one glance.

The highlight of this app is the multi-level tagging feature. With multi-level tagging, you can break down your transaction into a single tag nested under a broader tag. For example, you can click coffee as a tag under “food”, and you can even go deeper and tag “espresso”, under coffee. This gives you an idea of what exactly you are spending on. This differs from other web apps that lets you tag as much as you like, leaving you to organize the transactions yourself.

Accpal is a nifty website for anyone who needs a better-organized online money management tool.

Features

  • Track your expenses online.
  • Free of charge.
  • Requires Silverlight 4.
  • Tag your transactions – multi-level tagging.
  • Comprehensive reporting.
  • Export to Excel.
  • Shortcuts allow for one click reporting and transactions.
  • Similar Tools: BudgetTracker, BudgetPulse, Thrive, and BillFloat .

Check out Accpal @ www.accpal.com


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Hot Air » Bad <b>news</b>: Chinese commuters stuck in … nine-day traffic jam

Bad news: Chinese commuters stuck in … nine-day traffic jam.

Bing <b>News</b> and Tips Re: Yahoo and Instant Answers for Mobile <b>…</b>

Bing News and Tips Re: Yahoo and Instant Answers for Mobile. 1) We mentioned last week that Bing and Yahoo were working behind the scenes to make Bing the primary search provider at Yahoo (note the powered by Bing text at the very …

Jon Stewart: Why Won't Fox <b>News</b> Disclose That Ground Zero Mosque <b>…</b>

Fox News has been fairly merciless in its criticism of the 'Ground Zero Mosque.' Commentators on the station consider the mosque to be dangerous and.

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budgeting personal finances

J.D.: Parents tend not to like parenting advice from parents either. You really can’t win. It’s a war zone re: parenting choices out there, and all that tells me is that overall families with kids are not feeling well-accommodated in the current economic structure.

Glad the family factor finally got mentioned though. Similarly our first cutting area would have to be kids’ extracurriculars, second would be quality of nutrition, third would be heat, then we’d sell the house or take on a tenant rather than lending our basement apartment to a friend.

Parenthood has three-quartered our income and nearly quadrupled our expenses. We didn’t have a car, for example, before the kids started begging for us to please get out of the city sometimes. And how do you say no to that if you can afford it? “No, kid. Go play in the parking lot. Trees aren’t all they’re chalked up to be.” Our only financial fat is kids’ activities. With two kids and no consumer debt, we have very little to cut re: grownup expenses. (Um, we get takeout once a week so I can stop cooking for a minute?)

Etc. etc..

That said I’m constantly looking for ways to bring a little in here and there while I’m mostly at home. This will get easier when they’re both in full day school. Day care + summer camps would cost more than my salary as an arts professional, so I opted to stay mainly at home for seven years. Opted being a strong word. It was a financial no-brainer, and I personally felt I had no choice. On the other hand other parents I know feel compelled to work full time because in their particular situation that makes the most sense. Truly every situation is different, and no doubt everyone is doing what they can to provide as much as they can for their kids.

Financial factors aside, some people freely admit to not being able to handle the stresses of at-home parenting. Self-knowledge is key to this gig. Better the kids are in daycare than cared for by a no doubt loving but resentful and unhappy parent. Loving the act of parenting and loving your children are two very different things.

I’ve recently moved to an area where it is common for the small businesses not to take a card, I’m sure for this reason. I’m from a larger city where I hadn’t experienced this, so I was surprised to walk into several stores, and have to walk right back out, because I don’t have cash on me. While I understand the reasoning explained here, the business has to understand that NOT taking a card is a business risk they have to weigh. In this day’s society, most people don’t carry cash. Small businesses are closing left and right, because they didn’t plan properly for the costs of business. I expect the lights to be on when I walk in the door; do I have to pay a portion of their electricity bill too?

My husband and I simply won’t patron these places, because we don’t carry cash. I have a credit card, and pay it off at the end of each month. It is simply more convenient (and safer, as a very unlucky someone who has had her wallet stolen THREE different times) to carry plastic. [Side note: even if I didn't use the card responsibly, the credit card companies are another business, they make their profit off of people who don't have money, and want to borrow some, similar to a car rental, and if the person who uses the card, with the knowledge of their interest rate, that is their right and their concern what they do with their money, not mine.] Unfortunately, this is just part of the cost of doing business, the small purchases with the large. But as a business, that is certainly within rights to not accept a charge card. It’s just our right to go somewhere else that makes the experience convenient for the CUSTOMER, instead of the business.

As for advice for small businesses to set themselves apart, I’ll relate a short story. There is a small deli, family-owned, right across from my former workplace. Their food was good, but nothing special. Their prices were good, but I certainly could have gotten larger portions and possibly tastier food elsewhere? So why did I keep coming back? They offered something that no Subway does — when I came in, they greeted me by name, knew what I liked and suggested things, asked about my life. In the depths of the worst of the bad economy, they opened a second location across the street, because they had too much business. It’s not the economy closing the small businesses. A small business is rarely going to be able to compete in prices or convenience. So what else is there to do? Offer something I couldn’t get elsewhere–an experience.


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Bill O'Reilly Duped by Faux <b>News</b>? – CBS MoneyWatch.com

The email promised “$1196 per week, tax free!” by exploiting supposedlyforgotten “Constitutionally-guaranteed” government pay.

New Port Townsend police officer fills long-vacant position <b>…</b>

New Port Townsend police officer fills long-vacant position. Click here to zoom… Officer Ryan Smith, who joined the Port Townsend Police Department this week. — Photo by Charlie Bermant/Peninsula Daily News. By Charlie Bermant …

How Facebook Questions Is Different | Small Business <b>News</b>, Tips <b>…</b>

A few weeks back I wrote about building authority through questions & answers. That post looked at some of the most popular Q&A sites available for SMB.

Bill O'Reilly Duped by Faux <b>News</b>? – CBS MoneyWatch.com

The email promised “$1196 per week, tax free!” by exploiting supposedlyforgotten “Constitutionally-guaranteed” government pay.

New Port Townsend police officer fills long-vacant position <b>…</b>

New Port Townsend police officer fills long-vacant position. Click here to zoom… Officer Ryan Smith, who joined the Port Townsend Police Department this week. — Photo by Charlie Bermant/Peninsula Daily News. By Charlie Bermant …

How Facebook Questions Is Different | Small Business <b>News</b>, Tips <b>…</b>

A few weeks back I wrote about building authority through questions & answers. That post looked at some of the most popular Q&A sites available for SMB.

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foreclosure help


Virginia Attorney General Ken Cuccinelli has sued two Virginia Beach mortgage loan modification companies, claiming they charged consumers as much as $1,200 in advance for help to fend off foreclosures.

Under the state's foreclosure rescue law, a business can't charge a fee for its services until after completing the job, as long as the deal doesn't include the sale or transfer of residential property. The two lawsuits filed Monday in Virginia Beach Circuit Court claim Nationwide Loan Modification Bureau LLC and Real Estate Resolutions LLC charged fees of as much as $1,200 and $995 respectively before starting work. The suits seek refunds for consumers in cases for which services were not completely performed, and also seeks civil penalties of as much as $2,500 for each alleged violation.

“During these difficult times, the last thing people need is to be kicked when they are down,” Cuccinelli said in a statement. Real Estate Resolutions could not be reached immediately for comment and an automated operator said the number for Nationwide Loan Modification Bureau was not in service.

Paying up-front fees is a “red flag” to avoid when looking for foreclosure prevention help, says the U.S. Federal Trade Commission. The agency recommends contacting your lender first to try to negotiate a new repayment schedule. But if that fails, the FTC says to stay away from businesses that:

  • guarantee to stop the foreclosure regardless of the circumstances
  • collect fees before providing services
  • tell consumers not to contact lenders, lawyers or credit and housing counselors
  • accept payment only by cashier's check or wire transfer
  • instruct consumers to make mortgage payments to them, rather than the lenders
  • tells customers to transfer the property deeds to them or offers to buy houses for cash at a price not set by the housing market
  • offer to fill out the paperwork or put pressure on consumers to sign paperwork they haven't fully read or understand

Consumers facing foreclosure have other options before enlisting a foreclosure prevention company. Read about some of those on WalletPop.

This is part of my What Happened to ACORN series.

Last week a group called New York Communities for Change (NYCC) joined with New York City Comptroller John Liu and seven of New York's largest unions to demand that Wall Street's biggest banks reform their loan modification policies so families facing foreclosure will not lose their homes. If other groups follow that lead, we might make a big dent in the foreclosure crisis.

NYCC and its sister organization, Mutual Housing Association of New York, have been working with foreclosure victims neighborhoods like St. Albans in Queens, or Bed-Stuy in Brooklyn not far from Wall Street, where homeowners have been forced to make impossible choices: keep up their skyrocketing mortgage payments or provide their families with food and clothing.

Members of the group are angry at banks, who have been painfully slow to offer loan modifications, or simply refuse to lift a finger to help vulnerable families and neighborhoods to avoid foreclosure. Some banks often screw homeowners by sending numerous requests for already-submitted documents, and then foreclose on the hapless homeowner because the banks falsely claim that they never got those same documents!

The federal government's attempt to solve the foreclosure crisis has failed. In 2009, 50,000 foreclosures swept New York state, with nearly half in NYC. Across the country the crisis is getting worse, not better. Katrina vanden Heuvel on July 15, in the Nation, reported that New York City foreclosures rose 16 percent in the first quarter of 2010 compared to the same period last year, with “…over 265,000 mortgages — 13 percent of the mortgages in New York State-are now past due or in the foreclosure process. Meanwhile, banks have made less than 12,000 permanent modifications in the state since May 2009.”

After several community meetings it became clear that many NYCC and union members need their mortgages modified because they are underwater or delinquent. The community and labor groups put together an action plan with Comptroller Liu, SEIU 32BJ & 1199, United Federation of Teachers, TWU, DC37, RWDSU, and the NY Hotel and Motel Trades Council.

To start they will send a letter to Citigroup, JPMorgan Chase, Bank of America and Wells Fargo, criticizing them for dragging their feet and demanding they do “everything possible” to avert foreclosures, including mortgage modifications.

At a July 13th, press conference, Michael Mulgrew, President, UFT, said he has brought the issue to the pension funds and they will consider all options. John Samuelsen, President, TWU Local 100 said that “since he was on the board of the city pension fund, he would ask that the bank's response be one of the ways in which they evaluate where they put their money.” NYCC member, Jean-Andre Sassine, caught in the mortgage bind, said, “if the big banks won't listen to homeowners, we thought that they should hear from some of their biggest investors — the city, the unions and their pension funds.”

If the banks fail to act, all parties involved could move their pension funds and bank deposits to other institutions. That is why the groups call their plan the Move Your Money campaign.
They claim it will not only modify foreclosures and save homes, it will hold big banks accountable to the community where they take deposits and profit from government supported loans. After foreclosures, neighbors who remain behind suffer from declining property values, and local and state revenues plummet, contributing to a stagnant economy and high unemployment. The coalition is demanding answers by September 1.

Thus far the Obama administration plan — which relies on a voluntary mortgage modification program — has not worked, forcing New Yorkers to take matters into their own hands.
The groups put Wall Street on notice that unless the banks increase the number of modifications, including principal write-downs, expedite the modification process and stop foreclosure proceedings while applications are being reviewed, the group will increase the pressure. “This is just the first step in a campaign to win loan modifications that stop preventable foreclosures. We're saying it loud and clear – if the banks won't listen, it's time to move our money,” Jon Kest, NYCC's executive director.

What happened to ACORN?
It is a rare showing of both money and people power, with the unions representing over 500,000 working families. NYCC is a coalition of low- and moderate-income working families fighting for social and economic justice throughout New York State and includes some of the leaders and organizers from the now defunct ACORN. The group also uses many of the same tactics and strategies. NYCC's members and leaders hope the action taken by New York City's Comptroller and labor leaders will lead to a dramatic shift in how the banks deal with borrowers.

Civic leaders across the country should follow the coalition's lead. Either big banks become part of the solution or the rest of us will have to Move the Money.

You can buy a copy of John Atlas's new book about ACORN, which tells the whole Acorn story at Amazon or Vanderbilt University Press or in most local book stores.


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Google Hires BBC <b>News</b> Exec To Woo Publishers | paidContent:UK

Google (NSDQ: GOOG) is hiring BBC News' head of development and rights, Madhav Chinnappa, to its partnerships team for Europe, the Middle East and Africa, it tells paidContent:UK, “with a specific focus on helping publishers get the …

This Week's Health Industry <b>News</b> – Prescriptions Blog – NYTimes.com

State insurance commissioners discuss the new health care law. An FDA advisory panel is to review a new use for an antidepressant.

Breaking <b>News</b>: Perry Prop 8 Stay Granted By 9th Circuit | Emptywheel

The 9th Circuit has granted the request for stay in the Perry Prop 8 case.

Mortgage Foreclosure by mortgage_foreclosure_solutions

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managing your personal finances

As you’ll read tomorrow (or Monday), I’ve entered a new phase in my life. After years of hard work and long hours building this blog (time that I’ve enjoyed), I’ve been shifting things around so that I have more free time. As a result, I’m going to have more time to devote to creating quality blog posts, instead of rushing around at the last minute looking for something to write about.

Because of this, it’s time yet again to take requests. I do this about once a year, and it’s a great way to get a feel for what GRS readers are interested in. I’d be grateful if you’d take the time to leave a comment below with topic suggestions or article requests. It doesn’t matter if we’ve covered the subject in the past. If you’d like me (or one of the other GRS staff) to write about it, let me know.

Have there been too many articles about credit cards? Too few articles about credit cards? Would you like to know more about individual savings accounts? Do you like the articles about the psychology of spending? Would it be helpful to have somebody come in to explain insurance concepts in plain English? Should I try to persuade my wife to share more of her recipes now and then? Let me know what you’d like to read about!

While you’re all providing feedback about the site, here are a few recent articles of note:

Over at The Simple Dollar, Trent and his readers had a thoughtful discussion about the obligations of wealth. “I think there is some inherent distrust of the rich in the mainstream of American society,” Trent writes as he describes how a wealthy person can keep from alienating his friends. There’s so much to say about this topic; I’m tempted to write an entire article about it.

GRS reader Steven writes a blog called Hundred Goals, which is about achieving your goals while managing your finances. After Sierra’s post this morning about travel, he dropped me a line to let me know that he has a recent article about how to have a great vacation.

Speaking of vacation, my pal Jason over at No Credit Needed spent time compiling day-use fees and free days for state parks across the United States. Handy page to bookmark!

And here’s more travel! At The Art of Non-Conformity, my good friend Chris Guillebeau has posted a beginner’s guide to travel hacking. I’ve been asking him to share this info for a long time; now I’ve got to take responsibility to use the knowledge he’s shared.

Finally, I’ve been giving a lot of interviews lately. I’m much more comfortable with these than I used to be. (They used to scare me to death!) Some examples:

  • Colleen from The Frisky interviewed me about how to save money even when you’re living paycheck to paycheck. This is a tough quandary, something I’m asked about a lot.
  • In an interview with BeFrugal, I discuss frugality, happiness, and conscious spending. (Note: “the ballot” should be “the balance” — I must have mumbled.)
  • Jeff Rose at Good Financial Cents also interviewed me. This interview is very much about the process of writing a book, which may or may not interest you.
  • I also spoke with Beverly Harzog from Card Ratings. We chatted about credit cards, of course, but also about other aspects of personal finance.
  • Finally, USA Weekend has a short piece on how to give your 401(k) a midyear check, for which author Richard Eisenberg interviewed me back in May. This is a perfect example of how much work goes into even a small newspaper article. Eisenberg spent 20-30 minutes on the phone with me, and I’m sure he did the same with the other folks he quotes. Plus, I’ll bet he spent a lot of time writing. I wouldn’t be surprised if there were 4-6 hours in this small piece.

Okay, one last thing before I go. Tim pointed me to a two-year-old New York Times series about the debt trap, which includes an interactive infographic showing average household debt loads over the past century.

That’s enough links for today. Please do leave a comment with topic requests or other feedback. Meanwhile, it’s time for me to go do some yardwork…

As you’ll read tomorrow (or Monday), I’ve entered a new phase in my life. After years of hard work and long hours building this blog (time that I’ve enjoyed), I’ve been shifting things around so that I have more free time. As a result, I’m going to have more time to devote to creating quality blog posts, instead of rushing around at the last minute looking for something to write about.

Because of this, it’s time yet again to take requests. I do this about once a year, and it’s a great way to get a feel for what GRS readers are interested in. I’d be grateful if you’d take the time to leave a comment below with topic suggestions or article requests. It doesn’t matter if we’ve covered the subject in the past. If you’d like me (or one of the other GRS staff) to write about it, let me know.

Have there been too many articles about credit cards? Too few articles about credit cards? Would you like to know more about individual savings accounts? Do you like the articles about the psychology of spending? Would it be helpful to have somebody come in to explain insurance concepts in plain English? Should I try to persuade my wife to share more of her recipes now and then? Let me know what you’d like to read about!

While you’re all providing feedback about the site, here are a few recent articles of note:

Over at The Simple Dollar, Trent and his readers had a thoughtful discussion about the obligations of wealth. “I think there is some inherent distrust of the rich in the mainstream of American society,” Trent writes as he describes how a wealthy person can keep from alienating his friends. There’s so much to say about this topic; I’m tempted to write an entire article about it.

GRS reader Steven writes a blog called Hundred Goals, which is about achieving your goals while managing your finances. After Sierra’s post this morning about travel, he dropped me a line to let me know that he has a recent article about how to have a great vacation.

Speaking of vacation, my pal Jason over at No Credit Needed spent time compiling day-use fees and free days for state parks across the United States. Handy page to bookmark!

And here’s more travel! At The Art of Non-Conformity, my good friend Chris Guillebeau has posted a beginner’s guide to travel hacking. I’ve been asking him to share this info for a long time; now I’ve got to take responsibility to use the knowledge he’s shared.

Finally, I’ve been giving a lot of interviews lately. I’m much more comfortable with these than I used to be. (They used to scare me to death!) Some examples:

  • Colleen from The Frisky interviewed me about how to save money even when you’re living paycheck to paycheck. This is a tough quandary, something I’m asked about a lot.
  • In an interview with BeFrugal, I discuss frugality, happiness, and conscious spending. (Note: “the ballot” should be “the balance” — I must have mumbled.)
  • Jeff Rose at Good Financial Cents also interviewed me. This interview is very much about the process of writing a book, which may or may not interest you.
  • I also spoke with Beverly Harzog from Card Ratings. We chatted about credit cards, of course, but also about other aspects of personal finance.
  • Finally, USA Weekend has a short piece on how to give your 401(k) a midyear check, for which author Richard Eisenberg interviewed me back in May. This is a perfect example of how much work goes into even a small newspaper article. Eisenberg spent 20-30 minutes on the phone with me, and I’m sure he did the same with the other folks he quotes. Plus, I’ll bet he spent a lot of time writing. I wouldn’t be surprised if there were 4-6 hours in this small piece.

Okay, one last thing before I go. Tim pointed me to a two-year-old New York Times series about the debt trap, which includes an interactive infographic showing average household debt loads over the past century.

That’s enough links for today. Please do leave a comment with topic requests or other feedback. Meanwhile, it’s time for me to go do some yardwork…

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HP readying WebOS tablet for early 2011? | Circuit Breaker – CNET <b>News</b>

An HP executive reportedly announces at an employee meeting that the device will be ready in the first quarter of next year. Read this blog post by Erica Ogg on Circuit Breaker.

Holiday Special Casting <b>News</b> for 'Warehouse 13' and 'Eureka'

Remember getting excited for the TV Christmas specials as a child? Instead of now, where you dread the holiday hiatus your favorite shows take. Well,

Blago <b>News</b>? | Talking Points Memo

The jury in the corruption trial of former Illinois Gov. Rod Blagojevich has been deliberating for 11 days now. This afternoon, there is increased activity around the courthouse, according to reporters on the scene in Chicago.

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Apparently controlling the Federal Reserve, funding their bonuses with billions in taxpayer dollars and quite nearly bringing down the global economy with their degenerate gambling habits isn’t enough.

Wall Street now wants to punish any Democrat who lifts a hand against them, and they’re willing to fund primary challenges to do it.

Carolyn Maloney worked to push through the Credit Card Holder’s Bill of Rights, which may not have gone far enough to limit the ability of Wall Street robber barons to gouge credit card holders.  But it will cost the credit card industry about $10 billion a year, and that was apparently a bridge too far for Steve Rattner, Orrin Kramer, Maureen White and other Democratic party oligarchs who are now funding hedge fund darling Reshma Saujani’s primary challenge as a way to punish Maloney for her transgressions.

From the Washington Post:

has worked at three hedge funds. She speaks the arcane language of derivatives and basis points and mortgage-backed securities. Saujani has positioned herself as the anti-Maloney, the only candidate who understands how stressful and difficult the past few years have been for some of the wealthiest people in America.

Poor dears. Yes, the Masters of the Universe are so very put upon in these hard times.  It’s only right that they be allowed to have their own member of Congress, if they can afford one:

Since she entered the race in November, Saujani has received more than $800,000 in campaign contributions, an impressive tally for an untested candidate. Many of those checks came from New York financiers and their spouses.

Former Morgan Stanley chief executive John Mack has given her money. So has Apollo Management founder Leon Black and the wife of J.P. Morgan Chase chief executive Jamie Dimon. Hedge fund mogul Marc Lasry hosted a fundraiser for her featuring singer John Legend that brought in a clean $100,000.

She has also attracted help from prominent New Yorkers. Maureen White, a major Democratic donor and wife of financier Steven Rattner, is introducing her to potential donors. Diana Taylor, a Republican former investment banker and the longtime companion of Mayor Michael R. Bloomberg (I), is advising her campaign.

Maureen White, the former National Finance Chair of the DNC (who was able get a story about her DUI yanked out of the New York Times thanks to the close personal friendship between her husband Steve Rattner and Pinch Sulzberger), thinks that now is the right time to be publicly attacking the recently widowed Maloney for just not being quite sharp enough for the job:

Saujani’s supporters openly question Maloney’s fitness to serve and her intellectual heft. In an interview, White, the major Democratic donor, called Maloney “a good person.” But she said, “There’s a lot more to being a good representative: leadership, intelligence, hard work, a creative approach to policy, thinking things through.

“When you look at this district, it should have a star,” White added. “We need the best of the best, and I think Reshma is in that category in a way Carolyn isn’t.”

And why does White  think Reshma’s got the intellectual ballast?  Well, because Reshma understands that “the financial industry has been unfairly demonized in Congress”:

“Populism for the sake of populism, to increase poll numbers, is not helpful,” she said. “We need to have people in Washington who feel comfortable with understanding regulatory markets, economic terms. . . . I don’t think that she has practical real-world experience.”

Yes, that angry rabble who just don’t understand how Very Important our Wall Street Overlords are just need to STFU and graciously accept the leadership of someone like Reshma, whose glowing resume includes:

  • Chief Operating Officer of a fund at Carret Asset Management, the hedge fund partially controlled by Hassan Nemazee, who recently pled guilty to running a Ponzi scheme that looted $292 million from banks to pay for a yacht, a Maserati and a Cesna, among other perks.
  • Associate General Counsel for The Carlyle Group’s Blue Wave Partners Management, which invested in mortgage-backed securities. Unsurprisingly, Reshma doesn’t support current legislation to regulate derivatives trading.
  • Deputy Chief Operating Officer of the Liquid Markets business at Fortress Investments, the hedge fund that owned a subprime mortgage lender that “foreclosed on New Orleans homeowners who fell behind on their payments after Hurricane Katrina.”  Reshma says she was “unaware of the problem.”

Reshma has convinced the Right People that she’ll be there for them.  Even Mike Bloomberg has blessed her, through his girlfriend Diana Taylor, quoted in the Washington Post article:

“Reshma has a strong fundamental understanding about how the industry works,” Taylor said. “You’ve got these people [in Congress] yelling and screaming who know nothing about what they’re talking about — nothing. And it just creates a huge problem.”

Oh yes, Congress and their “screaming and yelling” about Wall Street.   They really have been terribly unfair to the poor banks.  No wonder the Masters of the Universe feel they’re entitled to their own member of Congress to address this terrible injustice.  And they’re writing the checks that fund her.

Aaron Patzer, the founder of Mint.com (2008), sold his company to Intuit for $170 million and has been ensconced as Vice President and General Manager of Intuit Personal Finance Group. But he hasn't forgotten his entrepreneurial roots. He's using that stack of cash from Intuit to make some angel investments of his own, including a stake in Jack Abraham's Milo.com, which is on this year's list. And he's also an informal advisor to Anapata's Ooshma Garg.

When he appeared on the 30 Under 30 list in 2008, Etsy founder Rob Kalin had just hired a professional CEO and given up day-to-day management responsibilities. But last December, Kalin retook the reins. Etsy has thrived since–the company is profitable and has been posting double-digit monthly sales gains. In his spare time, Kalin is working on a second company, Parachutes.org, an online education start-up.

Chaim Indig and Evan Roberts, the founders of Phreesia (2008), closed a $16 million Series D investment from Ascension Health Ventures in May. Phreesia, a self-service patient check-in company that makes electronic tablets for use in doctors' offices, will use the investment to expand its nationwide presence.

Involver founders Rahim Fazal and Noah Horton (2008), have added Facebook, the White House, and Sony Music to their client list. Involver, which helps companies and organizations build their video presence across social networking platforms, now supports more than 80,000 brands.

It's been a big year for Ben Lerer and Adam Rich and their company Thrillist (2009). Early in 2010, Lerer and his father Ken, co-founder of The Huffington Post, launched the New York City-based angel fund Lerer Media Ventures. And in the spring, Thrillist made its first acquisition, expanding into the e-commerce space with the purchase of Jack Threads, a flash-sale site for men's streetwear that works similarly to Gilt.com. With the deal, Thrillist diversifies its business, which was heavily dependent on advertising revenue, while Jack Threads will get its name in front of Thrillist's nearly 2 million e-mail subscribers.  “We have the e-mail list and they have the vendor relationships,” Lerer says. “The case we made is that it would be just so much easier for them if they didn't have to worry about building the audience.”

Box.net's (2008) Aaron Levie and Dylan Smith grew their company more than 535 percent in 2009 and tripled revenue in the first half of 2010 compared to the same period in 2009.  Box.net allows users to share, store, and access any type of digital file from anywhere at anytime, and now has more than 4 million users, ranging from SMBs to giants like Volvo, Audi and Coca Cola. The company launched one of the first customized business applications for the iPad, developed mobile applications for the iPhone and Blackberry, and also integrated with other mobile productivity applications. Last April, the founders landed $15M in Series C financing, led by Scale Venture Partners, bringing Box.net's total venture funding to $29.5M.  Levie and Smith plan to invest aggressively in R&D and will add a significant number of employees.

Ben Kaufman (2007) sold Mophie in August of 2007 and began developing Kluster, a platform designed for group decision making and measuring influence. It's Kluster that drives Quirky, the social product development company that Kaufman launched in June 2009.  Quirky develops one new product a week and shares the revenue with the influencers who helped develop each product. Since launch, Quirky has collaboratively developed 46 new products, hit threshold on 16 (the trigger that sends a product into production) and raised $6 million dollars in series A financing led by RRE (also an investor in Venmo, on this year's list.)

penis extender

Money Magazine gives the low-down on the differences between a traditional 401(k) and the newer kid on the block, a Roth 401(k) by QuizzleTown

Apparently controlling the Federal Reserve, funding their bonuses with billions in taxpayer dollars and quite nearly bringing down the global economy with their degenerate gambling habits isn’t enough.

Wall Street now wants to punish any Democrat who lifts a hand against them, and they’re willing to fund primary challenges to do it.

Carolyn Maloney worked to push through the Credit Card Holder’s Bill of Rights, which may not have gone far enough to limit the ability of Wall Street robber barons to gouge credit card holders.  But it will cost the credit card industry about $10 billion a year, and that was apparently a bridge too far for Steve Rattner, Orrin Kramer, Maureen White and other Democratic party oligarchs who are now funding hedge fund darling Reshma Saujani’s primary challenge as a way to punish Maloney for her transgressions.

From the Washington Post:

has worked at three hedge funds. She speaks the arcane language of derivatives and basis points and mortgage-backed securities. Saujani has positioned herself as the anti-Maloney, the only candidate who understands how stressful and difficult the past few years have been for some of the wealthiest people in America.

Poor dears. Yes, the Masters of the Universe are so very put upon in these hard times.  It’s only right that they be allowed to have their own member of Congress, if they can afford one:

Since she entered the race in November, Saujani has received more than $800,000 in campaign contributions, an impressive tally for an untested candidate. Many of those checks came from New York financiers and their spouses.

Former Morgan Stanley chief executive John Mack has given her money. So has Apollo Management founder Leon Black and the wife of J.P. Morgan Chase chief executive Jamie Dimon. Hedge fund mogul Marc Lasry hosted a fundraiser for her featuring singer John Legend that brought in a clean $100,000.

She has also attracted help from prominent New Yorkers. Maureen White, a major Democratic donor and wife of financier Steven Rattner, is introducing her to potential donors. Diana Taylor, a Republican former investment banker and the longtime companion of Mayor Michael R. Bloomberg (I), is advising her campaign.

Maureen White, the former National Finance Chair of the DNC (who was able get a story about her DUI yanked out of the New York Times thanks to the close personal friendship between her husband Steve Rattner and Pinch Sulzberger), thinks that now is the right time to be publicly attacking the recently widowed Maloney for just not being quite sharp enough for the job:

Saujani’s supporters openly question Maloney’s fitness to serve and her intellectual heft. In an interview, White, the major Democratic donor, called Maloney “a good person.” But she said, “There’s a lot more to being a good representative: leadership, intelligence, hard work, a creative approach to policy, thinking things through.

“When you look at this district, it should have a star,” White added. “We need the best of the best, and I think Reshma is in that category in a way Carolyn isn’t.”

And why does White  think Reshma’s got the intellectual ballast?  Well, because Reshma understands that “the financial industry has been unfairly demonized in Congress”:

“Populism for the sake of populism, to increase poll numbers, is not helpful,” she said. “We need to have people in Washington who feel comfortable with understanding regulatory markets, economic terms. . . . I don’t think that she has practical real-world experience.”

Yes, that angry rabble who just don’t understand how Very Important our Wall Street Overlords are just need to STFU and graciously accept the leadership of someone like Reshma, whose glowing resume includes:

  • Chief Operating Officer of a fund at Carret Asset Management, the hedge fund partially controlled by Hassan Nemazee, who recently pled guilty to running a Ponzi scheme that looted $292 million from banks to pay for a yacht, a Maserati and a Cesna, among other perks.
  • Associate General Counsel for The Carlyle Group’s Blue Wave Partners Management, which invested in mortgage-backed securities. Unsurprisingly, Reshma doesn’t support current legislation to regulate derivatives trading.
  • Deputy Chief Operating Officer of the Liquid Markets business at Fortress Investments, the hedge fund that owned a subprime mortgage lender that “foreclosed on New Orleans homeowners who fell behind on their payments after Hurricane Katrina.”  Reshma says she was “unaware of the problem.”

Reshma has convinced the Right People that she’ll be there for them.  Even Mike Bloomberg has blessed her, through his girlfriend Diana Taylor, quoted in the Washington Post article:

“Reshma has a strong fundamental understanding about how the industry works,” Taylor said. “You’ve got these people [in Congress] yelling and screaming who know nothing about what they’re talking about — nothing. And it just creates a huge problem.”

Oh yes, Congress and their “screaming and yelling” about Wall Street.   They really have been terribly unfair to the poor banks.  No wonder the Masters of the Universe feel they’re entitled to their own member of Congress to address this terrible injustice.  And they’re writing the checks that fund her.

Aaron Patzer, the founder of Mint.com (2008), sold his company to Intuit for $170 million and has been ensconced as Vice President and General Manager of Intuit Personal Finance Group. But he hasn't forgotten his entrepreneurial roots. He's using that stack of cash from Intuit to make some angel investments of his own, including a stake in Jack Abraham's Milo.com, which is on this year's list. And he's also an informal advisor to Anapata's Ooshma Garg.

When he appeared on the 30 Under 30 list in 2008, Etsy founder Rob Kalin had just hired a professional CEO and given up day-to-day management responsibilities. But last December, Kalin retook the reins. Etsy has thrived since–the company is profitable and has been posting double-digit monthly sales gains. In his spare time, Kalin is working on a second company, Parachutes.org, an online education start-up.

Chaim Indig and Evan Roberts, the founders of Phreesia (2008), closed a $16 million Series D investment from Ascension Health Ventures in May. Phreesia, a self-service patient check-in company that makes electronic tablets for use in doctors' offices, will use the investment to expand its nationwide presence.

Involver founders Rahim Fazal and Noah Horton (2008), have added Facebook, the White House, and Sony Music to their client list. Involver, which helps companies and organizations build their video presence across social networking platforms, now supports more than 80,000 brands.

It's been a big year for Ben Lerer and Adam Rich and their company Thrillist (2009). Early in 2010, Lerer and his father Ken, co-founder of The Huffington Post, launched the New York City-based angel fund Lerer Media Ventures. And in the spring, Thrillist made its first acquisition, expanding into the e-commerce space with the purchase of Jack Threads, a flash-sale site for men's streetwear that works similarly to Gilt.com. With the deal, Thrillist diversifies its business, which was heavily dependent on advertising revenue, while Jack Threads will get its name in front of Thrillist's nearly 2 million e-mail subscribers.  “We have the e-mail list and they have the vendor relationships,” Lerer says. “The case we made is that it would be just so much easier for them if they didn't have to worry about building the audience.”

Box.net's (2008) Aaron Levie and Dylan Smith grew their company more than 535 percent in 2009 and tripled revenue in the first half of 2010 compared to the same period in 2009.  Box.net allows users to share, store, and access any type of digital file from anywhere at anytime, and now has more than 4 million users, ranging from SMBs to giants like Volvo, Audi and Coca Cola. The company launched one of the first customized business applications for the iPad, developed mobile applications for the iPhone and Blackberry, and also integrated with other mobile productivity applications. Last April, the founders landed $15M in Series C financing, led by Scale Venture Partners, bringing Box.net's total venture funding to $29.5M.  Levie and Smith plan to invest aggressively in R&D and will add a significant number of employees.

Ben Kaufman (2007) sold Mophie in August of 2007 and began developing Kluster, a platform designed for group decision making and measuring influence. It's Kluster that drives Quirky, the social product development company that Kaufman launched in June 2009.  Quirky develops one new product a week and shares the revenue with the influencers who helped develop each product. Since launch, Quirky has collaboratively developed 46 new products, hit threshold on 16 (the trigger that sends a product into production) and raised $6 million dollars in series A financing led by RRE (also an investor in Venmo, on this year's list.)

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RoboForm Version <b>News</b>

Version News. News and details from current and past versions of RoboForm. Version 6.10.0 * Add import of logins and bookmarks from LastPass and KeePass. * Add welcome help balloon on new install. * RoboForm2Go installer can be started …

Stabroek <b>News</b> – Starr to roll out $40000 computer before end of 2011

Daily News, Sports, Business, Entertainment and more from Guyana.

Business <b>News</b> You Need Today: Aug. 6, 2010 – DailyFinance

David Schepp has covered business news for more than a decade at news organizations such as Dow Jones, BBC News and Gannett. His beats have included technology, biotechnology, health care and workplace. He lives in New York's Hudson …

Money Magazine gives the low-down on the differences between a traditional 401(k) and the newer kid on the block, a Roth 401(k) by QuizzleTown

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personal finance budgets


Forget the coupon clipping. A straightforward, realistic budget is the best deal you'll ever find.

Why is a budget the best deal? Because, just like your childhood puppy your budget will always be there for you, no expiration dates, no fine print to yank away the savings after you've already been whipped into a furry of consumerism. If you care for your budget it will take care of you so that “saving” isn't just not unnecessarily spending an extra $5 at the grocery store this week; but actually saving money in a high yield savings account. Another great thing about a budget is that, again like your puppy, it will take you back even if you screw up.

Think outside the sale. For years I chased after deals and discounts like they were the oxygen keeping me alive. It didn't matter if I needed an item or not — if there was a sticker advertising 60, 70, 80 or 90% off a gadget, I wanted to buy it. How could I pass up the savings?

It wasn't until recently that I realized a budget is the best deal you can find. After taking a few minutes to look at how to put together a budget I realized that it takes less time to set up and follow a budget than it does to look for deals every day of the week.

Thanks to great free personal finance management (PFM) tools from sites such as like Mint.com, Rudder and others you can easily create a budget and track how well you are following it each day. These tools will even send you a notification when you go outside of your budget so you aren't shocked at the end of the month. If you don't already have a successful budget don't start creating one yet. First go read these tips for setting realistic budget.

Advice on Budgeting

  • Reverse Budget – A savings first solution from FiveCentNickel
  • Budgeting basics – a Budget primer from Consumerism Commentary including suggestions on how to get started.

My personal favorite and current method of budgeting isn't so much a budget as it is smart spending. Ramit Sethi explains the model in his book I Will Teach You to Be Rich, calling it, “Conscious Spending.” Instead of focusing on the minutia Sethi concedes that it is in fact OK to, “Spend extravagantly on the things you love, and cut costs mercilessly on the things you don't.”

A budget may be the best deal, but that doesn't mean you need to give up on coupon clipping and bargain hunting; just make these tools that support your plan instead of the main focus. If you plan for your purchases, by saving up at SmartyPig or setting a goal in Rudder, you can still go looking for a deal on your next purchase and pay in cash. Trust me, there's something really incredible about paying in cash for the new camera that you've researched and found the best deal on.Thanks to great free personal finance management (PFM) tools from sites such as like Mint.com, Rudder and others you can easily create a budget and track how well you are following it each day. These tools will even send you a notification when you go outside of your budget so you aren't shocked at the end of the month. If you don't already have a successful budget don't start creating one yet. First go read these tips for setting realistic budget.

Advice on Budgeting

  • Reverse Budget – A savings first solution from FiveCentNickel
  • Budgeting basics – a Budget primer from Consumerism Commentary including suggestions on how to get started.

My personal favorite and current method of budgeting isn't so much a budget as it is smart spending. Ramit Sethi explains the model in his book, I Will Teach You to Be Rich, calling it, “conscious spending.” Instead of focusing on the minutia Sethi concedes that it is in fact wise to “spend extravagantly on the things you love, and cut costs mercilessly on the things you don't.”

A budget may be the best deal, but that doesn't mean you need to give up on coupon clipping and bargain hunting; just make these tools that support your plan instead of the main focus. If you plan for your purchases, by saving up at SmartyPig or setting a goal in Rudder, you can still go looking for a deal on your next purchase and pay in cash. Trust me, there's something really incredible about paying in cash for the new camera that you've researched and found the best deal on.
Forget the coupon clipping. A straightforward, realistic budget is the best deal you'll ever find.

Why is a budget the best deal? Because, just like your childhood puppy your budget will always be there for you, no expiration dates, no fine print to yank away the savings after you've already been whipped into a furry of consumerism. If you care for your budget it will take care of you so that “saving” isn't just not unnecessarily spending an extra $5 at the grocery store this week; but actually saving money in a high yield savings account. Another great thing about a budget is that, again like your puppy, it will take you back even if you screw up.

Think outside the sale. For years I chased after deals and discounts like they were the oxygen keeping me alive. It didn't matter if I needed an item or not — if there was a sticker advertising 60, 70, 80 or 90% off a gadget, I wanted to buy it. How could I pass up the savings?

It wasn't until recently that I realized a budget is the best deal you can find. After taking a few minutes to look at how to put together a budget I realized that it takes less time to set up and follow a budget than it does to look for deals every day of the week.

Thanks to great free personal finance management (PFM) tools from sites such as like Mint.com, Rudder and others you can easily create a budget and track how well you are following it each day. These tools will even send you a notification when you go outside of your budget so you aren't shocked at the end of the month. If you don't already have a successful budget don't start creating one yet. First go read these tips for setting realistic budget.

Advice on Budgeting

  • Reverse Budget – A savings first solution from FiveCentNickel
  • Budgeting basics – a Budget primer from Consumerism Commentary including suggestions on how to get started.

My personal favorite and current method of budgeting isn't so much a budget as it is smart spending. Ramit Sethi explains the model in his book I Will Teach You to Be Rich, calling it, “Conscious Spending.” Instead of focusing on the minutia Sethi concedes that it is in fact OK to, “Spend extravagantly on the things you love, and cut costs mercilessly on the things you don't.”

A budget may be the best deal, but that doesn't mean you need to give up on coupon clipping and bargain hunting; just make these tools that support your plan instead of the main focus. If you plan for your purchases, by saving up at SmartyPig or setting a goal in Rudder, you can still go looking for a deal on your next purchase and pay in cash. Trust me, there's something really incredible about paying in cash for the new camera that you've researched and found the best deal on.Thanks to great free personal finance management (PFM) tools from sites such as like Mint.com, Rudder and others you can easily create a budget and track how well you are following it each day. These tools will even send you a notification when you go outside of your budget so you aren't shocked at the end of the month. If you don't already have a successful budget don't start creating one yet. First go read these tips for setting realistic budget.

Advice on Budgeting

  • Reverse Budget – A savings first solution from FiveCentNickel
  • Budgeting basics – a Budget primer from Consumerism Commentary including suggestions on how to get started.

My personal favorite and current method of budgeting isn't so much a budget as it is smart spending. Ramit Sethi explains the model in his book, I Will Teach You to Be Rich, calling it, “conscious spending.” Instead of focusing on the minutia Sethi concedes that it is in fact wise to “spend extravagantly on the things you love, and cut costs mercilessly on the things you don't.”

A budget may be the best deal, but that doesn't mean you need to give up on coupon clipping and bargain hunting; just make these tools that support your plan instead of the main focus. If you plan for your purchases, by saving up at SmartyPig or setting a goal in Rudder, you can still go looking for a deal on your next purchase and pay in cash. Trust me, there's something really incredible about paying in cash for the new camera that you've researched and found the best deal on.
penis extender

Personal Finance Budgeting Methods for Beginners by financemetrics

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foreclosure help

This is part of my What Happened to ACORN series.

Last week a group called New York Communities for Change (NYCC) joined with New York City Comptroller John Liu and seven of New York's largest unions to demand that Wall Street's biggest banks reform their loan modification policies so families facing foreclosure will not lose their homes. If other groups follow that lead, we might make a big dent in the foreclosure crisis.

NYCC and its sister organization, Mutual Housing Association of New York, have been working with foreclosure victims neighborhoods like St. Albans in Queens, or Bed-Stuy in Brooklyn not far from Wall Street, where homeowners have been forced to make impossible choices: keep up their skyrocketing mortgage payments or provide their families with food and clothing.

Members of the group are angry at banks, who have been painfully slow to offer loan modifications, or simply refuse to lift a finger to help vulnerable families and neighborhoods to avoid foreclosure. Some banks often screw homeowners by sending numerous requests for already-submitted documents, and then foreclose on the hapless homeowner because the banks falsely claim that they never got those same documents!

The federal government's attempt to solve the foreclosure crisis has failed. In 2009, 50,000 foreclosures swept New York state, with nearly half in NYC. Across the country the crisis is getting worse, not better. Katrina vanden Heuvel on July 15, in the Nation, reported that New York City foreclosures rose 16 percent in the first quarter of 2010 compared to the same period last year, with “…over 265,000 mortgages — 13 percent of the mortgages in New York State-are now past due or in the foreclosure process. Meanwhile, banks have made less than 12,000 permanent modifications in the state since May 2009.”

After several community meetings it became clear that many NYCC and union members need their mortgages modified because they are underwater or delinquent. The community and labor groups put together an action plan with Comptroller Liu, SEIU 32BJ & 1199, United Federation of Teachers, TWU, DC37, RWDSU, and the NY Hotel and Motel Trades Council.

To start they will send a letter to Citigroup, JPMorgan Chase, Bank of America and Wells Fargo, criticizing them for dragging their feet and demanding they do “everything possible” to avert foreclosures, including mortgage modifications.

At a July 13th, press conference, Michael Mulgrew, President, UFT, said he has brought the issue to the pension funds and they will consider all options. John Samuelsen, President, TWU Local 100 said that “since he was on the board of the city pension fund, he would ask that the bank's response be one of the ways in which they evaluate where they put their money.” NYCC member, Jean-Andre Sassine, caught in the mortgage bind, said, “if the big banks won't listen to homeowners, we thought that they should hear from some of their biggest investors — the city, the unions and their pension funds.”

If the banks fail to act, all parties involved could move their pension funds and bank deposits to other institutions. That is why the groups call their plan the Move Your Money campaign.
They claim it will not only modify foreclosures and save homes, it will hold big banks accountable to the community where they take deposits and profit from government supported loans. After foreclosures, neighbors who remain behind suffer from declining property values, and local and state revenues plummet, contributing to a stagnant economy and high unemployment. The coalition is demanding answers by September 1.

Thus far the Obama administration plan — which relies on a voluntary mortgage modification program — has not worked, forcing New Yorkers to take matters into their own hands.
The groups put Wall Street on notice that unless the banks increase the number of modifications, including principal write-downs, expedite the modification process and stop foreclosure proceedings while applications are being reviewed, the group will increase the pressure. “This is just the first step in a campaign to win loan modifications that stop preventable foreclosures. We're saying it loud and clear – if the banks won't listen, it's time to move our money,” Jon Kest, NYCC's executive director.

What happened to ACORN?
It is a rare showing of both money and people power, with the unions representing over 500,000 working families. NYCC is a coalition of low- and moderate-income working families fighting for social and economic justice throughout New York State and includes some of the leaders and organizers from the now defunct ACORN. The group also uses many of the same tactics and strategies. NYCC's members and leaders hope the action taken by New York City's Comptroller and labor leaders will lead to a dramatic shift in how the banks deal with borrowers.

Civic leaders across the country should follow the coalition's lead. Either big banks become part of the solution or the rest of us will have to Move the Money.

You can buy a copy of John Atlas's new book about ACORN, which tells the whole Acorn story at Amazon or Vanderbilt University Press or in most local book stores.


Virginia Attorney General Ken Cuccinelli has sued two Virginia Beach mortgage loan modification companies, claiming they charged consumers as much as $1,200 in advance for help to fend off foreclosures.

Under the state's foreclosure rescue law, a business can't charge a fee for its services until after completing the job, as long as the deal doesn't include the sale or transfer of residential property. The two lawsuits filed Monday in Virginia Beach Circuit Court claim Nationwide Loan Modification Bureau LLC and Real Estate Resolutions LLC charged fees of as much as $1,200 and $995 respectively before starting work. The suits seek refunds for consumers in cases for which services were not completely performed, and also seeks civil penalties of as much as $2,500 for each alleged violation.

“During these difficult times, the last thing people need is to be kicked when they are down,” Cuccinelli said in a statement. Real Estate Resolutions could not be reached immediately for comment and an automated operator said the number for Nationwide Loan Modification Bureau was not in service.

Paying up-front fees is a “red flag” to avoid when looking for foreclosure prevention help, says the U.S. Federal Trade Commission. The agency recommends contacting your lender first to try to negotiate a new repayment schedule. But if that fails, the FTC says to stay away from businesses that:

  • guarantee to stop the foreclosure regardless of the circumstances
  • collect fees before providing services
  • tell consumers not to contact lenders, lawyers or credit and housing counselors
  • accept payment only by cashier's check or wire transfer
  • instruct consumers to make mortgage payments to them, rather than the lenders
  • tells customers to transfer the property deeds to them or offers to buy houses for cash at a price not set by the housing market
  • offer to fill out the paperwork or put pressure on consumers to sign paperwork they haven't fully read or understand

Consumers facing foreclosure have other options before enlisting a foreclosure prevention company. Read about some of those on WalletPop.
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7 Deed In Lieu of Foreclosure by Distressed Home Solutions

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budgeting personal finances

J.D.: Parents tend not to like parenting advice from parents either. You really can’t win. It’s a war zone re: parenting choices out there, and all that tells me is that overall families with kids are not feeling well-accommodated in the current economic structure.

Glad the family factor finally got mentioned though. Similarly our first cutting area would have to be kids’ extracurriculars, second would be quality of nutrition, third would be heat, then we’d sell the house or take on a tenant rather than lending our basement apartment to a friend.

Parenthood has three-quartered our income and nearly quadrupled our expenses. We didn’t have a car, for example, before the kids started begging for us to please get out of the city sometimes. And how do you say no to that if you can afford it? “No, kid. Go play in the parking lot. Trees aren’t all they’re chalked up to be.” Our only financial fat is kids’ activities. With two kids and no consumer debt, we have very little to cut re: grownup expenses. (Um, we get takeout once a week so I can stop cooking for a minute?)

Etc. etc..

That said I’m constantly looking for ways to bring a little in here and there while I’m mostly at home. This will get easier when they’re both in full day school. Day care + summer camps would cost more than my salary as an arts professional, so I opted to stay mainly at home for seven years. Opted being a strong word. It was a financial no-brainer, and I personally felt I had no choice. On the other hand other parents I know feel compelled to work full time because in their particular situation that makes the most sense. Truly every situation is different, and no doubt everyone is doing what they can to provide as much as they can for their kids.

Financial factors aside, some people freely admit to not being able to handle the stresses of at-home parenting. Self-knowledge is key to this gig. Better the kids are in daycare than cared for by a no doubt loving but resentful and unhappy parent. Loving the act of parenting and loving your children are two very different things.

In 2006, recent Harvard grad Alexa von Tobel was headed for a job at Morgan Stanley. But though she would soon be managing the bank’s investments, she realized she didn’t know the first thing about her own finances. Most financial guides seemed to be written for middle-aged readers with millions in assets, rather than recent college grads. “I was reading every book I could find, but none of them spoke to me,” she says. So she came up with the idea for LearnVest, an online personal-finance resource for young women like her, and ended up writing an 80-page business plan.

After two years at Morgan Stanley, von Tobel entered Harvard Business School in 2008. But upon winning a business plan competition held by Astia, a non-profit that supports women entrepreneurs, she took a five-year leave of absence and invested $75,000 of her Wall Street earnings to start LearnVest in November. She quickly enlisted advisors, including Betsy Morgan, the former CEO of the Huffington Post, and Catherine Levene, the former COO of DailyCandy, to help develop the site’s content and technology. In January 2009, she secured $1.1 million in seed funding from executives at Goldman Sachs.

LearnVest’s site launched a year later and has since signed up more than 100,000 members. It offers online budgeting calculators, video chats with certified financial planners on the company’s staff, and free e-mail tutorials on topics such as opening an IRA. The company earns revenue from advertising and by referring its users to companies such as TD Ameritrade. In April, after just four weeks of fundraising, von Tobel closed a $4.5 million investment round led by Accel Partners, which has also invested in Facebook and Etsy. (Incidentally, Facebook CEO Mark Zuckerberg lived in the same dorm as von Tobel at Harvard.)

Von Tobel likens LearnVest to an online version of The Suze Orman Show, but with the goal of reinforcing positive finance habits early on. “Suze Orman helps 45-year-old women get out of debt,” she says. “Why not reach 20-year-olds to keep them from getting into debt?”

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Microsoft details Office for Mac 2011 release | Microsoft – CNET <b>News</b>

The software suite is scheduled to become available at the end of October, with pricing starting at $119 for the Home and Student version. Read this blog post by Jonathan E. Skillings on Microsoft.

Daily <b>News</b> Plagiarism? Kate Winslet Article Closely Resembles <b>…</b>

An article about Kate Winslet that appeared in Sunday's New York Daily News very closely mirrors one that appeared last month in the UK's Daily Mail. Both articles focus on Winslet's divorce from director Sam Mendes and the ex-couple's …

Collision rate down on state highways; troopers cite boosted <b>…</b>

Path: HOME » NEWS. Collision rate down on state highways; troopers cite boosted enforcement. Click here to zoom… Sequim Police Traffic Division Sgt. Ken Almberg will be using the stationary radar vehicle speed detector — atop his …

FireShot capture #65 - 'Free Personal Finance Software, Online Money Management, Budget Planner and Financial Planning I Mint_com' - www_mint_com_#budget by diginja

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A reader writes:

As a budding scientist who has been involved in the HIV field, it is rather frustrating to see media reports of the latest breakthrough in research without a full understanding of the findings and their significance (not that the medical establishment is not complicit … we put out these press releases in order to justify continued research money).  As you are well aware, the field had been fraught with repeated false hopes and, after more than two decades of trying, we are no closer to a preventative vaccine than when we first started.

These findings today do not really change this fact.  The same group has previously described another such neutralizing antibody but have been unsuccessful in their attempts to elicit this response in other individuals (this is the premise of a vaccine).  The very fact that the vast majority of people fail to mount a significant immune response against the virus (unlike we do to most other pathogens) suggests that a vaccine may not even be possible in the first place.  Pharmaceutical therapy, for better or worse, will remain our best response to this disease for the foreseeable future. 

That being said, without any signs of the disease abating, research like this cannot be discounted.  Just don’t expect results any time soon.

I don't. The Dish has long been dismissive of the search for a vaccine against HIV, but this did seem like a positive development. Another writes:

Thanks for that piece of news, Andrew. It actually brought tears to my eyes. I keep forgetting how much we suppress those hopes for a cure, then I read something like that and there's this flame, this glimmer of promise and I'm suddenly in tears. We forget how much that hope for a cure means to us, and how much we've pushed it aside and filed it away.

Right now I'm in this perfect storm of unemployment, heathcare crisis and AIDS.

Since I am, according to some, too lazy or drug-addled to find work, I've had to choose between my COBRA payments and my med copays and Dr. visits. I chose my COBRA payments for fear of that dreaded insurance lapse that would kick in pre-existing exclusions and not getting that all important certificate of coverage for my next (hopefully) job. Since I actually have a home (not sure for how long) and not totally homeless and destitute (yet) I don't qualify for a lot of help. Even if I did now, the state of GA, like many states, now have a Ryan White waiting list to get meds. Even my discount med cards from the drug companies didn't help enough to make them affordable.

So I'm waiting, waiting, waiting – so much has to fall into place, IF I can get a job in the next month or so, and IF they have good benefits, and IF the timing is just right, I might just be able to keep my insurance and go back on my life-saving meds. IF in the next month or so, I don't, I"m hitting several walls, my unemployment running out, my COBRA ending, foreclosure, bankruptcy. That's hoping too that after almost a year off my meds now, that I'm not blindsided by some totally preventable HIV related disease that would put me in the hospital and suddenly make any hope of this turning out well fly right out the window.

I have an older brother who is a wealthy retired executive from Philips, and very much a ditto head. They can't see giving me money since they would just be "enabling" me and keeping me from really looking a job (yes he really said that, almost a verbatim FOX talking talking point). Being a Christian though he did help me rewrite my resume. He keeps saying "just get private insurance" and even "just start my own company" but he hasn't a clue. With my meds running at $10,000 a month and having HIV/AIDS, I'm uninsurable through private health insurance, he doesn't understand that and almost refuses to believe it.

To address a lot of the current bashing of the unemployed: I'm a sharp hard working guy. I had the highest SAT scores in my class, I was pre-med at Wake Forest, two years ago I was making almost $60,000 a year, running an entire print production facility and doing it well. I've worked in consulting firms, F500 marketing departments, I have a killer resume. Yet…

So thanks again for that article. I do still hope. I've been in this crisis from the beginning, HIV+ back before there was even a test or a known cause. I had a partner who was only months ahead of me in progression, yet for every new drug that he just missed being able to take advantage of, I was able to. So our paths that at one time seemed to be almost lockstep veered apart and he died some 20 years ago and I'm still kicking around (I hope). I would just be crushed though that after living the miracle that being a 20+ year long-term survivor entails, that because of seemingly mundane things like a job and health insurance it might all be for nothing.

A reader writes:

As a budding scientist who has been involved in the HIV field, it is rather frustrating to see media reports of the latest breakthrough in research without a full understanding of the findings and their significance (not that the medical establishment is not complicit … we put out these press releases in order to justify continued research money).  As you are well aware, the field had been fraught with repeated false hopes and, after more than two decades of trying, we are no closer to a preventative vaccine than when we first started.

These findings today do not really change this fact.  The same group has previously described another such neutralizing antibody but have been unsuccessful in their attempts to elicit this response in other individuals (this is the premise of a vaccine).  The very fact that the vast majority of people fail to mount a significant immune response against the virus (unlike we do to most other pathogens) suggests that a vaccine may not even be possible in the first place.  Pharmaceutical therapy, for better or worse, will remain our best response to this disease for the foreseeable future. 

That being said, without any signs of the disease abating, research like this cannot be discounted.  Just don’t expect results any time soon.

I don't. The Dish has long been dismissive of the search for a vaccine against HIV, but this did seem like a positive development. Another writes:

Thanks for that piece of news, Andrew. It actually brought tears to my eyes. I keep forgetting how much we suppress those hopes for a cure, then I read something like that and there's this flame, this glimmer of promise and I'm suddenly in tears. We forget how much that hope for a cure means to us, and how much we've pushed it aside and filed it away.

Right now I'm in this perfect storm of unemployment, heathcare crisis and AIDS.

Since I am, according to some, too lazy or drug-addled to find work, I've had to choose between my COBRA payments and my med copays and Dr. visits. I chose my COBRA payments for fear of that dreaded insurance lapse that would kick in pre-existing exclusions and not getting that all important certificate of coverage for my next (hopefully) job. Since I actually have a home (not sure for how long) and not totally homeless and destitute (yet) I don't qualify for a lot of help. Even if I did now, the state of GA, like many states, now have a Ryan White waiting list to get meds. Even my discount med cards from the drug companies didn't help enough to make them affordable.

So I'm waiting, waiting, waiting – so much has to fall into place, IF I can get a job in the next month or so, and IF they have good benefits, and IF the timing is just right, I might just be able to keep my insurance and go back on my life-saving meds. IF in the next month or so, I don't, I"m hitting several walls, my unemployment running out, my COBRA ending, foreclosure, bankruptcy. That's hoping too that after almost a year off my meds now, that I'm not blindsided by some totally preventable HIV related disease that would put me in the hospital and suddenly make any hope of this turning out well fly right out the window.

I have an older brother who is a wealthy retired executive from Philips, and very much a ditto head. They can't see giving me money since they would just be "enabling" me and keeping me from really looking a job (yes he really said that, almost a verbatim FOX talking talking point). Being a Christian though he did help me rewrite my resume. He keeps saying "just get private insurance" and even "just start my own company" but he hasn't a clue. With my meds running at $10,000 a month and having HIV/AIDS, I'm uninsurable through private health insurance, he doesn't understand that and almost refuses to believe it.

To address a lot of the current bashing of the unemployed: I'm a sharp hard working guy. I had the highest SAT scores in my class, I was pre-med at Wake Forest, two years ago I was making almost $60,000 a year, running an entire print production facility and doing it well. I've worked in consulting firms, F500 marketing departments, I have a killer resume. Yet…

So thanks again for that article. I do still hope. I've been in this crisis from the beginning, HIV+ back before there was even a test or a known cause. I had a partner who was only months ahead of me in progression, yet for every new drug that he just missed being able to take advantage of, I was able to. So our paths that at one time seemed to be almost lockstep veered apart and he died some 20 years ago and I'm still kicking around (I hope). I would just be crushed though that after living the miracle that being a 20+ year long-term survivor entails, that because of seemingly mundane things like a job and health insurance it might all be for nothing.

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Mimicking Apple an imperative for PC makers | Nanotech – The <b>…</b>

PC makers are imitating Apple as fast as they can–and for good reason. Read this blog post by Brooke Crothers on Nanotech – The Circuits Blog.

Football Spy transfer <b>news</b> video: The latest on moves for Sol <b>…</b>

Sol Campbell, Javier Mascherano, Mario Balotelli and Manuel Almunia feature on today's Football Spy Show.

This Week's Health Industry <b>News</b> – Prescriptions Blog – NYTimes.com

More earnings reports from health insurers and drug companies, as well as agency hearings on medical devices.

3360 East Wood Valley Road by Conrad Lyles Realtors

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Mimicking Apple an imperative for PC makers | Nanotech – The <b>…</b>

PC makers are imitating Apple as fast as they can–and for good reason. Read this blog post by Brooke Crothers on Nanotech – The Circuits Blog.

Football Spy transfer <b>news</b> video: The latest on moves for Sol <b>…</b>

Sol Campbell, Javier Mascherano, Mario Balotelli and Manuel Almunia feature on today's Football Spy Show.

This Week's Health Industry <b>News</b> – Prescriptions Blog – NYTimes.com

More earnings reports from health insurers and drug companies, as well as agency hearings on medical devices.

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3360 East Wood Valley Road by Conrad Lyles Realtors

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