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Act now to avoid home heating oil freeze

When searching for heating oil assistance, don't wait.

Winter is almost here. If you're one of many struggling because of hard economic times, start now to find help with the rising costs of home heating oil. Once easier to obtain, now State and Federal resources have limited or completely shut off the flow of funding for the assistance.

Margaret Scarsdale, Department of Planning and Development program manager of Ayer, remarks: "If people get panicked, they don't think clearly. I don't want to panic people, but I want people to know that if they think they may be in a situation, they need to start now, not wait until November or December."

In case of an inability to pay, Massachusetts holds a winter moratorium on heat shut offs from November 15 to March 15.

Assistance this year is extremely limited, so call assistance programs such as the New England Farm Worker's Council, to register for the Low Income Heating Assistance (LIHEAP) program as soon as possible. Calling sooner rather than later will hopefully get the ball rolling for help.

The New England Farm Worker's Council: 978-342-4520

For more information regarding resources, click here.

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Too many digits for US national debt clock

Our debt has now surpassed the $10 trillion mark and it's too large for NYC's US national debt clock.

The national debt clock in New York City's midtown has has been running since 1989. Unfortunately, the digits are so high that the clock's display can no longer hold the total.

The Durst Organization, the designer of the iconic Times Square clock made temporary adjustments. Their solution? The digital dollar sign has been replaced with a non-digital version to make room. The group says they plan to build a new one slotted to go up next year.

Let's think about this. Our national debt is at an all-time high. Is a debt-clock revamp really what folks should be spending their money on? Let's ditch the board and spend the money on something that matters.

Here's the original Associated Press story.

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Price of oil is expected to drop

The price of oil is low and likely headed lower reports the Associated Press. As the stock market experienced turmoil last Monday, the price of a barrel of oil dropped to a price not seen since early 2008.

Holding steady around $90 a barrel this week, the prices which neared $150 midway through the summer now seem to belong to the distant past. As fears surrounding the market for credit continue to grow, oil prices are likely dropping in part because continued growth seems unsustainable, even in Asia’s developing countries.

"The market is finally acknowledging that this credit crisis is a global phenomenon and that will equate to lower world oil demand in the future," Phil Flynn, analyst at Alaron Trading Corp. in Chicago, tells the Associated Press. "People thought the crisis would be contained to the U.S. and we'd see oil demand in China and India continue to grow. Now that just doesn't seem possible."

Though oil prices are falling in large part due to bad economic news, the lower prices do translate into at least a little good news for consumers.

The article reports that according to AAA, the average price of a gallon of gas in the United States is currently about $3.50. Average prices topped out at over $4.10 this past July, so the lower prices should make filling up less painful.

In light of poor stock performance and declining home values, however, the lower gas prices may provide little relief.

Here's the complete article.

--Bridget O'Sullivan

Inside Consumer United :: Daniel Weaver

Daniel Weaver joined Consumer United after moving from Kentucky only months ago. He works full time as a Consumer United advocate and feels great about working for a company that honestly cares about helping people out. Weaver believes he has found a job that fits.

Starting at Consumer United during its infancy has definitely been an excellent educational opportunity for Weaver. "Consumer United is full of bright and talented people. More than any other place I've worked," he says. "Everyone at Consumer United works as a team in order to accomplish our objectives. As we continue to grow, we face a lot of challenges and we are meeting those challenges."

Weaver enjoys getting home from his job and feeling like he's put in a full day. "Working for a start-up company is very rewarding!"

How does Weaver save money? "My personal financial advice is not to pass up any opportunity to earn easy money and save that money. It may seem silly, but I always seem to find spare change while walking around town."

Weaver saves this money and treats himself to something nice when it amounts to something. He's pleasantly surprised when his change jar is worth more than $75. Weaver cooks at home as much as he can and enjoys a great deal of free activities. "They're everywhere!"

Weaver loves to cook and is an avid music collector. He spends a lot of time digging through boxes of records, researching music online and going to shows. He is always trying to find an undiscovered gem. Weaver moved to Boston from the Midwest without ever visiting. He needed a change, and felt New England would be a welcomed change. "I was right!" he says.

How does Weaver believe Consumer United will help the average consumer? "Consumer United will help the average consumer by limiting the unnecessary costs of business. Many consumers don't take the time to research better deals. By doing the research and negotiating better deals, we pass those benefits to the consumer."

Global cut in interest rates expected

The Federal Reserve cut the benchmark interest rate half a point on Wednesday in the wake of volatile market conditions earlier in the week.

The central banks of several European nations and China also lowered their lending rates in an effort to improve what has otherwise been a grim economic outlook recently.

The New York Times reports that the actions taken by the Fed on Wednesday were the first ever instance of the United States coordinating with a number of other central banks to lower interest rates.

“At last, a coordinated show of force,” Ian Shepherdson, chief United States economist at High Frequency Economics, writes in a note to the New York Times. “The move is to be applauded but there is more to come. The playbook to avoid depressions says rates need to be as close to zero as possible.”

Rates have not been as low as they are, however, since 2004. Some consider the measure a crucial step because the bailout plan passed by Congress has done little in recent days to ward off large drops in the stock market.

One of the major components of the current crisis is that there is not a lot of liquidity in the market for credit. Due to concerns over taking on too much risk, financial institutions are unwilling to lend.

Consequently, there is little opportunity for growth. Lowering the interest rate can in some cases make it “cheaper” to borrow money, and the hope is that this will in turn stimulate growth and reverse the current contraction being seen in the market.

To read the original article, click here.

Cost cutting at the Brookline Police Department

As wallets are snapping shut in the face of more bad news about the economy, even the Brookline Police Department is not immune to analysis of its expenditures.

An article by Andreae Downs in the Boston Globe explains that Brookline's Chief of Police Daniel O'Leary met with the Efficiency Initiative Committee to give details on some of the department’s programs and cost-saving measures.

The report focuses on an important turning point back in 2002 when the Brookline Police Department moved into a space with a dispatch center shared by police, fire and emergency medical personnel. As a result, civilians assumed the task of dispatching and more officers could cover the field.

The additional officers – six in total—were divided between providing more traffic coverage and developing new safety programs. Brookline added more protection and services for its residents without hiring more officers.

Turning to the issue of efficient spending, the Globe reports that at the meeting, Chief O’Leary addressed the department’s policy of sending a police car to the scene of medical emergencies. He acknowledged that many officers do not have a background in emergency medical response, but that a police presence on the scene is useful.

"When the Fire Department or the EMTs arrive, we relinquish the situation," he tells the Globe. The role of the police is to secure and stabilize the scene, and officers have the ability to redirect traffic, if necessary. In addition, Chief O’Leary indicated that there are some positions he would like to see staffed by civilians, but there are no plans to do so.

Click here for the complete article.

--Bridget O'Sullivan

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Can you survive on $21 a week?

Shining a light on the economic challenges many of the nation's impoverished face on a daily basis, bloggers at United Way's SpeakUnited.org are trying to survive on a $ 21 a week food budget.

Basically it means that they can go to a super market and buy groceries for an entire week, but at the billing counter, it cannot exceed the grand total of $21.

Why that figure? It's the amount of money a person in need is given in food stamps for the entire week. The SpeakUnited crew is calling it the "Food Stamp Challenge."

The rules are simple:

• Each person should only spend a total of $21 on food and beverages during the Challenge week.
• All food purchased and eaten during the Challenge week, including fast food and dining out must be included in the total spending.
• During the Challenge, only eat food that you purchase for the project. Do not eat food that you already own (this does not include spices and condiments.)
• Avoid accepting free food from friends, family or at work.
• Keep track of receipts of food spending and take note of your experiences throughout the week.

Paola Ferrer, one of the candidates taking up the challenge, is realizing that fighting Lance Armstrong for the Tour de France title is much easier. Because she's forced to be on a gluten-free diet because of her medical condition has made this more interesting. On her shopping list were eggs ($2.89 doz), deli meat ($4.09), deli cheese ($1.50), ground beef ($4.50), coffee ($2.49), potatoes ($2.29), carrots ($2.19) and tortillas ($ 2.15). Grand Total = $22.1. To make this last for an entire week would call ingenuity of an MIT grad student.

Another person trying to live frugally is Meghan Keaney. At this budget she is tempted to eat out at the friendly neighborhood burger joint where the dollar menu is doing great business. Even without taxes, assuming a basic burger is available for $1. Eating it three times a day will make it $3 per day and multiplying it by seven will make it $21.

But then this is without taxes. Not to mention the raised eyebrow of the kid at the cash register when you order that seven days in a row! Luckily one is not expected to tip at these places.

Impossible is a good word that comes to my mind. But, then to think that many of our brethren are forced to live on such tiny budgets every week makes me shudder.

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Economic-meltdown-themed marketing not funny

Sell stocks, buy shoes? A new trend of meltdown-themed marketing capitalizing on the current economic crisis is adding salt to an already wounded general public.

Retailers are in full panic due to the current financial meltdown. With the spike in gas prices over the summer, there was already a move toward conservative hiring and inventory. September's numbers look even worse, causing retailers to cut back even more.

The same is true for consumers. Analysts predict that purchases on non-essentials will probably be put on hold. In response, retailers are coming with meltdown-themed marketing focused on the current financial crisis.

Steve Madden Ltd. footwear stores advertise to shoppers saying, "Sell Stocks, Buy Shoes." On top of the ad, all products were marked down by 20%.

Restoration Hardware sent out an e-mail blast on Thursday advertising that it "unanimously approves the bailout bill" offering $100 off purchases of $400 or more.

However, consumers aren't buying into the ads.

According to a WSJ report, many retail chains are expected to show declining sales in the upcoming months, a key measure of retail performance.

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Will it be lights out in 2009?

Lights out? According to a new study, the U.S. may see serious risks of brownouts or blackouts in 2009.

The report, "Lights Out in 2009?," conducted by The NextGen Energy Council Management Information Services, Inc. last month warns that the U.S. may see crippling power brownouts or blackouts as early as next summer.

"The U.S. faces potentially crippling electricity brownouts and blackouts beginning in the summer of 2009, which may cost tens of billions of dollars and threaten lives," the study predicts.

In order for these threats to be minimized, electricity generation and transmission groups must make adjustments immediately, the report suggests, adding that the West Coast is particularly vulnerable.

Here's the problem: U.S. base-load generation capacity reserve margins have declined to 17% in 2007 from 30% to 40% in the early 1900'. Currently, a 12% to 15% capacity reserve margin is the minimum required to ensure reliability and stability of the nation's electricity system.

By the year 2016, the study shows the U.S. will need more than 14,500 miles of new transmission, in order to support the 18% growth. This exceeds the projected base load growth in generation capacity by 10%.

Bob Hanfling, chairman of the non-profit NextGen Energy Council, says, "This isn't the first study to come to these conclusions, and it won't be the last."

Click here for the "Lights Out in 2009?" report.

Days of easy credit are over

With lingering concerns over the instability of the market, many lenders are becoming increasingly reluctant to allow customers to borrow. Credit that was recently easy to come by is beginning to disappear.

An article in The Boston Globe explains the challenges that ordinary people are likely to face if credit remains scarce. Many businesses and even some industries such as construction and manufacturing depend largely on the ability of their customers to obtain credit.

When credit is not available, growth and job creation trend downward. As a result, it becomes even more difficult for the market to recover. These effects can lead to a long term slow down, taking time to appear.

For example, the average person does not make a large purchase very often, so a short term scarcity of credit would have a limited effect on the economic situation. When a large number of people cannot get credit to take out mortgages, car loans, or home equity loans, houses remain on the market and new cars are sill in the lot.

Consequently, retailers have a harder time making money and a smaller workforce is needed because there are not as many customers. When jobs are scarce, so is disposable income, and the cycle worsens.

Some believe that banks' recent tightening of standards when considering applications for credit may be an over correction due to the concern over the ability of many borrowers to pay back their loans. As long as credit remains difficult to obtain, it will be difficult for the market to regain strength.

Read the Boston Globe article here.

--Bridget O'Sullivan

Poll reveals pessimistic outlook in Mass.

The Boston Globe reports that residents of Massachusetts don't have a positive outlook on the economy. Recent fluctuations in the stock market, rising inflation and unemployment, and the collapse of several major financial institutions are the likely factors contributing to the pessimism.

Suffolk University and The Boston Globe collaborated to conduct a poll on the attitudes of Massachusetts residents responding to the current economic conditions. The results were tallied before the House or the Senate voted on the bailout plan and before the subsequent days of extreme volatility in the stock market.

Even before any decisions on the rescue plan presented by Henry Paulson had been made by congress, a full 41 percent of those polled said they believed the economy would get worse in the coming year. Only 21 percent were optimistic that the economy would improve.

One particular response recorded by the poll seems to illustrate the challenging economic conditions facing Massachusetts residents. A large number of people responding indicated that although they are trying to cut back on their purchases, they have spent more this year than last year.

Such information suggests that although Massachusetts residents are making fewer discretionary purchases, the cost of necessary items such as food, clothing, and gas has risen considerably since last year. As a result, it becomes harder for households to get ahead because cutting back on unnecessary items will not always translate into savings, and savings are important for a feeling of overall economic health.

To read the Globe article, click here.

--Bridget O'Sullivan

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Financial crisis impacts college campuses

Buckle up, it may be a bumpy ride for college kids next year.

With the chaos of the country's financial crisis and slumped economy, the turmoil on Wall Street as well as the growing concern among the general public has begun stirring up a sense of fear among universities and state colleges.

University administrators and officials have begun holding meetings about halting the costs on any new plans of constructions or projects on college campuses and have started to keep a close watch on all the funds that are used.

"Everything is on the table in this context," says Brandeis University's spokesman, Dennis Nealon, to the Boston Globe. "Colleges and universities can't pretend this isn't going to have an effect on us," he adds.

The condition in the state of Massachusetts especially is quite critical as a large portion of the state's high income is attained from funds generated by universities established for higher learning. The funds incorporated into the state's economy by various independent universities amounts to a staggering $23 billion annually.

The president of one of New York's economic consulting firms, Hugh O'Neill stated that universities and colleges have been the sole reason for stability in Massachusetts and this crucial time of economic instability.

Due to the fallen market conditions, the universities have been left struggling for more funds. Thus there might be the strong possibility of colleges raising the tuition amount for their students as there is going to be a significant cut in government subsidies to state colleges and other academic institutions.

"Depending on their severity, there could be fee increases for the second semester," says Robert Antonucci, president of Fitchburg State College.

These cost increments could affect a number of private universities, as their already expensive tuition bills might discourage the already financially troubled middle class families from enrolling their children in them, thus significantly reducing the college going population.

People are saying everything will be OK once things return to normal," states Paula Rooney, of Dean College in Franklin. "But what's the definition of normal right now? I think it's an assumption we have to give up."

Click here for the complete article.