The Amazing Apple

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January 25th, 2012

Apple sold 37 million iPhones and 15.4 million iPads in its first quarter, ended Dec. 31.

Apple is truly an amazing story of our own times. A man, Steve Jobs, had a vision. So what, you say, we all have visions. But Steve Jobs had something that few of us have, the sheer tenacity, dedication and will to make his vision happen. He saw a new kind of communication device, a device that would put you in communication with the entire planet or that would enable you to talk to your kids while you were communicating with the rest of the world.

The first quarter’s results

Apple’s (AAPL) iPhone and iPod sales more than doubled from a year ago, far surpassing analyst expectations. "We would attribute it to just a breathtaking customer reception of the iPhone 4S," said Apple CEO Tim Cook on a conference call. Apple’s first-quarter profit more than doubled to $13.1 billion, from $6 billion a year ago. Sales surged 73% to $46.3 billion from $26.7 billion for the same period. The results blew past Wall Street expectations for the company. Apple shares jumped almost 8% in after-hours trading, to $453.16. As to the good old Mac computer, Apple’s Mac sales didn’t disappoint. The computer maker sold 5.2 million Macs in the quarter compared with 4.1 million a year ago. Apple projected $32.5 billion in revenue for its second quarter, slightly ahead of Thomson Reuters’ forecast.

The ‘I want’ gadget for all ages

I am a senior, well in my ‘golden years’. I use a computer with old software, because it suits me and I know where to find everything after years and years of use. I tried a new computer and couldn’t cope with the advances. One day about a year ago I saw someone in a coffee shop using something I had never seen before. “It’s the latest thing,” he explained patiently. “It’s called an iPad.” I sat and watched him surfing around the world, looking at new headlines in far-off countries and watching his stocks on stock exchange sites in real time. I knew in an instant that this was not for me. I was wrong. It didn’t take more than 6 months for me to walk into a store and buy one. Today I don’t know how I managed without it. I am eyeing an iPhone as well, after years of swearing that my first generation steam-operated cell phone is all I need. If my 5 year old grandson can handle one why can’t I? That’s what Steve Jobs did for the world he lived in and for future worlds, he made devices for everyone

Apple is No. 1

It was reported Tuesday that Apple became the No. 1 semiconductor customer in 2011. Demand for Apple’s iPads and iPhones boosted its use of chips 34% from a year ago, catapulting it over Samsung and Hewlett-Packard, according to the researcher. Verizon (VZ) reported on Tuesday that the company activated 4.3 million iPhones in its fourth quarter.

Tags: Apple, iPad, iPhone, Steve Jobs
Posted in Business, Economy, Employment, Finance, Personal / Internet, Technology | No Comments »

They Get You by the Teeth

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January 22nd, 2012

Lack of dental coverage sends patients running to ER for pain relief

While government-managed health care programs such as Medicaid pay for emergency room visits for adults seeking temporary relief from toothaches and other dental emergencies, coverage of outpatient dentist office treatment for those problems varies from state to state, according to a 2011 federal Medicaid report. Federally mandated preventive and other dental care usually ends when Medicaid recipients enter early adulthood. That leaves states to determine whether they will provide dental benefits to adult Medicaid patients and if so, what type and how much.

No Medicaid

The report shows that 10 states offer no Medicaid dental benefits to adults. The remaining states offer a jumble of services that leave many adults with inadequate and limited access to dental care. In addition, Medicare doesn’t cover routine dental care or most dental procedures such as cleanings, fillings, tooth extractions or dentures, Medicare spokeswoman Ellen Griffith said. As a result, many adult government health care program enrollees and uninsured Americans are turning to emergency care providers nationwide to manage the pain from dental problems. Unlike dentists or oral surgeons, ER doctors and other health care providers can’t pull a tooth or treat other dental problems.

The ER

One dentist estimates as many as 40% of the patients she sees needing an extraction had previously sought care in an ER. Those ER visits translate into higher costs for taxpayers as many patients return to the ER two or more times per dental problem to manage symptoms, according to the ADA. And, while the Affordable Care Act addresses dental care for children on Medicaid, the requirement doesn’t exist for adults, ADA spokesman Robert Raible said. "This funnels everyone to the ER, which is the most expensive place to get health care," said Sorkey.

Dental emergencies

Between 1.3% and 2.7% of all ER visits nationwide that don’t result in a hospital admission are dental emergencies, the HRSA report says. A 2011 South Carolina Dental Association study estimated a single ER visit for toothache pain resulted in a Medicaid reimbursement of $236. The report found a dentist’s office visit, which would include extraction of an infected tooth, would be about $107. "The key thing is the problem is not solved when they go to the emergency room," said Phil Latham, the Association’s executive director. "If they can go to a dental office, the problem is solved for half of the reimbursement."

The ADA

To better evaluate the impact of using the ER for relief of dental emergencies nationwide, the ADA is working with the Centers for Disease Control and Prevention to devise a methodology to get "broader and deeper numbers and look at key indicators for solutions," ADA President William Calnon said. Louisiana Medicaid Medical Director Rodney Wise said the state’s decision not to cover dental expenses for most Medicaid patients 21 and older is about money. South Carolina and Washington State cut adult Medicaid dental benefits last year, and other states, such as California, have reduced benefits in recent years in an effort meet budget cuts, according to state and federal reports.

Tags: Dental treatment, Medicaid, Tooth extractions
Posted in Business, Economy, Employment, Finance, Health Insurance, Personal / Internet | No Comments »

New Watchdog Agency Reviewing Payday Lending

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January 20th, 2012

Payday lending, an industry that brings in some $7 billion a year in fees nationwide

The Consumer Financial Protection Bureau said testimony from the session in Birmingham would help guide the development of future regulations. Recently appointed Director Richard Cordray said the bureau recognizes the need for short-term loans, but the lending needs to help consumers, not harm them. "Before this month, the federal government did not examine payday lenders," Cordray said. "Some state regulators have been examining payday lenders for compliance with their state laws. We hope to use our combined resources as effectively as possible."

Huge number of lenders

Officials said that about 19 million American households now have payday loans. With interest rates often in the teens and easy application procedures, lenders said they generate business through radio and television advertising, plus word-of-mouth and by locating offices in areas where other small-loan lenders are located. Many in the standing-room crowd of more than 400 were lending company customers or employees who wore "I Choose Payday Advance" stickers provided by the industry. Tanzy Bonner told a panel she got a payday loan to cover the cost of her 6-year-old’s birthday party; LaDonna Banks said she got one because she couldn’t work after donating a kidney to her brother.

The Consumer Financial Protection Bureau

The Bureau has been in the spotlight because of Republican opposition to its formation and President Barack Obama’s use of a recess appointment earlier this month to tap Cordray, a former Ohio attorney general, as its director. With GOP legislators blocking the nomination because they said the agency lacks sufficient congressional oversight, Obama installed Cordray.

Payday loans

Often criticized by advocates for the poor, payday loans are short-term, high-interest loans that work like cash advances. Storefront payday loan operations are prevalent in middle- to lower-income areas around Alabama, sometimes taking over closed convenience stores or fast-food restaurants. Loan amounts in Alabama are capped at $500 by state law, which limits the maximum interest rate to 17.5 percent. An industry website said the annualized interest rate for a 14-day loan of $100 tops 456 percent.

Typical loan

In a typical transaction, a borrower writes a check for $117.50 and gets $100 from the payday lender, who holds the check for a short period before depositing it. If the customer needs the check held another two weeks, he pays another $17.50 fee.

Officials said more than 20 percent of Alabama households have taken out loans from payday storefronts or similar businesses at more than 1,000 locations statewide. Opponents said the businesses prey on people who lack access to traditional loans when they get in a pinch for cash.

Gouging for loans

"People get churned through the system six, eight, 10 times a year," said Stephen Stetson, a policy analyst at Alabama Arise, a Montgomery-based anti-poverty organization. "If we have laws against gouging for gas and water, we ought to have laws against gouging for loans. Listening to what you heard here today, you’d think my thousands of employees go to work every day to hurt their neighbors," he said. Rather than enacting sweeping federal rules, he said, states should concentrate on getting rid of "bad actors" in the business.

Tags: Payday Loans, The Consumer Financial Protection Bureau, Watchdog agency
Posted in Advance Cash Loan, Business, Cash Advance Loans, Economy, Employment, Finance, Loans, Money, Payday Loans, Personal / Internet | No Comments »

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