SavingsBonds.gov - Determine the rate of interest on savings bonds
Vanguard.com - Vanguard Star Fund
AnnualCreditReport.com - The only legit free site for your credit reports
Zer01Mobile.com - Unlimited int'l cell and data plan for $79/month
American.com - One-page mortgage cheat sheet (Editor's note: This is a pdf file.)
American.com - Familiarize yourself with mortgage terms (Editor's note: This is a pdf file.)

CLARKONOMICS: Executive producer Christa still remembers how dejected Clark was when Americans first started spending more than they made during the early 2000s.

Well, finally, we're seeing a reversal of that longstanding trend. In May, the average American saved 7 cents of every dollar earned. Heartening news, but still not enough for the long term. Americans typically saved a dime on a dollar before the early 1990s.

The May numbers may be something of a false positive. After all, withholding was recently adjusted and people had more in their paychecks.

But in general, the saving rate has been trending upward for months, which is good news.

Yet some people in Washington and on Wall Street are scared of our newfound zest for savings. Why? Historically, consumers accounted for close to 70% of economic activity. That means it will take longer for the economy to grow if we stop spending like chumps.

Be that as it may, the long term gains of developing a savings habit will put us all in better stead for the future. It all comes down to accountability. You must hold yourself accountable and do what you need to live on less than what you make.

How much can you save?

Maine has bucked the trend in much of the Northeast by actually lowering taxes.

"We're definitely going against the grain here," Democratic Governor John Baldacci told The Wall Street Journal. "We hope these lower tax rates will encourage and reward work, and that the lower capital gains tax brings more investment into the state."

This radical move means Maine will no longer be the seventh worst state for taxes; now they'll be the 20th worst. Not too bad! The lowest tax state in the country is Wyoming, while New Jersey is the worst, according to MSN Money.

So how is Baldacci doing it in the Pine Tree State? He and the Democratic legislature are cutting spending.

Longtime listeners know that Clark admires Colorado's TABOR (Taxpayers' Bill of Rights). The idea behind TABOR is that state spending must be capped at the rate of population growth plus the rate of inflation.

The consumer champ believes that government should do as little as possible in the way of services and not tax the daylights out of its citizenry.

Meanwhile, North Carolina has been very aggressive in trying to collect Internet sales taxes. They want residents to fill out a form that details what they bought online and remit payment during tax time.

The state even tried strong-arming Amazon.com over the tax issue, arguing that the e-tailer was domiciled in the state because of its affiliate sellers program. Amazon's response? They fired all affiliates in the state of North Carolina and still refuse to collect sales taxes.

Of course, you still actually owe sales tax whenever you make an Internet purchase!

CLARKONOMICS: The newly released Confidence Index (as compiled by the Conference Board) shows that consumer confidence has taken a dive. People who had hoped their own situation was getting better aren't feeling so optimistic any longer.

It means that we're not seeing the "green shoots" popping up we were hearing about back in the spring. People are not feeling the love from the economy.

Is there a valid reason to be more pessimistic? That's a very personal question that Clark can't answer for you.

What he can tell you is that we're in a long haul deal. It will take years to work off the problems of too much house, too much debt, too much car and on and on.

It doesn't mean, however, that we'll always have high unemployment and no economic growth.

Meanwhile, Clark wants to alert you to a window of opportunity that's opening for cheap mortgages and cheap refinances. He expects that rates will drop a quarter-point to half a point over the next week in response to this newfound pessimism.

Mortgage rates are directly related to the 10-year Treasury. Several weeks ago, 10-year Treasury rates were in the 4s. Now the last rate Clark saw was 3.48%. (Editor's note: Rates accurate as of June 30, 2009.)

The opportunity is there, especially for 15-year refis; look to credit unions for 7-year fixed and 10-year fixed loans as an alternative.

A new Supreme Court ruling allows a state's attorney general to protect consumers against giant monster mega-banks, according to an Associated Press report.

This case went to the Supreme Court because Comptroller of the Currency John Dugan believed that big banks should be above state law. The irony here is that Dugan is supposed to be defending consumers as part of his job. But he's obviously more interested in protecting his friends in the banking industry.

It's rare that Clark calls out an individual on the show, but Dugan is deserving in the consumer champ's mind. As always, the Comptroller is welcome to come on the show to defend his position.

This whole debate goes back to earlier in the decade when North Carolina wanted to protect its citizens against subprime mortgages. At that time, banks were making 2/28 ARM loans by the millions, where the payment was affordable for 2 years and then ballooned to exceed monthly income for the remaining 28 years. Talk about a sure recipe for disaster.

On top of that, banks fought true, clear disclosure of what you were agreeing to when you sign a mortgage!

The American Enterprise Institute, a Libertarian think tank, has published a one-page mortgage cheat sheet and a separate definition of terms to help clear up confusion. (Editor's note: You must be able to open up pdf files to access these.)

Banks benefit from the confusion surrounding mortgages because they can put you into a stinky deal. But you don't have to let them.

It is time for us to have 50 states as cops on the beat, through their attorneys general. Congrats to the Supreme Court on this decision.