Coeur d’Alene Mayor Sandi Bloem was shocked to learn that her jewelry store is being sued for more than $80,000.
Panhandle State Bank says the lawsuit is over a $75,000 loan made back in 2005. Bloem says she was in the process of renegotiating the loan, and never had any indication the bank was going to sue. She says her jewelry store is not in financial trouble, even though the bank says she failed to pay off the loan.
After several months of what looked like a downward trend in home foreclosures, October had a 7% increase from the month before.
The reason for what looked like a downward trend was because the big banks and mortgage companies had been holding back, mainly due to red tape and just too many cases to go after: “The October foreclosure numbers continue to show strong signs that foreclosure activity is coming out of the rain delay we’ve been in for the past year as lenders corrected foreclosure paperwork and processing problems.”-James Saccacio, RealtyTrac
Nevada is still the number one state for foreclosures, although Las Vegas dropped to 5th place for cities. Stockton, California, is now the number city in the U.S. for foreclosures.
Nevada, California, Arizona, Florida and Michigan are the top five losing states, making up 53% of the country’s home foreclosures.
The next five most losing states are Georgia, Illinois, Idaho, Oregon and Colorado.
In the name of efficiency, and international competition, J.R. Simplot is building a new potato processing plant. It will use only 250 employees. The problem is that the new highly efficient Simplot potato factory will replace three existing plants (in Nampa, Caldwell & Aberdeen), resulting in 800 Idahoans losing their jobs. That’s a net loss of 550 jobs.
East Idaho doesn’t have a big population so the job loses will hit hard: “It’s going to have a negative impact on Nampa and Caldwell and the whole country. We’re encouraged that they will remain in Caldwell, but certainly concerned about the overall impact of job loss.”-Steve Fultz, Caldwell Economic Development Council
J.R. Simplot officials say it’s necessary to build such an efficient factory, because global competition in the food market is getting tougher. In fact potato prices for this years potato season have fallen to the point that Idaho farmers will be lucky to break even.
At least Simplot employees have been given a decent heads up; it’ll be at least two years before the new super efficient potato processing plant will be completed.
J.R. Simplot has been streamlining operations in Idaho since the 1990s. Simplot’s corporate headquarters used to be in Chubbuck, Idaho. But they closed it down and moved to Boise right after I moved to Chubbuck.
Their Chubbuck HQ was replaced with the TJ Maxx/IHOP strip mall.
Former location of J.R. Simplot Corporate HQ, Chubbuck, Idaho
The metal awnings/canopies covering the Simplot HQ entryway can now be seen in front of the Pocatello City Hall.
Ex Simplot Chubbuck HQ canopies adding charecter to the otherwise drab Pocatello City Hall
On November 8, the Idaho National Laboratory (INL) announced that 17 employees were exposed to plutonium. The INL now says it is 16 employees who were exposed, but, the number of those testing positive for contamination is going up.
The INL has also released more info on how their employees got exposed to deadly plutonium. The affected area at the decommissioned Zero Power Physics Reactor has been isolated.
Japanese media are reporting that seven workers are now confirmed to be contaminated. At least three workers are undergoing additional checks after lung examinations pointed to possible internal exposure.
Local east Idaho media are reporting that two employees tested positive for Americium 241 in their lungs. INL officials say it’s almost sure that their lungs are contaminated with plutonium as well.
The Japanese and Idaho media are giving conflicting info on how the workers were exposed.
Idaho media says INL employees accidentally ruptured 30 year old containers filled with plutonium. Japanese media says the workers found the containers already ruptured, with powder spilling out. They opened the containers to see what the powder was. It was oxidized plutonium that had turned to dust. The Japanese media says the INL is trying to find out how the containers were ruptured. INL officials suspect the containers were ruptured a long time ago, which would explain the oxidized (rusted) plutonium (it also means employees might have been exposed to plutonium since 1981).
The INL is currently run by contractor Battelle Energy Alliance.
The Idaho National Laboratory (INL) announced that on November 8, seventeen employees were exposed to plutonium. At least six show signs of contamination.
It happened inside the decommissioned Zero Power Physics Reactor. A container containing plutonium was opened by the workers.
The employees went through decontamination procedures, and are being checked at the INL’s Central Facilities Medical Center.
The INL is run by contractor Battelle Energy Alliance.
This is the second ‘event’ this year involving radioactive material from the INL. In January, 2011, an employee was nearly exposed to a full years worth of radiation, after a miscalculation as to the amount of radiation the worker would be exposed to for a specific task.
Also, in September, 2011, a small container was found on an Idaho Falls street, it was labeled as containing radioactive Iodine 131. The INL was called in to investigate. They claim the container was empty and not radioactive. They discovered it was used for medical purposes.
On November 2 the U.S. Senate presented a plan to “save” the USPS.
That plan would pay back U.S.$7 billion of the funds Congress stole, I mean, that Congress forced the USPS to overpay in retirement funds. However, the $7 billion is to be used to buy out employees (a nice way of laying people off, as many as 100,000 employees will lose their jobs in the buy out). It would also require a two year study before ending Saturday deliveries. The draconian retirement fund payment schedule would be ended as well (it’s the main reason the USPS is in financial trouble).
Then on November 7, the U.S. Postmaster General announced that he will officially present plans to “save” the USPS on November 21!
His plan will include laying off thousands of workers, closing offices and sorting facilities, and ending Saturday deliveries. He’ll make his official announcement at the November 21, National Press Club Speakers luncheon in Washington DC.
Local Idaho postal workers told me what ever plan is official announced that it’s basically a sham, what’s going down with the USPS is a “done deal”.
The Center for College Affordability and Productivity recently released the latest rankings of U.S. colleges and universities.
They include the 2011 rankings by Forbes/CCAP, using the Carnegie Classification (by geographic region). Idaho State University ranked 111, out of 112!
Portland State, in Oregon, came in dead last. Who’s number one in the West? Stanford, in California.
By the way, Boise State didn’t do much better, coming in at 109 out of 112!
The Idaho Division of Financial Management reported that October tax revenues were $1.6 million short of what was needed.
State officials were hoping for $210.6 million. So far for the fiscal year 2012, overall tax revenues are $10.8 million below what’s hoped for! Amazingly officials still think they’ll finish the 2012 fiscal year with a surplus!?
The biggest drop was seen in sales tax revenues, to the tune of $4.1 million! So far Idaho sales tax revenues are short by $14 million! Sales taxes are a good way to gauge how well your economy is doing, and it doesn’t look too good.
“The 99% movement is all about finding ways for people to change the economy that is benefiting only the 1%. Bank Transfer Day is about the power of individuals to take their money out of institutions whose profits go almost entirely to Wall Street and keep that money in our community, where we can control it.”-Courtney Yax
The main stream media has their head in a hole. Occupy Wall Street has some power!
On November 5, operation Bank Transfer Day took place. So many people have moved money from banks into credit unions, that by November 5 U.S.$4.6 billion had been taken out of the big for profit banks!
ABC News did report that credit unions have gained 650,000 new members, just in the month of October!
“Regardless of how many people joined credit unions Saturday, there is a big new awareness of credit unions as not for profit financial cooperatives owned by their members. That is the credit union difference we’ve worked to let people know about all along.”- Mary Beth King, Credit Union Association of New Mexico
Credit unions in California gained around 90,000 new members, and $624 million in new accounts.
Here in Idaho (with only a fraction of the population of California), credit unions gained 3,400 new accounts! Alan Cameron, Idaho Credit Union League president, says one credit union gained $1.2 million in new deposits! Corporate bank Wells Fargo (which dominates Idaho banking, with 23% of the market), denies that Idahoans have fled the big banks. Wells Fargo representative Amy McDevitt, says withdrawals were “…very minimal.”
The big banks tried to stop such acts: In New York City last month, dozens were arrested for trying to close their accounts, en masse, at a CitiBank branch.
As of November 5, 2011, some of the fuel stations in the Pocatello/Chubbuck area had dropped their gas prices to $3.29 per gallon. Yet diesel prices remain unchanged, still between $3.99 & $4.09 per gallon. Local gasoline prices had been falling steady for more than a week now, diesel has not.
Fred Meyer, Pocatello, Idaho
According to indexmundi diesel commodity prices have been falling ever since prices peaked in July, 2011. August saw a 5% drop, and September saw another 1% drop. In September the average daily commodity (New York Harbor Ultra-Low Sulfur No 2 Diesel Spot) price for diesel was $2.98 per gallon.
Phillips 66, near Kmart, Pocatello, Idaho
For those of you who continue to believe it has something to do with low sulfur refining, let me remind you that the commodity price is for already refined diesel.
Indexmundi also reports that refined gasoline commodity prices have been falling, also since their peak in July. Gas (New York Harbor Conventional Gasoline Regular Spot) has actually been falling more then diesel: August saw a 6% drop, September a 2% drop. The average daily commodity price for gasoline in September was $2.77.
Interestingly, The Associated Press reported in October that wholesale fuel prices went up, which contradicts the indexmundi web site.
Here’s the bad news for diesel users: When we look at the latest November commodity prices diesel has actually gone up; $3.06 as of November 1, versus gasoline commodity prices which were only $2.7o per gallon.
This might explain why diesel pump prices haven’t dropped, and why gasoline pump prices should continue to drop (unless you’re living in an area of the U.S. that’s actually seeing gas prices go up). The latest diesel commodity prices also indicate that pump prices will probably go up.
In a quick survey of international news stories, it seems diesel prices are going up because of growing demand around the world.
In the Indian state of Manipur, an economic blockade has caused fuel prices to jump by four times, since the blockade started on August 1. Basically there are people in Manipur that are seeking independence from India.
The Indian government controls the price of fuel in the country (it’s part of how the Indian government generates revenue for itself, and they’re hurting for more revenue), and is trying to hold off on raising diesel prices anymore: “It is always difficult to raise diesel prices as it is widely used by farm sector and industry for transportation. It is not perceived as a luxury fuel.”-Victor Shum, Purvin & Gertz.
On October 25, Reuters reported that China’s busy economy will drive diesel prices upward, and that fuel producers can’t keep up: “In the last 12 months China’s demand for diesel for power generation has been one of the major drivers (of the market). They do tend to step in and stockpile. We are not seeing any significant squeezes yet but this is a supply side story, if we carry on with this current trend we will have some problems in the light, sweet products. I don’t believe supply can keep pace.“-Tony Hall, Duet Commodities Fund
Don’t forget that Japan has seen half its nuclear power plants shut down since the March 11 disasters. Japan was almost totally dependent on nuclear power, now they are switching to other forms of generating electricity, and that includes diesel powered generators.
In South Korea demand for fuel, including diesel, has skyrocketed, and the government has approved the opening of 1,300 new fuel stations! Ironically the South Korean government thinks by opening more fuel stations (thereby increasing demand) they can provide cheaper fuel: “Nonghyup and the KNOC [both government controlled companies] will jointly buy fuel from local refiners or from abroad, so they can be sold to the thrift gas stations. Prices will be kept down further by the gas stations operating on a self-service basis, where the driver fills his or her car.”-South Korean government statement
Another reason for an increase in diesel prices is that petroleum supplies are falling behind.
There is a problem with a refinery in Indeni, Zambia. The refinery can not meet current standards of fuel refining, and needs U.S.$40 million to become compliant.
In Mexico, oil production has dropped. In September oil production was 2.863 million barrels per day, the lowest levels since October 1995!
In fact around the world oil production dropped by 7% in September. More specifically, diesel fuel production dropped by 12.7%!
In an earlier posting I explained how decreased gasoline production was the real reason for gas pump prices going up, now it’s diesel.
Like I said, bad news for diesel fuel users.