Economy @ MindSay



 

   
um...I'm just mentioning
I am ready for the economy to start climbing back up, just like everyone else is but...my Aunt's company just announced they are closing her part of the company, yesterday. And then I saw this. If we don't have anywhere to work, the economy can't snap back. Keep that in mind. I hope I am wrong in thinking things are still getting worse, not better.

6 More Georgia Banks Shut Down

Branches Affected In Suwanee, Woodstock And Alpharetta

Posted: 8:42 pm EDT July 24, 2009Updated: 9:01 pm EDT July 24, 2009

Regulators on Friday shut six banks in Georgia and a small bank in New York state, raising to 64 the number of federally insured banks to fail this year.

The Federal Deposit Insurance Corp. was appointed receiver of the banks: six bank subsidiaries of Security Bank Corp., based in Macon, Ga.; and Waterford Village Bank of Clarence, N.Y.

The six Security banks had a total of 20 branches, which will reopen during normal business hours starting Saturday as branches of State Bank and Trust, the FDIC said.

They are: Security Bank of Bibb County, based in Macon; Security Bank of Houston County, based in Perry; Security Bank of Jones County, based in Gray; Security Bank of Gwinnett County, based in Suwanee; Security Bank of North Metro, based in Woodstock; and Security Bank of North Fulton, based in Alpharetta.

The six Security banks had total assets of $2.8 billion and deposits of $2.4 billion as of March 31. State Bank and Trust Co., based in Pinehurst, Ga., has agreed to assume all of the banks' deposits and $2.4 billion of the assets, the FDIC said.

In addition, the FDIC and State Bank and Trust signed an agreement to share losses on around $1.7 billion of the six banks' assets.

Evans Bank, based in Angola, N.Y., will assume all the assets and deposits of Waterford Village Bank, said to have $61.4 million in assets and $58 million in deposits as of March 31. Its single office in Clarence will reopen Monday as a branch of Evans Bank. Also, the FDIC and Evans Bank agreed to share losses on about $56 million of the failed bank's assets.

With the latest closings, 16 Georgia banks have failed this year, more than in any other state. Most of the failures have involved banks in the Atlanta area, where the collapse of the real estate market brought economic dislocation.

The 64 bank failures nationwide this year compare with 25 last year and three in 2007.

The FDIC estimates that the cost to the deposit insurance fund from the failure of the six Security banks will be $807 million. For Waterford Village Bank, the cost to the fund is set at $5.6 million.

As the economy has soured -- with unemployment rising, home prices tumbling and loan defaults soaring -- bank failures have cascaded and sapped billions out of the deposit insurance fund. It now stands at its lowest level since 1993, $13 billion as of the first quarter.

While losses on home mortgages may be leveling off, delinquencies on commercial real estate loans remain a hot spot of potential trouble, FDIC officials say. If the recession deepens, defaults on the high-risk loans could spike. Many regional banks hold large numbers of them.

The Treasury Department has launched a program in which financial firms will buy as much as $40 billion worth of banks' soured, mortgage-linked investments. That amount is far below the potential $1 trillion in assets that the government originally hoped to take off the banks' books through the program and another that would have targeted bad loans.

The problem assets helped spark the financial crisis as they lost value and banks became unable to sell them. They have been weighing down banks' balance sheets -- one reason the industry has had trouble providing the credit necessary to support an economic recovery.

The number of banks on the FDIC's list of problem institutions leaped to 305 in the first quarter -- the highest number since 1994 during the savings and loan crisis -- from 252 in the fourth quarter. The FDIC expects U.S. bank failures to cost the insurance fund around $70 billion through 2013.

The May closing of struggling Florida thrift BankUnited FSB is expected to cost the insurance fund $4.9 billion, the second-largest hit since the financial crisis began. The costliest was the July 2008 seizure of big California lender IndyMac Bank, on which the insurance fund is estimated to have lost $10.7 billion.

The largest U.S. bank failure ever also came last year: Seattle-based thrift Washington Mutual Inc. fell in September, with about $307 billion in assets. It was acquired by JPMorgan Chase & Co. for $1.9 billion in a deal brokered by the FDIC.
 
 
   
 

Global Warming or La Nina

The below I find of GREAT concern for so many reasons, I am currently so full of words that I need what is called "a female moment" to let them percolate. In business speak, "I am formulating my response and will revert to you."

 

Regarding the statement towards the bottom of the article where they say there might be 2 dufferent types of El Ninos. The elders in California when I was growing up (and still today there are people who split the hairs) called it El Nino and LA NINA, (neen ya - not Neen A) to differentiate.

 

http://www.noaa.gov

 
 
 

   
Chapter 69: Recess This

As I approach the two-year anniversary of when my wife foolishly said, “I do” (figuratively, since who actually says that at a wedding?), I’ve been thinking about what we should do to celebrate, beyond dinner at our favorite restaurant (Melting Pot) and presenting her with her shiny new Nokia camera, nothing sounds more appealing than spending time frolicking with our new puppy.

 

That’s right, our all black three and a half month old Portuguese Water Dog (yes, that is the dog Obama has; no, that is not why we got him).  I don’t want to lock myself in a room and write, I don’t want to research agents and publishing houses to pitch, I want to go to a park or a lake or even just the backyard with the woman and the doggie I love. Comparing that sentiment to my honeymoon, when I typed away on a novel while the cruise ship rocked us back and forth, I’ve realized this blog, which started on January 9, all the way back in 2006, has become more of a chronicle of my maturity to adulthood than my attempts to get published.  And perhaps nothing is more evident of that than the massive gaps between posts, stagnant because I’m spending time working my full-time job, or working my recent new part-time job, or working on my house, or working to train the puppy, or the best of all, spending time with my lovely wife.  Our friends are having a baby in a few months.  Our pool is about to be opened and our new grill is begging to start charring.  I’m about to sit on a panel talking to college graduates about working life. When I started this blog, I was a kid.  Now, I’m…an adult. 

 

But that doesn’t mean I’ve abandoned my dreams of becoming a published author.  I’m still waiting for my wife and friend and screenwriter I admire greatly to review my most recent three novels, and while waiting I’ve written a few short stories to send to contests (something I promised myself and this audience I’d do months ago).  But I also recognize that in my absence from this blog, while doing all that growing up, our economy has changed drastically, and with it, so has the publishing industry.

 

One of my first posts was about the insanity of ever expecting to publish a book (especially a fiction novel) outside of self-publishing.  Multiple that message to the umpth degree now, where even the superstar writers of the world are seeing shrinking advances. 

 

But there is still hope.  There is still advice I can offer.  And I present it in the following five tips on how to publish a book in a wretched economy:


  1. Make yourself a brand – you may not be a Stephen King or Jody Piccoutt yet, but that doesn’t mean you can’t market like you are.  Create a blog (better than this one), submit articles to online publications, contact local radio stations to see if they’d be interested in the story of who you are and what you’re trying to do (or if you’re a non-fiction writer offer yourself as a guest to discuss your specialization), become the next MySpace phenomenon (but first find the next MySpace, since that site, as well as Facebook and Twitter, are so last month) 
  2. Create a package – Just your book isn’t enough anymore; develop the book, as well as online videos, photos or drawings to accompany the text, corresponding articles for outside publications, potential sequels, a graphic novel companion piece, action figures, etc.; whatever is appropriate for your work.  And make it clear that you are willing and able to take on much of the marketing; working on a website, traveling like crazy to multiple book readings and signings, hitting up conferences, phoning into radio show after radio show after radio show (and just so you know: you may have to be the one pitching the radio shows and organization the book signings as well).
  3. Polish your writing – Your novel is perfect, right?  No, it could always be better.  Since publishers are barely accepting new work right now, take this time to send your work to friends for their review. Join book clubs.  Edit again and again and again.  Make sure it is beyond perfect, which doesn’t actually exist, like someone giving 110 percent.  See, I’m rambling.  This should be edited.  Don’t ramble.  Edit.  A lot. 
  4. Be patient – The economy will rebound, and people will find renewed love for writing, and with J.K. Rowling and Stephanie Meyer motivating new groups of people to read, and with Dan Brown about to excite pro- and anti-religious groups all over again, the market is ripe for growth.  Do what my dog can’t do yet and “stay, stay, good boy.”  You’ll get that treat eventually.
  5. Keep writing – The most obvious, corny, important advice I can give; keep writing.  Keep honing your craft.  Keep thinking about that new idea, the one that is so different from everything else out there, the one that the publishers can’t help but pay attention to.  It’s in you, and now, with no pressure weighing you down, is the perfect time to pull it out.

 

I tell you what, let’s make a deal.  If you keep writing, I will.  Okay?  Good.  Let’s get to it. 

 

 

 
 
   
 

Tuesday, April 28, 2009 the economy became personal.
Now that I am a statistic, the question is not can I cover this story of my own lay-off as an unbiased journalist (no), but can I confront it without falling apart? At least the interview should be a cakewalk. Grab a mike and stand in front of a mirror. Should I go with first person, 3rd person, or as a theater of the absurd, which it all kind of has become?

A journalist covering unemployment goes to the Career Center to get the scoop. The laid-off one goes there to scoop up a few bucks. First you have to register and that requires a photo i.d, like a drivers license.


"Oops. It's in my other pants."  Yes, I actually have two pairs.


The journalist turned interviewee, now re-panted, licensed and registered was asked for a copy of the resume. Finally an easy question. (Hint, at 2:30 p.m. the lines are shorter than the ones seen on CNN)


"That's a resume?" The unemployment counselor stared wide-eyed at the paper being presented to her. "That's a resume?" She had never seen one that was one page of text surrounded by three pages of photos laid out like a magazine.


"Yes, mam," that's what I do. Photographs, writing and design. And a bit of video production. Some coaching and cat-herding. So I present it visually." The silence in the Career Center was awkward. "If I were a carpenter, I'd bring in a house."


That broke the spell.


"May I keep it (the resume, not the house)?"


The answer was affirmative, and a most pleasant and helpful interview finished up. Only it was not the journalist doing the interviewing.


Unemployment insurance is a euphemism for a sum of money that allows one to ease into bankruptcy, rather than fall in head first when one's day job is sucked into the recessional tsunami. It typically almost pays for the increased health insurance costs faced by laid-off workers. Of course then there's no money for food so you get sick. Good planning! You have health insurance.


The state pays out the unemployment payments, so they require you to qualify once a week, to be sure the out-of-work worker is working for his or her out-of-work wages. Makes sense. But qualification day is Sunday. Isn't there a Blue Law about that?


~to be continued~

 
 
 

   
Saving The World

Happy Earth Day!

 

I know, you're all expecting a blog about the history of Earth Day and its deeper meaning. Sorry to disappoint. I'm not going there this year. Maybe next year.

 

Today we're going to talk about something a little different, courtesy of my friend, Meg, who you can find over at Meg's Single Step. She recently put up an awesome post about the 3/50 Project, and in light of the pseudo-holiday, I thought this was a great time for me to blatantly poach from her blog.

 

The 3/50 project is  a community approach to improving the economy. With these hard times, the people who are hit the hardest are the small independent stores, rather than the giant retailers. Let's face it folks, Wal-Mart ain't going anywhere, but your neighborhood shops might be. The project simply asks retail shoppers to spend $50 a month at any three of their favorite independent shops. To be clear: that is $50 TOTAL, not each. How you break it up is completely your own doing. So, maybe instead of hitting Hallmark to buy birthday cards, you get your stash at a local craft store. Another idea? Well, I know my dad always gets his beer at an independent liquor store, no MGM superstore for him. How about picking up some fresh fruits and veggies at the farmer's market this summer, rather than at the chain grocers?

 

There are lots of easy ways that people can participate to help save small stores. I am just about putting it on your radar so that it is something you think of when you're out retailing. Be sure and read the link to the 3/50 Project, they give some great facts about how much better you'll be spending your money by supporting independents.

 

Save the economy-seems like a good concept for Earth Day, hmm? And now my work here is done, my good deed for the day is complete.

 

36 days.

 
 
   
 

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