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The cell phone industry, minus Verizon Wireless, is establishing a directory that will list your number and allow junk telemarketers to harass you! There will be about 140 million people in the directory, and it’s another way for the industry to make money. There are two giant revenue streams that will result from this. The first one being the considerable amount of money the industry will make from selling your number to telemarketing companies. The second revenue stream will come from the billions of dollars made from involuntary calls, text messages, and e-mails to customer’s phones. Make no mistake – you will pay for those calls. The cell phone industry is selling out its customers in exchange for money, and, according to the industry, the list will be ready by the end of the year. California is the only state actively trying to pass a law that will prevent an occurrence like this from happening. In the past, the wireless industry has claimed that only individuals who want to be listed in the directory will be. But we know this is a lie because providers have been adding “terms of service” conditions that say customers automatically accept their inclusion in the directory. It’s going to take a lot of anger and outrage from the public to put this scheme to sleep. And eventually the government will have to step in. This is outrageous!

The Internet is on the verge of becoming your source for television! Tivo is moving above and beyond cable and satellite with a new technology that will allow you to capture programming through the Internet and then watch it on your television. Whether you prefer television documentaries or movies, this technology promises to deliver all of your favorites. It’s causing fear among cable and satellite operators, as well as regular broadcasters because people will be able to watch what they want when they want to. You should see this new Tivo device this holiday season. Other companies, including Timeshift TV, are launching similar devices, by the end of the year.

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In other broadcasting news, Comcast - the nation’s largest cable operator - is coming out with television for toddlers. The all-important 2-5 year old market will be able to watch kids programming 24 hours a day, seven days a week. So how are the Tivo and Comcast ventures related? In one word, “narrowcasting.” These companies want you to be your own network by being totally in control of what you watch and when. This is really good for consumers who don’t like to sit around waiting for their favorite show or movie. The drawback, of course, is the cost of the service and equipment that these companies demand for this type of technology. With more choice comes more cost.

An unsettling trend has come out of the woodwork in reference to real estate values in Australia. Australia’s largest city, Sydney, has seen a drop of about 8 percent in the past 90 days, according to the Dow Jones news wires. Those values are expected to drop an additional 20 percent before the end of the year. And, in Melbourne, values are expected to decline even more. What’s that got to do with you and me, you might ask? Well, trends are contagious and there is a good chance that the United States might catch the bug. We shouldn’t panic immediately. Clark just wants you to be aware of the possibility. When markets such as real estate begin to get ahead of themselves, a long period of sluggishness usually follows. People often stay put in their homes, as a result. In large cities, where home values outstrip income, values may drop. That is what has happened in Australia. But in other areas, there have been massive increases, according to Money Magazine. Over the past year, parts of Southern California have seen a 26 percent increase in property values and areas New Jersey of have seen increases up to 23 percent. Certain areas may experience problems with the value of homes such as New York City. But, again, this shouldn’t be cause for alarm. Clark’s prediction is that we will go through a sluggish time in real estate, but the key is to be smart when buying a home. If you’re buying real estate for the long term, meaning at least five years, you will be fine over time.

There has been a lot of media coverage lately of the G8 Summit. But many people don’t know what it is or how it originated. About 30 years ago a handful of countries got together to talk about the world economy and they called themselves the G7. These were very informal meetings attended by finance ministers who addressed issues such as currencies and exchange rates. There was a lot of confusion, and countries were concerned with stabilizing world currencies. It got very little coverage until the 90’s, when Russia was added to the mix. More heads of state showed up and the meeting was renamed G8. But only in the last six to eight years has this summit become more political. So, what’s in the future for the G8 Summit? Well, probably the G9. Communist China has such power that it seems unrealistic to leave them out of worldly meetings. But, from a consumer’s point of view, the G8 Summit has no effect on your wallet.

The Securities & Exchange Commission just released a report blasting the sale of variable annuities. These types of annuities contain massive risks and tax problems, and are sold by people who work strictly for commission. They use cute names like “Tax Advantage Account” and “Retirement Savings Account” to make them sound safe. But don’t be fooled; you will have to pay unbelievable expenses each year. You will pay 10 times the amount of fees in variable annuities versus regular mutual funds. If you’re unfamiliar with variable annuities, imagine them as mutual funds wrapped up in insurance plans. The idea is that when you die, if your account is worth less than it was when you opened the account, your relatives will get paid out for insurance. But if you spend the money before age 59 and a half, you get clobbered in taxes. Although the SEC claims that variable annuities are suitable for some people, Clark sees no good reason for anyone to get a type of annuity like this.

Whether you are in college, just graduated from college, or graduated a while ago, you want to listen up. Student loan rates have dropped considerably, and there has never been a better time to consolidate. Beginning July 1, people who graduated this spring can consolidate their loans at 2.77% for the next 30 years! You have to consolidate within six months of your graduation date, though. So, get it done. If you’ve been out of school for more than six months, you can consolidate your loans at a rate of 3.37 percent. And, if you have PLUS loans, your rate will be 4.17 percent. Some lenders are even offering to lower rates by ¼ of a point if you allow automatic payment from your bank account. These are the lowest rates in history so take advantage before the rates jump back up. And remember you cannot consolidate your loans if you’ve already done it.