Archive for June 14th, 2011

CNBC: US Housing Crisis Is Now Worse Than Great Depression

On Tuesday June 14, 2011, 2:00 pm EDT

It’s official: The housing crisis that began in 2006 and has recently entered a double dip is now worse than the Great Depression.

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LATimes: ‘Conduit’ muni bond defaults draw scrutiny

‘Conduit’ municipal bonds allow private entities to tap into low-cost municipal bond financing. They account for about 20% of the market but about 70% of all defaults.

By Nathaniel Popper, Los Angeles Times
June 14, 2011

An often-ignored corner of the municipal bond market is causing outsize troubles for investors.

A spate of municipal bond defaults in recent months has included a $43-million issue that went to pay for a Hampton Inn in Boston, and $15 million in bonds that funded a commercial cargo facility at an Alaska airport.

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The Sun: Mark Kirk submits resignation from county

By Joe Nelson
Posted: 06/14/2011 12:22:00 PM PDT

Mark Kirk, the county’s Director of Governmental Relations and a defendant in a criminal probe into the county’s settlement with Rancho Cucamonga developer Colonies Partners LP, has resigned.

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Tuesday, June 14, 2011 – 11:15 a.m.

The Medical Board of California has revoked the license of former Rancho Cucamonga Mayor Don Kurth.

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Tuesday, June 14, 2011 – 10:30 a.m.

One has to wonder why there is such a disconnect in the way San Bernardino and Riverside County governments conduct business respectively.

Riverside County seems to be able to maintain a sense of order and cohesiveness.

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The PE: Budget deal saves sheriff’s jobs

Riverside County Sheriff Stan Sniff, left, and CEO Bill Luna, who had been deeply at odds over Luna’s proposed cutbacks in the sheriff’s budget, reach accord on a plan that both admit has risks. It’s built on “bubble gum and bailing wire,” Sniff says.

10:48 PM PDT on Monday, June 13, 2011

The Press-Enterprise

Riverside County supervisors agreed Monday to a budget plan proposed by Sheriff Stan Sniff that officials described as risky but said would avoid any layoffs to his department.

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The PE: RIVERSIDE: 2011-12 budget is mostly status quo

10:00 PM PDT on Monday, June 13, 2011

The Press-Enterprise

Riverside’s 2011-12 budget is balanced now, but pending decisions at the state level could force city officials to recalculate before they vote on the fiscal plan later this month.

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The Sun: Financial penalty looms

Legislators say loss of pay won’t alter budget fight
James Rufus Koren, Staff Writer
Posted: 06/13/2011 08:22:08 PM PDT

State lawmakers could each lose about $400 per day if they don’t pass a budget by 11:59 p.m. Wednesday.

A ballot measure approved last year prevents lawmakers from collecting their salary and other pay if they don’t pass a budget by the June 15 deadline seat in the state constitution. But local lawmakers – even those without lots of other income – say that’s not a factor in how they’re approaching the budget.

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The PE: Negrete McLeod vs. Baca Part Deux?

By PE Politics
June 13, 2011 4:30 PM

Rep. Joe Baca said Friday he might run in a proposed congressional district being eyed by state Sen. Gloria Negrete McLeod.

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The Sun: Loma Linda looks to ban pot co-ops

City Council to hold 2 meetings
Ryan Hagen, Staff Writer
Posted: 06/13/2011 08:23:06 PM PDT

LOMA LINDA – Tired of waiting for courts to provide answers, the City Council today will hold the first of two meetings to ban medical-marijuana dispensaries from the city.

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The Sun: Judge raises the stakes

Hospital will fight decision
Molly Davis, Staff Writer
Posted: 06/13/2011 06:16:02 PM PDT

After winning a class-action lawsuit against Redlands Community Hospital last summer, a group of about 1,000 former employees has now been awarded more than $17 million in lost wages and damages.

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DailyBulletin: ULV law school suffers

Neil Nisperos, Staff Writer
Created: 06/13/2011 08:22:08 PM PDT

ONTARIO – The University of La Verne College of Law will lose its provisional accreditation from the American Bar Association at the end of the month because of low pass rates by first-time bar takers.

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DailyBulletin: Sales hit 3-year low

Housing market
Business suffers all over SoCal
Sandra Emerson, Staff Writer
Created: 06/13/2011 09:22:10 PM PDT

Southern California home sales continued at a snail’s pace in May while the median sale price fell by the largest amount in 20 months.

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June 13, 2011 5:16 PM
Beatriz Valenzuela
Staff Writer

The economic woes that have plagued the state, county and Victor Valley cities could lead to reductions in specialized law enforcement teams.

Due to budgetary cuts, some members of local gang teams may be reassigned, according to those close to the program.

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VVDailyPress: Hesperia proposes fire, sheriff’s cuts

June 13, 2011 5:32 PM
From Staff Reports

HESPERIA • The Hesperia city council will discuss a proposed budgetary cut that would eliminate nine full-time San Bernardino County firefighters and five sheriff’s deputies’ positions Tuesday night before they vote on June 21.

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By Shane Goldmacher, Los Angeles Times
June 14, 2011

Reporting from Sacramento— Facing a Wednesday deadline for passing a budget or forfeiting pay, Democrats in the Legislature are quietly drafting a spending plan they could pass without the GOP votes needed for tax increases or extensions.

The alternative plan would keep paychecks coming even though talks between Gov. Jerry Brown and Republicans have snagged on the issue of taxes.

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SacBee: Jerry Brown opens door to gimmicks budget

By David Siders and Kevin Yamamura
Published: Tuesday, Jun. 14, 2011 – 12:00 am | Page 1A
Last Modified: Tuesday, Jun. 14, 2011 – 7:04 am

Two days before the state budget deadline and with no sign of a deal, Gov. Jerry Brown said Monday he would consider using accounting gimmicks to balance California’s budget deficit, despite his longstanding promise not to.

His changing rhetoric, following months of failed talks with Republicans, comes as Brown braces for the Legislature to send him a budget that does not include the tax revenue he is seeking.

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Capitol Alert
The latest on California politics and government
June 13, 2011

A group of Senate Republicans who have been involved in budget negotiations with Gov. Jerry Brown today released specific demands they want included in any deal that garners their support for a special election on taxes.

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SacBee: Dan Walters: The big stakes? Two-thirds margin

Dan Walters


By Dan Walters The Sacramento Bee
Published: Tuesday, Jun. 14, 2011 – 12:00 am | Page 3A
Last Modified: Tuesday, Jun. 14, 2011 – 6:43 am

There are many ways to view the new congressional and legislative district maps released last week by the state’s new independent redistricting commission, from the personal to the cultural to the geographic.

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