I am Financial MYTHBOT today...so, 001101010010011!!
Myth: Hotel Bibles often have $100 bills tucked into them.
Heard the one that Gideons leave $100 bills in their hotel Bibles to reward folks who turn to the Good Book?
A woman rejoiced when she actually discovered such a treasure during her honeymoon -- and found out a few hours later that her new husband was pretending to be God. The only thing Gideons leave behind is the book.
Myth: You can make a pile of dough by helping a foreigner solve his money problems.
"Hello, my name is unpronounceable, and I need to get money out of my country. Will you let me use your bank account?" is the gist of this e-mail plea.
It's called the Nigerian bank scam, and it's among the favorites. The back-story changes constantly to reflect current events. Expect a new variation every time a foreign leader dies or is deposed. Presently, Yassar Arafat's widow is supposedly seeking help moving his secret bank account out of enemy hands, and the sergeant who found Saddam Hussein's hidden gold wants help keeping it out of insurgent hands.
Myth: Boycotting a few gasoline brands brings gas prices down.
Its easy-to-understand language makes the plea plausible. The trouble lies in the fact it's too simple -- and economics don't work that way. For starters, gasoline is what's known as a fungible commodity -- if one company has an oversupply, it sells it to a competitor. No matter who you buy from, the basic supply numbers remain the same.
Furthermore, prices at all the nonboycotted outlets would rise, thanks to the temporarily limited supply and increased demand, making the original prices look cheap by comparison, according to Snopes.com.
Besides, the industry is too large for a boycott of two companies to make a dent.
Pooey, I really wanted the last one to be true. I personally participate in a particular gas company boycott and now I know that my efforts of the last 9 years have been in vain. I will continue the boycott on matters of principal. WHO'S WITH ME?! 0010011!!!
Monday, June 26, 2006
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