the buzz log
It's a Steal: Shoplifting a Global Trend
It's true that money can't buy everything: Shoplifters will steal the rest.
The profile of your average person looking for a five-finger discount has changed as the recession has hung around: It's now middle-class types stealing little luxuries to "keep up appearances," rather than survive. (Winona Ryder, you've got company.)
A British survey of shops showed an uptick in "shrinkage" (retailer jargon for theft). And they're pointing the finger at not-the-usual suspects. Middle-class shoppers short on cash who justify their crime sprees as a sign of the times: It's the economy, stupid. Wanna-be Martha Stewarts are snatching pricey cuts of meat, fish and cheeses, all to keep up with the just-as-broke Joneses'. Go figure. And it's not just the U.k. Shoplifting has swept the the globe.
While some interviewed basically viewed the whole thing as a victimless crime, swiping goods, even from huge, global chainstores will hit everybody in the wallet (those that bother to use one) as retailers jack up the prices to make up for the losses.
Well, they say crime doesn't pay.
Filed under: Finance
Recalls, Investments, and Pageantry: What's the Buzz
Our picks from the day's hottest searches.
- MacLaren Strollers (+4,166%). Heart-breaking reports about finger amputations have resulted in the one-million baby carriage recall.
- Mutual Funds (+331%). People are re-evaluating financial investments, especially as some pools are diversifying into old-fashioned gold.
- Joseph Cao (+296%). The Louisiana representative and first Vietnamese-American in Congress was the solo Republican to vote for the health care reform package. Boom, instant media circus.
- California State Bar (+268%). The state bar president has been speaking out after the governor rejected a bill authorizing the bar to collect annual dues, calling the organization "overtly political, unresponsive...and inefficient."
- Carrie Prejean (+84%). The ex-Miss California has gone on the regrets circuit for a naughty tape. The discovery spurred her to settle her lawsuit against the Miss California USA pageant over contractual issues.
Filed under: Politics, Recalls, Finance, Beauty, Babies, Law
A New Credit Card on the Block
There are two kinds of people in this world: those who think credit cards are status symbols, and those who don't. For those who wouldn't be caught dead with anything less than platinum, have we got news for you! Chase has launched a new credit card for their "most affluent customers." The snazzy sounding "Chase Sapphire" is racking up huge numbers in Search.
As with most exclusive credit cards, you'll need a nice salary to qualify. According to Bloomberg.com, folks who earn $120,000 or more per year will be "targeted" by Chase. Those who deserve the honor of carrying the card will enjoy "no pre-set spending limit" and "a point for every dollar spent" — plus, we assume, impressed looks from waiters and retail clerks.
But didn't people spending beyond their means contribute to the whole financial crisis? Well, yeah, but Chase needs some profits. Again according to Bloomberg, Chase's card operation "fell $1.59 billion in the past three quarters." The hope is that by offering a card aimed at wealthy spenders, Chase will make more money — or at least lose less.
It won't be an easy fight. Banking Business Review explains that by entering the fray, Chase is taking aim at American Express, which dominates the affluent credit-card market. Kenneth Chenault, the CEO of AmEx, said that his company's cardholders "on average spend 3.5 times more than Visa cardholders and 4.5 times more than MasterCard users." Why? Simply put, they tend to have more money to spend. Time will tell if the Sapphire is glittery enough to lure those big spenders away.
Filed under: Finance
Your Mileage May Vary, and Other Clunker Bumps
The Cash for Clunkers swap is underway, making auto recyclers "leery" and aggravating some clunker would-be buyers. At least dealers should be happy.
The federal program began with the greenest of intentions. Critics, including the original senators who proposed the idea, have decried the stripped-down version that got approved. Scrap dealers, for their part, don't find much sense in the requirement to destroy perfectly good engines. (That's to prevent scammers from returning clunkers to the road.)
And, in a classic case of the left hand slapping down the right hand, the Environmental Protection Agency's last-minute changes of vehicles' fuel economy got the National Highway Traffic Safety Administration's project off to a clunky July 24 start. People have been tracking the fine print ("cash for clunkers details”) to see if their ol’ jalopy qualifies, but those ready to dump their formerly eligible cars are experiencing some roadster rage.
Overall, however, consumers have hankered after this program since March (when "cash for clunker" searches started taking off on Yahoo!). Not surprisingly, searches for many types of models are up.
With only a billion to spare for this program, which automakers will clear their lots first? This Search ranking from the past 7 days might give some clues:
1. Chrysler Cash for Clunkers
2. Ford Cash for Clunkers
3. GM Cash for Clunkers
4. Dodge Cash for Clunkers
5. Toyota Cash for Clunkers
True, the above queries could mean, for instance, that people want to unload their Chryslers, but drivers may also be warming to the manufacturer's double incentive (additional $3500-$4500 rebates or zero percent financing on top of the federal moneys). Savvy consumers know about the “double cash for clunkers.”
Incidentally, Ford’s second-place status could be recognition for its independent nature: A Rasmussen poll said buyers respect Ford for abstaining from any bailout money, and 46% claimed they’d shop there over GM and Chrysler.
As for what cars might be on the roads in the next few weeks, some models zooming through the Search box:
Most Searched Model: Honda Civic
A Few of the Fastest Moving Models: 2009 Ford Focus, Chrysler Jeep, 2010 Dodge Charger, 2010 Honda Insight
Leading Hybrids: Ford Escape Hybrid, Ford Fusion Hybrid, Honda Civic Hybrid
Filed under: Autos, Finance, Government
A Tale of Two Taxpayer Bailouts: Bonus Round
Once upon a time, in a land called Wall Street, a bunch of firms received a biiiiig bailout from Uncle Sam and his little taxpayers. Of the firms, one was an insurance conglomerate called American International Group, with a very naughty financial products unit. Sad AIG had lots and lots of assets to unload, so it couldn't pay Uncle Sam back so fast.
The other was an investment bank named Goldman Sachs. Goldman Sachs magically turned into a bank holding company, repaid most of the money, and ended up having its best quarter ever.
But both want to give out nice juicy bonuses, and that made Uncle Sam and his little taxpayers see red. How the numbers stack up in this tale of two bailouts, below:
$180 billion
AIG taxpayer bail-out received.
$165 million
AIG March bonuses, part of a $454 million pool paid out for 2008 work. Out of 73 employees who received $1 million to $6.4 million, 11 left the company, including the top bonus-getter.
$273.5 million
Retention bonuses AIG wants to pay in the upcoming weeks.
$10.4 billion
TARP funds repaid June 17 by Goldman Sachs, which borrowed the money in fall 2008. Returning the funds freed the holding company from government restrictions.
$4.7 billion
First-quarter bonuses and compensation that Goldman Sachs paid, out of what Rolling Stone calls "highly suspicious $1.8 billion profit" that included a $12.9 billion payback from AIG, which received funds from taxpayers.
$770,000
Average amount that each of Goldman Sachs' 29,400 employees could receive this year in bonuses—twice the salary of President Barack Obama.
$1.09 trillion
U.S. budget deficit.
9.5%
U.S. unemployment rate as of June, which represents 4.4 million people unable to find a job in the past six months.
$42,270
Average U.S. salary as of May 2008, the latest numbers from the Bureau of Labor Statistics.
top movers
| Rank | Subject | 1-Day Move |
|---|---|---|
| 1 | Ford 400 | Breakout! |
| 2 | Indonesia Ferry | Breakout! |
| 3 | Jordan Chandler | 3481% |
| 4 | Evan Chandler | 2322% |
| 5 | American Music Awards | 1841% |
| 6 | John F. Kennedy | 1529% |
| 7 | Turkey Stuffing Recipes | 1361% |
| 8 | Liam Hemsworth | 1172% |
| 9 | Lou Dobbs | 1142% |
| 10 | Hendrick Motorsports | 888% |
top leaders
| Rank | Subject | Move | Score |
|---|---|---|---|
| 1 | Black Friday | +340 | 1290 |
| 2 | NFL | +489 | 670 |
| 3 | Jennifer Lopez | +451 | 515 |
| 4 | New Moon | -67 | 250 |
| 5 | American Music Awards | +236 | 249 |
| 6 | UFC | -36 | 239 |
| 7 | Miley Cyrus | +66 | 169 |
| 8 | Hulu | -11 | 154 |
what's the buzz?
A subject's buzz score is the percentage of Yahoo! users searching for that subject on a given day, multiplied by a constant to make the number easier to read. Weekly leaders are the subjects with the greatest average buzz score for a given week.
For more detailed information, visit our FAQ.