Fed would like to rule in swipe costs on debit card purchases

Capping debit card swipe fees at twelve cents a purchase is a component of a suggestion submitted by the Fed on Thurs. The swipe fee limit is part of a set of brand new debit card rules. The Federal suggestion is an effort to adhere to requirements specified in financial reform legislation passed last summer. Merchants hailed the proposal and credit card issuing banks cried foul as major charge card corporations took a struck on the stock market.

Information on the Fed swipe limit proposal

Under the current system of debit card swipe fees, credit card companies charge retailers 1 to 2 percent of the transaction, regardless of the dollar value. More competition would be added to compete with Visa and Mastercard with the Fed swipe fee proposal as merchants would be able to choose from at least two independent debit card networks. The reason why the Fed came up with the swipe limit proposal was because of the financial reform bill. It required that banks have to make debit card swipe fees “reasonable and proportional” to what the bank pays to process the electronic fees. Banks can be forced to be cost efficient with the debit card swipe fee limits, according to the Fed.

A quick way for banks to lose billions

In just 2009, credit card companies made $15 billion in swipe fees. Retailers would likely enjoy have the Fed swipe fee limit proposal go through. Any banks using Visa or Mastercard may lose up to 80 to 90 % in revenue. A JP Morgan Chase analyst told this to Bloomberg. Average debit card swipe fees would go down about 75 percent with the 12 cent swipe fee cap, says UBS Investment Research. According to the Fed, debit card swipe fee limits won’t change much. Consumers won’t even notice. Customers don’t need to be on debit card reward programs like banks think. You will find different methods to get consumers interested inside your product.

Reactions to Fed swipe fee limits

As outlined by the National Retail Federation, it may be good for consumers. This would be because discounts are easier to give when merchant’s costs are down. The American Bankers Association said the Fed would allow retailers to stay away from paying their fare share for the benefits they get from the card payment network. Shortly following the Fed presented the swipe fee proposal Thursday, Visa stock fell 11 percent and Mastercard stock fell 9 percent.

Citations

Washington Post

washingtonpost.com/wp-dyn/content/article/2010/12/16/AR2010121604553.html

Bloomberg

bloomberg.com/news/2010-12-16/federal-reserve-moves-to-reduce-debit-card-fees-visa-mastercard-decline.html

Wall Street Journal

online.wsj.com/article/BT-CO-20101216-713515.html

Google declares Latitude approved for iPhone

Google Latitude, a cellular location-sharing app, has been authorized by Apple for the iPhone. Google was guaranteeing a model of Latitude for iPhone since it became accessible for Android almost two years back. Google said nine million Android smartphone users actively engage with Latitude, however some think that total was reached with some creative arithmetic.

Latitude location-sharing application from Google

Google Latitude is nice for many people who would like to let people know where they’re. When carrying your smartphone, your friends and family can track your each and every move. The application is something you can get for free. Then, you can use Google Maps at any time to share your location. Fellow Google Latitude users can know who’s close enough to meet easily without calling them to ask. Google claims Google Latitude is 100 percent opt-in. Users can turn off Latitude’s background updating to conceal their location when they’re not using their smartphones. The city you are in could be what you go for instead. This would be for anyone who doesn’t want to share exact addresses. Signing out puts you under the radar.

Making Latitude authorized with Apple

Google Latitude was accessible for Android since February 2009. The issue was the Apple iOS couldn’t’ support multitasking. In order for background updating to occur, this was needed. The Google Latitude application was rejected by the Apple Application store at 1st. This was with the reasoning the iPhone’s native Maps application would work just fine. The just-approved Google Latitude for iPhone was re-engineered for iOS 4, which includes multitasking. You cannot use the application unless you’ve at least the iOS 4 operating system. An iPhone 3GS or iPhone 4 is needed too.

Foursquare competitors with Google Latitude

Google made its announcement that Google Latitude would be accessible on the iPhone. It said that about nine million individuals were using the app actively already. You will find not almost that many for your location sharing app Foursquare. You will find twice as many users for Latitude. Google might be including the Maps application on each Android phone when saying there are nine million active users of Latitude, states TechCrunch. The Latitude users Google boasts might not be aware that they are using Latitude. It might be running in the background without the users knowing it’s giving away their each and every move.

Citations

PC World

pcmag.com/article2/0,2817,2374245,00.asp

TechCrunch

techcrunch.com/2010/12/14/google-latitude/

Apple Insider

appleinsider.com/articles/10/12/13/22_months_after_announcement_google_latitude_app_comes_to_apples_iphone.html

Secret Society of Women generates a place to express

An network developed "by women, for women," the Secret Society of Women is intended to be a place to express. Ling, reporter and co-host on "The View" decided to start the Secret Society of Women. The site has already been growing by huge numbers. It has only been around for a few months, but looks like it could have staying power. Don’t be worried, this is not yet another thing that you’d need to take out a personal loans simply to enroll in.

How the Secret Society of Women started

The Secret Society of Women is a site co-founded by Lisa Ling. Ling had been facing a tough time after experiencing a miscarriage. She decided that women needed "a confidential, anonymous community to share experiences and soak up advice and words of wisdom from other women." ”The View” had been where Ling announced the website on December 7 although it had gone live in early Nov.

A community intended for sharing

Sharing secrets and building a community are the two things the Secret Society of Women is trying to encourage. You will find other topics such as “Daily Wish,” “Wisdom” and “Favorite Things” that you are able to go to and post rather than just sharing secrets. All the sharing on the site could be done anonymously if tried. An e-mail address and username are required for registering though.

Secret Society of Women not the only place for secrets to be shared

Secret Society of Women wasn’t the first secret-sharing online place. It is just probably the most recent. There is a large community of people following a blog called PostSecret. Numerous just post postcards that have secret on them. The web gives great anonymity. That means that the majority are willing to share secrets from personal lives on it. There is just a general community involved with the Secret Society of Women. It will most likely be very popular though if what is happening now with its following continues.

Details from

Secret Society of Women

secretsocietyofwomen.com/

E Online

eonline.com/uberblog/b214936_lisa_ling_opens_up_about_miscarriage.html

Focusing on the railway preferred by Fitzhugh to NFL

Fitzhugh would prefer to work on the railway than in the NFL, all the livelong day.Before the rebuffed offer, the NY Jets had employed and cut Fitzhugh on three occasions. Family and a constant income were higher priorities. Fitzhugh figures he is less likely to need a payday loan on the railroad.

Fitzhugh wants rail job a lot more than National Football League

The Georgian 24 year old Fitzhugh was offered what many can only dream of. After the Monday Night Football game against the New England Patriots got Jim Leonhard injured, he was offered by the New York Jets the position of safety. The Jets got a no from Fitzhugh though. This is what the NJ Star Ledger reports. For the last 2 years, a job in the National Football League is all Fitzhugh wanted. He decided he would prefer to be the conductor at the Norfolk Southern railroad company as it would be constant and have good benefits. He helps look after his disabled father while living with his parents.

Bird within the hand worth two within the bush

Fitzhugh was an undrafted free agent in 2009, as he got employed by the Jets in May of that year, waived in August, in September added to practice finally and then in December was signed by the Baltimore Ravens. The Baltimore Ravens signed Fitzhugh in Dec. 2009 as he was an undrafted free agent. He was employed by the Jets in May 2009, waived in August and added to the practice squad in Sept before being hired finally. The Ravens cut him leading him to be hired by the Jets within the summer. He was only cut again though. Large paydays are not always on the way for every person in the National Football League. In fact, it could be a bit annoying to sit around unemployed for too long waiting to be picked up.

Higher callings

The chance to enter the NFL is not for every person. Going to Yale Law School was what Gerald Ford did instead of going to the National Football League later to become the United States President. Even though Myron Rolle is now on the practice squad for the TN Titans, at first he postponed entrance to the National Football League in order to study as a Rhodes Scholar.

Articles cited

New Jersey Star Ledger

nj.com/jets/index.ssf/2010/12/former_jets_safety_keith_fitzh.html

Death penalty constitutionality debate riles TX

Texas courts are currently reviewing the constitutionality of the death penalty, reports the Houston Chronicle. As the Houston Chronicle indicates, some Texas lawmakers aren’t too keen on the idea of the death penalty being labeled unconstitutional. Local Harris County District Attorney Pat Lykos reportedly ordered prosecutors to endure mute during a hearing meant to determine whether the death penalty is unconstitutional within the state.

Endangering innocents with death penalty

The first time the constitutionality of the death penalty is being argued in the idea of eliminating a not guilty man has happened in TX legal history now with the case with the 25-year old defendant John Edward Green case who was accused of a 2008 robbery and slaying in southwest Houston getting him the death penalty. The client is nevertheless considered innocent by Green’s defense team.

The defense team is arguing the death penalty is unconstitutional. This has brought the case to a deadlock with the decision made by Pat Lykos and the prosecution to endure mute as a response. District Judge Kevin Fine claimed he wouldn’t allow the prosecution to stand mute at first, however then allowed the case to continue rather than deadlock it by encouraging the defense to continue to present their case while the criminal prosecution sits silently at counsel tables, unable to object, cross-examine or call witnesses.

"It’s arrogant, and it’s contemptuous for the state to decide to not participate when they’re trying to put my client to death," said defense lawyer Casey Keirnan while in court.

The criminal prosecution argues that arguing in opposition to the death penalty is something Green cannot endure to do

The death penalty unconstitutionality listening to left the Hearris County prosecutors standing mute. They said, “the law surrounding the death penalty is well-settled” before submitting to silence though. The criminal prosecution suggested that the defendant “lacks standing” when it comes to arguing the death penalty being unconstitutional. This is as the defendant wasn’t yet convicted.

Articles cited

Houston Chronicles

chron.com/disp/story.mpl/metropolitan/7327353.html

What Texans know about the death penalty

youtube.com/watch?v=SJ6mje5etlc