How do you become successful at network marketing? That's a question a lot of people ask and often they find it very hard to find someone who will give them an answer that is both honest and competent.
Let's start with what not to do. You don't want to depend on your warm list, weekly local meetings, living room parties, sizzle cards, putting up flyers at the grocery store or laundry, running overly expensive newspaper ads and you certainly don't want to buy those crappy internet leads. THEY DON'T WORK.
What you need are twenty-first century techniques that are necessary to make money online. There are many powerful tools available for making your home based business opportunity a success through internet marketing while continuing to work at home. One way is through video marketing or video blogging ("vlogging") of the kind you see on this blog. Another way is through mass emailing towards targeted demographic groups. You can do that through a company called Veretekk. Check out any of my Veretekk-related websites in the links column on the right hand side of this blog. Veretekk offers many powerful tools for internet marketing. The function of these is to increase your google ranking and search engine optimization.
Of course, in network marketing it doesn't matter how good your marketing system is if you don't work through a reliable, financially solid company with a good compensation plan and honest, professional, competent leadership at the top. My primary MLM is Ameriplan USA, sponsors of the largest discount dental and medical plan in the United States, and a company that has without a doubt one of the best compensation plans around. This is a company that actually has products you can be proud to sell.
If you want to know more about how you can be successful in network marketing, call me. My name is Troy K Preston. My office number is 804-355-7161 or you can call my toll free number at 888-504-0717.
Wednesday, August 13, 2008
Tuesday, August 12, 2008
Live It Up, the Dollar is Dead?
http://www.lewrockwell.com/murphy/murphy134.html
by Bob Murphy
In a recent LRC blog post, it was suggested that in the midst of our current credit crisis – where the Fed is trying all sorts of tricks to prevent Wall Street traders from looking down and realizing they ran off the cliff months ago – the prudent thing to do is become debt-free. Pay off your credit cards, and don’t even take out a mortgage, if you can avoid it. This will not only help you personally to weather the upcoming storm, but it will also annoy the ruling elites, which is itself something most LRC readers would value at least at $20,000.
I generally endorse this analysis; it is certainly more sensible than the Hank Paulson recommendation, which – as best I can tell – runs something like this: "Hey everyone, go buy some stuff at the mall, stop trying to sell your house, and stop shorting US stocks!"
In particular, in the bust phase of a Fed-induced business cycle, the best thing people can do to alleviate the crisis is to save more. This will render the low rates during the boom phase less fictitious than if people continue with their original saving rate. (Of course, you shouldn’t save more just to "ease the recession." The purpose of the economy is to deploy resources in the way that best satisfies consumer preferences. If you don’t want to save more, then don’t do it out of some sense of duty.) Notice that this analysis is the exact opposite of the Paulson doctrine, especially when discussing the "stimulus" checks.
Having said all this, it does not follow that you should pay down your dollar-denominated debts. I personally just moved some of my credit card debt (partly a remnant from grad school days) onto a card that is giving me 0% through August 2009, with a 3% transfer fee. I have a pretty high income – the vast right-wing propaganda machine pays well, my friends, you should look into it – and so they gave me a large line of credit.
Now let’s say next month my wife and I are responsible and come up with $5,000 with which to pay down credit card balances. As long as I can move my balances to cards rolling over at low rates (like, zero!), even counting the transfer fee I would do much better using that $5,000 to buy some Krugerrands. I personally think it is entirely possible that any of the following will happen within the next twelve months:
Israel and/or the US will bomb Iran, in which case oil shoots to at least $175/barrel and gold shoots to at least $1200/oz.
Year-over-year consumer price inflation (even by the official measures) exceeds 10 percent. Gold rises at least 15 percent during this period.
The Federal Reserve runs of out Treasurys and so can’t "sterilize" the massive loans it has been making to banks (see chart below). Bernanke has to decide whether to discontinue the life support, or start expanding the money supply like crazy. He opts for the latter, and the dollar gets pummeled in the foreign exchanges. Gold soars.
In light of these possibilities, building up a decent position in hard money (i.e. gold) seems pretty smart, especially if the Fed will debase the currency. That’s the beauty of it: Yes, in nominal terms your credit card balances will rise by a certain amount (depending on your credit rating and the deal you can get), but in real terms your debt can actually shrink. Your salary will go up due to the printing press (albeit not as much as milk prices, perhaps) so that it will be easier for you to pay the (slightly higher) balances a year from now, versus paying them down today with your current salary.
For those wishing to read about even more exotic moves, like taking out the equity in your US-based house, and then using the freed up dollars to buy foreign assets, I highly recommend Peter Schiff’s book.
Final warning: Naturally credit cards are the work of a top demon, if not the devil himself. I wish I never started using them. But the point is, if you have strong willpower, it might actually make sense for you to divert your savings to other areas, rather than paying down dollar-denominated debts.
August 12, 2008
Bob Murphy has a Ph.D. in economics from New York University, and is the author of The Politically Incorrect Guide to Capitalism. He has a personal website at ConsultingByRPM.com
Copyright © 2008 LewRockwell.com
by Bob Murphy
In a recent LRC blog post, it was suggested that in the midst of our current credit crisis – where the Fed is trying all sorts of tricks to prevent Wall Street traders from looking down and realizing they ran off the cliff months ago – the prudent thing to do is become debt-free. Pay off your credit cards, and don’t even take out a mortgage, if you can avoid it. This will not only help you personally to weather the upcoming storm, but it will also annoy the ruling elites, which is itself something most LRC readers would value at least at $20,000.
I generally endorse this analysis; it is certainly more sensible than the Hank Paulson recommendation, which – as best I can tell – runs something like this: "Hey everyone, go buy some stuff at the mall, stop trying to sell your house, and stop shorting US stocks!"
In particular, in the bust phase of a Fed-induced business cycle, the best thing people can do to alleviate the crisis is to save more. This will render the low rates during the boom phase less fictitious than if people continue with their original saving rate. (Of course, you shouldn’t save more just to "ease the recession." The purpose of the economy is to deploy resources in the way that best satisfies consumer preferences. If you don’t want to save more, then don’t do it out of some sense of duty.) Notice that this analysis is the exact opposite of the Paulson doctrine, especially when discussing the "stimulus" checks.
Having said all this, it does not follow that you should pay down your dollar-denominated debts. I personally just moved some of my credit card debt (partly a remnant from grad school days) onto a card that is giving me 0% through August 2009, with a 3% transfer fee. I have a pretty high income – the vast right-wing propaganda machine pays well, my friends, you should look into it – and so they gave me a large line of credit.
Now let’s say next month my wife and I are responsible and come up with $5,000 with which to pay down credit card balances. As long as I can move my balances to cards rolling over at low rates (like, zero!), even counting the transfer fee I would do much better using that $5,000 to buy some Krugerrands. I personally think it is entirely possible that any of the following will happen within the next twelve months:
Israel and/or the US will bomb Iran, in which case oil shoots to at least $175/barrel and gold shoots to at least $1200/oz.
Year-over-year consumer price inflation (even by the official measures) exceeds 10 percent. Gold rises at least 15 percent during this period.
The Federal Reserve runs of out Treasurys and so can’t "sterilize" the massive loans it has been making to banks (see chart below). Bernanke has to decide whether to discontinue the life support, or start expanding the money supply like crazy. He opts for the latter, and the dollar gets pummeled in the foreign exchanges. Gold soars.
In light of these possibilities, building up a decent position in hard money (i.e. gold) seems pretty smart, especially if the Fed will debase the currency. That’s the beauty of it: Yes, in nominal terms your credit card balances will rise by a certain amount (depending on your credit rating and the deal you can get), but in real terms your debt can actually shrink. Your salary will go up due to the printing press (albeit not as much as milk prices, perhaps) so that it will be easier for you to pay the (slightly higher) balances a year from now, versus paying them down today with your current salary.
For those wishing to read about even more exotic moves, like taking out the equity in your US-based house, and then using the freed up dollars to buy foreign assets, I highly recommend Peter Schiff’s book.
Final warning: Naturally credit cards are the work of a top demon, if not the devil himself. I wish I never started using them. But the point is, if you have strong willpower, it might actually make sense for you to divert your savings to other areas, rather than paying down dollar-denominated debts.
August 12, 2008
Bob Murphy has a Ph.D. in economics from New York University, and is the author of The Politically Incorrect Guide to Capitalism. He has a personal website at ConsultingByRPM.com
Copyright © 2008 LewRockwell.com
Sunday, August 10, 2008
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Saturday, August 9, 2008
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Friday, August 8, 2008
What Caused the Credit Crisis?
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/08/08/ccrisis108.xml
By Ambrose Evans-Pritchard
State error led banks to ignore the lessons of history and overdose on too-cheap money, writes Ambrose Evans-Pritchard
Three years ago, the world's top watchdog warned that the global economy was veering out of control. Defending orthodoxy against the easy debt policies of the Greenspan era, the Bank for International Settlements said interest rates were being held too low for safety in most of the mature economies.
Credit crisis: Swept away by a tide of debt
America had embarked on an unprecedented experiment. The US savings rate had fallen to near zero for the first time since the Slump. The current account deficit had reached levels that were incompatible with the dollar's role as the anchor of the global system.
The rising powers of Asia were preventing adjustment by holding down their currencies, and flooding the world with cheap credit in the process. Incipient bubbles were ubiquitous. "Most industrial countries are showing symptoms of over-heating in the housing market," it said.
New-fangled securities were allowing banks to take "highly leveraged positions". It was unclear how these untested inventions would "handle a string of credit blow-ups".
"One simply cannot ignore the number of indicators that are now simultaneously exhibiting marked deviations," concluded the BIS. That was in June 2005.
Regrettably, governments did exactly that. They ignored manifest risks. Real interest rates were held near or below zero in the US and a large arc of Europe until well into 2006.
By then, the damage was done. US housing had succumbed to full-fledged mania. Variants were emerging - later in the cycle - across the Anglo-Saxon world, the Baltic, Club Med, and Eastern Europe.
What occurred was a fatal cocktail, a mix of too much and too little government intervention at the same time. Bureaucrats (central banks) held down the price of credit: other bureaucrats (regulators) turned a blind eye to the excesses that cheap money caused in mortgages and the "shadow banking system" - that $3 trillion nexus of structured credit. Northern Rock continued to offer 125pc mortgages. Honey-trap "teaser" loans continued to ensnare Americans.
Former Federal Reserve chief Alan Greenspan now says the world faces a "once or twice in a century event". Faith in the financial system has been called into question. Taxpayers will have to rescue more banks. Missing is any hint of apology for his role in incubating this crisis as monetary overlord for 20 years.
Where did it all go wrong? One could start by looking at the trajectory of total US debt, up from 130pc to 350pc of GDP since 1982. "We've had a 30-year leveraging up of America, ending in an unchecked orgy," said Charles Dumas, from Lombard Street Research.
"The final straw was the Fed's hopelessly slow tightening from 2004 onwards. There was no excuse for the interest rates of 1pc, and then they went through this ludicrous metronome dance of quarter-point hikes," he said.
Mr Dumas said the fuel for the third-stage blast of the US debt rocket came from Asia's "savings glut". China, Taiwan, Vietnam and other exporters have built up huge surpluses by holding down their currencies through dollar pegs or "dirty floats".
Together with Russia and the Mid-East petro-powers, they have accumulated a war chest of some $6 trillion in reserves. This must be recycled into foreign assets. Most went into US and European bonds, pushing down the cost of long-term capital for the entire global system.
On top of this, roughly $250bn a year fled zero-interest rates in Japan to chase better returns abroad through the "carry trade". Japan's emergency stimulus leaked everywhere.
The ensuing bond bubble depressed yields for pension funds and insurers obliged to buy "AAA" assets, leaving them struggling to match their long-term liabilities. They were easy prey when the sharks came along with sub-prime debt "sliced and diced" into irresistible blocks of "AAA" securities, promising high yields.
Rules made matters worse. Professor Peter Spencer, from York University, said the Basle code on capital adequacy ratios caused a perverse side-effect. "By making banks raise capital against their balance sheets, it gave them a strong incentive to move off balance sheets," he said.
The Fed could have done a great deal to offset the tsunami of Asian money by squeezing liquidity at home. It chose not to do so. Mr Greenspan and his protégé, Ben Bernanke, saw no need to act because inflation was tamed.
Cheap Asian goods flooded the world, keeping a lid on inflation in the West. It lulled the central banking fraternity into a false sense of security. As they slept, the excess money found its way into asset booms. This was the "Great Error".
Read Part Two
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/08/08
/ccrisis108.xml&page=2
Read Part Three
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/08/08/ccrisis108.xml&page=3
By Ambrose Evans-Pritchard
State error led banks to ignore the lessons of history and overdose on too-cheap money, writes Ambrose Evans-Pritchard
Three years ago, the world's top watchdog warned that the global economy was veering out of control. Defending orthodoxy against the easy debt policies of the Greenspan era, the Bank for International Settlements said interest rates were being held too low for safety in most of the mature economies.
Credit crisis: Swept away by a tide of debt
America had embarked on an unprecedented experiment. The US savings rate had fallen to near zero for the first time since the Slump. The current account deficit had reached levels that were incompatible with the dollar's role as the anchor of the global system.
The rising powers of Asia were preventing adjustment by holding down their currencies, and flooding the world with cheap credit in the process. Incipient bubbles were ubiquitous. "Most industrial countries are showing symptoms of over-heating in the housing market," it said.
New-fangled securities were allowing banks to take "highly leveraged positions". It was unclear how these untested inventions would "handle a string of credit blow-ups".
"One simply cannot ignore the number of indicators that are now simultaneously exhibiting marked deviations," concluded the BIS. That was in June 2005.
Regrettably, governments did exactly that. They ignored manifest risks. Real interest rates were held near or below zero in the US and a large arc of Europe until well into 2006.
By then, the damage was done. US housing had succumbed to full-fledged mania. Variants were emerging - later in the cycle - across the Anglo-Saxon world, the Baltic, Club Med, and Eastern Europe.
What occurred was a fatal cocktail, a mix of too much and too little government intervention at the same time. Bureaucrats (central banks) held down the price of credit: other bureaucrats (regulators) turned a blind eye to the excesses that cheap money caused in mortgages and the "shadow banking system" - that $3 trillion nexus of structured credit. Northern Rock continued to offer 125pc mortgages. Honey-trap "teaser" loans continued to ensnare Americans.
Former Federal Reserve chief Alan Greenspan now says the world faces a "once or twice in a century event". Faith in the financial system has been called into question. Taxpayers will have to rescue more banks. Missing is any hint of apology for his role in incubating this crisis as monetary overlord for 20 years.
Where did it all go wrong? One could start by looking at the trajectory of total US debt, up from 130pc to 350pc of GDP since 1982. "We've had a 30-year leveraging up of America, ending in an unchecked orgy," said Charles Dumas, from Lombard Street Research.
"The final straw was the Fed's hopelessly slow tightening from 2004 onwards. There was no excuse for the interest rates of 1pc, and then they went through this ludicrous metronome dance of quarter-point hikes," he said.
Mr Dumas said the fuel for the third-stage blast of the US debt rocket came from Asia's "savings glut". China, Taiwan, Vietnam and other exporters have built up huge surpluses by holding down their currencies through dollar pegs or "dirty floats".
Together with Russia and the Mid-East petro-powers, they have accumulated a war chest of some $6 trillion in reserves. This must be recycled into foreign assets. Most went into US and European bonds, pushing down the cost of long-term capital for the entire global system.
On top of this, roughly $250bn a year fled zero-interest rates in Japan to chase better returns abroad through the "carry trade". Japan's emergency stimulus leaked everywhere.
The ensuing bond bubble depressed yields for pension funds and insurers obliged to buy "AAA" assets, leaving them struggling to match their long-term liabilities. They were easy prey when the sharks came along with sub-prime debt "sliced and diced" into irresistible blocks of "AAA" securities, promising high yields.
Rules made matters worse. Professor Peter Spencer, from York University, said the Basle code on capital adequacy ratios caused a perverse side-effect. "By making banks raise capital against their balance sheets, it gave them a strong incentive to move off balance sheets," he said.
The Fed could have done a great deal to offset the tsunami of Asian money by squeezing liquidity at home. It chose not to do so. Mr Greenspan and his protégé, Ben Bernanke, saw no need to act because inflation was tamed.
Cheap Asian goods flooded the world, keeping a lid on inflation in the West. It lulled the central banking fraternity into a false sense of security. As they slept, the excess money found its way into asset booms. This was the "Great Error".
Read Part Two
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/08/08
/ccrisis108.xml&page=2
Read Part Three
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/08/08/ccrisis108.xml&page=3
Arm Yourself with the Tools You Need for Internet Marketing in the 21st Century
Troy K. Preston, Certified Regional Trainer, shows you how to make money online
using Veretekk, Video Blogging, and Internet Video Marketing to increase Google rank.
Troy K Preston
804-355-7161
using Veretekk, Video Blogging, and Internet Video Marketing to increase Google rank.
Troy K Preston
804-355-7161
Thursday, August 7, 2008
Dental Discount Plan for Texas
Ameriplan is a Texas-based company offering a dental discount plan. Over 1.8 million members nationwide. Available throughout most of the U.S. Call Troy K Preston at 804-355-7161.
Wednesday, August 6, 2008
What Will You Do If A Depression Comes?
Nobody likes to be a doomsayer, but some economists are predicting a depression may be on the horizon so far as the U.S. economy goes. What will you do if fuel costs, food costs, housing costs and healthcare costs continue to go through the roof? At times, it's hard to imagine things getting much worse. But they can. Just ask your parents or grandparents or great-grandparents who lived through the Great Depression of the 1930s.
In such horrible economic conditions, you will need to find creative ways of making a living, paying your bills and financing your healthcare. Unemployment rates will be high, so you will need to be able to work for yourself if you can't find a job. You'll need something with a low overhead and low start-up costs. A home based internet or network marketing business is the key. Learn how to make money online. You'll need a business with products, like health and dental discount plans, that will fill a huge consumer demand. And the consumer demand for healthcare related services will grow dramatically in the event of serious economic failure. You'll need to be affiliated with a company with a good history, solid reputation, solid financial condition and a good compensation plan. You can find all of these things in Ameriplan, one of the best network marketing businesses out there and one that offers that largest discount dental plan in the United States.
You'll also need to be able to attract professional people into your downline and organization. People with education, skills, talent, experience, motivation, and the ability to communicate. People with some level of resources to get started with. To attract people of this caliber, you will need to offer them not only a product line, compensation plan and opportunity that meets their standards, but you will also need to offer them a professional, effective, results-oriented method of doing the business. That's where our team comes in. We don't waste your time and money with outdated 1970s era network marketing methods like living room meetings, door to door, newspaper ads that are costly and don't produce or sizzle cards. We don't ask you to call your warm list. We don't even try to talk you into purchasing those crummy internet leads with their disconnected phone numbers. Who needs that hassle?
We use up to date, 21st century methods like video blogging, highly sophisticated internet marketing techniques that are on the cutting edge of the industry and contemporary technological resources like automated dialing services. That's what we're about. If you want to know more, call me.
Troy K Preston
Ameriplan Certified Regional Trainer
Veretekk distributor
804-355-7161
Richmond, Virginia
With Veretekk, you can generate a huge volume of traffic to your website, generate free leads for your network marketing, MLM or home based business. Veretekk provides a huge variety of tools including sequential email, massive free lead generation, blasting out thousands of web and internet ads daily, conference call services, blogging, etracking, web design and hosting and much, much else. Veretekk is also an opportunity to make money online in its own right where the system you use to build your primary MLM also makes you money and pays for itself. Call Troy K Preston at 804-355-7161 or visit my website at http://povertyisnofun.veretekk.com
Make Money Online Internet Marketing While Working at Home!
Poverty is no fun! Make Money Online using Google, Veretekk, Blastomatic, Leadsomatic and Free FFAS! Obtain Fantastic Health and Dental Plan at http://healthanddentalplan.org or Call Troy K Preston at 804-355-7161
Work at Home Part-Time for 2-4 Years and Start Earning $100,000 a Year. Ameriplan
is the home business network marketing internet based MLM opportunity you can trust!
Call Troy K Preston at 804-355-7161
In such horrible economic conditions, you will need to find creative ways of making a living, paying your bills and financing your healthcare. Unemployment rates will be high, so you will need to be able to work for yourself if you can't find a job. You'll need something with a low overhead and low start-up costs. A home based internet or network marketing business is the key. Learn how to make money online. You'll need a business with products, like health and dental discount plans, that will fill a huge consumer demand. And the consumer demand for healthcare related services will grow dramatically in the event of serious economic failure. You'll need to be affiliated with a company with a good history, solid reputation, solid financial condition and a good compensation plan. You can find all of these things in Ameriplan, one of the best network marketing businesses out there and one that offers that largest discount dental plan in the United States.
You'll also need to be able to attract professional people into your downline and organization. People with education, skills, talent, experience, motivation, and the ability to communicate. People with some level of resources to get started with. To attract people of this caliber, you will need to offer them not only a product line, compensation plan and opportunity that meets their standards, but you will also need to offer them a professional, effective, results-oriented method of doing the business. That's where our team comes in. We don't waste your time and money with outdated 1970s era network marketing methods like living room meetings, door to door, newspaper ads that are costly and don't produce or sizzle cards. We don't ask you to call your warm list. We don't even try to talk you into purchasing those crummy internet leads with their disconnected phone numbers. Who needs that hassle?
We use up to date, 21st century methods like video blogging, highly sophisticated internet marketing techniques that are on the cutting edge of the industry and contemporary technological resources like automated dialing services. That's what we're about. If you want to know more, call me.
Troy K Preston
Ameriplan Certified Regional Trainer
Veretekk distributor
804-355-7161
Richmond, Virginia
With Veretekk, you can generate a huge volume of traffic to your website, generate free leads for your network marketing, MLM or home based business. Veretekk provides a huge variety of tools including sequential email, massive free lead generation, blasting out thousands of web and internet ads daily, conference call services, blogging, etracking, web design and hosting and much, much else. Veretekk is also an opportunity to make money online in its own right where the system you use to build your primary MLM also makes you money and pays for itself. Call Troy K Preston at 804-355-7161 or visit my website at http://povertyisnofun.veretekk.com
Make Money Online Internet Marketing While Working at Home!
Poverty is no fun! Make Money Online using Google, Veretekk, Blastomatic, Leadsomatic and Free FFAS! Obtain Fantastic Health and Dental Plan at http://healthanddentalplan.org or Call Troy K Preston at 804-355-7161
Work at Home Part-Time for 2-4 Years and Start Earning $100,000 a Year. Ameriplan
is the home business network marketing internet based MLM opportunity you can trust!
Call Troy K Preston at 804-355-7161
Tuesday, August 5, 2008
Make Enough Money Online To Retire Early
Today I was visiting one of the fellows who does the maintenance work on my PC and he mentioned that he is constantly amazed at the number of his customers who make money online. I told him I know folks with six figure corporate incomes who still want to break into the world of internet marketing. Why? Because the opportunity is so great! Who needs a boss when you can make a living that is just as good or better with a home business?
You can do it, but you need the right opportunity with a solid company and a good compensation. And you need to be on a good team with a good upline, a solidly productive manner of doing business and a good trainer. Fortunately, I've found what I need. Ameriplan has not only one of the best product lines of any network marketing company, but also one of the very best compensation plans. Our team uses the Veretekk internet marketing system, by far the most sophisticated and technologically advanced marketing system available, and our team leader is Mr. Lowell Farmer, a highly successful veteran of numerous network marketing companies who consistently earns a six-figure income while working from home.
If any of this sounds like something you might like to look into, then give me a call.
Troy K. Preston
Certified Regional Trainer
Network Marketing Professional
804-355-7161
You can do it, but you need the right opportunity with a solid company and a good compensation. And you need to be on a good team with a good upline, a solidly productive manner of doing business and a good trainer. Fortunately, I've found what I need. Ameriplan has not only one of the best product lines of any network marketing company, but also one of the very best compensation plans. Our team uses the Veretekk internet marketing system, by far the most sophisticated and technologically advanced marketing system available, and our team leader is Mr. Lowell Farmer, a highly successful veteran of numerous network marketing companies who consistently earns a six-figure income while working from home.
If any of this sounds like something you might like to look into, then give me a call.
Troy K. Preston
Certified Regional Trainer
Network Marketing Professional
804-355-7161
Monday, August 4, 2008
Know Your MLM's Compensation Plan
The first two things you need to consider when sizing up an MLM opportunity are the compensation plan and your upline's ability to teach you how to do the business. Call Troy K Preston at 804-355-7161
Find Dental Assistance in Dallas
If you are in the Dallas area and need immediate dental assistance, or if you are anywhere in the USA and need a dental plan, call Troy K Preston at 804-355-7161
Sunday, August 3, 2008
Why Are Oil Prices So High?
http://www.lewrockwell.com/orig6/karlsson9.html
by Stefan M.I. Karlsson
Since August 2007, the price of oil has nearly doubled from under $70 per barrel to more than $135 per barrel. This is of course a big problem for the world economy. Not only will it cause massive redistribution of resources from consumers to producers, but by making transportation and production that uses petroleum products as an input, it will slow economic growth. And many consumers, particularly in America, are shocked and angered by the high prices. And since it is election year in America, this means the politicians all say they will try to fix the problem.
But as we will see, it is politicians which have caused the problems in the first place, and as no prominent politician except for Ron Paul recognize this and wants to abolish these policies, they instead create false scapegoats. The most popular scapegoats right now are speculators. Investing in commodities has in recent years been increasingly popular and certainly a very successful investment strategy, the case for which libertarian investment superstar Jim Rogers laid out in his book Hot Commodities that I reviewed on the Ludwig von Mises Institute web page. The politicians and their collaborators now charge Jim Rogers and others who have followed his strategy of causing the commodity price boom they predicted and profited from.
Yet this accusation is based on a complete misunderstanding of how commodity markets function, whether intentional or not. Considering how complex the functioning of these markets in fact is, it cannot be ruled out that it is unintentional. And even if it isn’t, people need to learn this in order to be able to see through the deception.
Starting with the basics, commodity markets can be divided into spot markets and futures markets. Spot markets are the markets for immediate delivery, futures markets are the markets for delivery at some future point in time, usually not more than a year or so in advance. As futures contracts are constantly traded, it should be noted that someone who buys a commodity with a futures contracts need not necessarily be the one that buys it at the expiration date. But this is not dissimilar to how someone who bought a commodity with a spot contract can sell the commodity to someone else.
And just as there is always both a buyer and a seller in a spot contract, there is always a buyer and a seller in a futures contract. Usually though, the buyer is referred to as having a long position while the seller is referred to as having a short position, but that is basically just semantics. People with long positions are in effect buyers while people with short position are in effect sellers.
What should further be realized is that first of all most commodity speculators invest in futures while what matters for the price of petroleum actually used in the economy is primarily the spot price. Note further that commodity speculators can take both long position and short positions. This implies that commodity speculators may not in fact be contributing to higher prices. If speculators as a group have equally large long and short positions then they will have no effect on futures prices, and if they as a group have larger short positions than long positions then their speculations will in fact lower futures prices.
Moreover, even if speculators as a group have a net long position, the speculators that pushed up the futures price in the first place will, once the futures contract approaches expiration date, face two choices. Choice number one is to sell the contract or sell the underlying commodity to some consumer once the contract expires. Choice number two is to put the commodity in some physical inventory and keep it there.
If the speculators choose the first alternative, then this will push down the price back to the level where it would have been in the absence of the original purchase. In this case, speculation will thus have no effect on the spot price.
If on the other hand the second alternative is chosen, then speculation will indeed contribute to higher prices, at least temporarily. But while that is a possible theoretical scenario, that does not mean it is applicable to the current situation. The fact is that there is no evidence of increased inventories. Indeed, according the Energy Information Administration, U.S. crude oil inventories were 14 % lower in the week ending June 20 than a year ago.
Some have replied to this argument by saying stock building for speculative purposes need not be above ground, it could also come in the form of producers choosing not to pump oil from the ground. But first of all, oil-producing governments is not what is typically meant by speculators. And the issue being discussed was the role of professional speculators acting on the futures markets, not what the governments of Saudi Arabia or Kuwait choose to do, so this argument is basically a case of changing the subject. And secondly, as it happens, no evidence exist that oil producers are choosing to reduce production for speculative purposes. Spare capacity among oil producers is relatively low, especially if you exclude spare capacity caused by, for example terrorist attacks against oil facilities in Nigeria.
What then is the cause of high oil prices and what could be done about it? As I indicated in the aforementioned review, the boom is primarily driven by structural long- or medium-term factors. Demand is growing rapidly because of the rise of China and fast growth in other emerging economies. Meanwhile, while global oil production is actually growing, growth is inhibited in the short term both because of various political factors that stop drilling and because of the fact that even where such political obstacles does not exist, it takes several years to actually extract the oil. Brazil has recently found vast new oil reserves, and no political obstacles exist there to prevent drilling, yet it will be several more years before that oil reaches the world market.
These political factors differ somewhat in their form, but none of them seems likely to go away anytime soon. In Nigeria, as was previously stated, constant attacks against oil facilities are holding down production there, and these attacks looks unlikely to cease. In countries like Venezuela, Mexico and Russia, hostility against foreign investments combined with governments and bureaucrats starving government run oil companies of competence and cash, means that potential oil production is held back. And in the United States, opposition to drilling for environmentalist reasons, mainly by Democrats, prevents increases in oil production.
Another factor that in the short term has contributed to the sharp increase in the price of oil is the Fed’s inflationary monetary policies. Because the price of oil is much more flexible than most other prices and it is immediately affected by, for example, exchange rate effects, the short-term effect of an inflationary monetary policy is much greater than the short-term effect on the more sticky prices of regular goods in the supermarkets. That the oil price increased so much after the Fed started its aggressive interest rate cuts was not really a coincidence.
What then can be done about the high oil price? The long-term solution is to reduce or abolish taxation on oil production and to abolish all regulatory restrictions (whether motivated for environmentalist reasons as in the U.S. or nationalist reasons as in Mexico) on oil drilling. Opponents of drilling often reply to this that it won’t provide any short-term relief. But while that is true, but there won’t be any short-term relief without drilling either and the point of drilling is to provide long-term relief. Moreover, their preferred solution of having the government invest in research to invent more so-called renewable sources of energy is likely to take even longer to provide relief (if it ever provides relief).
To provide short-term relief, different solutions are needed. This means, for example, that the U.S. government should start releasing the oil held in the so-called Strategic Petroleum Reserve, while the Fed should stop its inflationary policies.
Unfortunately, I don’t think any of these solutions are likely to be implemented anytime soon, which is one of the reasons why I am not as optimistic as Don Armentano about the possibility of a significant price decline in the near future. However, while the oil price is unlikely to go down, we should always remember that it is governments and not speculators that are responsible for the all-too-high oil price we suffer from now.
June 28, 2008
Stefan M.I. Karlsson is an economist working in Sweden.
Copyright © 2008 LewRockwell.com
Troy K. Preston
Ameriplan Certified Regional Trainer
804-355-7161
With Veretekk, you can generate a huge volume of traffic to your website, generate free leads for your network marketing, MLM or home base business. Veretekk provides a huge variety of tools including sequential email, massive free lead generation, blasting out thousands of web and internet ads daily, conference call services, blogging, etracking, web design and hosting and much, much else. Veretekk is also an opportunity to make money online in its own right where the system you use to build your primary MLM also makes you money and pays for itself. Call Troy K Preston at 804-355-7161 or visit my website at http://povertyisnofun.veretekk.com
Make Money Online Internet Marketing While Working at Home!
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by Stefan M.I. Karlsson
Since August 2007, the price of oil has nearly doubled from under $70 per barrel to more than $135 per barrel. This is of course a big problem for the world economy. Not only will it cause massive redistribution of resources from consumers to producers, but by making transportation and production that uses petroleum products as an input, it will slow economic growth. And many consumers, particularly in America, are shocked and angered by the high prices. And since it is election year in America, this means the politicians all say they will try to fix the problem.
But as we will see, it is politicians which have caused the problems in the first place, and as no prominent politician except for Ron Paul recognize this and wants to abolish these policies, they instead create false scapegoats. The most popular scapegoats right now are speculators. Investing in commodities has in recent years been increasingly popular and certainly a very successful investment strategy, the case for which libertarian investment superstar Jim Rogers laid out in his book Hot Commodities that I reviewed on the Ludwig von Mises Institute web page. The politicians and their collaborators now charge Jim Rogers and others who have followed his strategy of causing the commodity price boom they predicted and profited from.
Yet this accusation is based on a complete misunderstanding of how commodity markets function, whether intentional or not. Considering how complex the functioning of these markets in fact is, it cannot be ruled out that it is unintentional. And even if it isn’t, people need to learn this in order to be able to see through the deception.
Starting with the basics, commodity markets can be divided into spot markets and futures markets. Spot markets are the markets for immediate delivery, futures markets are the markets for delivery at some future point in time, usually not more than a year or so in advance. As futures contracts are constantly traded, it should be noted that someone who buys a commodity with a futures contracts need not necessarily be the one that buys it at the expiration date. But this is not dissimilar to how someone who bought a commodity with a spot contract can sell the commodity to someone else.
And just as there is always both a buyer and a seller in a spot contract, there is always a buyer and a seller in a futures contract. Usually though, the buyer is referred to as having a long position while the seller is referred to as having a short position, but that is basically just semantics. People with long positions are in effect buyers while people with short position are in effect sellers.
What should further be realized is that first of all most commodity speculators invest in futures while what matters for the price of petroleum actually used in the economy is primarily the spot price. Note further that commodity speculators can take both long position and short positions. This implies that commodity speculators may not in fact be contributing to higher prices. If speculators as a group have equally large long and short positions then they will have no effect on futures prices, and if they as a group have larger short positions than long positions then their speculations will in fact lower futures prices.
Moreover, even if speculators as a group have a net long position, the speculators that pushed up the futures price in the first place will, once the futures contract approaches expiration date, face two choices. Choice number one is to sell the contract or sell the underlying commodity to some consumer once the contract expires. Choice number two is to put the commodity in some physical inventory and keep it there.
If the speculators choose the first alternative, then this will push down the price back to the level where it would have been in the absence of the original purchase. In this case, speculation will thus have no effect on the spot price.
If on the other hand the second alternative is chosen, then speculation will indeed contribute to higher prices, at least temporarily. But while that is a possible theoretical scenario, that does not mean it is applicable to the current situation. The fact is that there is no evidence of increased inventories. Indeed, according the Energy Information Administration, U.S. crude oil inventories were 14 % lower in the week ending June 20 than a year ago.
Some have replied to this argument by saying stock building for speculative purposes need not be above ground, it could also come in the form of producers choosing not to pump oil from the ground. But first of all, oil-producing governments is not what is typically meant by speculators. And the issue being discussed was the role of professional speculators acting on the futures markets, not what the governments of Saudi Arabia or Kuwait choose to do, so this argument is basically a case of changing the subject. And secondly, as it happens, no evidence exist that oil producers are choosing to reduce production for speculative purposes. Spare capacity among oil producers is relatively low, especially if you exclude spare capacity caused by, for example terrorist attacks against oil facilities in Nigeria.
What then is the cause of high oil prices and what could be done about it? As I indicated in the aforementioned review, the boom is primarily driven by structural long- or medium-term factors. Demand is growing rapidly because of the rise of China and fast growth in other emerging economies. Meanwhile, while global oil production is actually growing, growth is inhibited in the short term both because of various political factors that stop drilling and because of the fact that even where such political obstacles does not exist, it takes several years to actually extract the oil. Brazil has recently found vast new oil reserves, and no political obstacles exist there to prevent drilling, yet it will be several more years before that oil reaches the world market.
These political factors differ somewhat in their form, but none of them seems likely to go away anytime soon. In Nigeria, as was previously stated, constant attacks against oil facilities are holding down production there, and these attacks looks unlikely to cease. In countries like Venezuela, Mexico and Russia, hostility against foreign investments combined with governments and bureaucrats starving government run oil companies of competence and cash, means that potential oil production is held back. And in the United States, opposition to drilling for environmentalist reasons, mainly by Democrats, prevents increases in oil production.
Another factor that in the short term has contributed to the sharp increase in the price of oil is the Fed’s inflationary monetary policies. Because the price of oil is much more flexible than most other prices and it is immediately affected by, for example, exchange rate effects, the short-term effect of an inflationary monetary policy is much greater than the short-term effect on the more sticky prices of regular goods in the supermarkets. That the oil price increased so much after the Fed started its aggressive interest rate cuts was not really a coincidence.
What then can be done about the high oil price? The long-term solution is to reduce or abolish taxation on oil production and to abolish all regulatory restrictions (whether motivated for environmentalist reasons as in the U.S. or nationalist reasons as in Mexico) on oil drilling. Opponents of drilling often reply to this that it won’t provide any short-term relief. But while that is true, but there won’t be any short-term relief without drilling either and the point of drilling is to provide long-term relief. Moreover, their preferred solution of having the government invest in research to invent more so-called renewable sources of energy is likely to take even longer to provide relief (if it ever provides relief).
To provide short-term relief, different solutions are needed. This means, for example, that the U.S. government should start releasing the oil held in the so-called Strategic Petroleum Reserve, while the Fed should stop its inflationary policies.
Unfortunately, I don’t think any of these solutions are likely to be implemented anytime soon, which is one of the reasons why I am not as optimistic as Don Armentano about the possibility of a significant price decline in the near future. However, while the oil price is unlikely to go down, we should always remember that it is governments and not speculators that are responsible for the all-too-high oil price we suffer from now.
June 28, 2008
Stefan M.I. Karlsson is an economist working in Sweden.
Copyright © 2008 LewRockwell.com
Troy K. Preston
Ameriplan Certified Regional Trainer
804-355-7161
With Veretekk, you can generate a huge volume of traffic to your website, generate free leads for your network marketing, MLM or home base business. Veretekk provides a huge variety of tools including sequential email, massive free lead generation, blasting out thousands of web and internet ads daily, conference call services, blogging, etracking, web design and hosting and much, much else. Veretekk is also an opportunity to make money online in its own right where the system you use to build your primary MLM also makes you money and pays for itself. Call Troy K Preston at 804-355-7161 or visit my website at http://povertyisnofun.veretekk.com
Make Money Online Internet Marketing While Working at Home!
Poverty is no fun! Make Money Online using Google, Veretekk, Blastomatic, Leadsomatic and Free FFAS! Obtain Fantastic Health and Dental Plan at http://healthanddentalplan.org or Call Troy K Preston at 804-355-7161
Work at Home Part-Time for 2-4 Years and Start Earning $100,000 a Year. Ameriplan
is the home business network marketing internet based MLM opportunity you can trust!
Call Troy K Preston at 804-355-7161
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Friday, August 1, 2008
Make Your Ameriplan Network Marketing Business a Success
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Dental Directory and Discount Benefits Plan for Dallas
If you are in the Dallas metro area and are in need of a dental discount benefits plan or a directory of dentists who will accept the plan, call Troy K. Preston at 804-355-7161
What are the benefits of having your own successful home business?
There are really too many benefits to count. These include:
1. The prospect of earning a much higher income than you would with a typical salaried position.
2. No boss looking over your shoulder.
3. No rat race and daily grind.
4. No dealing with the high costs of gas getting back and forth to work.
5. Spending more time with the kids and the family.
6. Taking control of your own life.
And that's just the beginning. There's also:
7. Huge tax breaks on your rent, mortage, phone, electric and internet bill, and transportation costs.
8. The chance for a permanent residual income for your retirement.
9. With Ameriplan, fantastic dental and health benefits.
10. The opportunity to help others.
11. With Veretekk, very low overhead costs in operating your business.
And there's so much more.
If this sounds like what you're looking for, call me:
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804-355-7161
1. The prospect of earning a much higher income than you would with a typical salaried position.
2. No boss looking over your shoulder.
3. No rat race and daily grind.
4. No dealing with the high costs of gas getting back and forth to work.
5. Spending more time with the kids and the family.
6. Taking control of your own life.
And that's just the beginning. There's also:
7. Huge tax breaks on your rent, mortage, phone, electric and internet bill, and transportation costs.
8. The chance for a permanent residual income for your retirement.
9. With Ameriplan, fantastic dental and health benefits.
10. The opportunity to help others.
11. With Veretekk, very low overhead costs in operating your business.
And there's so much more.
If this sounds like what you're looking for, call me:
Troy K Preston
Ameriplan Certified Regional Trainer
Richmond, Virginia
804-355-7161
Central bank body warns of Great Depression
http://www.bankingtimes.co.uk/09062008-central-bank-body-warns-of-great-depression/
The Bank for International Settlements (BIS), the organisation that fosters cooperation between central banks, has warned that the credit crisis could lead world economies into a crash on a scale not seen since the 1930s.
In its latest quarterly report, the body points out that the Great Depression of the 1930s was not foreseen and that commentators on the financial turmoil, instigated by the US sub-prime mortgage crisis, may not have grasped the level of exposure that lies at its heart.
According to the BIS, complex credit instruments, a strong appetite for risk, rising levels of household debt and long-term imbalances in the world currency system, all form part of the loose monetarist policy that could result in another Great Depression.
The report points out that between March and May of this year, interbank lending continued to show signs of extreme stress and that this could be set to continue well into the future.
It also raises concerns about the Chinese economy and questions whether China may be repeating mistakes made by Japan, with its so called bubble economy of the late 1980s.
EDITORS NOTE: Quite a few comments have been made that there is no direct reference to the Great Depression in this month’s BIS report.
While this is strictly true, BIS warned in June 2007 - just before the Credit Crunch really hit - that the global economy was vulnerable to a major economic set-back because of extraordinary exposure to collateralized credit.
BIS directly made references to the 1930’s as an example of a similarly serious credit bubble, and this month’s BIS report describes the conditions of this being lived out.
So, to be pedantic, the warning “BIS warns of Great Depression” is actually a year old already. What BIS discusses now is the fragility of existing conditions of the fall-out from a massive credit bubble bursting - which has already been made clear across their reports historically can be similarly referenced to the 1930’s, though stated in a typically conservative and non-alarmist language.
Even what optimism BIS had about a weak recovery to the end of May 2008 have been dashed by extreme shorting of financial stocks across the US and UK - Lehman Brothers, HBOS, and property developers such as Barratts, have all taken extreme beatings in June 2008.
So back to the headline - BIS have indeed already warned of repeat of conditions that could be as extreme as the Great Depression, and are now describing that process as we move through it.
In the meantime, unemployment is already on the rise on both sides of the pond, and the analogy some people have concerns about I’m afraid is still salient.
The Bank for International Settlements (BIS), the organisation that fosters cooperation between central banks, has warned that the credit crisis could lead world economies into a crash on a scale not seen since the 1930s.
In its latest quarterly report, the body points out that the Great Depression of the 1930s was not foreseen and that commentators on the financial turmoil, instigated by the US sub-prime mortgage crisis, may not have grasped the level of exposure that lies at its heart.
According to the BIS, complex credit instruments, a strong appetite for risk, rising levels of household debt and long-term imbalances in the world currency system, all form part of the loose monetarist policy that could result in another Great Depression.
The report points out that between March and May of this year, interbank lending continued to show signs of extreme stress and that this could be set to continue well into the future.
It also raises concerns about the Chinese economy and questions whether China may be repeating mistakes made by Japan, with its so called bubble economy of the late 1980s.
EDITORS NOTE: Quite a few comments have been made that there is no direct reference to the Great Depression in this month’s BIS report.
While this is strictly true, BIS warned in June 2007 - just before the Credit Crunch really hit - that the global economy was vulnerable to a major economic set-back because of extraordinary exposure to collateralized credit.
BIS directly made references to the 1930’s as an example of a similarly serious credit bubble, and this month’s BIS report describes the conditions of this being lived out.
So, to be pedantic, the warning “BIS warns of Great Depression” is actually a year old already. What BIS discusses now is the fragility of existing conditions of the fall-out from a massive credit bubble bursting - which has already been made clear across their reports historically can be similarly referenced to the 1930’s, though stated in a typically conservative and non-alarmist language.
Even what optimism BIS had about a weak recovery to the end of May 2008 have been dashed by extreme shorting of financial stocks across the US and UK - Lehman Brothers, HBOS, and property developers such as Barratts, have all taken extreme beatings in June 2008.
So back to the headline - BIS have indeed already warned of repeat of conditions that could be as extreme as the Great Depression, and are now describing that process as we move through it.
In the meantime, unemployment is already on the rise on both sides of the pond, and the analogy some people have concerns about I’m afraid is still salient.
Wednesday, July 30, 2008
Veretekk-for experienced network marketing professionals
If you're an experienced professional in the field of network marketing, you understand the importance of using up to date marketing techniques and maintaining a presence online. Veretekk helps network marketing professionals build their primary MLMs. Call Troy K Preston at 804-355-7161
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Bennigan's and Steak and Ale Face Bankruptcy
http://online.wsj.com/article/SB121734771456393641.html
Dining Chains Shut Doors
Bennigan's, Steak and Ale To Liquidate as Glutted Restaurant Industry Shakes Out
By JEFFREY MCCRACKEN and JANET ADAMY
After filing for Chapter 7 bankruptcy, the parent company of national chains Bennigan's and Steak and Ale on Tuesday shut hundreds of restaurants, putting thousands of employees out of work.
The move by privately held Plano, Texas-based Metromedia Restaurant Group knocks down two sit-down chains that have been part of the country's casual-dining landscape for decades.
About 200 restaurants were closed immediately, including all of the remaining 50 or so Steak and Ales. The filing eliminates full and part-time jobs for more than 9,200 employees, many of those in Texas, Florida and Illinois, three people familiar with the matter said.
Another 138 franchisee-owned Bennigan's sites aren't part of the filing and intend to remain open. They face a more uncertain future, however, given they'll no longer have the full support of parent company Metromedia Restaurant Group, a unit of billionaire John Kluge's Metromedia empire.
A company spokeswoman, Leah Templeton, declined to answer specific questions about the closings and the filing. In an email, she said that stores operated by franchisees are not named as debtors in the filings, and that future decisions regarding the affairs of the debtor companies will be determined and administered by a bankruptcy trustee.
In addition to Bennigan's and Steak and Ale, the filing includes a handful of Tavern restaurants, an experimental concept at Metromedia. It doesn't include the company's Ponderosa and Bonanza restaurants, which operate under Metromedia Steakhouses Co., she said.
The filing marked one of the largest Chapter 7 bankruptcies of a restaurant chain in recent history, according to restaurant consultancy Technomic, and is the most extreme sign yet of how midprice, sit-down restaurants are undergoing one of their worst periods in decades. Challenger, Gray & Christmas says the resulting layoffs constitute the sixth-largest mass job cut of the year.
High ingredient and labor costs are eating into profits, and several years of rapid expansion by bar and grill chains has left a glut of locations in the market. Pressures such as high gasoline prices and dwindling home values have prompted consumers to eat out less often or switch to cheaper fast-food meals.
Restaurant pioneer Norman Brinker founded Steak and Ale in 1966 in Dallas. The chain, with its dimly lit dining rooms, has billed itself as offering an upscale steak experience at lower prices. It was seen as a model for the casual-dining steakhouse chain, and many executives there went on to run other large chains.
Bennigan's, founded in Atlanta in 1976, expanded rapidly across the country in the 1990s, opening hundreds of its pub-themed restaurants to entice diners with over-size sandwich platters and happy hours. Irish-themed Bennigan's is known for fried Monte Cristo sandwiches, walls cluttered with antique photos and slightly lower prices than its rivals, like three-course meals for $10.99.
The venerable chains weren't able to survive in part because their menus and atmosphere failed to set them apart from the pack, said Ron Paul, president of restaurant consultancy Technomic.
"There's just too many stores in this category," said Mr. Paul, whose firm has done work for Metromedia. "Most of these places aren't even that full on a Saturday night." Chains have already started slowing their expansion and shutting locations, and Mr. Paul expects that will accelerate.
Other large national chains that have filed for bankruptcy this year include Vicorp Restaurants Inc.'s Bakers Square and Village Inn and Buffets Inc.'s Old Country Buffet. Those chains, however, are trying to restructure and eventually emerge from bankruptcy, while Bennigan's and Steak and Ale are planning to liquidate.
Metromedia Restaurant Group earlier this year violated terms of a lending agreement with GE Capital Solutions. It had been in negotiations with lenders since last year to stave off the filing, while closing about 75 stores and looking for a buyer, said two people involved in the matter.
Metromedia's largest lenders are GE and the Bank of New York, which also own most of the chains' real estate. Over the past year, the parent company has had to contribute about $100 million to meet payroll and some debt obligations, these people said.
Late Monday, managers at Bennigan's and Steak and Ale were called or emailed and told not to open restaurants the next day, according to two people familiar with the matter. Employees were told there wouldn't be enough money to pay them for the rest of the week, these people said.
The abrupt shutdown took employees and customers by surprise. At a closed Bennigan's in downtown Chicago on Tuesday, tables were still stacked with rolls of silverware, ketchup and menus, and the neon signs remained lit. Posted on the doors, however, were paper signs that read: "Sorry we are closed."
A hostess at that location, who declined to give her name, said she worked until midnight on Monday and was given no indication the store was in trouble. "I was kind of shocked," she said.
A growing number of struggling companies are opting to liquidate rather than try to restructure in bankruptcy. Bankruptcy lawyers say many are caught between a slowing economy, a lack of bankruptcy financing and loose, covenant-lite bank agreements that allowed their financial situations to worsen before creditors could intervene.
Dining Chains Shut Doors
Bennigan's, Steak and Ale To Liquidate as Glutted Restaurant Industry Shakes Out
By JEFFREY MCCRACKEN and JANET ADAMY
After filing for Chapter 7 bankruptcy, the parent company of national chains Bennigan's and Steak and Ale on Tuesday shut hundreds of restaurants, putting thousands of employees out of work.
The move by privately held Plano, Texas-based Metromedia Restaurant Group knocks down two sit-down chains that have been part of the country's casual-dining landscape for decades.
About 200 restaurants were closed immediately, including all of the remaining 50 or so Steak and Ales. The filing eliminates full and part-time jobs for more than 9,200 employees, many of those in Texas, Florida and Illinois, three people familiar with the matter said.
Another 138 franchisee-owned Bennigan's sites aren't part of the filing and intend to remain open. They face a more uncertain future, however, given they'll no longer have the full support of parent company Metromedia Restaurant Group, a unit of billionaire John Kluge's Metromedia empire.
A company spokeswoman, Leah Templeton, declined to answer specific questions about the closings and the filing. In an email, she said that stores operated by franchisees are not named as debtors in the filings, and that future decisions regarding the affairs of the debtor companies will be determined and administered by a bankruptcy trustee.
In addition to Bennigan's and Steak and Ale, the filing includes a handful of Tavern restaurants, an experimental concept at Metromedia. It doesn't include the company's Ponderosa and Bonanza restaurants, which operate under Metromedia Steakhouses Co., she said.
The filing marked one of the largest Chapter 7 bankruptcies of a restaurant chain in recent history, according to restaurant consultancy Technomic, and is the most extreme sign yet of how midprice, sit-down restaurants are undergoing one of their worst periods in decades. Challenger, Gray & Christmas says the resulting layoffs constitute the sixth-largest mass job cut of the year.
High ingredient and labor costs are eating into profits, and several years of rapid expansion by bar and grill chains has left a glut of locations in the market. Pressures such as high gasoline prices and dwindling home values have prompted consumers to eat out less often or switch to cheaper fast-food meals.
Restaurant pioneer Norman Brinker founded Steak and Ale in 1966 in Dallas. The chain, with its dimly lit dining rooms, has billed itself as offering an upscale steak experience at lower prices. It was seen as a model for the casual-dining steakhouse chain, and many executives there went on to run other large chains.
Bennigan's, founded in Atlanta in 1976, expanded rapidly across the country in the 1990s, opening hundreds of its pub-themed restaurants to entice diners with over-size sandwich platters and happy hours. Irish-themed Bennigan's is known for fried Monte Cristo sandwiches, walls cluttered with antique photos and slightly lower prices than its rivals, like three-course meals for $10.99.
The venerable chains weren't able to survive in part because their menus and atmosphere failed to set them apart from the pack, said Ron Paul, president of restaurant consultancy Technomic.
"There's just too many stores in this category," said Mr. Paul, whose firm has done work for Metromedia. "Most of these places aren't even that full on a Saturday night." Chains have already started slowing their expansion and shutting locations, and Mr. Paul expects that will accelerate.
Other large national chains that have filed for bankruptcy this year include Vicorp Restaurants Inc.'s Bakers Square and Village Inn and Buffets Inc.'s Old Country Buffet. Those chains, however, are trying to restructure and eventually emerge from bankruptcy, while Bennigan's and Steak and Ale are planning to liquidate.
Metromedia Restaurant Group earlier this year violated terms of a lending agreement with GE Capital Solutions. It had been in negotiations with lenders since last year to stave off the filing, while closing about 75 stores and looking for a buyer, said two people involved in the matter.
Metromedia's largest lenders are GE and the Bank of New York, which also own most of the chains' real estate. Over the past year, the parent company has had to contribute about $100 million to meet payroll and some debt obligations, these people said.
Late Monday, managers at Bennigan's and Steak and Ale were called or emailed and told not to open restaurants the next day, according to two people familiar with the matter. Employees were told there wouldn't be enough money to pay them for the rest of the week, these people said.
The abrupt shutdown took employees and customers by surprise. At a closed Bennigan's in downtown Chicago on Tuesday, tables were still stacked with rolls of silverware, ketchup and menus, and the neon signs remained lit. Posted on the doors, however, were paper signs that read: "Sorry we are closed."
A hostess at that location, who declined to give her name, said she worked until midnight on Monday and was given no indication the store was in trouble. "I was kind of shocked," she said.
A growing number of struggling companies are opting to liquidate rather than try to restructure in bankruptcy. Bankruptcy lawyers say many are caught between a slowing economy, a lack of bankruptcy financing and loose, covenant-lite bank agreements that allowed their financial situations to worsen before creditors could intervene.
Some More Signs of the Depression
Says a Detroit resident:
"Here in Southeastern Michigan, we got a head start on y'all in terms of the Depression. Things look especially bleak here. There are empty strip malls everywhere, especially in the medium-to-nicer 'burbs. There are unfinished strip malls all around where I live. There are half-finished condo and townhouse projects, with the finished phases being 50% - 80% empty, and the rest of the properties consisting of 4-foot weeds. There are prime pieces of property on the semi-rural, north end of the 'burbs that are cleared for development, with the home models sitting empty, and nothing but acres and acres of weeds filling the land.
So many niche businesses have closed - scrapbooking stores, mom-and-pop pet stores and grooming businesses, car detailing/accessory shops, small clothing stores, gift shoppes, florists, sports memorabilia shops, small gyms, etc. There are more empty gas stations and auto service centers than I have ever seen before. Nice - but newer - restaurants and taverns that opened at the height of the boom are mostly gone. Only the neighborhood staples and successful chains are going to remain. The super-duper auto dealers - who built massive castles on huge plots of land - are starting to fall.
Every neighborhood - from lower middle class to upper middle class - has numerous empty houses. Most of the Starbucks here are closing. Retail stores are cutting back hours: opening later and closing earlier. Even the big, indoor malls are emptying out rather quickly. Harley-Davidson had built some beautiful mega-stores here in the last few years, and 2-3 years ago, you were lucky to push your way through the door and find a salesperson. Now, in the middle of a Saturday in summer, the salespeople sit around, and there is hardly anybody milling about the dealership. They just aren't selling $18,000 bikes. My doctor - a long-respected practitioner, here - force-fed me referral sheets last time I was there. For every patient referral, I get a $10 gift card to a Home Depot, or whatever. The office manager also gave me DVDs highlighting the practice, for handing out to my friends.
Massage therapists are going out of business everywhere, including my own guy. My hair stylist, a highly-skilled stylist who charges in the $45 - $60 range, said business is down 40%, and he's down to working 3 days per week. His salon has gained two new renters who closed up their own salon businesses. I am getting coupons in the mail from local businesses that have never before offered coupons. All those huge, beautifully-built, stand-alone jewelry stores that went up over the last 6-8 years, when a person's house was the ideal ATM? Closing. I never used to dare venture into a Wal-Mart or a Lowe's (or Home Depot) in the middle of a weekend day, because of the nagging crowds. Now I'll go because the parking lots are 20% full, or less."
"Here in Southeastern Michigan, we got a head start on y'all in terms of the Depression. Things look especially bleak here. There are empty strip malls everywhere, especially in the medium-to-nicer 'burbs. There are unfinished strip malls all around where I live. There are half-finished condo and townhouse projects, with the finished phases being 50% - 80% empty, and the rest of the properties consisting of 4-foot weeds. There are prime pieces of property on the semi-rural, north end of the 'burbs that are cleared for development, with the home models sitting empty, and nothing but acres and acres of weeds filling the land.
So many niche businesses have closed - scrapbooking stores, mom-and-pop pet stores and grooming businesses, car detailing/accessory shops, small clothing stores, gift shoppes, florists, sports memorabilia shops, small gyms, etc. There are more empty gas stations and auto service centers than I have ever seen before. Nice - but newer - restaurants and taverns that opened at the height of the boom are mostly gone. Only the neighborhood staples and successful chains are going to remain. The super-duper auto dealers - who built massive castles on huge plots of land - are starting to fall.
Every neighborhood - from lower middle class to upper middle class - has numerous empty houses. Most of the Starbucks here are closing. Retail stores are cutting back hours: opening later and closing earlier. Even the big, indoor malls are emptying out rather quickly. Harley-Davidson had built some beautiful mega-stores here in the last few years, and 2-3 years ago, you were lucky to push your way through the door and find a salesperson. Now, in the middle of a Saturday in summer, the salespeople sit around, and there is hardly anybody milling about the dealership. They just aren't selling $18,000 bikes. My doctor - a long-respected practitioner, here - force-fed me referral sheets last time I was there. For every patient referral, I get a $10 gift card to a Home Depot, or whatever. The office manager also gave me DVDs highlighting the practice, for handing out to my friends.
Massage therapists are going out of business everywhere, including my own guy. My hair stylist, a highly-skilled stylist who charges in the $45 - $60 range, said business is down 40%, and he's down to working 3 days per week. His salon has gained two new renters who closed up their own salon businesses. I am getting coupons in the mail from local businesses that have never before offered coupons. All those huge, beautifully-built, stand-alone jewelry stores that went up over the last 6-8 years, when a person's house was the ideal ATM? Closing. I never used to dare venture into a Wal-Mart or a Lowe's (or Home Depot) in the middle of a weekend day, because of the nagging crowds. Now I'll go because the parking lots are 20% full, or less."
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Australia Faces Worse Crisis Than America
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/07/30/cnoz130.xml&CMP=ILC-mostviewedbox
By Ambrose Evans-Pritchard, International Business Editor
The world's financial storm has swept through Australia and New Zealand this week amid mounting signs of contagion across the Pacific region.
Many fear the economic party in Australia will end badly
Financial shares were pummelled in Sydney on Tuesday after investor flight forced National Australia Bank (NAB) to slash a £400m bond sale by two thirds.
The retreat comes days after the Melbourne lender shocked the markets by announcing a 90pc write-down on its £550m holdings of US mortgage debt, an admission that it AAA-rated securities are virtually worthless.
In New Zealand, Guardian Trust said it was suspending withdrawals from its mortgage fund owing to "liquidity difficulties in the market".
Hanover Finance - the country' third biggest operator - last week froze repayments to investors. The company said its "industry model has collapsed" as the housing market goes into a nose dive. Some 23 finance companies have gone bankrupt in New Zealand over the last year.
It is now clear that the Antipodes are tipping into a serious downturn. Australia's NAB business confidence index fell to its lowest level in seventeen years in June. New Zealand's central bank began to cut interest rates last week on fears that the economy may have contracted in the second quarter, and is now entering recession. Housing starts slumped 20pc in June to the lowest since 1986.
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Gabriel Stein, from Lombard Street Research, said Australia could prove vulnerable once the global commodity cycle turns down. It has racked up a current account deficit of 6.2pc of GDP despite enjoying a coal, wheat, and metals boom, effectively spending its resources bonanza in advance. Household debt has reached 177pc of GDP, almost a world record.
"It is amazing that in the midst of the biggest commodity boom ever seen they have still been unable to get a current account surplus. They have been living beyond their means for 10 years. What worries me is that productivity growth has been very low: they have coasting after their reforms in the 1990s," he said.
Australia's Reserve Bank has had to grapple with vast inflows of Asian capital, especially Japanese money fleeing near zero rates at home. Short of imposing currency controls, it would have been almost impossible to stop the inflows.
"The easy money went straight into real estate," said Hans Redeker, currency chief at BNP Paribas.
"Australia will now have to generate 4pc of GDP to meet payments to foreign holders of its assets," he said. This is twice as high as the burden faced by the US.
Both the Australian and New Zealand dollars have fallen hard in recent days and now appear to be breaking down through key technical support against major currencies, including the US dollar. "The Aussie is going down, big time," said Mr Redeker.
The picture is darkening across the Pacific Rim. The Bank of Japan's deputy governor, Kiyohiko Nishimura, said its economy may now be falling into a "technical recession". Household income dropped 2.1pc in June compared to a year earlier and manufacturers are the gloomiest since the deflation crunch in 2003.
The decision by National Australia Bank to make drastic provisions on its US mortgage debt could have ramifications in the US itself. It opted for a 100pc write-off on a clutch of "senior strips" of collateralized debt obligations (CDO) worth £450m - even though they were all rated AAA. No US bank has admitted to such fearsome loss rates.
By Ambrose Evans-Pritchard, International Business Editor
The world's financial storm has swept through Australia and New Zealand this week amid mounting signs of contagion across the Pacific region.
Many fear the economic party in Australia will end badly
Financial shares were pummelled in Sydney on Tuesday after investor flight forced National Australia Bank (NAB) to slash a £400m bond sale by two thirds.
The retreat comes days after the Melbourne lender shocked the markets by announcing a 90pc write-down on its £550m holdings of US mortgage debt, an admission that it AAA-rated securities are virtually worthless.
In New Zealand, Guardian Trust said it was suspending withdrawals from its mortgage fund owing to "liquidity difficulties in the market".
Hanover Finance - the country' third biggest operator - last week froze repayments to investors. The company said its "industry model has collapsed" as the housing market goes into a nose dive. Some 23 finance companies have gone bankrupt in New Zealand over the last year.
It is now clear that the Antipodes are tipping into a serious downturn. Australia's NAB business confidence index fell to its lowest level in seventeen years in June. New Zealand's central bank began to cut interest rates last week on fears that the economy may have contracted in the second quarter, and is now entering recession. Housing starts slumped 20pc in June to the lowest since 1986.
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Gabriel Stein, from Lombard Street Research, said Australia could prove vulnerable once the global commodity cycle turns down. It has racked up a current account deficit of 6.2pc of GDP despite enjoying a coal, wheat, and metals boom, effectively spending its resources bonanza in advance. Household debt has reached 177pc of GDP, almost a world record.
"It is amazing that in the midst of the biggest commodity boom ever seen they have still been unable to get a current account surplus. They have been living beyond their means for 10 years. What worries me is that productivity growth has been very low: they have coasting after their reforms in the 1990s," he said.
Australia's Reserve Bank has had to grapple with vast inflows of Asian capital, especially Japanese money fleeing near zero rates at home. Short of imposing currency controls, it would have been almost impossible to stop the inflows.
"The easy money went straight into real estate," said Hans Redeker, currency chief at BNP Paribas.
"Australia will now have to generate 4pc of GDP to meet payments to foreign holders of its assets," he said. This is twice as high as the burden faced by the US.
Both the Australian and New Zealand dollars have fallen hard in recent days and now appear to be breaking down through key technical support against major currencies, including the US dollar. "The Aussie is going down, big time," said Mr Redeker.
The picture is darkening across the Pacific Rim. The Bank of Japan's deputy governor, Kiyohiko Nishimura, said its economy may now be falling into a "technical recession". Household income dropped 2.1pc in June compared to a year earlier and manufacturers are the gloomiest since the deflation crunch in 2003.
The decision by National Australia Bank to make drastic provisions on its US mortgage debt could have ramifications in the US itself. It opted for a 100pc write-off on a clutch of "senior strips" of collateralized debt obligations (CDO) worth £450m - even though they were all rated AAA. No US bank has admitted to such fearsome loss rates.
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Some Americans Cut Credit Card Use
http://www.cnn.com/2008/LIVING/personal/07/30/credit.cardusedown/index.html
STRATFORD, Connecticut (CNN) -- When Cappie and Don Perras saw their stock market investments tank this year, they decided to tighten their belts. They drive fuel efficient cars around their Connecticut town and eat at cheaper restaurants if they eat out at all. To avoid impulse buying, they avoid the mall. And for now, at least, they've put away the credit cards.
This marks a big change from their old attitude.
"I felt secure with my credit cards like, 'Oh well, I always have my credit cards,' " says Cappie Perras, a special education teacher. "Now I feel like, it's almost like there's a big caution sign in front of the credit card, 'Do Not Use, Only In Case of Emergency,' " she adds.
The Perrases are examples of a trend building among middle-income and middle-aged consumers to cut back on credit card use, according to a new study by Javelin Strategy & Research, a financial research firm. Forty percent of consumers surveyed said they're pulling out their credit cards less than they were at the beginning of the year.
Don Perras, a college professor approaching retirement age, says the family has stopped using cards, except for rare instances like booking hotel rooms on the road. Instead, the couple uses their debit cards.
The aim: to soon be free of credit card debt.
"It would be a top priority," Don Perras said.
But with the high cost of living, the Perrases are having trouble making a dent in their $8,000 credit card balance.
"I used to be able to maybe put $600 towards the debt. ... Now it's maybe if I'm lucky, $200," his wife says.
The Perras family has plenty of company. Americans carry approximately $961.8 billion in revolving debt, according to the Federal Reserve Board. Delinquency rates on credit cards are at the highest levels since the end of 2002.
Even as consumers cut back on using credit cards, they're finding it harder to pay down their balances, says Javelin President James Van Dyke.
"In some cases they're out of work or perhaps their wages have been cut back, or maybe they had a variable rate which they have to pay more for than ever before," Van Dyke said. When people use their credit cards less, "this changes what goes on in the industry because credit card companies typically make a lot of their money on the fees they charge merchants."
The reduction in revenue from new purchases, combined with concerns about new delinquencies, pose big worries for the credit card industry, Van Dyke says.
"Credit card companies are running a bit scared right now, and for good reason, because people are having a difficult time paying off their balances; and everyday consumers, they're cutting into their purchases right now -- both luxury goods and even the basic necessities," Van Dyke says.
According to the Javelin study, nearly 70 percent of financial institutions say they have cut back on credit card solicitations. Six of 10 say they are limiting the amount of credit offered to customers.
James Chessen, chief economist for the American Bankers Association, says the industry is well prepared for the economic downturn. "It's all a matter of managing that risk, because you know the volume will be off, you know the economy is riskier today than it was a year ago. So you naturally take that into account so you have the capacity to come out of this even stronger than you came into it," he added.
For Cappie Perras, being stronger means cutting back on plastic. "I don't feel good about the credit cards," she says. "I regret that we got into so much credit card debt
STRATFORD, Connecticut (CNN) -- When Cappie and Don Perras saw their stock market investments tank this year, they decided to tighten their belts. They drive fuel efficient cars around their Connecticut town and eat at cheaper restaurants if they eat out at all. To avoid impulse buying, they avoid the mall. And for now, at least, they've put away the credit cards.
This marks a big change from their old attitude.
"I felt secure with my credit cards like, 'Oh well, I always have my credit cards,' " says Cappie Perras, a special education teacher. "Now I feel like, it's almost like there's a big caution sign in front of the credit card, 'Do Not Use, Only In Case of Emergency,' " she adds.
The Perrases are examples of a trend building among middle-income and middle-aged consumers to cut back on credit card use, according to a new study by Javelin Strategy & Research, a financial research firm. Forty percent of consumers surveyed said they're pulling out their credit cards less than they were at the beginning of the year.
Don Perras, a college professor approaching retirement age, says the family has stopped using cards, except for rare instances like booking hotel rooms on the road. Instead, the couple uses their debit cards.
The aim: to soon be free of credit card debt.
"It would be a top priority," Don Perras said.
But with the high cost of living, the Perrases are having trouble making a dent in their $8,000 credit card balance.
"I used to be able to maybe put $600 towards the debt. ... Now it's maybe if I'm lucky, $200," his wife says.
The Perras family has plenty of company. Americans carry approximately $961.8 billion in revolving debt, according to the Federal Reserve Board. Delinquency rates on credit cards are at the highest levels since the end of 2002.
Even as consumers cut back on using credit cards, they're finding it harder to pay down their balances, says Javelin President James Van Dyke.
"In some cases they're out of work or perhaps their wages have been cut back, or maybe they had a variable rate which they have to pay more for than ever before," Van Dyke said. When people use their credit cards less, "this changes what goes on in the industry because credit card companies typically make a lot of their money on the fees they charge merchants."
The reduction in revenue from new purchases, combined with concerns about new delinquencies, pose big worries for the credit card industry, Van Dyke says.
"Credit card companies are running a bit scared right now, and for good reason, because people are having a difficult time paying off their balances; and everyday consumers, they're cutting into their purchases right now -- both luxury goods and even the basic necessities," Van Dyke says.
According to the Javelin study, nearly 70 percent of financial institutions say they have cut back on credit card solicitations. Six of 10 say they are limiting the amount of credit offered to customers.
James Chessen, chief economist for the American Bankers Association, says the industry is well prepared for the economic downturn. "It's all a matter of managing that risk, because you know the volume will be off, you know the economy is riskier today than it was a year ago. So you naturally take that into account so you have the capacity to come out of this even stronger than you came into it," he added.
For Cappie Perras, being stronger means cutting back on plastic. "I don't feel good about the credit cards," she says. "I regret that we got into so much credit card debt
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AFFORDABLE HEALTH CARE WITH NO PRE-EXISTING CONDITION CLAUSES.
Discounted Medical, dental, vision, prescription and chiropractic for low monthly fee For_Immediate_Release:
United States of America (Press Release) December 30, 2007 -- This discounted fee plan will offer and entire household of people for $39.95 a month regardless of age or relationship benefits of 50-80% savings in the medical, dental, vision, prescription, and chiropractic areas when they use providers in their areas that are contracted to our plan. We also have a smaller package for people on medicare, and people who have insurance, but need dental, vision, prescription and chiropractic benefits for $19.95 a month.
We also have a free prescription plan for people in the lower income ranges who are spending over $100.00 a month for their medications. No body should have to chose between medication and food.
Also have a package the will help diabetes with there meters and supplies. Any income level for this program.
This plan is not insurance.
Affordable Dental and Health Insurance
July 15th, 2008
We continue to see the lack of affordable health and dental insurance for millions of people. Congress has failed over and over to pass legislation that will provide adequate and affordable coverages.
There are alternatives, however. Ameriplan has a dental and medical discount plan that is extremely affordable and an alternative to expensive insurance plans. These discount plans have no waiting periods. We have thousands of providers nationally. These discount plans start at 19.95/month for an entire household and there are no exemptions or waiting periods.
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Dental Benefits Online-Ideal for the Uninsured
If you need an affordable dental plan and you can't get benefits because of ongoing or pre-existing conditions, maybe I can help you. The plan I offer is affordable, only $14.95 monthly for an individual or $19.95 for a household. No limits on use, no age limits, no waiting periods, no paperwork. This is the largest discount dental plan in the United States with 1.8 million members nationwide. Health plans also available. Call Troy K. Preston at 804-355-7161
We continue to see the lack of affordable health and dental insurance for millions of people. Congress has failed over and over to pass legislation that will provide adequate and affordable coverages.
There are alternatives, however. Ameriplan has a dental and medical discount plan that is extremely affordable and an alternative to expensive insurance plans. These discount plans have no waiting periods. We have thousands of providers nationally. These discount plans start at 19.95/month for an entire household and there are no exemptions or waiting periods.
Affordable Dental Care
Children Dental Problems
Dental disorders
Dental Plus
Discount Dental Plans
Healthy Diet
Lack of Health Insurance
State Health Information
Affordable Dental and Health Insurance
Independent Dental Insurance
Affordable Dental Plans
Ameriplan Home Business
TMJ Disorders
Affordable Dental and Medical Benefits
Ameriplan Medical Care
Free Medical Information
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Category: Science & Technology
Health Benefits Online-Ideal for the Uninsured
Basic Health™ - Only $29.95 per month
Physician Care:
No waiting period
No pre-authorization for treatment required.
No paperwork
Instant Savings
Specialist included where available
All ongoing medical problems are accepted
Cosmetic surgery included, where available
Ancillary Services:
Include services such as physical therapy, laboratory procedures, imaging centers, hearing services, mental health services and diabetic supplies.
Hospital Advocacy:
Should you need to be hospitalized and the anticipated charges exceed $2500, an advocate is assigned to negotiate the best possible fees for the hospital services, accounting for your ability to pay.
NurseLine:
At no extra cost you can address your family's immediate health matters or get your health questions answered by licensed registered nurses 24/7. You may save hours lost while waiting in a Doctor's office, missed time from work and even the high cost of office
AFFORDABLE HEALTH CARE WITH NO PRE-EXISTING CONDITION CLAUSES.
Discounted Medical, dental, vision, prescription and chiropractic for low monthly fee For_Immediate_Release:
United States of America (Press Release) December 30, 2007 -- This discounted fee plan will offer and entire household of people for $39.95 a month regardless of age or relationship benefits of 50-80% savings in the medical, dental, vision, prescription, and chiropractic areas when they use providers in their areas that are contracted to our plan. We also have a smaller package for people on medicare, and people who have insurance, but need dental, vision, prescription and chiropractic benefits for $19.95 a month.
We also have a free prescription plan for people in the lower income ranges who are spending over $100.00 a month for their medications. No body should have to chose between medication and food.
Also have a package the will help diabetes with there meters and supplies. Any income level for this program.
This plan is not insurance
Customize Your Internet Network Marketing System
With Veretekk, you can generate a huge volume of traffic to your website, generate free leads for your network marketing, MLM or home base business. Veretekk provides a huge variety of tools including sequential email, massive free lead generation, blasting out thousands of web and internet ads daily, conference call services, blogging, etracking, web design and hosting and much, much else. Veretekk is also an opportunity to make money online in its own right where the system you use to build your primary MLM also makes you money and pays for itself. Call Troy K Preston at 804-355-7161 or visit my website at http://povertyisnofun.veretekk.com
Make Money Online Internet Marketing While Working at Home!
Poverty is no fun! Make Money Online using Google, Veretekk, Blastomatic, Leadsomatic and Free FFAS! Obtain Fantastic Health and Dental Plan at http://healthanddentalplan.org or Call Troy K Preston at 804-355-7161
Work at Home Part-Time for 2-4 Years and Start Earning $100,000 a Year. Ameriplan
is the home business network marketing internet based MLM opportunity you can trust!
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Home Business Health Care Opportunity
Help others meet their health care needs while earning a large income with our home business opportunity. Call Troy K. Preston 804-355-7161
The essential qualities of a successful network marketing professional are diligence, patience and an ability to follow directions. If you have those character traits, you're already 85% of the way to success. Call Troy K Preston at 804-355-7161
With Veretekk, you can generate a huge volume of traffic to your website, generate free leads for your network marketing, MLM or home base business. Veretekk provides a huge variety of tools including sequential email, massive free lead generation, blasting out thousands of web and internet ads daily, conference call services, blogging, etracking, web design and hosting and much, much else. Veretekk is also an opportunity to make money online in its own right where the system you use to build your primary MLM also makes you money and pays for itself. Call Troy K Preston at 804-355-7161 or visit my website at http://povertyisnofun.veretekk.com
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Make Money Online Internet Marketing While Working at Home!
Poverty is no fun! Make Money Online using Google, Veretekk, Blastomatic, Leadsomatic and Free FFAS! Obtain Fantastic Health and Dental Plan at http://healthanddentalplan.org or Call Troy K Preston at 804-355-7161
Work at Home Part-Time for 2-4 Years and Start Earning $100,000 a Year. Ameriplan
is the home business network marketing internet based MLM opportunity you can trust!
Call Troy K Preston at 804-355-7161
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Only Three Percent of People in Network Marketing Make Money
The essential qualities of a successful network marketing professional are diligence, patience and an ability to follow directions. If you have those character traits, you're already 85% of the way to success. Call Troy K Preston at 804-355-7161
With Veretekk, you can generate a huge volume of traffic to your website, generate free leads for your network marketing, MLM or home base business. Veretekk provides a huge variety of tools including sequential email, massive free lead generation, blasting out thousands of web and internet ads daily, conference call services, blogging, etracking, web design and hosting and much, much else. Veretekk is also an opportunity to make money online in its own right where the system you use to build your primary MLM also makes you money and pays for itself. Call Troy K Preston at 804-355-7161 or visit my website at http://povertyisnofun.veretekk.com
http://povertyisnofun.blastomatic.com
http://povertyisnofun.freeffas.com
http://povertyisnofun.leadsomatic.com
Make Money Online Internet Marketing While Working at Home!
Poverty is no fun! Make Money Online using Google, Veretekk, Blastomatic, Leadsomatic and Free FFAS! Obtain Fantastic Health and Dental Plan at http://healthanddentalplan.org or Call Troy K Preston at 804-355-7161
Work at Home Part-Time for 2-4 Years and Start Earning $100,000 a Year. Ameriplan
is the home business network marketing internet based MLM opportunity you can trust!
Call Troy K Preston at 804-355-7161
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Two more US banks collapse as defaults soar
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4412948.ece
From The Times
July 28, 2008
Two more US banks collapse as defaults soarSuzy Jagger in New York
Financial authorities in Washington spent last week securing a rescue deal for two insolvent mortgage lenders in Nevada and California amid the latest signs that America's banking crisis is deepening.
The collapse of the two banks - which had combined assets of about $3.6 billion (£1.8billion) - came as a senior financial regulator told The Times that there was no end in sight for the crisis gripping the banking industry.
On Friday, Washington announced that it had forced the closure of First National Bank of Nevada and First Heritage Bank in California after they had found the first lender to have engaged in unsafe and unsound lending practices that had depleted its capital, and the second to be generally undercapitalised.
The closure of the banks comes within two weeks of the collapse of IndyMac, a big Californian mortgage lender, and raises new concerns that many more banks may be at serious risk of failure as America's financial crisis worsens.
Wall Street has been monitoring nervously the problem-list of banks that are under close scrutiny by the Federal Deposit Insurance Corporation (FDIC), the Washington agency that insures banking deposits. That list has grown to include 90 banks over the first quarter of this year, compared with 76 in the last quarter of 2007.
A division of the US Treasury took over the two banks last week and sold the bulk of their businesses on to Mutual of Omaha Bank. However, while the Omaha Bank acquired all the deposits from both banks, the FDIC - effectively Washington's receiver - has been forced to pick up the remaining $860 million of troubled assets.
First National had total assets of $3.4 billion and $3 billion in deposits, while First Heritage had assets of $254 million and $233 million in deposits. Under the terms of the deal with the Mutual of Omaha, customers from both banks will automatically become clients of the new owner today, with no risk of loss of savings or banking facilities.
Customers of the two bust banks were also able to withdraw cash from ATMs at the weekend and to write cheques. There were no scenes of panic outside any of the 28 branches of either bank over the weekend, unlike the queues of customers who lined up outside IndyMac offices a fortnight ago.
Both banks operated in states that have borne the brunt of the American housing slump.
With Veretekk, you can generate a huge volume of traffic to your website, generate free leads for your network marketing, MLM or home base business. Veretekk provides a huge variety of tools including sequential email, massive free lead generation, blasting out thousands of web and internet ads daily, conference call services, blogging, etracking, web design and hosting and much, much else. Veretekk is also an opportunity to make money online in its own right where the system you use to build your primary MLM also makes you money and pays for itself. Call Troy K Preston at 804-355-7161 or visit my website at http://povertyisnofun.veretekk.com
Make Money Online Internet Marketing While Working at Home!
Poverty is no fun! Make Money Online using Google, Veretekk, Blastomatic, Leadsomatic and Free FFAS! Obtain Fantastic Health and Dental Plan at http://healthanddentalplan.org
From The Times
July 28, 2008
Two more US banks collapse as defaults soarSuzy Jagger in New York
Financial authorities in Washington spent last week securing a rescue deal for two insolvent mortgage lenders in Nevada and California amid the latest signs that America's banking crisis is deepening.
The collapse of the two banks - which had combined assets of about $3.6 billion (£1.8billion) - came as a senior financial regulator told The Times that there was no end in sight for the crisis gripping the banking industry.
On Friday, Washington announced that it had forced the closure of First National Bank of Nevada and First Heritage Bank in California after they had found the first lender to have engaged in unsafe and unsound lending practices that had depleted its capital, and the second to be generally undercapitalised.
The closure of the banks comes within two weeks of the collapse of IndyMac, a big Californian mortgage lender, and raises new concerns that many more banks may be at serious risk of failure as America's financial crisis worsens.
Wall Street has been monitoring nervously the problem-list of banks that are under close scrutiny by the Federal Deposit Insurance Corporation (FDIC), the Washington agency that insures banking deposits. That list has grown to include 90 banks over the first quarter of this year, compared with 76 in the last quarter of 2007.
A division of the US Treasury took over the two banks last week and sold the bulk of their businesses on to Mutual of Omaha Bank. However, while the Omaha Bank acquired all the deposits from both banks, the FDIC - effectively Washington's receiver - has been forced to pick up the remaining $860 million of troubled assets.
First National had total assets of $3.4 billion and $3 billion in deposits, while First Heritage had assets of $254 million and $233 million in deposits. Under the terms of the deal with the Mutual of Omaha, customers from both banks will automatically become clients of the new owner today, with no risk of loss of savings or banking facilities.
Customers of the two bust banks were also able to withdraw cash from ATMs at the weekend and to write cheques. There were no scenes of panic outside any of the 28 branches of either bank over the weekend, unlike the queues of customers who lined up outside IndyMac offices a fortnight ago.
Both banks operated in states that have borne the brunt of the American housing slump.
With Veretekk, you can generate a huge volume of traffic to your website, generate free leads for your network marketing, MLM or home base business. Veretekk provides a huge variety of tools including sequential email, massive free lead generation, blasting out thousands of web and internet ads daily, conference call services, blogging, etracking, web design and hosting and much, much else. Veretekk is also an opportunity to make money online in its own right where the system you use to build your primary MLM also makes you money and pays for itself. Call Troy K Preston at 804-355-7161 or visit my website at http://povertyisnofun.veretekk.com
Make Money Online Internet Marketing While Working at Home!
Poverty is no fun! Make Money Online using Google, Veretekk, Blastomatic, Leadsomatic and Free FFAS! Obtain Fantastic Health and Dental Plan at http://healthanddentalplan.org
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