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A diamond is a very expensive purchase, and for years the diamond industry has been shrouded in secrecy, mystery and a bit of romance. But today, it seems even more confusing than ever. Each diamond company claims to have some special inside connection, which allows its workers to get diamond straight from the diamond mines. As a result, it’s been a market that has resisted any kind of discount. But that is changing because of the Internet. Forbes Magazine recently did a profile on Blue Nile, an Internet diamond company that is changing the face of the industry. A few years ago, the Wall Street Journal reviewed the company and gave it a poor review. But Blue Nile must be doing something right. It now sells as many diamonds as Tiffany, with $154 million in sales. The company’s objective is to demystify the industry by telling you exactly what they’re selling you and how much it will cost. They take a much lower mark-up than traditional sellers, and it ends up costing about one-third less than traditional sellers. So, a one-carat diamond will cost about $7,000 at a traditional retailer and $4,700 at Blue Nile. Traditional diamond companies are not at all happy with Blue Nile or with the warehouse clubs that offer great discounts on diamonds. But the marketplace is obviously happy with Blue Nile, as sales continue to grow. Consider it if you are into price more than romance.
Americans are of two minds when it comes to food. We spend a fortune on all kinds of diet food, yet we eat to incredible excess. Restaurants and companies are working overtime to come up with new, healthier additions. They include salads, fruit plates and yogurt at fast food restaurants like McDonald’s and Wendy’s. But some companies are going in the opposite direction. Hardees just announced its latest burger, called the “Monster Thick Burger.” It has 1,420 calories and 107 grams of fat. There are two giant patties, three slices of cheese, six slices of bacon, and some type of creamy sauce. If you’re planning to buy one of these, just make sure you’re working out and that you do it in moderation.
In other fitness and health news, the Federal Trade Commission has launched a campaign known as “Big, Fat Lie.” The objective is to warn people about the fake weight loss programs and ads that really don’t work. One recent sham is a “diet patch” that helps weight magically fall off your body. There are also teas, creams and pills that are all big fat lies. So, stick to the proven method, regardless of how boring it sounds. Eat right and exercise often!
Tens of millions of people have damaged credit or “thin file credit,” which means they have never had credit. If you are one of those people, you may get solicitations from credit card companies offering you all kinds of cards. The problem is that the offers are either a not worth it because of the upfront costs, or they are scams that could clear out your checking account. They are known as “advanced fee loan” credit cards, and they require you to pay money up front to get the loan. It can be an offer to expand a business, an offer to get your first credit card or others. But, in many cases, you pay the money and there is no card or company. It is just a scam to get to your bank account. The worst part is that most of the time the scam artists are from another country. So, it’s next to impossible to get your money back. The fee is usually a couple hundred bucks, which may not seem like a lot. But it adds up. And for people with already-damaged credit, this kind of decision can be devastating. It’s the No. 1 crime on the Federal Trade Commission’s list of scams, so warn your friends and family if they are thinking of applying for one of these cards.
If you are a business owner or work at a small business, Clark has a warning for you. The federal law that helped implement the national “Do Not Call” list does not include businesses. So, with very few people left to call, businesses are the new target for telemarketers. To make matters worse, an investigation by Barron’s magazine found that most of the calls businesses are getting are scams. These telemarketers are promising huge returns on such things as oil and gas investments, collectibles, commodities, and stamps that are said to be worth tons. The truth is that all of these offers are a sham. The person who answers the phone at a business usually gets the pitch, so warn that person about these scams. If someone is promising a minimum return of 30 percent when CDs are paying 4.5 percent at best, hang up. They will take any kind of profits for themselves and you’ll get nothing.
Tons of stories have been published about how sloppy care and treatment in hospitals has led to serious medical complications and even death. About 100,000 people die each year in hospitals because of medical mistakes. More than half of people who have been in hospitals recently are unhappy with the quality of health care they received. Yet, only one in nine people sue when something happens. Many just go away quietly. But research shows that people would rather trust the system and the doctors who treat them instead of suing the doctor or hospital. People know that doctors are not perfect and they make mistakes. In fact, patients are more appreciative when doctors come clean about what went wrong, according to research from the Wall Street Journal. What the public really wants is medical information, or “report cards,” about doctors and hospitals. The medical industry is frightened to no end by report cards, but there are lots of moves coming from corporate America to get them published and accessible. When it happens, you will be able to see how a particular facility has performed. Clark thinks we need to do something to help allay peoples’ fears. Doctors who fess up when they mess up help quite a bit, and we’d all be better off if that happened. But there are moves taking shape around the country to impose extreme non-economic damage caps. Doctors want to cap damages at a quarter of a million dollars. Clark sees that figure as too arbitrary, but he thinks there should be some cap that makes sense. Doctors should no longer be scared to treat people because their malpractice costs are too high, and patients should no longer be afraid to go to the hospital. Hopefully we can reach that goal.
About four years ago, Clark talked about a device that was developed at the request of a car dealer in Detroit. The car dealer wanted to offer auto loans to people with bad credit without having to charge huge interest rates. But he wanted to be able to stop them from driving if they default on the loan. So, he created a device that would basically shut down the car if they hadn’t paid. He had a remote control to activate the device. Well, at the time, there was a lot of opposition to these devices. But it’s now growing like gangbusters around the country. About 1600 dealerships are installing the devices in cars. The device looks similar to the self-service debit and credit card machines you see at grocery stores and retailers. You punch in a code each time you start your car, which also helps prevent theft. Turns out it works too. One in three regular drivers are delinquent on their car loans, according to the Wall Street Journal. Of people with these devices, only 7 percent are delinquent. It completely changes the level of risk with the driver. The Consumer Federation of America is very opposed to these devices because of the invasion of privacy, but Clark thinks it’s a great compromise. He thinks people should have a pretty good idea that they will get paid back when they loan money to others. What do you think? Tell us in our weekly poll.
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