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LONDON, England – Dear President-Elect Obama,

Enjoy your inauguration, and party like there is no tomorrow, because that day is about as much fun as you are going to have.

You have a daunting and unenviable task, fixing the worst financial crisis since the Great Depression. It’s clear — what’s happened to date hasn’t restored confidence in the banking sector.

Much more will need to be done and it needs to be dramatic and bold. Already being discussed is setting up a bank that would acquire the banks’ toxic debt.

The thinking seems solid enough; if the bad debt is taken off the books, that will mean fewer write downs, free up capital, and that could lead to more lending.

That was the original idea behind the $700 billion bank bailout cooked up by the Bush administration. But then it couldn’t figure out how to price all that bad debt, and so they decided to give the banks capital instead. That left the bad debt sitting there, leading to the renewed lack of confidence in the banking system. So going back to the original idea is now once again in focus.

The other idea, of course, is to guarantee the toxic assets that remain on the banks’ books, such as authorities did this past week for Bank of America.

None of this will be cheap. It’s estimated that up to $1.2 trillion in new aid could be needed. Of course, that’s on top of the massive amounts of money already thrown at the problem.

Which brings me to my final point, the ballooning budget deficit. It’s estimated it will more than double this year to about $1.2 trillion, or 8.3 percent of GDP, the biggest budget deficit in the post-war period. And that figure doesn’t include the proposed $825 billion economic stimulus package. You yourself have said there is the potential to have trillion-dollar deficits for years to come.

No wonder you’ve appointed a chief performance officer to see where savings can be made in the federal budget.

I realize you have no choice but to pull out all the stops to try and get the economy moving again. It, along with getting the banks lending again, is priority number one. But for the sake of the long term health of the economy, rein in the deficit as soon as it’s possible.

Our national debt keeps growing and could reach a mind boggling 400 percent of GDP by mid-century if current tax and spending policies are not addressed.

You’ve been dealt a tough hand. The weight of expectation on you is huge. You’ve tried to play down those expectations, but they remain.

So enjoy your inauguration day, enjoy the adulation, and the overwhelming good will and optimism you’ve engendered.

And as the recession lingers on, I hope the public will be as forgiving as they have been hopeful. The problems the economy and banking system face are more than one very well intentioned and articulate man can easily cure.

As your wife Michelle reminds us, you may be a gifted man, but at the end of day you are still just a man. I wish you the best of luck.

• If you could write a letter to President-Elect Obama what would you say? Are you optimistic that he will be able to solve the economic and banking crisis?

via Business360

For years, credit card offers arrived in consumers’ mailboxes with greater frequency and consistency than those AOL CD-ROMs.

The offers, many claiming pre-approval, promised low-interest rates, balance transfers and reward programs for everything from gifts to airline miles. American consumers signed up in droves. According to a June 2008 Consumer Reports story, 85% of U.S. households are signed up for at least one rewards program.

Today, however, with the credit crunch and slumping economy, low interest rates, perks and big rewards could soon be a thing of the past. Although the credit card system has, until now, been relatively insulated from the financial meltdown, cardholders are finally feeling the belt tighten.
“Credit issuers are all banks, and banks themselves are seeing their credit tighten more than ever before,” says Bill Hardekopf, chief executive of Lowcards.com, a Birmingham, Ala.-based financial information Web site. “They need to cut their risk factor by either cutting the credit limit on certain people, raising the annual percentage rate (APR) on some cards or not approving risky clients at all.”

The good news, however, is that even with the current economic crisis, plenty of credit cards still offer significant savings and perks. The rewards, however, vary significantly from card to card. So reaping the benefits isn’t simply a matter of getting any of these cards, but getting the right card.

“There are [still] lots of interesting perks available to consumers,” says Emily Peters Davidson, a credit expert for Credit.com, a San Francisco-based consumer product and financial information Web site. “But you have to make sure you’re working the system, instead of the system working you.”

From Miles to Mortgages
Credit card companies first teamed up with airlines in the mid-’80s, offering members “miles” for every dollar charged. Nearly free flights made for happy customers during boom times, but over the years, the airlines have imposed more restrictions on how and when consumers can use those miles. The value of those miles has also decreased, meaning it takes more miles to earn free tickets.

Take American Airlines. As of Oct. 1, 2008, those who use the Citi/AAdvantage Card (issued by New York-headquartered Citibank  (nyse: C -  news  -  people )) will incur additional fees for upgrades on flights. Travelers flying between North America and Central America, or within North America, now pay $50 extra each way on top of the miles used. When traveling between North America and Europe, India, Asia and South America, fliers must pay a $350 non-refundable co-payment when claiming one-way upgrade awards.

And as of Jan. 1, 2009, the company is doing away with the 500-mile minimum on flights. In the past, flights under 500 miles–like from New York to Rochester–still received 500 points. Now, they’ll only receive the number of points equal to the flight’s miles.

The less attractive the airline perk got, the more consumers began looking for alternatives–and the credit card companies were ready and willing to provide them.

Kelly Tanabe, a 35-year-old wife, mother and co-owner of SuperCollege, a company that publishes how-to manuals on college prep and financial aid, has been a rewards card holder for 15 years. But she says she rarely uses a card that racks up air miles and instead prefers her Countrywide Rewards Visa, which offers a $50 cash payment for every 2,500 points she earns. That payment is directly applied to Tanabe’s Countrywide Financial mortgage. Last year, Tanabe and her husband–who use their card for both business and personal expenses–ate away approximately $2,000 in interest on their mortgage.

“We see it as double help because it’s ‘free’ money and because it saves us on interest we’d have to pay on the mortgage,” Tanabe says.

Her card also has no annual fee, no cap on the number of points she can earn per year and an introductory 0% fixed APR. Unfortunately, due to Countrywide’s merger with Bank of America (nyse: BAC - news - people ), this specific card is no longer available to new customers. (Current customers will be able to keep the account indefinitely, with no changes to rates, according to representatives from Countrywide and Bank of America.) However, there are similar deals out there, whether you’re looking to use that bonus for something serious, like paying off a mortgage, or something frivolous, like a grande vanilla soy latte.

Wide Range of Rewards
For small-business owners like Tanabe, Davidson suggests the Advanta Customizable Platinum BusinessCard. The APR is 0% for 15 months and just 7.99% thereafter, which is minimal for a rewards card. Rewards points–one for ever dollar spent–can be redeemed for travel, gift cards or cash back.

Those attempting to save money on gas should consider the Chase BP Visa Rewards Card, which offers 5% cash back on all BP pump purchases, 2% on other travel and dining-related purchases and 1% on all other purchases. The catch, of course, is that you must use BP gas.

And even college-aged cardholders can enjoy the perks of a rewards program, according to Davidson. The Citi Dividend Platinum Select Visa–for enrolled college students only–offers 5% cash back on gas, groceries and utilities, with no annual fee and 0% APR for six months. After six months, the rate jumps to 13.49%, but that’s still lower than the 18.9% APR on most student cards.

Redemption Comes With a Price
With cash-back and gift cards galore, these points can be likened to collecting tickets in an arcade. However, unlike claiming your teddy bear after winning in skee-ball, redeeming your points doesn’t always prove to be an even exchange.

“If you pay your credit-card bill off in its entirety every month, then it is like getting free stuff,” says Hardekopf.

Unfortunately, many people don’t do that, and, as a result, they pay interest fees that cancel out any benefits of the card. What’s more, Hardekopf says, many people don’t even get the chance to redeem points because they expire in many programs. He suggests doing extensive research–both on financial information Web sites and credit card company Web sites–to make sure you understand the terms and conditions of the card, including point expiration dates.

What perks do you get on your card? Do you get bang for your buck? Share your experiences in the Reader Comments section below.

Worried that you won’t even qualify for a rewards card due to the clamp on credit? Unless you have a dismal credit rating, you should have no problem qualifying for a card, despite the current crisis, says Gail Cunningham, a spokesperson for Silver Spring, Md.-based National Foundation for Credit Counseling, a nonprofit debt management organization.

Cunningham does, however, suggest that those who currently have rewards cards review their existing contracts. Several companies–like the aforementioned American Airlines–are reducing benefits. Of course, these new restrictions have a lot to do with the struggling airline industry: Customers are also seeing higher flight prices and additional charges for items such as blankets, soft drinks and headphones.

But all in all, there is still some “free money” to be had. It just takes some research.

“A person can win at the rewards cards game if they know how to play,” says Cunningham.

via Forbes

Like many of her colleagues, Dr. Rosalind S. Dorlen, a clinical psychologist in Summit, N.J., has no openings for new patients. Though she’s always had a busy practice, the past few months have brought an intensity she’s never before witnessed.

“Every person coming into my office is talking about this global roller coaster we’re on,” says Dorlen, who counsels many Wall Street employees. “There’s widespread anxiety, which I haven’t seen around economic factors in my 30 years of practice.”

Indeed, the news has been grim. Since the beginning of the year, the economy has shed jobs consecutively for nine months, eliminating 760,000 positions. In September, one in 475 housing units received a foreclosure filing, according to RealtyTrac, a firm in Irvine, Calif. And pensions lost roughly $1 trillion from the second quarter of 2007 to the second quarter of 2008, according to a recent analysis by the Congressional Budget Office.
What’s next? Nobody knows, but the constant bad news is taking its toll. The American Psychological Association (APA) conducted two online surveys of more than 2,500 people this year and found that respondents’ stress levels spiked in September. In April, 66% said that the economy was a source of stress. In September, that number jumped to 80%.

While stress is a normal response in turbulent times, some health professionals are concerned that the enormity of the financial crisis will hinder the coping abilities of those affected most. But there are ways to effectively manage stress, and it’s not too late to start monitoring the warning signs and developing proactive strategies to relieve anxiety and depression.

Seeking Help
Georgia Cristimilios, vice president of sales and marketing for Corporate Counseling Associates, a human resources consulting firm based in New York City, says the company has seen a 15% increase during the past year in the number of employees looking to take advantage of counseling and assistance benefits provided by their employers.

Many of the company’s 250 clients, which include investment banks, hedge funds, law firms, publishing houses, newspapers and manufacturers, have been hit hard by the economic crisis, and few employees have been unaffected. (Forbes Media is also a client of CCA.)

“We ask ourselves, ‘Is this an hourly wage earner, or is this a C-level executive,” Cristimilios says. “And we’re seeing it across the board.”

People who may be prone to anxiety, depression or substance abuse are calling in distress. The firm also has contacted local law enforcement and hospitals about suicide threats once or twice a week as opposed to the average during normal times, which is once a month.

Substance abuse or suicidal thoughts are dramatic red flags, but there are many other warning signs of depression that should be taken seriously. In the APA survey, respondents reported both physical and mental symptoms of stress, including fatigue, muscular tension, erectile dysfunction, lack of interest or motivation, dizziness, headaches, upset stomach, increased irritability or anger, teeth grinding and nervousness.

The Bigger Picture
Taken alone, these symptoms might seem like isolated problems. But when they affect someone dealing with layoffs, foreclosure or other forms of financial stress, they can point to a more troubling struggle with anxiety or depression.

Dr. Dorlen, who is also a fellow with the APA, recommends several coping strategies. The first is to develop a “pause but not panic” approach to decision-making. Though it can be tempting to react immediately to bad news–especially for those who work in high-pressure environments–it can often exacerbate the problem.

At the same time, it’s important to eliminate counterproductive habits like gambling, substance abuse or over- or under-eating and rely instead on therapeutic activities like exercise, meditation and hobbies.

Does your company help employees handle stress? Weigh in. Add your thoughts in the Reader Comments section below.

More formal approaches include counseling and employee assistance programs. Both may be useful tools for those who want outside help sorting through their emotions and options. Employee assistance programs, which are administered by human resources departments and outside consultants, are designed to accommodate individual needs and can include everything from yoga classes to financial management workshops to counseling referrals.

Lastly, it’s possible to view these challenges as opportunities for growth. Beth Bloomfield, an executive coach and president of the Annapolis, Md., consulting firm Bloomfield Associates, says that professionals should consider improving their skills, volunteering for work projects and reevaluating their career path.

“Don’t just feel like you’re getting flattened by a steamroller,” she says. “Look at it as a chance to renew yourself.”

via Forbes

Most of the planet thinks U.S. racing fans are idiots because the style of racing they enjoy is so simplistic. Americans prefer the wide-open ovals of Nascar and IndyCar, where drivers go round in circles at ridiculously high speeds while making only left turns.

Around the globe, though, the true measure of driving skill is dexterity: a combination of gear shifts, rapid acceleration and hard braking, sharp left- and right-hand turns and speed–all of which are thrown at the Formula One (F1) driver on every lap. Still, for some reason F1 racing, the most popular and technologically advanced motorsport series in the world, has never caught on in the U.S.

It’s been widely criticized by many because they claim this kind of racing takes away much of the game’s raw action and challenge. Racing purists believe that cars were built to run on real roads and thus require the car racing sport to be held purely on realistic terrains. What many so-called real fans of racing overlooks though, is that there are variations to a certain sport. American cars racing on man-made oval tracks is not different from boxers fighting with gloves or swimmers making laps in indoor pools. What matters is that Americans consider it exciting, maybe even better than the real thing. The simplified race also limited the scope of the tracks, allowing fans to watch it live without making a dent on their savings and in effect mirroring the very reason why it fits the American lifestyle.

Having driven at high speed on ovals in both stock (Nascar) and Indy cars, I decided to weigh in from an F1 driver’s perspective, albeit an amateur one. LRS Formula USA is a school that puts novices behind the wheel of authentic single-seat, open-wheel supermachines built to the specifications of the F1 governing body, Fédération Internationale de l’Automobile (FIA). You get to be Michael Schumacher for a day.

In 2003 Laurent Redon, a former F1 test driver, founded LRS Formula Europe at tracks in Monza, Italy and Nürburgring, Germany. Based on its success, French-born entrepreneur Pierre-Louis Moroni partnered with Redon to launch a similar operation in the U.S. last year. Las Vegas Motor Speedway was chosen for its good weather and proximity to adventure-seeking clientele. Being an adventure seeker myself, I chose it as the location for my F1 experience.

Moroni bought two retired F1 machines–a 2001 ex-Prost team car and a 1997 ex-Arrows car once driven by world champion Damon Hill–then retrofitted them with smaller 3.5-liter engines. Less powerful than what was raced on the F1 circuit, the Cosworth and Peugeot (other-otc: PEUGY.PK - news - people ) engines still deliver 700 horsepower. And because they weigh just 1,500 pounds, the carbon-fiber cars have a stunning power-to-weight ratio of one horsepower per two pounds (the typical passenger car is more like 1:20), which allows them to accelerate from 0 to 100mph in less than five seconds.

At 9:30 a.m. we gather for a briefing at Las Vegas Motor Speedway’s south road course, 1.8 miles of twists and turns that test cornering and braking abilities while being tight enough to keep us from going too fast. In addition to the car, LRS also provides a fireproof driver’s suit, helmet, gloves and shoes. All you need to bring is your checkbook.

It is a diverse group. Among the students are pop singer Jesse McCartney and money manager Harindra de Silva. De Silva, who races Lotus and Lola vintage cars, runs the $1.2 billion Old Mutual Analytic Defensive Equity Fund in Los Angeles.

After an hour in the classroom, where we find out things like fewer than 4,000 people (counting the pros) have driven F1 cars, we take to the track in a van with Moroni, who points out braking and turn-in points at the corners.

Next it’s practice laps in smaller F2000s, older tube-frame machines that look like F1 cars but have only a fifth of the horsepower. It’s better to make mistakes in these than in the more expensive F1s. (The finicky F1 engines can take only 1,500 miles of use before requiring a $25,000 overhaul.) After each session we receive feedback from instructors. Since I’ve taken Skip Barber Racing courses, I’m no stranger to the F2000, but some students have trouble and welcome the critiques. Then it’s time for lunch. Over sandwiches and potato salad, Moroni, who doesn’t advertise, confides, “This is not really a school, it’s an experience. I don’t teach them how to drive, just let them drive the car.”

When we return to the course, two F1 cars are already warmed up. I am motioned toward the deep blue ex-Prost car. Once in the cockpit, my backside is separated from the asphalt by just two inches of air and a thin piece of carbon fiber. Moroni tightens my belts, then puts a foam collar around my neck to steady my helmet. All I can move above the waist are my arms and eyes.

From the cramped confines, I can see track in front of me, but much of my vision is obscured by two Bridgestone (other-otc: BRDCY.PK - news - people ) Potenza racing slicks and an annoying fog my heavy breathing has created on the helmet visor. When I gun the throttle, led lights representing rpm levels illuminate on the suede-covered steering wheel. It’s like being in a space capsule. The pit crew pushes the car forward as I gingerly release the clutch for a rolling start. The car snorts and staggers, like a high-tech version of the movie Chitty Chitty Bang Bang, until it catches–then I’m off in a lurch.

The gear shifter takes the form of paddles on the steering wheel. Pull the right paddle to upshift, the left to downshift. Once out of low gear, no clutch is needed and traction control helps diminish rear-wheel spin. I quickly move up through the gears. Piece of cake, right?

The track is smooth, yet you feel every bump through the unforgiving suspension and twitchy steering. The car has shocks, of course, but they are stiff, designed to operate at much higher speeds, so it feels as if there’s a direct link between the track and my torso. The noise is unreal. An F1 engine tops out at more than 19,000rpm (Moroni’s only hit 12,500) and it bombards the driver with a sinister, high-pitched dentist-drill whine.

On my second lap on the longest straight, I decide to push it. After accelerating quickly into fifth gear, I hit the carbon brakes hard at the last instant before the hairpin corner, dropping from 140mph to 40mph in around 200 feet. The reverse g-force is intense, but not quite intense enough, I soon discover. The nose of the car dances and sways wildly, and suddenly I’m spinning. I should have braked harder, and sooner. Worse, the engine quits when I come to a stop. I sit there on the track, motionless, helpless and embarrassed, as Moroni and crew take what seems like hours to get to me.

When they do arrive, Moroni is serious. “Respect the equipment, and the equipment will respect you,” he says. Luckily I hadn’t hit anything, so the crew just restarts the car and around I go again, sheepish and more careful.

Sometimes I forget what gear I’m in or downshift when I mean to upshift. (In all the excitement, it’s easy to mistake your left for your right.) When that happens, the car bucks, slowing from the sudden increase in engine revs.

By the fourth lap, when Moroni waves the checkered flag signaling the end of my run, I am relieved. I pull in, shut off the engine (on purpose this time) and remove my sweaty helmet. Moroni congratulates me with a pat on the back and a vigorous handshake. If he’s relieved that I’m off the track, he doesn’t show it.

I hadn’t gone that fast–pros at the big tracks top 200mph for a second or two–but that wasn’t the point. The point was to experience the power and finesse of a real F1 car on a tight track.

At 6 p.m. our group is ready to “graduate.” Moroni presents us with certificates. My verdict? The stab-and-steer driving of such a fine-tuned machine is certainly more exciting than going round in circles in a lumbering stock car, but less thrilling than the constant 200mph hypnosis experienced in an Indy-car cockpit. In all fairness, though, had I been able to open up the F1 car on a bigger track, I might have a different opinion.

But then again, I’m an American. What do I know?

For more of Jim Clash’s escapades and videos, go to www.forbes.com/adventurer

Source - Forbes

Of those who watch video on their computers, wireless devices or digital media players, 65% are watching TV programming from broadcast or cable networks, a figure that climbs to 70% among respondents 18 to 24 years old, according to a survey released by ChoiceStream, a Cambridge, Mass., company that provides media guides and recommendation engines for Comcast (nasdaq: CMCSA - news - people ), Yahoo! (nasdaq: YHOO - news - people ) and other clients.

That’s good news for the online video strategies being pursued by CBS (nyse: CBS - news - people ), Walt Disney (nyse: DIS - news - people ) unit ABC, General Electric (nyse: GE - news - people ) subsidiary NBC Universal, News Corp. (nyse: NWS - news - people ) network Fox and Viacom (nyse: VIA - news - people ). But aren’t consumers watching user-generated video and other independently produced video as well? They are, but not as much. About 39% of the respondents – and 46% of those 18 to 24 – watch Web-only video on alternative, non-TV devices.

The survey, which was conducted for ChoiceStream by research firm MarketTools, polled 824 U.S. consumers about their TV- and video-viewing habits. About 90% of the survey participants made at least one online purchase within the past six months.

Computers are the most popular alternative platform for watching video, with 36% of respondents watching network TV programming on their PCs or laptops. Of those, 33% watch at least four hours a week.

What about wireless devices and digital media players? An overwhelming 94% said they never watch TV programming on those platforms, a figure mostly reflecting the failure of wireless carriers to gain much traction with their video offerings.

Looking ahead, 20% of survey respondents said they plan to watch more TV programming on alternative devices over the next six months. Of those respondents, 55% said the increase will replace time spent watching TV programming on a television set. Or, to put it another way, a very sizable 45% expect to be watch more video on alternative platforms in addition to their usual TV viewing, demonstrating that online video doesn’t necessarily cannibalize TV viewers.

Of those respondents using a digital video recorder, 23% said they sometimes or always watch TV commercials, mostly because they found them educational or entertaining, And 42% said they’d be willing to watch more commercials in exchange for a lower monthly cable bill.

Meanwhile, the survey found that 72% of respondents said it took them at least a few minutes to find something interesting to watch on TV, while 62% said it took that long to find something to watch on alternative devices. About a third of the respondents said those search times were frustratingly long.

Those final data points might seem a little self-serving considering that ChoiceStream’s recommendation engines are aimed at reducing search times. But given the hundreds of TV channels and countless online options that consumers have to consider, enhancing their ability to quickly track down relevant entertainment content is a challenge that will loom larger in the months ahead.

The old adage that an Englishman’s home is his castle rings true for anyone who lives in Britain’s postcode SW3, the area sandwiched between Chelsea and Brompton.

Average home sale prices for this, the country’s most expensive postcode, reached £1.95 million (about $4 million) in the last year, as international buyers and those in the financial sector raced to snap up the area’s white, stucco homes with trendy King’s Road at their doorsteps.

Rounding out the top five were SW1X, Knightsbridge (£1.91 million; about $3.9 million) SW1W, Belgravia (£1.9 million; about $3.89 million), W8, Kensington (£1.89 million; about $3.87 million), and NW8, St. John’s Wood (£1.8 million; about $3.65 million).

Complete List: London’s Most Expensive Postcodes

Complete List: Most Expensive Postcodes Outside London

Besides pricey properties in common, all five, like the majority of Britain’s most expensive postcodes, are all either part of the capital, or are within commuting distance.

Prices drop the farther from London you get. The most expensive postcode outside the capital is GU25, or the sleepy village of Virginia Water, in Surrey, the county on the edge of the capital that’s also known as the Stockbroker Belt. There, the average home sale price in the last year reached £934,643; about $1.9 million. KT22 in Leatherhead, where prices average around £444,657 ($910,249) landed at the bottom of our list.

Behind The Numbers
We ranked the U.K.’s 20 most expensive postcodes, along with the 20 priciest postcodes outside London, by sifting through the last four quarters worth of home sale prices in more than 2,300 postcode districts, as recorded by HM Land Registry. We took the average of the four quarters to come up with an annual price per postcode.

While the credit crunch, high interest rates and lack of affordability have increased fears of a slowing nationwide housing market, in London and some of Britain’s prime areas, prices are on the rise. In the country’s seventh most expensive postcode, SW7 (South Kensington), home prices are now more than 60% higher than they were in the last quarter of 2006. Buy a home there, and chances are you’ll part with £1.64 million, or about $3.35 million–the average home sale price over the last year.

What has made the capital city so dear? London is fast becoming a popular haven of second homes for the super-rich, particularly those who come from overseas. Only 11 of the 19 billionaires living in London today are British.

Eaton Square in SW1W has been unofficially named “Red Square,” for the number of Russians living there, while Knightsbridge in SW1X is a popular destination for those from the Middle East, and increasingly, China.

“These are cash buyers who don’t need a mortgage,” says Martin Gahbauer, senior economist at mortgage lender Nationwide. “Part of that is due to the fact that oil prices have continued to skyrocket, so earnings in the economies that these buyers come from are high.”

The attraction is also due in part to the reliability of Britain’s judicial, financial and school systems, as well as the favorable tax rate: Non-domiciled residents don’t have to pay tax to the U.K. government on their overseas earnings.

The influx started a while back, and shows no signs of slowing. “Since 1975, London has been acquired by this international population, and none of them have any reason for selling,” says Andrew Langton, chairman of Aylesford International, a real estate agency. “So London’s popularity has built up since that time.”

Inside London’s Ritzy Regions
While Chelsea has a younger, trendier crowd and a mixture of pieds-a-terre, family homes and shops, SW1W in Belgravia boasts quieter, more elegant squares, and large, stately mansions. Kensington is also more family-house oriented.

Mayfair, in W1J, is teeming with hedge-fund offices and fine tailors, but its property tends to be lower in value then other prime parts of London, according to Jonathan Hewlett, director of U.K. business at Savills real estate agency, which sells some of London’s most expensive properties. Average yearly home sale prices there topped £1.04 million, or about $2.14 million.

Further out, the appeal for buyers is more peace and tranquility than trendy neighborhoods and upper-class elegance. The likes of GU25 in Virginia Water, TN7 in Poole and even HP8 in Chalfont Saint Giles, Buckinghamshire are a good distance away from the hustle and bustle of city life. Still, the high price tag is there, because they are all commutable to London. The exception: Riding Mill, Northumberland.

While Northern England has often been perceived as a cheaper option for home buyers, prices there, particularly in and around the cities of Newcastle and Manchester, have put many properties out of reach. Robust economic growth in Britain, coupled with a housing market that’s grown at breakneck speed, has benefited regions across the country, not just London.

But London’s postcodes will continue to be the priciest of all for years to come, particularly as international petrodollars and banking bonuses pour in.

“As the market evolves, the proximity of living close to where you work, along the river, heading toward London, becomes important,” says Hewlett. It doesn’t matter if you work in London, or just want a second home there, for Brits and international buyers alike, the closer you get to the capital, the larger the hole in your pocket.

Complete List: London’s Most Expensive Postcodes

Complete List: Most Expensive Postcodes Outside London

Source - Forbes

Having something break on a nearly new car could lead you to love it more.

Lexus IS250 owners can attest to that. Lexus’ dealerships offer some of the industry’s best perks (in-showroom cappuccino machines, among them) and the brand’s service department is known to work overtime for customers. Lexus is just one of several luxury brands offering over-the-top dealership service that separates their vehicles from the rest–and instills buyer loyalty and satisfaction.

“If you have one minor problem that’s taken care of immediately,” says Alexander Edwards, automotive division president of the market research firm Strategic Vision, “you’ll perceive your vehicle to be of a higher quality than if you’d had zero problems.”

Complete List: Best Luxury Cars For The Buck

This eyebrow-raising discovery illustrates an important point: In the luxury realm, if the car isn’t perfect, other aspects need to be. That’s because luxury-car buyers are purchasing more than the car itself.

“Time cost is what’s becoming the biggest factor,” says Milton Pedraza, CEO of the Luxury Institute, a market research firm focusing on affluent consumers. Buyers are asking, “How easy is it to own this car?”

The answer lies in key metrics that measure a luxury car’s value, including price, consumer satisfaction, reliability, maintenance and fuel costs.

Behind The Numbers
In compiling our list of the luxury cars that deliver the most return on investment, we first looked at cost. Considering that today’s median new-vehicle transaction price hovers around $27,000, and the base price of many “entry luxury” sedans, such as the Mercedes-Benz C-Class and Infiniti G35, is set just above the $30,000 mark, we included all passenger cars and SUVs with starting prices, including destination, over $30,000.

Then, respecting the point that dealership service especially matters to luxury buyers, we considered the 2007 results of J.D. Power and Associates’ annual Customer Service Index (CSI) scores, which assess satisfaction with dealership service in the first three years of ownership. Any brands that performed below the industry average (876 on the index’s 1,000-point scale) were then removed from consideration. Among luxury brands, this included Mercedes-Benz, at 872, along with Land Rover, which ranked near the bottom, at 843.

Next, we looked to Strategic Vision’s 2007 Total Value Index (TVI) scores, which assess one’s complete ownership experience, including reliability and dealership experience, on a weighted scale, out of a possible 1,000 points. In considering these, we removed any vehicles from our list that didn’t achieve above-average scores in their respective segments (the firm has 20 of them, covering specific types of vehicles, such as “Convertible Over $30,000″ and “Luxury Car”).

Finally, we looked at overall five-year ownership costs, as compiled for 2008 models (2007 costs were used when necessary in a few cases) by Vincentric, a data analysis firm providing cost-of-ownership information to the auto industry. We used Vincentric’s average costs across each model line, as ownership costs might vary depending on equipment, options, and trim levels.

Joining the Lexus IS250 at the top of our list were the Volvo V70 and Acura TL. Each offer luxury amenities, such as supple leather seating and eye-catching trims, along with more modern features, like sophisticated navigation systems, voice-activated features, or advanced safety devices like the Volvo’s “blind spot information system.” All also cost well below $40,000, even when a few major options are added.

That’s important–because most luxury car shoppers aren’t eager to spend more money than they need to. But there’s an exception, Edwards says. Luxury-vehicle shoppers will be willing to pay for some items that might be called “functional luxury,” such as automatic wipers or “smart” cruise control systems–features that readily redeem themselves. It’s when luxury features don’t enhance functionality and buyers are already ponying up for the brand experience that customers are more conscious of that extra money, because it adds cost but not value, he says.

A buyer must also consider depreciation, insurance premiums, fuel expenses, maintenance and repair–all aspects included in Vincentric’s ownership costs, which vary greatly from model to model. For instance, the five-year estimate for the $11,300 Yaris stands at $31,250, while the ownership costs top $150,000 for several of the most expensive models from Mercedes-Benz and BMW, which ring in at sticker prices of over $100,000.

David Wurster, Vincentric’s president, says that because luxury cars are considerably more expensive than more mainstream models, shoppers should be especially concerned with depreciation, which isn’t always tied to sticker price. Using 2007-model-year data, for example, a $34,300 BMW 328xi, which is priced just below the $35,060 Jaguar X-Type sedan when new, is estimated to be worth over $3,000 more than the Jaguar after five years.

Another thing to consider is gas mileage, Wurster says, as luxury cars tend to use more fuel.

You’re on the right track if you want to keep maintenance costs down, too. But with fuel prices and insurance premiums especially contributing to ownership costs (which have risen faster than the sticker prices of the cars themselves), Wurster says maintenance costs are the exception. Because automakers have been extending the time and mileage between oil changes and other service visits, he explains, it’s no longer the value differentiator it once was, and a smaller piece of the pie (the pie of long-term ownership costs, that is) than it used to be.

Perhaps the least tangible measure of value is a luxury automaker’s reputation. Luxury-car buyers are becoming increasingly interested in cars from automakers that demonstrate a high level of environmental responsibility. The environment, along with philanthropy and labor and trade policies, says Pedraza, are rapidly growing factors that lead well-informed luxury shoppers to look to a certain brand as greener luxury for the buck, even if the costs of the eco-friendly brand and its model add up to a bit more, he says.

Which again goes to show that the value of a car can be much greater than its cost.

Complete List: Best Luxury Cars For The Buck

Source - Forbes

As the restaurant critic for The Seattle Times, Nancy Leson knows her way around the coastal city’s restaurant scene. When it was time to treat her husband on his birthday, she took him to Canlis, the city’s most expensive a la carte restaurant.

For once, the meal was entirely on her dime “and it was worth every penny of it,” she says.

A meal at Canlis, which opened nearly 60 years ago and is often credited for defining if not “birthing” Pacific Northwest cuisine, will set you back about $75 a person–without any of that great Willamette Valley wine.

That’s pocket change in New York City where taking your spouse to the most expensive restaurant in town– Masa at the Time Warner Center–will set you back at least $1000 (it’s $400 a person right off the bat for the 30-course Omakase menu. And that doesn’t include tax, tip or one of their superior sakes.)

According to the most recent Zagat Survey of America’s Top Restaurants, New York City continues to lead the way as the most costly U.S. city in which to dine out, with an average tab of $39.46. By comparison, Zagat’s national average is $33.29, while New Orleans ($26.18) and Austin ($25.30) are the least expensive cities. Of course, U.S. restaurants cost roughly half of what their peers do in cities such as London ($79.46), Paris ($74.24) and Tokyo ($69.58).

Succulent Spots
To compile a list of the country’s top tables, we selected what are commonly thought to be the 10 most expensive restaurants in 10 “foodie” cities across the United States. We narrowed our selection by calculating what the minimum “price of admission” would be to dine at each, that is: how much it would cost to dine there if you were to order the least expensive item on the menu. Those with the highest tabs made the list.

Obviously, most people don’t go to a fancy restaurant and order the least expensive item on the menu (Why go to Canlis and order the $28 polenta entrée when you can enjoy the Pacific Ahi Tuna pan seared with furikake, Thai cucumber salad and chive oil for $37?), so guest tabs would most likely be much higher than our math suggests. Some restaurants, like Masa and French Laundry have set prix-fixe menus. They were included if their prix-fixe was higher than the guest check average would be at a la carte restaurants in their region–and league.

What we found is that many of the country’s most expensive restaurants are also some of the oldest, such as Canlis or Antoine’s in New Orleans, which first opened its doors an astonishing 160 years ago. And, many on our list turn out fine French cuisine, as in the case of L’Espalier in Boston.

But old–and French–don’t necessarily combine to mean stuffy. In fact, 20 years after Chef Frank McClelland took over L’Espalier in an 1880 Back Bay townhouse, his French cuisine with a New England twist, remains as fresh and innovative as ever. Last May, McClelland was named Best Chef Northeast at the James Beard Awards. And, next summer, L’Espalier, the “go to” restaurant for wedding proposals in Boston (they average about one a month) will be moving to spacious new modern digs at the Mandarin Oriental on Boylston Street. No worries: McClelland is taking his cutting-edge foie gras preparations with him, as well as the restaurant’s signature iron gate.

People seem to like their luxury laid back these days, so it’s no surprise that only three restaurants on the list require jackets– Joel Robuchon at the Mansion in Las Vegas, The French Laundry and The French Room at the Adolphus Hotel in Dallas. At least two of them, Masa and Urasawa, recommend more comfortable clothing as meals can stretch on for hours.

Antoine’s, which serves French Creole cuisine in the heart of the French Quarter has stopped requiring a jacket and tie in its 15 lavish dining rooms. (That makes eating their alligator soup a lot easier). As legendary as this place is, only one entrée has crept into the $40-and-up territory, and the signature Oysters Rockefeller, which were invented there are still only $13.

Tom Fitzmorris, who has been hosting a daily three-hour radio show all about food in New Orleans for 20 years, says as food-obsessed as the culture is, restaurants there remain surprisingly inexpensive compared to other parts of the country.

Part of it is that many ingredients in French-Creole cuisine–rice, beans and andouille sausage–are inherently affordable. And much of the seafood is readily and locally available. But Fitzmorris says entrée prices are starting to climb as more and more local ingredients like shrimp and soft-shelled crabs get shipped to other parts of the country (particularly the Northeast), driving up prices locally.

But diners appear ready to pay premium prices for worthy ingredients. In the aforementioned Zagat Survey, 55% of diners polled said they’d happily pay more for a meal that was, in fact, sustainable and/or organic.

At The Inn at Little Washington , which continues to serve the most expensive meal in the Washington D.C. area, Chef/Proprietor Patrick O’Connell prides himself on his “cuisine de terroir,” or regional cooking. Using local ingredients whenever possible is virtuous, and makes economic sense.

O’Connell says the low value of the dollar against the euro is driving up the price of imported products from truffles to balsamic vinegar, cheese and sea salt. Case in point: Last year, white truffles were selling for $2,000 a pound. This year his kitchen paid $3,500. A year ago, the restaurant spent $8.50 a pound for its imported parmesan. Today, they’re paying $11 a pound–to the tune of 200 pounds a week.

Even locally, purveyors are tacking on surcharges of 3% to 7% to compensate for soaring gas prices, says O’Connell. Rising oil prices also affect all petroleum-based products–like trash bags–which have almost doubled in price.

All this helps explain how a meal at the cozy Inn can start at $148 mid-week and jump to $168 on a Saturday.

Of course, a meal can easily be five times that should you decide to sleep at the stunning Inn after your meal.

The ability to roll right into a sumptuously dressed bed right after a decadent dinner? No price tag on that.

Source - Forbes

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