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Why Can’t I Sell My Organs?
Like most ethical questions, this one is going to be debated among congress and nations for years to come. Selling organs is illegal, but should it stay that way? Some people, who are strapped for cash, might look at this as a way to climb out of debt. Meanwhile, those who can afford to buy an organ might want to pay for a second chance at life. Sally Satel’s article in The Wall Street Journal sheds some more light on this controversial topic.
First, we’ll take a look at a few of the pros and cons of selling organs, then suggest how it ties in with personal finance. After, we’ll open the floor up for discussion.
The Pros
Bye, Bye Black Market Organ Trade, Hello Regulation.
Right now, the best way to get a life saving organ is by either waiting for a donor, or shopping around the black market. Sure, tales of ice baths and missing kidneys may seem like urban legends, but the black market is truly a terrible place to shop for organs. You might get what you’re looking for, but evading authorities, dealing with ill-equipped doctors in inhospitable environments, and wondering where those organs came from, makes this process dangerous and complicated.
Many believe that legitimate organ sales would make the process safer, more affordable, and more accessible. Patients could work with their own doctors instead of skulking around in another country. Plus they’d probably know the medical history of the donor. Extensive planning and education provided by a regulatory board would eliminate those impromptu Joe Schmoes’ looking to make a quick buck on a kidney. Sure, the donor will receive compensation, but only after they consider all the variables involved.
A Lifesaving Market
Assuming that a regulatory body would oversee organ sales appropriately, organ supply might increase. And that’s a crucial thing, since organs for transplant are in great demand. Organ supply is crucial, because currently, 17 people die every day while waiting for an organ.
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Watch What You Hear: How To Avoid A Bank Run
When NY State Sen. Chuck Schumer questioned IndyMac, the nation’s 2nd biggest mortgage company, people didn’t just listen - they panicked. The senator’s loose words regarding IndyMac’s lending practices might be part of the reason why the FDIC is bailing the company out of $900 million in debt, but he’s not entirely to blame.
The $1.3 billion dollar run on IndyMac was a self-fulfilling prophecy. The company went under 11 days after Schumer’s criticism of IndyMac. One of the reasons? Depositors were quick to act out of fear before digging up the facts. Before the Senator’s ill-fated June 26th letter, those depositors were probably sleeping easy, thinking their money was just fine.
The FDIC insures checking, savings, and CD accounts up to $100,000, but after that, you’re on your own. Got more than $100,000 to deposit? Brett Arends’ article in The Wall Street Journal explains that there are a few ways to keep your money safe, even if other depositors make a run on your bank.
The 100 Billion Dollar Note
Beaten down by hyperinflation, which is when prices rise dramatically and currency loses value, Zimbabwe’s economic situation looks bleak at best. The Reserve Bank of Zimbabwe (RBZ) has a history of conforming to the central government’s poor economic policy (ahem, Mugabe) and their money machine has been running on overtime.
Teach Your Children Well
Every family has its own way of dealing with money. Like Jeff Opdyke outlines in this Wall Street Journal article, teaching kids of all ages about money can be tricky, but it’s crucial. Here are a few tips to help you out.
Identify key areas of concern.
Student loans, credit card debt, and poor savings habits are common problems. These issues won’t right themselves without the right financial education. Talking about the financial challenges and responsibilities that your child will face now can make it easier to handle them in the future. After all, who do you think they’ll turn to if they run into financial trouble?
It’s Always The Little Things That Count
Keeping up with bill payments while juggling a laundry list of financial decisions, like whether to tap into your 401k or not, is tough these days. So many of us are looking for ways to tighten our budgets. But before you start cutting out big costs, you might want to start small.
Why Short Selling Is A Bad Idea
Our disenchanted markets might have some shorters grinning ear-to-ear at profits, but as Brett Arends says in this Wall Street Journal article, short selling is too risky for most of us.
What exactly is short selling? The concept is fairly simple. First, an investor borrows shares from a brokerage house. Then, he or she sells them to another buyer with a promise to buy the shares back and return them to the broker (at some point in the future). In order to make money, the share price has to fall so that the short-seller can buy back the shares cheaper than the original borrowing price.
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What Ever Happened To An Old-Fashioned Economy?
We’ve all heard it. ‘The economy’ is slouching and the future looks bleak for everyone. But when you look at the statistics, we’re actually better off than you’d expect. How, you might ask? Well for starters, there is no such thing as a vast encompassing ‘economy’, at least not anymore.
Inflation, unemployment, and GDP growth are all just averages that the Bureau of Labor Statistics compiles to measure our nation’s economic health. Since there are over 300 million Americans, these ‘large averages’ aren’t exactly perfect. Think about it, how could you compare the real estate economy of Manhattan to that of, say, the heart of Mississippi? When you compare apples to oranges, they don’t average out to be bananas.
Sure there are many economies that have been slowing down. Detroit automakers are staring at a 6.9% unemployment rate, and foreclosures in California are more rampant than other parts of the country, but that’s just the tip of the iceberg.
When Nothing Happens In Vegas, Nothing Stays In Vegas
I recently got back from Las Vegas, and wasn’t surprised at all to learn that the city of sin is taking a fiscal beating. US Airways cut half their flights out of town, and as prices at the pump continue to soar, less people are road tripping to the desert city. What’s worse is that, on average, those that do make it to Vegas are spending less money and time actually gambling.
Hotels are doing all they can to attract visitors, but with so many Vegas-goers suffering from the credit crisis, job loss, and other penny-pinching problems, the city is just down on its luck.
Famous casinos, like the Tropicana, have filed for chapter 11, and would-be hotels have halted construction. This is also the first time Vegas has reported a succession of losses since the 9/11 attacks.
Local and online casinos are looking like more attractive alternatives for entertainment junkies and gamblers alike. Still, the notorious city always seems to find a way to survive hard times, so it’s only a question of how, not if, Vegas will stay afloat.
All the Ways Airlines Suck
So everybody knows it: It’s (yet again) The Worst Summer Ever in the history of air travel. Flights are increasingly cancelled, more airlines are going under, and fees are popping up everywhere. What used to be a simple transaction (you pays your money, you gets your ticket) is now a process wherein you get repeatedly nickel-and-dimed for every little thing (Want to check a bag? Ka-ching. Want something to drink? Ka-ching.) To help make some sense of this mess, we’ve assembled a handy-dandy chart that, we hope, clearly lays out all the myriad ways various airlines are trying to screw you. Have any horror stories of extra costs and extra-cheap airlines? Post ‘em up below. — Colin Constantine
*Fares are from August 1st, 2008 to August 8th, 2008 on 8 sampled airlines. All prices were found on each carrier’s website.
Gas Got You Down?
It’s no surprise that after crude oil nearly hit $140 a barrel this week, more and more people are becoming obsessed with saving money on gas. There are countless articles and websites devoted to cutting costs at the pump, but just in case you’re still hunting for good advice, we’ve got you covered.
You might not be able to control escalating gas prices, but there are some things you can control (while being environmentally friendly!) if you’re careful and conscientious.
When it comes to fuel efficiency, there are a few basic parts you should regularly maintain. For starters, your tires and air filters are important. Without proper inflation, your car won’t be getting that snazzy 30 mpg the dealer promised you, while dirty air filters are akin to a chain smoker trying to run a marathon. Check your tires about once a week, and replace your filters about once every six months.
Many cars come equipped with navigation systems, but if your ride is yet to be pimped, portable GPS and websites like MapQuest make it quicker and easier than ever to get from A to B.
Other websites can help you track down the cheapest gas station in your area, so you know where to get the most bang for your Buick.
Looking for new ways to save on gas might not be the most exciting part of your day, but at $4 per gallon, it’s worth the effort. Please feel free to share your cost-savings tricks in the comment section below!