Fed Meddles With Credit Card Issuers

On September 29, 2009

Fed Meddles With Credit Card Issuers

The Federal Reserve's plan to clamp down on credit card issuers represents a funny about-turn on its previous hands-off economic stance. Only a little while ago, you might remember, former Fed Chairman Alan Greenspan mulled a similar sort of effort over subprime lenders, but concluded ultimately that it would "require a vast effort with no certainty of results." Today, the Fed "proposed" tough new rules for credit card lenders, which will stop them from unexpectedly raising interest rates in an account holder's first year, double-billing customers at higher interest rates, and issuing cards to anyone under 21. If these rules sound a little old to you, that's because they are. In fact, they are exactly the same rules which were...


On September 29, 2009

The Art of Bookbinding Continues (sort of)

To accompany my interview with Savile Row tailor Richard Anderson, earlier this month we offered up a slide show displaying 20 different industries like bespoke tailoring that have survived the centuries. All of the industries such as glass-blowing, millinery, and book binding began as trades and despite the advent of mass production and commercialization that has transformed many of them (making many others irrelevant) we found those individuals that were still dedicated to the old handcrafted traditions. In the spirit of maintaining the old trades, the San Francisco Chronicle writes about 57-year-old Tim James, who runs Taurus Bookbindery. James is also the founder of the books.jpgAmerican Bookbinders Museum, its financier, curator, display builder and text writer. He says that “San Francisco once had the largest printing industry in the West, concentrated where the four-part Embarcadero Center is now.” Although today there are only two hardcover bookbinders left in the city that once saw 30 bookbinders burn to the ground during the 1906 fire, James remains true to his craft.

Photo Credit: Getty Images


On September 29, 2009

Why Capitalism Only Works If Everyone Can Win

This morning I came across a thought-provoking article on Forbes, which is surprising since that magazine's editorials tend to staunchly defend what I consider to be "crony capitalism."  Michael Maiello reminds us that the whole reason our society chooses capitalism, with all its inequalities and brutal competition, is because it's been an effective system for reducing scarcity and poverty. As Maiello notes, we are fine with unequal outcomes so long as everyone plays fair and collectively, our material conditions improve.  However, the bailouts that have gone to well-connected banks and big businesses are undermining the entire system: Small businesses and individuals are fully subject to the harshest aspects of capitalism while large businesses are exempt. So long as that's true,...


On September 29, 2009

Turn Any Wall Into a Dry-Erase Board

Whiteboards, a.k.a. dry-erase boards, are undeniably handy for presentations, meetings, and other day-to-day business endeavors. Unfortunately, they're also expensive, difficult to mount, and hard on the decor. Enter Markee Dry-Erase Paint, which turns any painted wall into a dry-erase board. How cool is that! See for yourself: Now for the caveats. First, the product page reads like one long, awful infomercial. You have to scroll way, way down just to get to pricing and ordering information (which includes a "toll-free" number that is not, in fact, toll-free). Second, at $97 per gallon, the Markee Paint ain't exactly cheap. Of course, given that a traditional 8-by-4-foot whiteboard will set you back around $500, it's all relative. Markee costs about 50 cents...


On September 29, 2009

What You Need To Know About Online Business Success: Part 1

If you prefer to read it in a PDF you can do so here. Inside my newsletter I have a message set up asking new people who join about them and their business.  From those questions I’ve been asked on how to be successful online.  Knowing that demand, I’ll be sharing with you a series that [...]
On September 29, 2009

Nestle Zimbabwe’s Mugabe Ties Get Company In Trouble

Oops. It just came out that Nestle Zimbabwe sources 15 percent of its milk from a farm owned by the dictator-president's wife, Grace Mugabe. The farm was confiscated from a white farmer as part of a political plan that has earned President Robert Mugabe condemnation from pretty much everyone else in the world. This could be a big problem for Nestle. The dealings were most likely legal -- the US and the EU have sanctions against both Mugabe and his wife, but Nestle is in Switzerland, which is not an EU member. Public opinion, however, is another matter. Several human rights activists have called for a boycott, and Nestle South Africa could be particularly vulnerable, as there appears to be...
On September 29, 2009

Will $10 Holiday Surcharge Save Airlines or Tick Off Travelers?

 Airlines are planning a $10 surcharge for flights on Nov. 29, Jan. 2 or 3 (that's the Sunday after Thanksgiving and the Saturday and Sunday after New Year's Day, respectively.) The surcharge will already be placed in the fare ticket each way by American Airlines, with Delta, US Airways and Northwest airlines also following suit. The new cost is just one of many new fees charged by airlines to create more revenue at the expense of  customer loyalty and service. So is this simply a case of price-gouging or good business? “It’s not so much a surcharge as a quick way to upcharge for those premium days. Yes, it brings in a lot of sorely needed revenue to the airlines - but...
On September 29, 2009

Budget-Minded Car Companies Ditch Auto Shows

The world's automakers are getting more global all the time, except in one respect: The big international automobile shows are getting less international and more hometown oriented.
On September 29, 2009

Dell Overhauls Boardroom Governance Under SEC Settlement

Dell said Monday it will beef up accounting and corporate governance rules as part of a settlement tied to an investigation into its past financial practices. Dell, the world's second largest PC maker behind HP, will also pay $1.75 million in legal fees, according to a settlement filed with the Securities and Exchange Commission.
On September 29, 2009

Hyatt Offers Housekeepers Jobs — With Staffing Agency

It almost seemed as if the Hyatt Hotels Corp. controversy and subsequent boycott, over firing its housekeepers after having them train their successors as so-called "vacation fill-ins," was over. Hyatt contacted the 98 housekeepers to offer them a job -- not with Hyatt, but with a staffing agency. Perhaps one similar to the one where they found their minimum-wage replacements. Although many news reports call this a job offer, it's not. It's only the possibility of a job. Hyatt also offered to extend health care benefits until March. The staffing agency is United Service Companies, and apparently Hyatt is promising the housekeepers' former rate of pay through 2010. About two-thirds of the housekeepers rejected the offer. I don't know if the housekeepers are...
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