Frontier Bank, FSB, Palm Desert, California failed last night, costing the FDIC $4.7 million. It was the seventeenth bank failure this year. 6,656 institutions remain insured within the FDIC system through the first half of the year. That's down from 6,891 at the beginning of the year, or 3.4%, as mergers and acquisitions continue to reduce the overall number to a much higher degree than do bank failures. Stricter capital and regulatory rules continue to put pressure on relatively smaller banks, which find it difficult to remain profitable under them.
Saturday, November 8, 2014
Friday, November 7, 2014
Hel-lo America . . . Republicans control the New York State Senate once again
Reported here:
In a decisive rebuke to efforts by Democrats to dominate both houses of the New York State Legislature, voters elected Republicans to a clear majority in the State Senate on Tuesday, handing them a wave of victories upstate and on Long Island, and returning the party to full control in a chamber it long dominated.
Unemployment falls to 5.8%, 214,000 jobs added in October
Average jobs added monthly in the last twelve months rose to 222,000. A year ago at this time 190,000 were being added monthly in the prior twelve months. During the Reagan boom 250,000 were added monthly for six years. During the Clinton boom 235,000 were added monthly for eight years. The 17% increase in the pace in the last year is a good thing, but we've got a long way to go, if it can even be sustained. A different indicator may give reason to hope so.
From 2008 to 2013, the percentage of the work force participating had been in steady decline measured October to October, until today. The labor participation rate now is 63.0% vs. 62.9% a year ago, not seasonally adjusted. That's not much but it may mark a turning point. It remains to be seen if the 62.5% level reached in January was in fact the bottom.
Looking at the broad measures, those who say they work usually part-time are up 414,000 not seasonally adjusted from a year ago, but the level remains 233,000 off the previous peak for an October, which occurred in 2012.
Those who work usually full-time are up an astounding 3,378,000 not seasonally adjusted from a year ago at this time. Compared with the peak year of 2007 for this metric, October on October, those who work usually full-time today are still 1.83 million fewer in number than then, not seasonally adjusted.
If you add the two categories together and divide by twelve, you get 316,000 jobs added monthly, not 222,000 as stated in the Establishment Survey which takes a larger sampling.
Go figure.
Average hours went up .1 and average earnings went up 3 cents.
Federal appeals court in Ohio upholds Michigan's 2004 Marriage Amendment
The Detroit News reports here:
The Michigan couple at the center of the same-sex marriage debate vowed Thursday to "continue the fight" after a federal appeals court in Cincinnati upheld the state's gay marriage ban. ...
The U.S. 6th Circuit Court of Appeals also upheld laws prohibiting gay marriage in Ohio, Tennessee and Kentucky, breaking ranks with other courts that have considered the issue and setting the stage for review by the U.S.Supreme Court. ...
Attorney General Bill Schuette, who brought the appeal ... said he welcomes a Supreme Court review. "The U.S. Court of Appeals for the 6th Circuit has ruled, and Michigan's constitution remains in full effect," Schuette said. "As I have stated repeatedly, the U.S. Supreme Court will have the final word on this issue. The sooner they rule, the better, for Michigan and the country."
Thursday, November 6, 2014
Remember "you didn't build that"? Yesterday Obama said "you didn't vote for that" crushing Republican wave
The ideologue, dismissive of the facts, quoted here:
“To everyone that voted, I want you to know that I heard you,” Obama began. “To two-thirds of voters that chose not to participate in the process yesterday, I hear you, too.”
Average age of vehicles in operation in 2014 remained steady at 11.4 years
The level was identical in 2013.
IHS/Polk reported here:
SOUTHFIELD, Mich. (June 9, 2014) – The combined average age of all light vehicles on the road in the U.S. remained steady at 11.4 years, based on a snapshot of vehicles in operation taken Jan. 1 of this year, according to IHS Automotive, which incorporated Polk into its business last year.
Wednesday, November 5, 2014
Republican Larry Hogan wins governorship against "the most incompetent man in Maryland"
WaPo tells the truth here, twenty-eight paragraphs in:
Both campaigns went negative from the outset. On the day after his primary win, Hogan released a Web ad calling Brown “the most incompetent man in Maryland.” It was a reference, in part, to Brown’s role in the state’s botched rollout of the online health insurance marketplace established under the federal Affordable Care Act.
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And it is said this election wasn't about ObamaCare.
Americans elect 9 senators liberal on illegal immigration, but 14 for strong borders and against amnesty
Americans elected the following Republicans last night who are for strong border security and against amnesty for illegal aliens:
Sessions (AL), Cotton (AR), Perdue (GA), Risch (ID), Roberts (KS), McConnell (KY), Cochran (MS), Daines (MT), Tillis (NC-may be strong), Inhofe (OK), Lankford (OK), Scott (SC), Capito (WV) and Enzi (WY).
A grades from NumbersUSA: Sessions, Risch, Roberts, Lankford, Scott, Enzi
B grades: Cotton, McConnell, Cochran, Inhofe
C grades: Daines, Capito
no grade: Tillis
True reformer: Perdue
Republican Senator-elect John Cornyn of Texas also has a divided mind on illegal immigration
According to NumbersUSA.com.
Republican Senator-elect Lamar Alexander from Tennessee is another illegal immigration nightmare for America
According to NumbersUSA.com.
They don't call Republican Senator-elect Lindsey Graham of South Carolina "Lindsey Grahamnesty" for nothing
According to NumbersUSA.com.
Republican Senator-elect Susan Collins in Maine is a disaster on illegal immigration and illegal alien amnesty
According to NumbersUSA.com.
Republican Senator-elect Ben Sasse in Nebraska has a very divided mind on illegal immigration
According to NumbersUSA.com.
Republican Senator-elect Dan Sullivan in Alaska will not oppose illegal alien amnesty
According to NumbersUSA.com.
Republican Senator-elect Cory Gardner in Colorado definitely does not oppose illegal alien amnesty
According to NumbersUSA here.
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