2017 chart of the stock market looks ‘eerily similar’ to 87. Thirty Year Anniversary of Crash of 1987

via Sam Stovall: 2017 chart of the stock market looks ‘eerily similar’ to 87

Thursday marks the 30th anniversary of ‘Black Monday’ market crash from CNBC.

<Today is Thursday Job22:25>

 

 

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After massive Equifax breach, let’s make it free to freeze your credit – The Washington Post

Article September 14,2017

via After massive Equifax breach, let’s make it free to freeze your credit – The Washington Post

author of equfax freeze

The credit reporting agency, Equifax, announced on Sept. 7 that a hack has impacted the credit histories of up to 143 million Americans. Here’s what you should do if you believe you are affected. (Jhaan Elker/The Washington Post) (caption under video J2225)

We need Congress to pass legislation allowing consumers to temporarily freeze and unfreeze their own credit files at no charge to help thwart identity theft.

In case you missed it, the credit-reporting agency Equifax recently discovered that criminals had gained access to people’s names, Social Security numbers, birth dates, addresses and, in some instances, driver’s license numbers.

A credit freeze is much more powerful than putting a fraud alert on your credit report.

With a fraud alert, a business must verify your identity before it issues credit. But alerts are often overlooked.

A freeze blocks access to your credit report and credit score. The credit bureau can’t release any information in your file without your permission. (Although companies you currently do business with will still have access to your files.) (it helps prevent NEW businesses (ones you ARE NOT dealing with, from accessing your info (opening up accounts using your identity WITHOUT your permission! J2225)

When you’re ready to get a loan or need someone like a prospective employer to view your file, you can temporarily unlock it, give the company access, and then lock down your files again. (Cool!)

However, in most states, unless you’ve been a victim of identity theft, a credit freeze will cost you. What you pay varies by state, but the typical fee is $10. (Not so cool! those who have assets hackers would LOVE to use though, NEED to pay the $10 per state AND US Territories! I would if i could, and will when i can! I’m grateful now that Identity Theft is so very profitable and popular now that my income is too small for them now (though back in the 80’s or 90’s it was different and i have credit problems from such a theft of my identification-id, social security card, etc)

There isn’t a federal credit freeze law. There needs to be one now.

Sen. Ron Wyden (D-Ore.) introduced the Free Credit Freeze Act in the wake of the Equifax breach.

“Credit bureaus like Equifax make millions of dollars packaging and selling our personal information,” Wyden said. “Americans shouldn’t have to pay extra just to protect themselves from fraud.”

When it comes to the credit bureaus, “we are the commodity,” said National Consumer Law Center attorney Chi Chi Wu.

It was consumer pressure that finally resulted in a law giving consumers free access at annualcreditreport.com to their own credit reports every 12 months.

Equifax is waiving its freeze fee until Nov. 21.

Let’s all get behind this bill. “Republicans got their Social Security numbers hacked too,” Wu said.

Call your senator and House member to demand free freezes. If you aren’t sure who represents you, go to whoismyrepresentative.com.

A Maryland reader named Diane said she’s had trouble setting up a freeze on her reports since the Equifax breach. It’s not an easy process. You have to separately contact each of the three major credit bureaus and navigate their unique systems. Married? This could mean paying six fees, because each spouse has his or her own credit file.

Diane and other readers complain they can’t get through to the bureaus to get a freeze. No doubt, a lot of people are scared and have overwhelmed the systems.

The Equifax breach was so large and so compromising that we should demand that our congressional representatives help us protect ourselves by making it free and easier to lock down our credit files.

 

 

Why Ford’s Decision to Move the Focus to China Cost $248 Million

michiganassemblyfocusproduction_large.jpg

via Why Ford’s Decision to Move the Focus to China Cost $248 Million

Ford Motor Company (NYSE:F) said earlier this year that it will move production of the next-generation Focus compact, due in about two years, overseas — mostly to China. Now we know the price tag for that move: $248 million.

Ford said this past week that it took one-time charges totaling $248 million against its second-quarter earnings to cover the costs of its decision to move production of the next-generation Focus out of North America.

Now, we should keep that in perspective: That’s likely just a fraction of what Ford will save by making the upcoming all-new Focus in China. But here’s why the decision to move the Focus cost Ford so much money.

Why Ford is moving the Focus to an overseas factory

First, some backstory. The current Focus is built in Michigan, but we’ve known for about two years that the next Focus would be built somewhere other than the United States. (That Michigan factory isn’t closing. In fact, it might get busier: It’ll build the new Ranger pickup and Bronco SUV instead.)

Ford had originally hinted that the next Focus would be built in Mexico, possibly in its existing factory in Hermosillo, where the Fusion sedan is made — and possibly in a new  factory it planned to build in the Mexican state of San Luis Potosi.

But then two things happened: First, the market for small sedans in the U.S. began to shrink, with more buyers favoring SUVs instead. Second, Donald Trump got elected as president of the United States — on a platform that promised to strongly encourage (to put it mildly) U.S. companies to build in the United States.

The upshot: Early this year, Ford canceled that planned factory in San Luis Potosi and said that it would move some products originally intended for Mexico back to its U.S. factories.

But those products don’t include the next Focus: Ford said last month that the upcoming all-new Focus will be built in China instead. Why? Because U.S. sales of the Focus have been declining for years, and it doesn’t make sense for Ford to commit a high-cost factory to making it for North America (or South America, as it turns out).

Why that decision cost Ford $248 million

So why did all of that lead Ford to take a $248 million charge? I asked Ford’s chief financial officer, Bob Shanks, to explain:

We made announcements [earlier this year] around not building the Focus in Mexico, at Hermosillo. Instead, it’ll be coming primarily from China, where we have our biggest global footprint for Focus production in the world. Some will come from Europe as well, but a little bit later than the initial job one. We had already done some work on the next-generation Focus in Hermosillo, so this [one-time charge] is a recognition that while we can reuse some of the tools and some of the other things that we had started to invest in there, some of what we did we can’t or won’t reuse. This is just the write-offs of that.

And there’s a little bit of that also in South America, because we have decided we’re not going to invest in South America for local production of the next-generation Focus.

Long story short: Ford had begun ordering new tooling or doing some work at the Hermosillo factory to build the Focus, and some of that work and tooling is now being written off, as is a small amount of work that had been done in South America. Those write-offs are the reason for Ford’s $248 million second-quarter charge.

A Penny Doubled Everyday

timemoney.jpgvia A Penny Doubled Everyday

A few years back I was having a conversation with some people on how whenever you decide to invest in something for the long term you should always think ahead on what would be the best choice in the long run while having persistence to follow through with it. The scenario was if you were given a choice to receive one million dollars in one month or a penny doubled every day for 30 days which one would you choose? When I first heard this, I knew that the penny doubled everyday must have been the better choice to go with as it was a little obvious to me that it had to be a trick question of some sort. But how much better would it be was not something that I knew immediately. So to demonstrate this, it was actually written out with all the calculations and it turned out to something like this:

Day 1: $.01
Day 2: $.02
Day 3: $.04
Day 4: $.08
Day 5: $.16
Day 6: $.32
Day 7: $.64
Day 8: $1.28
Day 9: $2.56
Day 10: $5.12
Day 11: $10.24
Day 12: $20.48
Day 13: $40.96
Day 14: $81.92
Day 15: $163.84
Day 16: $327.68
Day 17: $655.36
Day 18: $1,310.72
Day 19: $2,621.44
Day 20: $5,242.88
Day 21: $10,485.76
Day 22: $20,971.52
Day 23: $41,943.04
Day 24: $83,886.08
Day 25: $167,772.16
Day 26: $335,544.32
Day 27: $671,088.64
Day 28: $1,342,177.28
Day 29: $2,684,354.56
Day 30: $5,368,709.12

Quite a big difference once you look at it as you would be getting over 5 million dollars with the penny doubled everyday for 30 days route. The funny thing when I look at this is how it is almost like starting a business and trying to make a profit. In the beginning you struggle a lot to get things going and afterwards once it reaches to a point it just takes off smoothly. How does that analogy go again? It is something like starting a business is like a rocket ship taking off into space. You spend 80% of your fuel during take off and once it reaches a certain point it flies smoothly with minimal consumption.