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I’m not gonna lie…I’m not a huge reader. As Mike Birbiglia would point out, I’m more “magazine smart” than book smart. But every now and then, I enjoy perusing the pages of a book usually on the recommendation of a select group of friends…all of whom I consider to be more intelligent than yours truly. Predictably Irrational is one of those books.
I had the opportunity to sample Predictably Irrational before its release date, which is today I might add. The book, which was written by Dr. Dan Ariely provides a refreshingly entertaining look at how we are fooled by irrational behavior, and how we can make better choices about our day-to-day decisions with simple strategies. Despite his big-ass experience (i.e. “Russell & Tate“), his approach certainly isn’t academic, but rather easy to interpret.
Chapter Three entitled “The Cost of Zero Cost” examines the way “free” items are “incredibly appealing” even though what we really want costs very little to begin with. For instance, standing in line for a couple of hours for a free meal at a new restaurant (I’m ashamed to admit that I did this when Chipotle opened its first franchise in San Antonio a few years ago), or falling victim to the buy two get one free gimmick when all you need is one. I remember while in college the credit card companies used to exploit our penchant for free t-shirts to lure students into applying for credit. These are only a few of the everyday experiences Dan Ariely discusses in the book.
I highly recommend this read. Of course, I got it for free. But that shouldn’t matter as you will find out in Predictably Irrational.
About Dan Ariely
Dr. Dan Ariely is the Alfred P. Sloan Professor of Behavorial Economics at MIT, where he holds a joint appointment between MIT’s Program in Media Arts and Sciences and the Sloan School of Management. He is also a researcher at the Boston Federal Reserve Bank and a visiting professor at Duke University. Dr. Ariely wrote Predictably Irrational while he was a fellow at the Institute for Advance Study at Princeton.
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Numerous buying opportunities have developed in the wake of the recent foreclosure crisis. Websites such as ForclosureRadar.com provide up-to-date information on every foreclosure opportunity available in California, including exclusive daily updates on every auction. However, the real beneficiaries of the increased foreclosure supply are the homeless.
Think about it. A newly foreclosed home may still have running water, electricity, and other working utilities. Finally! A way for the homeless to keep up with the Joneses…a shopping cart in every driveway. The foreclosure supply obviously varies from town to town. I know San Antonio isn’t nearly as bountiful as it is in Cleveland where this phenomena is taking place. There are an estimated 15,000 single-family homes vacant due to foreclosure in Cleveland and suburban Cuyahoga County.
“Many homeless people see the foreclosure crisis as an opportunity to find low-cost housing (FREE!) with some privacy,” Brian Davis, director of the Northeast Ohio Coalition for the Homeless, said in the summary of the latest census of homeless sleeping outside in downtown Cleveland.
Unfortunately “privacy” may potentially translate into “crime”…drugs and prostitutes. Sorry, Hugh Grant. You’re about 12 years too late to take advantage of one of these safehouses. Present celebs take note! Cleveland is the place to be!
Courtesy AP via Yahoo! Finance.
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Does it look like I’m bluffing, bitch?
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While catching my recommended daily allowance of CNBC this morning, Becky Quick (aka. “Summer Teeth”) spoke with Warren Buffett about his offer to rescue bond insurers by providing re-insurance on up to $800 billion in municipal bonds. Via Berkshire Hathaway, the offer was extended to New York Superintendent of Insurance, Eric Dinallo, for his blessing. Subsequently, the offer was made last week to Ambac Financial (NYSE:ABK), MBIA (NYSE:MBI) and Financial Guaranty Insurance Co (FGIC). The plan would ensure that the bond insurer would be backed by Berkshire Hathaway in the event that the municipality and insurer both fail.
Buffett addressed the pricing disparity of these “14% bonds” versus Triple A-rated Treasuries below 4%, and added that the muni bond market appears as if it has “lost their Triple A…they’re trading as if they’re uninsured now.” The Buffett Bailout would certainly free up some capital for these bond insurers to deal with their CDO woes.
Apparently one of these firms has already rejected the plan. So, they’re probably gonna tank. Hey, Warren…I hear Latrell Sprewell is broke. Hook a brotha up!
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Does Citizens Bank have to choke a bitch? Apparently so. According to an AP article on USAToday.com, Sprewell has fallen on hard times.
In Milwaukee County Circuit Court, RBS Citizens NA, or Citizens Bank, filed a foreclosure suit last week for the $405,000 home Sprewell bought in River Hills in 1994.
In court documents, the bank alleges Sprewell owes $295,138 in outstanding payments plus interest after failing to make mortgage payments of $2,593 a month from September 2007 to January 2008.
I bet that $21 million extension looks pretty good about now. In addition to the foreclosure suit, Sprewell sold his yacht at auction to help pay off the $1.3 million he owes on his oversized dingy. Next up….liquidation of every set of “Sprewells” he has in the garage. Too bad they’re so 2000.
Maybe the Suns could hook him up. I hear they’re signing old has beens. To read the rest of the article on USAToday.com, click here. In the meantime, maybe you can catch Spree at the local IHOP for free pancakes.
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Ford (NYSE: F) may eliminate another 9,000 U.S. factory jobs via buyouts and early-retirement offers. The company’s initial goal was to cut 8,000 jobs, but according to an article on Bloomberg.com, Ford won’t limit the number who leave if more than the target range of 8,000 to 9,000 opt for the offers. If Ford reaches its goal of eliminating 8,000 jobs, it will have cut 44% of its North American hourly jobs in three years.
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The good news? Ford will turn around and add 26,000 libs to its lineup. What happened to the whole “green” thing? The Alton Manufacturing F-650 XUV features a Caterpillar 7.2L C7 ACERT engine, hardwood floors, a few big screens, and triple train horns. And just to be sure you can make it around the block at least 3 times, it includes a 45-gallon fuel tank…all for about $200k. Somebody call Shaq! For those of you that don’t have $200k in dispoable income, do what my friend, Eddie, did. Buy a diesel Excursion, lift it, throw some 22s on that b!+c#, add some drop screens, and your own train horn (which is alot of fun, BTW)…and voila!
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Florida Panthers’ forward Richard Zednick was accidentally struck by the skate of teammate Olli Jokinen in the neck. That’s smarts, eh? Best of luck, Richard…and God bless.
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Adrian Peterson improved his reputation as the NFLs Official Badass. He became the second rookie to be voted as MVP of the Pro Bowl next to Marshall Faulk. Peterson rushed 16 times for 129 cubits and 2 scores. AP beat out NFC teammate and Cowboys WR Terrell Owens for the award. T.O. had an early case of the dropsies again, but quickly rebounded with 8 catches for 101 yards…and also 2 scores.
In case you don’t have NFL Network or if you missed its coverage of the Pro Bowl practices…well, this video is all you really missed. Courtesy of future Presidential hopeful, Peyton Manning.
There should be no doubt that my NBA allegiance falls with my own San Antonio Spurs. But after today’s 98-90 defeat by the [previously overhyped] Boston Celtics, I’m finally convinced that the Celtics are currently the best team in the NBA, not to mention 16-0 against the West. Hopefully both teams will be healthy by St. Patty’s Day when they rematch in the Alamo City.
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And last, but certainly not least the Grammys were filled with excellent performances — Foo Fighters, Carrie Underwood & SPANK, er STOMP, the Rhapsody In Blue performance…and not Brad Paisley. (Does anyone know how old Tina Turner is?) Kanye’s performance was definitely the coolest. If you missed it, check it out here. Also did anyone keep hearing With or Without You in Alicia Keys’ performance of No One? Amy Winehouse? Really? And Ringo Starr is still the World’s Biggest Dork. That’s all I got.
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According to the New York Daily News, Brian McNamee told congressional investigators Thursday that Roger Clemens’ wife took human growth hormone before she appeared along side Rog in Sports Illustrated’s swimsuit issue in 2003. She did look pretty good. While there was no hard evidence presented, the video below definitely portrays Debbie with some semblance of ‘roid rage. Just sayin’.
Seriously, McNamee? Now you’re throwing wives under the bus? To check out the rest of the article, click here.
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