Ben Bernanke – Replacing Alan Greenspan

The reputation of Alan Greenspan as the Chairman of the Federal Reserve was one of brilliance or incredible luck. Now it is the turn of Ben Bernanke.

Ben Bernanke

Alan Greenspan reigned as Fed Chairman for nearly 20 years. During this time, the economy in the United States performed at fairly stable and consistent levels. Yes, there were recessions and stock market crashes, but these were minor hiccups in an otherwise solid economic run.

Ben Bernanke has taken over control of the fed from Alan Greenspan. Instead of enjoying a peaceful grace period, he walks into a situation where an extremely hot housing market threatens to collapse. How will he handle the situation? Perhaps a review of Ben Bernanke will give us an idea.

Mr. Bernanke was born in 1953 in Augusta, Georgia. His intellectual abilities were apparent throughout his youth, particularly when he received a near perfect 1590 out of 1600 on the SAT. He graduated summa cum laude from Harvard in 1975. He then obtained a Ph.D from MIT in 1979. He subsequently taught at Stanford and then Princeton. He resigned from Princeton in July of 2005 when it became apparent he would be the new Chairman of the Federal Reserve. In short, we are talking about a very intelligent individual unlike many of the political friends President Bush has appointed to various positions in the government.

Intellectually, Bernanke is considered a macroeconomist, which mean he looks at overall trends in the economy related to production, employment levels, income being earned and price trends. He also is noted for studying the Great Depression and how the devaluation of money during that period impacted the economy. For those that fear a housing market crash, this would appear to be good news.

Bernanke is hardly a new face at the Federal Reserve. He has served on the Board of Governors for the Federal Reserve since 2002. Essentially, he was an internal promotion in an effort to continue the current fiscal policy of the Federal Reserve.

Given Bernanke’s background, can we make any educated guesses as to how he will guide the Federal Reserve? Generally, he appears to be very conscious of deflation factors, which means he should have some fairly detailed thoughts on the housing market and how to keep a slowdown from becoming a bigger problem. Bernanke also revealed he will speak in plain language, unlike Greenspan, and doesn’t appear interested in commenting on budgets and social issues. Greenspan was infamous for dropping comments regarding tax cuts.

Is Ben Bernanke up to the task of being the Chairman of the Federal Reserve? We are certainly going to find out.

Best money market account

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Best Money Market Account

When you are looking for a good safe way to invest your money you should look into a money market account. They are a great way to maximize your savings potential without any risk. Many people don't understand the way money market accounts work and therefore they don't know how to choose the best money market account for their financial situation.

What is a Money Market Account?

A money market account is an account that works like both a checking and savings account. They offer you the ability to earn a much higher rate of interest then a standard savings account. This is because you only have the ability to withdraw money from your account six times a month, this is standard and every financial institution has the same rules. You can either write a check or a debit card to access your money.

What to Look for in a Money Market Account

One of the first things you should find out when searching for the best money market account is if the financial institution that you are going to use is FDIC insured. This is basically saying that the federal government is insuring your money, so if your bank, for whatever reason, goes out of business your money is not lost, you will get it back.

Another important factor is monthly maintenance fees that some financial institutions have. Many of them will waive all monthly fees if you keep a certain minimum balance each month and if you look around, especially on the internet, you can find many of them that have no fees and have require no minimum balance requirements. This is especially helpful if you are just beginning to start saving, the last thing you need is having your savings eaten up by fees.

Opening balances vary from institution to institution. Almost every money market account has a minimum opening requirement. However, they run the gamut, many require only $50 to open an account but as you get the better interest rates you will often have higher opening balance requirements, in fact several of them get up to the $5,000 mark.

Where to Find the Best Money Market Accounts

Until recently the only place to open a money market account was to go to a local bank. With the internet becoming so prevalent in society, lending institutions have begun to use it to recruit new customers. Some of the best money market accounts are available by internet. They don't have the high expensive of having lots of buildings to maintain so they are able to offer higher interest rates.

The only real difference between using an internet bank and a local branch is how you make your deposit, you will make your deposit two ways you can have your employer do a direct deposit or you can mail them a deposit. It is recommended that when you mail your deposits you send them certified.

Having a money market account is one of the best ways to save your money with no risks like stocks or bonds. You keep your money liquid and earn a great interest rated so take some time and find the best money market account for you and your financial circumstances.

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Blackjack Strategy Tips: How to Win in Blackjack

Blackjack is one of the few casino games that are beatable in the long run. It means that by using a basic blackjack strategy you can have an advantage over the casino and eventually step away from the blackjack table as a winner. Here you can find the basic blackjack strategy explained in a simplified manner.

The blackjack strategy is based on the mathematical probabilities of the game and it provides you guidance on the best decisions to make at every possible situation during the game. It takes about an hour to memorize this strategy but it is worth every minute. This does not man you will win every single blackjack game from now on, but with the help of the blackjack strategy, patience and persistence, you can significantly improve your chances of beating the casino in the long run.

Note that some blackjack rules vary from one casino to another. In some casinos, both brick and mortar and internet casinos, blackjack is played with one card deck while in others the blackjack game occupies four decks or more. In addition, in some of the casinos the dealer hits on a soft 17 while in others he is required to stand and doubling after splitting is allowed only in some of the casinos.

Here you can find a basic strategy to a single deck blackjack game where the dealer hits on soft 17. Playing other blackjack variants would require you to make some adjustments for a few borderline occurrences.

First, here is a short introduction to the terms mentioned here:

Hard Hand: two initial cards that do not include an Ace.

Soft Hand: two initial cards that one of them is an Ace

Stand: when a player is not asking to be dealt more cards after the two initial cards.

Hit: when a player calls for an additional card to be dealt

Double: when a player doubles his initial bet after the initial deal, but it requires him to hit only one card.

Split: when a player separates the initial two cards into two individual hands and plays them as 2 hands.

Finally, here is a basic blackjack strategy:

When your initial two card hand sums up to 8 or less: hit

When your hand sums up to 9 and the dealer hand value is between 3 and 6: double if else: hit when your hand sums up to 10 and the dealer hand value is between 2 and 9: double; if else:

When your hand sums up to 11 and the dealer hand value is between 2 and 10: double; if else hit.

When your hand sums up to 13, 14, 15, or 16 and the dealer hand value is between 2 and 6: stand; if else hit.

When your hand sums up to 17: stand.

when your initial two card hand contains Ace 2 or Ace 3 and the dealer has either 5 or 6: double; if else: hit.

When your hand contains Ace 4 or Ace 5 and the dealer has 4, 5 or 6: double; if else: hit.

When your hand contains Ace 6 and the dealer has 3, 4, 5 or 6: double; if else: hit.

When your hand contains Ace 7 and the dealer has 2, 7 or 8: stand; if he has 3, 4, 5 or 6: double; if else: hit.

When your hand contains Ace 8 or Ace 9: stand

When your hand contains a pair of 2s or 3s and the dealer hand value is between 2 and 7: split; if else: hit

When your hand contains a pair of 4s and the dealer has either 4 or 5: split; if else: hit

When your hand contains a pair of 5s and the dealer hand value is between 2 and 9: double; if else: hit

When your hand contains a pair of 6s and the dealer hand value is between 2 and 6: split; if else: hit

When your hand contains a pair of 7s and the dealer hand value is between 2 and 7: split; if else: hit

When your hand contains a pair of 8s: split

When your hand contains a pair of 9s and the dealer hand value is between 2 and 7 and either 8 or 9: split; if else: stand

When your hand contains a pair of 10s: stand

When your hand contains a pair of 8s: split

Bingo History: Story of the Game Bingo

The origins of contemporary bingo go back to 16th century Italy, where the lottery game Lo Giuoco del Lotto dItalia was introduced. The popular chance game was introduced to North America in the late 1920s by the name of Beano. A toy salesperson of New York was responsible for changing the name of the game into Bingo and to the increase of its popularity throughout the US.

In the late 18th century, the original Italian lotto game made its way to France. Historical evidence shows that a game called Le Lotto was popular among the French high society who used to play the game in parties and social gatherings.

Le Lotto used to be played with special cards that were divided into three rows and nine columns. Each of the three columns consists of 10 numbers, while each column had five random number and four blank spaces in it. Each player had a different lotto card where he used to mark the number announced by the caller. The first player to cover one row won the game.

By the 19th century, the lotto game spread around Europe and started to serve as a didactic childrens game. In the 1850s, several educational lotto games had entered the German toys market. The lotto games purpose was to teach children how to spell words, how to multiply numbers, etc.

By 1920s, a similar version to the lotto game, known as beano was popular at county fairs throughout the US. In beano, the players placed beans on their cards to mark the called out number. The first player who completed a full row on his card, used to yell out Beano!, until one night in December 1929, when a New Yorker toys salesperson by the name of Edwin S. Lowe visited a country fair outside Jacksonville, Georgia.

On his way back to New York, Lowe had purchased beano equipment including dried beans, a rubber numbering stamp and cardboard. At his New York home, Lowe has been hosting friendly beano games. During one game, one excited winner who had managed to complete a full row stuttered out Bingo, instead of Beano. Listening to the excited stuttering girl, Edwin S. Lowe thoughts went away. Lowe decided to develop a new game that would be called Bingo.

While Lowe’s Bingo game was making its first steps in the market, a Pennsylvanian priest asked Lowe to use the game for charity purpose. After a short tryout period, the priest had found out that the bingo game causes the churches to lose money. Since the variety of bingo cards was limited, each bingo game ended up in more than five winners.

In order to develop the game and to lower the probabilities of winning, Lowe approached Prof. Carl Leffler, a mathematician from Columbia University. Leffler was asked to create bigger variety of bingo cards that each of them will have unique combination of numbers. By 1930, Lowe had 6,000 bingo cards and Prof. Leffler went insane.

Since then, the popularity of the bingo game as a fundraiser continued to grow. In less than five years, about 10,000 weekly bingo games took place throughout North America. Lowe’s company grew to employ several thousands of employees and to occupy more than 60 presses 24 hours a day.

Now, bingo is one of the most popular chance games in the world. It is played in churches, schools, local bingo halls and land based casinos in the US, the UK, Australia, New Zealand and other parts of the world.

Best way to improve credit score

If you have ever had a loan denied it was probably humiliating, embarrassing, and a harsh reality check. So much for that bright red Mustang convertible you wanted. Or maybe it was for an old, beat-up, rusty sedan you thought you could afford to drive back and forth to work. Sadly, that new five bedroom, brick home with the sun porch is out of reach. Or was it your last hope for a deposit to rent a simple one bedroom apartment for you and your family. Some people know before they ever apply for a loan that they will be denied due to a poor credit rating. Others are completely surprised to find out their credit history is hurting. How does this happen?

Sometimes it’s just a lack of discipline or good organizational skills. This leads to poor paying habits and late payments which can damage your credit. Sometimes it’s temporary circumstances beyond your control such as a job layoff, divorce, illness, etc. You are forced to choose between putting food on the table and making a credit card payment. That’s a tough one. Thankfully, there are ways to improve your credit rating with a little effort. The following five tips can help.

1. Often, a big part of your credit score depends on your debt to credit ratio. I’ll give you an example. If you have a credit card with a $1000 limit and you carry a $900 balance this would make the percentage you owe to the percentage available 90%. On paper it would look like you were in a credit-tight position. There are three ways to improve this.

A)Apply for another card. Whatever the limit is becomes part of the calculation. If it is $1700 you now have a total limit of $2700. This brings your ratio down to 33% ($1000 original credit + $1700 additional credit divided by $900 balance=33%). That’s a big difference.

B)You can do the same thing by asking your current credit card company to raise your limit.

C)Pay down your current balance. Make it a priority!

2.Always try to pay your bills on time. Chronic slow or late payments lead to denials or approvals with ridiculously high rates. If you just can’t seem to remember when to pay bills try using a personal planning calendar, PDA, or numbered folder. I use a folder that has multiple dividers numbered 1-31 for each day of the month and additional dividers for each month. You can get these at office supply stores. File your bills in the divider where you will see them the week before they are due. Check the folder daily.

3.Get a copy of your credit report and contact the credit bureaus if you find errors. Ask to have them removed.

4.If you have a credit card for every store you have ever entered….cancel some! No one needs fifty retail credit cards. Retail cards are sometimes viewed less positively than bank cards so get rid of them first.

5.Piggyback on the good credit of a friend or relative. Have them add you to their account (but don’t use it). Once you’re on, ask the creditor to report this account to the credit bureaus. Be careful with this one. Don’t abuse the goodwill of your friend or family member by using the account without asking first!

In our credit-driven society it’s way too easy to bite off more than you can chew. Throw in a couple of life’s little emergencies and you can quickly get into trouble. The tips here can be helpful, but I suggest you don’t just use them for temporary gain. If you go to the trouble to improve your credit, go to the trouble to keep it good. Look at your habits and try to change them if necessary. I know this is a tough one that we all have trouble with, including me. Hope this helps.

Best Way To Avoid Bankruptcy

If you are now in financial difficulty, and you have made the right choice in avoiding bankruptcy, then your next step is to manage your debt in a way that you are not Forced to file bankruptcy. And how exactly do you do that? The answer is, get professional help. Consult a debt consolidation company and let them help you sort out your financial issues.

Why Debt Consolidation program is the ideal choice. You can avoid bankruptcy by choosing debt consolidation, as it makes you debt free with a lot of extra benefits:

1. Permanent Solution: While Bankruptcy offers only a temporary relief, Debt Consolidation provides a permanent solution to your debt problems. They are the expert in their field and they are definitely on better grounds to advising you what the best path is.

2. Minimized Debt: Unlike Bankruptcy, Debt Consolidation can reduce your debt amount to as good as 40-60%! This ensures that you get to carry on with you life with as little hassle as possible. In time, you WILL clear off your debt!

3. Easy payment: Debt Consolidation allows paying off debts in easy monthly installment without making drastic changes to your living standards. This alone is great help, you get both the benefits of clearing your debt, as well as being able to live life normally.

4. Clean Credit Report: Debtors opting for Debt Consolidation Program can have renewed accounts and clean Credit Report once the debt is paid off.

5. Freedom from Creditors: In a Debt Consolidation Program, you are not dominated by the Creditor, as the Consolidation Company takes care of dealing with the Creditors. Imagine the hassle of not needing to deal with your creditors!

Whether you can avoid bankruptcy and take up any other debt solution depends on your debt situations. But bankruptcy should be chosen only when other options fail to work. The option best suited to your debt needs can only be judged by a Debt Counselor. Remember that it is always better to rely on professionals in such cases as one wrong step taken can result into a thousand troubles. Getting professional help from a debt consolidation company is really the best step during times of financial difficulty.

Breaking down Debt Consolidation

Introduction

Debt Consolidation is a procedure that a number of different people follow nowadays and ultimately what it means is that the person that is swimming in debt that happens to be far above what they have the ability to pay back is going to be the person that goes through a procedure that combines all of those different loans into one source of debt and therefore allows themselves to pay back the consolidated debt in a much easier and less stressful manner. Now, this is perhaps a definition that you’ve been exposed to before and while it sounds good on the top, ultimately it needs to be explained so that more people understand exactly what it is that is being talked about. We will break down a typical debt consolidation case over the rest of this article.

The Problem

The financial situation for the hypothetical person here has become very bleak. They have $10,000 left on their car loan, their mortgage still has a balance of $80,000 and when you toss in all of their other credit card debt, you get to the point where they are in debt up to $100,000 all things said and done. Now, $100,000 is a lot of money and in the case of a typical family it might even be more than three years worth of their wages, so ultimately when you take a look at the $100,000 of debt, you would want some plan that would allow you to deal with it.

The Solution

When you look at all of the different solutions, the first thing that you need to do in all of them is get your bearings. While the car loan and mortgage only represent two different sources of debt, the remaining $10,000 might come from as many as five or six other sources and that can make it very difficult to keep track of. So what you want to do is consolidate those debt sources into one debt source and the way to do that is to take out a home equity loan of $20,000 to pay off everything else and combine that $20,000 with the $80,000 mortgage that you already might have.

The Benefits

Aside from the convenience factor of only having one source of debt instead of several as was discussed above, there is also the interest rate factor. While the average mortgage will have an interest rate between 5% and 7% and most car loans will as well, credit card debt is usually going to be two to three times that amount and likely four or five times that amount if the debt is because of cash advances. So the interest rates would get lowered whenever you take a look at it that way.

Now, credit card minimum monthly repayment amounts are such that you are going to usually be paying at least 5% of your balance each month; in other words, credit card companies expect that any balance you happen to generate on your credit card can be cleared up in less than two years. Mortgages, as many people are aware, have 20 to 25 year terms and therefore the monthly repayment amount of consolidated debt will also be lower and therefore easier to manage.