>Cain: Move ‘Occupy Wall Street’ to 1600 Pennsylvania Avenue By Elizabeth Harrington
(CNSNews.com) – Republican presidential nominee candidate Herman Cain called for the Occupy Wall Street protestors to relocate to the White House, in remarks he made Friday at the Family Research Council’s annual Values Voter Summit, in Washington, D.C.
“When a reporter asked me the other day, well, what do you think about those demonstrations up on Wall Street, I said, first of all, Wall Street didn’t write these failed economic policies — the White House did,” said Cain.
He then added, “Why don’t you move the demonstrations to the White House?”
>Garrett Chairs Hearing to Review Legislative Proposals to Promote Small Business Capital Formation
WASHINGTON, DC, September 21, 2011 – Rep. Scott Garrett (R-NJ), Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, delivered the following opening statement today at a hearing to review legislation to promote small business capital formation:
“Welcome to our witnesses. I look forward to your testimony today on a number of proposals that will encourage capital formation and job creation at small companies all across the country.
“A couple weeks ago, as part of his jobs plan that he outlined in a speech to a joint session of Congress, the President included some ideas that, in the case of Congressman Schweikert’s bill on Reg A, we have passed out of this committee already, and in some other cases are similar to proposals that we are considering here today.
“So I am pleased that we have some bipartisan momentum behind efforts to tap into the potential of American entrepreneurs to build companies and create jobs.
“Many of the existing rules and regulations in the area of capital formation were well-intentioned at the time they were first established, but have sometimes been in place for decades and overdue for review.
“And while the President did not end up including any capital formation proposals in the actual legislative language he sent up to Capitol Hill, we have five specific bills that we will be considering at today’s hearing that can help jump-start our economy.
“H.R. 2167, the Private Company Flexibility and Growth Act, introduced by my Vice-Chairman David Schweikert, would raise the threshold for mandatory registration with the SEC from 500 shareholders to 1,000, and if signed into law, would be the first time the shareholder threshold has been adjusted since it was adopted in 1964.
“We will also consider a similar proposal today from Congressman Himes that pertains to smaller banks.
“Congressman Patrick McHenry has a proposal under consideration today, the Entrepreneur Access to Capital Act, which enhances the President’s proposal on encouraging so-called ‘crowdfunding,’ an innovative phenomenon that can tap into social networking tools where many investors are able to pool smaller investments together without having to grapple with SEC registration costs and constraints.
“Congressman Kevin McCarthy’s “Access to Capital for Job Creators Act” will also be on the docket today. A former small business owner, himself, Mr. McCarthy is no stranger to the challenges they face. His legislation would provide more flexibility in soliciting accredited investors for private offerings.
“And finally, the newest member of this Committee, Mr. Fincher, has a draft proposal for consideration today that I am particularly fond of. During the consideration of the Dodd-Frank Act, I worked closely on a bipartisan basis with my late colleague and friend, John Adler, on a proposal that was ultimately included in the final bill to permanently exempt smaller public companies from having to comply with the costly burdens imposed under section 404(b) of the Sarbanes-Oxley Act.
“Mr. Fincher’s proposal would raise the market capitalization threshold for companies fully exempt from 404(b) compliance from $75 million to $500 million and provides further flexibility in 404(b) compliance for companies in the $500 million to $1 billion range.
“All of these proposals are common-sense efforts to remove unnecessary regulatory burdens from the shoulders of America’s small businesses while unleashing American entrepreneurs to do what they do best – create jobs and grow our economy. And as I mentioned earlier, it is my hope and belief that most, if not all, of these bills will receive strong bipartisan support.”
The Bergen County Improvement Authority is considering selling Bergen Regional Medical Center, the 1,000-bed behemoth, because it treats too many patients from outside the county and could need $13.2 million in upgrades this year, the authority’s executive director said this week.
Robert S. Garrison requested a litany of financial and operational information from the for-profit company that manages the Paramus hospital to determine if the county should continue to own the hospital, established to serve as the safety net hospital for the county’s neediest residents. Bergen Regional provides acute services, behavioral health care and has the largest nursing home in the state. (Layton and Ensslin, The Record)
Officials: N.J. towns to save $267M in pension costs thanks to new law
The Christie administration today touted big savings for local governments because of pension reforms as state employees and a judge tussled over lawsuits challenging new requirements for them to pay more for their benefits.
The controversial public benefits overhaul, signed by Gov. Chris Christie in June, shifts a greater share of the costs onto public workers.
Today, the governor’s office said local governments across the New Jersey will save $267 million in pension costs, according to figures provided by the state’s Treasury Department. Supporters said the move was necessary to help save the cash-strapped pension system for future retirees and to help ease the burden on local governments. (Spoto, The Star-Ledger)
>Occupy Wall Street ‘Stands In Solidarity’ With Obama Front Group Why is the official OWS website in league with lobbying fronts for the Wall Street-backed Obama White House?
Paul Joseph Watson Infowars.com Wednesday, October 5, 2011
Fears expressed by some that the ‘Occupy Wall Street’ movement is being hijacked by the Democratic Party establishment have intensified after the official OWS website announced that it “stands in solidarity” with MoveOn.org, a lobbying group for the Wall Street-backed Obama administration.
The front page of the https://occupywallst.org/ proudly announces that numerous union groups will be present in New York today to join demonstrators in marches taking place this afternoon.
“Together we will protest this great injustice. We stand in solidarity with the honest workers of….MoveOn.org,” states the website, as well as listing numerous other organizations.
NJ Transit approves settlement for state to repay FTA for Hudson River ARC tunnel money
NJ Transit board members officially signed off on a settlement with the Federal Transit Administration to repay $95 million of the $271 million advanced to the agency for work on the canceled second Hudson River tunnel project.
The board voted unanimously on the pact at a special telephone meeting of the board of directors Tuesday morning. State and federal officials announced the settlement last Friday afternoon. (Higgs, Gannett)
West Bergen Mental Healthcare 120 Chestnut Street • Ridgewood • New Jersey • 07450-2500 • 201-444-3550 • Fax 201-652-1613 https://www.westbergen.org
West Bergen Mental Healthcare, a non-profit counseling and psychiatric center, is now offering a 5-week workshop for siblings and cousins of children with Asperger’s Disorder and related diagnoses. The workshop is designed for 7 to 10 year olds and will cover topics such as tolerance, coping strategies, focusing on your relative’s strengths, disclosure, fairness, finding common ground, etc.
The workshop will be held on Wednesday evenings from 6:00 to 7:00 p.m. beginning October 19 through November 16 at West Bergen Center for Children and Youth, One Cherry Lane, Ramsey, NJ.
The fee for the workshop is $175 for the first child registered per family and $50 for each additional family member (verification of family relationship is required). Registration and payment are due by October 12, 2011. For further information or to register, please call Kelly Doyle at (201) 934-1160 ext. 7231.
Established in 1963 as a child guidance clinic, today West Bergen provides comprehensive services for all age groups with various levels of need. West Bergen Mental Healthcare recently celebrated being voted Number One in Client Satisfaction by the Mental Health Corporations of America’s National Survey for 2010. The Agency has earned this notable recognition seven times since 1998.
Contact: Carol Cohen, Director of Development, (201) 444-3550
>Ridgewood school district begins ‘Week of Respect’
TUESDAY, OCTOBER 4, 2011 BY JOSEPH CRAMER STAFF WRITER THE RIDGEWOOD NEWS
As district schools began their “Week of Respect” this week, designed to address some of the social issues facing students, the Board of Education (BOE) also made the topic of bullying a priority discussion at its public meeting on Monday.
Building representatives, as well as students and parents from the community, joined district administration and the BOE for a tripartite presentation on harassment, intimidation and bullying (HIB) issues that have been thrust into the national spotlight over the past year.
In addition to Superintendent Daniel Fishbein’s biannual report to the board on investigations into bullying incidents throughout the district, representatives from Ridge School presented a video project in honor of the “Week of Respect.” Fishbein also outlined activities being conducted at individual schools to raise awareness of HIB issues.
Resident Meeting to Share Ideas on Village Hall Flooding by Boyd Loving
(RIDGEWOOD-NJ).Approximately 15 Ridgewood residents met late this afternoon with Mayor Keith D. Killion, Councilwoman Bernadette C. Walsh, Village Manager Kenneth Gabbert, and selected members of the Village’s Engineering and Operations staffs to discuss ideas on for repairing the Village Hall First Level.
Mayor Killion reported that all ideas gathered during the course of the discussion would be reported out during a future Village Council Work Session.
Is the federal government driving up power prices for consumers?
The federal government’s policy of handing out special incentives to owners of transmission lines to build new projects to enhance the reliability of the regional power grid is increasing rates to consumers by “hundreds of millions, if not billions of dollars,” according to a filing made by New Jersey regulatory officials, other states, and consumer advocates.
In comments forwarded to the Federal Energy Regulatory Commission (FERC), New Jersey questioned the rationale behind giving incentives to transmission lines but not to power plants, which it argues could be a “cheaper, more environmentally-friendly and efficient solution to existing supply needs.” (Johnson, NJ Spotlight)
Feds start charging interest and penalties on $271 ARC debt owed by NJ
A year after Governor Christie shut down a Hudson River rail tunnel project, New Jersey’s debt to the Federal Transit Administration has grown to nearly $274 million.
NJ Transit had already sunk $271 million in FTA money into the Access to the Region’s Core mass-transit tunnel project when Christie halted construction last October. He said he didn’t want taxpayers saddled with a potential $5 billion in cost overruns.
But the FTA, which had been heavily invested in the $8.7 billion project, demanded its money back. Now it’s charging the state interest and penalties.
Interest began to accrue on the debt on May 14 at a rate of 1 percent a year, while additional penalties began to accrue on Aug. 13 at a rate of 6 percent a year. As a result, New Jersey now owes the FTA more than $958,139 in interest and $1,693,455 in penalties on top of the original $271 million. (Rouse, The Record)
>Occupy Wall Street Protesters Call For Totalitarian Government, Re-Election Of Obama There is something very wrong with this picture Paul Joseph Watson Infowars.com Sunday, October 2, 2011
Despite their honest intentions, many of the Occupy Wall Street protesters are being suckered into a trap and calling for the very “solutions” that are part of the financial elite’s agenda to torpedo the American middle class – higher taxes and more big government. Watch the clip below in which journalist Adam Kokesh talks to Occupy Wall Street protesters.
The ignorance displayed in this interviews knows no bounds. These protesters just don’t get it. They are calling for the government to use force to impose their ideas, all in the name of bringing down corporations who they don’t realize have completely bought off government regulators. Corporations and government enjoy a mutually beneficial relationship – getting one to regulate the other is asinine and only hurts smaller businesses who are legitimately trying to compete in a free market economy that barely exists.
Housing Prices Unlikely to Recover Before 2020, FICO Survey Finds
73% of bankers surveyed see elevated level of mortgage foreclosures for at least five years
MINNEAPOLIS—September 30, 2011—FICO’s latest quarterly survey of bank risk professionals offered a decidedly pessimistic outlook, reversing the growing optimism seen in late 2010 and early 2011. The survey, conducted for FICO by the Professional Risk Managers’ International Association (PRMIA), shows that bankers expect delinquencies on consumer loans to rise, underwriting standards to become stricter, and the housing sector to continue struggling far into the future.
No recovery in sight for beleaguered housing sector When asked if housing prices nationally would climb back to 2007 levels before the year 2020, 49 percent of respondents said no. By comparison, 21 percent said yes. And the negative sentiment extended beyond property values. Among bankers surveyed, 73 percent believed mortgage defaults would remain elevated for at least five more years. Furthermore, 46 percent of respondents expected mortgage delinquencies to increase over the next six months, and only 15 percent of respondents believed mortgage delinquencies will decline during that period.
“Housing has been an enormous drag on the economy for over three years as U.S. households lost trillions of dollars in equity,” said Dr. Andrew Jennings, chief analytics officer at FICO and head of FICO Labs. “While the housing sector will almost certainly gain strength during the next nine years, many bankers clearly believe prices will remain depressed for half a generation. This puts the devastation of the housing crash into perspective.”
Consumer credit health seen declining Bankers expressed concern about consumer credit health beyond mortgages. When asked their opinions about the next six months, a large number of survey respondents indicated that they expect delinquencies to rise on auto loans, credit cards and student loans. Auto lending had been a bright spot in FICO’s previous quarterly surveys, but in the latest survey, 30 percent of respondents indicated that they expect auto delinquencies to rise, while 21 percent expected them to fall. For credit cards, 40 percent expected delinquencies to rise and 23 percent expected them to fall. And for student loans, 48 percent of respondents expected delinquencies to rise and 13 percent expected them to fall.
Small businesses expected to face challenging credit environment By a margin of 36 percent to 17 percent, survey respondents expected delinquencies on small business loans to increase rather than decrease. And while 57 percent of bankers surveyed expected the amount of credit requested by small businesses to increase over the next six months, only 34 percent expected the amount of credit that is actually extended to small business to increase. This “credit gap” between supply and demand has been persistent over the past six quarters.“Small businesses have traditionally been providers of much-needed jobs during economic recoveries,” said Jennings. “But the tight credit conditions facing small businesses today make it difficult for them to invest and expand. Rather than something to be counted on, the notion of small-business job creation seems, for the moment at least, aspirational.”
Credit usage expected to rise slowly A large plurality of survey respondents (50 percent) expected credit card balances to increase over the next six months. The increases are likely to be driven by higher spending among some consumers and smaller monthly payments from others. However, in a sign that bankers aren’t optimistic about the ability of consumers to power the economic recovery, 64 percent of respondents expected credit card usage to remain below pre-recession levels for at least five more years.
>DOE Pushing On With $5 Billion In Solar Energy Loans By: Eamon Javers
The U.S. Department of Energy said it plans to push ahead with as much as $5.3 billion in potential additional alternative energy loans by Friday, despite Republican complaints the money is going out too quickly to untested firms.
That comes against a backdrop of increasing political controversy overthe ill-fated loan recipient Solyndra, the company whose bankruptcy has prompted questions of who inside the Obama Administration knew of the company’s weak financial position and why they continued to pour taxpayer money into it.
The DOE has made seven conditional commitments for additional funding by the time the loan guarantee legally expires on Sept. 30. So far, it has made 23 loans totaling $11.2 billion, said a spokesman
