There has been huge contracture of the USA economy because it was a 'bubble' and bloated in the first place. The Bush/Cheney Economy was never real. It was destined to fail.
The 'job market' has to be expanded into areas that will sustain people in REAL jobs.
This is going to take a while.
The Obama Administration is faced with either abandoning people to poverty and possibly hunger and soup kitchens, with increases in crime and a shrinking tax structure that will prevent sustainable police infrastructure OR the Obama Administration takes each and every local crisis and seeks to resolve it with as little trauma to people as possible.
What does any reasonable American believe has to be done here?
Localizing economies is extremely important. Small Businesses are important and increasing the 'tax footprint' of a local economy can bring STABILITY of the USA economy.
This is not 'pie in the sky' stuff. This is where the economic growth has to take place. Large companies will revolve around REAL manufacturing and not assembling hamburgers.
This is America's economic future, get your mind around it.
The Obama Administration literally has to go person to person to find a place for their economic viability. This time it is 600 workers that will receive replacement of abilities to viable and sustainable jobs.
ETA News Release: [01/15/2010]
Contact Name: Mike Trupo or Lina Garcia
Phone Number: (202) 693-3414 or x4661
Release Number: 10-0039-NAT
US Department of Labor announces grant exceeding $1.6 million to assist workers in Florida affected by mortgage industry layoffs
WASHINGTON — The U.S. Department of Labor today announced a $1,661,173 grant to assist about 600 workers affected by layoffs at the Taylor, Bean and Whitaker Mortgage Corp. and its subsidiary companies in north/central Florida.
"This grant will provide valuable retraining and job search assistance to help workers in Florida find jobs that pay supporting wages. That's an important step, as our nation's economic recovery will not be complete until displaced workers are able to reenter the workforce and get back on their feet," said Secretary of Labor Hilda L. Solis.
Awarded to the Citrus Levy Marion Regional Workforce Development Board Inc., this grant will be operated by the Withlacoochee Workforce Development Authority Inc. It will provide affected workers with access to dislocated worker services. These services may include skills assessment, basic skills training, individual career counseling and occupational skills training.
The Citrus Levy Marion Regional Workforce Development Board Inc. plans to prepare many of these workers for occupations in the health care and information technology industries.
Layoffs at the Taylor, Bean and Whitaker Mortgage Corp. and its subsidiary companies took place between Aug. 5 and Oct. 1, 2009.
Of the $1,661,173 announced today, $954,077 will be released initially. Additional funding up to the approved amount will be made available as the grantee demonstrates a continued need for assistance. The amount released today will be funded by resources made available for National Emergency Grants under the American Recovery and Reinvestment Act of 2009.
National Emergency Grants are part of the secretary of labor's discretionary fund and are awarded based on a state's ability to meet specific guidelines. For more information, visit http://www.doleta.gov/NEG/.
Failure of Corus Bank puts condo loans up for sale (click here)
South Florida Business Journal - by Brian Bandell
Chicago’s Corus Bank, which made a disastrous bet on condo towers in South Florida, was closed by federal regulators on Friday.
MB Financial Bank of Chicago is assuming Corus Bank’s 11 branches and $3 billion in cash and marketable securities. That would leave about $4 billion more in assets, which the FDIC plans to sell within 30 days in a private placement. Corus has about $1 billion of loans in South Florida.
There has been speculation that Miami Dolphins owner Stephen M. Ross might be interested in acquiring the Corus property. Ross is CEO of New York real estate giant Related Cos. and is also a business associate of Jorge Perez – the Miami condo king who runs Related Group....
