KeNosHousingPortal.blogspot.com
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$100 million keeps Motorola Mobility in Illinois - (http://www.blogger.com/www.chicagotribune.com) Gov. Pat Quinn put up more than $100 million in financial incentives to persuade smartphone company Motorola Mobility to keep its corporate headquarters in Libertyville — the largest package he has offered a company to date and a signal of how badly the state wants to hold on to high-tech jobs. To persuade the maker of mobile devices and cable TV set-top boxes to stay, rather than move to California or Texas, state lawmakers sweetened terms of its tax-credit incentive program as it has for automakers, including Mitsubishi, and truck- and engine-manufacturers, including Navistar International Corp. Navistar landed a $64.7 million package last year to keep its headquarters in Illinois, the second-largest deal during Quinn's tenure. The deal, announced Friday, breaks down to about $34,750 for each of the 3,000 jobs Motorola Mobility has agreed to retain, considerably more than the $15,000 to $20,000 per job that is more typical when the state awards tax credits to keep or attract businesses. "We don't want folks to leave," Quinn said. "We want them to stay and grow with great companies like Motorola."
Illinois Boosts Corporate Tax Rate 46% to Raise Money, then Hands Motorola $100 Million to Stay in Illinois - (Mish at globaleconomicanalysis.blogspot.com) As proof of the misguided, counterproductive policies of Illinois, Governor Quinn hiked corporate incomes taxes to bail out a state deep in fiscal trouble, (it did not and will not work), now grants corporations hefty incentives to not move to Texas. The Chicago Tribune reports $100 million keeps Motorola Mobility in Illinois..... Inane Actions Hurt Small Businesses Most: Note the silliness of Governor Quinn's explanation. "We don't want businesses to leave". If Quinn did not want corporations to leave, then why did he hike the corporate tax rate to an effective 9.5% thereby giving businesses a huge incentive to leave? I discussed the tax situation of Illinois at length recently in Governor Quinn Holds Illinois Cities Hostage Over Budget Proposal; Cities Face Massive Cash Crunch. Please give it a look if you missed it. I cover gas taxes, sales taxes, corporate taxes, prevailing wages, right-to-work, home rule taxes, and blatant lies by Quinn.
Big money surrounds payday loan legislation - (http://www.blogger.com/www.contracostatimes.com) A new analysis of the check-cashing and payday loan industry's contributions to state lawmakers might underscore what Lt. Gov. Gavin Newsom recently called the industry's ability to "buy off" opponents. Assembly Majority Leader Charles Calderon, D-Montebello, who's carrying a bill to raise the borrowing cap on payday loans from $300 to $500, received more in direct campaign contributions tied to the industry -- $31,450 -- since 2003 than any other member of the current or previous Assembly, according to data crunched by Berkeley-based nonprofit MAPLight.org. His brother, state Sen. Ron Calderon, D-Montebello, tops the list of current or recent legislators receiving money from the industry, at $50,000. MAPLight.org found interest groups connected to the payday loan industry have given more than $1.1 million since the 2004 election cycle to California state legislators serving in the 2009-2010 and 2011-2012 sessions. Contributions from the 2010 election cycle totaled more than $444,000. "Increased political giving paves the way for legislative success," said MAPLight.org cofounder and Executive Director Dan Newman. "We have a system where the political inputs -- money, in the form of campaign contributions -- result in favorable political outputs -- legislation, in the form of laws."
AZ Rep. Drops Chain of Title Bill, Gets Pricipal Reduction on Own House - (http://www.blogger.com/www.ml-implode.com) Remember Arizona’s Senate Bill 1259 that would have required servicers to produce a declaration that they had the proper chain of title prior to foreclosing on someone’s home? You know… the one that passed the Arizona Senate 28-2 that I wrote about back on February 23rd of this year? Remember maybe a month ago when I tried to follow up to see how the bill was proceeding in the Arizona House of Representatives… only to find out that on the way to the House… it disappeared… the text replaced by some bill about firefighting with the same number? And no one was saying a word about it? If you missed it, I wrote about it here. Okay, well… it appears that the story is not over yet. It seems that one Arizona homeowner set out to revive the essence of the bill, drafting an amendment and recruiting Rep. Carl Seel to propose that it be added to Senate Bill 1474, being sponsored by Senator Ron Gould. His name is Darrell Blomberg, and he’s a Phoenix area Realtor, and a past president of one of the local boards of Realtors… who is now involved in auditing trustee sales for homeowners. Basically, he looks for some basis upon which a sale might be cancelled, or at the very least postponed. He acknowledges that it only represents a temporary solution, but it’s often important to the homeowner nonetheless. He was actually working on one such audit for Rep. Seel, which is how the two came to know each other.
Never Ending Money Printing by the Federal Reserve - (http://www.blogger.com/www.usawatchdog.com) The Federal Reserve held its first press conference in its 97 year history last week. In my mind, it did this because it recognizes the deep financial trouble the U.S. is in. It wants to put a positive spin on the mess it largely created and/or allowed to happen. After all, it was Tim Geithner who was the head of the New York Fed during the go-go years of the mid 2000’s. He was supposed to regulate the big Wall Street banks. You see how well that worked out—the entire system melted down and Geithner got a promotion to Treasury Secretary. I’ll give my interpretation of a few of the important points the Fed was trying to get out to the public. Overall, the Fed wants people to keep their confidence in a system where money is loaned into existence. Yes, that’s right. Every time you swipe your credit card, you are not borrowing money but creating it. The banks love this because there is virtually no cost to them, and you have to pay back the money with interest just for the privilege of going into debt. Can you see why the Fed wants to keep this confidence game going?
OTHER STORIES:
Europeans may raise interest rates - (http://www.blogger.com/www.bloomberg.com)
China Considers Drastic Move To Limit Real Estate Developer Profits To 5% - (http://www.blogger.com/www.businessinsider.com)
A clash of political ideologies or a clash between truth and fiction? - (http://www.blogger.com/www.politicususa.com)
Glamorous foreclosures – Beverly Hills foreclosure and short sales - (http://www.blogger.com/www.doctorhousingbubble.com)
Hedge funds increase bets dollar will decline - (http://www.blogger.com/www.telegraph.co.uk)
Buffett deficit plan: Tax the rich fairly - (money.cnn.com)
Munger Says Wall Street Shares Blame for European Crisis - (http://www.blogger.com/www.bloomberg.com)
Why are medical premiums completely unregulated in California? - (http://www.blogger.com/www.latimes.com)
Slow spring: House demand off 5% - (lansner.ocregister.com)
Mortgage Rates Decline - (online.wsj.com)
When to panic over the shrinking greenback - (http://www.blogger.com/www.theglobeandmail.com)
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