Tag: Recession

Statewide small business stimulus program heads to Riverside | Office of the Small Business Advocate

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Business Matchmaking and SBDC team to help entrepreneurs access contracts
Statewide small business stimulus program heads to Riverside

SACRAMENTO — On Feb. 4 Riverside businesses will have the opportunity to participate in a free statewide program aimed at increasing small business readiness to access stimulus-funded contracts through President Obama’s Economic Recovery Plan.
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U.S. Retail Credit Card Defaults Hit Near-Record Levels with No Relief in Sight | Insurancenewsnet.com

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Fitch’s December Retail Credit Card Index results show that more than one in every eight dollars of receivables was written off as uncollectable during the November collection period on an annualized basis.

Similar to chargeoffs, the deterioration in delinquencies has slowed significantly from the previous year, yet they still remain almost 48% higher than 2007. Despite these short term improvements, Fitch expects retail credit card delinquencies to remain elevated throughout first half 2010 in line with its expectations for unemployment.

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Stimulus News Digest | Office of the Small Business Advocate

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Highlights include:

Santa Rosa, County Due Millions in Stimulus Aid   –   $7.4MM

Forest Service Gets $185 Million to Expand Payroll in Region  –  $185MM

Workforce Investment Board Offers Free Employment Advice  –  $220K

Fiber Dominates Latest US Rural Broadband Stimulus Funds Release  –  $300MM

NIH Funding of Biomedical Innovation Is Creating Jobs, Fueling Industry  –  $10.5BN
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Bankers Without a Clue | Paul Krugman – NYTimes.com

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Jamie Dimon of JPMorgan Chase declared that a financial crisis is something that “happens every five to seven years. We shouldn’t be surprised.” In short, stuff happens, and that’s just part of life.

But the truth is that the United States managed to avoid major financial crises for half a century after the Pecora hearings were held and Congress enacted major banking reforms. It was only after we forgot those lessons, and dismantled effective regulation, that our financial system went back to being dangerously unstable.

It’s the equivalent of “Hey, who can know why these things happen? What am I, an expert? Fuggetaboutit.”

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Federal Reserve Seeks to Protect U.S. Bailout Secrets (Update1) | Bloomberg.com

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The Federal Reserve Bank, to preserve its own power, is engaged in a lawsuit to prevent disclosure over what banks received bailout funds, along with how much they received.

Since the Fed controls currency, in effect, your government is engaged in a fight to NOT tell you who the gave YOUR money to.

The Fed is joined in its bid to overturn Preska’s order by the Clearing House Association LLC, an industry-owned group in New York that processes payments between banks. The group assailed the judge’s decision for what it said were legal errors, such as applying the wrong standard in weighing the exception to FOIA.

The group includes ABN Amro Bank NV, a unit of Royal Bank of Scotland Plc, Bank of America Corp., The Bank of New York Mellon Corp., Citigroup Inc., Deutsche Bank AG, HSBC Holdings Plc, JPMorgan Chase & Co., US Bancorp and Wells Fargo & Co.

Federal Reserve Seeks to Protect U.S. Bailout Secrets (Update1) – Bloomberg.com.

MOVE YOUR MONEY!!!

Do Something!

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SEC order helps maintain AIG bailout mystery | Reuters

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It could take until November 2018 to get the full story behind the U.S. bailout of insurance giant American International Group (AIG.N) because of an action taken last year by the Securities and Exchange Commission.

In May, the SEC approved a request by AIG to keep secret an exhibit to a year-old regulatory filing that includes some of the details on the most controversial aspect of the AIG bailout: the funneling of tens of billions of dollars to big banks like Societe Generale, Goldman Sachs (GS.N), Deutsche Bank (DBKGn.DE) and Merrill Lynch.

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Do Something!

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Gov. Schwarzenegger Lays Out Priorities in State of the State Address

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Every once in a while, it’s good to see what the press is spinning directly, so you can judge for yourself what’s being said. Attached is The Governator’s State of the State press release for your edification.

For Immediate Release:
Wednesday, January 6, 2010

Gov. Schwarzenegger Lays out Priorities, Urges Continued Bipartisan Teamwork in State of the State Address

Today, Governor Arnold Schwarzenegger delivered his annual State of the State address before a joint session of the California legislature. The Governor reflected on the teamwork that brought California through the worst recession since the Great Depression in 2009 and laid out his vision for California in 2010.
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