Archive for June 19th, 2010

The administration of President Barack Obama has been continuously stressing that it wants to keep Americans in their homes.

After all, the U.S. Federal Reserve System is giving the money center banks including Wells Fargo, virtually free money so the same banks can turnaround and lend it back to the U.S. Treasury keeping the interest paid by the same Treasury as profit. Isn’t it great? Borrow money from taxpayers at an interest rate of 0.00%-0.25% and then lend it back to taxpayers at a substantially higher interest rate. A practice known as making money on the spread.

Why modify mortgages when you can force the borrowers out of their homes and use taxpayer money to cushion the loss?

Now along comes Wells Fargo Bank.

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The addition of 28,300 jobs in May mostly represents temporary census positions, adding to fears that a return to normal will take longer than expected.
Photo: California jobs

By Alana Semuels, Los Angeles Times

June 19, 2010

California added jobs for a fifth straight month in May, but the positions weren’t the type economists like to see.

Some were temporary census jobs that will disappear during the summer. Others were jobs snagged by people who wanted full-time work but could find only part-time positions.

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Sandra Emerson, Staff Writer
Created: 06/18/2010 01:59:09 PM PDT

UPLAND – Facing the loss of more money to the state and a continuing decrease in revenue, the city has adopted a balanced budget for the next fiscal year.

General fund expenditures for the 2010-11 fiscal year are $37.9 million, which equals the revenues the city expects to take in. It is about $800,000 lower than the current budget.

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DailyBulletin: School board approves $2.5m in cuts

Neil Nisperos, Staff Writer
Created: 06/18/2010 05:36:20 PM PDT

CHINO – Chino Valley Unified boardmembers on Thursday approved about $2.5 million in spending cuts to athletic directors, librarians, intervention counselors, athletic transportation, and its International Baccalaureate program.

The cuts come a time when the district is facing a projected $17 million deficit next year, and a $30 million shortfall in two years. School officials characterized the cuts as “agonizing” but necessary.

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www.iepolitics.com

Written by Administrator
June 19th, 2010 at 4:35 am

Anyone who listens to John and Ken on the Los Angeles-based radio station KFI 640 may be left with the impression that all environmentally friendly ideas are costly, with little or no positive effect on the environment. From depletion of the ozone and global warming to Cap and Trade and diesel emissions, environmental concerns are controversial and often seem to be based on less-than-sound scientific data and hypothesis. The environmental do-gooders force upon us an extensive array of rules and regulations with little concern for economic consequences or our ability to implement stringent standards without readily available technology or yet-to-be-made scientific discovery.

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SBSun: Unemployment rate eases

Rebecca U. Cho, Staff Writer
Posted: 06/18/2010 05:26:14 PM PDT

Inland Empire employers in May added 3,800 jobs as the unemployment rate fell for the second straight month to 13.9 percent, the lowest level in nearly a year.

The unemployment rate was down from 14.2 percent in April, according to data released Friday by the state’s Employment Development Department.

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SBSun: CSU raises fees for students

Canan Tasci, Staff Writer
Posted: 06/18/2010 09:30:14 PM PDT

It’s more of the same for California State University students as their fees will increase.

The system’s board of trustees voted Friday to raise fees by 5percent for full-time undergraduates and graduate professional programs as well as increase fees for doctoral education students by 10percent.

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