Tuesday, March 31, 2009

New lending from the Top 20 TARP Banks Increases

Lending normally drops during a recession.   According to GAO  survey, aggregate new lending by the top twenty TARP institutions in December and January amounted to roughly $245 billion up considerably from  November’s $207 billion.  TARP funds were first received on October 28 and November 14 for most of these institutions.  See the Table below.

For more details how things are going, go to the recently released GAO publication.  Click on the following:  http://www.gao.gov/new.items/d09504.pdf?source=ra

 

image

Walgreens' clinics to offer free care to jobless -- chicagotribune.com

walgreens.jpeg

Current Take Care clinic patients who lose their jobs after Tuesday, and who are without health insurance, will be eligible for free care at the clinics throughout the rest of 2009.

To read the exact conditions, click on the following:

Walgreens' clinics to offer free care to jobless -- chicagotribune.com

Ford, GM plan to cover some payments for car buyers who lose their jobs -- chicagotribune.com

General_Motors_Logo.jpg

Well two of the three big three have followed Hyundai Motor Co—if Chrysler merges with FIAT will it follow?

Click on the following to read the details:

Ford, GM plan to cover some payments for car buyers who lose their jobs -- chicagotribune.com

Illinois Unemployment by County and Area

 

Click on the map to enlarge: 

image

image

image

Chicago Sun-Times parent files for bankruptcy | U.S. | Reuters

Sun-Times joins Tribune in bankruptcy.

Sun-Times properties include the Beacon News in Aurora, the Courier-News in Elgin, the Lake County News-Sun in Waukegan and the Herald News in Joliet

Click on the following to read why:

Chicago Sun-Times parent files for bankruptcy | U.S. | Reuters

U.S. January home prices drop record 19 percent | U.S. | Reuters

 

After hurting growth for multiple quarters, a continued deterioration could prolong a turnaround for the world's largest economy, which has been in a recession since late 2007.  Click on the following to read the rest of this Reuters story:

U.S. January home prices drop record 19 percent | U.S. | Reuters

Home values sink at record pace in January - MarketWatch

Home values in 20 major U.S. cities fell at the fastest rate on record in January and are now down a record 19% in the 12 months ending in January, Standard & Poor's reported.   Chicago down 16.4% for 2008.

"We estimate that an additional 10%-15% in downside is still in store."

And what is the current tax assessment on your house?

Click on the following to read the rest of the story:

Home values sink at record pace in January - MarketWatch

Ford to cover car payments if buyer loses job

Ford follows Hyundai Motor Co.into the “new” economy of car finance.  Will the Obama Administration “allow” its two auto companies (GM and Chrysler) go there?

Click on the following to read the Ford story: 

Ford to cover car payments if buyer loses job

Financial Q&A: If crude-oil price is down, why are gas prices up? | csmonitor.com

Click on the following to find the “answer”. 

Financial Q&A: If crude-oil price is down, why are gas prices up? | csmonitor.com

Is auto rescue too big a role for government? | csmonitor.com

The Obama administration will give Chrysler working capital for 30 days to see if it can conclude a definitive agreement with Fiat or some other partner.

The strategy may make sense in the long run. But if clean cars clash with consumer tastes or exceed their budgets, carmakers might end up building lots of cars they can’t sell.

Is auto rescue too big a role for government? | csmonitor.com

Monday, March 30, 2009

Yahoo! Personal Finance—should you buy a new car now that the President has spoken?

By summer, we should know.

For the rest of the story, click on the following:

Yahoo! Personal Finance

SCHRADER: Lessons on preserving our farmland | Daily Chronicle

Fred Genrich, the founding chairman of the Boone County Agricultural Easement and Protection Commission, talks to  DeKalb County Farmland Foundation on how to preserve farmland.

Click on the following to read about Fred:

SCHRADER: Lessons on preserving our farmland | Daily Chronicle

Boone 911 equipment to be safe from potential leaks - Rockford, IL - Rockford Register Star

Seems like a very simple solution to this grave problem.  Why did they not  think of this before?

Health Director--newp

Click on the following to read the story on line: 

Boone 911 equipment to be safe from potential leaks - Rockford, IL - Rockford Register Star

Boone hires temporary health leader - Rockford, IL - Rockford Register Star

Health Director--newp

Does anyone have any questions?  Like—is this costing us more? Was this position ever posted in the newspapers, professional journals, university placement offices?   Is the Board of Health subject to Open Meetings Act?  How many hours is Mr. Empereur going to spend at the Health Department for $500 per month?  Was there really a nationwide search, and how much did that cost us?  Perhaps this Thursday’s Health subcommittee at the County will answer your questions. 

See Health Sub-committee Agenda below:

image  

Click on the following to read the story from the Register Star:

http://www.healthyrockford.com/health/people/x1579105509/Boone-hires-temporary-health-administrator

Obama's tough auto stance may include bankruptcy

 

With about $28 billion in debt to bondholders, the GM offer would translate into $2.2 billion in cash, $4.3 billion in debt and an additional stock-based payout in a recapitalized company that would all but wipe out current stockholders.

Click on the following to read the story:

Obama's tough auto stance may include bankruptcy

Manzullo's Vehicle Voucher Bill is Best Way to Fix Auto Industry, Put Americans Back to Work - Inbox - Yahoo! Mail

Manzullo’s re- release on March 30, 2009 of $5,000 new auto voucher.

Click on the following: 

Manzullo's Vehicle Voucher Bill is Best Way to Fix Auto Industry, Put Americans Back to Work - Inbox - Yahoo! Mail

Chrysler agrees on framework of alliance with Fiat | Reuters

 

Chrysler agrees on framework of alliance with Fiat | Reuters

Canada Paints a Stark Picture of Chrysler’s Need - NYTimes.com

Canada is on board—but the course is still rough.

Canada Paints a Stark Picture of Chrysler’s Need - NYTimes.com

Current 2009 IRS Auto sales tax deduction

Sales Tax Deduction for Vehicle Purchases

The American Recovery and Reinvestment Act of 2009 provides a deduction for state and local sales and excise taxes paid on the purchase of new cars, light trucks, motor homes and motorcycles through 2009. The deduction is available regardless of whether a taxpayer itemizes deductions on Schedule A. Purchases before Feb. 17, 2009, are not eligible for this special deduction.

The deduction is limited to the tax on up to $49,500 of the purchase price of an eligible motor vehicle. The deduction is phased out for joint filers with modified adjusted gross income between $250,000 and $260,000 and other taxpayers with modified AGI between $125,000 and $135,000.

IR-2009-30, March 30, 2009

Politicians using Twitter: Morons or visionaries? | csmonitor.com

Now that we have some idea of Twittering—should our Congress be involved?

Click on the following to decide:

Politicians using Twitter: Morons or visionaries? | csmonitor.com

Obama's Remarks on the U.S. Auto Industry - Washington Wire - WSJ

Here is the prepared speech that President Obama just delivered. The words about Chrysler are extremely alarming: 

If they are successful (FIAT merger within 30 days) "we will consider lending up to $6 billion to help their plan succeed."…”in the absence of any other viable partnership, we will not be able to justify investing additional tax dollar to keep Chrysler in business.”

Click on the following:

Obama's Remarks on the U.S. Auto Industry - Washington Wire – WSJ

Here is the latest update from the NY Times:  http://www.nytimes.com/2009/03/31/business/31auto.html?hp

U.S. to Guarantee GM, Chrysler Warranties Amid Restructuring - WSJ.com

Government would set up a fund to cover the cost of warranty repairs if either company were to end up filing for bankruptcy

The fund that will be set up will cover 125% of the expected cost of future warranty repairs to ensure enough money is available for all repair claims. GM and Chrysler will contribute 15% of the amount required in cash, with government loans providing the rest.

 

Read more by clicking the following:

U.S. to Guarantee GM, Chrysler Warranties Amid Restructuring - WSJ.com

Fiat won't cure Chrysler's ills | Freep.com | Detroit Free Press

Mark Phelan, columnist for Detroit Free Press, questions if Chrysler can make it.  He states:  “The task force has seen through Chrysler's charade that it's a viable stand-alone company.”

Click on the following to read the rest of his comments:

Fiat won't cure Chrysler's ills | Freep.com | Detroit Free Press

DuPage funnels $5.2M to fix distressed homes :: Naperville Sun :: Local News

Housing Authorities and counties get involved in the foreclosure problems—try to rehab the undesirable   properties

The county has 18 months to use the money for purchasing, rehabilitating and reselling foreclosed or abandoned homes.

detailed plan for purchasing homes, fixing them up and working with nonprofit organizations to sell or rent them to low- and moderate-income residents

Click on the following to read more:

DuPage funnels $5.2M to fix distressed homes :: Naperville Sun :: Local News

Bill to compensate Bomb makers injured by nuclear exposure - ProPublica

At least half a million people worked to build the nation's Cold War nuclear arsenal, laboring at more than 300 sites [4] across the country

Other sites were unassuming factories in the middle of major cities, including St. Louis and Chicago, where unsuspecting neighbors were oblivious to the exotic and very toxic substances being used.

Under the Charlie Wolf Act, workers would automatically be eligible for medical coverage and $150,000 in compensation if they had one of 34 diseases recognized as linked to radiation and toxic exposure

To read the details, click on the following:

New Hope for Cold War-Era Bomb-Makers - ProPublica

Sunday, March 29, 2009

GM’s Wagner gone; FIAT new Chrysler Partner; US may back warrantees of any bankrupt auto company

This is a developing story, the details of which may only be released by early PM on Monday, March 30.

The Big (Troubled) ThreeGraphc Nardeli

The Big (Troubled) Three

Click on the following for current details:

http://www.nytimes.com/2009/03/30/business/30auto.html?em

SOX-CUBS Fans may be able to have free Chevrolets—remember to read the small print

Last year both the Cubs and White Sox went to the playoffs.  If you are real believers here is an opportunity to obtain a free car.cub-sox fans

Boone County Government for March

The following is as reported in the Boone County Journal.  Read the  story by clicking on:  http://boonecountyjournal.com/news/2009/Boone-County-News-03-27-09.pdf#page=3            

County Government March in Review
By Rebecca Osterberg
Providing day care services for seniors helps people
remain in their homes as long as possible. The Brightside
Adult Day Services sponsored by Lifescape Community
Services gave a presentation to the Boone County Board
Health and Human Services Committee in their March
meeting.
The center, a block from downtown Belvidere, offers a
chance for people with dementia, including Alzheimer’s,
and other health conditions to participate in activities and
meals with care givers as well as their peers.
The center allows respite care for primary care givers
who work during the day or cannot otherwise leave their
charges alone.
“We provide breakfast, lunch and snack,” said Donna
Addison, the director of the center. Addison made a
presentation introducing the business to members of the
Boone County Health and Human Services Committee on
Thursday evening.
“We are just down the street at the Salvation Army in
the back. We have a nice little space,” Addison said. “Our
biggest problem is that people don’t know we are there.”
Committee members asked about capacity and funding.
“If a person can’t pay, you don’t deny them” asked County
Representative Cathy Ward (District 2).
“No,” replied Addison. “We find a way to help them.”
Many financial assistance programs are available and some
care qualifies for payment by Medicare, and staff assists
patrons in finding the best way to get assistance.
“We have a capacity for 35, but our census has been
eight,” Addison said. “So we have lots of room for more
people.” Addison explained that the center has one staff
member per six participants.
Family members and other care givers drop off participants
and Keen Age Center also provides transportation. The
center has been at the Salvation Army location for almost
two years. There are two Brightside centers located in
Rockford.
Power Ventures Group was given the go ahead to start
construction of their Garden Prairie Power Plant with the
approval of their special use request by the Boone County
Board at the March regular meeting.
County Board Representative Marshall Newhouse
(District 1) who also chairs the County Board Planning,
Zoning and Building Committee spoke of a trip he and two
other board members made to the company’s Hayes, Kansas
facility. Newhouse commented on several conversations
he had with municipal officers in Hayes, Kansas, where the
peaker plant they toured was located.
Roads, property values and noise production were of
primary concern and were addressed by the board with
numerous questions to the developer. Jeff Craig from
Burns and McDonald, the firm that designs and builds
the plants noted that the location, near the Interstate 90
Tollway would not add decibels that were discernable to
the human ear, louder than conversation. In addition the
company promised to add extra soundproofing to further
ameliorate the noise from the 100-megawatt plant’s natural
gas-powered engines.
“We are very concerned with the area and there have
been some particular upgrades,” said Craig. “As part of
the possible impact on county and Spring Township roads
we have made agreements [that address that]. As far as
environmental impact we are very cognizant of the issues.
I admit, west Kansas does not compare to this area. We
recently interviewed with the farm preservation group and
entered into an agreement to provide funds to purchase land
in the future that would be preserved for ag uses.” Craig
also noted that sound has been addressed with additional
sound proofing.
Observing the growth in many communities, Craig
said he had attended more than a hundred meetings at
municipalities considering similar projects. “On one hand
people understand the need for infrastructure, airports,
roads, communication systems,” said Craig. “But while
that’s true, they also don’t want those facilities located [near]
them. Our company tries to address those issues. We listen.
This is our seventh public hearing on this plan. Finally and,
more importantly, we respond. Whether it’s agreeing to put
more soundproofing in. agreeing to farmland mitigation
issues. I think it’s a very good project for Boone County
and it is in a good location.”
The Boone County Liquor Code was also reviewed with
several changes added and approved at the March meeting.

“Consideration was given to several changes according
to the county’s liquor code,” said Boone County Board
Representative Terri Glass (District 3). Glass, also the
vice-chairman of the board, was principal in the liquor code
review which began with during the tenure of former board
chairman and County Board Representative Cathy Ward.
The review continued with the new Board Chairman Bob
Walberg (District 1), with the assistance of Boone County
State’s Attorney Michelle Courier.
Some of the changes came as a result of the State of
Illinois ban on smoking that went into effect January 1 of
2008. With that legislation, smoking became illegal in
restaurants, bars, nightclubs, workplaces, and all public
buildings. The law also prohibits smoking within 15 feet of
building entrances, exits, and windows.
Boone County Liquor Control Ordinance 09-07 amends
the current code to allow area clubs and taverns to establish
outdoor beer gardens in addition to other changes, both
major and minor. The definition of a beer garden is just
one of the many that are hoped to clarify the county’s
code, providing a better understanding by vendors and less
confusion in enforcement of the laws. Another section to see
revision was the type of liquor licenses the county issues
and includes two “riders” as defined by the code. “Attention
was paid to the definition of a ‘roaming’ license and how
the code should apply to such a situation,” said Glass. That
rider would allow for businesses that hold a Class A, B, C or
D license to purchase a Class E or F license.
The Class E license authorizes the retail sale of alcohol
beyond the confines of the premises and at this time does
not require an additional fee. The Class F license authorizes
a caterer to serve liquor as part of a prepared meal to
customers, but excludes the serving of snack foods as a
primary meal. The cost for this rider is $1,000, in addition
to the primary liquor license held by the vendor.
Glass explained to committee members that the language
was made very clear so as not to allow for any sort of liberal
interpretation by vendors.
To address special events, there is also a section that
provides for short-term liquor licenses. This was of concern
to many board members when it came to those wishing to
hold fund raisers and other events.
“For $25 they can apply for a one-day license,” said Glass.
“They can also apply for a two- or three-day license for the
same amount. I think it should be $25 a day so it would be
$50 for two and $75 for three.” Committee members voted
to amend the fee amount to reflect that language and in a
final unanimous vote, to recommend approval of all the
changes to the liquor code.
Coyotes are becoming a major nuisance to residents in the
Distillery Road area. Although it is within the jurisdiction
of the City of Belvidere, the area is also the responsibility of
Boone County Animal Control (BCAC).
BCAC Director Roger Tressemer told members of the
Health and Human Services Committee on last month that
he was aware of coyotes interbreeding with feral dogs but
had not been made aware of recent aggression. “This
[crossbreeding] makes them much less timid in addition to
increasing their size,” said Tressemer.
“My understanding is that there is open season on
coyotes in Illinois all year,” Tressemer responded. “You are
getting the aggression when they crossbreed with domestic
dogs. They become more aggressive and aren’t as afraid of
people. We are trying to work with the DNR [Department
of Natural Resources] to address the problem.”
While trapping is an option, the problem with most
Distillery Road residents is that their homes are within the
city limits of Belvidere, where the discharge of firearms
is against city laws. Belvidere and Boone County are
both tackling financial issues that are currently hitting the
shared Public Safety Building hard. Both the City County
Coordinating and Public Safety Committees worked for
hours in March to find a solution to infrastructure problems
that exist in the Public Safety Building.
Boone County Sheriff Duane Wirth and Public Safety
Building facility manager Sgt. Perry Gay made it clear they
welcomed any help but weren’t willing to plan for something
that there was no money to pay for. “I don’t want to turn
down the offer,” Wirth said, “but I don’t want to make plans,
as we have in the past, for something we don’t have the
money to complete.”
Wirth offered that if there were solutions that were
affordable as well as feasible, then he was all for the effort.
After a tour of the facility in recent weeks, board
members discovered more than a few looming problems,
particularly with the facility’s sewer pipes that are directly
above the entire communication system. Wirth’s concern
was that to go to vendors again and again only to renege on
any promise of work could make them lose respectability
with the businesses. Boone County Representative
Danny Anderson (District 2), who is a building contractor
experienced with plumbing, toured the building after the
public safety meeting. “You can’t move that pipe,” said
Anderson. “That’s part of the problem. It seems like a
great idea, but it may not be practical. You’ve got to get
the electronics away from the pipes. It’s not how, it’s when.
We’ve got to get a new building. Maybe we can have the
foresight to make the move part of the cost and make it
eventually be the first part of the new PSB.”
Committee members voted to recommend support of
directing County Administrator Ken Terrinoni to meet with
law enforcement and representatives of Cordogan Clark &
Associates, architects.

Beaver Creek Watershed Plan - Dear Editor:

 

Beaver Creek Watershed Plan—is it working or not?

Click on the following to read this “letter to the editor::

The Belvidere Daily Republican. - Dear Editor:

Companies Pretty Up Prices to Win Stimulus Projects - NYTimes.com

Beware of some low ball bids--

it is common for a company to try to undercut its competition with a low bid and then, once it has won the job, try to eke out a profit by putting in numerous change orders that drive up the price and delay the project

To read more, click on the following:

Companies Pretty Up Prices to Win Stimulus Projects - NYTimes.com

Brookfield Zoo gorilla dies :: CHICAGO SUN-TIMES :: Metro & Tri-State

Interesting story.  All the great zoos of the past( 1930-1960’s) usually had a large gorilla as their biggest attraction. This is a sad story about a very old female gorilla.

Click on the following to read the story:

Brookfield Zoo gorilla dies :: CHICAGO SUN-TIMES :: Metro & Tri-State

Saturday, March 28, 2009

Credit crunch: Auto dealerships struggle, close as 'floor plan' financing dries up -- chicagotribune.com

Expect some local dealership to fold or be sold.  Dealers in Chicago decreased 30% in just the last 5 years.  Here are some of the highlights of fall of Chicago auto dealers.  Much of the problem revolves around the curtailment of floor plan financing.

autodealers

by the end of 2008, average industry margins had shrunk to just 1 percent of sales, the lowest level in two decades. But even that's deceiving. Auto dealers haven't made money selling new cars for three years, Taylor said. Any profits are coming from the service department and selling used cars.

Survivors should benefit from reduced competition if they can hold on until the market recovers.

who's going to live and who's going to die and how's it going to happen."

many dealers carry debt on their properties that they've guaranteed personally, walking away is difficult. Many are simply operating at a loss until the money runs out.

NADA's Taylor also said that used-car prices have risen 18 percent in recent months as strapped consumers eschew new cars.

To read more click on the following:

Credit crunch: Auto dealerships struggle, close as 'floorplan' financing dries up -- chicagotribune.com

Chrysler down next week, possibly week after - - BusinessRockford.com

4500 workers laid off for another two weeks as the Belvidere Chrysler Plant adjusts productions to slow sales.  Read more by clicking on the following:   Chrysler down next week, possibly week after - - BusinessRockford.com

Boone County’s rising jobless rate strains nerves, wallets - - BusinessRockford.com

 

People are talking about losing jobs, looking for jobs, worrying about house and car payments, and questioning when times will get better. Most residents are one degree from knowing someone who is unemployed or facing the possibility of being laid off—Click on the following to read stories of real people’s reaction to Boone county’s economic downturn:

Boone County’s rising jobless rate strains nerves, wallets - - BusinessRockford.com

The Belvidere Daily Republican. - New jobs available in area, thanks to 200-acre solar farm

 

Governor Pat Quinn announced March 23 a $2 million investment package to support Wanxiang America Corporation’s plans to establish a high-tech, solar panel manufacturing facility in Rockford. This project will result in the creation of at least 60 new jobs in the fast-growing solar energy industry.

Click on the following to read the rest of the story:

The Belvidere Daily Republican. - New jobs available in area, thanks to 200-acre solar farm

The Belvidere Daily Republican. - Closed mayoral debate offers insight into candidates' positions on issues

Here is the BDR’s view on the March 19 debate between Mayor Brereton and Karen Schrader.  Click on the following to see this story:

The Belvidere Daily Republican. - Closed mayoral debate offers insight into candidates' positions on issues

If you are not one of the 380 (as of this posting) who viewed the MySpace posting, you may wish to see this closed session forum.  Go to:   http://vids.myspace.com/index.cfm?fuseaction=vids.individual&videoid=54370651

The Belvidere Daily Republican. - Local Eagle Scout conducting mattress drive to benefit mission’s efforts

 

The Belvidere Daily Republican. - Local Eagle Scout conducting mattress drive to benefit mission’s efforts

Burris Punts on Promise - ProPublica

ProPublica has started the stop watch on  the “communications” with Governor  Rod Blagojevich which Senator Burris promised to  make public.  Click on the following to read the story:

Burris Punts on Promise - ProPublica

ProPublica also has an interesting timeline concerning how Burris’ testimony has evolved over time:  http://www.propublica.org/article/keeping-tabs-on-burris-tale-a-new-timeline

Thursday, March 26, 2009

A primer on Twitter | csmonitor.com

Here it is –the opportunity to join the “new fade”.

A primer on Twitter | csmonitor.com

Bonus Social Security Payments of $250, Like Flowers, to Sprout in May - ProPublica

People who receive Social Security and Supplemental Security Income benefits will be getting a separate $250 check [1] in May, some six weeks earlier than the legislation requires

Read the rest of the story by clicking on the following: 

Bonus Social Security Payments, Like Flowers, to Sprout in May - ProPublica

Northwest Herald | Illinois OKs Nicor gas rate increase—approx $3.oo more a month

 

The Illinois Commerce Commission approved a $69 million rate increase Wednesday for Nicor Inc. that officials said will add up to $3 to the average residential customer’s monthly bill.

Click below to read the entire story:

Northwest Herald | Illinois OKs Nicor gas rate increase

Freddie Mac survey says mortgage rates fall to lowest in 38 years after Fed aids market -- chicagotribune.com

 

4.85 percent this week, from 4.98 percent last week. It was the lowest in the history of Freddie Mac's survey, which dates back to 1971 and was down a full percentage point from a year ago.  

Click on the following to read the entire story:

Freddie Mac survey says mortgage rates fall to lowest in 38 years after Fed aids market -- chicagotribune.com

Salt Rebate/Grant Law Passes Illinois Senate

UPDATE from Senator Burzynski:  Thank you for your email. I co-sponsored the bill, which passed from the Senate on March 26.  State Senator Brad Burzynski, 35th Dist.
1101 DeKalb Ave., Sycamore, IL 60178
(815) 895-6318; (815) 895-2905-FAX

Based upon Senator Burzynshi’s comment, I looked up SB49.  The dates of actions on the bill are below.  The SB 49 passed on March 25 and currently is in the House.  It went through a first reading in the House  and was referred to the Rules Committee on  March 25.  SB 50 had an almost identical course but on April 2 obtained another cosponsor:  Representative Kathleen A. Ryg. 

1/30/2009
Senate
Filed with Secretary by Sen. Pamela J. Althoff

1/30/2009
Senate
First Reading

  1/30/2009
Senate
Referred to Assignments

  2/3/2009
Senate
Added as Chief Co-Sponsor Sen. J. Bradley Burzynski

  2/3/2009
Senate
Added as Chief Co-Sponsor Sen. Michael Bond

  2/4/2009
Senate
Added as Chief Co-Sponsor Sen. Terry Link

  2/10/2009
Senate
Assigned to Executive

  2/10/2009
Senate
Added as Chief Co-Sponsor Sen. Susan Garrett

  2/19/2009
Senate
Added as Co-Sponsor Sen. Dan Kotowski

  2/19/2009
Senate
Held in Executive

  2/27/2009
Senate
Postponed - Executive

  3/3/2009
Senate
Senate Committee Amendment No. 1 Filed with Secretary by Sen. Pamela J. Althoff

  3/3/2009
Senate
Senate Committee Amendment No. 1 Referred to Assignments

  3/4/2009
Senate
Senate Committee Amendment No. 1 Assignments Refers to Executive

  3/6/2009
Senate
Senate Committee Amendment No. 1 Held in Executive

  3/6/2009
Senate
Held in Executive

  3/10/2009
Senate
Added as Co-Sponsor Sen. Michael Noland

  3/11/2009
Senate
Senate Committee Amendment No. 1 Adopted

  3/12/2009
Senate
Do Pass as Amended Executive; 011-000-000

  3/12/2009
Senate
Placed on Calendar Order of 2nd Reading March 17, 2009

3/24/2009
Senate
Second Reading

  3/24/2009
Senate
Placed on Calendar Order of 3rd Reading March 25, 2009

  3/25/2009
Senate
Added as Co-Sponsor Sen. John J. Millner

  3/25/2009
Senate
Added as Co-Sponsor Sen. Mike Jacobs

3/25/2009
Senate
Third Reading - Passed; 058-000-001

  3/25/2009
House
Arrived in House

  3/25/2009
House
Placed on Calendar Order of First Reading

  3/25/2009
House
Chief House Sponsor Rep. Kathleen A. Ryg

  3/25/2009
House
Added Alternate Chief Co-Sponsor Rep. Sidney H. Mathias

3/25/2009
House
First Reading

3/25/2009
House
Referred to Rules Committee

Click on the following if you wish to read the original article in the Northwest Herald:  Northwest Herald | Bills eye road salt relief

 

 

The Chamber’s Mayoral Debate

I recently received a copy of the Belvidere Chamber of Commerce’s  newsletter from a Chamber member.  A debate between Fred Brereton and Karen Schrader is apparently on for 6:30PM, Thursday, April 2, 2009, at the Community Building.  The event is sponsored by the Chamber,  the Boone County Republican Party and the Boone County Democratic Party.   The newsletter does not specifically state whether the two mayoral candidates will be there nor does it really indicate that the “public” is invited.  Ask a Chamber member if you have those questions.

 

Click on the photocopy toChamber news enlarge:

Wednesday, March 25, 2009

The closed mayoral debate

As many of you maybe aware on March 19, 2009, Mayor Fred Brereton and Ms. Karen Schrader had a debate at the UAW Hall.  The audience was by invitation only.  Apparently only City of Belvidere employees were extended invitations.  The sponsor of the debate was Belvidere Firefighters Local 1569.  As of the date  I posted this information, 230 citizens had the opportunity to view this My Space Video.

If you wish to view the video, click on the following:  http://vids.myspace.com/index.cfm?fuseaction=vids.individual&videoid=54370651

Tuesday, March 24, 2009

State of Illinois - Illinois Recovery

Here is a good resource regarding stimulus here in Illinois.

  • People, Work and Opportunity
  • Education
  • Energy and Environment
  • Health Care
  • Infrastructure
  • Public Safety
  • For more information on any of these items, click below and reclick on the item on the new page:

    http://recovery.illinois.gov/stateprograms.htm

    New Mexican- US agreement regarding the fight against Mexican Drug Cartels

    Highlights of US Border Security Plan with Mexico

    Doubling Border Enforcement Security Task (BEST) Forces.

    Tripling Homeland Security intelligence analysts working along US-Mexico border.

    Quadrupling US Border Liaison Officers working with Mexican law enforcement entities.

    Drug Enforcement Agency adding 16 agents to Southwest border divisions. Now, 29 percent of DEA's 1,171 agents are now in the Southwest border field divisions

    Bureau of Alcohol , Tobacco, Firearms Relocating 100 personnel to the border in the next 45 days, to fortify its efforts designed to stop gun-running to Mexico.

    Expanding treatment capacity of US drug courts, including $63.9 million in 2009 budget.

    $700 million budgeted for 2008 and 2009 for enhancing Mexican law enforcement and judicial capacity under the Merida Initiative.

    Source: White House press office

    Read this interesting story from the Christian Science Monitor.  It givens some details and the goals of this new program.

    Click on the following:

    US tightens up violent Mexican border | csmonitor.com

    Chrysler supplier threatens shutdown - - BusinessRockford.com

    It is not just Chrysler, it is the supply chain.

    Click on the following to read the rest of the story. 

    Chrysler supplier threatens shutdown - - BusinessRockford.com

    4-Wheel Dreams for Millions of Drivers in India - NYTimes.com

    Premier of the Nana from Tata Motors. Tata Group also owns two British auto companies—Land Rover and Jaguar.

    Tata Nano

    On the market ... the Tata Nano has been compared to the classic "People's Car" - the Volkswagen Beetle / Reuters

    Click on the following to read the story. 

    4-Wheel Dreams for Millions of Drivers in India - NYTimes.com

    Japanese man certified as double A-bomb victim

    Very interesting story—quite unbelievable.

    Click on the following to read the story:

    Japanese man certified as double A-bomb victim

    Monday, March 23, 2009

    Federal Agencies to Post Records of Contact With Stimulus Lobbyists - ProPublica

    The President wants federal agencies which are contacted by lobbyist to give a detail report of contact.  So ProPublica says  “We’ll see about that. Fire up the promise clock [5], Scotty, starting on the date the memo was issued. The clock will keep on running until we see some letters or meeting details posted.”  Take a look the clock is still ticking and no reports.  Click on the following to see the complete story and check the clock:

    Federal Agencies to Post Records of Contact With Stimulus Lobbyists - ProPublica

    What to do if ... -- chicagotribune.com

    Here is good,  check list style artivle as to what to do if you lose your job, get behind on mortgage etc. 

    What to do if ... -- chicagotribune.com

    State of Illinois - Budget

    I suggest that everyone check out what a 1.5% additional income tax will really cost them. Click on the following and input your numbers:

    State of Illinois - Budget

    Sunday, March 22, 2009

    Obama redeploys his grass-roots network to push budget | csmonitor.com

    Thus far it seems powerless—but I am holding judgment for now.

    Obama redeploys his grass-roots network to push budget | csmonitor.com

    Huntley eyes sites for train station :: The Courier News :: Local News

    This still is  only one of the preliminary move but it looks like the train is moving West from Big Timber (Elgin).

    “The Regional Transportation Authority is looking at this,"….  "We'll keep moving forward and possibly get the board's (Village of Huntley) blessing in May."

    Click on the following to read the whole story: 

    Huntley eyes sites for train station :: The Courier News :: Local News

    Increased rental fees anger C'ville property owners :: The Courier News :: Local News

    Hey here is a “tax” I never hear of—it looks as if the intent is to insure that there are no substandard rental units.   Well Belvidere perhaps here is a revenue source—or Poplar Grove it is a way of monitoring who is living in some of those foreclosing properties.  Just an idea.

    Increased rental fees anger C'ville property owners :: The Courier News :: Local News

    Saturday, March 21, 2009

    New Program: Legacy TALF’s will be delivered next week

    According to The New York Times and the The Wall Street Journal, the Treasury Department is set to announce its plan for troubled assets early next week.  For further details click on any the blue colored links>

    This Time I’m Not the One Calling It a Subsidy « The Baseline Scenario

    New CDC studies on Births—39.7% unmarried childbearing

     

    Unmarried childbearing increased to historic levels in 2007 for women aged 15-44. An estimated 1.7 million babies were born to unmarried women in 2007, accounting for 39.7 percent of all births in the United States – an increase of 4 percent from 2006. Unmarried childbearing has increased 26 percent since 2002 when the recent steep increases began.  Click  on the following for this government report:

    CDC Newsroom Press Release March 18, 2009

    Boone County Board OKs contract to shorten workweek - Rockford, IL - Rockford Register Star

    Very interesting article because there are so many numbers going in various directions.  Read the article and ask yourself is there really any cut at all here?  Only two employees were cut to 32 hours beginning some date in the future and everyone received a 3% raise retroactive to November 30—the beginning of the county’s fiscal year.  That appears to be a very favorable contract to the workers ( three years of 3% increase) based upon December 2009 inflation figures of 0.1%.

    Boone County Board OKs contract to shorten workweek - Rockford, IL - Rockford Register Star

    Thursday, March 19, 2009

    $5000 Voucher

    Belvidere_Chrysler_Plant_west_of_sign_6-8

    March 19, 2009

    FOR IMMEDIATE RELEASE

    Contact: Rich Carter
    (815)356-9800

    Manzullo Introduces $5,000 Vehicle Voucher Bill to
    Bolster Auto Sales, Put Americans Back to Work

    [WASHINGTON]  Congressman Don Manzullo (R-IL) today introduced legislation to give Americans a $5,000 voucher to purchase a new vehicle, stimulating our struggling automobile manufacturing industry and putting millions of Americans back to work.

    The New Automobile Voucher Act of 2009 (HR 1606) would provide a one-time, $5,000 electronic voucher from the U.S. Treasury at the point of sale of a new vehicle. After 6 months, the voucher would drop to $2,500 and would expire on Jan. 1, 2011, or until the $75 billion authorized funding is exhausted. The voucher could only be used on vehicles valued at under $50,000 and could be combined with existing tax incentives for new vehicle purchases.

    The automobile industry and its suppliers account for 13 million American jobs, 20 percent of all U.S. retail sales, and billions of dollars in state and local sales taxes. The drop in U.S. vehicle sales from 16 million in 2007 to 13 million in 2008 to a projected 8 million in 2009 has been one of the leading causes of America’s economic downturn and huge job losses.

    “We will not have a lasting economic recovery unless we revive our struggling motor vehicle industry, which employs 13 million Americans and is the largest manufacturing sector in the United States,” Manzullo said. “This legislation will give Americans the incentives and the confidence they need to start buying vehicles again, which will bolster automobile manufacturing and sales, put millions of Americans back to work, and restore the tax revenues our state and local government need to continue providing services to the people

    U.S. Moves to Aid Auto Parts Suppliers - NYTimes.com

    Some relief for the other autoworkers—those not part of the Big Three—What is the ratio?  Are there three of four workers producing parts for each assembler on the assembly line?

    U.S. Moves to Aid Auto Parts Suppliers - NYTimes.com

    State of Illinois receives Distinguished Budget Presentation from the GFOA—NO JOKE

    Well this ought to tell you something about awards.  Of course this has only to do with “presentation” not actually budgeting;  but have we really been presented with a quality analysis of the state’s financial situation?  This award was discovered by Cal Skinner over in Crystal Lake.   Take a look at Cal’s blog, he has the award citation to the State of Illinois from the GFOA:  http://www.mchenrycountyblog.com/2009/03/this-is-joke-right.html

     

    Budget_Award_2008

    Fed Will Inject $1 Trillion More Into the Economy - NYTimes.com

    Here is a graph regarding the effect on interest rates.  However the value of our dollars is also falling.

    Click on the following to read the rest of the story.

    Fed Will Inject $1 Trillion More Into the Economy - NYTimes.com

    This has also affected the 10 year Treasury rate.  It is down .5%.  That rate set the rate for many loans.  See the story in the Chicago Tribune, click below:  http://www.chicagotribune.com/business/chi-thu-fed-recession-mar19,0,2197458.story

    Boone County Board's OK allows peaker plant plans to move forward - Rockford, IL - Rockford Register Star

    Click on the citation below to read the story:

    Boone County Board's OK allows peaker plant plans to move forward - Rockford, IL - Rockford Register Star

    New Health Director lacks proper credentials

    Repeat of  earlier article with updated details. Register Star’s Boone County Weekly added the state mandated qualification for public heath administrator.  Plus details a special closed door meeting by the Board of Heath regarding personnel which was cancelled.

    Look very close at the second “diamond” on the state qualifications.  I am beginning to be less critical of the county on this one.  Is an MBA “a graduate degree in a related field”?  Or perhaps the problem is “years of full time administrative experience in public health”?  Of course there still is this question:  Does the employment contract between Ms. Seaworth and Boone County Health speak of the required certification/credentials?  What do you think?

    Health director revised

    Belvidere mayoral candidate backs out of debate, saying it would be a ‘biased forum’ - Rockford, IL - Rockford Register Star

    Here is both the electronic and newspaper editions of this story.  I suggest that you view both—one has more pictures and one has comments from interested readers.

    Belvidere mayoral candidate backs out of debate, saying it would be a ‘biased forum’ - Rockford, IL - Rockford Register Star

    Click on the photocopy to make it larger.

    Karen refusal

    Wednesday, March 18, 2009

    The Template for forging the Revised FY 2009 County BUDGET

    I have received the various handouts from the Finance Committee meeting of March 10, 2009.  I did not attend the meeting but from the worksheets and information that I gather, it appears that a revised budget is beginning to be constructed based upon the current recession conditions.

    Below is the summary sheet of of the current monetary objectives which the Finance Committee and various departments will apparently use to arrive at a revised budget.  I would assume that once their details are worked out,  the entire revised budget will be approved (amended) by the entire board.  Inasmuch as the process will really begin after May 1, I do not foresee the revision being approved until late June or July by the county board.  Hopefully some of the changes will actually be implement before then.  For the most part my discussion will center on the first handout.  If you desire you may click any of  photocopies to enlarge them:

    Mar 11 Revision #1a

    I believe it is always best to begin an explanation with where are we going?  Well at the very bottom there is number which I have put a square around.  This number is the amount of additional FY 2009 Expenditures to avoid or cut;  the number is $197,348. Based upon projected increases and decreases in projected income (Top part of sheet) and $248,128 expenses already cut or held back, the budget should be balanced if $197,348 of additional savings or cuts can be found.  Possibly a relatively easy process since that represents only 1.5% ($197348/$13,762706) of General Fund Expenditures as currently revised. 

    There have been some major changes in revenue assumptions and additions to the revenue side to obtain such a modest number.  The items which I have “checked”at the top represent 4 of the 5 revenue sources which we have been reviewing monthly.  For convenience I will add  the new projection to our chart from March 17 and compared the first three months of actual revenue with the new projected revenue from these sources.  As shown by the chart the new assumptions for sales type taxes, replacement tax and state income tax are very close to the revenue loss we have experience the last three months.  We do not have the new projections for CTSB (Public Safety Tax). It  is not directly accounted for by any of the worksheets, other than no transfer to the General Fund is anticipated now.  I believe  previously this non-general fund item(CTSB) was providing a sizeable transfer in;  under the revised budget no transfer is anticipated.

    image

    The county is being saved from large cuts because of additional Prisoners from DeKalb, $153,300, and a one time reimbursement from the HAVA Act, $99,943.  Prisoner reimbursements in the past have at times been a problem because of unanticipated costs, hopefully this will not be true this time.

    There are a number of facts which I do not understand.  County Clerk Recorder & Rev Stamps represents both a loss of revenue of $151,333 and an effective gain of $80,000 for a curtailment of expenses.  There also is the one time transfer out of Health Insurance of $50,000.  I am sure some  friends may help me on these small items.

    The following are the other worksheets.  All of the sheets are the income items.  The major changes in income have for the most part been covered by the above analysis.

    mar 11 revision #2 Mar 11 REVISION#3

    mar revision #4 mar 11 revision#5

    Mar revision #6 Mar revision 7

    mar revision #8 Mar revision 9

    The Belvidere Daily Republican. - Local food supply for hungry families dwindles, reports Salvation Army

     

    The Belvidere Daily Republican. - Local food supply for hungry families dwindles, reports Salvation Army

    Fed to Buy $1 Trillion in Securities to Aid Economy - NYTimes.com

    The is another first, but not as revolutionary as many actions this year.  The FED tries to lower long term rates by buying bonds(usually the Fed only buys the short term Treasuries Bills).  Short term interest rates can’t go much lower, they are nearly zero. So the Fed is attempted to affect the financial market at longer maturities.  Click of the following to read the story:

    Fed to Buy $1 Trillion in Securities to Aid Economy - NYTimes.com

    Manzullo: Taxpayers Need Answers on AIG Bonuses

    - Manzullo picture

    March 18, 2009

    FOR IMMEDIATE RELEASE

    Contact: Rich Carter
    (815)356-9800

    Manzullo: Taxpayers Need Answers on AIG Bonuses

    [WASHINGTON]  Congressman Don Manzullo (R-IL) is participating today in a major Congressional hearing investigating why AIG, a recipient of billions of dollars of taxpayer bailout funds, awarded its executives with $165 million in bonuses last week.

    Manzullo delivered the attached statement this morning during a hearing of the House Financial Services Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises, of which Manzullo is a member. Manzullo is planning to question AIG CEO Edward Liddy when he testifies later today, which will be carried live on most of the cable news networks and will be streamed live on the committee's website. Manzullo’s opening statement can also be seen on his YouTube channel.

    OPENING STATEMENT OF CONGRESSMAN DON MANZULLO (R-IL)

    “I questioned Neel Kashkari about TARP on December 10th and asked him if he was going to ask for a $3 million dollar bonus back from one individual. He said, it could be deferred compensation and ostensibly not returnable.  Deferred compensation for what?

    I represent Rockford, Illinois, the largest city with 14% unemployment. People are losing their jobs, factories are closing. They’re taking cutbacks, working odd shifts, and taking late night shifts. They aren’t being paid to destroy the economy—they’re being paid to invigorate it.

    They’re sitting in this seat today, all 740,000 of them, wondering, how could government do something so stupid as to allow these people to make that kind of money and then sit back and everybody point fingers at each other?

    We want some answers today.”

    Tuesday, March 17, 2009

    Rock Valley College offers free financial aid for college students.

    RVC Financial Aid Guidance Free to District Residents

    Contact: Nancy Chamberlain, 815-921-4517

    Tuesday, March 10, 2009

    The Rock Valley College Financial Aid Department would like to remind the community that it is a free resource for all college bound students in the district, whether or not the student attends RVC. The Financial Aid Department at RVC can assist students in completing the FAFSA form, provide information on how to apply for scholarships, and talk to students and organizations about financial aid in general. Many outside companies charge for this type of service.

    Please call the Rock Valley College Financial Aid office at 815-921-4150 before paying any agency for these services.

    Caterpillar layoffs": Caterpillar to lay off another 2,454 workers -- chicagotribune.com

    Caterpillar Inc., gearing down production even further in response to still-eroding global demand, disclosed plans Tuesday to idle an additional 2,454 U.S. workers, including 1,726 in Illinois

    Caterpillar layoffs": Caterpillar to lay off another 2,454 workers -- chicagotribune.com

    March Update: Beginning FY 2009 Income for Boone County Government Down 10.75%

    This is a continuation of a monthly analysis of Boone County’s non-real estate tax revenue flows.  Although there are a few other minor revenues, the major revenue is from five sources:  Public Safety Sales Tax (CPTS), Sales Tax 1/4 (CST), Sales Tax 1 cent (CT), Personal Property Replacement Tax (PPRT) and State Income Tax.  All the raw numbers are those supplied by the County Administrator,  Mr. Terrinoni, to the County Finance Committee.  Click on the individual photocopies to make them larger. 

    To view previous months analysis go to : http://boonecountywatchdog.blogspot.com/2009/02/february-update-income-to-boone-county.html for February and http://boonecountywatchdog.blogspot.com/2009/01/income-reports-from-county-government.html for January 2009.

    There is a continued downward trend, all five revenue streams are now short of projections. The shortages range from 8.3% to 26.92%;  for those four revenues which occur monthly the range is 8.3 to 10.66%.  Revenues from the five sources are down 10.75% from projections.  Total  revenue from these five sources is increasingly downward—January   -4.27%, February –7.6% and now for March - 10.75%.

    The accumulated shortage is now $198,942.  The original budget indicated that if there was a recession, a $300,000 deficit to the original budget was probable.  Back in January[click on the citation that follows to read the entire story http://www.rrstar.com/boone/x1621254117/Boone-officials-expect-budget-shortfall], Finance Committee Chairman Karl Johnson was paraphrased by the Rockford Star as saying :  holding off on spending might not be enough to make up for a shortfall, but officials want to monitor income and the effect of reduced spending through at least April before making any major moves.  I contacted the County’s Assistant Administrator and apparently department discussions concerning  budget revisions are going to begin in May 2009.  So that January statement appears to be still in effect.

     

     

     

    image

    MAR income 1  MAR income 2

     

    MAR Income 3A MAR Income 3

    MAT Income 5

    Monday, March 16, 2009

    Stimulus needs best safeguards - BostonHerald.com

    Openness and transparency are necessary characteristics for the Stimulus Package but it may not be cheap—so warns Massachusetts Governor and its  Attorney General.

    Stimulus needs best safeguards - BostonHerald.com

    Both federal and state authorities move on AIG’s current administration regarding bonuses and CDS’s

    President Obama vowed to try to stop the faltering insurance giant American International Group from paying out hundreds of millions of dollars in bonuses to executives, as the administration scrambled to avert a populist backlash against banks and Wall Street that could complicate Mr. Obama’s economic recovery agenda.  See more of the story, by clicking the following:

    Obama Orders Treasury Chief to Try to Block A.I.G. Bonuses - NYTimes.com

    New York State Attorney is also after the AIG bonus people.  Click on the following

    Cuomo Seeks A.I.G. Bonus Information - DealBook Blog - NYTimes.com

    On the matter of CDS’s,  the list of top recipients of AIG payoff’s from rescue funds is finally out.

     Click on the citation below and take a look:

    A.I.G. Lists the Banks to Which It Paid Rescue Funds - NYTimes.com

    Newspapers' troubles escalate in recession | csmonitor.com

    If you are reading this—you and I are part of the problem.  Click on the citation below to view the story:

    Newspapers' troubles escalate in recession | csmonitor.com

    Sunday, March 15, 2009

    Northwest Herald | Analysis: 
Sunshine laws more important than ever

    March 15 marks the beginning of “Sunshine Week,” an annual initiative by the American Society of Newspaper Editors to remind people of the importance of open government and access to public information.   Read more by clicking on the following citation.

    Northwest Herald | Analysis: Sunshine laws more important than ever

    Ex-IMF Official slams G20

    Professor Simon Johnson, formerly chief economist for the International Monetary Fund, is an Economics Professor at M.I.T.  In his website, The Baseline Scenario, Johnson states that finance ministers and central bankers at the G20 meeting  could agree only that  “nothing that will make any difference” in the current economy crisis.  This does not bode well for the official G20 conference April 3-4.  Johnson talks about politicians manipulating the press.  For his short op ed go to:   http://baselinescenario.com/category/op-ed/

    ‘‘American Recovery and Reinvestment Act of 2009’’.

    ‘‘American Recovery and Reinvestment
    Act of 2009’’.  All 4o7 pages of the act are now available for the public to read (in case there was some misunderstanding). Click on the following:

    http://www.fra.dot.gov/Downloads/ARRA%20Legislation.pdf

    Ultimate fix for the global economy | csmonitor.com

    This Op-Ed from the Christian Science Monitor calls for a cultural/economic change in both new importers and exporters.  It really is a call for a move to a new world order as far as international trade.  Click on the following, to read this story:

    Ultimate fix for the global economy | csmonitor.com

    More about Texas Refusing to use stimulus money for unemployment payments

    Why Workers Were Left Out to Dry in Texas

    by Olga Pierce, ProPublica - March 13, 2009 4:57 pm EDT

    Gov. Rick Perry (Office of the Governor Rick Perry)
    Gov. Rick Perry (Office of the Governor Rick Perry)

    Texas Gov. Rick Perry officially rejected money from the stimulus bill when he turned away $550 million that would have expanded unemployment insurance benefits.

    As we have pointed out in the past [1], this is interesting, given that in Texas only one in five unemployed workers receives benefits—a percentage that earns the state the rank of 49th out of 51 jurisdictions. The federal funding would pay for benefits for 45,000 Texans who otherwise would not qualify.

    Perry and other governors who also have threatened to refuse [2] the unemployment insurance funding say the bill would force them to raise taxes on businesses to sustain the expanded benefits in two years, when the federal money runs out.

    That part could be true. States have to change their laws to qualify for the money. And despite claims to the contrary, even by some members of Congress [3], the bill’s language prohibits a sunset provision. In other words, you can’t write a law that specifically expires as soon as the federal money runs out.

    There would, however, be nothing—other than public opinion and political will—preventing states from scaling eligibility back down.

    But what are the changes in the bill? Are they so vile that they should be reversed as soon as the recession ends?

    Here is a guide to the provisions [4] (PDF):

    • Every state hoping to get funds must begin calculating eligibility for unemployment insurance using something called an alternative base period. All but 12 states currently require workers to have earned a fixed amount in the first three of the last four quarters to qualify for benefits. This dates back to the olden days, when it took time to wrangle paper records. Problem is, it often excludes people in lower income brackets who earn a lower wage and tend to cycle in and out of work. (Wealthier people tend to hit the earnings requirement more easily.) The alternative base period would allow the beginning and end of the assessment period to be adjusted so people are not ineligible on a technicality—and many advocates for low-income workers think this change should have been made a long time ago.
    • States are also required to do two of the following: cover part-time workers; cover people with compelling family reasons to leave their jobs, such as domestic violence or a sick child; cover people in job training programs; or offer beneficiaries at least $15 per week extra for each dependent child.

    While some states are rejecting funding, other states are embracing the stimulus package. Iowa became the first state to pass a law qualifying it for the extra money. As a result, $70 million in federal funds will soon be deposited in Iowa’s unemployment insurance fund.

    How Heritage Community Bank came undone, and why its buyer is protected -- chicagotribune.com

    Here is very interesting story on  a small Illinois bank which concentrated (too much) on construction loans.  It owners are wiped out and FDIC on the hook  for a sizeable possible loss.  AMCORE is not the same case, but there are some similarities with AMCORE.   Comptroller of the Currency, ordered AMCORE to improve its loan underwriting and administration practices calling for a change in lending practices back in the Spring of 2008.  Click on the following to read the story:

    How Heritage Community Bank came undone, and why its buyer is protected -- chicagotribune.com

    Chrysler’s Belvidere plant down next week - - BusinessRockford.com

    The company is adjusting production schedules weekly trying to align production with the rapidly falling demand for new cars in the worldwide economic recession.  To read the short article click on the following: 

    Chrysler’s Belvidere plant down next week - - BusinessRockford.com

    Advanced Motions for County Board Action—take a look.

    It is taken some time, but board action will now  be known to the public before the regular county board meeting.  Here are the motions for the March 18 meeting they were posted March 13, 2009.

    First,  are the motions for the Finance Committee.  Apparently the budget is being amended—see Note on March 10, 2009 version of the FY 2009 Expenditure and Revenue Plan for the General Fund.  If anyone attended this meeting and has some insight it would be greatly appreciated.  I hope to obtain a copy of the March 10 plan and publish it.

    As far as the bond abatements, Ordinance # 09-10, 09-11, 09-12, these bond issues are technically supported by real estate taxes.  Because these referenda and various board actions promised that the bonds be paid by special sales taxes and other sources, the board does not levy these taxes (it “abates” them).  The real question is will the board be able to do this in coming years if revenues to the general fund continue to be below budget.  The county can deficit spend, only so long as it has available cash balance in its various accounts.

    If you wish to find the motions yourself, go to:  http://www.boonecountyil.org

     

    image

    Here is page 2, and the motions for the various committees.  Click on the photocopy to enlarge:

     

    image

    Finally here is the last page.  Click on the photocopy to enlarge.

    image

    Saturday, March 14, 2009

    Northwest Herald | Officials: Station plans not affected

    Here is some news regarding Huntley’s long term plans/dreams concerning getting Metro to send a train from Elgin. After Huntley, all there is Marengo and you are right in Belvidere.   Click on the following:

    Northwest Herald | Officials: Station plans not affected

    A.I.G. to Pay $100 Million in Bonuses After Huge Bailout - NYTimes.com

    Well many, many people are criticizing the  Administration for throwing so many billions after this so called insurance company.  While I suggest you read this well written article by the NY Times about the bonuses, I think you really ought to figure out how important AIG is to the total economy. That actually is a debate in itself. 

    Wikipedia, does a wonderful job of showing you the way Credit Default Swaps (CDS) are absolutely crazy. AIG’s exposure to CDS represents possibly  a $100 billion loss.  CDS exposure often exceed the total value underlining asset being protected by CDS’s.   In September the bankruptcy of Lehman Brothers caused a total close to $400 Billion to become payable to the buyers of CDS protection referenced against the insolvent bank.  However the net amount that changed hands was only $7.2 billion.  So what would happen if the largest writer of CDS’s failed?

    To view the bonus issue, click on the following citation: 

    A.I.G. to Pay $100 Million in Bonuses After Huge Bailout - NYTimes.com

    To read about CDS’s, the crazy market which might bring down the entire world market, click on the following citation:

    http://en.wikipedia.org/wiki/Credit_default_swap

    A new article concerning which firms and countries  are benefiting from the federal loans (or the secret nature of whom they are) has just be posted at the New York Times.  Click on the following

     Fair Game - At A.I.G., Good Luck Following the Money - NYTimes.com

    The LA Times also has some interesting comments regarding AIG.  It's not just the size that would matter. AIG's interconnectedness with other companies, markets and economies is so huge and convoluted that it's almost impossible to foresee what all the consequences of collapse would be.  To read the full story click on the following:  http://www.latimes.com/news/la-fi-nofail9-2009mar09,0,3753751.story?page=2&track=rss

    Rockford Register Star will supply voters a short summary of each April 7 candidate

    Hey there everyone—it appears that the Rockford Register Star is preparing a data base source for the voters.  The following information will be supplied for each candidate in the April 7 election:  

  • Biographical Information

  • Why are you running for office?

  • Candidate response is not yet available.

  • What is the biggest issue in your race?

  • Why should people vote for you?            Take a look, by clicking on the following citation: Rockford Register Star - Rockford, IL - Rockford Register Star