“Geithner: Confidence has returned to markets - Charleston Daily Mail” plus 4 more

Geithner: Confidence has returned to markets - Charleston Daily Mail
End of the line? Many in WNC likely to lose unemployment benefits soon - Asheville Citizen-Times
Auto Truck Ambulance - La Grange Daily News
Library program to touch on history of World War II - Daily Comet
Is Pacific Highway in Des Moines only for latte lovers and Chihuahua ... - Federal Way News

Geithner: Confidence has returned to markets - Charleston Daily Mail

Posted: 13 Sep 2009 01:58 PM PDT

WASHINGTON (AP) - Citing emerging financial sector stability, Treasury Secretary Timothy Geithner said Thursday that a number of government rescue efforts in place since the Wall Street crisis are no longer needed and that banks will repay $50 billion in rescue funds over the next 18 months.

Geithner, testifying before a congressional watchdog panel, said the nation still has a ways to go before "true recovery takes hold." But he said improved conditions in the banking industry have prompted Treasury to begin winding down emergency support programs implemented after the collapse of Lehman Brothers last year.

"The financial system is showing very important signs of repair," Geithner said. He added later: "I would not want anyone to be left with the impression that we're not still facing really substantial enormous challenges throughout the US financial system."

The cautious but upbeat tone reflects a growing push by the administration to present the government financial rescue efforts as a success amid lingering public apprehension about the economy.

Geithner was testifying before the Congressional Oversight Panel that monitors Treasury's $700 billion financial bailout that President George W. Bush and President Barack Obama used to shore up not only banks but the auto industry as well.

Banks have already paid back $70 billion of the $250 billion that the government injected over the past year to boost their liquidity. Geithner noted that only $11 billion of that infusion has occurred since he became Treasury secretary earlier this year. He said dividends on those infusions and the repurchase by banks of warrants held by the government has also generated $12 billion for the government. Overall, he said, the government realized a 17 percent return from 23 banks that have paid back the government in full.

Geithner said a major Treasury program that had been used to guarantee up to $3 trillion in money market mutual fund assets would be closed down on schedule on Sept. 18. The program had no direct cost to taxpayers and actually earned more than $1 billion in fees paid by the mutual fund industry.

That program was established at the height of the financial crisis a year ago after a large money market fund called the Reserve Primary Fund "broke the buck" - meaning the value of its underlying assets fell below $1 for each investor dollar put in.

Geithner said a series of emergency program initiated by the Federal Deposit Insurance Corp. and the Federal Reserve have also begun to phase out.

Still, unemployment stands at 9.7 percent and administration officials say it could rise to 10 percent in the coming months. Foreclosure rates are surging and the mortgage market remains tight. Geithner acknowledged that the economy would still face "more than the usual ups and downs."

"The classic mistake people make is they declare victory too soon," he said.

The government's bailouts have not been popular with the public and Geithner's testimony emphasized the positive returns from the various measures

Still, one protester sitting behind Geithner held up a pink sign asking: "Where did the $ go?"

Elizabeth Warren, the oversight panel's chairwoman, said: "Taxpayers still want to know how their money has been used and what difference their enormous investment has made."

When Warren pointed out that bank failures are reducing the number of financial institutions, Geithner replied: "Fewer every day, but that's sort of the necessary process of repair and restructuring that we're going through."

The panel has been critical of government steps, arguing that in the past it has not received full value for repaid infusions of money into financial institutions. More recently, the panel contended that a significant portion of the government assistance to the auto industry will likely not be repaid.

Geithner pointed out that the number of large financial institutions has grown smaller since the economic crisis. But Warren cautioned that some of the remaining firms were larger than before.

"Are we more at risk on the question of concentration than we were a year ago?" she asked.

"I don't think so," Geithner replied. "But it depends largely on what Congress ultimately decides in terms of financial reforms."

The administration has called for a series of regulatory changes, including requiring large, intertwined institutions to have access to more money to cover their risks.

___

Associated Press Economics Writer Martin Crutsinger in Washington contributed to this report.

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End of the line? Many in WNC likely to lose unemployment benefits soon - Asheville Citizen-Times

Posted: 13 Sep 2009 12:40 PM PDT

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Ripple effects

The expiration of jobless benefits is a concern for more than just those who are receiving them.

Economists regard benefits as automatic stabilizers during bad economic times, said Joe Sulock, an economics professor at UNC Asheville. People who get the payments are typically forced to spend the money quickly, meaning it acts as a stimulus for the rest of the economy, he said.

Officials at two local nonprofits that help people with financial troubles say many of their clients are having a tough enough time already and that losing jobless money is bound to make their problems worse.

Scott Rogers, executive director at Asheville-Buncombe Community Christian Ministry, said the charity is seeing a small trickle now, 10 to 12 (people) a week who have exhausted their benefits and are turning to ABCCM for help.

He expects that number, and the number of all types of families needing assistance, to increase dramatically over coming months. ABCCM forecasts helping about 16 percent more households over this winter than the winter of 2008-09, he said.

At OnTrack Financial Education & Counseling, Executive Director Celeste Collins said banks are reluctant to work out foreclosure avoidance plans for homeowners drawing unemployment because of concerns that it will end.

The job market has already had a dramatic impact on our ability to work with people who are unemployed and trying to save their houses. I can only imagine what's going to happen when those benefits run out, she said.

Federal legislation has been introduced to provide an additional 13 weeks of unemployment benefits in states with high jobless rates; the bill, introduced by Rep. Jim McDermott, D-Washington, recently had 23 co-sponsors, including two Republicans.

Extending benefits adds to the federal debt and may discourage able workers from getting back into the job market, Sulock said. But in a recession, he said, there aren't many jobs to be had anyway and the payments help individuals and the businesses where they spend their money.

Walden said the job market is probably the economic factor that politicians pay the most attention to. I'd be surprised if there's not some action in Congress on extending benefits.

The Associated Press contributed to this report.

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Auto Truck Ambulance - La Grange Daily News

Posted: 13 Sep 2009 10:09 AM PDT

Service with a smile is often something that is just tossed about, but I kid you not, these fellows made a perfectly terrible day much more bearable.

Thank you Auto Truck Ambulance.

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Library program to touch on history of World War II - Daily Comet

Posted: 13 Sep 2009 08:51 AM PDT

The Terrebonne Parish Library System has scheduled another Reading in Literature and Culture series. This six-week series, Ill Be Seeing You America and World War II, examines how Americans waged war for human rights using an arsenal of new weapons and combat tactics that still shape the world today. The nature of war as it was fought on the high seas of the Pacific and the plains of Europe will be examined.

The program is scheduled from 10 a.m. to noon Oct. 14 through Nov. 18 at the Terrebonne Parish Main Library, 151 Library Drive, Houma. Paul Leslie, a professor at Nicholls State University in Thibodaux, and Guenter Bischof, a professor from the University of New Orleans, will lead the class and discussion. Reading material can be picked up from Lauren Ledet at the Main Library. For information, call 876-5158.

COMPUTER CLASSES

The Library Systems computer lab will be busy this month. Bob Cornes, a computer-services librarian, is teaching numerous classes. An Introduction to Photography workshop is scheduled for 9:30 p.m. Tuesday, followed by From the Beginning scheduled for 9:30 p.m. Thursday at the Main Library. Surfs Up is scheduled for 9:30 a.m. Sept. 22 at the Main Library. Video for Beginners is scheduled for 5:30 p.m. Sept. 22 at the Main Library. The last class for the month, Beyond Basics, is scheduled for 9:30 a.m. Sept. 24 at the Main Library.

For information, call the reference department at 876-1733. You dont have to sign up for classes, just show up at the time of the class.

TRIVIA

A monthly trivia contest sponsored by the Friends of the Library is scheduled for 2 p.m. today at the Main Library. Games are played with teams, but if you come alone youll be placed on a team.

DATABASES

When you need research topics or school projects, remember the Library System has numerous databases where you can research topics. You can access the databases remotely, but will need a Terrebonne Parish Knowledge card. The library card can be obtained from any local library branch. On the Library Systems Web site, www.terrebonne.lib.la.us, the database category is on the home page at the left of the page.

Some databases included are: encyclopedias, which include Marshall Cavendish, which helps sixth-graders to college students with topics on science, health and world cultures. This database has photographs, which are copyright cleared for projects and papers. The database also features the Gale Virtual Reference Library, Health and Medicine, which includes Consumer Health Complete and Info Trac Nursing and Allied Health; two genealogy databases; and Auto Repair Reference Center.

The databases have numerous subjects on literature, test preparation, magazine articles and biographies. Some examples are Book Index with Reviews, Books in Print, Literature Resource Center and Gale Literary. The legal site includes West Law, First Gov, Legal Forms and Lexis Nexis. Test Preparation has great information including practice tests for the LEAP 21 and GEE 21. In regards to businesses, Street.com rating and Reference USA are two databases. Reference USA includes addresses and telephone numbers for 14 million U.S. businesses and 210 million U.S. residents.

TUMBLE BOOKS

The Library Systems Web site, www.terrebonne.lib.la.us, has databases called E-books for Kids and Tumble Books, which reads books aloud to elementary school children, or the children can read to themselves. This is a way to strengthen reading skills, vocabulary and comprehension.

STORY TIMES

Toddler story time is scheduled for 10 a.m. Mondays at the Main Library. Babygarten is scheduled for 6 p.m. Mondays and 10 a.m. Tuesdays at the Main Library, and 10 a.m. Wednesdays at the East Houma Branch Library, 778 Grand Caillou Road.

Family story time is scheduled for 6:30 p.m. Tuesdays at the Main Library, and 6:30 p.m. Wednesdays at the East Houma Branch Library.

Story time is scheduled for 10 a.m. Wednesdays at the Bourg Branch Library, 4405 St. Andrew St.

EXHIBIT

Emile Hebert is exhibiting his Pan Handle Pete collection. The collection includes Western paraphernalia of old West, Hollywood West, and an array of model antique and western guns. Holsters, boots, hats, whips and replica rifles are included. The exhibit is on display through the end of the year in the main lobby of the Main Library.

All Terrebonne Parish library branches will have patriot books and items on display to commemorate Patriot Day and Sept. 11, 2001. This is to remember the people who lost their lives in the 9/11 attacks and to honor the men and women in uniform who serve the U.S.

Mary Cosper LeBoeuf is director of the Terrebonne Parish Library System. She can be reached at 876-5158 or mcleboeuf@mytpl.org.

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Is Pacific Highway in Des Moines only for latte lovers and Chihuahua ... - Federal Way News

Posted: 13 Sep 2009 08:36 AM PDT

Restrictive building codes make it hard for businesses to thrive in the Pacific Ridge area, Des Moines lawmakers were told at their Sept. 10 meeting.

Concerns about auto repair zoning are once again resurfacing and the council is still divided on what direction to take.

The issue at hand is whether or not one or more general automotive business can open within a multi-tenant building.
The zoning code for the Pacific Ridge area allows for a maximum of three auto repair shops. It does not stipulate if two businesses in the same building count as one or as two.

Concerns about the restrictive coding were brought to the city by Roy Dunn, an auto repair shop owner, last winter when, due to the wording of city code, he was unable to lease out parts his building to other auto repair businesses.

When Dunn built his auto repair shop, a mechanic who worked there leased out part of the building. When the mechanic moved on, Dunn was unable to lease out that part to anyone, although he had plenty of applicants.

"Once they moved out, they wouldn't let anyone move in," Dunn said. "The city's vision for the Pacific Ridge area is one full of high rises and well-to-do citizens drinking lattes and walking Chihuahuas."

The building code stipulates that no new buildings can be built unless they are at least three stories high and no drive-thru's are allowed.
Some council members hinted at grandfathering in the three current auto repair shops on Pacific Highway South until they close and not allowing any more repair shops to be set up there.

Dunn went to the council to ask if the wording in the code could be altered so he could lease out part of his building.

A revised copy of the code was aired at a public hearing during the council session.

Some council members were upset with the code.

"The process stinks," said Mayor Pro Tem Dan Sherman. "Maybe we should be encouraging business. Businesses will bring in money without bringing in the costs."

The draft for the new code went back to staff for revision. The public hearing will continue on Oct. 22.