2009 Maple Leaf Festival
Parade Grand Marshal.
Nominations are
currently being accepted for the 2009
Maple Leaf Festival Grand Marshal. All
nominations should be submitted, in
writing, to the Chamber of Commerce
office at 402 S. Garrison Ave or by fax
to 417-358-7479 or email to
info@carthagechamber.com.
Deadline for accepting
nominations is 4:00 p.m. on Friday, July
24th. This deadline is for actual receipt
of the nomination, not for postmarks.
"The selection
process is not a simple one as each year
the Committee receives a number of
nominations for highly respected citizens
from every walk of life that have made
significant contributions to the
community of Carthage and its
citizens," states Cheryle Finley,
co-chair of the 2009 Maple Leaf Festival
Committee. "Being the individual
ultimately chosen is a tremendous
honor."
Chamber has received
shipment of the 2009 Maple Leaf Festival
brochures. The brochure is in both
English and Spanish again this year. They
are available at the Chamber office.
How
Banks Are Using
Bailout
Money.
by Karen Weise,
ProPublica www.propublica.com
TARP funds were
supposed to help banks increase lending,
but many bailed-out banks used federal
funds for other purposes says the special
inspector general for overseeing TARP in
a report released yesterday.
According to the
inspector general, of the 360 banks
surveyed, 156 said theyd used some
of the funds to boost their capital
cushion, 110 invested some of the money,
52 repaid debts, and 15 bought other
banks with the funds. (A total of 611
banks have received bailout funds.)
Three hundred banks, or
83 percent of those surveyed, reported
that some of the money had gone to
support lending, but fewer than a third
said their lending levels would have been
lower without the federal money.
Neil Barofsky, the
special inspector general, said the
Treasury Department should require banks
to report how they use TARP funds.
Currently, Treasury does not require
banks to track TARP spending, nor do
banks need to keep TARP funds in separate
accounts. There are also no consequences
for using funds for purposes other than
spurring lending.
The Treasury Department
dismissed Barofskys call for
greater transparency. Assistant Treasury
Secretary Herbert Allison wrote that
because banks distribute TARP funds into
general accounts, "it is not
possible to say that investment of TARP
dollars resulted in particular loans,
investments or other activities by the
recipient."
The AP says Barofsky
countered by saying that banks likely
have internal budgets for using the
funds, so they could report on the
general uses of the aid.
Highway
Projects
Slow to
Start.
by Amanda Michel,
ProPublica www.propublica.com
The Los Angeles Times
and the Chicago Tribune report that of
the 5,600 road and bridge projects
approved as of July 10, more than 3,600
have not yet started construction. Six of
the 10 largest highway and road projects
nationwide have yet to break ground,
according to the two publications. The
figures appear to match numbers provided
at last weeks press conference
hosted by the American Association of
State Highway Transportation Officials,
where officials pointed to more than
2,000 projects around the country that
are in progress.
Pennsylvania has fallen
behind its neighbor New Jersey in
spending stimulus weatherization funds,
reports the The Philadelphia Inquirer.
The money was made available to
Pennsylvania by the federal government in
April, but it cannot be spent until the
state legislature passes the much-debated
state budget. The Inquirer points out
that the 42 community agencies tasked
with training volunteers and project
management cant get started until
the budget passes; they do not have funds
on hand to cover weatherization costs.
When President Franklin
D. Roosevelt instituted the New Deal he
focused the nations attention on
the construction of the Bonneville Dam in
Oregon and Washington. Through the Army
Corps of Engineers, in less than four
years 17,000 workers constructed a dam
that provided electricity to the Pacific
Northwest. Now, the Bonneville Power
Administration is the beneficiary of
stimulus funding, which it plans to use
to increase its wind power grid. This
time around, though, the work is
proceeding slowly and much of it
wont start for years, reports The
Boston Globe. Stephen Wright,
Bonnevilles administrator, tells
The Globe, "Its a different
time. Things dont move as quickly.
Just the requirements of the National
Environmental Policy Act would make it
impossible to do what Roosevelt
did."
Robert J. Samuelson, a
weekly columnist for The Washington Post,
wrote an op-ed published yesterday called
"The Squandered Stimulus."
Samuelson writes: "But the defects
of the $787 billion package go deeper and
wont be cured by time. The program
crafted by Obama and the Democratic
Congress wasnt engineered to
maximize its economic impact. It was
mostly a political exercise, designed to
claim credit for any recovery, shower
benefits on favored constituencies and
signal support for fashionable
causes."
On Friday the National
Employment Law Project put out a press
release stating that the American
Recovery and Reinvestment Act has
provided "unprecedented help at a
critical time" to the countrys
newly unemployed: "100% federally
funded extended benefits, which last 20
to 53 weeks depending on the states
unemployment rate, are covering 2.8
million workers." A research center
and advocacy group that focuses on
workplace issues, the project also warned
that by the years end 1.5 million
people will exhaust their unemployment
benefits and that more help is needed.
The stimulus sign saga
continues. New York state will not
purchase signs directly and has
instructed contractors bidding on
projects to include the cost of the signs
in their bids, Syracuses
Post-Standard reports. The federal
government leaves it up to the states to
decide if theyll plant American
Recovery and Reinvestment Act signs next
to road and bridge construction projects.
Last week, Texas announced that it
wont spend any money on the signs .
The Senate Homeland
Security and Governmental Affairs
Committee has postponed a hearing on
stimulus spending less than 24 hours
before it was to begin. The hearing,
"Follow the Money: An Update on
Stimulus Spending, Transparency, and
Fraud Prevention," was scheduled for
Tuesday morning. A spokeswoman for the
committee told us that the hearing had
been pushed back to a date yet to be
determined, but she did not give a reason
for the postponement. One witness set to
testify at the hearing was Earl Devaney,
the chairman of the Recovery
Accountability and Transparency Board,
which oversees stimulus spending.
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