What does the FDIC do with all that stuff from banks now defunct and redefined? – Guess there’s an auction somewhere – here is a little about it from them – and about the Hollywood Props auction going on now – Also Financial Literacy Education from the FDIC – new on MP3 – wowsa – good stuff!

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Investigate the inventory of other assets for sale — including office furniture, fixtures, and equipment.
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Review detailed information on past asset sales.
http://www.fdic.gov/buying/historical/index.html

http://www.fdic.gov/buying/index.html

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Other Asset Sales
Investigate the inventory of other assets for sale — including office furniture, fixtures, and equipment.

http://www.fdic.gov/buying/otherasset/index.html

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Money Smart Press Releases

Previous Money Smart Press Releases FDIC Press Releases

2009

June

http://www.fdic.gov/consumers/consumer/moneysmart/press/2009/mspr0901.html

Money Smart Adult Financial Education Curriculum

**

And, Money Smart Home –

http://www.fdic.gov/consumers/consumer/moneysmart/index.html

[These are all from the FDIC - ]

http://www.fdic.gov/consumers/consumer/moneysmart/press/2009/index.html

***

Publications and Other Resources

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http://www.fdic.gov/consumers/consumer/moneysmart/index.html

Financial Education…..A Corporate Commitment
The Federal Deposit Insurance Corporation (FDIC) initiated a national financial education campaign in 2001 by launching Money Smart, a comprehensive financial education curriculum designed to help individuals outside the financial mainstream develop financial skills and positive banking relationships. The FDIC has far exceeded its original commitment to reach one million consumers. The FDIC is continuing to work diligently to form alliances with other major entities, including financial institutions, national non-profit organizations, community- and consumer-based groups, and federal, state and local agencies to promote financial education.

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***My Note -

About the Hollywood Prop Auction – it is going on right now –

A public auction will be held on-site and by webcast from July 28-Aug. 1, starting at 9:30 a.m. each day.

Info: www.greatamerican.com

***

Hollywood prop auction ends 40-year career
Foam aliens, carousel horses, Roman sculptures all being sold off
IMAGE: 20th Century Props
A worker tags the inventory of 20th Century Props in North Hollywood, California. The prop house is auctioning off its inventory and plans to close.

updated 1:12 p.m. ET, Thurs., July 30, 2009

LOS ANGELES – When Harvey Schwartz left his job as an aerospace engineer and opened an antique shop, he ignited a passion that led to a 40-year career.

Harvey’s Antiques spawned Harvey’s Props, which eventually became 20th Century Props, described by Schwartz as “the biggest prop house in the world under one roof.”

But no more. Schwartz’s inventory of more than 93,000 pieces — including foam aliens, vintage furniture and appliances, carousel horses, Roman sculptures and other assorted props from film and TV — is being liquidated. A slowdown in the economy and Hollywood productions is forcing him to close his doors. He expects his 200,000-square-foot warehouse in North Hollywood to be “broom clean” by Aug. 15.

[ . . . ]

“That was the last straw,” he said. “We’re broke. We couldn’t hold on any longer so I had to put it up for auction so I could dig up the money to pay the debts.”

The auction is being held on site and online. Schwartz can hardly bear to watch.

“This antique roulette table that’s been in Hollywood for 80 years, with a beautiful hand-carved base, just a magnificent piece. I paid, at auction — I got a really great bargain, I thought — a few years ago, I paid $6,000,” he said. “And it just went up on the auction block for 350 bucks. It’s like a piece of trash. So it’s very painful to see these things go.”

Some of the buyers are collectors. Some own prop shops. Others are just looking for unusual items.

[ etc. ]

http://www.msnbc.msn.com/id/32220805/ns/entertainment-movies/

***

A public auction will be held on-site and by webcast from July 28-Aug. 1, starting at 9:30 a.m. each day.Info: www.greatamerican.com

**

http://www.reuters.com/article/entertainmentNews/idUSTRE56J5NO20090720

Huge Hollywood prop house closing after 40 years
Mon Jul 20, 2009 6:36pm EDT

LOS ANGELES (Reuters) – Hollywood’s second-largest prop house is going out of business with its owner saying he has fallen victim to film and TV production leaving California for other U.S. states that lure producers with tax incentives and fewer restrictions.

20th Century Props is closing its doors for good at the end of July and auctioning off a collection of 93,000 props from such films as “Cleopatra” and “Titanic”, as well as TV’s “The X Files” and “Golden Girls” and music videos from Michael Jackson, Britney Spears and Madonna.

[etc.]

Schwartz has run 20th Century Props for 40 years, claiming to be the second-biggest prop house in the world and the largest under one roof, a 120,000 square foot (11,150 sq meter) warehouse in suburban North Hollywood near Universal Studios.

He said business been slowing down for years as productions left California for Canada and other states that offered tax credits and eased rules about filming.

“They are also offering really low prices on filming on the streets and filming permits, where California raised the prices last year,” he said.

[ . . . ]

http://www.reuters.com/article/entertainmentNews/idUSTRE56J5NO20090720

***

Results for “Hollywood props auction”
Huge Hollywood prop house closing after 40 years Monday, 20 Jul 2009 08:00pm EDT
“Battlestar Galactica” items up for auction Wednesday, 5 Nov 2008 07:00pm EST
NBC auctioning off props from TV shows Friday, 16 Nov 2007 07:00pm EST
***

Audio slide show: GIVE HIM HIS PROPS

20th Century Props in North Hollywood, the largest prop house under one roof, is closing its doors after four decades of business. A public auction will be held on-site and by webcast from July 28-Aug. 1, starting at 9:30 a.m. each day. Preview dates are on July 25 and July 27 from 9 a.m. to 4 p.m. Info: www.greatamerican.com

[From LA Times - very nifty slide show, too.]

http://www.latimes.com/features/home/la-ho-props-ss,0,427836.htmlstory

***

[Also - in New York City, not to be outdone by Los Angeles - ]

Huge multi-estate sale planned for Jul. 31-Aug. 2 in N.Y.
Around 1,200 fresh-to-the-market lots in a broad array of categories will be sold the weekend of July 31-Aug. 2 by Philip Weiss Auctions in Oceanside, N.Y. Then, in Sept., a 5-lb. pearl will be sold.

(OCEANSIDE, N.Y.) – Around 1,200 lots in a wide array of categories – to include toy trains, transportation, advertising, militaria, ocean liner, World’s Fair, railroadiana, automotive, Hollywood memorabilia, historical items and more – will be sold at a three-day event slated for July 31-Aug. 2 by Philip Weiss Auctions, in the firm’s spacious gallery facility located at #1 Neil Court in Oceanside, N.Y.

“We had several well-attended and successful sales in the first half of 2009, and now we’ll continue in the July 31-Aug. 2 auction with some of the best collections we’ve ever offered,” said Philip Weiss. Previews will be held on Wednesday, July 29, from noon to 5 p.m., and on Thursday and Friday, July 30-31, from noon to 8 p.m. each day. Online bidding will be facilitated by Proxibid.com.

The Friday, July 31 session (starting at 4 p.m.), will be dedicated to toy trains — about 450 lots, 95 percent of them mint in the box. Featured will be an important attic find of 1940s-’60s Lionel trains (most with original boxes and many outfit boxes), group lots of 1970s-’80s mint-in-the-box Lionel and other makers’ trains and accessories, modern Lionel trains, Rail King, MTH, K-Line, Weaver and more.

The Saturday, Aug. 1 session (with a 10 a.m. start time) will feature transportation items, advertising memorabilia and militaria, plus around 150 lots from the estate of Ken Schultz, a dedicated collector of ocean liner, World’s Fair and Hollywood collectibles. Ocean liner china and silver from other collections will be included as well. Also to be sold will be about 100 antique advertising signs.

The Aug. 1 session will continue with a nice selection of railroading items and automotive material, to include a run of vintage Pennsylvania Railroad calendars, lanterns, an original lamp from Grand Central Station in New York, stock certificates, 100+ lots of vintage advertising agricultural signs, vintage soap advertising and other related material. Additional items are being regularly added.

The Sunday, Aug. 2 session (also with a 10 a.m. start time) will feature 500 lots, to include Hollywood memorabilia such as celebrity-worn items, movie props and posters, autographed photos, a collection of Clarence Bull photos, and photos from the LOOK Magazine archives. Historical items will include the lock box belonging to Maj. Gustavus S. Dana (an organizer of Lincoln’s Honor Guard).

Also to cross the block Aug. 2: a nice selection of authenticated Civil War-era carte-de-visites (early photographic images), and an important archive of material pertaining to Charles J. Guiteau, the assassin of President James A. Garfield in 1881 (to include two actual pieces of the rope used to hang Guiteau, a cabinet card of Guiteau, letters written to him while he was in prison, an archive of Garfield photos (to include the earliest known daguerreotypes of him), illustrations, a strong box and more. Also to be offered: an original Apollo 10 flag and patch flown to the moon during an historic lunar mission.

Military material to be sold Aug. 2 includes a Thomas Griswold & Co.

Confederate officer’s cavalry saber, an authentic Civil War bugle, a U.S. percussion musket, and more items a collection that includes all major wars, highlighted by both World Wars, posters from World War I & II, and more. All purchases will be subject to a 13% buyer’s premium. Terms are cash, check and all major credit cards.

Sometime in September, on a day and time still to be determined, Philip Weiss Auctions will offer a truly unique object — a pearl weighing an incredible five pounds and measuring six inches in length. The brain-shaped specimen – a giant non-nacreous natural blister pearl – was found in the waters off the Philippines, in the giant clam Tridacna Gigas. It is one of the largest pearls ever found.

A team of expert gemologists analyzed the pearl, using digital radiography, close magnification and data provided by a hand-held X-ray fluorescence (XRF) unit. “This is a once-in-a-lifetime look at one of nature’s most unique treasures,” said Mitch Jakubovic, a gemologist with EGL USA. “A pearl this size is not only the largest one we’ve ever seen, it is among the largest pearls ever seen anywhere.”

David Bidwell, a senior appraiser with Universal Gemological Services (EGL USA’a appraisal affiliate), said, “This is clearly one of the most valuable pearls of its kind in the world today. I will be very curious to see what it sells for.” The pearl was consigned to Philip Weiss Auctions by its current owner. “To coin a phrase, you might say the pearl world is his oyster,” Bidwell said of the consignor.

sale planned for Jul. 31-Aug. 2 in N.Y.
Around 1,200 fresh-to-the-market lots in a broad array of categories will be sold the weekend of July 31-Aug. 2 by Philip Weiss Auctions in Oceanside, N.Y. Then, in Sept., a 5-lb. pearl will be sold.
Huge multi-estate sale planned for Jul. 31-Aug. 2 in N.Y.

Philip Weiss Auctions is always accepting quality consignments for future sales. To consign an item, an estate or an entire collection, you may call them directly, at (516) 594-0731, or you can e-mail them at phil@prwauctions.com. To learn more about the company and its calendar of upcoming sales, to include the July 31-Aug. 2 auction, log on to www.prwauctions.com. Updates are posted often.

http://www.news-antique.com/?id=787539&keys=trains-hollywood-militaria-toys

Check here for more information -

www.prwauctions.com

(That is the ugliest pearl I’ve ever seen, I don’t care how big it is.)

***

And from LA Daily News – (about the new film tax breaks / incentives) – which is too little too late for the Hollywood prop master whose business represents a total collection worth much more than he will ever receive on auction -

http://www.dailynews.com/news/ci_12933303

One entrepreneur who’s given up the fight is 20th Century Props owner Harvey Schwartz.

He began a five-day auction Tuesday of his 90,000 vintage movie props and memorabilia and spoke at the news conference about the impact of runaway production.

“People on the other side of the building are auctioning goods off that I’ve treasured here for 20 to 40 years,” Schwartz said beneath the baleful gaze of a T. Rex skeleton and rows of chandeliers dripping teardrop crystals.

“I built this to last forever and I thought it would. I was born and raised in Hollywood, but runaway production has made it so hard for my and a lot of other industries to survive.”

“In 2001, 82 percent of all filming in the United States was filmed in California,” Lippe said. “Now, it’s in the low 30 percent bracket.”

[Etc. - the article has a lots more about the tax incentives program along with 25 new films that are set to get that help - why couldn't they have save the prop business or helped him put it online or something? It doesn't make any good sense . . . - my note]

http://www.dailynews.com/news/ci_12933303

Film, TV projects line up for $67.5 million in incentives

California’s month-old tax-incentive program appears to be keeping some film and TV productions from fleeing the Golden State, officials said Tuesday.

The California Film Commission, which oversees the program, has allocated nearly $67.5 million in tax credits for 25 film and television productions with a total budget of $347 million.

Flamingos wait to be auctioned at 20th Century Props in North Hollywood, CA July 28, 2009. Assemblyman Paul Krekorian held a press conference at the facility to unveil the latest figures from the state’s film incentive program. The press conference was held on the 1st day of the public auction at the business which is set to close after four decades in business.

[ . . . ]

INCENTIVE RECIPEINTS

Here are the first 25 film and television productions to qualify for about $67 million in state-funded incentives:

PRODUCTION COMPANY

  • “1/2 Life” 1/2 Life LLC
  • “Beverly Hills Chihuahua 2″ Tiny But Mighty Productions
  • “Burlesque” Screen Gems Productions Inc.
  • “Christmas in Beverly Hills” Fast Lane Productions LLC
  • “Circle of Eight” Bronson Avenue II LLC
  • “Cooper” Gramps Co. Inc.
  • “Dead Broke” Lucky Monkey Pictures
  • “Dinner for Schmucks” DW Studios Productions LLC
  • “Elevator Girl” Garding Limited
  • “Faster” CBS Films Productions Inc.
  • “Fire In the Hole” Woodbridge Productions Inc.
  • “Hero Factory” (Animated) Threshold Animation Studios
  • “Important Things with Dimitri Martin” Central Productions LLC
  • “Men of a Certain Age” Turner North Center Productions
  • “Naked Gun 4″ Paramount Famous Productions
  • “The Perfect Family” Perfect Family LLC
  • “Priest” Screen Gems Productions Inc.
  • “The Raise” Unclaimed Freight Productions
  • “Second Wives Club” Paramount Famous Productions
  • “Slumdog Virgin” Steinbeck LLC
  • “The Social Network” Columbia Pictures Industries Inc.
  • “The Spanish Harlem Project” Mano Productions Inc.
  • “Takin’ It Back” Elixir Entertainment Inc.
  • Untitled Movie Close To Home Productions LLC
  • “You Again” Briarvale Productions Inc.
  • ***

    My Note -

    There are numerous sales and auctions occurring all over the country but one of the best events coming up is the Star Trek Convention in Las Vegas, August 6 – 9, 2009. Now that should be some fun . . .

    - cricketdiane

    ***

    A Note to the Republicans who keep putting their feet in the ground to stop any progress, any change and any solutions from occurring in America –

    GOP near-unity on Sotomayor sends message
    Published: July 29, 2009 at 7:46 AM

    WASHINGTON, July 29 (UPI) — U.S. Republicans have sent a message to President Barack Obama that even moderate Supreme Court candidates he nominates will be opposed, analysts say.

    Only one Republican member of the Senate Judiciary Committee, Sen. Lindsey Graham of South Carolina, Tuesday voted to confirm the nomination of the nation’s first Hispanic high court nominee, Judge Sonia Sotomayor, despite her mainstream legal credentials in a show of party solidarity, the Los Angeles Times reported.

    [etc.]

    http://www.upi.com/Top_News/2009/07/29/GOP-near-unity-on-Sotomayor-sends-message/UPI-47691248867978/

    ***

    As An American Citizen -

    I didn’t vote for none of yah – I didn’t get to do that, due to events in my own life, but I guarantee you that I couldn’t have begun to have done as crappy a job as y’all have with it.

    And, I know better than what you are doing right now with the opportunities you have in Washington – because I know this –

    As American Citizens, we didn’t hire you to read off the damn opinion of some backroom Republican crony who told you what you are to think about something – whether its the Sotomayor nomination or health care or climate change legislation or anything else.

    We did not cast a vote that ever elected some Republican or conservative crony in a backroom somewhere to think for you. Most people in America don’t even know who they are and certainly weren’t given the chance to vote for them to think everything through that would be in front of you. They are not the ones sitting in those seats to legislate and make decisions.

    We elected you to represent our interests as Americans. Even though I didn’t get to vote for you or against you, I know beyond a shadow of doubt that you are given that seat to represent my interests as an American citizen. Every dime of my money and everybody else’s money is at your hand, every intelligent resource is available to you and paid for by us and every last opportunity available to the United States is sitting right there at your side within your hand’s reach. Do not tell me that you are there to represent the Republican Party instead of me and my fellow citizens.

    We sent you to Washington to think through whatever was in front of you and represent our interests in the matter. If you can’t do that and think through some of this stuff for yourself with the staff you have and resources available to you, then you don’t need to bed warming that chair up in Washington. And, you sure don’t need to be using it to provide a “united front” for the conservative caucus, the Republican Party, the US Chamber of Commerce which is being run by bankers, nor for the other cronies backing your breakfast. They didn’t elect you and believe it or not – you don’t represent them unless you work in their corporation. That is not your job as an elected official and decision-maker in the United States government.

    You are there in Washington to represent me and the people of the United States – the interests of the citizens and the interests of our nation, along with our futures. Without that, there is no reason for you to be there. Using that seat to get in the way of anything constructive being accomplished, is a waste of everyone’s time, effort, money, goodwill and trust. You sure don’t need to warm a seat where decisions must be made for the good of us all and the good of our country, if stalemating, blockading, undermining, and bastardizing are the only things you are there to do.

    Not one of us put you up there in Washington to have the Republican Party, conservative caucus, bankers, oil companies, big businesses, Wall Street junkies nor anybody else think for you. We didn’t elect you to do that, not this time and in fact, not ever. We didn’t hire you to be a good little soldier for the Republicans and tote the party line – this isn’t Stalin’s USSR where you’re sitting.

    This is the United States of America and in case you haven’t noticed, your perverse follies, previous decisions and Republican policies have left us in an economic war zone where America used to be and we are all losing. You’ve taken America from the first class world leader status that we had enjoyed right up until the reign of the Republican conservative takeover, and torn it to shreds. You’ve left the United States in a position that resembles third world underdeveloped or undeveloped economic conditions, and where crime, violence and oppressive state and local government corruption is rampant and common.

    If the Republican Party and business leaders haven’t noticed, where the America we have before us is now because of their “leadership” -

    there is pervasive poverty, homelessness, decimated communities, foreclosures, unemployment, destitution, families in crisis, pervasively common domestic violence and death without ever leaving home, massive sickness and death from food poisoning because of FDA and Dept. of Agriculture failure to regulate, staggering numbers of bankruptcies, staggering numbers of commercial bankruptcies, inflation in the basic commodities for everyday life, empty community halls and gymnasiums, crumbling infrastructures in every town and county in America, failing schools and children who cannot read despite our “no child left behind” programs, staggering numbers of commercial and industrial “accidents”, cities and suburbs filled with violent crimes, massive ponzi schemes that defrauded huge numbers of citizens and generally very expensive, massively incompetent government systems doing none of the things they were designed or intended to do.

    And that’s only the tip of the iceberg.

    You’ve done a real bang ‘em up job up there in Washington for the past thirty years of letting somebody else do your thinking for you and even I couldn’t have mucked it up worse than you’ve managed to do. How dare you waste our time now with stalemating tactics and a bunch of strategic Republican Party nonsense. Who the hell do you think you are and who do you think you are going to have to deal with when they’re done with you? We put you into office, we pay your salaries, we pay for your taxi rides, limousines and plane trips, we are paying for you to live in nice houses and sit your shitty asses in $6,000 chairs. We are paying for your staff members and the research you have done to make decisions where you sit. What the hell do you think is going to happen to the United States if you keep on doing it the way you’ve been doing it?

    It’s time to stop dicking around, get off your dead Republican asses and get with the others we’ve elected up there in Washington to get something done. Get in there, use your brains and fix this mess. Eventually you will have to notice that you aren’t the ones cooking your own dinners, mowing your grass, cleaning your houses, shining your shoes, washing your clothes, fixing your toilets, driving your family where they go, filling the car with gas or in fact, doing any of the number of other things that are required for you to wipe your hairy ass.

    Personally, I wouldn’t trust any of you to lead me from one side of the street to the other safely – but since, you have been elected by my fellow citizens to positions of leadership you need to know this -

    Whether you know it or not – every one of you up there in Washington is a member of a team and it isn’t the Republican Party, Democratic Party nor conservatives nor big businesses nor liberals. You are either on our team USA to serve the interests of the citizens of the United States and the interests of our national concerns or you are nothing that serves the United States and you don’t belong there wasting time, energy and resources that could be used to the good of us all.

    And, right now considering the economic and social crises that we all face, when you use your positions to antagonize, undermine, stalemate, block, and degrade the efforts of others – you are acting as an anathema and an enemy to all that is good and that could be done while you are there.

    - cricketdiane, 07-29-09

    ***

    And by the way, whether you know it or not – every one of you up there in Washington is a member of a team and it isn’t the Republican Party, Democratic Party nor conservatives nor big businesses nor liberals. You are either on our team USA to serve the interests of the citizens of the United States and the interests of our national concerns or you are nothing that serves the United States and you don’t belong there wasting time, energy and resources that could be used to the good of us all.

    ***

    Another note -

    Whatever marketing genius convinced you as a politician and legislator that you must serve the Republican “brand” – failed to note the unique capacity and position in which you serve and its broader implications.

    The actions you take or fail to take, the decisions you make or decide against supporting will last long after the Republican Party ceases to exist and will have lasting effects far beyond the ability of any narrowly focused conservative thinktank, party, or group to perceive.

    - cricketdiane

    ***

    “But McConnell said Friday, in an appearance at the National Press Club, that, “The normal constituencies must be widened,” signaling a likely strategy for Republicans in the months ahead.” – from article below (FoxNews – January 2009)

    **

    Republicans Craft Careful ‘Resistance’ in Congress


    Senate Minority Leader Mitch McConnell says his party will pose a “principled resistance” when appropriate, but will also try to work with the Obama administration.

    FOXNews.com
    Friday, January 23, 2009

    Senate Minority leader Mitch McConnell of Ky. gestures as he answers questions at the National Press Club in Washington, Friday, Jan. 23, 2008. (AP Photo/Pablo Martinez Monsivais)

    Rest assured, Republicans in Congress will put up a “strong, principled resistance” to the Democratic majority when called for, Senate Minority Leader Mitch McConnell said Friday.

    But with Republicans’ numbers diminished in the Senate and virtually weightless in the House of Representatives, mounting that resistance will be no easy task.

    The GOP, wounded badly in the 2006 and 2008 elections, is still trying to rally and redefine itself, not only to make gains in 2010 but to put its stamp on policy.

    To do so, McConnell and other Republican leaders plan to strike a fine balance between bipartisan cooperation and thorn-in-the-side politics.

    “Stylistically, it is somewhere between cooperation and confrontation,” said Stuart Rothenberg, editor of the Rothenberg Political Report. “It took them eight years to get in this hole. It’s going to take a while to get out.”

    On the other hand, he said, “The nature of the opposition is they’re supposed to oppose.”

    Among those leading that opposition in the early stages are Georgia Rep. Tom Price, chairman of the Republican Study Committee, and Texas Sen. John Cornyn, who is heading up re-election efforts in the Senate.

    Cornyn, one of former President Bush’s top defenders, is already biting at the ankles of Democrats at every turn and could play the prickly counterpart to his more bipartisan colleagues.

    Cornyn was the lone senator who prevented Clinton from being confirmed on Inauguration Day by raising concern about donations to her husband’s foundation. (He later dropped his opposition after a talk with Sen. John McCain.)

    Plus Cornyn raised critical questions about Eric Holder, Obama’s nominee for attorney general, contributing to a delay in his confirmation vote before the full Senate.

    And he warned Democrats not to seat Al Franken as Minnesota’s next senator until his Republican rival, Norm Coleman, exhausted all legal options.

    Most recently, on Wednesday, Cornyn’s committee took on Senate Majority Leader Harry Reid in a news release for inviting lobbyists to an inaugural brunch two days earlier. Spokesman Brian Walsh said in the statement that in order for President Obama to change the culture in Washington, he’d first have to change Reid.

    “I didn’t come to the Senate to be a wallflower, and the only tools you really have available in the Senate are your voice and your vote,” Cornyn said.

    Meanwhile, Price vigorously opposed the release of the second half of the $700 billion financial bailout. And he, along with Cornyn, blasted Obama for ordering the closure of the Guantanamo Bay detention facility Thursday. “It’s unfortunate that national security has taken a back seat to political appeasement,” Price said in a statement.

    Conservative talk show host Rush Limbaugh told FOX News’ Sean Hannity that leaning moderate is the wrong way to go for the Republican Party. He said the moderate wing got their candidate in McCain and lost.

    [My Note - Rush Limbaugh is the Republican Party in America. To have that thinking to run the United States into the ground, who needs enemies . . . ]

    “The blueprint for landslide electoral victory is right there, and the Republican Party and conservative movement has just washed it away,” Limbaugh said. “The people that are running our party now have such a defeatist inferiority complex. … They want to be accepted by people that hate them.”

    But McConnell said Friday, in an appearance at the National Press Club, that, “The normal constituencies must be widened,” signaling a likely strategy for Republicans in the months ahead.

    John Feehery, a Republican strategist and one-time aide to former House Speaker Dennis Hastert, said the GOP only hurts itself by ignoring the center.

    To appeal to more Americans, he advised Republicans to target Democrats in Congress instead of Obama, and to use the president’s “change rhetoric” against hyperpartisan members. He said Republicans can regain the moral high ground by exposing hypocrisy and corruption in the rival party.

    [etc.]

    A string of corruption cases led to huge Republican losses in the 2006 congressional elections, and now the GOP is trying to shine a light on Democrats improprieties.

    The National Republican Congressional Committee, for instance, lambasted House Speaker Nancy Pelosi for keeping Rep. Charles Rangel, D-N.Y., as chairman of the House Ways and Means Committee despite the fact he’s being investigated for tax problems.

    House Republicans are now so outnumbered that they have few options for pushing through their agenda in Congress. They can try to partner on some issues with the conservative Blue Dog Democrats, but they may be more successful just making noise in the media.

    In the Senate, however, Democrats still do not have a filibuster-proof majority, so Republican senators are in a position to carry more weight and squeeze concessions out of Democrats.

    Moderates in particular have a chance to hold clout. Maine Sen. Susan Collins, for instance, just got a coveted seat on the Appropriations Committee, and Maine Sen. Olympia Snowe is a senior member of the Senate Finance Committee. Rothenberg said Sen. John Thune, R-S.D., and Sen. Lamar Alexander, R-Tenn., are two rising stars to watch. Alexander is Republican Conference chairman and Thune has moved into the ranks of leadership as a lead deputy to Whip Jon Kyl, R-Ariz. Thune has been a quiet voice of compromise on energy issues but a tough fiscal conservative.

    [ . . . ]

    Conservatives have long criticized the financial bailout package, charging that the distribution of funds was irresponsible.
    And in the upcoming stimulus package, Republicans are pushing against Democratic spending proposals and pushing for items like tax cuts. House Minority Leader John Boehner of Ohio and Republican Whip Eric Cantor of Virginia on Friday presented Obama with proposals that rely exclusively on tax cuts and envision none of the federal spending backed by Democrats and the White House.

    Some of the GOP resistance is symbolic, though it provides political cover. For instance, Republicans in the House — along with Democrats — voted on Thursday to withhold the second half of the $700 billion stimulus package, even though a prior Senate vote in favor of releasing the money trumped any action from the House.

    But Republicans caused headaches for Democrats earlier in the week when they waved around a report that showed the Democrats’ economic stimulus proposal could take as long as 10 years to work its way into the economy.

    [ etc.]

    In response to the study, Peter Orszag, the director of the White House Office of Management and Budget, sent a letter to Senate Budget Committee Chairman Kent Conrad, D-N.D., late Thursday pledging that at least 75 percent of the stimulus package would be spent in 2009 and 2010.

    [ . . . ]

    Analysts suggested Republicans should also reach out to friendly think tanks to bolster their agendas.

    Republican National Committee Chairman Mike Duncan, who is running for another term, is doing that with his newly created Center for Republican Renewal, a think tank he says will help the GOP “reclaim the mantle as the party of ideas.”

    FOXNews.com’s Judson Berger and FOX News’ Trish Turner and The Associated Press contributed to this report.

    http://www.foxnews.com/politics/2009/01/23/republicans-craft-careful-resistance-congress/

    ***

    Blaise Hazelwood, who served as the political director of the Republican National Committee and spearheaded the famed “72 Hour Project,” proved her mettle again last week — shepherding Steele to his unexpected victory in the race for RNC chairman. Hazelwood, who worked with a team of political pros including the Anderson brothers (Wes and Curt), Brad Todd and Jim Dyke on Steele’s behalf, is now in line for a plum position at the RNC if she wants it.

    http://www.washingtonpost.com/wp-dyn/content/article/2009/02/01/AR2009020102112_pf.html

    Hazelwood’s whole life has been politics. She is a fifth-generation Arizonan whose grandfather was close to former senator Barry M. Goldwater. She was president of Teen Republicans in Arizona as well as an intern on Capitol Hill and at the White House.[8]

    Despite her Arizona lineage, however, she was born in Washington because her father was working at the Interior Department during the Nixon administration.

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

    (see wikipedia entry below – )

    My Note -

    Why is it that everyone in the Republican Party and Conservative Groups that hijacked it over the past thirty years has some relationship to Barry M. Goldwater and Richard M. Nixon? That includes the unbelievable number of people appointed to cabinet positions in the Republican administrations over the last thirty-six years, the agency heads, the decision-makers, the policy makers, and in the thinktanks that have diverted charitable money intended for community supports and programs for the poor into their own coffers.

    Why is it that the conservative fundamentalist right-wing political parties and groups are some of the most vice-ridden, vile, vicious, cruel, intolerant, greedy, corrupt, sexually immoral, criminal and malicious groups that have ever walked the earth regardless of where they are operating? What makes it like that? They have perpetrated the most violent anti-social psychotic police and military policies and practices, they’ve tortured with cruelty and disregard – both in the US and around the world, they’ve encouraged their friends, children and authorities in their command to beat the homeless, poor and disadvantaged to death.

    They’ve incited intolerance, removed personal rights and freedoms, undermined the Constitution of the United States and lawful Constitutional rights given to citizens around the world, practiced religious, social, economic and cultural / racial intolerance across the United States and generally, instituted a caste system in a country where democracy, freedom and individual rights used to be. Who are these vile slags of humanity and why do they get away with it just because they dress better than I do?

    - cricketdiane

    ***

    Blaise Hazelwood

    From Wikipedia, the free encyclopedia

    Blaise Hazelwood
    Born Washington, DC
    United States
    Occupation Political Consultant
    Political party Republican
    Spouse(s) Dan Hazelwood

    Blaise Hazelwood (born 1972), a Republican strategist and consultant in the United States, is the owner of Grassroots Targeting, LLC, a microtargeting company, and iWeb Strategies, LLC, which provides campaigns and other organizations with a comprehensive online program.[1]

    Hazelwood first came to prominence as the driver behind the “72-Hour Task Force” in 2001, the party’s last major revision to its tactical campaign playbook which is credited with revolutionizing the Get Out the Vote efforts.[2] Hazelwood has led and managed political operations, high-profile grassroots programs and political campaigns.[3] She received a lot of praise for her work as Political Director at the Republican National Committee in 2002 and 2004, spearheading their successful online Team Leader program and the construction of Voter Vault, the RNC’s voter file database.[4] She went on to serve as the Director of Media and Political operations for the National Republican Senatorial Committee during the 2006 cycle under Senator Elizabeth Dole.[5]

    Beginning in November 2008, Hazelwood managed Michael Steele‘s campaign for Chairman of the Republican National Committee.[6] Steele was elected as the new RNC Chairman on January 30, 2009.[7] Hazelwood followed the new Chairman to the RNC and served as his Chief of Staff through the transition until March 2009. She then returned full-time to her companies in Alexandria, Virginia but continues consulting as a top advisor to Chairman Steele and the RNC.

    Content

    // <![CDATA[
    //

    Early Years

    Hazelwood's whole life has been politics. She is a fifth-generation Arizonan whose grandfather was close to former senator Barry M. Goldwater. She was president of Teen Republicans in Arizona as well as an intern on Capitol Hill and at the White House.[8]

    Despite her Arizona lineage, however, she was born in Washington because her father was working at the Interior Department during the Nixon administration. She was named for St. Blaise. The name was chosen by her mother, who wrote a dissertation on the Roman Catholic saint while studying for a doctorate in early Christian art at Georgetown University. Hazelwood has admitted that being named after a little-known male saint caused confusion when she was younger.[9]

    Arizona Campaigning

    Hazelwood began door-to-door canvassing as a 10-year-old in Arizona when her father was running for precinct committeeman, and she learned firsthand the value of human contact, meticulous organization and volunteer muscle in political campaigns. Her grandmother was a campaign volunteer in the days before computers, when voter files were kept on index cards. She told the Washington Post in 2003, “I always heard stories about my grandmother. It was all personal contact, and it obviously worked.”[10]

    Career

    Early career

    After graduation from Vassar College, Hazelwood’s first job was staff assistant at the RNC, but shortly after the 1994 GOP landslide, her days appeared numbered. The new political director, Curt Anderson, was planning to clean house, and told Hazelwood and others they should start looking for work somewhere else.[11]

    “I didn’t like that answer,” she told the Washington Post. “I decided that I wanted to stay here, that I wasn’t done at the RNC, so I started getting there at like six o’clock in the morning. He was a very early person, too. I would read the papers and brief him as he came in, do whatever I could to get his attention, and so he finally decided to keep me.”[12]

    Her career since has been a succession of campaigns and grassroots organizing across the country, often anchored by positions at the Republican National Committee. She worked for Bob Dole’s 1996 presidential campaign and for James S. Gilmore III’s successful 1997 gubernatorial campaign in Virginia.[13]

    After those campaigns, she joined Curt Anderson’s political consulting firm. Then, in the summer of 2001, moved back to the RNC to help the Bush team manage its outreach to parts of the conservative coalition.[14]

    Republican National Committee

    “Blaise Hazelwood is credited with bringing back the culture of grassroots campaigns into the Republican Party.”[15]

    Hazelwood worked as Political Director at the RNC in 2002 & 2004. Matthew Dowd, Senior Advisor at the time said, “She’s got good intuition, and she’s exceptionally well organized. She’ll do whatever it takes to get the job finished. She’s not concerned about being the last person to leave the office or getting on an airplane to get the job done.”[16]

    72 Hour Program

    “When the history of the Republican Party’s midterm election victories of 2002 is written, President Bush will get the headline and much of the credit, but a large footnote will go to a young political operative named Blaise Hazelwood.”[17] -The Washington Post, 2003

    Hazelwood, only 31 at the time, was serving as political director of the Republican National Committee (RNC), and it was her responsibility to coordinate the party’s “72-Hour Program,” an 18-month effort designed to put shoe leather back into politics and beat the Democrats in turning out the vote, especially in the final three days, 72 hours, of the campaign. The 72-Hour Project was born of necessity after the 2000 election, when Republicans discovered that Democrats had done a better job of getting their voters to the polls in one of the tightest presidential races in history.[18]

    With prodding from White House senior adviser Karl Rove, White House political director Ken Mehlman and RNC Deputy Chairman Jack Oliver, the party undertook a top-to-bottom review of its get-out-the-vote operation, poured more than $1 million into more than 50 experiments to test how best to reach out to voters and then methodically set about implementing their findings in the midterm campaigns.[19]

    “I’m confident from the testing and from human life experience that making a volunteer telephone call or knocking on someone’s door makes much more impact than just doing it paid,” Hazelwood said.[20]

    Her weekend routine was a mind-numbing series of conference calls consuming as much as 16 hours in which she updated her checklists state by state: how many volunteers signed up; how many people on the streets; how much literature distributed; how many voters identified. The overall goal was to flood precincts in competitive states with GOP volunteers going door to door in the final 72 hours of the campaign. Three weeks before the election all the planning and execution began to converge. She told the Washington Post, “All of a sudden this one weekend, everything started clicking. All of the work that everyone had put into this for the past year and a half started happening.”[21]

    Her work paid big dividends on Election Day, when a surge of Republican voters in states such as Florida, Georgia, North Carolina and Missouri overwhelmed the Democrats and turned what many had called one of the most competitive midterm campaigns in history into a substantial Republican victory.[22]

    Voter Vault

    In addition to implementing the 72 hour program, Hazelwood is also credited with creating Voter Vault, the Republican Party’s voter file database which is used by campaigns all over the country.[23]

    National Republican Senatorial Committee

    In 2005, Hazelwood moved over to become Elizabeth Dole’s right-hand-woman, serving as campaign and media director for the National Republican Senatorial Committee (NRSC) through the 2006 election cycle.[24]

    Consulting

    Grassroots Targeting

    Hazelwood founded Grassroots Targeting in 2005, turning her expertise in the practice of microtargeting into a business. In 2004, few top campaign staff knew what to do with raw microtargeting data. The young staffers who had time to play with the data were the ones in the remote field offices. In 2008, they’re now running the show and want to be able to get their hands on the data. Grassroots Targeting is the first firm to create its own software, called GT InAction, so campaigns can do just that. It lets a campaign manager select the voters he’d like to reach, such as married men who are regular churchgoers who make above $100,000. Since the software is web-enabled, direct mail and phone vendors can go in and use the data as well. Hazelwood believes, “if you’re spending this much time and money to put this together, people should actually use the data.” She also adds that she tries “to empower the campaigns as much as possible, because they know their campaigns the best.”[25]

    With respect to the 2008 Presidential race, she recently explained,

    “With Bush, our targeting efforts focused on turning out the base. Now with McCain, it’s about convincing the swing voters. It’s a different audience we’re going after, and we’re able to find those swing universes much better than we would have in the past. But sometimes microtargeting isn’t user-friendly enough — a lot of campaigns get a book that explains it, and then that book goes on the shelf. I’ve built software that allows campaigns to understand their microtargeting data more easily. They can pull their own email and phone universes. The software will tell you, ‘These are the swing groups, these are the people who are most likely to turn out.’ All the end users have to do is pick what groups they want to target. If you have the budget to mail to only 40,000 people, you can decide which group you want and enter into the calculator exactly what you want your numbers to be.”

    Microtargeting for Bobby Jindal

    One of Grassroots Targeting’s most notable clients is Louisiana Governor Bobby Jindal who has been talked about as a future presidential candidate.[26] Most microtargeting models focus on issues and likelihood to vote Democrat or Republican. However, that wasn’t necessarily going to help Bobby Jindal win his 2007 gubernatorial race in Louisiana, where most voters are registered Democrats who typically vote Republican. Strategists realized that to avoid a run-off, Jindal needed 42 percent of culturally conservative Democrats to vote for him on Election Day.[27]

    Hazelwood built her model around that core group. She said, “usually when you build models, you are building them on everyone [in a district], but the cultural conservatives were our target universe. We actually did survey work and tracked them all summer long.” Using that research, Jindal talked to voters in each segment of this custom universe. And on Election Day, he hit the magical 42 percent and won the race.[28]

    iWeb Strategies

    In 2007, Hazelwood cofounding iWeb Strategies with Brian Lyle. Lyle has been working in technology for over a decade and with Hazelwood since 2003. He served as the Deputy Director for the RNC’s Team Leader online program in the 2004 election cycle. In 2006, he worked with Hazelwood at the NRSC as eCampaign Director before joining her to found iWeb. He designed and managed one of the “Top 5 Mold Breaking Websites” of the 2002 election cycle according to Campaigns and Elections magazine.[29]

    Steele Campaign

    In November 2008, Hazelwood signed on to lead Michael Steele’s campaign to become the next RNC Chairman in the first open race since 1997. The telegenic former Maryland Lieutenant Governor had developed a national following with his Fox News commentary. Also, those who saw Steele behind-the-scenes of his 2006 Senate race knew him as a free spirit whose first instinct is to rethink campaign conventions. An insurgent campaign in a time of internal party unrest fit his personality well.[30]

    That Steele won the chairman’s race didn’t surprise many Republican activists across the country; however, Steele’s Jan. 30 win did shock the old bulls of the Republican establishment. The core of Steele’s winning coalition were the RNC’s newer members. In fact, half of Steele’s 21-person “whip team” on the committee rose to their current Party leadership roles after the election of 2006. Steele made sure his campaign screamed “change.” Under Hazelwood’s leadership in what looked like a sleepy Christmas-time race, Republicans responded in ways few inside the Beltway press corps noticed. Though the race is decided by the 168 party insiders, Steele asked Republican activists around the country to sign up to support his bid for chairman. In the two months after Obama’s victory, his website enlisted 42,000 such activists.[31]

    Hazelwood put the 42,000 to work with the same innovative thinking that led to the 72 Hour Program. She asked those online supporters to email their national committee members. While urging a vote for Steele, the supporters pledged a specific donation of volunteer hours to their state parties which caught the eye of hungry state chairmen.[32]

    With Hazelwood, Steele built a leadership team, and a winning campaign, with tactics, ideas, and coalitions rarely before used in the GOP. Steele promised to shake things up at party headquarters, and to the old guard’s surprise, the new RNC was in a mood to shake.[33]

    [edit] RNC Transition Chief of Staff

    Following Chairman Steele’s election, Hazelwood went with him to the RNC and served as Chief of Staff through the transition period. During this time, Steele brought in RNC Members from around the country to assist him in assessing each division within the RNC and make recommendations for improvements.

    In a press release, the RNC announced that “the transition team will help implement the sweeping changes Steele proposed during his campaign for chairman. Under Chairman Steele’s leadership, the RNC will focus on recruiting a new cadre of top-notch candidates and operatives, build new volunteer networks, and forge new working relationships with state and local parties. The team will also immediately begin preparing for the gubernatorial and local elections later this year in Virginia and New Jersey.” Hazelwood was integral to these transition efforts and also to supporting the Chairman in beginning to fulfill his mission to “bring this Party to every corner of the country and ask people to join us and work with us.” The Chairman added that “by standing on our principles, we can expand and grow. My transition team will take a fresh look at everything with an eye toward preparing to win the campaigns of the future.”[34]

    Having overseen the first two months of the Steele administration at the RNC, Hazelwood, in an e-mail to Republicans around Washington on March 12, announced veteran GOP strategist Ken McKay would take over as the RNC’s chief of staff.[35]

    Hazelwood is now working full time at Grassroots Targeting and iWeb Strategies based in Old Town Alexandria, Virginia while staying very involved in an advisory role with the RNC and Chairman Steele.

    [edit] References

    1. ^ http://iwebstrategies.com/
    2. ^ http://www.politicsmagazine.com/magazine-issues/february-2009/plan-of-steele/
    3. ^ http://iwebstrategies.com/
    4. ^ http://townhall.com/blog/g/4f09823f-757c-4bdc-b228-a1ab3dd40985
    5. ^ http://iwebstrategies.com/
    6. ^ http://townhall.com/blog/g/4f09823f-757c-4bdc-b228-a1ab3dd40985
    7. ^ http://www.cqpolitics.com/wmspage.cfm?docID=news-000003021842&cpage=1
    8. ^ http://www.washingtonpost.com/wp-dyn/articles/A61061-2002Dec31.html
    9. ^ http://www.washingtonpost.com/wp-dyn/articles/A61061-2002Dec31.html
    10. ^ http://www.washingtonpost.com/wp-dyn/articles/A61061-2002Dec31.html
    11. ^ http://www.washingtonpost.com/wp-dyn/articles/A61061-2002Dec31.html
    12. ^ http://www.washingtonpost.com/wp-dyn/articles/A61061-2002Dec31.html
    13. ^ http://www.washingtonpost.com/wp-dyn/articles/A61061-2002Dec31.html
    14. ^ http://www.washingtonpost.com/wp-dyn/articles/A61061-2002Dec31.html
    15. ^ http://pipl.com/directory/people/Blaise/Hazelwood
    16. ^ http://www.washingtonpost.com/wp-dyn/articles/A61061-2002Dec31.html
    17. ^ http://www.washingtonpost.com/wp-dyn/articles/A61061-2002Dec31.html
    18. ^ http://www.washingtonpost.com/wp-dyn/articles/A61061-2002Dec31.html
    19. ^ http://www.washingtonpost.com/wp-dyn/articles/A61061-2002Dec31.html
    20. ^ http://www.washingtonpost.com/wp-dyn/articles/A61061-2002Dec31.html
    21. ^ http://www.washingtonpost.com/wp-dyn/articles/A61061-2002Dec31.html
    22. ^ http://www.washingtonpost.com/wp-dyn/articles/A61061-2002Dec31.html
    23. ^ http://townhall.com/blog/g/4f09823f-757c-4bdc-b228-a1ab3dd40985
    24. ^ http://townhall.com/blog/g/4f09823f-757c-4bdc-b228-a1ab3dd40985
    25. ^ http://www.spotlightanalysis.com/articles/0608politicsmag.html
    26. ^ http://www.usnews.com/blogs/god-and-country/2009/04/21/2012-republican-front-runners-all-christian-conservatives.html
    27. ^ http://www.spotlightanalysis.com/articles/0608politicsmag.html
    28. ^ http://www.spotlightanalysis.com/articles/0608politicsmag.html
    29. ^ http://iwebstrategies.com/
    30. ^ http://www.politicsmagazine.com/magazine-issues/february-2009/plan-of-steele/
    31. ^ http://www.politicsmagazine.com/magazine-issues/february-2009/plan-of-steele/
    32. ^ http://www.politicsmagazine.com/magazine-issues/february-2009/plan-of-steele/
    33. ^ http://www.politicsmagazine.com/magazine-issues/february-2009/plan-of-steele/
    34. ^ http://www.gop.com/News/NewsRead.aspx?Guid=47948a5d-1121-46dd-81a5-67ebd7ff2737
    35. ^ http://thehill.com/leading-the-news/steele-names-ken-mckay-new-chief-of-staff-2009-03-12.html

    Economic Reality and the Reliable Facts in America is that we are living in an economic and often violent war zone where America used to be – between domestic violence, men killing their wives, daughters, children and themselves – who stands a chance? And don’t tell me that the oil speculating and Wall Street bankers games don’t hurt anyone – they’ve caused massive unemployment, layoffs, shitty loans nobody can pay off, gambled with other people’s money and generally laid our economy into a wasteland where human lives cannot thrive – the bankers and Wall Street games have definitely hurt somebody – all of us have been hurt by it

    My Note –
    Why do experts and news commentators / producers tell the public that everything is fine (macro-economically) when all the numbers say something else? Durable goods orders are down because? Unemployment, layoffs and underemployed numbers are still up and possibly even rising, if we were able to see the true numbers. Companies are going out of business and bankruptcy courts are filled with filings across a broad spectrum of businesses. Commercial real estate loans are an accident waiting to happen and foreclosures of people’s homes continue to be in the stratosphere with many loans still expected to reset through the end of this year and next.

    The number of homeless have increased to the point of devastation in communities across the US and everybody is watching to see if the durn stock market numbers mean something about a “rebound” – those numbers aren’t real. The shifts in value among stocks, commodities and financial derivatives are coming from huge players managing other people’s money – what do they know besides a guess considering they make their money whether they win or lose?

    We have a population who does not know how to survive unless all the conditions are known quantities arranged in a certain order and progress along a recipe which doesn’t now exist for them. Wouldn’t it be more helpful to engage that with the real facts, some measure of truth, candid honest appraisals of where things stand now and a set of skills for “thinking on your feet,” resourcefulness and “flying by the seat of the pants” successfully?

    Thanks, Ali – for your efforts and for all of the CNN team, but we really are getting to the hardest part now, when everyone is tired of the bad news and no jobs and it isn’t going to get better soon nor go back to the old way that it was, regardless.

    - cricketdiane, 07-29-09

    A Note to Ali Velshi – CNN Financial Reporting and Economics

    ***

    CNNRADIO
    Ask Ali Velshi
    E-mail Ali Velshi with your questions about the economy or call him live on CNNRadio, at 11 a.m. ET

    http://www.cnn.com/ireport/ireports/topics/forms/2008/05/ask.cnn.radio.velshi.html

    ***

    Send your questions to CNNRadio

    Are you a CNNRadio fan? E-mail us with your questions ahead of time and listen for the answers during the show, or call us at (877) 266-4189 to ask your questions on the air.

    http://www.cnn.com/ireport/ireports/topics/forms/2008/05/ask.cnn.radio.velshi.html

    ***

    New York gives homeless one-way tickets
    Published: July 29, 2009 at 10:35 AM

    [ . . . ]

    City officials say there is no limit to where a family can be sent.

    So far, the program has provided flights to 54 states and five continents, most often to Puerto Rico, Florida, Georgia and the Carolinas.

    One family with 10 children accepted an offer to go to Puerto Rico while another family moved to France with their three children.

    New York spends $500,000 a year on the program which employs a local travel agency to book the one-way flights. (for more than 550 families)

    “We want to divert as many families as we can that need assistance,” says Vida Chavez-Downes, who heads the program.

    http://www.upi.com/Top_News/2009/07/29/New-York-gives-homeless-one-way-tickets/UPI-42541248878119/

    ****

    The Republican / Bush Legacy -

    LOS ANGELES, July 29 (UPI) — Seven percent of U.S. fifth-graders and their families have experienced homelessness — 11 percent for blacks — and it takes a toll, researchers say. (from 2004 – 2006)

    [ . . . ]

    Dr. Tumaini R. Coker of Mattel Children’s Hospital UCLA and the Rand Corp. and colleagues analyzed data from a study of 5,147 fifth-grade students. Interviews of students and parents were conducted during the 2004-05 and 2005-06 school years and included children from Birmingham, Ala.; Houston and Los Angeles.

    “It was unexpected to see such a high prevalence of family homelessness in this sample of fifth-grade students, were literally homeless — staying in places like shelters, cars or on the streets,” Coker, the lead author, said in a statement.

    http://www.upi.com/Health_News/2009/07/29/Seven-percent-of-fifth-graders-homeless/UPI-86521248842509/

    ***

    Economic Outlook: Knocking on closed doors

    By ANTHONY HALL, United Press International Published: July 29, 2009 at 8:18 AM

    U.S. home prices and mortgage news have crept back into the headlines, as government officials took another swipe at helping homeowners Tuesday.

    Officials from the Treasury Department and the Department of Housing and Urban Development sat down with bank executives in Washington to review the Make Homes Affordable program, which aims to help troubled homeowners with loan modifications.

    It is a program with a goal of helping 4 million homeowners avoid foreclosure that has, to date, been frequently touted as underwhelming at best. Only 200,000 loans have been modified since March, The Washington Post reported Wednesday.

    [ . . . ]

    The problem, in a nutshell, is profits. After weeding out homeowners behind on their payments who may be able to catch up on their own, without assistance, and those who would fail to keep up payments even with a modified loan, there are few well-intended homeowners left, the Boston Federal Reserve Bank said in a study of the nation’s housing predicament.

    http://www.upi.com/Business_News/2009/07/29/Economic-Outlook-Knocking-on-closed-doors/UPI-82771248869922/

    ***

    Alan White, a professor at Valparaiso University School of Law in Indiana, said lenders could cut down on the number of borrowers who end up defaulting again by giving them more help in the first place. He said too many modified loans don’t result in low enough payments. Also, he said, there may be fewer borrowers who can get out of trouble on their own because of continuing difficulties in the economy.

    “The servicers are making assumptions that are much too anti-modification,’’ White said. “The servicers have the authority’’ to help borrowers, “they just don’t want to use it.’’

    The study, coauthored by Manuel Adelino and Kristopher Gerardi, also rebuts a widely held suspicion that the holdup in modifying loans is because of investors who control them through mortgage-backed securities. The Fed found no difference in the rate of aid between investor-controlled loans and those that lenders own directly.

    [ . . . ]

    The number of foreclosure proceedings increased to 844,389 during the first quarter of 2009, up 73 percent from the first quarter of 2008, according to the Office of the Comptroller of the Currency.

    “You have more money going to the banks and the servicers than you do to the homeowners,’’ he said. “It would make more sense to just give money to the borrowers.’’

    Jenifer McKim can be reached at jmckim@globe.com.

    http://www.boston.com/business/articles/2009/07/07/lenders_avoid_redoing_loans_fed_concludes/

    ***

    Durable goods orders drop 2.5 percent in June
    By MARTIN CRUTSINGER, AP
    2 hours ago

    WASHINGTON — Orders to U.S. factories for big-ticket durable goods plunged in June by the largest amount in five months, reflecting the continuing troubles in the auto industry and a steep drop in demand for commercial aircraft.

    The Commerce Department said Wednesday that orders for durable goods fell 2.5 percent last month, much larger than the 0.6 percent decline that economists had expected. It was the biggest setback since a 7.8 percent fall in January.

    [etc.]

    http://www.comcast.net/articles/finance/20090728/US.Economy/

    ***

    This is life in America -

    Mass. woman killed, fetus removed from womb
    2 hours ago

    WORCESTER, Mass. — A pregnant woman was found dead in her apartment with her fetus cut from her womb, and police on Wednesday were trying to find the missing baby, which they said could have survived.

    Authorities said 23-year-old Darlene Haynes was about eight months pregnant and the child would have needed immediate medical attention to survive.

    Officials say Haynes also has a 1-year-old daughter who is safe with relatives.

    Police said Tuesday that they had interviewed the father of Haynes daughter, Roberto Rodriguez.

    Haynes had a restraining order against Rodriguez, who allegedly pushed her into a glass table in June and cut her arm, then grabbed her by the throat and slapped her, the Telegram & Gazette of Worcester reported, citing court records.

    Court records also showed Rodriguez was charged with hitting Haynes in 2008 in a case that was continued without a finding.

    [ . . . ]

    http://www.comcast.net/articles/news-national/20090729/US.Cut.From.Womb/

    My Note -

    That is the life experiences of America which awaits our daughters, our women, our children, our day-to-day living with what really happens in the United States for women every single day, every moment of every year . . .

    And, from one of the UPI articles above, a hidden set of information about the oil speculators (it shouldn’t have been buried in another article, if they wanted anybody to read about it – )

    Regulators also took a first swipe at curbing speculation in the oil market Tuesday with the Commodities Futures Trading Commission holding the first of three hearings to explore moves to limit large bets that could manipulate prices.

    Oil prices rose sharply in the summer of 2008, provoking concern that speculators were making fast gains at the public’s expense. Following a humbling fall in prices last fall, prices moved forward again this year, gaining about 50 percent since January.

    In August, the CFTC will issue a report documenting the size of oil positions and the number of firms participating, which could shed light on the speculative nature of oil investments, the Post reported.

    Asian markets were mixed Wednesday. The Nikkei 225 in Japan rose 0.26 percent, while the Hang Seng in Hong Kong fell 2.37 percent. The Singapore Straits Times index dropped 0.76 percent. The S&P/ASX in Australia dropped 0.64 percent.

    In midday trading in Europe, the FTSE 100 index rose 0.81 percent. The DAX 30 in Frankfurt rose 1.79 percent. In France, the CAC 40 gained 1.43 percent, while the broader DJStoxx600 rose 0.76 percent.

    http://www.upi.com/Business_News/2009/07/29/Economic-Outlook-Knocking-on-closed-doors/UPI-82771248869922/

    ***
    Lenders avoid redoing loans, Fed concludes
    Study cites lack of profit in aiding the distressed

    By Jenifer B. McKim
    Globe Staff / July 7, 2009

    Mortgage lenders don’t try to rework most home loans held by borrowers facing foreclosure because it would probably mean losing money, a study released yesterday by the Federal Reserve Bank of Boston concludes.

    [etc.]

    Officials from Hope Now, the private-sector alliance of mortgage servicers and investors, were unavailable for comment yesterday.

    The Fed’s study found that only 3 percent of seriously delinquent borrowers – those more than 60 days behind – had their loans modified to lower monthly payments; about 5.5 percent received loan modifications that did not result in lower payments.

    [ . .  .]

    http://www.boston.com/business/articles/2009/07/07/lenders_avoid_redoing_loans_fed_concludes/

    ***

    From the live webacam and new flash websites – its like have new toys to play with and see what they do – a little art – a little science – a little engineering – a lot of learning new computer treasures and applications – wowsa! what fun -

    http://www.wix.com/cricketdiane/Cricket-Diane-C-Phillips—Cricket-House-Studios-2009

    ***

    http://www.wix.com/cricketdiane/cricketdiane-2009

    ***

    Aside from these nifty things which are fun – there is a live webcam thing and I’m working on some events for the fall and next year. It looks like a house full of file folders right now, but I’m working on it . . .

    I had done another little clip for the organizing video I was doing and since it was the most boring four minutes I had ever watched, it didn’t get posted. Now, the durn area is almost organized without getting more video clips of it – but, that’s okay because there are a lot more areas that can be used for the same reason. Oh my, oh my, oh my, what a mess to straighten out.

    [And - from the other day - Why does India need a nuclear submarine? In fact, why do they have need of any submarine at all- it seems that would not be very useful, but maybe I'm not thinking about some bigger picture.]

    From CNN -

    India launches nuclear submarine

    updated 7:43 a.m. EDT, Sun July 26, 2009

    By Harmeet Shah Singh
    CNN

    NEW DELHI, India (CNN) — Indian Prime Minister Manmohan Singh launched the country’s first locally built nuclear-powered submarine on Sunday.
    Manmohan Singh, center, honors a war victory in New Delhi on Sunday, the same day he launched a sub.

    [etc.]

    Today, we join a select group of five nations who possess the capability to build a nuclear-powered submarine, Singh declared in his speech at the eastern naval base of Visakhapatnam.

    Although he billed the submarine as an outcome of a public-private partnership, the Indian leader did mention Russia in his address.

    I would also like to express our appreciation to our Russian friends for their consistent and invaluable cooperation, which symbolizes the close strategic partnership that we enjoy with Russia, Singh remarked.

    Nonetheless, he called for leveraging the strengths of India’s private industry for defense goals.

    The launch came 11 years after internationally condemned tit-for-tat nuclear tests — first by India and then by Pakistan — in May 1998.

    All About India • Manmohan Singh • Russia

    http://www.cnn.com/2009/WORLD/asiapcf/07/26/india.nuclear.submarine/index.html

    ***

    Cricket live webcast experiment – ongoing and Hollywood is for sale

    Today, it seemed like a good idea to create a live podcast thing – so, it has been interesting.

    ***

    Cricket House Studios is the world where cricketdiane lives and works. It is an imagination center filled with new things, information, creativity, inventiveness, inventions, resources, inspired resourcefulness and practical, innovative thinking.

    Cricket House Studios, cricketdiane, CricketHouseStudios, invention, design, practical how to, originality,inventiveness, resources, resourcefulness, practical innovation, art, science, extreme engineering, alternative fuels, alternative energy, new inventions, original art, original design, original prototypes, original music, original writings, original inventions, original innovations, intellectual property of Cricket House Studios and of cricketdiane, information science,
    (Also – add later – original, author, original authorship, authentic American character, etc.)

    Supporting Notes -

    check the kinds of information science  , research, areas of interest and original works by googling the name cricketdiane and by the content on my blog at wordpress under the userid – cricketdiane, also on YouTube, Animoto and Wix – sitekreator and comcast.com, photobucket, myspace, cafepress, facebook (not on twitter, yet, but soon)- since last year, my blog has had over 100,000 visitors and averages about 300 – 500 per day.

    Upcoming Events -

    we are currently working on some events for this fall through next year, including the broadcast of specific show content from our files which has previously not been public.

    Your Vision -

    inventions and innovations, new designs, information, creative applications, creativity, inventiveness, resourcefulness and how to – all created by, originating from or researched by CricketDiane and Cricket House Studios

    http://www.livestream.com/crickethousestudios

    ***

    And, this is an event that is about to happen -

    Hollywood slump puts famous props on the block

    * Dramatic decline in Hollywood productions over the past year prompts auction
    * Submarine, fake nuclear warhead and Austin Powers’ cryogenic chamber to be sold
    * Inventory also includes a drill used by Ben Affleck and Bruce Willis in  Armageddon
    * Potential bidders have registered from dozens of countries

    updated 35 minutes ago

    By Alan Duke
    CNN

    LOS ANGELES, California (CNN) — Harvey Schwartz spent the past 40 years collecting antiques, art and odd items that he rented to TV and movie studios as props and set decorations.

    [etc.]

    Yeah, it’s all going to be sold to collectors,  he said.  This is the first time in 60 years that Hollywood has had a big sale like this, where they’ve dissipated Hollywood props to all parts of the planet.

    [ . . . ]

    An auctioneer will begin the long process of selling everything Tuesday morning.

    I talk lightly that I have 93,752 pieces under this roof, but it doesn’t really strike a note until you start putting a little auction lot number on each piece or a bunch of pieces.

    Potential bidders have registered from dozens of countries, and hundreds are expected to show up at the warehouse, Schwartz said.

    http://www.cnn.com/2009/SHOWBIZ/07/28/hollywood.prop.sale/index.html

    ***

    Five jobs for Facebook addicts

    Rachel Zupek
    CareerBuilder.com writer

    CareerBuilder

    Editor’s note: CNN.com has a business partnership with CareerBuilder.com, which serves as the exclusive provider of job listings and services to CNN.com.

    Jobs for Facebook addicts

    If you’re a social media guru, here are five jobs to consider in your next job search:

    1. Recruiter

    Candidates have been on social networks for years now, and it’s about time recruiters joined them. Daniel says Dan Temps’ recruiters can find candidates faster, screen them better and reach out to individuals they wouldn’t see otherwise.

    Dan Temps believes that the environment candidates are accustomed to in a social network will keep the conversations and information real,  Daniel says.  Candidates don’t feel they are being pressured in that environment like they would in a more formal interview or screening process and are more likely to get real with our recruiters.

    2. Strategist

    Many companies are seeking social media strategists to find the best way to interact within various social sites and online communities. In this role, you would be the face of social media for your company, creating and maintaining an effective social media strategy by interacting with users, growing brand awareness, creating buzz, increasing traffic and providing valuable information. To thrive in this position, Durbin says you must have a proven track record of achieving goals, or companies will be hesitant to hire you.

    3. Enterprise architect

    This is the most exciting job in social media and requires someone with broad experience in networks, multiple platforms, development, security and political infighting,  Durbin says.  This is a very rare find. It’s for companies looking to completely revamp their content management strategy and internal networks. It could be the most important role in a company in the next five years.

    4. User operations analyst

    For any company with an online presence, user experience is one of the most vital parts of the business. The only way to monitor that is to have someone in charge of the experience themselves. No matter if the company is blogging, has a Web site or pages on Facebook, Twitter and LinkedIn, user operations analysts interact with users, answer queries, investigate problems and keep track of user habits.

    5. Director of social media

    Similar to a strategist, companies need someone to organize company blogging, viral marketing, podcasting, etc. This person has a background in building teams and who really gets the promise and the purpose of social media, Durbin says. These folks should be wary of new technologies and be all over blogs, RSS, have Facebook and Twitter accounts, and know the difference between his or her employees playing and researching on MySpace and YouTube.

    Searching for social media jobs

    You might think that finding social media jobs is difficult but many of these positions under a variety of job titles that don’t include  social media.

    Try searching job boards and the Internet for  social media,   interactive marketing,   new media  or  branding manager  and you should get a good start in the right direction.

    http://www.cnn.com/2009/LIVING/worklife/07/28/cb.best.job.facbook.addict/index.html

    ***

    Help Your Own Self Stuff – Do something – the Story of Making Salts for the Soul Christmas Gifts a couple years ago – making your own money, making your own Christmas gifts, how to create Christmas gifts and elegant handmade Christmasy stuff – Christmas crafts how to – (well, how we did it anyway … )

    A couple years ago, I was helping my Mom and Dad over at their house when my daughter reminded me that we had to stop working on putting in a new toilet because it was time to do Christmas. Of course, we didn’t have any money as usual and she wanted there to be presents for each of her brothers and sisters that she had worked to get in one place for the Christmas holiday.

    So, here we were sitting at Mom and Dad’s house and I said, let’s just make some stuff for them. Although we kept working on fixing the floor and new toilet for their big bathroom, Ms. A and I started making some Christmas presents. Just for the record, don’t ever do it this way – we had less than two weeks to make some things and that isn’t the way to do it. But, we did it and completely ignored all the Christmas gifts I was already preparing for everybody because those things were at my apartment where we weren’t.

    I don’t know if Ms. A had been around when gifts were being made at other times and it seemed that we had lots of options, but she didn’t know where to start. We took some quart sized Mason jars from the laundry room with their lids that had never been used for canning anything and some Epsom salts from under the bathroom sink that had been there about forever.

    Then, we ran around outside to gather some tiny baby pinecones, pretty leaves and small pine sprays, delicate seed pods and other nature stuff and brought them to the kitchen table. The flavorings and scents that we found around the house were vanilla extract, peppermint extract (which is ridiculously strong and a tiny, tiny bit goes way too far), ground cinnamon, pumpkin pie spice, and some really stinky perfumes, colognes and smell-um-goods that had been sitting long enough to knock anybody over when the top was opened.

    Ms. A put about half to two-thirds of each jar’s worth of Epsom salts in the jars we had found, some of them quart sized, a few larger, a few smaller quart sized and set aside some we had found for something else. We ended up having to go to the grocery to get some more Epsom salts along with some cucumbers and mint-smelling alcohol to use as a companion gift to go with them.

    Each individual jar of Epsom salts was given a flavoring or scent by Ms. A and then, a small spray of pine needles with a pine cone or a seashell or two that we had found out by the back door from trips to the ocean or one of the pretty seed pods we had found outside. The lids were put on with a piece of cloth tied around it to kind of match each personality of the scents and decorations inside.

    Then, Ms. A made a nice little label from some pretty Christmas posty notes I had bought at Michael’s craft store. We called them, “Salts for the Soul” and she wrote the directions on each one. They were very nifty, useful and looked like they had been bought at some fancy bath store or specialty store at the mall.

    To go with them and for some of the people we wanted to have gifts for who would be helped by this, we made some other glass jars with a mixture of mint-smelling rubbing alcohol filled with cucumber pieces to use for sore feet and aching muscles. These had to be handled a little differently because of the need for them to be kept out of the reach of children, but each label explained how to use and store them, as well as us saying something about that when the gifts were opened. We peeled a bunch of cucumbers. And, best of all, it really works to make sore knees and feet feel better.

    These were two of the gifts we made times about twenty and we also put together an “Alternate GPS” for several gifts which was a piece of matboard covered with plaid wallpaper creating a pocket where we put a roadmap. Then, we made a label on the computer and placed it across the front. We had already noticed that sometimes the use of GPS goodies did a lot to get people in our family and others nothing but lost and figured it would help.

    We created some “to do” and shopping lists booklets with the same covered matboard sides and a little more decoration about the size that could be slip into a purse or dayrunner and taken into the store easily. They made good gifts that had a useful purpose, but I wouldn’t do them again because the dollar store makes a few that are just as good and not nearly as time and effort consuming to make.

    In this case, because Mom and Dad donated the jars and the little bits of scents that we used, along with some bits of fabric, and I bought the few supplies we needed, already had some ribbons and gold cord to tie on the fabric lid covers, we spent less than thirty dollars total to make over fifty individual gifts to give. We had several gifts for each person and covered three different families including “in-laws”. And, it was fun although as I said, don’t do it this way with no more than a couple weeks to get it done. By the time all the steps of making the things were done and each gift was wrapped in paper and bows – it seemed like it would never get done in time for Christmas, but it did.

    We didn’t have money for Christmas paper either and ended up using solid color bright green, bright blue, and bright purple art paper that I had found on clearance which were like the rolls of paper used for bulletin boards. Each one had pretty ribbon across them that is usually used for floral design and swags that were wired inside but had gold cording along the edges and a pleated sheer frosty white fabric in the middle.

    They were very pretty Christmas packages under the tree and looked like they had come from Neiman Marcus or Saks’ Fifth Avenue or somewhere. And after the gifts were opened, my grown children sat in my living room floor wadding up those brightly colored stiff papers and threw them at each other forcing the duck and cover game into a whole different reality. They were like a bunch of seven year old children, only bigger.

    “Salts for the Soul”

    cricketdiane, 07-27-09

    CricketDiane09 - Christmas Crafts - How to - Salt for the Soul 2009

    CricketDiane09 - Christmas Crafts - How to - Salt for the Soul 2009

    Here are some of the things described in the article above that we used to make the Christmas crafts and gifts a couple years ago – cricketdiane 2009

    **

    CricketDiane - Christmas Crafts - Salts for the Soul - 2009 - how to

    CricketDiane - Christmas Crafts - Salts for the Soul - 2009 - how to

    In the upper left hand corner, the paper and ribbon that were used for packaging the Christmas gifts that year. They turned out really pretty. And, the shopping list books / to do list books that we made from wallpaper, matboard and cut legal paper, graph paper and lined paper inside them.

    **

    CricketDiane - Christmas Crafts - Salts for the Soul - and cucumber alcohol rub - how to make Christmas gifts without money

    CricketDiane - Christmas Crafts - Salts for the Soul - and cucumber alcohol rub - how to make Christmas gifts without money

    Here are some of the things we used for the Christmas gifts including the unfinished menthol alcohol / cucumber for sore feet and aching muscles, the Salts for the Soul in Mason jars and some of the things we used to decorate inside – small driftwood pieces, dried rosebuds, tiny oak leaves with acorns and tops, pine sprays and pine cones, seed pods and small traditional Christmas bulb ornaments (in plastic like those used for floral arrangements rather than glass.)

    **

    CricketDiane - Christmas Crafts without a lot of money - Salts for the Soul - Shopping List books, Alternate GPS Maps and To Do List wallets for the purse or glovebox or coat pocket - how to Christmas without money

    CricketDiane - Christmas Crafts without a lot of money - Salts for the Soul - Shopping List books, Alternate GPS Maps and To Do List wallets for the purse or glovebox or coat pocket - how to Christmas without money

    In the middle graph paper / to do list / shopping list / ideas wallet the outside was made from wallpaper that was glued using stick glue to the matboard as seen to the right. The matboard or thin stiff cardboard was cut to size then taped down the middle leaving a small gap between the boards for the paper to have room to fit inside.

    Then, the cover was decorated with either coordinating borders cut from other wallpaper patterns or in the case of the tan / grey cover in the center – a symmetrical intricate design was cut out from plain white computer / typing paper then a piece of holographic foil was mounted underneath before placing on the cover. A cutout border of correlating wallpaper was made around the design to create a smooth, visually finished appearance.

    Insides were also covered with a thin coordinating paper for a nice finished look and little tack corners or inside pockets were made to hole the paper because we decided against a smather of flexible glue on the paper ends which could’ve held them together and mounted them, although that works too.

    - cricketdiane – How to Christmas without money – Salts for the Soul – 2009

    ***

    I was trying to think of some great ways to make some money right now – because, of course we need to buy groceries and move to a bigger place and things like that – so here are some of the things I generated since it could be that other people have the same problem (duh . . . )

    1. yard sale?

    2. party?

    3. EBay or other auction?

    4. T-shirt designs for cafe press?

    5. Donations?

    6. Call old friends?

    7. Call on businesses?

    8. Sell autographed collectibles?

    9. Sell what? Borrow? Steal? Beg?

    10. Stand at an event and sell ocean cards?

    11. Give up and go to the beach, cause if I’m going to be poor, broke and crazy anyway, I might as well be a beach bum and enjoy it . . . .

    - cricketdiane, 07-23-09

    ****

    FDIC Failed Banks List – How many banks in the United States have failed since 2007 October “entry” into Recession / Depression – MacroEconomics of failed regulations – And so banks take people’s savings to pay off their bank loans for their cars or houses made at the same bank – as Congressional member stated today in testimony questions to Secretary Geithner – US Treasury? How can they do that?


    http://www.fdic.gov/bank/individual/failed/banklist.html

    Failed Bank List



    The FDIC is often appointed as receiver for failed banks. This page contains useful information for the customers and vendors of these banks. This includes information on the acquiring bank (if applicable), how your accounts and loans are affected, and how vendors can file claims against the receivership. Failed Financial Institution Contact Search displays point of contact information related to failed banks.

    This list includes banks which have failed since October 1, 2000.
    // <![CDATA[
    document.writeln("
    Click arrows next to headers to sort in Ascending or Descending order.
    ");
    // ]]>
    Click arrows next to headers to sort in Ascending or Descending order.

    Bank Name

    City

    State

    CERT #

    Closing Date

    Updated Date

    Vineyard Bank Rancho Cucamonga CA 23556 July 17, 2009 July 23, 2009
    BankFirst Sioux Falls SD 34103 July 17, 2009 July 23, 2009
    Temecula Valley Bank Temecula CA 34341 July 17, 2009 July 23, 2009
    First Piedmont Bank Winder GA 34594 July 17, 2009 July 23, 2009
    Main Street Bank Northville MI 57654 October 10, 2008 July 21, 2009
    Meridian Bank Eldred IL 13789 October 10, 2008 July 21, 2009
    Riverside Bank of the Gulf Coast Cape Coral FL 34563 February 13, 2009 July 21, 2009
    Bank of Wyoming Thermopolis WY 22754 July 10, 2009 July 15, 2009
    John Warner Bank Clinton IL 12093 July 2, 2009 July 8, 2009
    Rock River Bank Oregon IL 15302 July 2, 2009 July 7, 2009
    Elizabeth State Bank Elizabeth IL 9262 July 2, 2009 July 7, 2009
    Millennium State Bank of Texas Dallas TX 57667 July 2, 2009 July 7, 2009
    First National Bank of Danville Danville IL 3644 July 2, 2009 July 7, 2009
    First State Bank of Winchester Winchester IL 11710 July 2, 2009 July 7, 2009
    Founders Bank Worth IL 18390 July 2, 2009 July 7, 2009
    Mirae Bank Los Angeles CA 57332 June 26, 2009 July 2, 2009
    Neighborhood Community Bank Newnan GA 35285 June 26, 2009 July 2, 2009
    Horizon Bank Pine City MN 9744 June 26, 2009 July 2, 2009
    MetroPacific Bank Irvine CA 57893 June 26, 2009 July 2, 2009
    1st Centennial Bank Redlands CA 33025 January 23, 2009 June 30, 2009
    Community Bank of West Georgia Villa Rica GA 57436 June 26, 2009 June 30, 2009
    Strategic Capital Bank Champaign IL 35175 May 22, 2009 June 23, 2009
    Southern Community Bank Fayetteville GA 35251 June 19, 2009 June 23, 2009
    Cooperative Bank Wilmington NC 27837 June 19, 2009 June 23, 2009
    First National Bank of Anthony Anthony KS 4614 June 19, 2009 June 23, 2009
    Bank of Lincolnwood Lincolnwood IL 17309 June 5, 2009 June 12, 2009
    Franklin Bank, SSB Houston TX 26870 November 7, 2008 June 11, 2009
    BankUnited, FSB Coral Gables FL 32247 May 21, 2009 June 8, 2009
    Citizens National Bank Macomb IL 5757 May 22, 2009 June 1, 2009
    IndyMac Bank Pasadena CA 29730 July 11, 2008 June 1, 2009
    Haven Trust Bank Duluth GA 35379 December 12, 2008 May 28, 2009
    Security Pacific Bank Los Angeles CA 23595 November 7, 2008 May 28, 2009
    First Bank of Idaho Ketchum ID 34396 April 24, 2009 May 18, 2009
    First Bank of Beverly Hills Calabasas CA 32069 April 24, 2009 May 18, 2009
    America West Bank Layton UT 35461 May 1, 2009 May 18, 2009
    Great Basin Bank of Nevada Elko NV 33824 April 17, 2009 May 18, 2009
    Westsound Bank Bremerton WA 34843 May 8, 2009 May 12, 2009
    Citizens Community Bank Ridgewood NJ 57563 May 1, 2009 May 7, 2009
    Silverton Bank, NA Atlanta GA 26535 May 1, 2009 May 7, 2009
    MagnetBank Salt Lake City UT 58001 January 30, 2009 May 7, 2009
    County Bank Merced CA 22574 February 6, 2009 May 7, 2009
    FirstBank Financial Services McDonough GA 57017 February 6, 2009 May 7, 2009
    Pinnacle Bank of Oregon Beaverton OR 57342 February 13, 2009 May 7, 2009
    Corn Belt Bank & Trust Co. Pittsfield IL 16500 February 13, 2009 May 7, 2009
    Sherman County Bank Loup City NE 5431 February 13, 2009 May 7, 2009
    Alliance Bank Culver City CA 23124 February 6, 2009 May 7, 2009
    Security Savings Bank Henderson NV 34820 February 27, 2009 May 7, 2009
    TeamBank, NA Paola KS 4754 March 20, 2009 May 7, 2009
    Colorado National Bank Colorado Springs CO 18896 March 20, 2009 May 7, 2009
    Freedom Bank of Georgia Commerce GA 57558 March 6, 2009 May 7, 2009
    FirstCity Bank Stockbridge GA 18243 March 20, 2009 May 7, 2009
    Suburban FSB Crofton MD 30763 January 30, 2009 May 7, 2009
    Ocala National Bank Ocala FL 26538 January 30, 2009 May 7, 2009
    Omni National Bank Atlanta GA 22238 March 27, 2009 May 7, 2009
    Silver Falls Bank Silverton OR 35399 February 20, 2009 May 7, 2009
    New Frontier Bank Greeley CO 34881 April 10, 2009 May 7, 2009
    Cape Fear Bank Wilmington NC 34639 April 10, 2009 May 7, 2009
    Heritage Community Bank Glenwood IL 20078 February 27, 2009 May 7, 2009
    American Sterling Bank Sugar Creek MO 8266 April 17, 2009 May 7, 2009
    Michigan Heritage Bank Farmington Hills MI 34369 April 24, 2009 May 7, 2009
    American Southern Bank Kennesaw GA 57943 April 24, 2009 May 7, 2009
    Silver State Bank
    En Español
    Henderson NV 34194 September 5, 2008 April 28, 2009
    Alpha Bank & Trust Alpharetta GA 58241 October 24, 2008 April 28, 2009
    PFF Bank & Trust Pomona CA 28344 November 21, 2008 April 24, 2009
    Downey Savings & Loan Newport Beach CA 30968 November 21, 2008 April 24, 2009
    First Georgia Community Bank Jackson GA 34301 December 5, 2008 April 24, 2009
    Sanderson State Bank
    En Español
    Sanderson TX 11568 December 12, 2008 April 24, 2009
    Bank of Clark County Vancouver WA 34959 January 16, 2009 April 24, 2009
    National Bank of Commerce Berkeley IL 19733 January 16, 2009 April 24, 2009
    Superior Bank, FSB Hinsdale IL 32646 July 27, 2001 April 24, 2009
    Hamilton Bank, NA
    En Español
    Miami FL 24382 January 11, 2002 April 24, 2009
    NextBank, NA Phoenix AZ 22314 February 7, 2002 April 24, 2009
    Oakwood Deposit Bank Co. Oakwood OH 8966 February 1, 2002 April 24, 2009
    Connecticut Bank of Commerce Stamford CT 19183 June 26, 2002 April 24, 2009
    First National Bank of Blanchardville Blanchardville WI 11639 May 9, 2003 April 24, 2009
    Guaranty National Bank
    of Tallahassee
    Tallahassee FL 26838 March 12, 2004 April 24, 2009
    NetBank Alpharetta GA 32575 September 28, 2007 April 24, 2009
    Miami Valley Bank Lakeview OH 16848 October 4, 2007 April 24, 2009
    Douglass National Bank Kansas City MO 24660 January 25, 2008 April 24, 2009
    Hume Bank Hume MO 1971 March 7, 2008 April 24, 2009
    ANB Financial, NA Bentonville AR 33901 May 9, 2008 April 24, 2009
    First Integrity Bank, NA Staples MN 12736 May 30, 2008 April 24, 2009
    First Heritage Bank, NA Newport Beach CA 57961 July 25, 2008 April 24, 2009
    First National Bank of Nevada Reno NV 27011 July 25, 2008 April 24, 2009
    Metropolitan Savings Bank Pittsburgh PA 35353 February 2, 2007 April 24, 2009
    First Priority Bank Bradenton FL 57523 August 1, 2008 April 24, 2009
    Columbian Bank & Trust Topeka KS 22728 August 22, 2008 April 24, 2009
    Integrity Bank Alpharetta GA 35469 August 29, 2008 April 24, 2009
    Ameribank Northfork WV 6782 September 19, 2008 April 24, 2009
    Washington Mutual Bank Henderson NV 32633 September 25, 2008 April 24, 2009
    Washington Mutual Bank FSB Park City UT 32633 September 25, 2008 April 24, 2009
    Freedom Bank Bradenton FL 57930 October 31, 2008 April 24, 2009
    Community Bank Loganville GA 16490 November 21, 2008 April 24, 2009
    Southern Pacific Bank Torrance CA 27094 February 7, 2003 October 20, 2008
    Net 1st National Bank Boca Raton FL 26652 March 1, 2002 April 9, 2008
    Universal Federal Savings Bank Chicago IL 29355 June 27, 2002 April 9, 2008
    Dollar Savings Bank Newark NJ 31330 February 14, 2004 April 9, 2008
    Reliance Bank White Plains NY 26778 March 19, 2004 April 9, 2008
    Bank of Ephraim Ephraim UT 1249 June 25, 2004 April 9, 2008

    FDIC Failed Banks List – How many banks in the United States have failed since 2007 October “entry” into Recession / Depression – MacroEconomics of failed regulations – And so banks take people’s savings to pay off their bank loans for their cars or houses made at the same bank – as Congressional member stated today in testimony questions to Secretary Geithner – US Treasury? How can they do that?

    - my note

    ***

    Press Room
     July 24, 2009
    TG-231

    Treasury Secretary Timothy F. Geithner Written Testimony
    before the House Financial Services Committee

    Chairman Frank, Ranking Member Bachus, and members of the Financial Services Committee, thank you for the opportunity to testify before you today about the Administration’s plan for financial regulatory reform.

    On June 17, President Obama unveiled a sweeping set of regulatory reforms to lay the foundation for a safer, more stable financial system; one that properly delivers the benefits of market-driven financial innovation while safeguarding against the dangers of market-driven excess.

    The President’s plan focuses on the essential reforms. It addresses the core causes of the current economic crisis. It addresses the areas critical to confronting future vulnerabilities. And, in pursuing what amounts to the most extensive overhaul of our financial regulatory regime in decades, it makes clear to the American people that their government, at an early stage in this new Administration, is intent on fixing the basic regulatory flaws that caused extensive damage to families and businesses.

    Over the past five weeks, in Congress and in the press, among legislators and business leaders, academics and advocates, the Administration’s proposals have spurred an important and sometimes heated debate about how best to reform the financial regulatory system. That debate is to be expected, and is welcome. While crafting our plan, the Administration sought input from all points of view, considered all options and heard many of the opinions being expressed today.

    We understand that on any issue this complex and this important there will be areas where parties genuinely disagree, and we look forward to refining our recommendations through the legislative process.

    But there should be no disagreement on the need to act.

    Over the past two years, we have faced the most severe financial crisis since the Great Depression. The damage has been indiscriminate and unforgiving. Millions of Americans have lost their jobs; families have lost their homes; small businesses have shut down; students have deferred college educations; and seniors have shelved retirement plans. Some of our largest financial institutions failed; others came under extraordinary pressure; and many of the securities markets that are critical to the flow of credit broke down.

    As a country, we now know that our financial system failed in its most basic responsibility to be stable and resilient enough to provide credit while protecting consumers and investors.

    We now know that our regulatory regime permitted an excessive build-up of leverage, both outside the banking system and within the banking system; that the shock absorbers critical to preserving the stability of the financial system – capital, margin, and liquidity cushions in particular – were inadequate to withstand the force of the global recession; and that they left the system too weak to withstand the failure of major financial institutions.

    We now know that millions of Americans were left without adequate protection against financial predation, especially in the mortgage and consumer finance areas; and that many were unable to evaluate the risks associated with borrowing to support the purchase of a home, a car, or an education.

    And, we know that the United States entered this crisis without an adequate set of tools to contain the risk of broader damage to the economy and to manage the failure of large, complex financial institutions.

    As a result, American families have made essential changes and they expect their government to do the same. There exists today a national mandate, not seen in years, to reform our outdated and ineffective regulatory system.

    Still, despite that reality, there are some who suggest we are trying to do too much too soon, and that we should wait until the crisis has definitively receded. Others say we do not need comprehensive change or that it will destroy innovation. And with respect to consumer protection in financial services, there are even those who contend we should leave things as they are.

    That is not surprising. Every financial crisis of the last generation has sparked some effort at reform, but past attempts began too late, after the will to act had subsided.

    That cannot happen this time.

    The reforms proposed by the President are necessary. They would substantially alter the ability of financial institutions to escape regulation, to choose which regulator suits them best, to shape the content of future regulation and to continue the financial practices that were lucrative for parts of the industry for a time, but that ultimately proved so damaging. That is why we have to act, and why we need to deliver real, meaningful change.

    The Administration welcomes the commitment of this Committee and your counterparts in the Senate, as well as other key committees and the Congressional leadership, to pass legislation this year. And the Administration is moving aggressively to help advance the overall process.

    In the weeks following the President’s announcement, we have delivered detailed legislative language to Congress on virtually all of our proposals: on the enhanced regulation of our largest, most interconnected financial firms; on the supervision and regulation of federal depository institutions; on new resolution authority; on payments and settlement systems; on investor protection; on private fund registration; on executive compensation; on securitization and credit rating agencies; and on the proposed new Financial Services Oversight Council and Consumer Financial Protection Agency (CFPA).

    We are also working to put in place reforms that do not require legislation. We have used the President’s Working Group on Financial Markets to pull together all government agencies that oversee elements of the financial system to formulate more detailed proposals for implementing the comprehensive reforms outlined by the President.

    By now the details of our plan are widely known and so I would like to provide some additional context by explaining our key priorities for reform.

    Consumer Protection

    Let me begin with a pressing concern for this Committee – building strong protections for consumers, and ensuring they can understand the risks and rewards associated with the products sold to them. I know you will soon be marking up legislation on this issue.

    There is broad agreement that consumer protection needs to be stronger. Achieving this objective requires mission focus, market-wide coverage, and consolidated authority, none of which exist in today’s system.

    That is why we are proposing one agency for one market place with one mission – protecting consumers.

    The case for the Consumer Financial Protection Agency is clear.

    First, non-banks such as mortgage brokers and large independent mortgage companies, consumer credit companies and pay-day loan operations, currently operate under no federal supervision. No federal agency sends consumer protection examiners into these institutions to review their files or interview their salespeople. No federal regulator collects information from them, except for limited mortgage data.

    In the years before the crisis, capital flowed heavily to these unsupervised non-banks in large measure because they enjoyed the advantage of weak consumer oversight. Banks were left with the untenable choice of lowering their standards to compete or giving up market share.

    The proposed CFPA would fix this problem and ensure a level playing field by extending the reach of federal oversight to all financial firms, no matter whether they are banks or non-banks.

    Second, even where federal oversight exists, standards are weakened by the ability of banks and thrifts to choose the regulator that will have the least restrictive oversight of consumer protection, something we also saw in the years leading up to the current crisis.

    The President’s proposal would correct this by consolidating responsibility for consumer protection into one agency, meaning financial institutions would no longer be able to shop for the weakest regulator and pursue a race to the regulatory bottom.

    Third, the banking agencies responsible for implementing and enforcing consumer protection have higher priorities. The agencies’ primary focus is the safety and soundness of the institutions they oversee. As a matter of mission and internal organization, they are focused on the effect of a bank’s products and practices on the bank itself, rather than the effect on consumers. That is why the CFPA would have as its sole mission examining how a product or practice affects consumers.

    Importantly, nothing in the CFPA’s mission or authority would conflict with or undermine the safety and soundness of banking institutions. Our proposal ensures cooperation with prudential regulators by placing one of them on the board of directors and requiring examiners to exchange examination reports.

    Making banks act fairly and transparently with their customers only enhances their safety and soundness. Market-wide jurisdiction of the CFPA will ensure that banks are not forced to choose between lowering their standards and giving up market share.

    Finally, the government agencies that have responsibility for consumer financial protection are limited in their ability to do something about the problems they encounter because they have only one set of authorities available to them, instead of the full range, from rule-writing to supervision to enforcement. This leads to inertia and finger-pointing in place of action. And it makes any action taken less likely to be effective.

    For example, when it comes to credit cards, the Federal Reserve has substantial power to write rules but has little authority to enforce them outside of bank holding companies, while the Office of the Comptroller of the Currency has little authority to write rules but wide power to enforce them. As concerns about fairness and transparency emerged, each agency looked to the other to act and, in the end, not enough was done.

    Even in cases where agencies have what, in principle, should be the more flexible authority to issue regulatory guidance to institutions, they are hampered by the fact that several agencies have similar authority.

    In the case of subprime mortgages, it took the federal banking agencies until June 2007 to reach final consensus on supervisory guidance imposing even general standards on subprime mortgages. By then it was too late.

    Our consumer protection proposal would put an end to this problem by giving the CFPA consolidated authority to write rules, supervise compliance and take enforcement action when there are violations.

    It is time for a level playing field for financial services competition based on strong rules, not based on exploiting consumer confusion. Our proposal achieves that by ensuring consumer choice, preserving innovation, strengthening depository institutions, reducing regulatory costs, and increasing national regulatory uniformity and accountability.

    Financial Stability

    Our second priority was creating a more stable financial system by strengthening supervision and regulation of financial firms.

    That necessarily begins with higher capital requirements. The most important thing to lowering risk in the financial system is stronger capital cushions.

    The Committee is well aware that in the years leading up to this crisis, as rising asset prices, particularly in housing, concealed a sharp deterioration of some of the underwriting standards for loans, risks built up substantially while capital cushions did not. The nation’s largest financial firms, already highly leveraged, became increasingly dependent on unstable sources of short-term funding.

    These firms did not plan for the potential demands on their liquidity during a crisis. And when asset prices started to fall and market liquidity froze, they were forced to pull back from lending, limiting credit for households and businesses.

    Looking back it is clear that regulators did not require firms to hold sufficient capital to cover risks from their trading assets, high-risk loans, and off-balance sheet commitments.

    Under our plan, that will change. Financial firms will be required to follow the example of millions of families across the country that are saving more money as a precaution against bad times. They will be required to keep more capital and liquid assets on hand and, importantly, the biggest, most interconnected firms will be required to keep even bigger cushions.

    Now, higher capital requirements are an important step towards longer-term stability, but they are only the first step.

    While many of the financial firms at the center of this crisis were under some form of federal supervision and regulation, that oversight did not do enough. A patchwork of supervisory responsibility, loopholes that allowed some institutions to shop for the weakest regulator, and the rise of new financial institutions and instruments that were almost entirely outside the government’s supervisory framework left regulators largely blind to emerging dangers and without the tools needed to address them.

    That is why we propose evolving the Federal Reserve’s authority to create a single point of accountability for the consolidated supervision of all large, interconnected firms whose failure could threaten the stability of the system, regardless of whether they own an insured depository institution. This is a role the Fed plays today, given its supervision and regulation of bank holding companies, including all major U.S. commercial and investment banks.

    While our plan gives some new authority – along with necessary accountability – to the Fed, it also takes some away. That includes transferring the Fed’s consumer protection responsibility to the CFPA and requiring the Fed to receive written approval from the Secretary of the Treasury before exercising its emergency lending authority.

    Alongside the new role played by the Fed, there must also be a mechanism to look at the system as a whole for dangers, given that risk can emerge from almost any quarter.

    That is why we are proposing a Financial Services Oversight Council to bring together the heads of all of the major federal financial regulatory agencies. This Council will improve coordination of policy and resolution of disputes among the agencies. It will have a significant consultative role to play in helping preserve financial stability. And, most importantly, it will have the power to gather information from any firm or market to help identify emerging risks.

    Improving the supervision and regulation of financial firms broadly also requires reducing the ability of depository institutions to choose their regulator and regulatory framework. To address this problem, we have proposed eliminating the thrift and thrift holding company charter and removing other loopholes in the Bank Holding Company Act.

    Market Oversight

    The third priority that guided our decision making was establishing comprehensive regulation of financial markets.

    The current financial crisis emerged after a long and remarkable period of growth and innovation. New instruments, such as over-the-counter (OTC) derivatives, allowed risks to be spread quickly and widely, enabling investors to diversify their portfolios in new ways and enabling banks and other companies to shed exposures that had once resided on their balance sheets.

    However, the OTC derivatives markets, which were thought to efficiently promote dispersion of risk to those most able to bear it, instead became a major channel of contagion through the financial sector in the crisis. When fear spread that any institution could fail, the markets for risk transfer and liquidity froze – making it difficult for all financial institutions to maintain daily operations.

    Two weeks ago, I testified at a joint hearing of this committee and the House Agriculture Committee on our comprehensive regulatory framework for the OTC derivatives markets. I outlined how our plan would provide strong regulation and transparency for all OTC derivatives regardless of whether the derivative is customized or standardized. In addition, I discussed how our plan will provide for strong supervision and regulation of all OTC derivative dealers and all other major participants in the OTC derivative markets.

    We intend very soon to send up draft legislation on derivatives to implement our proposal.

    Alongside reforms in the derivatives market, we also propose enhanced regulation of the securitization markets.

    In the years preceding the crisis, mortgages and other loans were aggregated with similar loans and sold in tranches to a large and diverse pool of new investors with different risk profiles. Securitization, by breaking down the traditional relationship between borrowers and lenders, created various conflicts of interest that market discipline failed to correct.

    Loan originators failed to require sufficient documentation of income and ability to pay. Securitizers failed to set high standards for the loans they were willing to buy, encouraging underwriting standards to sag. Investors were overly reliant on credit rating agencies, whose procedures proved no match for the complexity of the instruments they were rating. In each case, lack of transparency prevented market participants from understanding the full nature of the risks they were taking.

    In response, the President’s plan requires securitization sponsors to retain five percent of the credit risk of securitized exposures; it requires transparency of loan level data and standardization of data formats to better enable investor due diligence and market discipline; and, with respect to credit rating agencies, it ends the practice of allowing them to provide consulting services to the same companies they rate, requires these agencies differentiate between structure and other products, and requires disclosure of any “ratings shopping” by issuers.

    Crisis Resolution

    Our fourth priority was addressing the basic vulnerabilities in our capacity to manage future crises.

    The United States came into the current crisis without an adequate set of tools to contain the risk of broader damage to the economy and to manage the failure of large, complex financial institutions. That left the government with extremely limited choices when faced with the failure of the largest insurance company in the world and one of the largest U.S. investment banks.

    That is why, in addition to addressing the root causes of our current crisis, we must also act preemptively to provide the government better tools to manage future crises. To do that, we have proposed a new resolution authority for financial firms whose disorderly failure would threaten the stability of the financial system.

    Our proposal is modeled on the existing FDIC resolution regime for banks. This exception allows the FDIC to depart from the least cost resolution standard only when financial stability is at risk. Similarly, our resolution authority would only be for extraordinary times and would be subject to very strict governance and control procedures.

    Any costs to the taxpayer from the use of this authority would be recovered through ex post assessments on large financial firms. As such, it will reduce moral hazard by allowing the government to resolve failing large, interconnected financial institutions in a way that imposes costs on owners, creditors and counterparties, making them more vigilant and prudent.

    No one should assume that the government will step in and bail them out if their firm fails.

    In addition, we propose that the biggest firms prepare, continuously update, and periodically provide to regulators a credible plan for their rapid resolution in the event of severe financial distress. This would create incentives for firms to better monitor and simplify their organizational structure and would better prepare the government, as well as the firm’s investors, creditors, and counterparties, for the possibility of a firm’s collapse.

    The key test of these reforms will be whether we make this system strong enough to withstand the stress of future recessions and the failure of large institutions.

    Level Playing Field Internationally

    The final priority of the Administration was working with our global partners to raise international regulatory standards and improve international cooperation.

    As we have witnessed during this crisis, financial stress can spread easily and quickly across national boundaries. Yet, regulation is still set largely in a national context. Without consistent supervision and regulation, financial institutions will tend to move their activities to jurisdictions with looser standards, creating a race to the bottom and intensifying systemic risk for the entire global financial system.

    The United States is playing a strong leadership role in efforts to coordinate international financial policy through the G-20, the Financial Stability Board, and the Basel Committee on Banking Supervision. Alongside our partners, we are proposing that the international banking regulators responsible for setting capital requirements take forward their work on reforming capital ratios to more effectively constrain leverage in the future. More broadly, we will call on the international banking regulators to develop proposals by the end of this year for countries to have the necessary tools to quickly resolve failures of cross-border financial firms.

    Conclusion

    Over the past six months, in responding to the current economic crisis, the Obama Administration has taken extraordinary action.

    We moved quickly to restore confidence in the banking system. Without first stabilizing and repairing the financial system, broader economic recovery would not be possible. In doing so, we have increased transparency and disclosure, helping to bring billions of dollars of private capital into banks so they could safeguard against a deeper recession, and enabling some banks who took taxpayer funds to start paying back the government.

    We worked to ease the housing crisis by helping to bring mortgage rates down to historic lows and establishing new programs to allow responsible homeowners to refinance into affordable mortgages or alter at-risk loans and help homeowners lower their monthly mortgage payments. Estimates indicate that up to 3 to 4 million homeowners will be offered trial loan modifications under the Administration’s program.

    We worked to offset the dramatic contraction in demand by working with Congress to put in place the most sweeping economic recovery package in our nation’s history – a comprehensive program of immediate tax incentives for businesses and households, support for state and local governments, and investments in critical economic priorities, from infrastructure and energy to health care and education. The Recovery Act was designed to provide a sustained boost to economic demand, concentrated over a two year period and, as designed, the largest effects on the spending side will come in the next six months.

    Through the G-20 and G-8, we are working with the major economies of the world on a coordinated program of macroeconomic stimulus and financial stabilization, alongside regulatory reform. This has amounted to the most aggressive international response to any financial crisis in the last fifty years, implemented with unprecedented speed and breadth.

    Because of these steps, in just six months, the Administration has substantially reduced the risk of a much deeper and more prolonged recession. We have begun stabilizing an economy that in January was in a free-fall. And we have seen improvements that have been more substantial and have come more quickly than expected when we were designing our response in December and January. Business and consumer confidence has started to improve, housing markets have begun to stabilize, the cost of credit has fallen significantly and credit markets are starting to open up.

    But there is still a long way to go. We have a lot more work to do to lay the foundation for a more sustainable recovery, with the gains more broadly shared among all Americans, and central to that effort is passing comprehensive regulatory reform legislation by the end of the year.

    We simply cannot afford inaction on this issue. We cannot afford a situation where we leave in place vulnerabilities that will sow the seeds for future crises, and prevent our financial system from functioning properly.

    The United States is the world’s most vibrant and flexible economy, in large measure because our financial markets and our institutions create a continuous flow of new products, services and capital. That makes it easier to turn a new idea into the next big company.

    America’s tradition of innovation has been vital to our prosperity. The reforms proposed in the Administration’s plan are designed to strengthen our markets by restoring confidence and accountability, while preserving that tradition of innovation.

    In the weeks and months ahead I look forward to working this Committee to help pass regulatory reform legislation and, in turn, build a stronger American economy.

    Thank you.

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