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Post by EagleDad on Jan 24, 2011 12:27:32 GMT -6
But for too many families across the country, the possibility is out of their reach. President Obama told Matt Lauer last year: Keep in mind Obama's kids go to a private elementary school that costs $30K per student. Seems like he has already spoken on public schools all that he needs to. |
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Post by macrockett on Jan 24, 2011 12:54:42 GMT -6
But for too many families across the country, the possibility is out of their reach. President Obama told Matt Lauer last year: Keep in mind Obama's kids go to a private elementary school that costs $30K per student. Seems like he has already spoken on public schools all that he needs to. Yes, unfortunately Obama is a politician who wants things both ways. Another example is Race to the Top. On the one hand he is saying the current educational system is broken, however he isn't willing to do enough to change it for fear of losing a crucial constituency. The fact is, market forces will radically change our public education system in the next decade. It is simply too expensive (think the pension promises), inefficient (union rules and lack of implementation of interactive software to teach basic facts in english, math and science (to name a few) to reduce the number of teachers we have which, again, is unsustainable, and finally it stifles competition which is the life blood of innovation (because most families can't afford to pay for the public system (property taxes) and send their children to private schools). |
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Post by doctorwho on Jan 24, 2011 22:49:41 GMT -6
Keep in mind Obama's kids go to a private elementary school that costs $30K per student. Seems like he has already spoken on public schools all that he needs to. Yes, unfortunately Obama is a politician who wants things both ways. Another example is Race to the Top. On the one hand he is saying the current educational system is broken, however he isn't willing to do enough to change it for fear of losing a crucial constituency. The fact is, market forces will radically change our public education system in the next decade. It is simply too expensive (think the pension promises), inefficient (union rules and lack of implementation of interactive software to teach basic facts in english, math and science (to name a few) to reduce the number of teachers we have which, again, is unsustainable, and finally it stifles competition which is the life blood of innovation (because most families can't afford to pay for the public system (property taxes) and send their children to private schools). paying completely for both just seems wrong...and only a handful of families can afford it - the rest sacrifice to do it the worlds educational system is passing us by..and anyone who works for a global corp by now understands the different levels of education/ Slovakia is one of the poorer sisters of the European nations- yet I can tell you the education level of the workforce there to hire from is impressive. |
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Post by southsidesignmaker on Feb 7, 2011 9:54:34 GMT -6
Retail roars, forecasts rise Busy showrooms, 17% rise in Jan. sales spark optimism Jesse Snyder Automotive News -- February 7, 2011 - 12:01 am ET So many retail customers are pouring into dealer showrooms that several carmakers and analysts have boosted their 2011 sales forecasts. TrueCar.com says January's retail SAAR was 10.2 million, up from 8.3 million a year earlier. And that retail burst lifted January's overall selling rate to its highest level since cash for clunkers 18 months ago: a seasonally adjusted 12.6 million units. "Consumers are driving much of the gain," said Don Johnson, General Motors' U.S. sales boss. Light-vehicle sales in January jumped 17 percent from a year earlier to 819,938 units. Among the top seven automakers, according to industry sources, combined fleet sales declined by 12 percent and retail sales rose 28 percent. "Retail sales were much stronger than fleet," said J.P. Morgan analyst Himanshu Patel in a note to investors. "Fleet sales were down, primarily driven by weaker daily-rental sales." Light trucks outsold cars for the fourth straight month. And General Motors Co. and Toyota Motor Sales U.S.A. fired the first shots in what some analysts fear could become a new incentives war. January's overall SAAR of 12.6 million was fractionally higher than December's and above the Bloomberg consensus forecast of 12.4 million. Last year U.S. sales were 11.6 million, up 11 percent over 2009. The retail gains encouraged automakers and analysts. "The recovery is being fueled by real, natural demand and by consumers who aren't just buying what they need but also starting to buy because they want to," said TrueCar analyst Jesse Toprak. "The most promising thing is the retail growth." GM's Johnson credited retail for the automaker's 22 percent January sales increase. GM and Ford last month each added half a million units to the upper range of their 2011 sales forecasts -- both to 13.3 million units. IHS Automotive boosted its forecast to 13.1 million from 12.8 million. On Jan. 27, J.D. Power and Associates raised its forecast to 12.9 million from 12.8 million. So far, TrueCar's Toprak has not changed his 12.7 million forecast. But he's reviewing it and said: “There is more upside than downside this year.” Several automakers are sticking with 2011 projections made at the start of the year but say they are leaning toward the upper end of their ranges after January's results. Except for Mazda's 9 percent decline, all automakers boosted sales in January. Hyundai-Kia Automotive, Chrysler Group and GM outperformed the market. Hyundai-Kia gained 24 percent, Chrysler rose 23 percent, and GM rode an incentive surge to its 22 percent sales increase. Three groups increased volume but lost market share. Nissan North America's sales rose 15 percent, American Honda Motor Co. was up 13 percent, and Ford Motor Co. rose 9 percent. Ford-brand sales were up 22 percent, but Ford said its lower overall figure reflected a planned 27 percent decline in sales to daily rental companies, as well as last year's elimination of Mercury and sale of Volvo. George Pipas, Ford's chief sales analyst, said he expects retail sales to provide more growth than fleet this year, especially in the first half. At Ford, fleet declined to 30 percent of total January sales, from 37 percent a year earlier. The daily rental mix was down to 12 percent of the total, from 18 percent last January. Pipas expects sales to commercial fleets to increase this year for Ford. Toyota Motor Sales' 17 percent gain matched the industry's growth. But for Toyota, which has emphasized its retail strength for a year, January's growth was driven by fleet sales. A 7,000-unit Corolla fleet delivery made the small sedan the best-selling car in the country in January, Toyota said, and increased the fleet mix for the Toyota brand. “Our January fleet was 12.6 percent of the mix, compared to 8.5 percent for [all of] 2010,” said Toyota brand General Manager Bob Carter. But he insisted Toyota intends to limit fleet to 2010 levels over the year ahead. Sales of full-sized pickups sizzled in January -- up 29 percent to 94,320. Every model posted gains of at least 22 percent except the Nissan Titan, which was down 4 percent to 1,431. Sales of pickups, vans, SUVs and crossovers rose 29 percent to 413,276, and cars gained 7 percent to 406,662. A year ago, cars led light trucks by almost 60,000 units. Subaru of America, the only brand to increase U.S. volume three straight years starting in 2008, started the New Year with a 21 percent sales gain. Mark Rechtin, Jamie LaReau and Mike Colias contributed to this report You can reach Jesse Snyder at jsnyder@crain.com. Read more: www.autonews.com/apps/pbcs.dll/article?AID=/20110207/RETAIL01/302079944/1400#ixzz1DHxJLsZR******************************************************** Popular brands and models are already in short supply. Hyundai is quickly running short of Tuscons, and Elantras in the midwest region. This is encouraging news especially considering that Hyundai has cut rental sales by 70% in the last few years. One could only wish that Hyundai would set up shop in the midwest instead of locating all North American plants in "right to work" non union areas. |
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Post by doctorwho on Feb 7, 2011 16:22:48 GMT -6
Retail roars, forecasts rise Busy showrooms, 17% rise in Jan. sales spark optimism Jesse Snyder Automotive News -- February 7, 2011 - 12:01 am ET So many retail customers are pouring into dealer showrooms that several carmakers and analysts have boosted their 2011 sales forecasts. TrueCar.com says January's retail SAAR was 10.2 million, up from 8.3 million a year earlier. And that retail burst lifted January's overall selling rate to its highest level since cash for clunkers 18 months ago: a seasonally adjusted 12.6 million units. "Consumers are driving much of the gain," said Don Johnson, General Motors' U.S. sales boss. Light-vehicle sales in January jumped 17 percent from a year earlier to 819,938 units. Among the top seven automakers, according to industry sources, combined fleet sales declined by 12 percent and retail sales rose 28 percent. "Retail sales were much stronger than fleet," said J.P. Morgan analyst Himanshu Patel in a note to investors. "Fleet sales were down, primarily driven by weaker daily-rental sales." Light trucks outsold cars for the fourth straight month. And General Motors Co. and Toyota Motor Sales U.S.A. fired the first shots in what some analysts fear could become a new incentives war. January's overall SAAR of 12.6 million was fractionally higher than December's and above the Bloomberg consensus forecast of 12.4 million. Last year U.S. sales were 11.6 million, up 11 percent over 2009. The retail gains encouraged automakers and analysts. "The recovery is being fueled by real, natural demand and by consumers who aren't just buying what they need but also starting to buy because they want to," said TrueCar analyst Jesse Toprak. "The most promising thing is the retail growth." GM's Johnson credited retail for the automaker's 22 percent January sales increase. GM and Ford last month each added half a million units to the upper range of their 2011 sales forecasts -- both to 13.3 million units. IHS Automotive boosted its forecast to 13.1 million from 12.8 million. On Jan. 27, J.D. Power and Associates raised its forecast to 12.9 million from 12.8 million. So far, TrueCar's Toprak has not changed his 12.7 million forecast. But he's reviewing it and said: “There is more upside than downside this year.” Several automakers are sticking with 2011 projections made at the start of the year but say they are leaning toward the upper end of their ranges after January's results. Except for Mazda's 9 percent decline, all automakers boosted sales in January. Hyundai-Kia Automotive, Chrysler Group and GM outperformed the market. Hyundai-Kia gained 24 percent, Chrysler rose 23 percent, and GM rode an incentive surge to its 22 percent sales increase. Three groups increased volume but lost market share. Nissan North America's sales rose 15 percent, American Honda Motor Co. was up 13 percent, and Ford Motor Co. rose 9 percent. Ford-brand sales were up 22 percent, but Ford said its lower overall figure reflected a planned 27 percent decline in sales to daily rental companies, as well as last year's elimination of Mercury and sale of Volvo. George Pipas, Ford's chief sales analyst, said he expects retail sales to provide more growth than fleet this year, especially in the first half. At Ford, fleet declined to 30 percent of total January sales, from 37 percent a year earlier. The daily rental mix was down to 12 percent of the total, from 18 percent last January. Pipas expects sales to commercial fleets to increase this year for Ford. Toyota Motor Sales' 17 percent gain matched the industry's growth. But for Toyota, which has emphasized its retail strength for a year, January's growth was driven by fleet sales. A 7,000-unit Corolla fleet delivery made the small sedan the best-selling car in the country in January, Toyota said, and increased the fleet mix for the Toyota brand. “Our January fleet was 12.6 percent of the mix, compared to 8.5 percent for [all of] 2010,” said Toyota brand General Manager Bob Carter. But he insisted Toyota intends to limit fleet to 2010 levels over the year ahead. Sales of full-sized pickups sizzled in January -- up 29 percent to 94,320. Every model posted gains of at least 22 percent except the Nissan Titan, which was down 4 percent to 1,431. Sales of pickups, vans, SUVs and crossovers rose 29 percent to 413,276, and cars gained 7 percent to 406,662. A year ago, cars led light trucks by almost 60,000 units. Subaru of America, the only brand to increase U.S. volume three straight years starting in 2008, started the New Year with a 21 percent sales gain. Mark Rechtin, Jamie LaReau and Mike Colias contributed to this report You can reach Jesse Snyder at jsnyder@crain.com. Read more: www.autonews.com/apps/pbcs.dll/article?AID=/20110207/RETAIL01/302079944/1400#ixzz1DHxJLsZR******************************************************** Popular brands and models are already in short supply. Hyundai is quickly running short of Tuscons, and Elantras in the midwest region. This is encouraging news especially considering that Hyundai has cut rental sales by 70% in the last few years. One could only wish that Hyundai would set up shop in the midwest instead of locating all North American plants in "right to work" non union areas. "One could only wish that Hyundai would set up shop in the midwest instead of locating all North American plants in "right to work" non union areas" why would they ? I wouldn't.....between the initial cost and pension costs it is prohibitive. |
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Post by southsidesignmaker on Feb 8, 2011 10:21:08 GMT -6
Toyota reports 47.6% slump in Q3 operating profit Company hit by strong yen and falling sales in Japan February 8, 2011 - 1:31 am ET TOKYO (Reuters) -- Toyota Motor Corp. reported a 47.6 percent drop in quarterly profit, hit by slumping Japanese car sales and a high yen that underlined its exposure to loss-making exports. But the company still lifted its forecast as cost cuts kicked in. Domestic rival Nissan Motor Co. is seen suffering a drop in October-December profits and Honda Motor Co. has already posted weaker results for the period. But the decline at Toyota is set to be the deepest given its heavier exposure both to unprofitable exports from Japan and to the shrinking Japanese market. "Compared with other Japanese automakers, Toyota has greater exposure to the domestic market and therefore is more subject to the negative impact of the country's slow economic growth," said Kazuyuki Terao, chief investment officer at RCM Japan. Toyota exported more than half of its Japan-made vehicles last year, making a loss on many of them with the dollar well below the rate of 90 yen that President Akio Toyoda has said is the minimum to keep Japan's manufacturing sector competitive. Underlining its exposure to the yen, which hit a 15-year high against the dollar in the October-December reporting period, the maker of the Prius hybrid and Corolla sedan built nearly 3.3 million vehicles in Japan. Global sales forecast For the full year to March 31, the world's biggest automaker lifted its forecast for annual operating profit to 550 billion yen ($6.68 billion) from a cautious 380 billion yen, after profits for the first nine months exceeded the initial full-year outlook. Toyota expects cost-cutting to add 170 billion yen to annual operating profit, 30 billion yen more than it had expected three months ago, and also expects to save 20 billion yen by trimming research and development and other spending. "Our efforts to improve our profitability came through faster than we expected," Senior Managing Director Takahiko Ijichi told a news conference. "Our break-even point has undoubtedly fallen and our earnings power is gradually improving." Still, Toyota is only forecasting an operating margin of 2.9 percent for the year to end-March, lower than Japan's No.2 Nissan Motor and third-ranked Honda Motor. A survey of 23 analysts by Thomson Reuters I/B/E/S forecast annual operating profit of 489 billion yen for Toyota, trailing expected earnings at smaller rivals Nissan Motor Co. and Honda Motor Co. The carmaker also nudged up its global sales forecast to 7.48 million vehicles from 7.41 million. Domestic sales are expected to reach 2.02 million vehicles compared with an earlier prediction of 1.99 million. It kept its North America forecast unchanged at 2.09 million units. U.S. and Japan weak spots Toyota is still grappling with quality issues after recalling more than 18 million vehicles since late 2009, most of them in the United States, where it under-performed last year. The U.S. Department of Transportation is due later on Tuesday to release its long-awaited findings of the review of Toyota's electronic throttles over complaints of unintended acceleration -- the problem behind most of the recalls in the crisis. With overall demand in the key U.S. market improving, however, analysts say Toyota's disproportionately large Japanese operations will remain the biggest drag on its earnings. Although Japan's car market is shrinking with a declining population and urbanization, Toyota's founding family chief, Toyoda, has vowed to build a minimum 3 million vehicles a year at home to keep the tradition of manufacturing alive. Honda built less than 1 million cars in Japan last year, while Nissan produced 1.13 million. That has kept Toyota's parent-only operations deep in the red, with an operating loss of 420 billion yen expected this year and some investors are keen to see a greater proportion of cars built where they are sold. "I would like to see progress in rebalancing of their production footprint to mitigate eroding export margins," said Neo Chiu Yen, vice president at ABN AMRO Private Bank. Ijichi conceded Toyota had no quick fix to absorb the yen's debilitating rise. For now, Toyota was raising product prices wherever possible, pushing sales of higher-margin cars and trying to sell more cars made outside Japan, he said. The Japanese currency may become less of a burden with a February 2 Reuters poll forecasting a weakening to 90 per dollar in a year's time. Toyota's October-December operating profit fell 48 percent to 99.07 billion yen, while net profit fell 39 percent to 93.63 billion yen. Wide-ranging estimates from nine analysts surveyed by Reuters put Toyota's third-quarter operating profit at an average 70.6 billion yen. Profits made in China are not counted on the operating level at Toyota, which reports under U.S. accounting rules. Toyota, which stayed ahead of General Motors Co. as the world's biggest automaker by a thinner margin last year, built 3.28 million vehicles in Japan last year, compared with 992,000 for Honda and 1.13 million for Nissan. Contact Automotive News Read more: www.autonews.com/apps/pbcs.dll/article?AID=/20110208/COPY01/302089963/1117#ixzz1DNu8WY9O*********************************************************************************************************** It may be time to bring that export production here to the US, the dollar will continue to decline, rejuvenating American Manufacturing. Of course please don't buy anything from countries that don't mirror the US dollar as all those items may become prohibitively expensive. Also be prepared for other countries to go on a buying spree here in the states as companies, resources, raw materials, and property look mighty attractive. |
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Post by southsidesignmaker on Feb 28, 2011 21:33:31 GMT -6
Stagflation is the worst of all worlds Terry savage savage@suntimes.com Feb 28, 2011 02:04AM CHICAGO, IL - FEBRUARY 07: A sign advertises gasoline prices at a station February 7, 2011 in Chicago, Illinois. The average price of a gallon of gas in the United States rose slightly in the last two weeks to a nationwide average of $3.13 a gallon for self-serve, regular. The price of crude oil is currently at it's lowest level in a week, dropping 1.7 percent as talks between the government and opposition leaders helped ease tensions in Egypt. (Photo by Scott Olson/Getty Images) R:\Merlin\Getty_Photos\GYI0063346351.jpg The word “inflation” has been in the headlines recently, because of the rising price of oil and other commodities ranging from corn to cotton, from coffee to copper. But inflation is more than just rising prices. It’s also a monetary phenomenon — and a state of mind. So far, we have only one of those characteristics in place: rising commodity prices. But there is plenty of fuel (money creation) to generate full-fledged inflation, along with a rising psychology of inflationary fears. You can see that in the price of gold and the value of the U.S. dollar. Rising prices It’s undeniable that some important prices are rising. The Consumer Price Index (which is created by the Bureau of Labor Statistics) shows only moderate price inflation — especially when the cost of food and energy are taken out. That monthly aspect of the report makes us laugh — “CPI ex food and energy.” The BLS is widely criticized for its inflation calculations. Most people can’t live without consuming food or energy, which are excluded in one aspect of the monthly report because those commodities are most volatile. Yes, these prices are volatile — and they are in a huge uptrend. Falling prices But there are other commodities that are not rising. Take housing, for example. The latest Case-Shiller report on housing prices in major metropolitan areas shows that at the end of 2010, home prices had skidded downward again, marking the sixth straight month of home price declines. And wages are not rising. In fact, wages are falling (or people are working harder for the wages they earn) because of the pressure of unemployment. Many people are working for far less than before, just to keep a roof over their family’s head. Unions are having a tough time keeping wages (and benefits) from falling. So there’s little upward pressure on inflation from wages. Inflation is a general rise in the price level of all aspects of our life. In today’s economy, we are having a different kind of inflation — one that impacts only certain prices. Money is the fuel for inflation Inflation is a monetary issue — a reflection of the value of money. Inflation exists when the value of currency is falling so quickly and obviously that people will do anything to exchange the currency for items of “real value” — whether that be gold, farmland, commodities, or even other currencies. The first step toward that kind of inflation is the over-creation of money (or credit) by the central bank. That’s actually started to happen, as our government borrows to fund its debt, and the Fed buys the IOUs (bonds), injecting newly created credit into the system. If all his money creation was generally recognized as excessive, people would be rushing to get rid of their cash — or demanding much higher interest rates for lending dollars for the long term. After all, if you knew the dollars you would get back at the end of the loan would have much less buying power, you would certainly demand higher interest rates. Inflation is not happening yet because most of that newly created credit/money is sitting on the books of the banks who are afraid to lend, and the companies who are afraid to use their profits to expand. And you can hardly blame them, given the uncertainty surrounding taxes, regulations and the global economy. As long as banks are taking their time making mortgages and business loans, the economy moves along at a crawl. And so do most prices — except for commodities that are priced globally. We haven’t had much inflation here in the United States — yet. But the fuel, the money, is sitting on the sidelines and could ignite at any moment. Stagflation It’s entirely possible that we could see a combination of rising prices for important global commodities like energy and food, which are priced in global markets — but falling prices for other aspects of the economy, such as services and wages. This mixture is called “stagflation” — and it combines the worst of all worlds. Here in America, the rising prices of oil and food take a bigger bite out of consumer paychecks. It’s estimated that a 10 percent rise in the price of gasoline takes $40 billion out of consumer wallets. Suddenly, commuting expenses conflict with shopping and entertainment. People cut back on those unnecessary expenses, and the economy slows. That brings along talk of recession — and more or continued unemployment. The combination of rising global prices for necessities (for which we must pay the global price) and a slowing economy here results in stagflation. It’s a condition that’s hard to cure. If the Fed pushes more money into the system to get the economy moving again, it risks igniting true inflation. If the Fed sits quietly, hoping no one will notice, it risks an economic slowdown that could turn into a double-dip recession. And that is where America finds itself today — between two tough places, and in a temporary balance that is uncomfortable, to say the least. Unless and until our political leaders find the strength to agree on some set of policies that offers hope for future growth, our economy will remain in a standoff that mirrors our politics. And that’s the sad, Savage Truth. Terry Savage is a registered investment adviser. napervillesun.suntimes.com/business/4040409-417/stagflation-is-the-worst-of-all-worlds.html************************************************************************************************************************************* Tell the folks up in Wisconsin about stagflation, declining incomes (private sector), and increasing "real every day" costs. I suspect the picketers are a bit late to the "economic party of the last 3-4 years". Those in the public sector are in no rush to see what the rest of us are dealing with. |
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Post by macrockett on Feb 28, 2011 21:47:55 GMT -6
Two different worlds SSSM. There is Alice and there is the world of market forces. In the end I think we all know which one will prevail. An example of Alice can be seen here: www.marchandmeffre.com/detroit/index.html |
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Post by southsidesignmaker on Mar 1, 2011 9:38:34 GMT -6
March, 2011 Dear Constituent, I hope this update finds you well. As always, I am writing to give you an update on what is happening down in Springfield. As we begin the legislative process of the 97th General Assembly, I want to take a few moments to bring you up to speed with the most recent developments affecting our state. Governor's Budget Address In his annual Budget Address, Governor Pat Quinn unveiled his $35.38 billion spending proposal for the upcoming fiscal year in a brief and pointed speech. The plan includes a $1.7 billion increase in General Revenue expenditures. Some specifics of the plan are as follows: * Total GRF expenditures increase by $1.7 billion, from the FY11 amount of $33.66 billion to $35.38 billion. This is a 5% increase in spending. * Overall, the total spending of $35.38 billion exceeds total revenue of $33.9 billion by $1.48 billion. * $1.45 billion of the $5.75 billion borrowing plan is allocated to balance the spending with revenue. * The plan also uses $4 billion of the bond sales to pay down FY11 bills that total $6.4 billion. While there are some cuts within the budget, as a whole the problems that have brought us into this mess have not been addressed. Pensions and health insurance spending in addition to worker's comp and true spending reform have not been properly addressed. At some point, something has to give. We can only hope that the types of reforms that many rank and file legislators have brought to the table will finally be given their day for debate. Committee Assignments I am once again pleased to be serving on the Elementary and Secondary Education committee as well as the Mass Transit committee. In addition, I will also be serving on the Human Services Appropriation, Financial Institutions, Insurance, and the Personnel and Pensions committees. One committee added this year is the Small Business Empowerment and Workforce Development committee, which could prove to be an interesting place that could foster new ideas on how to strengthen Illinois' workforce and economy. Should you have any questions or comments on these assignments, please let me know. Potential Aid to Help New and Struggling Businesses It's a sad state of affairs when we, as legislators, are forced to focus on unraveling poor public policy that hurts small business and innovation rather than focus on developing new ways to help business grow and increase employment. This month I introduced legislation that seeks to reverse a portion of the recent tax increase that punishes struggling and upstart businesses at a time when they need the most help. The legislation, House Bill 243, specifically restores the net loss carryover deduction that has been placed on a four-year freeze by the recent tax increase. Until last month, Illinois businesses that lose money could carry over a portion of their net operating loss into the next fiscal year to help offset their Illinois corporate income taxes. This ability helped small and upstart businesses cope with the typical costs and losses that are incurred when starting a business. It gave them some breathing room to grow and prosper; however, this small benefit has now been eliminated. And at what cost? The measure is projected to increase revenue by only $250 million a year for the next four years. After that, the provision would expire and any large companies who also take advantage of the credit would then be able to retroactively use any losses once again costing the state in the long term. The additional long term cost would be those upstart businesses, who either fail or open their doors in another state, no longer being a part of Illinois' tax base. This is yet another short sided tax policy instituted by Legislative Democrats who refuse to make the hard budgetary decisions necessary to reign in spending while reducing Illinois' competitiveness in regards to business. As always, it is an honor to serve you in Springfield. I invite you to check out the General Assembly's website at www.ilga.gov. Please do not hesitate to call my office at (630) 219-3090 if I can be of assistance to you. I also invite you to visit my website at www.darlenesenger.com. Sincerely, Darlene Senger Illinois State Representative - 96th District ************************************************************************************************* Darlene the two paragraphs below are a particular concern: "While there are some cuts within the budget, as a whole the problems that have brought us into this mess have not been addressed. Pensions and health insurance spending in addition to worker's comp and true spending reform have not been properly addressed. At some point, something has to give. We can only hope that the types of reforms that many rank and file legislators have brought to the table will finally be given their day for debate." **************************************************************************************************** The voters that do not partake in the "Financial Public Well" are growing weary of the state's continued inability to live within it's means. If I went to my financial advise and informed him that my annual budget included a 5% increase in spending (above and beyond my budgeted income), tied with a mortgage for the 40% in bills that were not pay from the preceding year, my thoughts are that he would consider me insane. Darlene please inform me as to the location that realistic voters can congregate and voice obvious concerns moving forward. |
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Post by macrockett on Apr 6, 2011 17:59:57 GMT -6
Lets see if anyone can figure out where I'm going with this: What do the following items, stories, entities have in common: 1: The organization that administers the global Pisa exam 2: the underlying subject matter of this article: triblocal.com/homer-glen/2011/04/06/three-south-suburban-school-referendums-end-in-defeat/3: the underlying subject matter of this article: www.chicagotribune.com/news/nationworld/la-na-wisconsin-election-20110407,0,807287.story ----------------------------------------------------------------------------------------------- FEBRUARY 10, 2011 Property Levy Called Taxman's Best Option By PAUL HANNON LONDON—Property taxes are the best way for governments to raise the extra revenue they need to reduce their debts without hurting growth, a group of economists who work at the Organization for Economic Cooperation and Development said in a paper published Thursday. The five OECD economists, working with Christopher Heady from the University of Kent in the U.K., examined the impact of tax changes in 21 developed economies over the last 34 years. Writing in the Economic Journal, they concluded that recurrent taxes on property, especially homes, were the best option for raising additional revenues, although they acknowledged that such taxes were politically unpopular. As an alternative, they said governments should eliminate widespread exemptions to sales taxes, another move that could prove politically difficult at a time when food prices are already rising rapidly. "Any necessary increases in revenue after recovery would be least harmful to growth if they were based on increasing recurrent taxes on immovable property and consumption taxes, especially if this took the form of reducing exemptions and rate reductions," the economists wrote. The OECD economists said the current, favorable tax treatment of home ownership boosts investment in residential property at the expense of more productive alternatives. "This implies that increasing recurrent taxes on immovable property will shift some investment out of housing into higher return investments and so increase the rate of growth," the economists wrote. Politicians of all persuasions have long encouraged investment in residential property through tax exemptions and other measures, and some economists believe that encouragement contributed to the sharp rise in house prices and increased mortgage lending that led to the financial crisis of 2007 and 2008. The OECD economists said that the use of recurrent taxes on property vary widely within developed economies. In the U.K., they take the form of the annual council tax linked to the value of the property, with revenue going to local governments. "While it is unlikely that those countries with already high levels of such taxes will want to increase them, there is considerable scope for raising them in the other countries," the economists said. But their recommendations are not entirely bad news for home owners. The OECD economists said taxes on housing transactions--such as stamp duty in the U.K., which is charged on home purchases--discourage the best use of housing, and also reduce labor mobility, both developments that hurt growth. "Property taxes in general are likely to be more harmful to growth than recurrent taxes on immovable property," the economists wrote. If politicians aren't prepared to risk the wrath of home owners by hiking property taxes, the OECD economists said the next best option would be to remove exemptions on items such as food, childrens' clothing and other goods and services that are deemed to be essentials, rather than discretionary purchases. The economists acknowledge that the removal of essentials will be criticized for hitting lower-income households particularly hard. "Some of these...reductions are designed to reduce the apparent regressivity of the tax, but they are poorly targeted because rich people spend more than poor people on these goods," the economists wrote. "From a distributional—as well as efficiency—point of view, it is better to have a uniform VAT on a broad base and use some of the additional revenues to assist low-income households, which would still leave a substantial revenue gain to the government." The economists said that purely from the point of view of boosting growth, cuts in income taxes and social security contributions for low-paid workers are the best option. But faced with a mountain of debt, few governments are considering tax cuts right now. Write to Paul Hannon at paul.hannon@dowjones.com Read more: ipsd204.proboards.com/index.cgi?action=display&board=talkabout&thread=3500&page=9#ixzz1LLXszw8n--------------------------------------------------------------------------------------------------------- Here's a hint: It's gonna cost you. www.civicfed.org/print/iifs/blog/what-would-it-mean-shift-more-illinois-teacher-pension-costs-school-districtswww.civicfed.org/iifs/blog/what-w....chool-districtsWhat Would it Mean to Shift More Illinois Teacher Pension Costs to School Districts? March 17, 2011 - 10:52am Printer-friendly version Illinois Senate President John Cullerton has recently suggested that school districts should begin contributing a larger share of the employer contribution to the Teachers’ Retirement System of the State of Illinois. President Cullerton noted that this change would relieve some of the financial pressure on the State, which has borrowed to make its pension payments for the past two years. He has also stated that it would lead school districts to more carefully consider the effects of their teacher salary negotiations on pension costs and would more closely resemble the pension funding model of the Chicago Public Schools, which receives relatively little State assistance in funding its pension plan.[1] The Teachers Retirement System (TRS) is a cost-sharing multi-employer defined benefit pension plan for all full-time, part-time and substitute certified public school teachers in Illinois except those who work for the Chicago Board of Education. Chicago Public Schools teachers are members of the separate single-employer Chicago Teachers’ Pension Fund. TRS is one of the five public retirement systems funded by the State of Illinois. It is the largest of the State pension funds, with 170,275 active members and 97,754 annuitants and beneficiaries receiving benefits. Over $3.9 billion in benefits were paid to annuitants and beneficiaries during FY2010.[2] As of June 30, 2010, TRS had $32.3 billion in assets (market value)[3] and nearly $77.3 billion in accrued liabilities, resulting in total unfunded liabilities of $46.0 billion and a funded ratio of 40.5%. TRS’ unfunded liabilities represent 53.7% of the State’s total $85.6 billion in unfunded pension liabilities (at market value). Employee members of TRS contribute 9.4% of their pensionable salary to the pension fund. In FY2010 employee contributions totaled $899.4 million.[4] Members may also make additional contributions in order to purchase service credit or to retire with Early Retirement Option benefits if eligible.[5] Employer contributions are made primarily by the State of Illinois, with smaller contributions made by school districts and the federal government for federally-funded positions. The calculation of these contributions is complex (see the actuarial valuation) but in general, school districts contribute 0.58% of pensionable teacher payroll, plus any additional payments required for members who retire with excessive sick leave credit, Early Retirement Option benefits or salary increases over 6% used in the final average salary calculation.[6] The State’s share of the contribution is calculated as the amount needed to bring the TRS funded ratio to 90% by the end of the year 2045, projected as a level percent of payroll each year. The State’s cost for the TRS portion of debt service on pension obligation bonds issued in 2003 is subtracted from the amount the State is required contribute. The pension contribution for teachers supported by federal grants is made from those grants at the same payroll rate as the State contribution. The graph below shows the contributions made by the State, employees, school districts and federal funds between FY1995 and FY2010. The State and employees make the bulk of contributions to TRS. President Cullerton has suggested that school districts be responsible for the “normal cost” of pensions while the State would continue to be responsible for paying down the unfunded liability created by decades of inadequate contributions. “Normal cost” is an actuarially-calculated amount representing that portion of the present value of pension plan benefits and administrative expenses which is allocated to a given valuation year (see the Civic Federation’s Status of Local Pensions report for more detail). “Normal cost” typically refers to the employer’s remaining cost after employee contributions are taken into account. The TRS employer normal cost for FY2011 was calculated by the actuaries at $849.7 million, or 8.77% of payroll, while the portion of the total employer contribution required to amortize the unfunded liability was $1.4 billion, or 16.92% of payroll. [7] These amounts are calculated using actuarial assumptions and a complex formula needed to project the contribution schedule needed to reach 90% funded in 2045. If school districts had been required to make the full employer’s normal cost contribution in FY2011 it would have shifted roughly $800 million in costs from the State to school districts depending on how the federal portion of the pension payment was allocated. President Cullerton has stated that the change would be phased in over time if implemented. An interesting effect of the State’s 50-year projected employer contribution schedule is that the employer’s normal cost actually declines over time while the amortization payment increases dramatically. This is because the schedule allows the unfunded liability to continue to grow until approximately the year 2033[8] and assumes that employee contributions will continue to be a flat 9.4% of payroll. Employer normal cost even becomes negative in 2036 because employee contributions will be sufficient to cover the total normal cost. Public Act 96-0889 created a reduced tier of pension benefits for new employees but did not reduce the employee pension contribution, so as more employees enter and retire from the new benefit tier their contributions alone will exceed normal cost. If the State continues to be responsible for amortizing the unfunded liability while school districts become responsible for paying normal cost, the State will still face a significantly growing payment while the school districts’ share will steadily decline according to the current 50-year schedule. [1] See the Civic Federation’s Status of Local Pension Funding FY2009 report, pp. 53 ff. for more on funding for the Chicago Teachers’ Pension Fund. [2] Teachers’ Retirement System of the State of Illinois, Comprehensive Annual Financial Report for the fiscal year ended June 30, 2010, [http://trs.illinois.gov/subsections/pubs/cafr/fy10/front_cover.pdf], inside front cover. [3] For more on market value vs. actuarially smoothed value of assets see the Institute for Illinois’ Fiscal Sustainability’s analysis of the State of Illinois FY2011 Recommended Budget [http://civicfed.org/sites/default/files/Civic%20Federation%20FY2011%20Illinois%20Budget%20Analysis.pdf], pp. 61 ff. [4] Buck Consultants, Teachers’ Retirement System of the State of Illinois June 30, 2010 Actuarial Valuation of Pension Benefits [http://trs.illinois.gov/subsections/general/Buck%20FY%2010%20valuation%20report%20IL%20TRS.pdf], December 2010, p. 23. [5] Buck Consultants, Teachers’ Retirement System of the State of Illinois June 30, 2010 Actuarial Valuation of Pension Benefits [http://trs.illinois.gov/subsections/general/Buck%20FY%2010%20valuation%20report%20IL%20TRS.pdf], December 2010, p. 17. [6] Buck Consultants, Teachers’ Retirement System of the State of Illinois June 30, 2010 Actuarial Valuation of Pension Benefits [http://trs.illinois.gov/subsections/general/Buck%20FY%2010%20valuation%20report%20IL%20TRS.pdf], December 2010, p. 17. [7] Buck Consultants, Teachers’ Retirement System of the State of Illinois June 30, 2010 Actuarial Valuation of Pension Benefits [http://trs.illinois.gov/subsections/general/Buck%20FY%2010%20valuation%20report%20IL%20TRS.pdf], December 2010, p. 31. [8] Commission on Government Forecasting and Accountability, Report on the Financial Condition of the Illinois State Retirement Systems as of June 30, 2009, p. 94. Read more: ipsd204.proboards.com/index.cgi?board=talkabout&action=display&thread=3500&page=10#ixzz1LLXKQf90 |
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Post by southsidesignmaker on Apr 6, 2011 20:20:54 GMT -6
Mac, getting mysterious on us.
1) It would appear that this organization is going to try to put our fine educators in a more professional light. Thus school districts may have to pony up with a bit more cash for salaries.
2) With aging school districts "life safety issues" and aging facilities will need more $$$$. Even if voters cast down future referendums the tax rate will increase with the rate of inflation, with depressed real estate values the tax rate per household will increase substantially.
3) As Wisconsin republicans lick their wounds from a major blunder, their missteps will put other states on notice that unionized labor will fight back. The idea of ending collective bargaining was the straw that broke the back of the Republicans, expect major fallout in the months to come. Illinois with its"pro labor stance" will not go done this road, much easier to raise taxes and chase large, medium and small businesses away. Less tax base= more taxes for those left standing.
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Referendums will be a tough sell for many districts, but our district should have no problem passing one, especially in light of current voter apathy. Most folks are eternal optimists, as long as the credit holds out and one can make the notes, there is not a care in the world. Like I have noted in the past ask your neighbor how often they prepare a personal net worth statement. Then ask how much planning went into the next vacation, or next car purchase, chances are the purchases win out every time.
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Post by macrockett on Apr 6, 2011 21:51:03 GMT -6
Mac, getting mysterious on us. 1) It would appear that this organization is going to try to put our fine educators in a more professional light. Thus school districts may have to pony up with a bit more cash for salaries. 2) With aging school districts "life safety issues" and aging facilities will need more $$$$. Even if voters cast down future referendums the tax rate will increase with the rate of inflation, with depressed real estate values the tax rate per household will increase substantially. 3) As Wisconsin republicans lick their wounds from a major blunder, their missteps will put other states on notice that unionized labor will fight back. The idea of ending collective bargaining was the straw that broke the back of the Republicans, expect major fallout in the months to come. Illinois with its"pro labor stance" will not go done this road, much easier to raise taxes and chase large, medium and small businesses away. Less tax base= more taxes for those left standing. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ Referendums will be a tough sell for many districts, but our district should have no problem passing one, especially in light of current voter apathy. Most folks are eternal optimists, as long as the credit holds out and one can make the notes, there is not a care in the world. Like I have noted in the past ask your neighbor how often they prepare a personal net worth statement. Then ask how much planning went into the next vacation, or next car purchase, chances are the purchases win out every time. Ok SSSM, a valiant effort. But not what I was looking for. Here is another clue: FEBRUARY 10, 2011 Property Levy Called Taxman's Best Option By PAUL HANNON LONDON—Property taxes are the best way for governments to raise the extra revenue they need to reduce their debts without hurting growth, a group of economists who work at the Organization for Economic Cooperation and Development said in a paper published Thursday. The five OECD economists, working with Christopher Heady from the University of Kent in the U.K., examined the impact of tax changes in 21 developed economies over the last 34 years. Writing in the Economic Journal, they concluded that recurrent taxes on property, especially homes, were the best option for raising additional revenues, although they acknowledged that such taxes were politically unpopular. As an alternative, they said governments should eliminate widespread exemptions to sales taxes, another move that could prove politically difficult at a time when food prices are already rising rapidly. "Any necessary increases in revenue after recovery would be least harmful to growth if they were based on increasing recurrent taxes on immovable property and consumption taxes, especially if this took the form of reducing exemptions and rate reductions," the economists wrote. The OECD economists said the current, favorable tax treatment of home ownership boosts investment in residential property at the expense of more productive alternatives. "This implies that increasing recurrent taxes on immovable property will shift some investment out of housing into higher return investments and so increase the rate of growth," the economists wrote. Politicians of all persuasions have long encouraged investment in residential property through tax exemptions and other measures, and some economists believe that encouragement contributed to the sharp rise in house prices and increased mortgage lending that led to the financial crisis of 2007 and 2008. The OECD economists said that the use of recurrent taxes on property vary widely within developed economies. In the U.K., they take the form of the annual council tax linked to the value of the property, with revenue going to local governments. "While it is unlikely that those countries with already high levels of such taxes will want to increase them, there is considerable scope for raising them in the other countries," the economists said. But their recommendations are not entirely bad news for home owners. The OECD economists said taxes on housing transactions--such as stamp duty in the U.K., which is charged on home purchases--discourage the best use of housing, and also reduce labor mobility, both developments that hurt growth. "Property taxes in general are likely to be more harmful to growth than recurrent taxes on immovable property," the economists wrote. If politicians aren't prepared to risk the wrath of home owners by hiking property taxes, the OECD economists said the next best option would be to remove exemptions on items such as food, childrens' clothing and other goods and services that are deemed to be essentials, rather than discretionary purchases. The economists acknowledge that the removal of essentials will be criticized for hitting lower-income households particularly hard. "Some of these...reductions are designed to reduce the apparent regressivity of the tax, but they are poorly targeted because rich people spend more than poor people on these goods," the economists wrote. "From a distributional—as well as efficiency—point of view, it is better to have a uniform VAT on a broad base and use some of the additional revenues to assist low-income households, which would still leave a substantial revenue gain to the government." The economists said that purely from the point of view of boosting growth, cuts in income taxes and social security contributions for low-paid workers are the best option. But faced with a mountain of debt, few governments are considering tax cuts right now. Write to Paul Hannon at paul.hannon@dowjones.com |
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Post by macrockett on Apr 15, 2011 12:55:54 GMT -6
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Post by southsidesignmaker on Apr 18, 2011 11:19:37 GMT -6
POST-QUAKE: THE BATTLE FOR CARS Massive cuts for Toyota, Nissan Jason Stein Automotive News -- April 18, 2011 - 12:01 am ET As inventories of Japanese products continue to dry up, Toyota Motor Corp. and Nissan Motor Co. have warned U.S. dealers: Full deliveries from Japan likely won't arrive until July at the earliest, and perhaps as late as September. Parts shortages have forced Toyota and Nissan to prepare scenarios in which full production in Japan wouldn't begin until at least 30 to 90 days after the country's upcoming holiday break, said people who have been briefed on the situation. In the best scenario, both automakers will begin full production a month after Japan's Golden Week holiday ending May 9. "We are currently planning North American production for next month based on parts availability, so we are not yet ready to project our situation," said Mike Goss, a spokesman for Toyota Motor Engineering & Manufacturing North America. "We are planning the best we can, but everything depends upon parts. It's a very fluid situation, changing daily." A Nissan spokeswoman declined comment. In an internal document sent to dealers Friday, April 15, Toyota said it will keep building cars in Japan at half of the original schedule until June 3, which will cost the automaker another 120,000 vehicles in lost production. Hitting a wall A decision on Toyota production at Japanese plants after June 6 "will be made at a later date after assessing the situation of its suppliers and other related companies," the document says. But Nissan and Toyota have told dealers that if the automakers can't find alternatives for parts, they might not start full production until 90 days after Golden Week. Late Friday, Nissan told dealers that it is changing its model mix to give "production priority" to the best-selling models, said a person briefed on the conference call with dealers. Nissan North America told dealers it is scheduled to receive only 7,500 units in May from Japan and Mexico, down from 40,000 in March. The launch of the Murano CrossCabriolet, scheduled for this month, will be delayed for up to two months. Dealers are hitting a wall on inventory. "We're going to get basically nothing," said Bob Page, owner of Page Toyota in Southfield, Mich. "Whatever inventory we have, let's say it carries us 60 days. We'll be pretty much out of product at the end of May." Chip maker Renesas Electronics Corp. continues to be a major concern for all automakers. Renesas, the world's largest maker of automotive microcontrollers, controls 41 percent of the global automotive chip market. Renesas said last week it is targeting a July restart at its damaged Naka plant in Japan. Meanwhile, Toyota and Honda dealers are seeing May vehicle shipments canceled as the automakers grapple with a shrinking pipeline of new vehicles. Smaller deliveries Page said Toyota canceled his region's first shipment of cars to be delivered in May. For the second half of May, Page said his region, which includes Michigan, Ohio, Kentucky and Tennessee, will only see about 400 to 600 new vehicles, compared with the usual 2,000 to 3,000 vehicles units per allocation. "There's no doubt that June is going to be a very, very tough month," he said. "Unless they somehow get a lot of product for May allocation and June arrival, we're not going to see much activity as far as cars." David Wittenmyer, general manager of Jim White Toyota in Toledo, Ohio, said he will get only a small number of Priuses, Venzas and Avalons in late May. He said he has only 200 vehicles on the lot, in port and in transit, down from the usual 300. Wittenmyer expects strong sales this month and next, "but I don't know what happens in June," he said. Jay Biggerstaff, general manager at Crown Honda in Pinellas Park, Fla., says vehicle carriers that usually bring 30 units at a time to his dealership now deliver about 10. He said about 129 vehicles are scheduled to be delivered in May, down from the usual 200 to 300. That, plus the 200 new vehicles he already has, have to last through the end of next month. "They're telling me the end of May is when we're expecting the slowdown," Biggerstaff said. Most lots are lean Some Detroit 3 dealers say they cannot brag about ample inventory because their lots have been relatively lean for months. "We have enough cars to hit our objectives, but we certainly don't have enough to aggressively ramp up and jump all over this," said Tom Bloomfield, general manager at Don Thornton Cadillac in Tulsa, Okla. Bloomfield has seen no evidence that his import competitors are running short of inventory anyway. He expects that could happen in June or July, but he would be hard-pressed to respond. "GM is being very conservative on production," he said. "It's been tough to maintain adequate inventory." But Philadelphia area Chrysler dealer David Kelleher has plenty of vehicles. Although he doesn't want to highlight problems caused by the quake, he wants to let customers know about his supply. Over the weekend, Kelleher started a TV and radio campaign touting his ample inventory. "I highlighted the availability I have. I'm really pushing the idea that I have 400 vehicles available -- all makes, all models, all colors," says Kelleher, owner of David Dodge-Chrysler-Jeep-Ram in Glen Mills, Pa. "I've been aggressive in ordering, and now I have cars. I've been ordering everything they have been tossing me and then some." Kelleher believes customers may not realize how much the Japan earthquake might hurt their ability to buy vehicles during the spring and summer selling season. "This is going to impact the marketplace," he said. "People are starting to realize the pickings are getting slimmer. "I do know that people are going to lots and may not be seeing the selection of Camrys they're used to seeing. I've got 50 Chrysler 200s." Ryan Beene and Bradford Wernle contributed to this report You can reach Jason Stein at jstein@crain.com. Read more: www.autonews.com/apps/pbcs.dll/article?AID=/20110418/OEM01/304189958/1117#ixzz1JtaUzILn********************************************************************************************************* With fuel parked today around $4.15 a gallon, it may be the last time to get reasonable resale value on the 6000 pound supersized SUV's. Inventory is still especially tight in the local area for most good used cars. Hyundai is still in reasonable shape but are getting near list price for fast moving new products like the new Tuscon and Elantra. Please do not wait until the "supersized Tanks" become out of vogue, the last thing someone would want to be is out of vogue living here in Napertucky. |
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Post by southsidesignmaker on Apr 20, 2011 8:56:07 GMT -6
New-home construction rises to six-month high By DEREK KRAVITZ AP Real Estate Writer Apr 19, 2011 2:14PM napervillesun.suntimes.com/4913365-417/new-home-construction-rises-to-six-month-high.html In this Feb. 20, 2011 photo, a sold home site is shown in Canonsburg, Pa. Builders broke ground last month on the most new homes in six months, giving the weak housing market a slight boost at the start of the spring buying season. (AP Photo/Gene J. Puskar) WASHINGTON (AP) — Builders broke ground last month on the most new homes in six months, giving the weak housing market a slight boost at the start of the spring buying season. Home construction rose 7.2 percent in March from February to a seasonally adjusted 549,000 units, the Commerce Department said Tuesday. Building permits, an indicator of future construction, rose 11.2 percent after hitting a five-decade low in February. Still, the building pace is far below the 1.2 million units a year that economists consider healthy. And March’s improvement came after construction fell in February to its second-lowest level on records dating back more than a half-century. Millions of foreclosures have forced home prices down. In some cities, prices are half of what they were before the housing market collapsed in 2006 and 2007. And more foreclosures are expected this year. Tight credit has made mortgage loans tough to get. Many would-be buyers who could qualify for loans are reluctant to shop, fearing that prices will fall even further. A sign of the battered industry is the number of new homes finished and ready to sell dropped in March to a seasonally adjusted 509,000 units, the lowest level on records dating back to 1968. And the number of homes now under construction has fallen to a four-decade low. “Housing starts remain at an extraordinarily depressed level,” said Dan Greenhaus, chief economic strategist at Miller Tabak + Co. “To put this in further perspective, a doubling of (new homes) from here would still put starts at the lowest level of any other recession.” Single-family homes, which make up roughly 80 percent of home construction, rose 7.7 percent in March. Apartment and condominium construction rose 14.7 percent. Building permits increased to its highest level since December, spurred by a more than 28 percent jump in permits granted for apartment and condo buildings. That increase in permits could signal a turnaround in the coming months, said Steven A. Wood, chief economist with Insight Economics. New homes typically take six months to build and the number of new permits is higher than the number of homes starting construction. The increase in home construction activity was felt in most regions of the country. It rose 32.3 percent in the Midwest, 27.6 percent in the West and 5.4 percent in the Northeast. Construction fell 3.3 percent in the South. New homes can spur job growth. Each new home built creates the equivalent of three jobs for a year and generates about $90,000 in taxes, according to the National Association of Home Builders. The trade group said Monday that its index of industry sentiment for April fell one notch, to 16. That followed a one-point increase in March and four straight months of 16 readings. Any reading below 50 indicates negative sentiment about the housing market’s future and the index hasn’t been above that level since April 2006. Most economists expect home prices — and by extension home sales and construction — to slip even further in 2011 before a modest recovery takes hold. ******************************************************************************* Yes indeed a long way to go. |
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