Issue 2 2009:
February
FINANCIAL SCAMS
History is full of examples of intelligent people who fall prey to investment scams. "Financial scams are just one of the many forms of human gullibility." Still, the news that former Nasdaq Chairman, Bernard Madoff allegedly defrauded investors of some $50 billion shows how gullible people can be - even people like me" - said Stephen Greenspan in The Wall Street Journal. "I lost a good chunk of my retirement savings to Mr. Madoff, so I know of what I write on the most personal level." Investment schemes like asset bubbles, thrive on the human tendency to follow the herd, as word of the seemingly miraculous positive returns of early investors "makes the investment seem safe and too good to pass up."
HOW TO AVOID SCAMS
"Keep things simple' As for "smart money" investors who promise to make their clients money shorting stocks or using complicated securities, I don't think any such geniuses exist. Even when you find an honest advisor with real credentials, never sign over a check directly to him or her. Deposit the funds in a reputable brokerage firm instead. That allows your advisor to buy and sell securities for you, but prevents him or her from emptying your account and heading for Tahiti." ..... Steven Goldberg in Kiplinger.com
HOW OLD IS BASEBALL?
A California woman has discovered a rare baseball card of the first all-professional team in the United States. When Bernice Gallego of Fresno found the sepia-toned, gelatin-silver photographic print in her antiques shop, she put it on eBay for $10. But she quickly took it down when a friend informed her that the card depicted the 1869 Cincinnati Red Stockings, which recorded an undefeated season that year. Experts say the card could be worth up to $20,000. "I didn't even know baseball existed that far back," said Gallego. .....The Week
TOUGH ECONOMY FOR SCHOOL TEACHERS
A high school math teacher in a cash-strapped San Diego school district has been raising funds by selling add space on his test papers. Tom Farber, who teaches calculus, says the ads have helped cover the cost of printing the tests - which often comes out of the teachers' pockets - and that the scheme has helped publicize the fiscal crisis in the nation's schools. "I solved a problem," says Farber, "and I'm getting a message out." .....The Week
... AND FOR DIVORCE LAWYERS
A survey by the American Academy of Matrimonial Lawyers found that the recession is making it too expensive for many couples to split up. Couples are "toughing it out," the group said, until the recovery. .....The Week
GEORGE THE LOBSTER
George, a giant 20 pound lobster said to be 140 years old has been on display in a tank at a New York seafood restaurant until recently. The restaurant agreed to set him free in the ocean rather than add him to the menu. .....The Week
THE COST OF HEALTHCARE
The U.S. spends twice the percentage of its gross domestic product on healthcare - 16 percent - as virtually every other developed country. Our spending on higher education is also double other modern nations', as measured by percentage of GDP. .....The Baltimore Sun
TAKE MATTERS INTO YOUR OWN HANDS
With the economy sputtering, doing it yourself is making a comeback. Home Depot is reporting record attendance at its home repair classes, and a community center in Minnesota just added four sewing classes to its schedule. ..... Los Angeles Times
MILT'S MORSEL OF THE MONTH
"In a conversation, remember that you're more interested in what you're saying than anyone else is." .....Andy Rooney (quoted in the Norwalk, Conn., Hour)
JIM'S STETHASCOOP
"A government which robs Peter to pay Paul can always count on the support of Paul." .......George Bernard Shaw
