Current Events in May 2012

Are you a skinny jeans kind of person? When looking for your next pair of denims, does the sleek skintight look appeal more to your fashion sense over the wide baggy look? If the answer is yes, listen up: a doctor says wearing skinny jeans can actually be a health risk. 

Baltimore surgeon Dr. Karen Boyle says skinny jean lovers could be in danger of getting a nerve disorder called meralgiaparesthtica.

"It's a disorder that occurs when one of the nerves that runs in the outer part of a thigh gets compressed. And pressure on it causes symptoms of tingling, numbness and pain in the outer part of the thigh," she said.

Boyle also says that women are especially prone to the disorder and noticeable symptoms are typically nonexistent. She also spoke of a recent diagnosis she gave to one of her female patients who wears the slim-fitting jeans.

Floating sensation

"One woman described it as floating sensation when she was walking. Her thighs kind of felt weak and tingly and she got pain in the thighs. So if you're having that kind of pain and tingling sensation, you should probably loosen up your jeans a little bit," she warned.

Medical experts have also said wearing clothing that is too tight can lead to a host of ailments, such as back pain, yeast infection, acid reflux, stomach pain, and blurred vision. Who would have thought being a trendster would be such a health detriment?

And Boyle isn't the only physician who has warned consumers of this particular health risk. Dr. John Michael Li, a neurologist at Rush University Medical Center in Chicago, has coined the term "tight pants syndrome".

"The pain and discomfort for some patients, it’s very uncomfortable, and so they require medication," he said.

Female consumers aren't the only ones who tend to buy clothing that's too tight. According to a study conducted by Cornell University, around seven out of ten men purchase shirts that are too small.

"You have your carotid vessels going up to the brain, and so sometimes people can have some restriction in blood flow," Li told a Chicago news outlet. "There’s no need to cause yourself injury to just be fashionable."

Buying shoes that are too tight is also a medical concern, said Dr. Boyle. And they can cause more damage than just blisters or bunions on your feet. Especially for women.

"So when you wear high heels the axis of your pelvis changes and what happens is your pelvis tilts and your buttocks kind of kick out a little bit and your legs are longer looking which is why women like to wear stilettos. But because the pelvis tilts some, it further accentuates the pressure that's caused on those nerves. So it can make the symptoms worse," she said.

Recent college graduates may be able to exhale in relief about whether they'll be able to find a job after graduation. A newly-released national survey by the Academy of Art University and CALinnovates, finds that 70 percent of businesses plan to hire 2012 graduates within the next year, and only 11 percent said they would hire less graduates in the next year.

This comes as great news for recent college grads, as they've been on the front lines of the the employment shortage that's persisted over the past few years. The survey also showed that most companies see improvment in the economy, as merely 15 percent addmitted to being worse off than six months ago, and 9 percent believe the economy will continue to decline within the next six months.

The survey also shows that 55 percent of its participants said they're optimistic about the furture success of their company, and 37 percent believed the economic climate and success of their industry would remain the same.

Results of the survey also detailed what companies considered to be the best assets for a potential employee to have. About 32 percent of employers said they consider creative ability extremely valuable, while 48 percent thought creative ability was only somewhat valuable.

Which ones?

But which graduates stand the best chance of securing employment?

About 70 percent of the companies said they would be hiring those graduates with a background in Web Design, and 55 percent said they'll be hiring graphic design majors. In addition, 67 percent of companies that are based in the arts said they would hire consultants or full-time employees with arts or education degrees.

"Businesses are ready to hire, and that is promising news for the class of 2012," said Dr. Elisa Stephens, President of Academy of Art University.

Mike Montgomery who is executive director of CALinnovates, which is based in the Bay Area, believes that companies will have to be proactive to secure the proffesional talent within the area.

"To tap into the potential of all this region has to offer, our workforce needs a 21st century education to compete in the 21st digital economy," he said.

Toyota is recalling about 660 Lexus GS350 vehicles from the 2013 model year. 

The company said the electronic steering control unit may malfunction, causing the steering wheel to becoe off-center when the car is started with the steering wheel turned.

This could cause the car to go in an unexpected direction.

Toyota will notify owners and Lexus dealers will update the softeare free of charge. Customers may contact Toyota at 1-800-331-4331.

Graduation ceremonies have just about concluded for 2012, meaning hundreds of thousands of newly-minted graduates are about to head out into the cold, cruel world.

In this tough job market, that means many will soon be headed back to their childhood bedrooms, according to a researcher at Johns Hopkins University.

Katherine Newman, a sociologist at Johns Hopkins, estimates that about 85 percent of today’s college students will return home to live at some point after they graduate, based on her research for her latest book, The Accordion Family: Boomerang Kids, Anxious Parents, and the Private Toll of Global Competition.

“Today, it’s really close to something of a majority experience,” said Newman, dean of the Krieger School of Arts and Sciences at Johns Hopkins. “It’s part of an elongating life course that is affecting both young people and their parents.”

Not just a product of the recession

Despite what you might think, however, Newman says the current economic climate didn’t cause this moving-home trend, which she says began to emerge in the 1980s when the entry level job market for young people began to develop rough patches. The recession is exacerbating the need for college grads to shelter the cost of living at the Inn of Mom and Dad.

“Many young people are finding that they need an internship after college or they need to take a job that doesn’t pay so well to get the experience so they will qualify for something better later,” Newman said. “And it can be very difficult to manage all of that on top of the debt they may have as undergraduates without some help from their families which often takes the form of a roof over their heads.”

While neither parent nor offspring particularly likes the arrangement, Newman says consolidating households can be a very smart move, benefitting not just budget-conscious young adults but their parents, too.

Some parents like it

After interviewing many families, she found that the while baby boomer parents would have avoided the same move in their youth, they are welcoming their so-called “boomerang kids” with open arms. Having worked through their children’s childhood years, they were not tired of them at age 18 and refilling the empty nest has a way of making people feel young.

“I find that the temperature is quite good inside those households, maybe even better than it was before,” Newman said. “For most young people, the ‘accordion family’ represents a haven in a heartless world. They know their families are there to support them, that this is partly what families are for. Parents, in turn, come to understand that they play a vital role in supporting the ambitions and dreams of the next generation.”

But what’s good for families isn’t necessarily good for the economy as a whole. At the national level, the mass homeward migration could bring about negative economic consequences, Newman says.

As a generation of young adults delays starting new families, she predicts that population growth will fizzle and economic gains will stall, based on her case studies of how the trend is playing out in Italy, Spain and Japan.  

First Nevada, now California. This week a bill passed in the California Senate that would permit self-driving cars to be tested within the Golden State. The bill is now on its way to the State Assembly to potentially become law. Self-driving cars recently became legal in Nevada and are being considered in Florida, Oklahoma, Arizona, and Hawaii.

While totally autonomous vehicles may not become widespread quickly, there's growing support for using technology to improve traffic safety, according to data released today by the U.S. Department of Transportation (DOT). The study said that an overwhelming majority of drivers who have experienced technology that allows vehicles to communicate with each other have a highly favorable opinion of its safety benefits.

Safety considerations played a big factor in the California decision. 

In 2011 alone, the National Highway Traffic and Safety Administration (NHTSA), said California saw a total of 32,310 fatalities due to car crashes, and those in favor of the self-driving car strongly believe the new technology can help to lower that number.

"Thousands of Californians tragically die in auto accidents each year," Padilla said. "The vast majority of these collisions are due to human error. Through the use of computers, sensors and other systems, an autonomous vehicle can analyze the driving environment more quickly and accurately and can operate the vehicle more safely."

With that in mind, the National Highway Traffic Safety Administration (NHTSA) and the Research and Innovation Technology Administration (RITA) have been working with the auto industry to research the effectiveness and feasibility of connected vehicle technology that enables vehicles to “talk” to one another with Wi-Fi-like technology that could help prevent crashes altogether, the DOT said.

In a press release, the DOT announced the results of six “driver acceptance clinics” that were held across the country at the Intelligent Transportation Society of America’s 2012 Annual Meeting in Washington today.  The pilot programs were held between August 2011 and January 2012 to gather feedback from 688 drivers who participated in tests of “vehicle-to-vehicle” communications.  The information gathered from the program showed that an overwhelming majority of drivers would like to have the features included in their own vehicles, and most believe the technology would be useful in improving driver safety.  

“Safety is our top priority, and we are always looking for ways that innovative technology can be harnessed to improve driver safety,” said Transportation Secretary Ray LaHood. “Connected vehicle technology offers tremendous promise – for improving safety, reducing traffic jams and increasing fuel efficiency.  It’s encouraging to see that most drivers agree and want this technology in their cars.

Off-road

Unlike Nevada, California isn't allowed to actually test the cars on roads just yet, but if the bill passes, it will specifically outline the state's safety requirements for test drives in the very near future.

Before voting, State Senator Alan Lowenthal had a chance to briefly drive inside the highly-anticipated car. "I had the pleasure of going out for a drive on the autonomous vehicle. I have to say that there are still some issues with it, but it's a better driver than I am," he quipped.

Padilla also got a chance to test drive the vehicle. "When it's you in that drivers seat, and you engage the autonomous technology, take your hands off the wheel and foot off the pedal, it's not until then that you appreciate how sophisticated the technology is," he said.

The bill, SB 1298, passed with a unanimous vote of 37-0, and will make its way to the State Assembly in a month's time.

Connected cars

Investors who passed on Facebook's initial public offering (IPO) Friday can thank their lucky stars. The stock has tanked since its much-hyped, glitch-ridden debut. At mid-morning Tuesday, it was down 4.94% at $32.35, nearly $6 below its opening price.

The NASDAQ market where the stock trades took responsibility for a number of glitches when the stock began trading Friday morning, priced at $38. Investors reported the market was sometimes unable to confirm their buy orders.

But analysts say the stock has bigger problems which have continued to manifest themselves. As the IPO date approached, Morgan Stanley, the lead banker for the launch, added more shares and raised the initial trading price. That had the effect of raising the stock's multiple – it's price to earnings, or PE ratio – to the stratosphere.

Where are the buyers?

When the stock began trading at $38 a share, it found fewer than expected buyers and the underwriters were forced to step in repeatedly the first day to buy shares in an effort to keep the stock from closing below $38.

When the stock opened Monday, the selling resumed and Facebook ended the day down about 11 percent. When it opened today, the sell-off continued with the price dropping another 20 percent in early trading.

"It's a huge disappointment," David J. Abella, a portfolio manager at Rochdale Investment Management, told The New York Times. "Investors were expecting easy money on this one."

“This is one messed-up pump & dump scam,” wrote a poster named FB_Fantasy2002, on a Yahoo message board.

With all the hype and excitement surrounding the IPO, the underwriters may have believed the stock would pop at the opening, allowing the people who bought early to sell quickly for a huge profit. Back during the tech bubble, that was commonplace.

Skeptical traders

With fewer small “retail” investors now in the market, most of the buying is being done these days by professional fund managers who tend to look a little more closely at the underlying fundamentals. And professional traders do not like what they see.

Yes, Facebook is a profitable company with lots of growth potential. The fact that it has nearly one billion users worldwide makes it very attractive. But the price has to be right and in this market, valuation is everything.

Because of the number of shares outstanding and the current price, Facebook's PE ratio is more than 70. That means when you buy a share of Facebook stock, you're spending $70 for every $1 of earnings. That's very hard for any company to justify.

For example, Apple's PE ratio is 13. Google's PE ratio is 18. Facebook's underwriters were obviously betting that investors would pay the inflated price in order to get in on the ground floor of “the next Apple” or “the next Google.”

Turns out that was a losing bet.

Read user comments about Facebook.

A federal judge has determined that Pom Wonderful, makers of several fruit-based beverages, used deceptive advertising to sell the idea that its pomegranate juice treated or prevented serious diseases.

Administrative Law Judge D. Michael Chappell said in his verdict that Pom Wonderful presented "insufficient" evidence to prove that its products worked as they were promoted.

The judge also found that the beverage makers failed to show solid proof that its products "treat, prevent or reduce the risk of heart disease, prostate cancer or erectile dysfunction."

The message may be getting through to consumers, according to a ConsumerAffairs sentiment analysis of about 8,200 postings on social media over the last year. Pom Wonderful's net sentiment has tumbled from a high of 100% in February to about 40% in May.

Why have consumers downgraded their opinion about the once-popular drink? It could be that they've been listening to critics who question the health claims of the drink's promoters.

Round 2

The judge's decision closes a second round of litigating between regulators and the drink-makers. Back in 2010, the Federal Trade Commission expressed concerns about Pom Wonderful making unrealistic health promises and, in an unusual step the company sued the FTC claiming it was over-reaching.

Although the judge didn't condemn all of the ads used by the California-based company, he did find the company's claim of its juice being an "antioxidant superpower" to be misleading. That same ad also said that its pomegranate drink protected the body against agents that "can cause heart disease, premature aging, Alzheimer's disease, and cancer."

Judge Chappell warned the Pom Wonderful company to stop making "any representation" that its beverage "is effective in the diagnosis, cure, mitigation, treatment or prevention of any disease."

Overreaching

However, the judge went against FTC's original complaint, that wanted the juice makers to obtain pre-approval from the Food and Drug Administration before making health claims. Chappell said the company having to get pre-approval "would constitute unnecessary overreaching."

However, a spokesperson from Pom Wonderful said the company will fight portions of the judge's decision. "We do plan to appeal certain aspects of the ruling," said Corey Martin.

Pom Wonderful has 30 days to appeal or the judge's ruling will go into effect.

Despite a slow recovery in the economy, consumers have continued to buy new cars and trucks over the last four year. Most carmakers, especially those offering fuel efficient vehicles have done well.

Consumers have been able to purchase cars, in large part, because unlike the housing market, the auto market provides for accessible financing. Sales have risen even as prices have.

The purchase and financing of an average-priced new vehicle took 23.2 weeks of median family income in the first quarter of 2012, according to Comerica Bank in Dallas. Consumers on average spent $300 more - an increase of 1.2 percent - on new cars in the first quarter of 2012 compared with the fourth quarter of 2011.

"Auto affordability was down slightly in the first quarter of 2012, but remains very high by historical standards, contributing to the upward trend in auto sales visible from mid-2011 through early 2012," said Robert Dye, Chief Economist of Comerica Bank. "Job creation has supported slow-to-moderate income growth while car prices have increased moderately and interest rates have remained low.

Dye says sales have remained strong because households have paid down debt, and that has created space in household budgets, allowing many families to take advantage of the current high affordability of new cars. Easing gasoline prices through the current second quarter, he says, will also help auto sales.

“These favorable trends are helping consumers to feel more confident about unleashing their pent-up demand for automobiles," Dye said.

The bank compiled the report using the latest data on consumer spending on light vehicles and on the terms available on auto loans.

Despite the comeback of the auto industry, Morningstar reports U.S. vehicle sales are still lower than they should be. But the analyst said it's optimistic about growing sales over the next several years.

If you've noticed traffic doesn't seem to be quite so heavy these days, it's not your imagination. A report by INRIX, a traffic information service, found a startling 30 percent drop in traffic congestion in 2011.

In the report, 70 of America’s Top 100 cities showed decreases in traffic congestion last year. The company says it's the result of falling employment and rising gasoline prices. It says the trend also showed up in Europe.

“The declines in traffic congestion across the U.S. and Europe are indicative of stalled economies worldwide,” said Bryan Mistele, INRIX president and chief executive officer. “In America, the economic recovery on Wall Street has not arrived on Main Street. Americans are driving less and spending less, fueled by gas prices and a largely jobless recovery.”

First decrease in traffic since 2008

It's the first decrease in traffic in two years. There were modest increases in both 2009 and 2010, as the economy absorbed massive amounts of stimulus spending.

The last time America experienced a similar decline was 2008, when traffic congestion plummeted 34 percent.

It may come as no surprise that the cities showing the biggest drops in traffic congestion also were cities where gas prices exceeded the national average at its April 2011 peak, including Los Angeles, San Francisco and Honolulu.

By the same token, cities that saw increases in traffic congestion – like Tampa, Houston and Austin, had growths in employment that outpaced the national average.

Last year, only 890,000 of the 2.6 million new jobs were in America's largest urban centers. These regions are down six million of the nine million jobs lost during the Great Recession. Lack of employment combined with high fuel prices is clearly driving the decline in traffic, the report said.

Worst cities for traffic

By analyzing traffic in the nation’s 100 largest metropolitan areas in 2011, the Top 10 Worst U.S. Traffic Cities are:

1. Honolulu: Drivers waste 58 hours in traffic
2. Los Angeles: Drivers waste 56 hours in traffic
3. San Francisco: Drivers waste 48 hours in traffic
4. New York: Drivers waste 57 hours in traffic
5. Bridgeport, Conn: Drivers waste 42 hours in traffic
6. Washington, D.C.: Drivers waste 45 hours in traffic
7. Seattle: Drivers waste 33 hours in traffic
8. Austin: Drivers waste 30 hours in traffic
9. Boston: Drivers waste 35 hours in traffic
10. Chicago: Drivers waste 36 hours in traffic

The INRIX report identifies the worst traffic bottleneck in the country is in Los Angeles.  It's the 13-mile stretch of the San Diego Fwy/I-405 northbound from I-105/Imperial Hwy interchange through the Getty Center Dr. exit. The report finds that it takes 33 minutes on average, with 20 minutes of delay.

It also found the worst traffic day is Friday and the worst morning commute is Tuesday.

What's the most valuable car brand?  It's BMW, according to the BrandZ Top 100 Most Valuable Global Brands study released by market research company Millward Brown today. The German marque displaced Toyota from the top spot this year.

Other German automakers -- Mercedes-Benz, Volkswagen and Audi -- also improved their brand value.

What goes into brand value? According to Peter Walshe, Millward Brown global brand director, in BMW's case the automaker has been able to effectively communicate what sets it apart from other carmakers, while backing up its message with a "very decent product."

"As one of the great brands in the world, BMW has been absolutely consistent in the long-term regarding what is meaningfully different about their brand, in highly competitive market places," Walshe said.

Maybe so, but a ConsumerAffairs sentiment analysis of about 4.3 million postings to social media finds BMW coasting along with a net positive sentiment that seldom exceeded 70% in the last 12 months -- good, but not exactly rousing.

BMW was also the most valuable auto brand in 2010, while Toyota held the top spot from 2006 until 2009 as well as last year.

What do consumers like and dislike about the brand?  In a word, they like the car. Dislikes are relatively few, as this chart shows.

Toyota's troubles

Toyota retained its position as one of the world's best brands, but lost its top place in the ranking in the aftermath of the earthquake, tsunami and nuclear disasters that affected all Japanese carmakers last year, Walshe said.

"Toyota is certainly seen as a good value, very reliable and very trustworthy, which are all tremendous qualities, especially for mid-range buyers," Walshe said. "The problem with Toyota has to do with its financials, not brand, due to the disasters, which were clearly out of its control."

Still have plans of living in the big city? You may want to reconsider, as a report suggests that New York City has been the most expensive place to live in the U.S. since 2009. Not a shocker? Maybe details of the report will be.

The Center for an Urban Future conducted the cost of living survey and showed that someone living in New York making $123,322 annually, would equal a person making $50,000 in Houston, or $26,092 in Atlanta, when it comes to standard of living.

Results of the report went on to say that, "Income levels that would enable a very comfortable lifestyle in other locales barely suffice to provide the basics in New York City."

The big expensive apple had an average monthly rent of $2,801 in 2009, being 53 percent higher than San Francisco, which used to be New York's runner-up for most expensive city at that time. In 2012, the average rent amount in Manhattan is $3,418, far outpricing the Golden Gate City.

The report also shows that New Yorkers have a harsher commute than others around the United States. Those who live in the city's outer boroughs average nearly an hour of travel time, due to many of the jobs being based in the city's epicenter of Manhattan.

If you thought by just living on the outskirts of Manhattan would save you from high costs, think again. Both Brooklyn and Queens made the top-ten list when it came to 2012's most expensive cities, at number two and five respectively.

As the Sinatra song might have said, if you make it here......you'll really need a lot of money.

Other key findings in the report include:

• New Yorkers paid about $34 a month for phone service in 2006. In San Francisco, similar service cost $17 a month.
• Home heating costs have jumped 125 percent in five years and went up to 243 percent between 1998 and 2009.
• Wages in the city have remained mostly flat in all boroughs but Manhattan - even during the boom years from 2003 to 2007.

Here's a complete list of 2012's most expensive cities to live in:

1. Manhattan
2. Brooklyn, N.Y.
3. Honolulu, Hawaii
4. San Francisco, Calif
5. Queens, N.Y.
6. San Jose, Calif
7. Stamford, Conn.
8. Truckee-Nevada County, Calif.
9. Washington D.C.
10. Orange County, Calif.

A study that spanned nearly 20 years has found that flexible sigmoidoscopy, a screening test for colorectal cancer that is less invasive and has fewer side effects than colonoscopy, is effective in reducing the rates of new cases and deaths.

In the study, sponsored by the National Cancer Institute, part of the National Institutes of Health, researchers found that overall colorectal cancer mortality  was reduced by 26 percent and the incidence of new cases was reduced by 21 percent as a result of screening with sigmoidoscopy.

These results appeared online, ahead of print, on May 21, 2012, in the New England Journal of Medicine., and were presented at Digestive Disease Week, a scientific conference.

Sigmoidoscopy involves examination of the lower colon using a thin, flexible tube-like instrument, called a sigmoidoscope. The procedure has fewer side effects, requires less bowel preparation, and poses a lower risk of bowel perforation than colonoscopy, in which a similarly flexible, but longer, tube is used to view the entire colon.

Colorectal cancer is the second-leading cause of cancer-related death in the United States. Previous research has shown that colorectal cancer incidence and mortality can be reduced with a number of screening methods, including fecal occult blood testing (FOBT). However, flexible sigmoidoscopy and colonoscopy are more sensitive than FOBT for detecting polyps that may lead to colorectal cancer. Removal of pre-cancerous polyps, which can be done during sigmoidoscopy or colonoscopy, reduces colorectal cancer risk.

“The most important message is that, regardless of modality chosen, colorectal cancer screening lowers mortality from colorectal cancer, and all individuals 50 and over should be screened,” said study author Christine Berg, M.D., chief of NCI's Early Detection Research Group and project officer of the Prostate, Lung, Colorectal, and Ovarian (PLCO) Cancer Screening Trial.

Large study

From 1993 to 2001, a total of 154,900 men and women aged 55 through 74 were randomly assigned to receive flexible sigmoidoscopy screening or usual care as part of the PLCO trial.

“This is the second major trial that has shown that sigmoidoscopy is effective in reducing the risk of dying of colorectal cancer. Sigmoidoscopy is less invasive than colonoscopy and carries a lower risk of the colon being perforated, which may make it more acceptable as a screening test to some patients,” said Barnett Kramer, M.D., director of NCI's Division of Cancer Prevention. “There are several effective screening tests for colorectal cancer, and the most effective screening test is the one that people choose to take.”

Between small corner markets, big all-purpose grocery stores and whatever lies between, it can be hard to select the best supermarket. However, a recent study picks Giant Food as participants' favorite grocery, with ShopRite and Walmart following afterward.

The consultant company Market Force Information, gathered 6,400 participants in March of 2012 to gauge their favorite place to food shop, and why they choose one particular supermarket over the other.

When it came to which grocery store was visited most, consumers chose Giant Food as their top choice. Closing out the top eight when it came to stores most visited were, ShopRite, Walmart, Publix, Costco, Kroger, ALDI and Safeway.

Although Giant came out on top in the heavily frequented category, researchers said survey scores were extremely close.

Low pricing

"The close scores in the pricing category demonstrate that consumers are not seeing differentiation on price as clearly as the price leaders would hope," said Janet Eden-Harris, Market Force's chief marketing officer. "Low pricing is the tablestakes for grocers who must now find new ways to distinguish themselves from their competitors down the block."

Researchers also studied what consumers thought of the overall shopping experience at certain grocery stores, including characteristics like price, cleanliness, produce and meat quality, store atmosphere and the store's business practices. Participant were then told to rank the top eight supermarkets in these categories.

For the second consecutive year, ALDI won the price crown for having the best deals, but Walmart, ShopRite and Costco were right on ALDI's heels for stellar pricing. The customer service and atmosphere award went to Publix, which also took the statue for most courteous staff, cleanest store and speediest check out time.

Deli department

The report also showed the deli, butcher and bakery departments were most important to the participants no matter which store it was. In addition, 88 percent of consumers said they were either "somewhat or very satisfied" with their current supermarket, and only 12 percent  said they were completely unsatisfied.

The portion of consumers who said they were unsatisfied attributed their feelings to long waits at the cash register (52 percent), not being able to find a store item (48 percent), bad cashier service (39 percent) and the quality level of produce  (29 percent).

"We discovered that merely satisfying customers isn’t enough to move them to action, said Eden-Harris."When grocers can create experiences that truly delight customers, they can establish brand advocates who are almost guaranteed to recommend that grocery store to friends and family."

In light of the recent years of turmoil in the U.S. housing market, one would guess that consumers are gun-shy about purchasing and owning a home. However, a Home Buyer Poll released this week, conducted by TD Bank, shows that aspirations to buy a home remain very high among younger consumers.

Results show that out of those consumers who are age 18-34 and currently renting, 84 percent of them say they have strong plans to buy a house in the future. Researchers also said that over half of those surveyed equated a home purchase with living the "American Dream," and 59 percent saw homeownership as exciting, and associated it with a high level of pride.

"There's no denying buying a home is a pivotal point in a person's life. Our survey tells us that people are looking to buy homes, and attitudes towards homeownership have continued to remain positive over the years," said executive vice president of TD Bank's Retail Lending division Michael Coply in a press release.

The survey also showed the most important reasons for wanting homeownership among 18-34 year olds.

To merely live out the American Dream was the reason for wanting a home for 18 percent of the respondents. Around 17 percent felt owning a home was simply "a good opportunity", 11 percent wanted a home because they also have plans of starting a family, and 10 percent of those surveyed said they were already "financially ready" to own a home.

Researchers also broke down the survey's answers by gender, as 66 percent of female respondents plan to own a home, compared to 57 percent of men, showing very little difference among the genders as it pertains to still having faith in the U.S. housing market.

But industry experts say it's all about which lender you go with when it comes to taking that first step in homeownership.

"With more than half of homeowners surveyed stating getting a mortgage and making a down payment is the preferred method of payment, choosing a lender remains a vital step in the home buying process," warned Copley.

The survey consisted of 1,300 consumers across the United States, who were made up of current renters, expected home buyers and current home owners. Other results from the survey include:

• Three out of 10 homeowners consider their house their dream home.
• While younger homeowners are more stressed (20%) compared to older homeowners when asked to look back on their first home, older homeowners were more proud (51%), more confident (20%) and far less stressed (9%).
• Seventy-eight percent of respondents said that they plan to stay in their current home.
• Staying within budget (43%) is a top consideration when buying a home among those who intend to buy.

The report also included some home buying tips for those who do plan to enter  the market.

• Determine how much you can afford:
• By looking at your income and current monthly debts you can determine what you can afford.
• Buying a home isn't for everyone:
• Know the benefits of owning vs. renting before making any decisions. Also stop to think about what type of home you can afford and which style suits your lifestyle such as single-family homes, townhouses or fixer-uppers.
• Narrow the focus of your search:
• Many factors impact the ideal type of house for each buyer, including desired features and benefits, life stage and how many improvements you are willing to make before moving in.
• Make the mortgage process as hassle-free as possible:
• From fixed-rate to adjustable-rate, there are several options to fit your needs.

It is said that if you build a better mousetrap, the world will beat a path to your door. It remains to be seen what happens if you build a better pill bottle.

Two students at the University of Cincinnati (UC) believe they have done just that. They have applied for a provisional patent on their design and prototype of a prescription-medicine pill bottle for the blind and visually impaired – an innovation they say could benefit millions of users.

Students Alex Broerman and Ashley Ma say their design is intended to have universal appeal but to fill the special needs for the more than 1.3 million Americans who are legally blind as well as those who suffer less-severe vision impairment. As the baby boomers age, it’s expected that the number of American suffering from blindness will increase 70 percent by the year 2020.

A cap that won't get lost

Among the innovations, the lid is on hinges that flips open. The reason? Lost caps are a problem for the visually impaired. And twist caps can be a challenge for the elderly. At the same time, the students’ flip lid is child proof, just like standard pill bottles.

Another difference is a small rectangular bottle body, 2-by-2 inches wide and 3-inches tall, that allows a user to easily reach in and pick out a pill or two without the need to pour out a larger supply into the palm for subsequent selection of the required dosage. In addition, this “stout” design prevents the bottle from tipping over and spilling the medication.

The students also added a distinct texture on the bottle’s flip lid. There are eight distinct textures available. Each distinct texture would correspond with a different medication. Importantly, the distinct textures are not Braille, as only 10 percent of the blind and visually impaired can read Braille.

The lid also has a dramatic, deep color – different medication differentiated by a different-colored lid. The reason for this is that many visually impaired individuals do have limited sight, such that they can make out a strong color that is close to the eye.

Audio label

As a “fail-safe,” there is an button on the lid that consumers can press for an audio label describing the medicinal contents. According to Ma, one key advantage of the students’ design is that it is low-tech, simple and inexpensive, especially  compared to currently available options for the visually impaired.

“Options that are currently on the market are more expensive and complex, dependent on technology and requiring a more expensive outlay on the part of the end user to purchase them,” she said.

Couch potatoes everywhere should probably pause and salute Eugene J. Polley, who died Sunday at age 96. Without him, our lives would be very different.

Polley is the inventor of the wireless TV remote control. Yes, before Polley you had to get out of your chair, walk over to the TV set and select a channel. But then, there were only three.

Polley began his 47-year career with Zenith Radio Corporation in 1935 and was on hand for the early days of black-and-white and color television. His inventions, primarily in the field of television, earned 18 U.S. patents.

Polley's best known invention, the "Flash-Matic" remote control, was the world's first wireless TV remote, introduced in 1955. The viewer used a highly directional flashlight to activate the four control functions, which turned the picture and sound on and off and changed channels by turning the tuner dial clockwise and counter-clockwise.

Commercial zapper

It was an early attempt to zap commercials. Commander Eugene F. McDonald Jr., Zenith's late founder-president, believed TV viewers would not tolerate commercials. While developing and promoting the concept of commercial-free subscription television, McDonald wanted a way for viewers to take back control from the advertisers.

Polley's Flash-Matic accomplished that goal. McDonald ordered it into production and honored Polley with the President's Award.

Polley also worked on the push-button radio for automobiles and on the development of the video disk, predecessor of today's DVD.

In 1997 he received an Emmy from the National Academy of Television Arts and Sciences for "Pioneering Development of Wireless Remote Controls for Consumer Television." His innovations have been featured in numerous articles and television programs but he was largely unknown to the consumers who used his products.

Founding father of the couch potato

Polley, was called everything from the founding father of the couch potato to the czar of zapping to the beach boy of channel surfing.

Few would dispute the enormous impact of this invention, devised in an era of three or four VHF broadcast TV stations in most markets. Today, remote control is not a luxury but a necessity in navigating 500-plus digital cable or digital satellite channels, or controlling an HDTV, Blu-Ray Disc player, digital video recorder or home theater audio system – all at the touch of a button.

Today, no television set – or hardly any other consumer electronic device – comes without a remote.

As the result of a suit, thousands of consumers who purchased two home cleaning products from Oreck Corporation will receive refunds from the Federal Trade Commission (FTC) because company advertisements allegedly made false and unproven claims that the products could reduce the risk of flu and other illnesses, and eliminate virtually all common germs and allergens.

Under a settlement reached with the FTC, Oreck is barred from making any of the allegedly deceptive claims challenged by the agency unless it has competent and reliable scientific evidence to support the claims.

Consumers who bought the Oreck Halo vacuum will receive $25 for each item purchased, and those who bought the Oreck ProShield Plus air cleaner will receive an average of $24.65 for each item. Eligible consumers were identified through sales records provided by the company.

“Purchased a Oreck Pro-Shield purifier, model AIR12B. Device arrived in a timely fashion but was non-working out of the box,” James, of Franklin, Va., wrote in a 2009 ConsumerAffairs post.

ConsumerAffairs has also received a number of complaints about the Oreck XL Air Purifier, which is not subject to the refunds. However, the complaints are similar.

“I purchased two Oreck XL tabletop air purifiers after being told by a tele sales rep that these units would remove the smell of mold from a house we just moved into,” Peter, of Wynnewood, Pa., wrote.

“From the outset, the units did not seem to be making any difference but I gave it some time. They did give off their own bad smell and we eventually shut them off when they seemed to give my wife and son asthma/breathing difficulties.”

An infomercial for the Oreck Halo claimed: “The Oreck Halo has killed up to 99.9 percent of bacteria exposed to its light in one second or less,” and that the vacuum’s light chamber “has been tested and shown to kill up to 99.9 percent of certain common germs, plus dangerous pathogens like E. Coli and MRSA.”

In April 2011, Oreck agreed to stop making the allegedly false and unproven claims that the Halo and its ProShield Plus air cleaner could reduce the risk of flu and other illnesses, and eliminate virtually all common germs and allergens.  The company also agreed to pay $750,000 to the Federal Trade Commission, which is now distributing the money as refunds to consumers. Some 27,339 checks totaling $698,000 are being mailed by an administrator working for the FTC.

Consumers should begin to expect their checks this week, and will have 60 days to cash them. The hotline number for consumers who have questions is 877-772-6154. The website is FTC.gov/refunds. The FTC never requires consumers to pay money or provide information before redress checks can be cashed.

A big adjustment in tax rates is headed your way at the end of the year, along with huge cuts in government spending that could impact the overall economy.

It's going to happen unless Congress acts. Given Congress' recent history, that's like saying it's probably going to happen.

Last year, when Democrats and Republicans in Congress were once again at an impasse on raising the U.S. government debt ceiling, agreement was reached only after the two sides tacked on another provision: unless Congress approves a serious deficit-reducing package before the deadline, steep across-the-board cuts in all government discretionary spending would automatically kick in January 1, 2013.

Higher tax rates

Also on that date, the Bush tax cuts and the payroll tax "holiday" are set to expire, reverting to their previous higher rates. Federal Reserve Chairman Ben Bernanke has called this perfect storm a "fiscal cliff," worried that slashing spending and raising taxes in a still-weak economy will plunge the country into a recession.

Overnight, the U.S. would move from an effort to stimulate the economy to its own "austerity" plan, the type that citizens of Greece and France recently resisted at the ballot box. Just about every consumer in the U.S. would be affected in some way. Here's how:

• For the last two years the employees' portion of the payroll tax has been reduced from 6.2 percent to 4.2. It goes back to 6.2 percent January 1, amounting to an extra $20 tax withholding from a $1,000 paycheck. Since the payroll tax funds Social Security and Medicare, those entitlement programs have been going even deeper into the red over the last two years.

• Your income tax bracket may rise. The Bush tax cuts not only reduced the tax rate on the wealthiest taxpayers, it also established new, lower tax brackets for just about all taxpayers. Those go away. For example, before the tax cuts, the lowest bracket was 15 percent. The Bush tax cuts established 10 percent as the lowest rate. That expires on January 1. The top rate under the Bush Tax cuts is 35 percent. That gets bumped up to 39.6 percent in January. Nearly everyone will find themselves taxed at a higher rate.

• Lower rates on investment income will reset to their higher levels that were in place prior to 2001. Currently, investors pay only 15 percent on dividends and long-term capital gains. After January the maximum rate on long-term capital gains rises to 20 percent and dividends will be taxed as ordinary income. Retirees who depend on dividend income may feel that change the most -- not the 1% everyone talks about. Other temporary fixes to the tax code installed over the last few years are also set to expire.

• The U.S. government will spend a lot less money. In the absence of a Congressional deficit-cutting package, Pentagon spending will be cut by 10 percent while all discretionary spending will be cut by eight percent. It will be up to various departments to figure out how, so it is possible military veterans and those who receive government benefits could feel the belt-tightening effects. Additionally, economists generally agree that taking that money out of the economy all at once could topple a weak recovery into recession.

Of course, it doesn't have to happen. Republicans and Democrats in Congress could put aside their partisan differences long enough to reach some sort of acceptable compromise that would make gradual changes to taxing spending policy, but that could be a tall order.

There is almost no chance lawmakers would take up the matter before the November elections, meaning the lame duck session would have less than two months -- following what promises to be a bruising and bitter contest -- to come together and reach a compromise.

Chairman Bernanke may have reason to be worried.