PAYDAY
loans—the short-term, high-cost credit that can mire borrowers in
debt. Some banks offer the loans tied to checking accounts, with the
understanding that the lender can automatically withdraw the loan
amount, plus the origination fee, when it is due. Now, federal
regulators are cracking down on them, but instead of taking aim at
the big fish, the Office of the Comptroller of the Currency and
the Federal Deposit Insurance Corporation are gunning at
storefront payday lenders. Bigger players like Wells Fargo and
U.S. Bank are left unscathed. What else is new? The
regulators are expected to impose more stringent requirements on the
loans. Before making a loan, for example, banks will have to assess a
consumer’s ability to repay the money. Of course, they can—but
squeezing their guts more... Wells Fargo charges $1.50 for every $20
borrowed. Add other fees on ATM withdrawals etcetera etcetera...
ALL
these sports gadgets, life's gizmos that we are so fond of spending
hard-earned money on... Like goggles. Example: Oakley, the
eyewear company, makes a $600 ski goggle that comes with a warning in
the package: Do not operate product while skiing. But of course, the
digital goggles are meant for skiing and snowboarding... However,
safety advocates say the concept of high-tech displays for goggles —
and for other sports eyewear — is information overload run amok,
particularly when people are using them at high speeds. Surely,
Oakley, based in Foothill Ranch, Calif., argue such warnings.
Meantime, Google is expected to introduce soon its computerized
glasses, called Google Glass, which will perform many of the same
functions as smartphones. Jeez...
A
LOT of young people these days are like Pearl
Brady: a stable job with good benefits, holds two degrees, a
bachelor’s and a master’s. But despite her best efforts, she has
no savings, and worries that it will be years before she manages to
start putting away money for a house, children and eventually
retirement. “I’m in that extremely nervous category,” Ms.
Brady, 28, a Brooklynite who works for a union, told New York Times.
“I know how much money I’m going to be making for the near term.
I hope in my 30s and 40s to be able to save, but I have no idea how.
It’s scary.” A new study from the Urban Institute finds
that Ms. Brady and her peers up to roughly age 40 have accrued less
wealth than their parents did at the same age, even as the average
wealth of Americans has doubled over the last quarter-century.
Inequality? Let's look at life, per se. More millionaires, yes. Yet
there a lot more food-to-mouth wage earners.
MIDWAY-Sunset
oil field near Fellows in California has been producing crude for
more than a century since Socal's oil boom. Midway-Sunset is tapping
crude directly from what is called the Monterey Shale, which could
represent the future of California’s oil industry — and a
potential arena for conflict between drillers and the state’s
powerful environmental interests. Comprising two-thirds of the US’
total estimated shale oil reserves and covering 1,750 square miles
from Southern to Central California, the Monterey Shale could turn
California into the nation’s top oil-producing state and yield the
kind of riches that far smaller shale oil deposits have showered on
North Dakota and Texas. Good news? Lesser dependence on OPEC oil?
That is not the question that I'd like to answer. Do we really need
more oil?
SINCE
Roomba, the iRobot, has been doing my daily floor vacuuming job
lately—no complaints here, so far. But then, wait... Robots
actually want our job, not just the housework. According to
professors at Cambridge University, robots also want our life and our
little dog, too. But then, such android anxiety has a long history.
John Maynard Keynes wrote about “technological
unemployment” during the Great Depression.
In
the Industrial Revolution, disgruntled laborers smashed automated
looms and threshing machines that “stole” their jobs. In the 15th
century, scribes protested the printing press, with a futile zeal
rivaled perhaps only by that of modern journalists. Well, I also lost
writing jobs due to the internet's instant “blog journalism.” In
hindsight, historical fears of technological change look foolish,
given that automation has increased living standards and rendered our
workweeks both safer and shorter. In 1900, when nearly half the
American labor force was employed in backbreaking agriculture, the
typical worker logged 2,300 hours a year, according to Joel
Mokyr, an economic historian at Northwestern University. Today that
number is 1,800. By year 2062, we’ll be working only two
hours a week. Good? Bad. Imagine Roomba doing all the housekeeping
work in a motel chain? More unemployment. In fact, I am very wary
that Georgia and Chloe—the lovable babedawgs under my care—might
be so enamored with Roomba that they'd eventually ignore me when
asking for food (1 click, here comes Roomba with a bowl of Purina!)
Then, I will just be a lifeless, useless human being in the
batcave...
ONCE
the monster is unleashed, there's no way that it can be stopped. Or
is there really a way? I am talking about the internet and the loss
of human privacy (willingness in disguise?) Yet, over the years, the
United States and Europe have taken different approaches toward
protecting people’s personal information. Here, Congress has
enacted a patchwork quilt of privacy laws that separately limit the
use of Americans’ medical records, credit reports, video
rental records and so on. Meantime, the European Union has
instituted more of a blanket regulatory system; it has a common
directive that gives its citizens certain fundamental rights — like
the right to obtain copies of records held about them by companies
and institutions — that Americans now lack. “Yes, we share the
basic idea of privacy,” says Peter Hustinx, Europe’s data
protection supervisor. “But there is a huge deficit on the US
side.” With a dizzying array of new e-baubles flooding the market,
expect more ways to reveal or invade privacies.
WHO
are most hit by the hard times? Young graduates are in debt, out of
work and on their parents’ couches. People in their 30s and
40s can’t afford to buy homes or have children. Retirees are
earning near-zero interest on their savings. The most hit,
according to Sentier Research, a data analysis company, are Americans
in their 50s and early 60s. The elderly do not yet have access
to Medicare and Social Security — have lost the
most earnings power of any age group, with their household incomes 10
percent below what they made when the recovery began three years ago.
Their retirement savings and home values fell sharply at the worst
possible time: just before they needed to cash out. They are
supporting both aged parents and unemployed young-adult children,
earning them the inauspicious nickname “Generation Squeeze.”
IF
you are in psychotherapy, there’s a good chance your therapist
knows more about your inner thoughts and secret desires than anyone
else. Hence, he/she's better be the person to match you up with your
soulmate lovey-dovey, you reckon? Chuck eHarmony and Match.com and
other sites that rely on impersonal algorithms, and chuck your BFF's
super-zealous analysis that, anyways—simply mirrors his/her angst.
An NY Times article by Richard A. Friedman, himself a shrink, goes:
“Psychotherapy, especially insight-oriented therapy, is designed to
conjure intense feelings — on the part of the patient and
therapist. Much of what patients feel toward their therapists, the
so-called transference, are unconscious feelings that are redirected
from important early figures in their lives — parents, family
members and teachers. Your therapist mirrors this phenomenon with his
own countertransference.” Go get a psychotherapist, pronto!