Category Archives: Business/Economics

Business/Economics, Idaho, U.S.

Answer to Idaho Coupon Thieves: Shop at Fred Meyer or Smiths

Recently Idaho newspaper circulation directors speculated that the increase in thefts of newspaper coupons were due, in part, to people trying to save money and deal with high gas prices.

Here’s a solution, that unfortunately for me ends up being free promotion for two stores; shop at Fred Meyer or Smiths.

Both these stores give away thousands of free in store coupons.  Also, if you join their points club (free to join) you get discounts on their already competitive gas prices, and a quarterly rebate based on how much you shop during that quarter.

Actually, at the Fred Meyer in Pocatello, their gas prices are usually the cheapest, even before the points discount for club members (again the club is free to join).   Take advantage, save some money, and don’t be a coupon thief!

 

Business/Economics, International, U.S.

Global Food Crisis: New Deadly Mutant E-Coli Outbreak

“This is a new strain, O157 was almost certainly one of its parents. It’s also got material from another type of E-coli. So you’ve got this germ that’s like O157 but has this extra weaponry, that makes it more nasty.”-Paul Hunter, University of East Anglia in England

E-coli O157 destroys your blood cells and kidneys, and might be the parent of the latest, deadliest form.

German press reports say World Health Organization officials have identified the e-coli, that has killed 17 Germans so far, as a new mutant strain, spawned by two deadly forms of e-coli.  The new strain has been seen before, but not at the level of an outbreak.

E-coli is a bacteria, and everyone has it (in our intestines), at least the non-lethal kind, but there are some very bad versions out there that will kill: “The vast majority of strains are harmless, but there are a select few that are armed and dangerous because of the particular genes they happen to have. These genes produce those toxins. If they produce these toxins, the outcome of infection, rather than just being a tummy upset, can be far more serious.”-Ian Jones, a professor of virology at the University of Reading in England

Now health officials are trying to found out where the new e-coli spawned.  Originally Spanish vegetables were thought to be the carriers (vegetables from Denmark and the Netherlands are suspect as well), but the epicenter of the outbreak is around Hamburg, Germany.  More than 1,000 people in Germany are sick, 470 have reached the stage where kidney failure could occur.

Spain has two cases, but officials say those people had just returned from Germany, prompting Spanish politicians to point the finger of blame to Germany.

Sweden is now reporting cases; one death of a woman who went to Spain, 43 people sick.  The United Kingdom reports seven cases.  Denmark has 14.  Netherlands has eight.  Austria, France, Norway and Switzerland are reporting cases, most of the people had just got back from trips to Germany.

Russia and the United Arab Emirates have banned vegetables from European Union.  The U.S. Food and Drug Administration says it’s increasing inspections of vegetables coming from Europe.

Since e-coli is usually found on the surface of vegetables, the best way to protect yourself is to wash them before eating.

Business/Economics, Idaho, U.S.

Idaho investor guilty of $76 million Ponzi scheme

Daren Palmer plead guilty, in a Federal court in Pocatello, Idaho, to running a ponzi scheme which cost investors $76 million.

The FBI spent two years investigating, and last month criminal charges were filed against Palmer.  He will be sentenced in August.

The SEC, and CFTC filed civil cases against Palmer, which resulted in an order for Palmer to pay fines and restitution of $90 million.

U.S. Federal attorney’s say Palmer wanted to plead guilty last year.  Some of his neighbors were in the Federal courtroom when he plead guilty, they say he’s a nice guy and believe he just “made a mistake”.

 

Business/Economics, Idaho, U.S.

What Economic Recovery? People stealing newspaper coupons in Idaho

“The people who are doing it, I guess they wouldn’t consider themselves a criminal. They are just trying to save money.”-Matt Davidson, publisher

The Idaho Statesman reporting a trend making an appearance in Idaho; people stealing newspaper coupons from newspaper vending machines.

“It is becoming a real problem on Sundays because of the value of the coupons and the local interest in couponing over the last few months.”-Frank Peak, newspaper circulation director

In the Boise area, newspaper staff, who stock the vending machines, noticed that many of the Sunday papers were still in the machines but missing the coupons.  They eventually caught one woman, who tried to use the excuse that no one uses them anyway.

Frank Peak says there are several reasons people are stealing coupons, one being the new ‘reality’ TV show “Extreme Couponing”.  Other reasons are the price of gas and the bad economy.

 

Business/Economics, Idaho, U.S.

What Economic Recovery? Idaho leads United States in falling Home Prices

There’s been more news about the continued falling home prices in the U.S.  One company that tracks those prices says Idaho is the biggest loser.

Corelogic reports that for April 2011, Idaho home prices fell 15.2% compared to April 2010.  It’s also twice the current average for the entire United States.

According to the Center of Business Research and Economic Development at Boise State University, most of Idaho’s home sales, prior to the housing market bubble burst, were actually being driven by “second home” buying and real estate speculation.

When the bubble burst those kind of sales stopped.  Now Idaho is looking at a more realistic picture of property sales, which is reflecting the overall bad economy.

Business/Economics, U.S.

Who the Government works for: GM & Chrysler excused from paying vicitms of car defects

“This was not a normal case. The government was deciding who was going to be taken care of and who was not.”-David Skeel, University of Pennsylvania Law School

The recent bailout of General Motors and Chrysler, did not just include money, it included legal liability for defective vehicles that caused injuries and deaths.

The bailout allowed GM and Chrysler to skip paying any court ordered settlements for injuries or deaths that happened before the auto makers went  bankrupt.  GM had 2,500 claims against it when they went bankrupt.  The excused settlements are in the tens of millions of dollars.

In the words of Telly Savalis: “Who loves ya baby?”  It’s not your government that’s for sure.

Business/Economics, U.S.

What Economic Recovery? Bank failures continue, now it’s local banks going down

Already for 2011, 43 banks have failed.  According to the FDIC, 157 banks failed in 2010, 140 failed in 2009, 25 in 2008 and only 3 in 2007.  Notice a trend?

According to Forbes, the U.S. banking industry has, for the first time in 27 years, reported a drop in revenue.  Down 3.2% for the first quarter of 2011.

It’s interesting that the Federal Deposit Insurance Corporation claims no banks failed in 2005, or 2006.  U.S. media have incorrectly stated that until 2006 there were no failures (Washington Post), but the FDIC list shows there were several bank failures every year from 2000 to 2004.  For some reason 2005 & 2006 had none.

The concern for 2011 is that the bank failures are hitting local community banks harder, instead of the larger regional and national banks.  One reason could be that the bigger banks got bailout money from the Federal Reserve, and U.S. taxpayers.  The local banks did not.

However, the Wall Street Journal is reporting that 98 banks that got bailout money are on the verge of failing.

 

Business/Economics, U.S.

What Economic Recovery? U.S. home foreclosures hit record levels year after year

Reality Trac says U.S. property foreclosures hit 3.82 million in 2010.  A record.

It’s a continuing trend since 2006. The percentage of foreclosure filings just keeps going up: 2.23% of all U.S. housing units received at least one foreclosure filing during 2010.  2.21% in 2009.  1.84% in 2008.  1.03% in 2007.  0.58% in 2006.

The top five states for foreclosures in 2010 are: California, Florida, Arizona, Illinois and Michigan.

Business/Economics, International, U.S.

Surprise; China does not own the United States

“China’s hold or ownership is only 8 percent of our outstanding debt and in no way does China’s position influence U.S. foreign policy.”-Gary Locke, U.S. Commerce Secretary

The United States Commerce Secretary made the statement while being interviewed by the Senate Foreign Relations Committee, for the job of U.S. ambassador to China.

Locke says the majority of U.S. government debt is held by…U.S. domestic investors.  Find out who they are and you’ll know who the real shadow government is.

Business/Economics, U.S.

GAO study shows U.S. companies that get taxpayer money owe $750 million in back taxes

The Government Accountability Office released a study that showed that some of the government contractors that got paid with taxpayer “stimulus” money, don’t pay taxes.

The GAO says 3,700 contractors who got stimulus money, owe back taxes.  That’s about 5% of the contractors that got the taxpayer money.  Some of the contractors that avoided paying taxes include construction companies and companies that specialize in social services.

While 5% may not seem like much, the GAO says that 5% owes $750 million in back taxes.