G-20 finance officials: Too early to end stimulus

The G-20 is comprised of Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United States and the rotating EU presidency.

The grouping—representing around 90 percent of the world's wealth, 80 percent of world trade and two-thirds of the world's population—said in a statement after talks in St. Andrews, Scotland,

that economic recovery is "uneven and remains dependent on policy support."

Finance officials from rich and developing countries have pledged to maintain emergency support for their economies until recovery is assured, but failed to reach a clear agreement to bear the cost of fighting climate change.

Click on the following for more details:  G-20 finance officials: Too early to end stimulus - San Jose Mercury News

Laid-off workers tapping 401(k) funds to survive

A Hewitt Associates study shows that 46 percent of workers with 401(k) plans who lost or switched jobs cashed the plans in, a trend that could lead to serious problems when younger generations of people working today reach retirement.

a 25-year-old cashing out $5,000 today may be sacrificing $75,000 at retirement (assuming a 7 percent return until age 65).

Hewitt study of 170,000 401(k) participants who lost or changed jobs in 2008 showed that those with larger sums in their plans tended not to cash out as much. Also, younger workers were more likely to cash out than older workers.

Six out of 10 employees in their 20s took the money, compared with one-third of those in their 50s, according to the study.

Click on the following for more details:  Laid-off workers tapping 401(k) funds to survive :: CHICAGO SUN-TIMES :: Metro & Tri-State

Big Mac wrap coming in January

 

Mac Snack Wrap, a version of the burger wrapped in a tortilla [to a McDonalds near you]

High unemployment has meant fewer people are looking for a cheap, quick bite on their way to work.

The introduction of specialty drinks is the chain’s largest menu addition in three decades, and McDonald’s executives have said the smoothies and frappes are a key component.

Click on the following for more details of the changes:  Big Mac wrap coming in January | Crain's Chicago Business

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Big California bank fails, has China branches

Another Saturday—a few more banks  merged by regulators.

United Commercial Bank, with assets of $11.2 billion, was the 120th U.S. bank to fail this year. Regulators closed four other banks on Friday, in Georgia, Michigan, Missouri and Minnesota. Failures already were the highest since 1992.

Click on the following for more details:  Big California bank fails, has China branches | U.S. | Reuters

Belvidere Assessors: Fair Union Negotiations or Game of Partisan Politics

We all know that Diann Helnor (D) was elected Township Assessor by the narrowest of margins last April.  Before she even gets into office in January, her defeated opponent, Robert Falkenstein (R) has negotiated the  first ever union contract with his  assessors.  All these employees were selected and hired by Mr. Falkenstein over his many years holding this office.  

What is this?  A sweet heart deal to old political appointees?  Mr. Falkenstein’s friends get a 3% raise while the other township employees get nothing.  And the township provides no additional money to the assessor’s office.

Is this a revenge move? Raise the wage bill so the only democrat holding office  in the township cannot properly run the office.

Can anything be done about this?

 

Source:  Boone County Journal, November 6, 2009, page 32.