Some Bullish News For This Friday's Jobs Report


From Gallup from yesterday:

Gallup's Job Creation Index was at +15 in June. While this does not differ much from the +14 of May or the +13 of April, it is the highest since September 2008's +16.

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The Job Creation Index has increased steadily if marginally in 2011. This continues a pattern that began after the Index matched its low point of -5 in April 2009, and is consistent with the improvement in the overall U.S. job situation over the past couple of years.

Hiring Increases Modestly in 2011

The Job Creation Index score of +15 in June is based on 33% of workers nationwide saying their employers are hiring and 18% saying their employers are letting workers go. Between 18% and 19% of workers have said their employers are reducing staff size throughout the first half of 2011. However, there has been a slight increase in the percentage saying their companies are hiring employees and expanding their workforces, from 29% in January to 33% in June.

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Credit Card Debt - Stop Using Credit Cards If You Can't Handle It

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Credit card debt is a major problem in the western world especially in America, people are caught up with making purchases that are not practicable as a result inviting their worst enemy - debt. Are you aware of families that have broken up or individuals going into depression because their debts accumulated to a point where their paycheck couldn't even cover the interest rate?

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It's A Bad Scene All Around Europe This Morning


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Rough markets today in Europe, one day after Moody's downgraded Portugal to junk.

Portuguese bonds are getting hammered as are other bonds from the other PIIGS. Irish debt is also getting smashed.

Equities are down across the board.

Germany's off just 0.23%, but Spain is off 1.5%, and Italy is down 1.9%! Athens is off 0.5%.

So yeah, ugly across the board.

It looks like the big risk rally is finally taking a break.

For more on what's going on in Italy this morning, see here.

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Market Price Action and ?Retrofitting the Fundamentals?


Amazing how all is well with global economy after a 7 percent rally in the S&P500.  We have a very smart friend who constantly reminds us that many, if not, most,  “retrofit” fundamentals to market direction.   If markets are going down, the fundamentals, or, at least, the perception of the fundamentals are poor.   If markets are moving up, all was well with the fundamentals.

George Soros says markets move from perception to reality and back to perception:

In my theory of reflexivity I assert that the thinking of economic agents serves two functions. On the one hand, they try to understand reality; that is the cognitive function. On the other, they try to make an impact on the situation. That is the participating, or manipulative, function.

The two functions connect reality and the participants? perception of reality in opposite directions. As long as the two functions work independently of each other they produce determinate results. When they operate simultaneously they interfere with each other. That is the case not only in the financial markets but also in many other social situations.

Now we need some reality to back-up the perception.   A good employment number would be nice start followed by some nice earnings.   Stay tuned and stay with it until it stops working.


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"I Had No Clue": 11 Things Said About the Cost of College

It?s no secret that college is expensive. Sadly, more and more incoming freshmen and grad students are signing up for student loans without thinking about the long-term effects of that debt. We asked Dave Ramsey?s Facebook fans to share their college tuition stories with you, and we heard everything from student loan horror stories to advice on how to attend college without financial aid. Here?s the best (and worst) of what we read.

?I Was Not Prepared to Take on Debt?

?I regret going to college when and how I did. I didn't know how a debit card worked when I started college at 17. I was told I would get a fantastic job and wouldn't have to worry about those loans. I graduated a year ago, have the same jobs I had during college, and am deferring most of my $40,000 of loans (mind you, I went to a private university and half of my debt was paid with scholarships) because I can?t pay the bills. I am desperate to be a stay-at-home mom, and I can?t because of my loans. I worked the entire time I went to college, but all of my money went toward my living expenses and a car, so I was not able to put any toward tuition.? ?Kelci Turcios

"Thankfully my parents paid cash for my undergraduate degree. I did, however, take out loans for graduate school. STUPID! STUPID! STUPID! In my sixth semester of physical therapy school, I had to quit because I was diagnosed with a rare illness that would prevent me from practicing PT. I left grad school with $40,000 in student loans and no degree to show for it?worst mistake of my life!? ?Lara Kay

?I had no clue what the difference was between subsidized and unsubsidized loans. Six months after graduation, my loans were thousands more than I took out! We need to educate students more on that.? ?Amy Dobrikova

?Wow! To see what it costs to go to college is unreal! With student loans right now, I owe almost $21,000, not including the APR. I am still working for my degree, which is a two-year degree, and I already completed two years! I was not prepared to take on that much debt!? ?Stephiane Colon

?My parents let my sister go to a four-year private liberal arts college even though she could only pay for the first two years of tuition. My parents thought they could figure something out for the last two years. They haven't and she may have to leave.? ?Manda Weaver

Planning Ahead Really Works

?I planned for college ahead of time by joining the military, saving for years before I got out, and getting three well-paid internships. When I finished school, I had no college debt and money in the bank.? ?Chris Obel

?We have twins who just finished their freshman year in college. During their senior year, every other Sunday afternoon we spent two hours at the kitchen table researching scholarships and applying. One son received $13,000 this way, the other about $5,000 (but his school is less expensive). When they went to college, they thought it would be okay to get loans. After meeting kids who are financing college completely with loans, they were glad we insisted on working on scholarships. My best advice is to do everything early and make scholarship hunting a part-time job. It will work. We hope to make the next three years debt free.? ?Beth Swanson Henkel

?Our daughter is commuting to a four-year university twice a week, while also attending a local community college twice a week for courses that will transfer to the university. She finished her freshman year debt free by doing this and living at home while she can. We also rented her textbooks. It?s so much cheaper to rent!? ?Elizabeth Roberts

?I'm going to finish college with an RN degree and zero debt by attending a community college. I pay $4,000 a year, while other people I know are going to the university up the road and spending $20,000 a year for the same education. In the end, we have to take the same national test to be an RN, so why not keep the $16,000?? ?Kayla Osborne

Advice From a Financial Aid Advisor and Recruiter

?I am the student recruiter for a community college, and I have learned that these kids have no idea about the cost of college. They want to go to four-year universities and do not even consider how they will pay for this education, let alone living expenses. I encourage students to go to college in their backyard. I wish I would have started at my local community college!? ?Regina Davis

?Here is my two cents as a student financial aid advisor. Don't borrow to live a lifestyle you want; you can work for that now or later when you can afford it. Be aware of all deadlines and meet them (school, financial aid, scholarships). Do your homework before moving in on campus. Can you afford it? If not, make other arrangements.? ?Connie Shawler Gehret

Empower College Students Today!

Give the college students you know a little ?preventative medicine? now so they won?t have to deal with the disease of debt later. Get The Graduate?s Survival Guide and confidently send them off to college!

Dave Ramsey's college curriculum challenges the way students view money and empowers them with the education they need to graduate on a solid financial foundation. Learn about this life-changing curriculum now!

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Source: http://www.daveramsey.com/article/i-had-no-clue-11-things-said-about-the-cost-of-college/lifeandmoney_college

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After Epic Battle, Swipe Fee War Ends In A Draw


By Christopher Maag

In a down-to-the-wire decision that could affect how much Americans pay for everything from gas to checking accounts, the Federal Reserve announced new rules Wednesday that it will cut the debit card swipe fees that retailers pay in half.

Consumers are unlikely to notice big changes any time soon in the price of things they buy. But over time, the decision could translate into slightly lower costs at the register, and slightly higher costs for bank services like credit cards, checking accounts and prepaid cards.

“Rather than this causing a dramatic change for your checking account or your debit card, I think any changes in fees for those accounts will be gradual,” says Gerri Detweiler, Credit.com’s consumer credit expert. “And it’s not as if the local bagel shop is suddenly going to have all this money in their cash register to pass along to their customers.”

But to all kinds of businesses, large and small, the Fed’s announcement was a very big deal. It could save retailers $500 million a month, according to a report by the Government Accountability Office. You might think that would make merchants happy.

[Related Article: What the Debit Card Interchange Rules Mean For Consumers]

It doesn’t. They were hoping the Fed would impose tougher rules on banks, saving retailers twice that—up to $1 billion every month.

“American consumers suffered a major loss today,” the federation’s president, Matthew Shay, said in a press release. “While the rate will provide modest relief, it does not go far enough.”

But then, banks will see their debit card income chopped in half when the new rule takes effect Oct. 1. Which means they’re not too happy about the announcement, either.

“What’s the saying—you know it’s a good compromise when no one is happy?” Trish Wexler, spokeswoman for the Electronic Payments Coalition, which represents banks in the fight, wrote in an email to Credit.com. For banks, “a 50% cut in their revenue will force all card issuers to make some tough decisions—raise fees, cut benefits, or stop issuing cards altogether?”

The decision comes just three weeks before the rules were originally supposed to take effect, and after nearly a year of very expensive lobbying and advertising campaigns by both banks and retailers. Banks pushed hard to get a bill by Rep. Jon Tester (D-MT) passed through Congress that would have delayed implementation of the rule by a year, giving the Fed more time to study the issue.  But they failed to get the 60-vote supermajority needed to pass the bill (not to mention the nearly impossible task of getting President Obama and the Democratically-led Senate to agree to changing a law they still support).

After that legislative battle royale ended in early June, banks pushed their lobbying attention to the Fed. The pressure appears to have paid off. Originally the Fed proposed capping fees at 12 cents per swipe, almost 75% lower than their current average of 44 cents.

In its new proposal, the Fed decided to cut fees only in half. Each swipe will earn the banks 21 cents, plus .05% of the value of some transactions. Some advocates for consumers find the compromise unconscionable.

“We’re really disappointed and we don’t think consumers will be helped,” says Ed Mierzwinski, director of consumer programs for U.S. Public Interest Research Group.

Others are reserving judgment until they have time to decipher the Fed’s 307-page decision.

“We don’t like the current system. It doesn’t serve consumers,” says Travis Plunkett, spokesman for the Consumer Federation of America. “But you’ve got to set the reimbursement rate high enough so that banks don’t raise fees on the consumers that are least desirable for them, and that are the most vulnerable, meaning low- to moderate-income consumers.”

[Related articles: The Durbin Amendment]

Some banking industry representatives took a similarly moderate tone. While they don’t agree with the concept of a cap, equating it with government price fixing, industry groups suggested they could live with the compromise.

“While price controls remain an anathema to free market principles, the Federal Reserve has taken a significant step in reducing the harm that could have resulted from the proposed rule,” the American Bankers Association said in a prepared statement.

In addition to setting the cap halfway between the current average and its original proposal, the Fed also gave banks a break by compromising on the start date for the new rules. Banks have until Oct. 1 to change their pricing for debit card swipe fees, rather than the original deadline of July 21.

But don’t expect parties in the street on the first day of October. The changes, if they come at all, will be especially slow to affect small stores, many of which are already locked into long-term contracts to access the major debit card networks and may not have the power or the knowledge of the new rules to negotiate any deals.

“Don’t wait till Oct. 1 to purchase anything,” Detweiler says. “It’s not as if prices are going to lower dramatically. If we see lower prices at the register, and that’s a big if, it’s more likely to start with larger retailers than the smaller ones.”

Christopher Maag is Credit.com’s Staff Writer. Chris graduated with honors from the Columbia University Graduate School of Journalism, and has reported for a number of publications including The New York Times, TIME magazine and Popular Mechanics.

This post originally appeared at Credit.com.

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The Very Best NY Private Investigator

NY Private Investigator Many of us will certainly get to think about hiring an NY Private Investigator in a certain point in our lives in order to help us discover some mysteries that are eluding us. Most of the times, when people will get to hire such an expert, they will do so in order [...]

Source: http://www.legaldebthelponline.com/2011/07/05/the-very-best-ny-private-investigator/

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Do Incentive Trusts Encourage Responsibility?

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Wealth is difficult to amass but easy to squander. This worries some affluent parents, so they are transferring assets to their heirs with strings attached.

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