Property value losses set to total $2 trillion

Many people owe more on their house than it is worthBy the end of this year, American homeowners could be facing a collective loss of $2 trillion on their properties’ value, new figures reveal.

Data reported by Zillow.com found that the value of U.S. homes declined by 8.4 percent annually during the first three quarters of 2008, compared with the same period in 2007.

The situation may be especially bad for the 11.7 million families who are considered to be "underwater" on their mortgage. This means they owe more on their home loan than their house is currently worth.

Zillow’s Stan Humphries said that the fourth quarter of the year is likely to bring even more difficult situations for homeowners, as other factors such as job losses wreak havoc on households’ financial stability.

"This year marked the acceleration of the market correction, and is likely to end with the eighth consecutive quarter of declines in home values," he commented.

The news comes after members of the House Oversight Committee took the CEOs of Fannie Mae and Freddie Mac to task for ignoring economic warning signs and making "irresponsible investments" that have ended up costing taxpayers "hundreds of billions of dollars."
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Concerns raised about online criminal records

You can see criminal records at the click of a mouseAt first, the idea of being able to access a person’s criminal record dating back several years may seem convenient – but what if there are errors?

That is just one of the privacy and civil liberties concerns that have been raised by groups and individuals, as more states move to introduce searchable online criminal records databases, the Associated Press reports.

These systems make delving into someone’s past easier than ever before. For example, Vermont’s system requires that you supply a person’s name, date of birth and pay a $20 fee.

But the records that are maintained online are not as comprehensive as those kept at the courthouse, prompting Allen Gilbert of the ACLU to argue that people accessing the database do not receive a full picture.

"There might be something about the conviction that if you looked at the court record, you’d better understand about what happened and what’s behind the conviction," he told the news provider.

Another concern is that of mistaken identity. Michigan warns users of its system that because it is based on name, it is not foolproof.

A recent story in the Fort Worth Star-Telegram drew attention to massive gaps in the state’s online criminal records database, which criminal justice professor Mike Vaughn attributed to human error.

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The hidden estrogen in moisturizers

Estrogen may be found in certain beauty productsDoes your daily skincare routine involve the application of a product containing estrogen?

Many women may not know if they are smoothing on estrogen ingredients, according to new research presented at a breast cancer symposium in San Antonio, Reuters reports.

Speaking at the conference, Dr. Adrienne Olson of Breastlink warned women who suffer from estrogen-receptive positive breast cancer to steer clear of moisturizers containing estrogen – and suggested that they may be dangerous for other women as well.

She and her team tested 16 moisturizers that are widely available in the U.S. and found that although none of the products mentioned estrogen content, six of them contained estrone or estriol.

Olson said that women whose breast cancer is driven by estrogen may be absorbing more of the hormone than they think.

In fact, she explained that the body absorbs more estrogen when it is applied to the skin than it does when it is taken orally.

Olson also raised the concern that women who do not have breast cancer may be raising their risk of the disease by exposing themselves to these moisturizers over the long term.

Previously, some scientists have drawn attention to the inclusion of parabens – preservatives that can mimic estrogen – in beauty products, suggesting that there may be a link with breast cancer.
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Does today’s stock market offer short-term opportunities?

Should you buy, sell or hold steady?Although the massive swings of the stock market are not for everyone, some experts have suggested that short-term gains can be made if investors follow a savvy strategy – particularly as so many stocks are selling at record-low prices.

Financial adviser Shawn Rubin told the Wall Street Journal that people may want to follow a "horseshoes and hand grenades" method of playing the market.

This involves ignoring the question of whether the stock market has bottomed out or reached a definite peak and simply rebalancing their portfolio more frequently, depending on how the market swings.

As an example, he suggested that an investor who maintains between 20 percent and 40 percent of their portfolio in stocks could subtly boost their buying during low periods, then readjust and "take a little of the stock position off" if the market rises by 20 percent.

If it jumps further, investors simply take "a little more off," Rubin explained.

Brett Arendt of the Wall Street Journal has advised people to take the bear market as an opportunity to rebalance the stocks they hold, since low prices increase the options for broadening a portfolio.
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Government expands DNA collection

Anyone who is arrested for a federal crime will have to give DNAPrivacy and civil liberties groups have raised concern over new parameters that expand the number of people whose DNA can be collected by the government.

Under new Justice Department rules set to take effect on January 9th, law enforcement officials will be able to take DNA samples from all non-U.S. citizens who have been detained, as well as anyone who has been arrested for a federal crime.

The announcement comes after the European Court of Human rights unanimously struck down a similar policy in the UK, in which DNA was collected from all criminal suspects.

Currently, the government is only able to collect DNA from those who have actually been convicted of federal crimes – but the new rules allow agents to take it at the point of arrest instead.

Commenting on the new law, Kevin Johnson of Davis Law School told the LA Times that it is "unfair on so many levels it’s hard to describe."

"You can make the argument that we should take the DNA of the entire population because if we did it could help us solve crimes. But we’ve made this decision that as a society … the freedoms that we stand for are more important," he said.
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Senator investigates Wyeth over ghostwritten research articles

Ghostwriting has plagued the pharmaceutical sector in the pastPharmaceutical company Wyeth paid for favorable medical journal articles to be written about its hormone therapy products, according to claims by a U.S. senator.

In a letter to Wyeth, Senator Charles Grassley questioned whether the company had hired medical communications company DesignWrite to create materials about its products and then find scientists who would sign on as authors.

Grassley suggested that if such articles are published – and the amount of involvement the authors had in the articles is not made clear – the results could harm patients, doctors and taxpayers alike.

"Any attempt to manipulate the scientific literature, that can in turn mislead doctors to prescribe drugs that may not work and/or cause harm to their patients, is very troubling," he wrote.

Wyeth is currently dealing with around 8,700 legal claims from women who took their hormone replacement products, including Prempro.

Sales of the drug plummeted after a 2002 study, known as the Women’s Health Initiative, began linking hormone therapy with breast cancer.

The World Association of Medical Editors told the New York Times that not mentioning the role of a ghostwriter in medical literature is "dishonest and unacceptable."
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Verizon admits to invading Obama’s privacy

Privacy breach affects ObamaEmployees of Verizon Wireless accessed the cell phone records of President-elect Barack Obama without permission, the company has admitted.

In a statement released on Thursday, the telecommunications firm said that a number of staff members had gained access to and viewed Obama’s billing account, which indicates which numbers he has called and received calls from.

The phone in question has not been active for months and is also a flip-phone style – which means that it does not contain emails or similar data that a smart-phone may hold.

"All employees who have accessed the account – whether authorized or not – have been put on immediate leave, with pay," Verizon stated.

The company is also conducting an investigation into whether any information has been shared with anyone outside its employees, according to CNN.

This is not the only recent incident in which the privacy of a high-profile politician was violated.

In September, the email account of Republican vice-presidential candidate Sarah Palin was hacked. The suspect is 20-year-old David Kernell, the son of a Democratic Tennessee lawmaker.
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NYPD and Justice Dept clash over surveillance

NYPD wants the Justice Dept to work fasterThe New York Police Department has run into problems while trying to seek faster surveillance approval for investigating terror suspects.

According to correspondence obtained by the Associated Press, the NYPD has asked for greater latitude for spying on suspects, but has run into civil liberties conflicts with the Justice Department.

In a letter to NYPD commissioner Ray Kelly, Attorney General Michael Mukasey suggested that the request was not within the bounds of the law.

"In effect, what you ask is that we disregard FISA’s legal requirements, which are rooted in the Constitution," he wrote, according to the AP.

"Not only would your approach violate the law, it would also in short order make New York City and the rest of the country less safe."

The Foreign Intelligence Surveillance Act (FISA) lays out the procedures for obtaining authorization for electronic surveillance and physical search of terrorism suspects.

Kelly has complained that the Justice Department’s requirements for demonstrating probable cause are too cumbersome to effectively fight terrorism.

He said that "in situations short of unambiguous emergency," the system moved too slowly, leaving the city at risk of an attack.
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Look to vitamin D for heart health, study says

Vitamin D is good for the heartAs the winter closes in and hours of sunshine grow less common, people who are concerned with their health may want to consider taking supplements that contain vitamin D.

One reason that people may be concerned about their levels of vitamin D is that many studies have recently linked a deficiency in the vitamin to cardiovascular problems.

A new review in the journal Circulation reveals that a body of research has connected a lack of vitamin D to a number of different heart-related health conditions.

Heart disease patients who did not have adequate levels of the sunshine vitamin were found to be 30 to 50 percent more likely to die prematurely than those with satisfactory levels, the scientists.

"Chronic vitamin D deficiency may be a culprit in heart disease, high blood pressure and metabolic syndrome," commented study author Sue Penckofer of the Marcella Niehoff School of Nursing and Loyola University.

She called for doctors to include a measurement of vitamin D levels as part of a regular checkup of at-risk patients.

According to the Mayo Clinic, vitamin D has been found to be beneficial for a number of health conditions, including muscle pain and osteoporosis.
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The benefits of a low-risk investment mix

Would you risk your wealth?Although conventional wisdom advises that retirement planners invest 80 percent of their money in stocks and 20 percent in bonds, recent economic events have made some question the wisdom of this plan.

Now, an article in the Wall Street Journal suggests that a lower-risk portfolio that opts for a 50-50 mix of stocks and bonds may actually be nearly as effective for building up a nest egg – and is safer than other options.

Jonathan Burton of MarketWatch.com writes that although stocks outperform bonds, people who want to minimize losses and reduce their stress level may want to invest more in bonds.

He admits that this investing strategy will probably not earn as much as a high-risk mix, but he contends that the difference "isn’t that substantial" and the benefits of fairly predictable growth with milder drops could be worth it.

"If your goal is to be very confident about having a certain amount of money at a point in time, lower-risk portfolios are actually a cheaper way to get there than a higher-risk portfolio," Christopher Jones of Financial Engines is quoted as saying.

Last month was an especially volatile time for the U.S. stock market, with uncertainty about economic recovery leading to huge jumps and drops within a very short period of time.
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Internet subscribers sue over privacy

Is your privacy safe online?A company that marketed web surveillance technology and six of its client companies are being sued by a group of customers who claim the practice violated privacy laws.

Fifteen people filed a lawsuit last week against NebuAd and six internet service providers. The company had developed a product which tracked users’ online habits in detail.

The data was used to created advertisements that targeted particular individuals as they browsed various web pages.

This practice violates both state and federal privacy laws, according to those that brought the suit. They say that under anti-wiretapping statutes, NebuAd should have notified them of their practice and received consent.

"Like a vacuum cleaner, everything passing through the pipe of the consumers’ Internet connection was sucked up, copied and forwarded," the lawsuit stated, according to the Associated Press.

The customers are asking for more than $5 million in damages and have requested that their suit be used as a class action representing others who were affected.

In September, representatives from ISPs appeared before Congress to recommend that the industry could adequately protect customer privacy through self-regulation.
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Financial crisis worries retirees

Will you still have a nest egg?The financial events of the past year or so have not made it easy for many people to sleep easily, but retirees may be among the worst-hit groups.

A Reuters report explores the way that millions of middle-class and upper-income retirees are facing huge losses in their savings because they invested in stocks rather than more secure investments.

Just a few years ago, these same people may have been making significant profits from this decision – but when the stock market began its downward spiral, not everyone was able to protect themselves.

Some blame the situation on the way that retirement accounts work in the U.S. Instead of a pension system, most people receive income from a 401(k) or other type of investment-base account.

"Late boomers will fare far worse than their parents and grandparents in terms of replacing their income in retirement, mainly because of the erosion in the employer pension system," Teresa Ghilarducci of New York’s New School for Social Research told the news provider.

According to AARP research, people who are nearing retirement no longer expect to be able to live as well as they once did, with 69 percent of workers aged 45 or older saying they plan to spend less in their golden years.
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FDA reverses stance on mercury’s risks

The FDA has changed its opinion on mercury risksWomen of childbearing age, pregnant women, nursing mothers, babies and children would no longer be advised to limit their fish consumption due to mercury risks, under new draft proposals by the FDA.

The decision to reverse a 2004 joint advisory by the FDA and environmental protection agency has angered some at the EPA, the Washington Post reports.

Internal memos obtained by the news provider show that EPA scientists believe the new recommendations are "scientifically flawed and inadequate" and lacking in "scientific rigor."

Four years, ago the two agencies said they had determined that the high mercury levels present in fish such as swordfish, shark, tilefish and king mackerel posed a risk to younger women and children.

They recommended that these groups avoid those fish altogether, as well as eating no more than 12 oz of other low-mercury fish per week.

Studies have suggested that mercury can interfere with the neurological development of babies and fetuses, as well as increasing an adult’s risk of heart disease.

Richard Wiles of the Environmental Working Group said the FDA’s proposal is "a commentary on how low the FDA has sunk as an agency," adding that it has become "nothing more than a patsy for polluters."
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Will taxpayers be forced to give more money to AIG?

Another bailout in the future for AIG?The $85 billion bailout of AIG in September may have frustrated many taxpayers, but the government insisted that the move was necessary to prevent further economic turmoil.

Now, a new article in Reuters suggests that taxpayers’ role in funding the insurance giant may not be over, as the company’s recent behavior has not been in line with what it needs to do to survive.

According to the news provider, AIG has been aggressively cutting its rates to win business, even though experts agree that prices should be increased in order to ensure they are commensurate with risk.

Former CEO of AIG Maurice Greenberg told Reuters that the company is still playing dangerously.

"Cutting rates at a time when rates should be strengthening is a quick way to going out of business," he explained.

Meanwhile, others in the industry, such as Liberty Mutual CEO Edmund Kelly, have accused AIG of doing "some very stupid things in the market" that could eventually have even more of a destabilizing effect.

The article even suggested that if AIG’s tactics result in losses, the government may be forced to pledge further taxpayer funds to rescue the firm again.

AIG’s problems originated with its insurance of risky debts, such as mortgage-backed securities, against default.
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Ron Paul criticizes bailouts, Patriot Act

Capitol Hill is mismanaging funds, Paul saysThe U.S. government is headed in "the wrong direction" by giving bailout money to various groups who have asked for it, according to Representative Ron Paul.

Speaking to Newsmax, the former presidential candidate said that he opposes bailouts from both an economic and philosophical standpoint.

"I find it to be bad economics. I find it bad morally to transfer wealth from one group of people to another no matter what kind of problems they have," he told the news provider.

The politician has been an outspoken advocate for a self-correcting market, with minimal government interference.

In the interview, Paul also spoke out in favor of a gold-backed currency, which would prevent the Fed from creating money "out of thin air" with nothing to support it, a measure he claimed may destroy the dollar.

Paul’s opposition to the Patriot Act has also been widely reported – and it shows no signs of softening.

He told Newsmax that far from protecting Americans, "all it’s done is regulate people…the people are less free, but the fact that we haven’t had an attack is probably just a coincidence."
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More people choosing alternative medicine

Alternative therapies are going mainstreamNew statistics from a government agency reveal that Americans’ use of alternative medicine – including natural supplements – is rising.

Additionally, the study by the U.S. National Center for Complementary and Alternative Medicine looked at children’s use of natural therapies and found that 12 percent of kids have used such treatments over the past 12 months.

Among adults, nearly four in ten said they had used complementary and alternative medicines in the previous year.

Some of the most popular treatments included nutritional supplements such as fish oil/omega 3, glucosamine, Echinacea, flaxseed oil and ginseng.

Adults tended to use natural products to treat back pain, neck pain, joint stiffness and arthritis. Children used alternative remedies for conditions such as colds, anxiety and attention deficit/hyperactivity disorder.

Commenting on the findings, the Los Angeles Times suggested that alternative medicines may be most popular in areas "where mainstream medicine has not had much success."

"These statistics confirm that CAM practices are a frequently used component of Americans’ health care regimens," commented Dr. Josephine P. Briggs of the NCCAM.
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IRS will be closely monitoring tax returns

Be careful when filling out your tax returns this yearWhen you are filling out your 2008 taxes, you may want to take extra care to make sure everything is accurate – because the IRS has said it will be scrutinizing returns even more carefully than in years past.

The reason behind the crackdown is the anticipated $408 billion federal budget deficit that the country will face in early 2009.

IRS commissioner Doug Shulman recently spoke to tax lawyers in Washington, warning that the service will be looking at deductions and withholdings, as well as remaining "vigilant to ensure that wealthy individuals don’t use offshore accounts to avoid paying their U.S. taxes," according to Blomberg.

"Because of a huge deficit and major enforcement initiatives by the IRS, an inaccurate return will have a better chance of being picked up than in prior years," lawyer Ian Comisky told the news provider.

This year, the IRS may expect to face challenges increasing the amount of tax it collects, due to the large number of workers who have lost their jobs.

In addition, tax brackets have been increased so that people will be able to claim higher exemptions and standard deductions.
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Microsoft offers to discard search data faster

Some search engines store data for more than a yearMicrosoft has told European privacy advocates that it is willing to agree to hold on to web searchers’ records for a shorter period of time, as long as its competitors follow suit.

The internet giant has come under fire from privacy groups for its policy of holding people’s search data for 18 months. Yahoo keeps information for 13 months and Google for nine.

Data that is kept includes internet protocol addresses and tracking cookies which can potentially be traced back to individuals.

Search engines generally maintain that collecting this information helps them better serve their customers – however, privacy experts have suggested that too much information on people is made readily available.

In a letter to European Commission data protection officials, Microsoft offered to shorten that length of time to six months before making it untraceable.

However, it said it will not enforce the decision unless Yahoo and Google do the same. So far, both companies say they do not plan to make changes.

The clash represents some differences in the way internet privacy issues are viewed in different countries. The New York Times reports that German and Swiss government officials have also objected to Google’s Street View maps – which feature photos of homes without the permission of the owners.
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Study: 435 U.S. schools surrounded by toxic air

Are your kids breathing toxic chemicals in the schoolyard?Children attending hundreds of schools across the U.S. may be breathing in air polluted with dangerous carcinogens, a new report claims.

USA Today carried out an eight-month study of more than 128,000 educational institutions around the country to determine the quality of the surrounding air.

As part of its analysis, the publication solicited information from nearby factories and industrial plants about the chemicals they used in their processes.

It found that students at as many as 435 schools could be exposed to dangerous levels of toxic chemicals – which raises concerns about how this exposure could affect their health and development.

The newspaper also tells the story of a suburban Cincinnati elementary school which was forced to close in 2005 after the state EPA found carcinogens measuring 50 times greater than acceptable limits. A plastics plant across the street was responsible for the pollution.

In response to the report, the Center for Health, Environment and Justice released a statement that called on the government to act to protect the nation’s children by providing guidelines that limit a school’s proximity to toxic contamination sites.
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Would lowering taxes boost the economy?

Tax cuts could reinvigorate the economyThe U.S. government is currently pulling out all the stops in order to give the economy a much-needed boost in the midst of the recession – yet some experts say there are few signs the measures are working.

Writing on Forbes.com, two economists propose a step that they suggest could be less costly than a stimulus plan – eliminating corporate taxes and reducing tax rates on individuals.

Brian S. Wesbury and Robert Stein of First Trust Advisors suggest that injecting money directly into financial institutions may not necessarily free up credit or change investor perceptions.

Instead, they explain that getting rid of corporate taxes would cost around half of the stimulus plan proposed by President-elect Barack Obama and would encourage investment.

Additionally, they propose that slashing the income tax on individuals by 50 percent as a way to put more money in people’s pockets, which could boost spending – or allowing all capital losses by individuals to be written off on this year’s taxes.

"This would limit the selling of profitable investments this year to absorb those losses for tax purposes only," the authors write.

Speaker of the House Nancy Pelosi recently said that the Democrats are preparing a stimulus package that could be finalized early next year.
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Less than half of doctors opt for flu shot

Doctors do not practice what they preachMedical professionals are insistent that the flu shot is crucial for their patients – then why do only 40 percent of doctors get the shot themselves?

That is the question posed in an ABC News report, which points out that physicians and nurses who encourage a behavior in patients should set a good example by taking their own advice.

Figures from the Centers for Disease Control and Prevention show that approximately four in 10 healthcare professionals received an influenza vaccination during the 2006-07 flu season.

"If a [person] is not ready to take the vaccine themselves, they are not ready to become an advocate for the vaccine among patients," Dr. William Schaffner of Vanderbilt Medical School told the news provider, commenting on the findings.

He called the statistics "abysmal" and suggested that these professionals were not meeting their "professional and ethical responsibility."

Flu shots have attracted controversy for a variety of reasons, including those who question whether or not they are actually effective.

In 2007, research published in the Lancet suggested that figures regarding the number of deaths which the shots have prevented have actually been overestimated.
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