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
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’’. All 4o7 pages of the act are now available for the public to read (in case there was some misunderstanding). Click on the following:
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:
by Olga Pierce, ProPublica - March 13, 2009 4:57 pm EDT
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):
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.
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
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
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
Here is page 2, and the motions for the various committees. Click on the photocopy to enlarge:
Finally here is the last page. Click on the photocopy to enlarge.
