Archive for July 5th, 2010 Investors fear rising risk of US regional defaults

By Nicole Bullock in New York

Published: July 5 2010 19:30 | Last updated: July 5 2010 20:21

Investors are worried that the risk of default for US local governments is growing, amid signs that some regions are facing the same type of difficulty in curbing pension and budget deficits as some eurozone countries.

The yield attached to some forms of infrastructure municipal bonds has risen relative to US Treasury bonds because of fears that cash-strapped local governments will struggle to repay these loans.

Read the rest of this entry » Dow Repeats Great Depression Pattern: Charts

Published: Monday, 5 Jul 2010 | 5:31 AM ET

The Dow Jones Industrial Average is repeating a pattern that appeared just before markets fell during the Great Depression, Daryl Guppy, CEO at, told CNBC Monday.

“Those who don’t remember history are doomed to repeat it…there was a head and shoulders pattern that developed before the Depression in 1929, then with the recovery in 1930 we had another head and shoulders pattern that preceded a fall in the market, and in the current Dow situation we see an exact repeat of that environment,” Guppy said.

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The US workforce shrank by 652,000 in June, one of the sharpest contractions ever. The rate of hourly earnings fell 0.1pc. Wages are flirting with deflation.

By Ambrose Evans-Pritchard
Published: 9:33PM BST 04 Jul 2010

“The economy is still in the gravitational pull of the Great Recession,” said Robert Reich, former US labour secretary. “All the booster rockets for getting us beyond it are failing.”

“Home sales are down. Retail sales are down. Factory orders in May suffered their biggest tumble since March of last year. So what are we doing about it? Less than nothing,” he said.

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From a competitor in Kern County, to a middle-man operative, the cast involved in a coordinated effort to prevent a High Desert composting facility from opening is interesting.

The facility to be operated by Nursery Products, LLC is located eight miles west of Hinkley, California, and it’s causing quiet a stir in the High Desert.

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SBSun: Council weighs hike in sales tax

San Bernardino voters may face referendum
Andrew Edwards, Staff Writer
Posted: 07/04/2010 10:27:04 PM PDT

SAN BERNARDINO – City voters who agreed four years ago to raise sales taxes as a way to hire more police officers may soon be asked to ratify another tax hike to maintain the city’s fiscal solvency.

A proposal to raise San Bernardino’s sales taxes by half a percent is on the City Council’s Tuesday agenda. The council may direct City Manager Charles McNeely to prepare a tax referendum for the November ballot.

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10:00 PM PDT on Sunday, July 4, 2010

The Press-Enterprise

Not only is a judge expected to decide Friday on the fate of 12,563 late-arriving mail ballots, but Registrar of Voters Barbara Dunmore has fielded a number of public records requests relating to the June 8 election.

Former Palm Springs Police Chief Gary Jeandron, who unsuccessfully challenged Supervisor John Benoit, filed a two-page request.

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DailyBulletin: Rally against amnesty targets Dreier

Rep. David Dreier

Sandra Emerson, Staff Writer
Created: 07/04/2010 09:02:43 PM PDT

SAN DIMAS – A sit-in by immigration activists at Rep. David Dreier’s office in June motivated some of his anti-illegal-immigration constituents to stage their own demonstration.

Activists from anti-illegal immigration groups and people opposing amnesty staged a rally outside Dreier’s San Dimas office Friday calling for his public support of Arizona’s immigration law.

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Some strategists fear the Democratic gubernatorial nominee and his meager staff are relying too much on decades-old name recognition and waiting too long to go on the offensive against Meg Whitman.

By Seema Mehta, Los Angeles Times

July 5, 2010

Republican gubernatorial nominee Meg Whitman barely paused to take a breath after her landslide primary victory, saturating the airwaves with ads, raising money across the state, trying to woo traditionally Democratic voters and using her massive campaign machine to drive the conversation in her race against rival Jerry Brown.

Brown, meanwhile, is off the air, has yet to reach out to key voter blocs in any strategic way and has gotten more attention for gaffes than for policy proposals.

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