TIME TO TAKE IN BOARDERS?
Here's the hard truth: many of us are running out of options. With the U.S. economy in the tank, more and more Americans are finding themselves between the proverbial rock and a hard place. Perhaps the most vexing situation is being unable to make your mortgage payment and being unable to sell your house in today's lousy market.
What to do? It may be time to step back in time and adopt a solution that was once common throughout U.S. cities and in fast-developing boomtowns: taking in boarders. After all, there are lots of people out there who need an affordable place to live. Why not put them together with homeowners who are strapped financially and looking for a way to get a little income out of the house that's weighing them down?
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With gas prices continuing to rise and no end in sight, it's understandable that drivers will look for any means to get the most mileage bang for their buck. But consumers should remain wary of offers like "Water4Gas.com," a Web site that purports to offer the secret to improving cars' fuel efficiency by installing a small device under the hood that harvests electricity from the car battery and splits water into its oxygen and hydrogen components. Our David Wood explored the hype behind "Water4Gas.Com" and found no evidence the product actually works, as well as numerous scientists and automotive experts who debunked the idea as a fish story. Read more...
NATIONWIDE SPEED LIMIT ON THE HORIZON AGAIN?
Sammy Hagar once famously sang that he couldn't drive 55, but if Senator John Warner has his way, the whole country may be doing just that. In an effort to promote fuel efficiency and less gas consumption, Warner petitioned the Department of Energy to consider reinstating a nationwide speed limit of 55 miles per hour. First used in the energy crisis of the 1970s, the idea of a nationwide speed limit is no more popular today than it was then, but as Joe Benton reports, Warner has little reason to worry -- the Virginia Republican is retiring at the end of his current term. NATIONWIDE SPEED LIMIT ON THE HORIZON AGAIN?
More of the week's automotive news...
• Gas Prices Fall Back a Penny Conservationists blame speculators for high prices.
• Feds Study Hyundai Airbag Failures Several Hyundai models the focus of safety probes.
• Highway Safety Administrator Plans to Quit Bush appointee's abrupt departure leaves roof strength, fuel economy rules undone.
• NY Car Dealer to Pay $150,000 for Fraudulent Practices Five Towns Mitsubishi lured customers with scratch-off cards.
• Test Drive: Could a Corolla Be the Answer? We spend a week putting the little econocar through its paces.
"THREE AMIGOS" RIDE TO FANNIE AND FREDDIE'S RESCUE -- OR DO THEY? If there are three primary players in the country's efforts to handle its financial crisis, they would be Federal Reserve chairman Ben Bernanke, Treasury Secretary Henry "Hank" Paulson, and Securities & Exchange Commission chairman Christopher Cox. Each one has come forward in recent weeks with expansive plans to maintain troubled mortgage giants Fannie Mae and Freddie Mac, and help restore confidence in our faltering lending system. But as Fred Yager reports, even with the promises of action from Capitol Hill, it was the action on Wall Street itself that caused the markets to rise and reignited investor confidence, leading critics to wonder if the proposed cures will really be of any help. "THREE AMIGOS" RIDE TO FANNIE AND FREDDIE'S RESCUE -- OR DO THEY?
CONSUMER PRICES SURGE IN JUNE
Wouldn't it be nice if you could just exclude food and energy costs from your monthly bills? Yet that's what the government does every month when it issues its inflation statistics, thus presenting a rosier picture of the prices than really exists. But high commodity prices are causing the prices of other goods to slowly creep upward, and June's inflation report couldn't disguise a 1.1 percent increase in the Consumer Price Index. As the Fed wrings its hands over its few options, economists warn that there is little potential relief on the horizon. CONSUMER PRICES SURGE IN JUNE
More economic and financial news...
• Troubles Persist for IndyMac Customers Other banks not eager to accept IndyMac checks; FBI reportedly opens investigation.
• IndyMac Federal Stops Foreclosures FDIC chief wants to keep homeowners in their homes.
• Baby Boomers Face Longer Lives with Fewer Assets Many may outlive their money.
• Brown Adds 'Shocking New Details' to Countrywide Allegations California suit says Countrywide ignored its own underwriting guidelines.
• Feds To 'Backstop' Fannie Mae and Freddie Mac Government to expand credit line to the big lenders.
• Feds Blame IndyMac Failure on Sen. Schumer Schumer's comments blamed for depositors' panic.
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Slowly and, we hope, surely, members of the House of Representatives and the Senate are ironing out the details in passing the sweeping Consumer Product Safety Commission (CPSC) reform bill, with a conference on July 17 resulting in the addition of nine more provisions that would strengthen regulatory oversight of defective products and provide more transparency of the recall process. Joe Enoch reports that differences between the House and Senate over the bill continue to slow its passage, and even if a completed bill reaches President Bush's desk, the possibility of a veto exists.Read more...
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Legislation that would give retailers power to negotiate credit card interchange fees, the processing costs of credit or debit card transactions, cleared the House Judiciary Committee on July 18, and will go before the full House for a vote. The bill would strengthen the Justice Department's power to oversee the fee negotiations, and would require that any cost savings from fee changes be passed on to consumers. Retailers claim the legislation is needed to give them more negotiating power against Visa, MasterCard, and the major banks, and sent letters to every member of the House urging them to pass the bill.Read more...
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You shouldn't trust scams and infomercials promising you can make hundreds or thousands of dollars from working at home, as they're more likely pyramid schemes designed to lighten your wallet. But that doesn't mean running your own business and giving up the 9-5 grind is an impossible dream. Our resident road junkie Tom Glaister details how you can use the wealth of information available on the Internet to build a Web site and sell your idea to the world the way you want. Read more...
This week's consumer protection news...
• Tomatoes Get the All-Clear From FDA Peppers now the prime suspects; more than 1,200 sickened.
• Lean Pockets Recalled Because of Bits of Plastic Frozen stuffed chicken products affected.
• Consumers Increasingly Exposed to Counterfeit Drugs Internet sites the most common source.
• New York Probes Wind Power Companies Allegations of improper dealings with public officials and anti-competitive practices.
• Don't Fall for Utility Call Scam Utilities don't call and demand your credit card number.
• Maryland Warns Of Extended Warranty Scheme Beware of telemarketers selling extended auto warranties.
• FTC Slams Dish Network Marketers Companies accused of violating Do Not Call Rule.
• Communications Industry Urges Congress to Act on Broadband U.S. is falling behind, unions, businesses warn.
• Simple.Net Sued over Activation Checks Sent out small checks that were actually contracts.
• Class Action Challenges Credit Solutions Texas-based company claims to help consumers work out their debt problems.
• States Look More Closely at 'Charity' Groups Intentions aren't always so good.
STUDY CLAIMS TOBACCO INDUSTRY ALTERS MENTHOL TO HOOK YOUNG SMOKERS
Are tobacco companies cutting menthol levels in cigarettes to attract young smokers? That's the claim made by the American Legacy Foundation, which funded a study which alleges that younger smokers prefer cigarettes with milder menthol levels, and that the industry responded by aggressively marketing low-menthol cigarette products to younger markets in order to increase their market share, particularly in the African-American community. Although elements of the tobacco industry deny the claims, the Foundation pointed to studies showing that declines in youth smoking have leveled off in recent years as evidence that Big Tobacco may be undercutting gains in preventing smoking among youth.
This week's health headlines...
• More Children Becoming Stroke Victims Symptoms are different but risks are similar.
• FDA Reaches Settlement with Cochlear Device Maker Advanced Bionics agrees to pay $1.1 million.
• Scientists Report Progress Toward Bird Flu 'Cure' Joint U.S.-China team decodes structure of vital component.
• Colorectal Cancer Screening Rate 50 Percent or Less Rate is higher than in previous studies but still too low.
• Binge Drinking Tied to Conditions in the College Environment Schools with tough policies have fewer problems that those that are 'wetter'.
DELTA SELLS ADS ON BOARDING PASSES
A few weeks ago, US Air announced it would rip out its entertainment consoles to save fuel. The lowly pretzel is disappearing from many flights. Now Delta says it will start selling ads on its boarding passes. What's next? Pay toilets?
Meanwhile, the FAA says it will expand runway status lights nationwide, hoping to minimize what are tactfully called "runway incursions."
RECALLS
• Nissan Recalls 2007-2008 Sentras
• Chrysler 300, Dodge Magnum, Charger
• Split Master, Huskee Log Splitters
• Honda Recalls TRX420 Rancher ATVs
