I just read this article about how the Inventory of US homes for sale hit a 15-year high, with nearly 4.5 million homes on the market for sale. If this isn't disturbing enough, especially when put in the context of how this represents a nearly 9-month inventory of homes, consider how this biggest inventory overhang since 1992 seems to be occurring when the economy is supposedly rather good overall. And, the median home price has slid another couple percent - for 10th straight month of declines.
What I just don't get is why, if there is such a glut of homes on the market, is so much new building going on? Everywhere I turn here in Northeast Ohio, I see yet another new development to be filled with $250K+ homes (which, by the way put them above the current median nationwide price of $223K). The people filling these homes are moving from homes that they can not sell, thus further increasing an already ballooning inventory situation.
I guess people just are not happy with their "old" homes, and being typical US consumers, they feel the need to constantly move into larger and more luxurious accommodations. If that isn't it, someone please let me know what this trend (of massive continued development during massive existing-home inventories) is all about. Personally, I think it signals an impending crisis. Time will tell.
Monday, June 25, 2007
Tuesday, June 19, 2007
Warranties are nothing more than marketing hype!
It seems that many a product or service "warranty" these days is nothing but a misleading sales phrase - something that sounds good, but doesn't really offer any advantage over having no warranty at all. I am completely and profoundly aggravated by the way companies think it is perfectly acceptable to offer a warranty or guarantee they have no intention of honoring, or one whose fulfillment conditions are so convoluted, complex, idiotic, and/or time-consuming that you basically give up before realizing any true benefit from this supposed perk.
My most recent encounter with an utterly lame warranty is with LG Electronics, in regards to a dehumidifier I purchased 2 years ago with a "5 year parts and labor warranty" that even included "in home service". Yeah, right! What sounded so good at time of purchase (and, helped me decide which product to purchase) is now nothing more than a reminder that many companies have little intention to make due on such a warranty without at least trying to drive you insane first.
The plight begins innocently enough with calling an 800# for customer service, and of course waiting 15 minutes for a human to actually answer the phone. They collect the various information about the model number, serial number, and your contact information, and then proceed to tell you how, even though you live in a major metropolitan area and have in-home service covered under your "warranty", that the in-home part is subject to them finding a service-provider near you that is willing to actually come to your house.
This is a common trend these days -- outsource the responsibility for providing any type of service (be it warranty or otherwise) and then blame any shortcomings on the third-party. So, you have a warranty from LG, but the service comes from whomever is willing to even do it. Lovely. LG then provides me with a phone number to a place 20 miles away -- I refuse! I tell them to look harder for a closer service point, and finally get one only 5 miles away. Now, things are in my court, since LG Electronics is not responsible for their recommended firm's actions.
So, I call the local service company - they are closed on Friday it seems. I wait, and try Monday, and get a scheduled service call (to my house amazingly) for a week later. The week passes, the technician arrives, and confirms what I know (the dehumidifier is shot and needs replaced), and then tells me how that is not up to him, and that they will contact LG and let them know the status, and I should hear something soon.
A week passes - nothing. I call the local place... they have no information, and have never called LG, since they can do nothing for me, and suggest I call LG Electronics Warranty Service again. (are you seeing the circle form?) I call LG. They now tell me I need to Email or Fax them all the same information they already have, and that the appliance local service company needs to call LG "technical support" and have LG's engineers concur that the unit needs replaced. Of course, I ask, what is the incentive for the appliance repair people to call you? Can't you (LG) call them and make sure something happens?!!! Oh, of course not! That is not how it works. And, what can I, the consumer do to make sure anything gets done -- NOTHING! (as planned I am sure).
So, unless I can influence people and events outside of my control, there is little I can do but have (false) hope in people doing their job and honoring their warranty. I can not make the local appliance firm follow-through and call LG. I can't make LG call the local firm, because "that isn't the flow" or whatever. The LG customer service rep I speak with doesn't even have a company Email address (they use a somthing_lge@yahoo.com instead - surely because there is to be little record of any warranty requests), and they can't do anything about me getting a new replacement dehumidifier without tech-support approving it.
So, basically, don't count on any warranty unless you personally know ahead of time how the firm operates their warranty-returns process and such. This is ridiculous. A few weeks have passed, I want my dehumidifier replaced. I have gotten nowhere on this matter, aside from hours of wasted calls. Unless LG replaces this thing soon, and actually honors this "5 year parts and labor warranty", I'll never buy an LG Electronics product EVER again, whether it is a dehumidifier, appliance, television, or anything else!
Companies really need to learn that such insane "customer (dis)service" policies do nothing but piss off consumers and turn them to their competitors instead. But, sadly, I suspect all major companies of not caring, since many are quite similar in their lack of caring, knowing that you have no choice in most things, and that they will gain as many new consumers that are leaving their competitors for the same customer dis-service reasons as they lose in customers experienced with their own terrible service. I have had many of these types of experiences over the years, and usually the bigger the company the worse the experience, since they just don't seem to care in the least what they put the customer through.
My main concern now is: what brand of dehumidifier do I purchase next? My gut says simply buy the cheapest damn thing there is, since you might as well pitch it if it goes bad (after the 30-day in-store return or whatever), because in the end, warranty or not, it's all the same when companies have no intention of making the warranty something you can collect on (at least not without wasting more time than it is worth).
My most recent encounter with an utterly lame warranty is with LG Electronics, in regards to a dehumidifier I purchased 2 years ago with a "5 year parts and labor warranty" that even included "in home service". Yeah, right! What sounded so good at time of purchase (and, helped me decide which product to purchase) is now nothing more than a reminder that many companies have little intention to make due on such a warranty without at least trying to drive you insane first.
The plight begins innocently enough with calling an 800# for customer service, and of course waiting 15 minutes for a human to actually answer the phone. They collect the various information about the model number, serial number, and your contact information, and then proceed to tell you how, even though you live in a major metropolitan area and have in-home service covered under your "warranty", that the in-home part is subject to them finding a service-provider near you that is willing to actually come to your house.
This is a common trend these days -- outsource the responsibility for providing any type of service (be it warranty or otherwise) and then blame any shortcomings on the third-party. So, you have a warranty from LG, but the service comes from whomever is willing to even do it. Lovely. LG then provides me with a phone number to a place 20 miles away -- I refuse! I tell them to look harder for a closer service point, and finally get one only 5 miles away. Now, things are in my court, since LG Electronics is not responsible for their recommended firm's actions.
So, I call the local service company - they are closed on Friday it seems. I wait, and try Monday, and get a scheduled service call (to my house amazingly) for a week later. The week passes, the technician arrives, and confirms what I know (the dehumidifier is shot and needs replaced), and then tells me how that is not up to him, and that they will contact LG and let them know the status, and I should hear something soon.
A week passes - nothing. I call the local place... they have no information, and have never called LG, since they can do nothing for me, and suggest I call LG Electronics Warranty Service again. (are you seeing the circle form?) I call LG. They now tell me I need to Email or Fax them all the same information they already have, and that the appliance local service company needs to call LG "technical support" and have LG's engineers concur that the unit needs replaced. Of course, I ask, what is the incentive for the appliance repair people to call you? Can't you (LG) call them and make sure something happens?!!! Oh, of course not! That is not how it works. And, what can I, the consumer do to make sure anything gets done -- NOTHING! (as planned I am sure).
So, unless I can influence people and events outside of my control, there is little I can do but have (false) hope in people doing their job and honoring their warranty. I can not make the local appliance firm follow-through and call LG. I can't make LG call the local firm, because "that isn't the flow" or whatever. The LG customer service rep I speak with doesn't even have a company Email address (they use a somthing_lge@yahoo.com instead - surely because there is to be little record of any warranty requests), and they can't do anything about me getting a new replacement dehumidifier without tech-support approving it.
So, basically, don't count on any warranty unless you personally know ahead of time how the firm operates their warranty-returns process and such. This is ridiculous. A few weeks have passed, I want my dehumidifier replaced. I have gotten nowhere on this matter, aside from hours of wasted calls. Unless LG replaces this thing soon, and actually honors this "5 year parts and labor warranty", I'll never buy an LG Electronics product EVER again, whether it is a dehumidifier, appliance, television, or anything else!
Companies really need to learn that such insane "customer (dis)service" policies do nothing but piss off consumers and turn them to their competitors instead. But, sadly, I suspect all major companies of not caring, since many are quite similar in their lack of caring, knowing that you have no choice in most things, and that they will gain as many new consumers that are leaving their competitors for the same customer dis-service reasons as they lose in customers experienced with their own terrible service. I have had many of these types of experiences over the years, and usually the bigger the company the worse the experience, since they just don't seem to care in the least what they put the customer through.
My main concern now is: what brand of dehumidifier do I purchase next? My gut says simply buy the cheapest damn thing there is, since you might as well pitch it if it goes bad (after the 30-day in-store return or whatever), because in the end, warranty or not, it's all the same when companies have no intention of making the warranty something you can collect on (at least not without wasting more time than it is worth).
Sunday, March 11, 2007
Screwed up economics
There is something fundamentally wrong with our economy when commodity prices (food and energy) are extremely high, while at the same time our country is flooded with cheap imported finished goods. Let me start by giving some examples of what has inspired my view that there are rampant incongruous economic underpinnings present throughout the United States (and the rest of the world I suspect).
My friend called me the other day to say how he had just purchases a brand new washing machine for $309.00, and on the same day received his natural-gas bill for February that was also $300.00. We both observed how this situation was both poignant and repugnant. How can it be that an entire washing machine is built, shipped (from overseas most likely), marked up (by a retailer), and delivered to one's house for no more total cost than heating the small house it was delivered too for a single month? When I consider the energy used to melt, roll, bend, shape, and weld the steel in the machine together, and the further energy consumed during transportation, display (lighting/heating at store selling it), and so forth, I just can't fathom how the additional raw material costs and labor and store profit can not put the price of this device over $300.00.
Next, I fill up my gas tank in my car. Luckily I do not drive much, but when I filled the near-empty tank this time, it cost $45.00! Then, I go to Staples to get a new office chair to replace an aging one I have, and see that I can purchase the exact replacement for less than what I just paid to fill up my gas tank. And, that chair has all sorts of plastic and petrochemical-based components in it, plus, as with everything else sold in the USA these days, it was shipped here from China, and has included packaging and markup, etc. How in the heck does this all work? I am fully aware of "economies of scale" and "mass production" and all, but something just doesn't seem to add up for me regardless. In the end, my chair purchase actually exceeded the price of my gas, since I decided that in relative terms, I might as well purchase a model that is better cushioned and ergonomically correct, even if it costs the same as 3 tanks of gas -- at least I'll get ten years or more out of the chair, versus a month or two of driving (like I said, I drive very little).
So far, I've only discussed energy prices. Food is equally insane! When I go to the store and see oranges for $1.00 each, or tomatoes for $3/pound, or Cantaloupe for $5/each, I just once again have to question the price of finished goods being so low. Are food prices in the USA completely manipulated (upwards), because if not, and the prices here were representative of the prices elsewhere in the world, the people making those cheap imported finished goods overseas could never even afford to eat!?! And, you can't blame shipping costs either, since I have checked into that and found that even for reasonably small shipments (a few tons) all the way from China to the USA, I can palletize and ship stuff for 25-cents/pound... and, the vegetables I'm discussing are coming from this continent!
Fact is, anything outside of the "core CPI", which by definition excludes the "volatile food and energy" sectors, is experiencing insane price pressures. I just don't get, if these energy and food prices are not just out of control here in the USA, how the price of finished goods is not soaring too. I suspect price manipulation at the point of origin (especially in China), but even that seems unable to account for everything.
So, I stick with my economics blog title of the day, that is, everything is screwed up!
My friend called me the other day to say how he had just purchases a brand new washing machine for $309.00, and on the same day received his natural-gas bill for February that was also $300.00. We both observed how this situation was both poignant and repugnant. How can it be that an entire washing machine is built, shipped (from overseas most likely), marked up (by a retailer), and delivered to one's house for no more total cost than heating the small house it was delivered too for a single month? When I consider the energy used to melt, roll, bend, shape, and weld the steel in the machine together, and the further energy consumed during transportation, display (lighting/heating at store selling it), and so forth, I just can't fathom how the additional raw material costs and labor and store profit can not put the price of this device over $300.00.
Next, I fill up my gas tank in my car. Luckily I do not drive much, but when I filled the near-empty tank this time, it cost $45.00! Then, I go to Staples to get a new office chair to replace an aging one I have, and see that I can purchase the exact replacement for less than what I just paid to fill up my gas tank. And, that chair has all sorts of plastic and petrochemical-based components in it, plus, as with everything else sold in the USA these days, it was shipped here from China, and has included packaging and markup, etc. How in the heck does this all work? I am fully aware of "economies of scale" and "mass production" and all, but something just doesn't seem to add up for me regardless. In the end, my chair purchase actually exceeded the price of my gas, since I decided that in relative terms, I might as well purchase a model that is better cushioned and ergonomically correct, even if it costs the same as 3 tanks of gas -- at least I'll get ten years or more out of the chair, versus a month or two of driving (like I said, I drive very little).
So far, I've only discussed energy prices. Food is equally insane! When I go to the store and see oranges for $1.00 each, or tomatoes for $3/pound, or Cantaloupe for $5/each, I just once again have to question the price of finished goods being so low. Are food prices in the USA completely manipulated (upwards), because if not, and the prices here were representative of the prices elsewhere in the world, the people making those cheap imported finished goods overseas could never even afford to eat!?! And, you can't blame shipping costs either, since I have checked into that and found that even for reasonably small shipments (a few tons) all the way from China to the USA, I can palletize and ship stuff for 25-cents/pound... and, the vegetables I'm discussing are coming from this continent!
Fact is, anything outside of the "core CPI", which by definition excludes the "volatile food and energy" sectors, is experiencing insane price pressures. I just don't get, if these energy and food prices are not just out of control here in the USA, how the price of finished goods is not soaring too. I suspect price manipulation at the point of origin (especially in China), but even that seems unable to account for everything.
So, I stick with my economics blog title of the day, that is, everything is screwed up!
Sunday, October 15, 2006
Windmill Zoning in Residential Areas - I plan to try!
My father recently ran across a new windmill designed for residential wind-power applications that sure sounds like it has potential. It is called the Skystream 3.7, and is one of the first I have seen that employs low-wind-speed generation capabilities, and a reasonable size and form-factor, uses modern blades, and is also of a reasonable cost -- a typical install is supposed to run around $9,000 USD currently.
I really like how the unit is sold as a complete "system" that includes all the hookup to your residential power supply from the electric company, and has all that crossover electronics and such included. This makes for pretty much a one-stop-shopping experience from the looks of things. The windmill is rated at 1.8KW, and is designed to offset 40-60% of the average home's power utilization requirements. Not bad. Heck, give me two of them and it'd be even better.
I hope Skystream doesn't mind my copying a bit of their promotional information, since the following is a direct copy/paste from their page showing the basic specs.
I really like how the unit is sold as a complete "system" that includes all the hookup to your residential power supply from the electric company, and has all that crossover electronics and such included. This makes for pretty much a one-stop-shopping experience from the looks of things. The windmill is rated at 1.8KW, and is designed to offset 40-60% of the average home's power utilization requirements. Not bad. Heck, give me two of them and it'd be even better.
I hope Skystream doesn't mind my copying a bit of their promotional information, since the following is a direct copy/paste from their page showing the basic specs.
- Product Brochure: Skystream 3.7 brochure (PDF)
- Rated Capacity: 1.8 KW
- Rotor: 12 feet / 3.72 meters; 50–325 RPM
- Alternator: Gearless, permanent magnet brushless
- Voltage Output: 240 VAC (Optional 208 VAC)
- Estimated Energy Production: 400 KWh per month at
- 12 MPH (5.4 m/s)
- Weight: 154 pounds
- Tower: Towers from 35-110 feet are available; height is
- dependent by site
- Technical Specifications: Skystream 3.7 Spec Sheet (PDF)
- Warranty: Five year limited
- Availability: October 2006
The toothless and useless UN
I recently wrote a blog entry about how I see China as the player of utmost importance in this whole North Korea (NK) nuclear standoff. And, as I wrote in that prior blog, I expected China to do what is in their best interest regardless of the outcome of any UN Security Council resolutions.
Well, I sit here watching the news this morning and listening to pretty much the exact thing I prognosticated: sanctions will be imposed on NK, including inspecting vessels going in and out of the country (supposedly for weapons technology or nuclear related stuff), but China says it will not inspect any of the trade going in and out of NK by land (i.e., through China). Of course, China is NKs biggest supporter and trading partner, and regardless of what the UN says they are "united" in resolving, the fact of the matter is that China's disregard for the resolution to inspect inbound and outbound shipments for NK says a world about where they really stand -- anything but "united" with the rest of the council. As always, with any country in the UN, personal interests always come before doing what is right.
Oddly enough, the next country that could be an issue with enforcing any sanctions against NK is South Korea. A fair amount of cash-flow into the North comes from the South. Southern commercial interests in Northern real-estate development (like, mountain resort communities) propel cash-flow northward. And, the whole time, people living in Seoul seem to think that NK may actually target them with a nuke given the chance. Talk about a strange double-vision thing when viewing the North from the South!
The fact is, unless truly united (and consistent) action is taken against the NK, this latest round of resolutions and sanctions will end up exactly where all the prior actions have: in the useless and toothless resolutions graveyard. NK will continue its nuclear arms progress and its threats against the world, and politicians will blame their predecessors for the situation that arises.
Well, I sit here watching the news this morning and listening to pretty much the exact thing I prognosticated: sanctions will be imposed on NK, including inspecting vessels going in and out of the country (supposedly for weapons technology or nuclear related stuff), but China says it will not inspect any of the trade going in and out of NK by land (i.e., through China). Of course, China is NKs biggest supporter and trading partner, and regardless of what the UN says they are "united" in resolving, the fact of the matter is that China's disregard for the resolution to inspect inbound and outbound shipments for NK says a world about where they really stand -- anything but "united" with the rest of the council. As always, with any country in the UN, personal interests always come before doing what is right.
Oddly enough, the next country that could be an issue with enforcing any sanctions against NK is South Korea. A fair amount of cash-flow into the North comes from the South. Southern commercial interests in Northern real-estate development (like, mountain resort communities) propel cash-flow northward. And, the whole time, people living in Seoul seem to think that NK may actually target them with a nuke given the chance. Talk about a strange double-vision thing when viewing the North from the South!
The fact is, unless truly united (and consistent) action is taken against the NK, this latest round of resolutions and sanctions will end up exactly where all the prior actions have: in the useless and toothless resolutions graveyard. NK will continue its nuclear arms progress and its threats against the world, and politicians will blame their predecessors for the situation that arises.
Monday, October 09, 2006
North Korea Nuclear Threat : China the beneficiary?
I have been contemplating the whole North Korea nuclear threat for years. I am especially interested in how this threat may fundamentally alter the world power-scheme among major nations, particularly with regards to China.
Now that North Korea has apparently followed through on its threat to test a nuclear weapon, the inevitable "world response" will emerge. Having completely lost all faith in the UN's ability to accomplish anything, I am convinced any such response is a complete waste of time. So many "warnings" and "urgings" and so forth have been issued to North Korea (who, as expected, simply ignores these discussions) and Iran (who also snubs such communications) in regards to their nuclear ambitions; isn't it obvious to the rest of the world that talk isn't going to accomplish anything? Countries like this have learned how easy it is to just ignore the "international community", since they have figured out this community is all talk and no action.
Much of this all-talk, no-action persona of the UN has to do with the fact that, even though the organization's name implies unity, there is anything but singularity of conviction or action among this group, especially the UN Security council. The Security Council members do everything in their power to push their own agenda (the USA included in this) instead of unite in a cause -- and, the world at large has learned how this works and takes full advantage of it. It's almost always predictable how the members will vote: if the USA wants to pursue a particular direction, you can be assured that the Soviet Union and China will oppose it; and, the reverse is true if China wants something we do not; the UK usually buddies with the USA and vice-versa; and then there is France - the "swing vote" in many situations; etc.
In this particular situation, China has incredible leverage for reasons of geographical proximity to the aggressor (North Korea), and its status as a nuclear super-power. And, simply put: nothing is getting done with regards to NK unless China wants it done. Although China is our largest trading partner, and a supposed ally, it can not be forgotten that China is a Communist country acting to protect its own interests throughout the region. China has been escalating their own military buildup, their manufacturing capabilities (much of it with the assistance our consumer feeding-frenzy on Chinese goods), and their deals with commodity sources (like Iran and Venezuela) - perhaps the NK crisis can be used as an excuse for some of this now?
China seems poised to gain additional world power and influence from this NK situation. Since, as the way I see it, only China can tip the balance against NK, they have positioned themselves to now become a larger player on the world political stage. Having the power to defuse a potential nuclear crisis surely increases their relevance. I will not be at all surprised to see China realize this and exploit the situation to maximize their power throughout the world and world organizations (like the impotent UN). But, would we or any other UN member country do any differently? -- perhaps/probably not.
As certain as the UN's inability to unite is the global quest to gain or retain power. Many nations of the world promise to ignore all sense of reason or regard for humanity's best interest in pursuit of power and relevance. And, today's power-tool of choice is the nuclear weapon -- you get one, and you suddenly have percieved power; consequences be damned (as humanity ultimately will be).
Now that North Korea has apparently followed through on its threat to test a nuclear weapon, the inevitable "world response" will emerge. Having completely lost all faith in the UN's ability to accomplish anything, I am convinced any such response is a complete waste of time. So many "warnings" and "urgings" and so forth have been issued to North Korea (who, as expected, simply ignores these discussions) and Iran (who also snubs such communications) in regards to their nuclear ambitions; isn't it obvious to the rest of the world that talk isn't going to accomplish anything? Countries like this have learned how easy it is to just ignore the "international community", since they have figured out this community is all talk and no action.
Much of this all-talk, no-action persona of the UN has to do with the fact that, even though the organization's name implies unity, there is anything but singularity of conviction or action among this group, especially the UN Security council. The Security Council members do everything in their power to push their own agenda (the USA included in this) instead of unite in a cause -- and, the world at large has learned how this works and takes full advantage of it. It's almost always predictable how the members will vote: if the USA wants to pursue a particular direction, you can be assured that the Soviet Union and China will oppose it; and, the reverse is true if China wants something we do not; the UK usually buddies with the USA and vice-versa; and then there is France - the "swing vote" in many situations; etc.
In this particular situation, China has incredible leverage for reasons of geographical proximity to the aggressor (North Korea), and its status as a nuclear super-power. And, simply put: nothing is getting done with regards to NK unless China wants it done. Although China is our largest trading partner, and a supposed ally, it can not be forgotten that China is a Communist country acting to protect its own interests throughout the region. China has been escalating their own military buildup, their manufacturing capabilities (much of it with the assistance our consumer feeding-frenzy on Chinese goods), and their deals with commodity sources (like Iran and Venezuela) - perhaps the NK crisis can be used as an excuse for some of this now?
China seems poised to gain additional world power and influence from this NK situation. Since, as the way I see it, only China can tip the balance against NK, they have positioned themselves to now become a larger player on the world political stage. Having the power to defuse a potential nuclear crisis surely increases their relevance. I will not be at all surprised to see China realize this and exploit the situation to maximize their power throughout the world and world organizations (like the impotent UN). But, would we or any other UN member country do any differently? -- perhaps/probably not.
As certain as the UN's inability to unite is the global quest to gain or retain power. Many nations of the world promise to ignore all sense of reason or regard for humanity's best interest in pursuit of power and relevance. And, today's power-tool of choice is the nuclear weapon -- you get one, and you suddenly have percieved power; consequences be damned (as humanity ultimately will be).
Friday, September 29, 2006
Demand Credit-Freeze Rights!
Are you aware that 22 states in this "United" States of America have laws that offer a much greater level of protection from credit identity-theft scams for their citizens than the other 28 states do? Yes, if you happen to be lucky enough to live in California or one of the other 21 states with consumer-friendly legislation that allows you to "freeze" your credit files at the major credit-authorization/scoring firms (TransUnion, Experian, Equifax), you have an extra layer of protection against the rampant identity-theft scams than persons in other States.
But, perhaps not for long! Congressman Steve LaTourette (R-OH), is trying his darndest at a Federal level not to offer this extra protection to all of us, but instead to remove that extra layer of protection certain States offer. He has introduced legislation that, if enacted, would reverse the efforts of over 22 State Attorney Generals who have sided with consumers in the battle against the massive problem of identity theft.
In congressman LaTourette’s bill, consumers would only be allowed to freeze access to their credit information if they had filed a police report indicating they had already become an identity theft victim. That's right, he wants to make a Federal law that says only after being victimized could you freeze access to your credit, and not before. Why lock your door -- let someone steal everything and then lock it It sounds insane because it is insane!
And what the heck are the banks getting out of your deal anyhow? Is obviously-fake / stolen-credit business still "OK" to banks, just so they can show extra "business" on their bottom lines or what? I can't understand this one bit -- it SEEMS so insane that banks would want this law either (perhaps someone can explain this to me).
Anyone with even half a brain can see the obvious ignorance and insanity of such lock-the-door-after-theft-occurs logic. Oh, but wait, we forgot the powerful lobby group of the American Banker’s Association - the most vocal supporter of LaTourette’s bill! Ignore what every average citizen wants... just do what the lobby (read: money) wants. This kind of thing is a sick abuse of power, and nothing short of the typical audacity of our elected leaders that supposedly work for "us, the people", but seem to constantly ignore the overwhelming voice of the populace in favor of the voice of power and money exhibited by lobbyists in our nation's capital. This blatant disregard of our rights to information security and protection must be dealt with. Voice your opinion, and if/when the opportunity arises, vote this turncoat out of office! (hopefully the next elected "representative of the people" will actually listen to the people!).
You know what Mr. LaTourette: if your bill becomes law, and I am not able to freeze my credit information when I otherwise would, and someone takes advantage of your open-credit-door policy for crooks, I and everyone else affected by your obvious disregard of our privacy wishes may just ban together and sue you for neglecting your fiduciary responsibility to uphold the will of the people. Something needs to change: start listening to the people at large, and not just the lobbyists. Only an idiot could argue that your approach to "privacy" is at all effective in identity and credit-theft protections.
But, perhaps not for long! Congressman Steve LaTourette (R-OH), is trying his darndest at a Federal level not to offer this extra protection to all of us, but instead to remove that extra layer of protection certain States offer. He has introduced legislation that, if enacted, would reverse the efforts of over 22 State Attorney Generals who have sided with consumers in the battle against the massive problem of identity theft.
In congressman LaTourette’s bill, consumers would only be allowed to freeze access to their credit information if they had filed a police report indicating they had already become an identity theft victim. That's right, he wants to make a Federal law that says only after being victimized could you freeze access to your credit, and not before. Why lock your door -- let someone steal everything and then lock it It sounds insane because it is insane!
And what the heck are the banks getting out of your deal anyhow? Is obviously-fake / stolen-credit business still "OK" to banks, just so they can show extra "business" on their bottom lines or what? I can't understand this one bit -- it SEEMS so insane that banks would want this law either (perhaps someone can explain this to me).
Anyone with even half a brain can see the obvious ignorance and insanity of such lock-the-door-after-theft-occurs logic. Oh, but wait, we forgot the powerful lobby group of the American Banker’s Association - the most vocal supporter of LaTourette’s bill! Ignore what every average citizen wants... just do what the lobby (read: money) wants. This kind of thing is a sick abuse of power, and nothing short of the typical audacity of our elected leaders that supposedly work for "us, the people", but seem to constantly ignore the overwhelming voice of the populace in favor of the voice of power and money exhibited by lobbyists in our nation's capital. This blatant disregard of our rights to information security and protection must be dealt with. Voice your opinion, and if/when the opportunity arises, vote this turncoat out of office! (hopefully the next elected "representative of the people" will actually listen to the people!).
You know what Mr. LaTourette: if your bill becomes law, and I am not able to freeze my credit information when I otherwise would, and someone takes advantage of your open-credit-door policy for crooks, I and everyone else affected by your obvious disregard of our privacy wishes may just ban together and sue you for neglecting your fiduciary responsibility to uphold the will of the people. Something needs to change: start listening to the people at large, and not just the lobbyists. Only an idiot could argue that your approach to "privacy" is at all effective in identity and credit-theft protections.
Subscribe to:
Posts (Atom)