In the late 1940’s, the 45-RPM record replaced the 78-RPM record. The 45 was smaller, less breakable and could be made and sold more cheaply. Despite these advantages, it took ten years before the 78 became obsolete, and in the meantime, record companies sold their product in both formats. In 1982, the major record companies introduced the compact disc, which offered a smaller size, “perfect” sound, and less likelihood of damage in day to day use. As the compact disc offered a much larger profit margin than did the long-play record album (LP) the record companies were eager to rid store shelves of records once and for all. Given that the 78 lasted ten years after the introduction of the 45, it seemed likely that the LP would be gone from the market by 1990. The expected disappearance of the LP never happened. Despite the efforts of the music industry, music fans and collectors not only continue to buy records today, but sales of records and record-playing equipment are on the rise.
Each year in January, the Consumer Electronics Show (CES) is held in Las Vegas. At this event, audio and video manufacturers show off the latest and greatest in their product lines. An unusual sight this year was not the large number of cutting-edge compact disc players, but the largest number of record turntables that had been seen at the event in years! Sales of both new and used records are hot, and equipment manufacturers are eager to reintroduce the turntables they quit making years ago. Why are record sales increasing when compact discs are supposed to provide perfect sound in an unbreakable format? There are several reasons:
New record albums continue to be released every day. Aided by artists who are still recording who demand that their albums be released as both records and compact discs, such as Diana Krall, Pink Floyd, and Metallica, record album sales continue to thrive. Despite industry efforts to kill the format back in the 1980’s, It appears that the record album will continue to live on, well into the twenty-first century, and music fans couldn’t be happier about it.
Home Loans – Identity Theft Protection Could Hurt Home Sales
Identity theft has been a hot topic in the news during the last few years. Just a month or so ago, forty million credit card numbers were compromised due to a computer attack on a credit card processor. Consumers are rightly concerned, as it can take years to unravel the problems created when someone’s identity is stolen. New legislation in Texas and California, also proposed elsewhere, is designed to protect consumers by letting them put a “freeze” on their credit reports. Those in the real estate industry are worried, however, that doing so may make it difficult for some people to buy homes.
Debt Consolidation – How to Protect Your Credit Accounts from Theft
Last week, a security exploit at CardSystems Solutions, Inc, a credit card processor, may have allowed thieves to obtain as many as 40 million credit card numbers from unsuspecting victims. The theft was brought about though a virus introduced into the CardSystems that allowed external hackers to obtain access to the account information. Adding to the problem was the fact that CardSystems wasn’t supposed to have the account information at all. It appears that CardSystems “inappropriately” held onto the information after clearing the credit card transactions. At that point, the account information should have been deleted. CardSystems held onto the account information for supposed “research purposes.” Fortunately for those involved, the compromised information only included account numbers and not Social Security numbers, which would have assisted the thieves in identity theft scams. This latest security breach at a credit card processor outlines how anyone can be vulnerable to account or even identity theft. Is there anything that can be done about it?
New Bankruptcy Law – Targeting the Wrong People?
Last April, President Bush enthusiastically signed into law the oddly-named Bankruptcy Abuse and Consumer Protection Act. This bill, representing the biggest overhaul of bankruptcy law in twenty-five years, was written in order to discourage “bankruptcy of convenience.” Proponents of the bill, which included the credit card industry, say that the bill is necessary in order to stop an avalanche of bankruptcy filings by drug users and compulsive shoppers and gamblers. The law makes it harder to have debts wiped away, requires credit counseling for those considering bankruptcy, and holds attorneys responsible for paperwork errors by their clients in bankruptcy cases. The net result will probably be chaos, as fewer attorneys will handle bankruptcy cases, credit counselors will raise their fees, and more consumers with problem debt will be clueless as to what they should do next. Adding to the confusion are some new statistics that suggest that a large number of bankruptcies that are thought to be personal are actually business bankruptcies. As a result, the new law may be unfairly targeting consumers for punishment when they are not actually the biggest part of the problem. Worse, it could be harming small businesses.
