‘US don’t want fascist takeover by Republican party’: McGovern vs Scott

Summary: A heated House hearing erupted as Rep. Jim McGovern and Rep. Austin Scott clashed over President Donald Trump's policies, the Republican agenda, and the upcoming November elections. McGovern accused Republicans of pushing a "fascist takeover," while Scott fired back in a tense exchange over the GOP's direction and voter sentiment. Watch the full confrontation and the biggest moments from this explosive congressional debate. 7/21/26
Showing posts with label money. Show all posts
Showing posts with label money. Show all posts

Economic Policy

 Leaders Discuss Implementation

of Biden's Economic 

and Climate Legislation

    Washington, D.C. — (CAP) -- 2/12/2023 - Governors and mayors from across the country joined the Center for American Progress and the Center for Innovative Policy for a summit on Feb. 8 to discuss the economic progress they are making after passage of the Biden administration’s historic economic and climate change legislation.

    The officials outlined how these measures are helping their communities transform to support new jobs and clean energy in the months and years to come.

    Maryland Gov. Wes Moore (D) said President Joe Biden’s vision has translated directly into job growth in his state and around the country.

    “We’re talking about a job growth in two years that we have not seen a president accomplish in four,” Moore said. “That’s facts, that’s numbers—that when we’re talking about brand-new record investments in infrastructure, that’s not just hyperbole. I can tell you as the chief executive of the state of Maryland, that’s real because we’ve been there, we’re putting that capital to work in the state of Maryland.”

    Moore added: “The president is moving full force into not just a reminder to this country of what’s been accomplished over these past few years, but moving full force and helping people understand that we’ve still got work to do. And we’ve got to move in partnership in order to make this happen.”

    Minnesota Gov. Tim Walz (D) discussed how he had just signed into law a measure calling for 100 percent clean energy in the state by 2040. That legislation had both labor and utility companies in the state on board.

    “If we’re going to move to this clean energy economy, Minnesota wants to be there, to be the place where we manufacture, the place where we do the innovation, the place where we implement that,” Walz said. “We can’t be aggressive enough on this because, again, the competition is already global to a point where we’re losing our competitive advantage, especially in those spaces. Minnesota wants to lead in that.”

    Colorado Gov. Jared Polis (D) discussed his state’s investments in clean energy jobs and how that will bolster the economy while mitigating climate change. He said the state would transition to 80 percent renewable energy by the end of 2029 and wants to achieve 100 percent clean energy by 2040.

    “We want to be in the forefront of not only making sure that electric vehicles can access our market but also that we have the charging and infrastructure in place to make them a success and that we are able to promote affordability though tax credits and other mechanisms,” Polis said.

    Polis said he views the transition to clean energy as a change to end the state’s reliance on costly natural gas so that consumers see energy savings. And he stressed the importance of a “just transition” that would help workers from coal power plants, mining, and other legacy fuels get retraining for new jobs.

    “The jobs are different, and the skills are different,” he said. “We need to make sure that we bring people along and that we can square people’s livelihoods in the clean energy future.”

    New York Gov. Kathy Hochul (D) credited the Biden administration with helping to create 536,000 new jobs in her state over the past 1 1/2 years. That includes about 50,000 new manufacturing jobs in upstate New York due to passage of the CHIPS and Science Act.

    “The jobs are starting to come back from the money that we’ve been using from the federal dollars to create those jobs,” she said.

    Hochul added: “We’ve been absolutely joined at the hips with our federal partners, President Biden, our leadership, to bring the infrastructure spending, the climate money, the child care money, and money to build resiliency because of climate change,” she said. “All of it is being spent in New York state very happily by this governor.”

    North Carolina Gov. Roy Cooper (D) said he sees the Biden administration’s economic legislation and the funding it provides as an opportunity for generational change.

    “I am so excited about the investments that we’re going to be able to make,” he said. “We’re going to be laying the groundwork with these generational funds to make sure that we’re building a North Carolina, particularly based on advanced manufacturing, that’s going to provide great-paying jobs.”

    Cooper praised the Biden administration’s legislation for, among other things, capping drug prices, investing in child care so parents can get back into the workforce, and providing money to connect high-speed internet across North Carolina.

    He also praised climate change legislation that will help create jobs in the private sector to build electric vehicles, charging stations, and other infrastructure.

    “We’re so excited about the Inflation Reduction Act because it helps us to fund our EV infrastructure and to coax people into getting electric vehicles,” he said.

    Richmond, Va., Mayor Levar Stoney (D) said his top priorities are dealing with his city’s housing crisis, improving public safety, and helping better the lives of children and families. He praised the American Rescue Plan Act for helping steer federal funds directly to cities, so local leaders can target money to areas where it’s needed most.

    “It gives us the flexibility to innovate and be creative because at the end of the day, it’s cities and mayors who are the front lines,” he said. “I’m grateful that we were able to get that function into the American Rescue Plan Act, and moving forward, it’s my hope that they take a page out of President Biden’s book and empower local governments to make these decisions.”

    Stoney said about half of the $155 million the city received from the American Rescue Plan Act is being used to build new community centers in Black neighborhoods and other communities of color that were historically redlined. Other funds were used to create more than 250 new seats for early childhood education and preschool for the city’s children as well as exploring how to re-connect the historically Black neighborhood of Jackson Ward, that was literally split in half by I-95, to help revitalize the area.

    “This is the largest investment in local government since the Great Society, and I think we’re going to see great results and accomplishments for years and years to come,” Stoney said.

    Washington, D.C., Mayor Muriel Bowser (D) said her city’s biggest economic challenge post-COVID-19 is revitalizing local businesses, closing wealth gaps, and attracting more residents to the city. The economic legislation that President Biden’s administration has steered through Congress is providing a major lift for her and other city leaders to address those issues.

    “I think the president deserves a lot of credit,” she said.

    She said she also urged the administration to think about how to make it easier for cities to spend federal funds.

    “It’s great to have a lot of money,” she said. “What’s not great is not being able to spend it. As we think about policies that help us get policies out the door, we should also think about innovative procurement policy as well.”

    Bowser also praised federal funding for projects that will improve neighborhood walkability, safety, and affordable transportation access.

“These dollars will help us advance planned work on making intersections more safe,” she said.

Click here to watch the event.

Living Wages

Michigan Workers Win 

Minimum-Wage Increase, 

Paid Sick Leave

 
By Brett Peveto, Producer

    MICHIGAN (PNS) - 8/20-2022 - Workers in Michigan won major victories recently as a minimum-wage increase and employer paid sick time program were reinstated by court order.

    In 2018, petitioners succeeded in placing a minimum-wage increase along with an earned-sick-time provision on the November ballot. In turn, the Michigan Legislature passed the measures in September to avoid a vote on the referendums, then in a lame-duck session in December the Legislature amended the bills, delaying the wage increase and denying the full hourly rate to tipped workers. The sick-time provision also was changed.

    Last month, a Michigan Court of Claims judge ruled amending the original bills was a violation of the state constitution, and the $12 minimum wage will now be instituted in February.

    Alicia Renee Farris, chief operations officer of Restaurant Opportunities Centers United, helped organize the ballot initiative and is calling it a victory for Michigan workers.

    "This is really a victory for 685,000 Michiganders that do not make $12 an hour," Farris asserted. "We see that as very important particularly for low-wage restaurant workers."

    The minimum wage for tipped employees is set to gradually increase to $12 per hour by 2024.

    After Judge Douglas Shapiro declared the adopt-and-amend legislative maneuver unconstitutional, the State of Michigan asked for a stay pending appeal. Shapiro denied the request but did delay implementation until Feb. 19.

    Mark Brewer, the attorney representing the plaintiffs, said the delay is due to the scale of the coming changes.

    "This is a massive change. The paid sick time affects every employer in the state," Brewer pointed out. "Minimum wage obviously affects many employers and hundreds of thousands of employees, so the court said, 'Look, you can have a few months to make a transition here to fully implement these laws.' "

    Litigation over the matter has not ended with the Court of Claims ruling, since the state of Michigan will next take its case to the Michigan Court of Appeals. Brewer noted the appeals court has agreed to speed things up.

    "We did get some good news in just the last 24 hours," Brewer emphasized. "The court of appeals has agreed to expedite our appeal, and so we're hopeful to have oral argument in the court of appeals this fall, which would mean a decision early next year."

    Upon implementation, the minimum wage will be indexed to inflation with adjustments made annually so long as the state unemployment rate remains below 8.5%.

    Disclosure: Restaurant Opportunities Center United contributes to our fund for reporting on Civil Rights, Human Rights/Racial Justice, Livable Wages/Working Families, and Social Justice. If you would like to help support news in the public interest, click here.

References:  

Ballot initiative Ballotpedia 2018
Ruling State of Mich. Court of Claims 07/19/2022

Credit: Story published courtesy of Public News Service.

Economic Analysis

Survey: Gen Z Purchasers 

Value Sustainability More 

Than Older Generations


    PITTSBURGH-- (BUSINESS WIRE) -- 11/26/2021 -- As sustainability and climate change dominate the headlines globally, new consumer research conducted by First Insight and the Baker Retailing Center at the Wharton School of the University of Pennsylvania shows the power that Gen Z consumers have over older generations to influence purchasing decisions around sustainability. Fully three-quarters of Gen Z consumers said that sustainability was more important to them than the brand name when making purchase decisions. As a result of Gen Z’s influence over their Gen X parents on this issue, Gen X consumers’ preference to shop sustainable brands increased by 24 percent and their willingness to pay more for sustainable products increased by 42 percent since 2019.

    Gen Z, the demographic cohort born after 1997, has historically been the most vocal about the health of the planet. The survey, conducted by First Insight and the Baker Retailing Center at the Wharton School of the University of Pennsylvania, found that Gen Z leads the way in sustainability. In fact, consumers across all generations—from Baby Boomers to Gen Z—are now willing to spend more for sustainable products. Just two years ago, only 58 percent of consumers across all generations were willing to spend more for sustainable options. Today, nearly 90 percent of Gen X consumers said that they would be willing to spend 10 percent extra or more for sustainable products, compared to just over 34 percent two years ago.

   “Our research points to a seismic shift in sentiment around sustainability purchasing decisions, with significant increases in just two years. When the previous study was fielded in 2019, older generations were not as sustainability-conscious as they are today. The global pandemic caused many to rethink their consumption and its impact on the health of the planet, yet Gen Z have been consistent in remaining true to their sustainability values while also educating and influencing the generations that came before them,”
First Insight CEO Greg Petro said.

 
    Download the report to see all the key findings from the study here.

Additional Key Findings:

    Today, the majority of respondents across every generation expect retailers and brands to be more sustainable. The survey found, however, that there is some disconnect across the generations about what sustainability actually means. Nearly half of the Boomers (44 percent), Gen X (48 percent), and Millennials (46 percent) agree that sustainability means “products made from recycled, sustainable and natural harvested fibers and materials.” Meanwhile, nearly half of the Gen Z (48 percent) respondents believe that sustainability means sustainable manufacturing. One thing most could agree on is that packaging should be sustainable. Across generations, 73 percent combined feel that sustainable packaging is very or somewhat important today, compared to only 58 percent in 2019.

    The survey found that values-based purchase decisions—whether they are personal, social, or environmental—are more likely to be made by Gen X (76 percent), Millennials (77 percent), and Gen Z (75 percent), and within those groups, men (77 percent) are more likely than women (67 percent) to make values-driven purchases.

Methodology:

    First Insight’s findings are based on the results of a U.S. consumer study of a targeted sample of more than 1,000 respondents, balanced by gender, geography, and generation, and was fielded between July 1, 2021, and July 10, 2021. The study was completed through proprietary sample sources among panels who participate in online surveys. Further details on the findings are available upon request.

Taxes and Wealth

More Than 200 Individuals,

 Corporate Leaders 

Support Higher Taxes on Wealthy

 
By Lily Bohlke
Producer / PNS
______________

    CHICAGO - (PNS) - 9/19/2021 - More than 200 high-net-worth individuals signed a letter recently urging Congress to move forward on the $3.5 trillion budget bill - even though it includes tax-code changes that would cost them more money.

    To fund the budget plan, President Joe Biden wants to raise the income-tax rate for folks making more than $400,000 a year. The plan also would tax capital gains as income for people making more than $1 million a year, raise the corporate tax rate, close loopholes and strengthen IRS enforcement.

    "Each of these proposals is to make sure that we have a fair tax system, in which those who have the most and are benefiting the most are asked to pay the most as well," said Sandra Fluke, president of Voices for Progress, the lead organizer behind the letter.

    One Chicagoan signed the letter to House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer.

    A recent poll showed that Americans overwhelmingly support raising taxes on the wealthy instead of borrowing and increasing the national debt. Opponents include Republicans and business groups who say it could harm post-pandemic economic recovery.

    Fluke said the Trump administration's tax cuts in 2017 has hampered the nation's revenue collection, and his gutting of the IRS to one-third of its previous size limits its ability to enforce tax policy. She said all that affects our ability to fund today's big priorities.

    "And we only have to look out of our window to see what is happening in terms of the severe weather being caused by climate change," she said. "So, we gotta make those investments and not be giving away tax cuts to corporations that are actually lower than what they even asked for."

    In her view, getting corporations and the highest-income Americans to pay higher tax rates is an opportunity to invest in child care, long-term care, health care and more. 
 
 
Story credit: Public News Service.  

Racial Justice

Graphic Novel Spotlights 

Black Wealth Before 1921 

Tulsa Massacre

 
 
By Lily Bohlke
Producer / PNS
______________ 

    CHAMPAIGN, Ill. - (PNS) - 8/21/2021 - A graphic novel illustrated by a University of Illinois professor aims to serve as a primer for young people to learn about the history of the Greenwood District in Tulsa, Oklahoma, often known as Black Wall Street, destroyed by a white mob in 1921.

    It's called "Across the Tracks: Remembering Greenwood, Black Wall Street, and the Tulsa Race Massacre," by Alverne Ball of Joliet.

    Stacey Robinson, assistant professor of graphic design at the University of Illinois at Urbana-Champaign, illustrated the book. He said it is about the destruction, but also the rebuilding, of the city, and the survivors that to this day are still seeking justice.

    "The weight of this subject matter is balanced by very beautiful, very opulent colors, and there's joy in the book as well," Robinson remarked. "American history did not happen in black and white; it did not happen in sepia tones. I wanted the audience to feel this Black beauty, to feel the opulence of this town."

    Survivors and descendants of the Tulsa Race Massacre are calling on the JusticeDepartment to launch an investigation and help find the mass graves of hundreds of Black residents who were killed. They said they do not trust local and state officials to handle the remains with compassion, or to meaningfully investigate the deaths.

    Robinson noted in Tulsa before 1921, it is said dollars circulated more than 20 times before leaving the Black community, which is a key component of wealth-building. He argued kids and teens should be aware of the history to help understand the racial wealth gap that exists today. The net worth of the average white family is ten times more than the average Black family.

    "If you know Black Panther, there's the nation of Wakanda, right? Well, Black people have had our Wakandas, we've had our Black liberated, autonomous spaces," Robinson explained. "And when we have these spaces, they are destroyed because we are Black and affluent."

    Robinson added while the Tulsa Race Massacre is not often taught in schools, more and more people are learning about it with its 100-year anniversary. He noted the HBO series Watchmen and Lovecraft Country, set in Tulsa, are also boosting awareness, and hopes the graphic novel can serve as another entry point.


References:
Letter Justice for Greenwood 08/13/2021
Wealth gap report Brookings Institution 02/27/2020

Story credit: Public News Service.

Economic Analysis


House Price Index Shows Decline 

In Affordability for 

Third Month in a Row


    SANTA ANA, Calif. - (BUSINESS WIRE) - 8/12/2021 - First American Financial Corporation (NYSE: FAF), a leading global provider of title insurance, settlement services and risk solutions for real estate transactions, released the May 2021 First American Real House Price Index (RHPI) on July 27. The RHPI measures the price changes of single-family properties throughout the U.S. adjusted for the impact of income and interest rate changes on consumer house-buying power over time at national, state and metropolitan area levels. Because the RHPI adjusts for house-buying power, it also serves as a measure of housing affordability.

Chief Economist Analysis: Record Nominal House Price Appreciation Outpaces House-Buying Power Growth in May

    “Housing affordability declined on a year-over-year basis for the third month in a row in May, following a two-year streak of rising affordability,” said Mark Fleming, chief economist at First American. “The decline in May occurred even as two of the three key drivers of the Real House Price Index (RHPI), household income and mortgage rates, swung in favor of greater affordability relative to one year ago.

    “House-buying power increased by 8 percent in May compared with a year ago, propelled by lower mortgage rates and higher household income. The affordability gains from house-buying power, however, were offset by the third component of the RHPI, nominal house price appreciation, which reached a record 18 percent in May, surpassing the previous peak from 2005,” said Fleming. “As always, real estate is local and national affordability trends are not necessarily reflected in local trends, as house-buying power and nominal house price gains vary greatly from city to city.”

Affordability Declined in 49 of the 50 Major Markets

    “The drop in affordability was broadly felt as affordability declined year over year in 49 of the 50 markets we track,” said Fleming. “The five markets with the greatest year-over-year decline in affordability were:

  1. Phoenix (-22.7 percent)
  2. Seattle (-20.1 percent)
  3. Kansas City, Mo. (-19.6 percent)
  4. Tampa, Fla. (-17.8 percent)
  5. Las Vegas (-17.2 percent)

    “Mortgage rates are generally the same across the country, so a decline in mortgage rates boosts affordability equally in each market,” said Fleming. “Household income growth and nominal house prices, on the other hand, differ from market to market, so the affordability dynamic varies as well.

    “In May, Phoenix had the greatest year-over-year decrease in affordability. While annual income growth was steady at 1.9 percent, Phoenix experienced the biggest annual increase in nominal house prices of any major market – 29.3 percent. The steep increase in nominal house prices overshadowed any affordability gains from increased house-buying power,” said Fleming. “A similar dynamic played out in Tampa as year-over-year nominal house price appreciation of 25.6 percent outpaced house-buying power.

    “In Seattle and Las Vegas, house-buying power ticked up as the positive impact of falling mortgage rates offset a decline in household incomes. However, like Phoenix and Tampa, nominal house price growth in Seattle (20.7 percent) and Las Vegas (19.9 percent) overshadowed the house-buying power gains,” said Fleming. “Kansas City was the only one of the five markets where house-buying power declined, combining with faster house price appreciation to drive a decline in affordability.”

Where Are Nominal House Prices Headed?

    “Declining affordability may cause potential home buyers on the margin to be priced out, prompting fewer or less intense bidding wars and causing house price appreciation to moderate. The increase in housing inventory may likewise ease pressure on nominal house price growth, though the increase remains small relative to historic levels and the broader housing supply shortage is likely to take years to reverse,” said Fleming. “Affordability trends in the coming months will depend on the supply and demand dynamics behind nominal house price appreciation – dynamics which will play out differently in each market.”

May 2021 Real House Price Index Highlights

  • Real house prices increased 0.7 percent between April 2021 and May 2021.
  • Real house prices increased 8.9 percent between May 2020 and May 2021.
  • Consumer house-buying power, how much one can buy based on changes in income and interest rates, increased 1.4 percent between April 2021 and May 2021, and increased 8.4 percent year over year.
  • Median household income has increased 4.7 percent since May 2020 and 78.0 percent since January 2000.
  • Real house prices are 19.9 percent less expensive than in January 2000.
  • While unadjusted house prices are now 30.1 percent above the housing boom peak in 2006, real, house-buying power-adjusted house prices remain 43.8 percent below their 2006 housing boom peak.

May 2021 Real House Price State Highlights

  • The five states with the greatest year-over-year increase in the RHPI are: Arizona (+19.4 percent), Vermont (+17.0 percent), Washington (+16.6 percent), Nevada (+16.3 percent), and Connecticut (+15.4 percent).
  • There were no states with a year-over-year decrease in the RHPI.

May 2021 Real House Price Local Market Highlights

  • Among the Core Based Statistical Areas (CBSAs) tracked by First American, the five markets with the greatest year-over-year increase in the RHPI are: Phoenix (+22.7 percent), Seattle (+20.1 percent), Kansas City, Mo. (+19.6 percent), Tampa, Fla. (+17.8 percent), and Las Vegas (+17.2 percent).
  • Among the Core Based Statistical Areas (CBSAs) tracked by First American, the only market with a year-over-year decrease in the RHPI is San Francisco (-0.1 percent).

Next Release

    The next release of the First American Real House Price Index will take place the week of August 30, 2021 for June 2021 data.

Sources

First American Data & Analytics
Freddie Mac
Census Bureau

Methodology

    The methodology statement for the First American Real House Price Index is available at http://www.firstam.com/economics/real-house-price-index.
 

Note: Original release date, July 27, 2021.

Economic Trends

 Home Price Appreciation Rises 

Prices at Highest Levels Since Before Lockdowns Began

    PHILADELPHIA - (BUSINESS WIRE) - 5-22-2021 - Home prices in the U.S. rose again in April, albeit at a slightly lower rate than recorded in the prior month. According to Radian Home Price Index (HPI) data released May 21, 2021 by Red Bell Real Estate, LLC, a Radian Group Inc. company (NYSE: RDN), home prices nationally rose from the end of March 2021 to the end of April 2021 at an annualized rate of 10.4 percent. The company believes the Radian HPI is the most comprehensive and timely measure of U.S. housing market prices and conditions available in the market today.

    For the prior twelve months, the Radian HPI rose 9.2 percent (April 2020 to April 2021), the fastest annual rate recorded since before the COVID outbreak. While the April month-over-month rate was slightly lower than the prior month, the twelve-month rate increased compared to March. Recent annual increases are benefiting from the more distanced months of lower appreciation recorded during the early days of the national shut-down. The Radian HPI is calculated based on the estimated values of more than 70 million unique addresses each month, covering all single-family property types and geographies.

    “As we are now a full year from the initial COVID induced national closures of 2020, the U.S.’s strong national housing market continues to chug along in April,” noted Steve Gaenzler, SVP of Data and Analytics. 

    Gaenzler added: “Pent-up demand for homes, improving economic activity, a strong labor market and low mortgage rates have been strong tailwinds for housing. However, as the U.S. starts to see growing considerations for ending or reducing government stimulus (monetary and fiscal) in the coming months, and concerns of higher potential inflation making headlines, there is a need to keep a very close eye on housing in the coming half year,”

National Data and Trends

  • Median home price in the U.S. rose to $277,356
  • Active supply of homes well below long term average

    The national median estimated price for single-family and condominium homes rose to $277,356. Since the start of the COVID lockdowns in March 2020, the average home in the U.S. has appreciated by more than $20,000. Home price appreciation over the past year has increased homeowner equity levels by more than $1.5 trillion dollars.

    Gains in home prices are partially due to a continued lack of supply. After falling for 10 of the prior 12 months, active listings have now increased three consecutive months—although only by 32,000 properties from the prior month. In April, more than 881,000 residential properties were for sale, the fifth month with less than one million properties listed nationally. Over the last decade, the U.S. has had an average of 1.4 million homes on the market each month. At the current count of active listings, the U.S. has 40 percent fewer homes on the market, on average, than at any time over the past decade.

Regional Data and Trends

  • All Regions reported solid appreciation from prior month.
  • Three Western states consistently demonstrate strong home price appreciation

    While all six Regional indices reported higher 12-month rates of home price appreciation, only two Regions (Mid Atlantic and Northeast) reported higher rates of appreciation compared to March. In April, the Northeast narrowly edged out the South Region for the highest appreciation rate (+11.9 percent). All Regions showed strength in the month with the worst performing Region (Midwest) still recording a very impressive 9.1% increase from the prior month.

    Looking at trends from the last six months, the Radian HPI can identify some state-level winners and losers. The states showing the greatest increase in appreciation trends include a combination of South, Southwest and Midwest states including NE, AZ, AR, and MS. The most consistently strong states for appreciation in the last half year include ID, MT, GA, and WA. While these states showed increasing or consistently steady rates of appreciation, eleven of the 50 states plus DC, recorded lower monthly appreciation rates than the average appreciation over the last six-months including NC, ND, WV and KY.

Metropolitan Area Data and Trends

  • Boise got stronger in April
  • Large metro areas median price outpace nation

    Across the largest or most important metro areas of the U.S., the last three-months have been some of the faster appreciating on record with an average annualized rate of 9.6 percent appreciation. The strongest metro markets over the last quarter include Boise, ID, which continues to rise rapidly, Phoenix, AZ and Charlotte, NC. Some of the slower appreciating larger cities and metro areas over the last quarter include Boston, MA, Fargo, ND, and Burlington, VT.

    The average median estimated home price of homes in the 50-largest metros ended April at $295,259. However, just the top 20-largest metros topped an average median home price of more than $385,000. Compared to the national median estimated price, the largest cities continue to outpace the nation. In April, the largest metros median stood more than $100,000 higher than the national median.

Honoring Tubman

Harriet Tubman to Replace 

Andrew Jackson on $20 Bill


By Cheryl Eichar Jett
Opinion/Analysis
_______________

    

Tubman in the late 1860s. B.F. Powelson photo
    (RP News) - Feb 10, 2021 - Thanks to President Joe Biden's administration, the image of abolitionist leader Harriet Tubman is once again slated to grace the front of the U.S. $20 note, with Andrew Jackson moving to the back side of the bill, a symbolic move not lost on activists and history fans.

During the last year of the Obama administration, then-Secretary of the Treasury Jacob “Jack” Lewis announced the move, which was intended not only to reflect the history and diversity of the U.S, but to acknowledge the changing times and mores in which we recognize and respect that diversity. “With this decision, our currency will now tell more of our story and reflect the contributions of women as well as men to our great democracy,” Lewis said in a letter to the American people, quoted in an NPR article dated April 20, 2016.

In 2019, the project was shelved by then-President Donald J. Trump, blaming a mere attempt at political correctness for the project's existence. Of course, Trump was (and probably still is) quite the admirer of Andrew Jackson, hero of the Battle of New Orleans, which more or less ended the War of 1812. He also served in both houses of Congress and as two-term president from 1829 to 1837.

But Jackson may be most remembered as a wealthy, slave-owning planter who was a proponent of the 1830 Indian Removal Act, which forced thousands of Cherokee from their homelands in the Southeastern U.S. to what was then the Oklahoma Territory. Forced into what became known as the Trail of Tears, the cruel conditions during their round-up resulted in most of the Cherokee being ill-prepared, without proper clothing or supplies, to withstand the harsh 1838-1839 winter. Thousands died before they reached Oklahoma.

A prototype Harriet Tubman bill. Public domain photo.
    In contrast, whereas Jackson was a powerful, much-lauded white male, Harriet Tubman was an enslaved African American woman on a plantation in Maryland. In 1849, she escaped the plantation where she lived and worked and made her way to Pennsylvania. But later on, she risked her life to make more than a dozen trips back to Maryland to assist family members and other slaves to freedom. As the most famous “conductor” on the Underground Railroad, she was responsible for bringing hundreds of slaves to freedom in the North. Tubman went on to serve in various roles, including as a spy, for the U.S. Army during the Civil War, and later worked for the betterment of impoverished former slaves and became involved in the women's suffrage movement.

Ironically, even the choice of the $20 denomination bill for Tubman's image strikes a historical note. According to NPR in their April 20, 2016 article, a petition from the activist group Women on 20s to President Obama included the following: "We'll note that Tubman's appearance on the $20 bill would have a special historical resonance: That's the same amount she eventually received from the U.S. government as her monthly pension for her service as a nurse, scout, cook and spy during the Civil War, as well as for her status as the widow of a veteran."

You may be asking, “How was Harriet Tubman selected for this honor?” During the Obama administration, the Treasury organized a poll to select an important woman in American history to grace a new version of the $10 bill. Tubman was selected through the poll as most significant, followed by the decision to leave the $10 bill alone, which honors Alexander Hamilton, first Secretary of the Treasury. Lin-Manuel Miranda, of the hit Alexander Hamilton show fame, was decidedly against removing Hamilton from the $10 bill. Treasury Secretary Lewis was also a Hamilton fan. The project moved to the $20 bill, with Tubman up front on the bill, pushing Jackson to the back of the bill.

The final hurdle to getting Tubman onto a newly-designed $20 note will be the completion of a new high-speed printing facility, which the U.S. Treasury needs in order to produce modern currency with robust security measures as part of the design and production. Although the debut of the Tubman note was originally intended to coincide with the centennial in 2020 of the 19th Amendment, which prohibits the states and the federal government from denying the right to vote on the basis of sex, the eventual release of the new bill will be a welcome recognition of Tubman, icon of the Underground Railroad.


For further reading
Andrew Jackson

COVID-19 Impact

Study: Red States Under More 

Financial Distress Than Blue States


By Steve Rensberry 
RP News
_____________

   EDWARDSVILLE, Ill. - (RP NEWS) - 9/17/2020 - Gauging the overall financial impact of the COVID-19 pandemic on Americans across the country has been a difficult but not impossible task. One recent study, by the financial enterprise WalletHub, provides some insight.

Released last week, among the key findings was that people in “Red States” -- defined as those states that voted for President Donald Trump in 2016 -- were suffering more financial distress than those in “Blue States.”

According to Financial Writer Adam McCann, the company used nine key metrics, such as average credit score, change in the number of bankruptcies between January and July, and the percentage of people with “accounts in distress,” which it defined as being either in forbearance or has its payments deferred.

“The COVID-19 pandemic is one of the biggest public health crises the U.S. has ever faced, but it has been almost as devastating to Americans’ finances as it has to their health,” McCann writes. “Between hospital bills and sky-high unemployment, the pandemic has put millions of Americans in financial distress. While the CARES Act helped mitigate some of that damage earlier in the year, the lack of a new bipartisan deal has left many people wondering how they will meet their financial obligations.”


Where Illinois stands in key categories: 
  • Change in Credit Score - August vs. January - 36th
  • Change in the share of people with accounts in distress: Aug vs. Jan. - 7th
  • Change in the Average No. of Accounts in Distress - August vs. January - 15th
  • Change in Number of Bankruptcy Filings - July vs. January - 42nd
  • “Debt” Search Interest Index' Rank - 26th
  • WalletHub “States Where People Need Loans the Most Due to Coronavirus” Score - 20th

Researchers determined the weighted average across each of the metrics to derive an overall score for each state, with the smaller the number, the more financially distressed people were in that state. Data sources included the American Bankruptcy Institute, Google Trends, and WalletHub data.

To view the full report and metrics for each state, see: Financial Distress Study

Economic Outlook

NRF Chief Economist Says Recovery 

‘Being Tested Daily’ With COVID Rise




   WASHINGTON - (BUSINESS WIRE) - 8/6/2020 - Despite broad indications that the economy has begun to recover as businesses reopen from the coronavirus pandemic, conflicting data makes it difficult to say how steadily the comeback will continue, National Retail Federation Chief Economist Jack Kleinhenz said on Aug. 3.
      “Optimism about the economy
and retail spending is being tested daily with the spread of the coronavirus,” Kleinhenz said. “Big questions are looming, and we are all grappling to discern what incoming data is telling us about the health of the economy and consumers. Depending on the data selected, the answers are not entirely clear.”
   Kleinhenz’s remarks came in the August issue of NRF’s Monthly Economic Review, which said monthly indicators showed the economy improving in May and June but that more frequent data showed the pace of recovery flattening by mid-July. The chart accompanying this story is courtesy of statista, with Creative Commons License here.
   “A key question is whether the pace of growth and momentum will carry forward over the next few months,” Kleinhenz said. “Based on quarterly and monthly data, the U.S. economic recovery continues despite elevated COVID-19 cases. But in examining weekly data, the pace of improvement appears to be slowing. Could it be that we are at or heading back to the same spot we were at two months ago?”
Economists traditionally look at monthly and quarterly numbers to gauge the status of businesses and consumers. But the release of that data lags weeks behind when it is collected. And with the situation changing rapidly since the outbreak of the coronavirus early this year, more frequent information has been needed to keep up. In response, the Federal Reserve and others have begun tracking some indicators as often as weekly.
   Consumer spending was up 8.2 percent in May, for example, ending two consecutive months of decline, and up another 5.6 percent in June. Meanwhile, retail spending as calculated by NRF – excluding automobile dealers, gasoline stations and restaurants to focus on core retail – was up 4.9 percent in June. Monthly numbers for July are not available yet. But the Federal Reserve Bank of New York’s Weekly Economic Index – a composite of indicators – worsened from -6.65 percent on July 18 to -7.24 percent as of July 25, with officials citing a decrease in retail sales. The weekly Mobility and Engagement Index from the Federal Reserve Bank of Dallas also showed the economy leveling off in mid-July.
   In the labor market, 4.8 million jobs were added in June as the unemployment rate ticked down to 11.1 percent from 13 percent in May. The monthly jobs data, however, was collected before the recent resurgence in COVID-19 cases. By contrast, weekly data showed that 1.4 million initial unemployment claims were filed the week of July 18. That was a rise of about 100,000 from the week before and reversed a steady decline in claims since a peak of 6.9 million the last week of March.
   While many of the weekly reports initially agreed with the monthly data and “showed the economy on a good start down the recovery runway, they now suggest that the economy is moving sideways,” Kleinhenz said. “Time will tell, but the bottom line is that the economy is far from being out of the woods. The question is whether it is re-entering the woods.”
   With many economists saying the timeline of the recovery will be determined by the efforts to control the virus, the Federal Reserve Bank of Cleveland conducted a survey in early July that found 89.9 percent of those polled wear a mask for activities such as shopping in a grocery store. The bank said it conducted the survey because masks “have the potential to help reduce the spread of COVID-19 without greatly disrupting economic activity.”
  Published Aug. 6 with update/graph

Former PD Employee Indicted for Fraud, ID Theft

   TAMPA, Fla. -- 9/22/2015 - United States Attorney A. Lee Bentley, III recently announced the unsealing of an indictment charging Tonia Bright with one count of conspiracy to commit wire fraud, four counts of obtaining information from a protected computer, and four counts of aggravated identity theft related to her involvement in a stolen identity refund fraud (SIRF) scheme.
   If convicted, she faces a maximum penalty of 20 years in federal prison on the conspiracy charge, five years in federal prison on each of the computer intrusion offenses, and a 2-year term of imprisonment for each aggravated identity theft count that would be served consecutively to the sentence imposed on the other counts
    The indictment also notifies Bright that the United States intends to seek a forfeiture money judgment equal to the proceeds of the offenses.
    According to the indictment, Bright was a civilian employee of the Tampa Police Department (TPD) working as a community service officer in the District 3 station. As part of her duties, Bright took reports from citizens related to incidents not requiring the response of a sworn police officer. In this capacity, she had access to local, state, and federal law enforcement databases, including the National Crime Information Center (NCIC) computerized index. Her use of these databases was restricted to the performance of her authorized duties.
    As part of the conspiracy, Bright allegedly accessed the personally identifiable information (PII) of individuals using a variety of sources, including NCIC, despite having no legitimate law enforcement purpose for doing so. She then provided the stolen PII to others, including Tampa resident Rita Girven, knowing that the information would be used to commit crimes. Girven and others used the stolen PII to electronically file, and cause others to file, fraudulent federal income tax returns claiming tax refunds that they were not entitled to. The fraudulently obtained tax refunds were deposited onto reloadable debit cards, issued in the conspirators’ names and the names of others, including the identity theft victims’ names. Girven and others then used the debit cards at retail establishments and ATMs to withdraw the funds and shared in the proceeds.
    Girven previously pleaded guilty to conspiracy to commit wire fraud and aggravated identity theft. Her sentencing hearing is scheduled for November 20, 2015.
    An indictment is merely a formal charge that a defendant has committed one or more violations of federal criminal law, and every defendant is presumed innocent unless, and until, proven guilty.
    The case was investigated by the Internal Revenue Service – Criminal Investigation Division, the Tampa Police Department, and the Federal Bureau of Investigation. It will be prosecuted by Assistant United States Attorney Mandy Riedel.
   Source: Financial Fraud Enforcement Task Force

Economist Predicts Growth in World Economy

   LEXINGTON, Mass. - (BUSINESS WIRE) - 12/13/2013 - After wallowing in an economic “soft patch” for the past two years, the global economy is likely to emerge in 2014 with modest growth of 3.3 percent compared with 2.5 percent this year, according to a forecast from Nariman Behravesh, chief economist of IHS.
   “The easing of the twin headwinds of private sector de-leveraging and public sector austerity will bolster the improved outlook, especially for the developed economies,” Behravesh said. “Many emerging economies will also likely enjoy stronger growth in 2014, pulled along by export-led growth to the United States, Europe and China. That said, the global growth rebound is likely to be quite modest.”
   The global growth outlook for 2014 is the summary forecast in Behravesh’s annual Top10 Economic Predictions, which were released on December 12. The U.S. economy is forecast to slowly speed up. The drag from fiscal policy will be less, allowing underlying strengths in the economy -- such as housing, the ripple effects of the boom in unconventional oil and gas production, steady growth of consumer spending, and an uptick in capital spending -- to become more visible, resulting in growth of 2.6 percent in 2014, compared with 1.7 percent in 2013.
   Despite signs of weakness, the European recovery will continue, but at a very sluggish pace. Forecast growth of 0.8 percent will be supported by very accommodative monetary policy, stabilizing labor markets, less emphasis on austerity, improved spending power, better competitiveness in peripheral countries and greater confidence in Eurozone politicians to manage their sovereign debt crisis. Germany and the United Kingdom will grow faster than they did in 2013; Greece, Italy and Spain will struggle to attain positive growth. IHS expects China’s growth to inch up from 7.8 percent in 2013 to 8.0 percent in 2014.
   The government is expected to apply additional moderate stimulus if growth dips below 7.5 percent and stronger stimulus if it goes below 7.0 percent as China looks ahead to problems of an aging population and the consequences of rapid credit growth, including a new housing bubble and rising debt levels.
   The other Top10 predictions include:
  • Other emerging markets will also perform a little better, with real GDP growth strengthening to 5.4 percent in 2014 from 4.7 percent in 2013. U.S. and Chinese growth will be stronger, and the Eurozone will no longer be a drag, resulting in emerging market exports becoming a source of growth. 
  • Unemployment rates in advanced economies will remain high, dropping only to 7.9 percent in 2014 from 8.1 percent in 2013. Improved productivity will erode demand for labor, and aggressive cost-cutting will continue unabated. In the U.S., the unemployment rate is forecast to decline from 7.5 percent in 2013 to 6.6 percent in 2014. 
  • Commodity prices will go nowhere in 2014, as they did in 2013, as gradually strengthening demand is matched by higher production and ample inventories. Inflation will remain a low-level threat. 
  • The Federal Reserve will begin scaling back stimulus, while other central banks will likely wait or provide more stimulus. The Fed is likely to start trimming its bond purchases no later than January 2014. The Bank of England is expected to raise interest rates in the second half of 2014. However, because of continued weak growth, the European Central Bank may engage in another round of Long-Term Refinancing Operations. 
  • Fiscal headwinds, particularly in the U.S. (thanks to the recent budget accord) and Europe will ease. The U.S. federal budget deficit is expected to be unchanged from 2013 to 2014 at just under $700 billion, following a sharp drop from about $1.3 trillion in 2011. Easing fiscal pressure will also be evident in Europe and many of the Eurozone’s crisis economies will be given a little more time to meet their fiscal targets. 
  • The U.S. dollar will strengthen against most currencies because U.S. growth will be strengthening, growth differentials with other advanced economies will be sizable, and the Fed is likely to remove stimulus sooner than most other major central banks. 
  • There will be more upside risk than downside risk for the global economy: Stronger than anticipated growth in the U.S., U.K. and Germany, combined with better emerging markets performance in China, India and Brazil will likely surprise to the upside; instability in the Middle East and North Africa, additional fiscal drag, and disappointing news from emerging markets will persist on the downside. 
  • For 2013, IHS forecast that global growth would hold steady at 2.6 percent and it stabilized at around 2.5 percent. Nine out of 10 predictions for 2013 were on the mark.

Securities Broker Sentenced to 84 Months

   (DOJ) - 5/22/2013 - A former stock broker was sentenced to prison on May 16 for his role in an extensive pump-and-dump stock manipulation scheme.
   The announcement was made by Acting Assistant Attorney General Mythili Raman of the Justice Department’s Criminal Division , U.S. Attorney Danny C. Williams Sr. of the Northern District of Oklahoma, Special Agent in Charge James E. Finch of the FBI’s Oklahoma City Division and Internal Revenue Service-Criminal Investigation (IRS-CI) Chief Richard Weber.
  Joshua Wayne Lankford, 39, of Dallas, was sentenced by U.S. District Judge James H. Payne in the Northern District of Oklahoma to serve 84 months in prison. In addition to his prison term, Lankford was ordered to forfeit $250,000. Proceeds from forfeited assets will be used to bring partial restitution to victims.
  On Dec. 10, 2012, Lankford pleaded guilty to one count of money laundering.
   “Mr. Lankford and his co-conspirators took advantage of innocent investors to the tune of millions of dollars, pumping and dumping penny stocks without regard to anything but their wallets,” Raman said. “As this case shows, stockbrokers and other professionals will be punished if they break the law. Lankford now faces substantial time in prison for his manipulation scheme.”
   According to court documents and evidence presented at the 2010 trial, Lankford and his co-defendants manipulated the stocks of three companies: Deep Rock Oil & Gas Inc. and Global Beverage Solutions Inc., formerly known as Pacific Peak Investments, both of Tulsa, Okla., and National Storm Management Group Inc. of Glen Ellyn, Ill. The defendants devised and engaged in a scheme to defraud investors known as a “pump and dump,” in which they manipulated publicly traded penny stocks. A penny stock is a common stock that trades for less than $5 per share in the over the counter market, rather than on national exchanges. Lankford and his co-defendants executed the scheme by obtaining a majority of the free-trading shares of stock of the company they intended to manipulate, using fraudulent and deceptive means to acquire the stock and/or remove the trading restrictions on the shares they obtained.
   According to court records, Lankford and other conspirators “parked” their shares with various nominees, such as friends, relatives or other entities that they owned and controlled. Subsequently, they engaged in coordinated trading in order to create the appearance of an emerging market for these stocks, after which they conducted massive promotional campaigns in which unsolicited fax and email “blasts” were sent to millions of recipients. According to evidence presented at the 2010 trial, these blasts touted the respective stocks without accurately disclosing who was paying for the promotions, omitted that the defendants intended to sell their shares, and induced unsuspecting legitimate investors to purchase stock in the companies. The defendants and their nominees obtained significant profits by selling large amounts of shares after they had artificially inflated the stock price. For each of the three manipulated stocks, the conspirators’ sell-off caused declines of the stock price and left legitimate investors holding stock of significantly reduced value.
   According to Lankford’s guilty plea, he laundered $250,000 in proceeds derived from the stock manipulation scheme.
   Evidence presented in the 2010 trial showed that the overall scheme resulted in illegal proceeds of more than $43 million from more than 17,000 investor victims.
   Lankford was originally charged in a 24-count indictment unsealed on Feb. 10, 2009, against five defendants. Prior to trial, Lankford fled to Costa Rica, where he remained until he was extradited to the United States in May 2012. James Reskin, 54, of Louisville, Ky., was sentenced today to serve five years of probation for his role in the scheme. Co-defendants George David Gordon and Richard Clark, were convicted by a federal jury in May 2010 for their roles in the scheme. Gordon was sentenced to serve 188 months in prison, and Clark was sentenced to serve 151 months in prison. The fifth defendant, Dean Sheptycki, remains a fugitive.
   The case is being prosecuted by trial attorneys Andrew Warren and Kevin Muhlendorf of the Criminal Division’s Fraud Section and Assistant U.S. Attorney Catherine Depew for the Northern District of Oklahoma. The case is being investigated by IRS-CI and the FBI.

Skyrocketing Cancer Treatment Costs a Concern

Oncologists Report Patients Rationing Medication, Avoiding Treatments
   WASHINGTON - (BUSINESS WIRE) - 10/9/10 - Ninety five percent of the nation's oncologists report a rise in their patients' concerns over treatment costs in the past six months, according to a survey conducted by MDLinx (www.mdlinx.com), one of the U.S.'s largest doctor portals. More than 60 percent of US oncologists regularly visit the websites of MDLinx, whose services help physicians stay current with latest and most important medical research in each specialty.
   The survey of 106 U.S. oncologists was conducted from August 20 to August 30, 2010. Respondents were asked about their patients’ financial concerns over the first six months of 2010. Eighty four percent of respondents said they had invested more time and effort into the financial planning of patients' treatments in the last six months than at any time previously. Sixty-seven percent of responding doctors reported patients rationing medications or forgoing treatment due to financial and insurance coverage concerns.
   Aki Tomaru, CEO of M3 USA, which owns the MDLinx site, says that oncology patients' heightened financial challenges may be the result of several factors.
   "We believe that the change in the air in the United States regarding medical coverage has injected an additional measure of anxiety for what is already often the most anxious times of these people's lives," Tomaru said. "In addition, the continuing grinding effect of the worldwide economic downturn has its obvious effects as well."
    Wisconsin-based oncologist Dr. Shahid Shekhani says that patients are canceling appointments, follow up visits, and even treatment due to financial concerns. “I just had a young grandmother, in her 60s, halt lung cancer treatment that would have extended her survival in order to preserve her family’s finances and her ability to leave an inheritance to her children.”
    MDLinx aggregates medical articles and research from more than 1,200 peer-reviewed journals and leading news media every weekday. Its physician editors rank, sort and summarize this content into 36 medical specialty sites and more than 800 subspecialty sections. MDLinx is owned by M3 USA, a Sony Group Company. The company specializes in creating effective communication channels between physicians and industries who wish to reach them.
   For more information, visit the corporate site at www.usa.m3.com.

Federal Reserve Report Contains Bright Spots

By Steve Rensberry
srensberry@rensberrypublishing.com

   (RPC) - 7/28/2010 - The recent Beige Book report by the U.S. Federal Reserve was a mixed bag of economic ups and downs, weak spots and bright spots. The report tabulates data over the past two months from the 12 District banks, among them the Federal Reserve Bank in St. Louis. In general, the catch phrases were: slow growth, sluggishness, flat or weak activity in the construction and housing sectors, and uncertainty.
   "The economic outlook remains unusually uncertain," Federal Reserve Chairman Ben Bernanke said.
   But where there has been weakness in some areas, like housing and construction, there has been grown in other areas and stability in still others. And is it uncertainty or simply "continued caution" on the part of consumers in the face of a decade of rising energy and health care costs, the foreclosure crisis, and turmoil on Wall Street of the likes that hasn't been seen in decades.
   Still, the report on the Fed's Eighth District does have some bright spots, with the economy showing at least some overall improvement and growth, manufacturing and the services sector included.
   Here's the Federal Reserve Board's July 28 summary of activity within its Eighth District:

The Federal Reserve's Eighth District - St. Louis

   Economic conditions in the Eighth District have continued to improve since our previous report. Manufacturing activity increased, on balance, as did activity in the services sector. Auto sales increased over a year ago. Residential real estate market conditions continued to improve across the District's largest metropolitan areas, while commercial and industrial real estate markets remained weak, especially construction.    Overall lending activity at a sample of small and mid-sized banks in the District decreased from early April to late June.

Manufacturing and Other Business Activity
   Manufacturing activity has continued to increase since our previous report. Several manufacturers reported plans to open plants and expand operations in the near future, while a smaller number of contacts reported plans to close plants and reduce operations. Firms in the furniture, plastics product, metal pipe, and plastics resin manufacturing industries announced plans to expand operations and hire new employees. Additionally, a major firm in the automobile manufacturing industry announced the opening of a new production facility. In contrast, firms in the motor and generator, furniture, and polystyrene foam product manufacturing industries announced that they will close plants in the District and lay off workers.
   Activity in the District's services sector has also increased since our previous report. A major software publishing firm has announced plans to open a new facility in the District and hire new workers. Additionally, a firm in nursing care services announced plans to relocate their headquarters to the District. In contrast, contacts in education services, air transportation support services, and the casino industry announced plans to decrease operations and lay off workers. Sales of new and used automobiles in recent weeks were reported as higher than a year ago and slightly above expectations.

Real Estate and Construction
   Home sales continued to improve throughout the Eighth District. Compared with the same period in 2009, May 2010 year-to-date home sales were up 3 percent in Memphis, 12 percent in St. Louis, 19 percent in Little Rock, and 30 percent in Louisville. Residential construction also continued to improve throughout the District. May 2010 year-to-date single-family housing permits were up in most District metro areas compared with the same period in 2009. Permits increased 27 percent in Louisville, 31 percent in Little Rock, 36 percent in St. Louis, and 52 percent in Memphis.
   Commercial and industrial real estate market activity remained slow throughout most of the District. Contacts noted that financing requirements for new construction remained stringent and lease rates remained low. A contact in St. Louis reported that commercial leasing was up in some areas, but new commercial construction projects are not expected before mid-2011. Industrial real estate and construction contacts throughout the District continued to report a flat environment. A contact in Louisville reported that demand for industrial real estate continued to be weak. A contact in the Memphis area reported that while industrial leasing has improved somewhat, no new industrial construction is likely before the end of the year.
Banking and Finance
   Total loans outstanding at a sample of small and mid-sized District banks decreased 2.0 percent from early April to late June. Real estate lending, which accounts for 73.6 percent of total loans, decreased 1.9 percent. Commercial and industrial loans, accounting for 16.0 percent of total loans, decreased 2.5 percent. Loans to individuals, accounting for 5.3 percent of total loans, decreased 6.5 percent. All other loans, roughly 5.1 percent of total loans, increased 4.1 percent. During this period, total deposits at these banks decreased 1.2 percent.

Agriculture and Natural Resources
   Generally, development of the District's major crops remained ahead of its 5-year average pace. In mid-July, the overall condition of rice and cotton was rated as slightly better than last year, while the condition of corn, sorghum, and soybeans was rated as slightly worse. Farmers in the District states planned to harvest more acres of corn for grain and rice in 2010 than in 2009 but fewer acres of soybeans and sorghum for grain. The winter wheat harvest was complete or nearly complete in all District states. Based on July estimates, total winter wheat production in the District states was expected to be down 48 percent from last year. Since our previous report, pasture conditions deteriorated in most District states

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