The Bain Report

States Face a $1 Trillion Shortfall for Retirees
According to a new report released Thursday, there is a $1 trillion shortfall between what U.S. states have set aside to pay for employees’ retirement benefits and the cost of those obligations. That’s more than $8,800 for every U.S. household. But Michigan’s current lawmakers want to exempt themselves only eliminating lifetime health care coverage for future state lawmakers.
States Face a $1 Trillion Shortfall for Retirees – DailyFinance

Citigroup Warns Customers It May Refuse To Allow Withdrawals
“Effective April 1, 2010, we reserve the right to require (7) days advance notice before permitting a withdrawal from all checking accounts. While we do not currently exercise this right and have not exercised it in the past, we are required by law to notify you of this change,” Citigroup said on statements received by customers all over the country.
Citigroup Warns Customers It May Refuse To Allow Withdrawals

An Early Look at 2010 State Senate Races
By Michigan Liberal.com: District 17 Randy Richardville (R) Monroe County, South Washtenaw, East Jackson. Not only the most gerrymandered, but also one of the most closely divided districts in Michigan, this one will likely be home to another competitive race in 2010. The Washtenaw County portion of this district favors Dems, while the Jackson county portion favors Republicans and Monroe county is a swing region. His Rating: Leans Republican is not what conservative Republicans expect from their elected Republican Senator.
Michigan Liberal::: An Early Look at 2010 State Senate Races

Gerrymandering
Effects of gerrymandering: Reduction in electoral competition and voter turnout, Increased incumbent advantage and campaign costs, Less descriptive representation, and Incumbent gerrymandering. Due to many issues associated with gerrymandering and its impact on competitive elections and democratic accountability, numerous countries have enacted reforms making the practice either more difficult or less effective.
Gerrymandering – Wikipedia, the free encyclopedia

Debate series for state’s biggest races announced
A coalition of trade groups and public broadcasters around Michigan announced Wednesday plans to sponsor Great Debates 2010 in Michigan’s gubernatorial and key legislative races They will include: Two one-hour debates: one among Democratic candidates and one among Republican candidates before the party primary election in August. One one-hour debate before the November general election for governor. 50 half-hour legislative debates during the general election cycle. Several multi-candidate legislative forums. “We think we can provide a crucial service by helping the citizens understand the crucial issues,” said Rich Homberg, president and general manager of Detroit Public Television (WTVS-TV, Channel 56). WTVS conceived the idea along with the nonpartisan Center for Michigan.
freep.com | Politics | Detroit Free Press

Buffett’s Partner: ‘It’s Over’ for U.S. Economy
Charlie Munger, Warren Buffett’s longtime business partner in Berkshire Hathaway, warns that the U.S. economic empire is crumbling before our eyes, thanks to federal debt and poor planning. The article leads with this headline: “Basically, It’s Over.”
Moneynews – America’s Money News Page – Print Page

School Allegedly Spied on Students at Home
People have a right to be secure in their persons, houses, papers and effects — especially when the peepers are publicly funded. It’s called the Fourth Amendment. (Do they still teach civics over there at George Orwell High School?)
Opinion: Big Brother Should Be Expelled From Pennsylvania School – ParentDish

Climate scientists withdraw journal claims of rising sea levels
Study claimed in 2009 that sea levels would rise by up to 82cm by the end of century – but the report’s author now says true estimate is still unknown.
Climate scientists withdraw journal claims of rising sea levels | Environment | guardian.co.uk

High Unemployment, Tight Credit Weaken Housing Market Recovery
Sales of previously owned homes plunged 7.2 percent in January to their lowest level since summer, providing fresh evidence that high unemployment and tight lending standards are outweighing the government’s attempts to prop up the market. A top Federal Reserve official
San Francisco Federal Reserve Bank President Janet Yellen said she isn’t concerned that average unemployment rate will be higher once the economy makes a full recovery; rather, she said, she worries it will be a long time before jobs are created. What I’m hearing from business contacts is they’ve found ways to work leaner, and even if the demand comes back and sales begin to grow, it’s going to be long time before they start hiring again,” she said. “That’s what I’m worried about.”
Unemployment will remain ‘painfully high,’ Fed president says

AIG Reports nearly $9 billion Quarterly Loss
May need more Taxpayer Bailout
Troubled, taxpayer-owned insurance giant American International Group may need additional taxpayer bailout money in addition to the already $144 Billion it has received thus far at a better rate!

Consumer Confidence Crumbles in February
Consumer confidence unexpectedly plummeted in the February reading, dropping 10 points to 46, as Americans’ evaluation of the job market turned more pessimistic, The Conference Board announced Tuesday.
Consumer Confidence Crumbles in February – DailyFinance

More Than 700 Banks Are on FDIC’s ‘Troubled’ List
The number of U.S. banks on the FDIC’s so-called problem bank list jumped by 150 in the fourth quarter to a level not seen since the S&L crisis of the early 1990s.
The FDIC Lists Over 700 ‘Troubled’ Banks – DailyFinance

N.Y. Fed Asked AIG to Cover Up for Goldman and Others
Paper Trail Shows the N.Y. Fed Asked AIG to Cover Up Bailout Details
A look at today’s legal news including the newly disclosed AIG document — Schedule A — which details for the first time who created the garbage securities insured by AIG, who initially profited from them, and who knew just how bad the securities were. I wonder how involved turbo tax cheat Treasury Secretary Tim Geithner was in all of this. Tim Geithner was the Federal Reserve Bank of New York Presidentbe before becoming Treasury Secretary.
Latest Legal News: N.Y. Fed Asked AIG to Cover Up for Goldman and Others – DailyFinance

The Jobs Aren’t Coming Back: Outdated Ideas Fuel Economists’ Unrealistic Optimism
Economists are optimistically forecasting a U.S. recovery and a resurgence of hiring. But they’re using outdated models to make those predictions: What if they’re wrong? We may have to get used to a nation where millions of former workers never get re-employed.
Millions of Unemployed May Never Find Jobs Again: Outdated Ideas Fuel Economists’ Unrealistic Optimism – DailyFinance

Governors’ Gathering Hears That Worse Deficits Are Coming
A National Governors Association report based on findings from 45 state treasurers shows that states, despite having made deep expense cuts, face widening budget gaps in the coming years. In 2011, total deficits in those 45 states are predicted to reach $53.6 billion.
For States, the Worst Deficits Are Yet To Come, National Governors Association Report Shows – DailyFinance

Boeing Gives 1,000 Workers Layoff Notices
Boeing Co. announced Friday that it had sent 1,000 layoff notices to workers in Washington State and California, alerting them that they are at risk of losing their jobs on April 23. But the government tells us that we are coming out of the rescission and things are looking up! They also tell us they created of saved how many jobs?
Boeing Gives 1,000 Workers Layoff Notices – DailyFinance

Weekly Jobless Claims Unexpectedly Jump 31,000 to 473,000
Initial jobless unexpectedly jumped 31,000 to 473,000 last week, after falling 43,000 the week before. Continuing claims were unchanged at 4.563 million. However, the more-telling four-week moving average improved slightly to 467,500.
Initial Jobless Claims Unexpectedly Jump 31,000 to 473,000 in Week Ending Feb. 13 – DailyFinance

Date Rape Defender Enters Governors’ Race
It appears to be an effort to boost the gubernatorial candidacy of Attorney General Mike Cox by tearing down his opponents.
There’s a reason people cringe when election season rolls around. They know they are going to be inundated with negative political ads that try to scare them into voting for or against certain candidates. Here in Michigan, these sleazy tactics have already taken hold. A group called the Michigan Civic Educational Fund has been running radio ads, billboards, sleazy websites and possibly anonymous phone calls. It appears to be an effort to boost the gubernatorial candidacy of Attorney General Mike Cox by tearing down his opponents.
This is a disturbing pattern of so called Republicans that are taking campaign contributions form lobbyist and special interest such as the MEA Union and the MCEF.

Health care fix or culture shock
A young physician by the name of Dr. Starner Jones Wrote this to the President. His short two-paragraph letter to the White House accurately puts the blame on a “Culture Crisis” instead of a “Health Care Crisis”. It’s worth a quick read:
Congress.org – : Letter to Rep. Maurice Hinchey (D-New York): Health care fix or culture shock

ObamaCare Summit Fails The Smell Test
ALERT: If it looks like crap and smells like crap well then it’s just a big pile of crap. Democrats continued to pile it on refusing to discuss real healthcare issues.
Obama cut off discussion continually and said “move on” to stop the GOP from discussing anything that would make a real difference in healthcare reform. Obama ignored the American public and Republicans as Reid threatened to implement ObamaCare using budget “reconciliation” with no final House or Senate Vote saying we have done this before and we can do it again.
Ameripac | Live Obamacare Summit PU

A private central bank issuing the public currency is a greater menace to the liberties of the people than a standing army. We must not let our rulers load us with perpetual debt.”
Thomas Jefferson

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  1. Week in review « Craig W. Wright

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