European Travel and the Declining Dollar
Written by tinabiba on March 12, 2008 – 9:37 pm -
In recent years, many Americans are reluctant to travel to Europe because of the U.S. dollar’s declining exchange rate. As of 3/04/2008, 1 euro was equivelant $1.52 U.S. If considering travel, this can drive up the cost of a European trip significantly, if you don’t do your research.
This is the second year in row I opted to travel to Europe on a cruise verses traveling independently. A cruise is an economical way to see Europe without worrying about the exchange rate. A 7-day cruise for 2 that visits 6 cities will cost less than if you traveled independently to the same destinations and paid for hotels, transportation and food in dollars converted to euros.
To begin the bargain hunt for a cruise, I suggest you choose a date, destinations and departure port ahead of time. Go directly to the cruise line sites like royalcaribbean.com and carnival.com to review costs and discounts from the operators. You will need to decide what type of cabin you desire as there are many choices. Some cabins will be offered at a discount or with perks like on-board credit for purchases. For example, Royal Caribbean offered a senior discount for promenade and ocean view cabins only. The cost of a promenade view with the senior discount (55 years or older) was the same cost as a interior room which generally goes for less. These discounts are often worth the cabin upgrade.
Once you have an idea of what your needs are, it is beneficial to call the cruise line and inquire for the least expensive cabins available. Then begin comparison shopping from there. Expedia.com and Travelocity.com actually offered the same cruise for less than the operators. Royal Caribbean will hold a reservation with a $250.00 deposit, which is fully refundable so you can game the system to find the best deal. Expedia will hold a cruise reservation for up to 7 days without a deposit. You must ask up front and keep in mind any penalties for canceling or changing a reservation. For instance, once you place a deposit with Expedia there is a $50.00 cancellation fee if you change your mind.
So, as the saying goes, what are you waiting for? Get out there and see the world.
Links: www.royalcarribean.com | www.carnival.com | www.expedia.com | www.travelocity.com
Photo Credit: Martin Meissner/AP Photo
Tags: Carnival, cruise, decline, dollar, Economy, euro, Europe, exchange rate, Expedia.com, food, hotels, Royal Caribbean, transportation, Travel, Travelocity.com
Posted in Culture, Economy, Entertainment, Internet & Technology, Travel | 1 Comment »
The Recession of 2008 is Now Unavoidable
Written by artboy on March 8, 2008 – 10:38 am -
The news keeps getting worse. The prospect that a recession is underway is becoming more of a reality each day. In a report by David Leonhardt of the New York Times, the dismal jobs report released Friday showed overall employment to be lower than it was three months ago. Every time such a slump has occurred since the early 1970s, a recession has followed — or already been under way.
For months, policy makers and Wall Street economists have been predicting, and hoping, that the aggressive series of interest rate cuts by the Federal Reserve would keep the economy growing, despite the housing bust. But the possibility seemed to diminish almost by the hour on Friday. Stocks fell when the markets opened at 9:30, recovered and then fell again, with the Standard & Poor 500-stock index closing down 0.8 percent.
Leonhardt states the National Bureau of Economic Research, a group of academic economists that is based in Cambridge, Mass. is the most commonly cited arbiter of recessions and it is usually not clear whether there had been a recession until the bureau had made an announcement. In my opinion, all we have to do is look around at how many of our piers are out of work or see if we are making the same salaries that we were earning in 1999 to make an assessment.
Tell us what you think or how the current state of the economy is affecting you.
Tags: Ben Bernanke, Economy, employment, Federal Reserve, growth, housing, interest, loans, mortgage, NASDAQ, National Bureau of Economic Research, rates, recession, S&P, stocks Dow Jones, Wall Street
Posted in Economy | No Comments »
Stocks Hit Lowest Levels in Over a Year
Written by artboy on March 7, 2008 – 6:14 pm -
Alexandra Twin, CNNMoney.com senior writer reports on a grim day on Wall Street. According to her story posted today, Stocks tanked Friday, falling to the worst levels in nearly 18 months after a weak February employment report and more financial sector woes exacerbated recession fears.
The Dow Jones industrial average (INDU) lost 1.2%, falling to its lowest point since Oct. 11, 2006. The broader Standard & Poor’s 500 (SPX) index fell 0.8%, closing at its lowest level since August 23, 2006. The Nasdaq composite (COMP) lost almost 0.4% and ended at its lowest point since Sept. 11, 2006.
When the dust settled, Wall Street had tumbled to 2006 levels as investors eyed the biggest job losses in 5 years and more financial sector problems. Have a nice weekend.
Source: money.cnn.com/2008/03/07/markets/
markets_wrap/index.htm?postversion=2008030717
Tags: , Dow Jones, Economy, employment, financial, lowest level, market, NASDAQ, recession, S&P, stocks, Wall Street
Posted in Economy | No Comments »
Would You Walk Away From Your New Home?
Written by artboy on February 29, 2008 – 5:29 pm -
In a declining housing market, what if you owed more than your house was worth and your mortgage payments shoot up to more than you could afford? This is a common topic that is reported on almost daily.
John Leland of the NY Times writes, “You Walk Away is a small sign of broad changes in the way many Americans look at housing. In an era in which new types of loans allowed many home buyers to move in with little or no down payment, and to cash out any equity by refinancing, the meaning of homeownership and foreclosure have changed, economists and housing experts say.” In recent months top executives from Bank of America, JPMorgan Chase and Wachovia have all described a new willingness by borrowers to walk away from mortgages.
So my question is if you had one of the new types of loans like interest-only mortgages and cash-out refinance loans that mean you do not pay down your mortgage, or an adjustable rate mortgage, would you walk away or rough it out?
Source: www.nytimes.com/2008/02/29/us/29walks.html?ex=
1204952400&en=c5e3b2323d80ad37&ei=5070&emc=eta1
Photo Credit: Jim Wilson/The New York Times
Tags: adjustable rates, Ben Bernanke, declining housing, Economy, Federal Reserve, foreclosure, growth, homeownership, housing, interest, intrest-only, loans, mortgage, rates
Posted in Economy | No Comments »
Bush: Duh, We’re in a Daggone Slowdown
Written by artboy on February 28, 2008 – 4:27 pm -
President Bush acknowledged Thursday that the economy has slowed down but said the United States is not headed toward a recession. Hey, baby steps, right? After all, he is about to just hand ch’all $600 in his big “stimulus package.” Wow, like no strings attached! It’s for everyone to pull ourselves right out of debt, to save our mortgages, to make us all run right out and put it back into the economy by buying that … that … uhm, well not very much. That ought’a make this big, bad economic roadblock thingy just go right away, huh? Am I being harsh? Tell me so.
As a final note, the government hopes the pro-growth measure will either “prevent a recession or make one relatively brief.” Make one relatively brief? (Psst, this is the point where you re-read the first sentence.) ‘Nuff said.
Source: www.cnn.com/2008/POLITICS/02/28/bush/index.html
Photo Credit: AP Photo
Tags: Bush, Economy, Politics, president, recession, slowdown, U.S.
Posted in Economy, Politics | No Comments »
Another Rate Cut Signaled
Written by artboy on February 27, 2008 – 2:45 pm -
AP writer Jeannine Aversa reported today on Federal Reserve Chairman Ben Bernanke’s warning to Congress that the nation is in for a period of sluggish business growth and has sent a fresh signal Wednesday that interest rates will again be lowered to steady the teetering economy.
Source: news.yahoo.com/s/ap/20080227/ap_on_bi_ge/bernanke_congress
Photo Credit: Reuters Photo
Tags: Ben Bernanke, Economy, Federal Reserve, growth, interest, loans, mortgage, rates
Posted in Economy | No Comments »
