How is Your Bank Doing?

Today the AP announced that it will distribute work by four investigative non-profits being: "the Center for Public Integrity, the Investigative Reporting Workshop at American University, the Center for Investigative Reporting, and ProPublica." This is a six month trial arrangement due to the fact that newspapers rarely offer investigative reporting while there is an ever-increasing non-profit sector offering such. A trail marriage, if you will.

One such site is the second offering a tool for researching the current financial status of your your bank with current FDIC numbers. Click here. Citizens Bank has its main office in Prov. while you can find Newport Fed & Bank Newport here in Newport.

Two banks in R.I. rec'd bailout funding. They are: Bankcorp of R.I. & Independence Bank. (via Propublica)

Good-bye, GM

Here is Michael Moore's take on the "new" GM. Moore's landmark documentary "Roger and Me'" warned of the unforseen, destructive consequences of the path GM & other Am. Corp. were taking. Like when you let all of us go to produce elsewhere, who the heck do you think is going to buy your product? When you put most of your efforts into short-term profits, what happenes to the long term? Henry Ford, after all, "got it" when he doubled his worker's pay & decreased working hours.

I drive a light truck Escalade. I really didn't want such a large vehicle, but I needed something. The feds in an effort to help GM offered generous tax credits for the purchase of this & other like vehicles. Alas, nothing for anything smaller or gas efficient. Uncle Sam in his wisdom, wanted me to buy this vehicle & rewarded me with tax incentives for doing so. Heck, my mother didn't raise any fools. Ahhh, short term profits. Who then anticipated a major gas shortage? Who cared?

Moore is proposing retooling car manufacturing plants to build a light rail system crossing the U.S. in five years. He also calls for a $2 tax on each gallon of gasoline to convince Americans to use rail and new, efficient busses. Read other suggestions- like tax incentives for those converting their homes to alternative energy sources.

Michael isn't the only one calling for a new, "green" economy. This week's "NOW" makes a strong case for a re-tooling of our industrial base. "...Environmental activist Van Jones, founder of "Green for All," an environmental group dedicated to bringing green jobs to the disadvantaged .... was was appointed as special advisor for Green Jobs, Enterprise and Innovation at the White House Council on Environmental Quality. Now that he has the President's ear, will Jones be creating a new career frontier for America?"

The curse of living in "interesting times."

Economic Stress Index.

"The Associated Press Economic Stress Index weighs three economic variables – unemployment, foreclosures and bankruptcy – to produce a score on a scale of 0-100 that measures how the recession is affecting a county compared to all others."

It will be updated monthly. Newport County:11.16; Providence at 13.75

Recessions Stink

Well, they do. When I graduated from college there was one on. Just my luck!

I always check out Sheila Lennon's Projo blog. It appeals to my scattered brain. I've also gotten some good recipes here, heard a few jokes, played some games, etc. Sheila & I think alike. People think that I became a librarian because I'm organized. Au contraire, mon ami.

This is from a now defunct online mag ("Stimulus Times") from former Projo staffers who were deep-sixed. The video is from them. "Above: "Stimulus Package" - a music video featuring MC Kai Huang, B-boy Reed Frye and beatboxer Kurt Walters. Kai penned the rap about our current economic situation, he is an emcee and spoken word poet from Brown." Generally, I'm not fond of rap, but I like this one. It explains our current situation as well as I've heard. Been walking around town lately? Long-time businesses- gone. It's about as bad as I've ever seen it since the '73 Navy leaving.

R.I. Makes "The Economist"

And not in a good way, I might add. An overall article to include half-truths & inaccuracies. Exactly what you'd expect speaking with the Prov. Chamber of Commerce, the Expenditure Council, & the Tax Foundation. Interesting, though. Don't buy into the families leaving the State in droves, though. Pure malarkey.

And then there's the comments from the R.I. Economic Development Corp. Nice name, few bragging rights. They never met a tax break they didn't like, along with the other aforementioned groups, no matter whether it works or not or what other effects it may have on the residents.

I am especially fond of its closing suggestion: "If things don't look up, the state may reconsider a 1971 proposal to impose a $2 levy on each act of sexual intercourse performed in the state. Only men would pay." Now there's an idea for ya!

Little Rhody in the Red. Not a happy story.

Thanks to Greg for the head's up!

I'M BA-A-A-CK!

So much news, so little time.

My elective surgery went well at Newport Hospital. Thanks for all the encouraging notes. I heart N.Hosp. Elective surgery ALWAYS sounds better in the abstract than in the reality. So my original problem does seem to have disappeared. But now I am sore & cannot yet stand up straight & no driving. But I only take my painkillers (LOVE THEM) at night. So I am not quite as sleepy or goofy.

I've lost 20 lbs., in 2 or 3 wks., but I don't recommend my diet: first- you have surgery; then you don't feel hungry.

I'll point you to two articles regarding R.I. both are from the NYT: one regarding marriage equality and the other regarding our economic meltdown. Thanks to friends for pointing them out.

Tonight the Middletown Council supposedly meets... unless it doesn't. Some interesting topics- E-Z Pay trash removal program plus "Council President Semonelli and Councillor Bozyan, re: Discussion of ways of insuring public input regarding the preservation, future development or transfer of interest in Second Beach." Uh-oh. Exactly what does this mean? Some background here- thep previous Council tried to transfer all development rights at the Beach to the Land Trust. In other words, we trust ourselves, but those future Councils will likely have dopes on them & do awful things there. And you know, you Can NEVER trust those voters. Like I'm always saying, in this State, it's hard to tell the Dems from the Reps without a score card. Why we should voluntarily give up anything that we ALL own to anyone for zilch, is beyond me.

Oh, & the renewal of drain layers' licenses is also on the agenda. Sorry, I'm entitled to my little jokes. There is also Sylvia's property tax proposal for seniors. Could be lively discussions; especially since Sylvia, Silveira, and Independent VonVillas are on the out's with the Dem. Town Committee (and myself among others) & Republican Santos "In." Go figure. The more things change sometimes, the more they stay the same. But that's a topic for another day. I can't make it to the Council meeting. Anyone else care to report?

I've also been keeping a very interested eye on Newport Council meetings. Ah, the curse & blessing of living in interesting times. Then there's the Lege.

Later.

Governor's Supplemental Budget for '09

**UPDATE** Via Justin Katz at Anchor Rising:

Article #7 suspends any General Revenue Sharing payments for the current fiscal year: loss of $55.1 million
#17 freezes the tax rate applied for the Public Service Corporation (Telephone) Tax to stop further losses in tax revenue which goes to cities and towns
#19 creates a statewide health insurance contract which municipalities may opt out of if they can prove they’re realizing more savings under their own plan
#20 expands joint purchasing opportunities to services
#21 establishes a panel to resolve school-municipal budget disputes in any year there is a reduction in general or education aid
#40 establishes last-best offer, total package arbitration as the impasse procedure to resolve contract disputes with police and firefighter unions
#41 establishes several commissions to study and report on municipal public safety and other consolidations/mergers by March 10, 2010
#42 expands the criteria that arbitration panels must consider in rendering their decision and allows for arbitration awards to be up to three (3) years in duration
#43 removes all issues related to manpower levels and deployment from police and firefighter collective bargaining
#44 mandates a 25% health insurance (including dental and vision care) co-payment for all municipal employees and school teachers
#45 makes major changes to the Municipal Employees Retirement System and also affects private, municipally-administered pension plans (e.g. 1% increase in employee contributions, 50% disability pensions, min. 30 years service or age 59, 25 years service for public safety pensions)
#46 reduces on-the-job injury pay to police and firefighters to 80% of pay rather than 100% of their pay
#47 prohibits municipal employees from being sued in their personal or individual capacity, limits joint and several liability and eliminates the award of pre-judgment interest by the courts

and from Carol Andrew Morse:

Eliminate General Revenue Sharing to Cities and Towns $55.1M
State Agency Corrective Action Plans $51.2M
Reduce Local Education Aid, Corresponding to Pension Contribution Deferral $41.1M
Defer Repayment to Rhode Island Capital Plan Fund $38.4M
Lowered Teacher's Retirement Fund Contribution $28.1M
Anticipated "Medicaid Stimulus" $27.5M
Lower State Employee Retirement Contribution $25.9M
Increased Revenue from Raising Cigarette Tax $17.4M
Medicaid CNOM Savings $10.5M
Defer Station Fire Settlement Payments $10.0M

$305 million in savings.***

This is what Governor Carcieri proposes to get us out of the hole by $357 million (20 min. speech). No surprises here.

1. Public employee pension changes- min. retirement age of 59 (35 yrs.), goodbye COLA's- going forward, defined retirement plan (e.g., 401 K's) $100M in savings

2. Aid to towns & cities- 6% reduction for the rest of the year. This will also be accompanied by a single statewide healthcare contract, elimination of state many mandates (e.g., bus monitors, fire trucks), and a statewide food service contract. Gov't commission to explore combining 39 towns & cities (regionalize) with extensive powers to force referendum votes on this.

3. Delivery of social services- Lege must pass the global Medicaid waiver.

Also not spoke of but mentioned by the newscasters are the specifics of: $1 cigarette tax raise, & higher DMV charges, pension reduction costs for towns & cities (75%),

4. No broad-based tax increases.

Fed'l monies to be used to lower taxes, create growth, & stimulate the economy. Some must be set aside for likely worsening conditions. Various state offices may be closed on a regular basis. Sacrifice, support, & understanding by the public is needed.

I was not able to locate the $ amount of local aid being held back online. Here are the 2009 amounts from the Budget Office. In red is the minus 6% figure:

Middletown: $2,097,859 (-$125,871), Newport: $4,576,145 (-$274,568), Tiverton: $2,083,573 (-$125,014), Little Compton: $419,987 (-$25,199)

I did ask Middletown Town Council & School Committee Chair for initial comments. I'm hoping that we'll hear from Newport's Sandra Flowers (School Committee). At some point I'll follow up with our State Legislators.

Towns & Cities Facing State Cuts

The Guv & the Lege are taking aim at state aid to towns & cities. The question is not "if" but "how much." Oddly enough with 60- 70% of school budgets eating up most of local property taxes (and about 90% of that in personnel costs- local gov't also), it rarely rates any coverage in the newspapers. Instead, focus is on the councils. Why is that?

Anyone interested in covering any of these meetings? Use your own name or alias- both work for me. How about Middletown's Senior Ctr. which doesn't even seem to abide by Open Meeting Laws? Anyone like to cover? I'm offering to proof or edit if you like. Heck, I don't want to keep all the fun.

You're also going to see a lot of State mandates going bye-bye which may or may not trump local employee contracts. Focus that spotlight on all elected officials- it's your government. Otherwise, don't complain later... Government does matter- unlike what many have been all too easily & too willingly to believe. Change is coming & don't buy into that malarkey of what great opporunities we are all afforded by all this. Sometimes bad news is just that- bad news.

Expect to see some changes on this blog also. Not in focus necessarily, but in format. I'm liking http://www.soapblox.com/ format (think RIFuture). For that I'll have to dig into Mr. Piggy, though.

Celtic Tiger now a Pussycat

Dell computer leaving, Waterford going bust,Wedgewood, too. Oh, woe is me! Waterford glass was opened in the 1750's but closed about 100 yrs. later. It was revived in 1947- for all those rich Amercian tourists, I'm supposing.

via www.huffpost.com

College Grads Often Jobless

Nothing new- just that the mainstream press is beginning to write on this. From author Barbara Ehrenreich's Blog: "[Jared] Bernstein [Economic Policy Institute] says, the wage gap between the college-educated and non-college-educated is beginning to narrow, and this not because the wages of the latter are rising." How many do you know who are under-employed or working at jobs that just pay crap? Not to mention being in the hole from college debt. Uh-oh, guess you're not related to anyone who counts. And this from an article in May of 06!


I'm not spreading this good news to my URI soph son. My mother didn't raise any fools. And him studying business to boot. Oh, well. No good trying to enter the job market now anyway.

Funnies Explain American Crises

Remember when there were political cartoonists? This is from David Horsey at the Seattle Post Intelligencer.

That Pat Crowley, not only is he now a small businessman (owner of RIFuture), he reads the funnies! He supplied the link for the absolute BEST explanation of our current metldown, how to solve it, AND all done with humor. It's the "Economic Meltdown Funnies." You'll weep, you'll laugh, you'll cry! Thanks to cartoonist Dan Wasserman of the Boston Globe and the aforementioned Horsey.

I've lamented previously on the demise of the newspaper cartoons & comics. Evidently, it's not just my imagination as more & more illustrators turn to the Internet. I learned to read & appreciate the world around me using comics- in the newspaper & in comic book form. As a teen my brother & I loved "Mad." I learned that criticizing the "norm" was okay, even commendable (and funny). If we can't poke fun at our own foibles, then we indeed become sadder. My parents encouraged the reading of anything with frequent subscriptions to a wide variety of materials.

So quitcherbellyachin'.

1. What’s the difference between an investment banker and a pigeon?
A pigeon can still make a deposit on a new Ferrari.
2. With the current market turmoil, what’s the easiest way to make a small fortune?
Start off with a large one.
3. How many stock brokers does it take to change a lightbulb?
Two. One to remove the lightbulb and drop it –and the other to sell it before it crashes.
4. What’s the difference between an investment banker and a large pizza?
A large pizza can still feed a family of four.
5. Why are all MBAs going back to school?

To ask for their money back.E

Steel Industry on the Verge of Collapse

You didn't know that I knew anything about steel, did you? Ah, but I lived in Baltimore for about 15 yrs. My Dad managed a small specialty steel company there just up the road from Bethlehem Steel on Sparrows Point. Both my brother and I had summer jobs there.


Bethlehem Steel, Sparrows Point was an enormous plant on the Chesapeake Bay encompassing about 4 miles of land. Three shift kept the mills & furnances running constantly. The only time the furnace stopped was for a few days at Christmas. Dundalk (we referred to it as the "city of many smells") was a company town, originally owned by the Steel co. It was forever covered in a light dusting of red power- you couldn't hang your laundry outside. No insects dwelled there.


There were 3 working shifts. You'd better know the times they changed, as you didn't want to be on the highway (there was a new mall there) then. These were good-paying jobs. The superisors out there had their own country club which they were given. College grads were trained & employed for lifelong jobs (they thought). Ships were built there & they had their own railroad tracks. Now- nothing. Nothing or not much. What were we thinking?


No new cars, no infrastructure, no housing, competition overseas equal no business for steel mills. They want a bailout, too.

Mind-Boggling War Debt

A report from the Center for Strategic and Budgetary Assessments "has found that the direct cost of the wars in Iraq and Afghanistan could reach as high as $1.7 trillion by 2018, despite forecasts of American disengagement from Iraq. But according to the report, the White House has “fudged the war’s true costs” by borrowing rather than funding the wars through the appropriations process:

The report also rapped the Bush administration’s paying for the wars through borrowing, rather than tax increases and spending cuts. That approach, it cconcluded, will lead to interest costs through 2018 that range from about $70 billion to as high as about $700 billion, depending on how much of the war funding came through bond sales.
“If you want to go to war…we should probably pay for more of that war upfront rather than borrowing for it,” [defense budget expert and report author Steven] Kosiak said, because the public feels more of the war’s real burden through tax increases and spending cuts.
Time [magazine] notes that “[p]revious wars were funded through the annual appropriations process, with emergency spending — which gets far less congressional scrutiny — only used for the initial stages of a conflict. But the Bush Administration relied on such supplemental appropriations to fund the wars” throughout both conflicts thus far.

The good economic news just never stops, does it? So nice, too, that the major U.S. networks are pulling out of Iraq. We wouldn't want to know too much about how our $ is being spent for this bully little war. But then you never told us much in the first place, did you? Keep giving us those nifty little feel-good features. I'm really interested in the top movie this week or Barbara Wa-Wa's Special. Oh, but you're all multi-media moguls now, aren't you, thanks to Congress?

But, but, what about the CIA giving out Viagra to Afghan war chiefs? Who's going to keep me informed on this? And how is this helping the outrageous human rights violations against women there? Enquiring minds want to know. Hey, Laura Bush, waddaya think? How screwed up are we- VERY! How about birth control pills to go alongside the other magic mushrooms you're passing out. Oops, no, federal law prohibits that-almost except for overseas..

Thanks to reporter Ben Armbruster via http://www.buzzflash.com/

Ya Got Trouble at Bay Ridge, Middletown

I've blogged a number of times on the troubled real estate market here. We've got troubles- right here in River City. Ooops, wrong town, wrong area, wrong era; but who could resist?

I had dropped my link for the blog "Bay Ridge at Forest Ave." awhile ago as it seemed dead. Silly me. But with the condo developer now pressing for a change in residency rules, the blog has taken on a new life & even been quoted in the NDN.

My opinion? That's one baby going down. They never had much chance when they started- too late. The original owner (Franklin Simon Co.- developers out of Braintree) helped form "Bay Ridge Development" with Oldport Homes- Eric Johnson out of Portsmouth. This was financed by Brookline Bank of Brookline, MA and Bank Newport of Newport, RI. (source). So how solid is this bank? They say VERY, but profits say otherwise. BankNewport's profits are also down. The question is, how long will they wait before pulling the plug? Banks like to be repaid AND make profits.

The primary question is how firm is the current financial backing? I'm guessing not very in the current banking world. Going the senior development route never made much sense, but Simon's did get someone else to do it, didn't they? Ah, the blessing & curse of living in "interesting times."

Check out the website for updates. And remember, if they're in trouble, we'll all feel the pain. Think tax proceeds for one example.

Here is Matt Sheley's NDN article. Gee, sometimes we bloggers are downright useful, aren't we?

Army Planning for Nationwide Unrest

A U.S. Army War College report warns an economic crisis in the United States could lead to massive civil unrest and the need to call on the military to restore order. "Retired Army Lt. Col. Nathan Freir wrote the report "Known Unknowns: Unconventional Strategic Shocks in Defense Strategy Development," which the Army think tank in Carlisle, Pa., recently released. "

"Widespread civil violence inside the United States would force the defense establishment to reorient priorities ... to defend basic domestic order and human security," the report said, in case of "unforeseen economic collapse," "pervasive public health emergencies," and "catastrophic natural and human disasters," among other possible crises. The report also suggests the new (Barack Obama) administration could face a "strategic shock" within the first eight months in office.

"Recently the International Monetary Fund's managing director, Dominique Strauss-Khan, said social unrest could spread to advanced countries if the global economic crisis worsens."
Evidently "as many as 20,000 soldiers under the U.S. Northern Command (NORTHCOM) will be trained withi"n the next three years to work with civilian law enforcement in homeland security.

Charles Boehmer, political science professor at the University of Texas at El Paso, was skeptical about the Army War College report. "The military was not called out during the Great Depression, and I don't think our economic problems are as bad as they were then," he said. "The military always has contingency plans. It's a think tank's job to come up with scenarios, but that doesn't mean it represents an active interest on the part of the (Pentagon)."

One wonders where all these soldiers will come from. Those wacky Army guys- the fun just never stops. BTW- love the title of the report.

I'm reminded here of one of my very favorite comic strips "Pogo." These are the days when comics were a daily feature (b&w). Pogo was a possum who lived with a cast of colorful animal characters in the Okefenokee Swamp. The strip was full of social & political commentary. Pogo's famous for that ever-popular holiday song: "Deck us all with Boston Charley," you know the words, so sing along," Walla Walla Wash and Kalamazoo." He's also remembered for his statement: "We have met the enemy- and they are US!" Well said, Pogo. It was a sad day for me when your illustrator retired.

Info via http://www.buzzflash.com/
Thanks to reporter Diana Washington Valdez / El Paso Times.

A Tale of Two Cities

Yes, I've taken a bit of poetic license here since I'm referring to Newport (city) and Middletown (town). Different yet irrevocably tied by location.


Like most others- I've been keeping an eye on the economy. Foreclosures, business closings, investments gone bad- the list goes on. Although usually an optimist, I am not of the same ilk for the coming year. Talk about a long, hard slog. This is going to be it & that slog shows no end in sight with the IMF's chief economist warning of a second worldwide depression.


But let's think locally, so let me begin my tale. As the economy nationwide & locally was on fire, real estate investors flocked here causing prices to soar. I'm thinking of one local investor who purchased three handsful of multi-family propeties. You remember the thinking then- houses weren't just to live in- they were investments sure to return big $ on a relatively small investment with easy mortage monies available.


No docs, no $ down and the promise of huge returns. Heck, lenders were constantly in the pursuit of customers with local banks & investment houses only too eager to participate. No regulations? Who cared? We were on fire. Our local economy did well all-around. That is, if you don't count the poor and those working for minimum wage. Real wages stagnated for the middle class & their wholesale exodus from the area- who cared? Tourism, Navy, and a building boom. Life was sweet for many.


Then it all started to hit the fan. But don't just think real estate- it's an involved, worldwide, tangled economy after all. Think of the local hotels begging for temp immigrant employment visas which they had come to rely on. No-go. Think of the local ICE raids. Exit state left cheap help who worked hard for little, lived here, spent here, & paid taxes here. Think of the Navy brushing off its various buildings & selling them and the care of others to big business interests. So long local contractors working at prevailing wages. Hello, more housing on the market.


Throw in jobs all over the State being lost & replaced by ??? Then throw in investments gone South, healthcare insurance once again rising by double digits, and taxes (property) still rising.
Thank God the Navy still kept its base here & for our industrial center where many of them were house.

The investor with all those properties now upside-down mortgage-wise & waiting for the bankruptcy train to stop. Uh-oh. The bank wanted their $ and weren't willing to take one iota less. A real estate market glutted with more than a year's worth of properties on the market with prices dropping and multi-fam units with few or no buyers. A dead rental market. At least the car dealers are honest with their problems of no-customers.

Ironic. So many with no housing and there is a market glut. Notice the realtors down-sizing or just closing-down? Some local building contractors down for the count, long-time & even new businesses deep-sixed, and "sales" and "mark-downs" galore. That ain't good news, buddy. Hasn't made it yet to the local media? And it won't. We're all about promotion interspered by reports, notices, & personals. Hard times are only hinted at. No coverage for business closings, let alone the recent layoffs of a local contractor (60).


As my husband says, until you hear that tap-tapping of hammers once again for the building and rennovating market, you're just not going to see any recovery. And while Middletown & Newport are just beginning to find out what that means- lower tax revenues, businesses leaving, costs rising- this is just the beginning. The closest analogy that comes to my mind is the '73 Navy pullout. And we still had a small manufacturing base at that point in time. Lest you think it will not get that bad, remember the fed'l deficit & budgetary woes. What is one of our largest national expenditures (and local employer)- the military. Think that budget is sacrosanct? Middletown has been faring well locally due to hotel revenues (at Newport's expense). But how long will that last? Supposing the Lege decides to minus that from local aid? Uh-oh.

So all this national, state and local bad news doesn't effect you? Yet, that is. We counted on our politicans and bankers and investment houses to be smarter than ourselves. Silly us. Think that it's just a few naive, uneducated few causing our problems? Rethink it. No, I'm not optimistic for the coming year. And I hope that I'm wrong. Hey, buddy; can you spare $1.35 (allowing for inflation, don'tcha know)?

R.I. & Newport make the Big Time

And not in a good way either. It's too bad one of our local rags couldn't have written it. They certainly have the talent to.

So R.I. isn't in very good shape. I knew about the article listening to George Stephanopolis interview that waste-of-my-listening ears former CEO Jack Welch yesterday on his Sun. political talk show. As he was spouting his R.I. is the most heavily taxed state in the Union blarney yesterday (it's the PROPERTY TAXES, stupid), George interrupted him to mention that he (G.E.) had deserted R.I. a number of years ago & it had nothing to do with the tax rate.

Yeah, good for you, Georgie. Remember the G.E. light manufacturing factory in the old mill in downtown Newport on Thames St.? It's now a time share- one of the many starting to go belly-up (go figure). General Electric didn't move because of taxes - ?20 or 30 years ago. It moved its factory down to Mex. for cheap everything. Then it could turn around & sell the stuff back to us & make even bigger bucks; esp. for CEO Jack Welch.

Thanks, Jack. Exactly what's wrong with our economic status today. We as a country deserted our manufacturing base to become a "financial center." And how is that working out for us? Worked out quite well for Jackie-boy, though, didn't it?

And forget those bogus cost-of-living, unemloyment, and inflation stats that are bantered about. The deck's been stacked against to make us think that everything is much better than we actually perceive that it is. How stupid are we? Very to ever have trusted people like him and his many cohorts. Trickle-down economics crap. Yeah, it trickled down all right. Now we're getting hit in the face with it like a busted toilet overflowing. But not Jackie, boy. His is gold-plated. Makes the all that crap easier to take, don'tcha know (but just as dirty).

So read it- the 2nd page is about Newport. Thanks, Jack Welch. You deserved a big kick-in-the pants from all of us on your way out. You're not the solution nor do you have any solutions- you're the problem. Personified.

Thanks to the "N.Y. Times" & reporter PAM BELLUCK. Real reporting with time-consuming research done. Always nice to read. As Newport goes, can the rest of us be far behind?

Whoosh goes boom!

Futures market frozen & shut down ("limit down"). Panic-selling now rules. We'll see what happens to the entire market this a.m. World-wide recesion blooming.

The good news is crude oil prices are also down! CNBC is what I like for up-to-the-minute news- financial & political.

Bush's "Tough Times"

I just listened to the Pres. speak:

"No doubt about it- we're in tough times."

I swear if that man were in front of me, I'd slap him.

So nice of "the decider" to finally decide that we're in a bloody mess & then go merrily on his multi-millionaire way. Thanks to Ronald Reagan, less government is better, trickle-down economics, "mission accomplished," blah, blah, blah. And another very special thanks to all the Republicans and some Democrats who told us repeatedly that all that these were good things and the rest of us were liberal, heart-bleeing, latte-drinking, Eastern elites. No, it's not about class warfare at all. Warren Buffet got it a long time ago. His class won.

Yes, less gov't was better until Wall St. found itself constipated & needed a suppository of our $. Government. What you love to hate until you need it.

IBEW Local Protest

**They are still there today.


5 members of this IBEW Local 99 (electricians) stood with their banner: "E.F. Burman Costruction Piggish about Profits" this a.m. on the corner of Green End Ave. & Aquidneck. This is the company that is currently building the police station.

They are not protesting this specific job, but rather the company's hiring practices across the state. There are more demonstrations across the state but I lost my phone connection & rec'd no more details. None of the protesters were from here- the closest bing Bristol & one from Burriville.

From their handout:

"E.W. Burman Construction frequently employs subcontractors that do not pay their workers the community standard wages for electricians in this area.

In this time of a spiraling economy we ask you not to promote or patronize W. E. Burman Construction & add to the slowing downturn of you local eocnomy.

When standard wages are paid, employees contribute to the escalation & well being of the economy in your community.

It's time to stop the race to the bottom with substandard wages & benefits.

E.W. Burman's piggish practice is a negative contribution to your local economy's decline each & every day!

This handbill is inteded to inform the public that the International brotherhood of Electrical Workers Local 99's issue is only with E.W.Burman contruction. It is not the intention of IBEW Local 99 to interfere, stop deliveries, or coerce anyone from performing their duties on this contruction site."

More later.