Discover — promo offer, spend $500 and get $50 cash back; but you’ll only get 0.25% cash back in the first tier (but they do have on going special categories, and the cash back percentage goes up as you spend more; but certainly their are better options).

Walmart Discover — promo offer will give you $20 cash back if you spend $100 on it the day you apply at a Walmart store (you get a check with your first statement).  Keep in mind that the Walmart Discover isn’t actually issued by Discover Financial Service, but rather by GE Money Bank (so it has to be managed through the Walmart portal, not Discover; and it doesn’t have many of the features of a regular Discover card).

NOTE: Discover branded card allow you to get cash back at a Walmart or Sam’s Club (which is charged as a purchase, not cash advance).

Citi Diamond Preferred MC (or AMEX) — promo “5% bonus” on gas, drugstores, and supermarkets for the first year; if you spend $300 in the first three months you get a $50 gift card; 1% normally — virtual credit card numbers

Citi Dividend MC — “bonus” categories change; 1% minimum ($300 max rebate per year) — virtual credit card numbers.

Chase Freedom VISA — promo 5% on gas and travel right now, the “bonus” categories change; 1% minimum.

CapitalOne Platinum VISA — 2% on gas and groceries, 1% minimum — low rent bank; but pay your bills and you will be fine.

Costco AMEX — 3% gas and dining; 2% travel, 1% minimum (requires paid Costco membership; $3000 purchase limit on 3% gas, 1% afterwards).

Most all the cash back cards now don’t offer good cash back rates for long (you have to play the promo game)… one way to avoid that is get a “branded” card at a place you do lots of business (like if you bought Shell gas most of the time get the Shell VISA — but it only works if there’s a card from place you do a lot of business and it pays say 5% there and 1% elsewhere; Chase has lots of those types of cards).

My feeling is the right number of credit cards is THREE

• VISA
• Master Card
• Discover

You can argue four if you like AMEX — and that would probably be either the Costco or Citi AMEX for the best deal.

I would say acquire a credit card no more often than every three months until you’re at the level you want… if you find a card you like better than one you have — acquire it and just don’t use the other card (you can close it as well, but that really doesn’t buy you anything). DO NOT apply for more than a single credit card per month; and be careful about opening a bank account AND applying for a credit card in the same thirty day window (do the credit card first).

NOTE: Use credit cards responsibly.  If you can’t afford to pay the balance off every month — don’t make the purchase.  While many people keep revolving balances on credit cards, the interest rate (even a good interest rate for a credit card) makes the cost of what you’re purchasing ridiculous.  If you feel you won’t use a credit card responsibly — look for a financial institution that offers rewards on their debit card.

If I were applying for a new card right now it would probably be the Citi Diamond Preferred; and I’m considering applying for a Citi Diamond once the Chase 5% gas deal is over.

NOTE: I have a Discover, Walmart Discover, Citi Dividend, and Chase Freedom (along with others that I have not included on the this list).  I do not have (nor do I want) any AMEX card; nor do I personally want to do business with CapitolOne.

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Anyway, I ended up having to wait 45 minutes to be helped; that gave me plenty of time to look over the posted rate board — and I’d decided that the 2.09% for a 24-month IRA-CD looked reasonable (I’d have preferred 18 months or less, but I wanted a reasonable return rate, and I don’t really expect the economy to start to rebound for several years).

The customer service representative that helped me (the “Financial Services Representative”) ask me which CD I was interested in and I told him — the 24-month 2.09% APR; he immediately said, that the 24-month IRA-CD was 1.97%, not 2.09% — that it had changed on Friday 2-Jul-2010 and they simply hadn’t gotten around to posting it on their rate board.

WTF?

I’ve long been under the impression that financial institutions understand the importance of posting accurate rate information — and I thought most any ethical institution understands the legal (even if they don’t understand the moral) implications of posting fraudulent information.

When I got home I filed complaints with the State of Florida Attorney General’s office (in Tallahassee, FL) and the National Credit Union Administration, Region III office (in Atlanta, GA) requesting that they investigate the business practices of Gulf Winds Federal Credit Union.

Post Note: The VP of Operations contacted me this morning (7-Jul-2010) and Gulf Winds Federal Credit Union will honor the rate as posted yesterday (for me at least).

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On of the main parts of the law was that it required institutions to provide customers with their privacy policy which explained their information sharing and information safeguarding.  However, because the law was heavily effected by lobbying, and even reviewed by large financial institutions before being considered by congress there are cases where institutions aren’t really subject to many limitations on what they can do with your information.

You might find it interesting that every large financial institution I have dealt with since the law was passed (ie Chase, Citi, Bank of America, Barclay, etc) have specifically allowed for an “opt-out” of the sharing for personal information for use both inside and outside the company (effectively limiting the information to be used only as require by law and as necessary for the maintenance of your account).

However, you have to be very careful about smaller institutions.

Credit Unions are in general very customer oriented, and most the time “do the right thing” — particularly when it comes to building a solid, long term customer relationship based on trust and respect.  However, take a look at the “Privacy Pledge” for Gulf Winds Federal Credit Union³ (formerly Monsanto Employees Credit Union) http://www.gogulfwinds.com/page/privacy — WOW — that’s a really nice pledge to no privacy.  In essence what it says is that they’ll use any information they collect on you (both public and non-public) and use it to the full extent allowed by law (I’d guess to profit from) and won’t allow a customer (or consumer) to “opt-out”.

How many ways can you say “non-customer focused”???

The moral of this, don’t assume you’re better off dealing with small “local” financial providers that might seem to have your interests in mind — you might actually end up getting better over all service and respect from a much larger financial provider.

I for one will be re-assessing my financial relationships; and likely terminating a few — and trying to convince congress to stand up to the financial services companies and actually pass a law that protects me.

REFERENCES:

In Brief: The Financial Privacy Requirements of the Gramm-Leach-Bliley Act

NOTES:

¹ The Financial Modernization Act of 1999 apply to banks, credit unions, securities firms, and insurance companies as well as a number of other type of companies providing financial services to consumers and is part of a larger framework of federal, state, and local banking laws.

² The Financial Modernization Act of 1999 privacy requirements apply to customers; which are defined to be consumers (not business) with which the institution has a “long term” relationship (ie holds an account), and does not necessarily cover all consumers who might interact or transact with an institution.

³ You can find the same type of non-privacy policy at a number of smaller financial institutions; Gulf Winds is particularly sad because they refer to it as a “Privacy Pledge” rather than just a “Privacy Policy”.

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The Fed chairman was upbeat in a report to congress that the economy is likely to expand, though slowly – and we needed to be weary of the European debt crisis (and slipped in warnings about high unemployment and a fragile housing market here at home).

But we’re also told by the Labor Department that job openings in April rose to the highest level in 16 month to 3.1 million (from 2.8 million in March).  Remember, these are openings advertised, not necessarily openings filled… and even with those statistics there are 5 unemployed people for each job opening.

I think it’s great to paint a positive picture — but I also think it’s important to keep people well grounded in the reality that the economic down turn is far from over; and while the Fed might like to encourage increased spending to speed a recovery — that’s more of a chicken-and-egg problem than they’re willing to admit… after all nearly 20% of this country is unemployed (though the government clever fuzzy math makes that number out to be much lower), and most of those people aren’t independently wealthy!

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The New York Stock Exchange have announced that the two companies will be delisted from the exchange next month (the stocks had been trading at the $1 per share mark — the minimum threshold to remain on the exchange — for over two years (since before the federal government took control of the companies).

The Federal Housing Finance Agency states that the delisting “does not constitute any reflection on either [company's] current performance or future direction.”

Right…

Fannie and Freddie were created by an act of Congress decades ago… as private companies.  They buy mortgages from banks, re-sell them to investors, and guarantee to pay off the loans if borrowers default.

And, of course, for the last decade they’ve been buying junk mortgages that banks irresponsibly made to people who couldn’t possible afford them on vastly over-valued property.

Of course, the bank’s weren’t the losers; the shareholders of Fannie Mae and Freddie Mac largely lost their proverbial shirts — but the tax payers bailed out the banks (and continue to fund Fannie and Freddie — and they continue to lose money).

Congress will have to decide how to handle this mess.  A GAO report last fall included these points.

1. Create a government agency to buy mortgages and re-sell them to investors. This would eliminate the profit motive that, some critics say, drove Fannie and Freddie to take the risks that led to their demise. It would also continue to subsidize the mortgage market, making it easier for Americans to buy homes. On the other hand, the government would still be putting lots of taxpayer money at risk to subsidize the housing market.
2. Reconstitute Fannie and Freddie as government-sponsored enterprises, similar to the way they were before. This might be accompanied by new rules limiting the risks the companies can take. Still, this would bring back the problematic ambiguities of having private, government-sponsored companies.
3. Dramatically reduce the government’s role in the mortgage business. In this model, there would essentially be no replacement for Fannie and Freddie. But the government might still take some role, such as selling insurance to cover mortgage default. This would reduce (but not eliminate) the risk to taxpayers, but it might also make it more difficult for people to get mortgages.

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Greed, the failing of socialism, is largely the driving force that makes capitalism work.

The United States doesn’t have a totally free market economy; the government regulates many aspects of businesses — perhaps it shouldn’t or perhaps it should regulate more — there’s always a good argument on both sides.

Maybe it’s time that the United States government regulated businesses by exactly the same set of laws that it regulates individuals by.

Giving corporations the exact same rights and privileges, and subjecting them to the exact same legal and tax structure.

Powerful corporations have too long tried to manipulate society and government to satisfy their greed, and such manipulation in the long run puts an undo burden on society.

I see few alternatives for our society to grow and flourish.

Since humans will likely never be able to build a Utopian society, socialism (or any system like it) is not an option… since the powerful (and rich) will it seems always try and manipulate society to satisfy their own selfish greed we cannot depend on them “to do what’s right”.

How then do we build a society that will last and continue to grow?

Level the playing field — through insuring that one tenant of socialism lives on: from each according to their ability (where in this case, ability is wealth).

Long ago when I was much more idealistic I felt that the progressive tax system the United States uses was wrong…

Now I believe that a progressive tax system, with no deductions, treating all individuals and all corporations equally might be the absolute best solution.

Corporations will scream that their profits will suffer — but in the end greedy corporations will pass along those costs to individuals… the ones what will suffer will be the very rich… they will start paying their fair share (those who profit from society should bear a much larger portion of the costs of propagating it).

I’d prefer a better solution, but until humankind changes, we have to deal with realistic solutions to real problems.

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1. 1. The act or process of conglomerating.
   2. The state of being conglomerated.
2. An accumulation of miscellaneous things.

The American Heritage® Dictionary of the English Language, Fourth Edition copyright ©2000 by Houghton Mifflin Company. Updated in 2009. Published by Houghton Mifflin Company. All rights reserved.

1. a conglomerate mass
2. a mass of miscellaneous things
3. the act of conglomerating or the state of being conglomerated

Collins English Dictionary – Complete and Unabridged © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003

Examples: conglomeration of buildings, 1858; of chances; of Christian names, 1842; of men, 1866; of sounds, 1626; of threads of silk worms, 1659; of vessels, 1697; of words.

Dictionary of Collective Nouns and Group Terms. Copyright 2008 The Gale Group, Inc. All rights reserved.

While means, Novell now has a prime asset — and could be ripe for harvesting (that’s a poetic way to say merger, take-over, buy-out).

Which will likely be bad for Linux.

WHAT?

Yep, take a look at what happened when Oracle purchased Sun (one of the largest companies supporting Open Source innovation in Linux, virtualization, etc) there’s definitely movement in Oracle to retract from the Open Source and free (free – like free beer) software efforts that Sun was firmly behind.

Consider what happens if a company acquires Novell and uses the SystemV license from Novell to market a closed source operating system, and discontinues work on Suse; or at minimum decides it doesn’t distributed Suse for free (free – like free beer).

“Live free or die” might become a fading memory.

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Their survey considered political stability, crime, economy, personal freedom, health services, sewage, air pollution, schools, public utilities, transportation, housing, and climate.  It aslo took into account the cities’ restaurants, theaters, sports, availability of consumer goods, and record of natural disasters.

The United States didn’t have a single city appear in the top ten.

The ten most liveable cities included Vancouver Canada; Auckland New Zealand; Dusseldorf, Munich, and Frankfurt Germany; Bern Switzerland; and Sydney Australia.

Of US cities, Honolulu ranked 31, San Francisco ranked 33, and Boston ranked 37.

The company also prepared a list that emphasized eco-friendly cities; focusing on water availability, cleanliness, waste removal, sewage, air pollution, and traffic congestion.

Honolulu placed second, bested only by Calgary Canada.  Minneapolis was sixth, Pittsburgh was thirteenth, and Washington was twenty-third.  Cities in Canada, Western Europe, Australia, New Zealand, and Japan dominated the list.

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There seems to be every thing from legal/administrative challenges to organizations non-profit status to requests to non-profit organizations for tax “donations”.  Some localities are considering totally revoking non-profit exemptions, and others are simply creating hidden fees for services that are not exempt-able.

Clearly we as American’s need to re-think the non-profit tax exempt status totally.

Personally I think tax exemption for an organization should work more like “homestead exemption” — that they can be allocated a given amount of tax credit by each of their “supporters”.

Consider a system where every American is allocated a non-profit tax exemption that they can transfer to any organization (or split between organizations) that they desire; or choose not to… this gives each non-profit the ability to have a tax exemption proportional to their supporters.

What this prevents is large non-profit organizations (including faith based organization) from operating for-profit businesses or holding large tracts of real estate on which no tax is paid… but for modest non-profit organizations there would likely be minimal tax impact…

I personally believe that organizations that help society should be encouraged and supported – but organizations that simply try and evade taxes should not force the general public to support them.

Take a hard look at non-profits; ask how much of every dollar provided to them actually is delivered to the cause it is to help; ask how many employees are supported by the organization and whether their salaries are comparable those employed by for profit; and ask the same of the administrators of non-profit and who well they are compensated…

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The case was filed against the NFL by Bob and Ron Kronenberger — the owners of American Needle, founded in 1918 by their grandfather who originally approached the Chicago Cubs in 1946 with the idea of selling fan caps similar to those worn by the players.  The first lot sold out in one day; the second in less time — and a (highly profitable) tradition of selling logo’d sports items for professional teams was born.

The Supreme Court ruling isn’t entirely clear on the scope of the anti-trust actions the NFL engaged in, but chief justice Stevens likened the NFL to a cartel.  The case was sent back to lower courts to resolve several issues.

I guess the fact that a price jump of $19 to $30 for a cap didn’t help the NFL’s case in arguing that no harm was done to the public by monopolizing the licensing.

The courts ruling, and subsequent lower court rulings (which may involve jury rulings) will undoubtedly reshape the landscape of all professional sports licensing — hopefully benefiting the consumer, and curbing the greed and lavish profits.

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8. There’s no place like home… According to a survey by Mercer (a London based investment services company owned by Marsh and McLennan Cos) that’s true is you live in Vienna....
9. I’m not sure I trust Canonical… I received this email from Canonical (the company that supports Ubuntu) yesterday (I’ve neutered the anchor on the link) From: landscape-team@canonical.com Subject: You have been...
10. Trust In Government Hits Near-Historic Low A Pew Poll released yesterday shows “Americans’ trust in government and its institutions has plummeted to a near-historic low…” Americans’ trust in government and its...