Category Archives: U.S.

Business/Economics, Idaho, U.S.

Idaho to see local Post Offices shut down

The United States Postal Service released a list of nearly 3,700 post offices that could be shut down.  Many post offices in Idaho are on the list.

The list of cities where post offices could be shut down are: Ahsahka, Almo, Arbon, Avery, Boise, Calder, Chester, Clayton, Desmet, Ellis, Geneva, Hamer, Harvard, Howe, Monteview, Moscow, Ola, Parker, Pocatello, Swanlake, Tensed, Weston and Yellow Pine.

The USPS says it will also consider replacing some of the post offices with “Village Post Offices”.  These would be contracted offices run by existing local businesses.

The United States Postal Service does not make money off taxpayers, they are solely funded by the postage they charge, and other products they sell.

Business/Economics, Idaho, U.S.

If you want a good credit rating, don’t live in Idaho. Where you live now affects your credit score

Credit scoring companies are getting so nit picky that now they judge you based on where you live.

CardRatings.com now considers the state you live in as part of your credit score.  One of the states that can make your rating go down is Idaho.  Curtis Arnold, founder of CardRatings.com, says Idaho scores low because of high unemployment and high bankruptcy/foreclosure rates.

A low credit score for your state doesn’t just affect your rating, but the credit ratings of your local banks.  This makes it harder for local financial institutions to get major loans from national banks, which in turn makes it harder for them to issue local loans.

Which state can make your credit score go up the most?  Oil rich North Dakota.

Business/Economics, U.S.

Home prices up, no wait down, housing market recovering or maybe not?

I noticed a headline change in front of my eyes on CNN’s website this morning.  First it said “Home prices increase”, then when I clicked on the story the headline read “Home prices dip 4.5%”.  This is actually common on CNN’s website (that’s why you got to do your research).

What I found out about home prices, is that it really depends on where you live in the United States.  Some areas are seeing increased home prices, usually a good sign of a strong local economy, while in other areas home prices are still falling.

Here’s and example: Cities that showed increases in home prices include Boston and Washington DC.  Some cities that continue to have home prices decline are Las Vegas and Tampa.

Normally increased home prices are a good sign of a good economy, but the latest numbers show that even in the cities where home prices are up, overall home prices are still below their highs of 2006.  Maybe that explains the alternating headlines on CNN’s website?

 

 

 

Business/Economics, U.S.

What Economic Recovery? Inflation eats into profits for Ford & Chrysler

Both Ford and Chrysler are reporting increased sales revenues, but both are reporting decreases in profits.  The culprit, inflation.

Inflation is driving up the cost of materials used to build their cars, and even with retail price increases the result is lower profits.

Now Ford is preparing to deal with Union contract negotiations in the United States.  Obviously workers are going to want more money, because inflation is driving up their cost of living.

Business/Economics, International, U.S.

Chrysler insults taxpayers, Chrysler claims they lost $370 million in stock buy back

Taxpayers in the United States lost $1.3 billion when Fiat bought back all the remaining Chrysler stocks held by the U.S. government (U.S. taxpayers lost at least $14 billion, between Chrysler and GM).

Now Chrysler/Fiat is claiming they lost money too.  Chrysler would have reported a profit for the second quarter of 2011, it weren’t for the stock buy back, which they claim cost $551 million.

Chrysler is also reporting a 30% increase in sales revenue (compared to the second quarter of 2010), but don’t think you can buy some of that Chrysler stock, they’re privately held by Fiat and Union trust funds.

Business/Economics, International, U.S.

End of an Era: British Prime Minister says the Best Days are Behind Us, Rupert Murdoch scandal may be straw that breaks camel’s back

British Prime Minister David Cameron lamented that “…a general feeling that maybe our best days as a country are behind us…”. He was talking about everything from the economic disaster to the scandal involving Rupert Murdoch’s media empire and public officials.

Cameron says it’s become clear that elected leaders, as well as corporate leaders, even government employees, are acting out of pure greed: “I’m talking about the expenses scandal, the financial crisis, this whole disgraceful and sorry episode of phone hacking. There’s a sense that the rich and the powerful – politicians, bankers, the press and the police – have been serving themselves…”


Idaho, U.S.

Government Incompetence: Idaho city charges residents for antiquated water system that many don’t use

“It really doesn’t do much good if the money goes back to repairing the irrigation system. I can’t use it. I’m paying for a service I have no choice to pay for, but I have no access to the benefits.”-Mary Fullmer, 77 year old school bus driver

The city of Gooding, Idaho, is charging residents $104.00 per year for an antiquated irrigation system that many don’t use, not even the mayor: “It’s an old and broken system. But we can’t stop charging people. I even have to pay the fee, and I don’t use the irrigation system either.”-Duke Morton, Gooding Mayor 

Six years ago Mary Fullmer’s access to the irrigation system was cut off, when the city cemented over the pipes that connected her property to the system.  Yet she still has to pay $104 per year.
Many city residents complain about the fee, and city officials claim they’re looking for an alternative, but they admit they don’t see it as a priority.

Business/Economics, U.S.

Government Incompetence & No Economic Recovery for U.S.: Congress screws over the Postal Service, 3,600 offices to close

The USPS lost $8.5 billion in 2010.  It lost $3.8 billion in 2009.  So far this year the USPS has lost $2.2 billion.  The result; the United States Postal Service will make public a list of post offices that could be closed this year, as many as 3,653.

The United States Postal Service does not make money off taxpayers, they are solely funded by the postage they charge.  The problem is that Congress controls the postage they are allowed to charge, and so far Congress has refused to allow postal rates to reflect the actual operating cost of the USPS.

On top of that, Congress overcharged the USPS $75 billion for the Federal Employees Retirement System plan.  The Postmaster General asked for that money to be returned, but Congress refused (you think they already spent it?).

As a result of incompetence (or is it on purpose?) by our elected officials in Congress,  thousands more USPS employees will lose their jobs.

Business/Economics, International, U.S.

Don’t want to die? Stay out of hospitals in Canada, United States and Europe! Another reason for increased health care costs

“If you were admitted to hospital tomorrow in any country … your chances of being subjected to an error in your care would be something like 1 in 10. Your chances of dying due to an error in health care would be 1 in 300.”-Professor Liam Donaldson, World Health Organization envoy

The United Nations released a study saying that hospitals in the ‘western’ world are sure places to catch a deadly disease, or die from mistakes made by medical personnel.

The UN World Health Organization discovered that your chances of dying in a hospital, by medical errors, are far greater than dying in a plane crash.

More interestingly, Canada takes the number one spot for worst hospital related infections, at an 11.6% infection rate.  The European Union has a 7% rate, followed by the United States with 4.5%.

But lets put that U.S. rate of 4.5%, which sounds low, into real numbers.  According to the research 1.7 million infections are acquired in U.S. hospitals, which leads to 100,000 deaths each year.  That’s 100,000 people in the U.S. being killed because of hospital uncleanliness.

Catching an infection while in the hospital means a longer stay and more treatment.  The study suggests that the increased infection rate while being in the hospital, along with medical mistakes, are partly to blame for increasing medical costs.

To be sure most health care systems around the world are in trouble, but, what surprised the WHO researchers is that the developed ‘western’ world has made no progress in improving medical care inside hospitals.  Former United Kingdom chief medical officer Liam Donaldson, said this: “It shows that health care in general worldwide still has a long way to go.  Health care has not achieved the level of safety of many other high-risk industries.”

 

Business/Economics, Opinion, U.S.

TARP a TRAP for taxpayers: Treasury Dept. scamming taxpayers, banks paying off loans with loans, is there any real money left in the U.S.?

An organization called Project on Government Oversight discovered the U.S. Treasury Department is letting big banks, and corporations, pay off their taxpayer funded loans with new taxpayer funded loans meant for small banks.

On paper it looks like big banks who took out TARP bailout loans are paying those loans off.  It turns out that many of those payoffs came from new loans also offered through the Treasury Department.

The new loans are being made with a program that was meant for smaller banks, to lend money to small businesses.  The program is called Small Business Lending Fund.

What this means is the U.S. Treasury is not really getting the taxpayer funded TARP bailout money back.  Instead the Treasury is allowing the big banks to rob Peter to pay Paul.  The problem here is that both Peter and Paul are one in the same, the U.S. taxpayer!

This isn’t the first time claims were made that TARP money was being paid back with loans.  In April 2010, Senator Charles Grassley, of Iowa, claimed that General Motors paid back their TARP loan, with another TARP loan: “It looks like [GM’s] announcement is really just an elaborate TARP money shuffle. The repayment dollars haven’t come from GM selling cars but, instead, from a TARP [escrow] account at the Treasury Department.”

Now the question is why can’t the big banks, and other corporations, pay back their taxpayer TRAP (I mean TARP) loans?  After all many have reported big profits. Is this a case of no real money left in the United States?