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Issue 9.19 | Friday, June 5, 2009 | Forward to your friends! |
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McLEMORE'S
WORLD ARCHIVE FEEDBACK UPCOMING NOTABLE ALSO INSIDE ___::
IN THE SPOTLIGHT: Meet a sponsor |
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TODAY'S
FOCUS
NORCROSS, Ga., June 5, 2009 -- Does this sound familiar? The government has a heavy hand in finance. Accounting standards are weak through deliberate softening and regulators turning a blind eye to abuses. The real market mover is the government, and consideration is given to whether a company or industry is "favored" by key politicians. A substantial chunk of lending is done at the government's behest with little regard for the ability of the debtor to pay.
The government described above could be either the U.S. or China with one key difference: China is trying to move away from this model while the U.S. is increasingly embracing it. Two news items from May 19, 2009 show the contrast in full. On that day the United States expanded its TALF (Term Asset-Backed Securities Loan Facility) program (cheap, non-recourse 20-1 leveraged loans) to include legacy (toxic) commercial real estate loans of any duration. Meanwhile China announced tighter lending standards for stimulus funds out of concern that funds were being misused. China has a three pronged approach to stimulate its economy. They are spending massively on infrastructure projects, bank lending has been increased dramatically, and a full medical insurance program is being implemented to cover 90 percent of the population. These efforts, if successful, have the potential to lift the rest of the world, meaning that China will have a positive economic impact on the rest of the world's economies. China is now supporting OPEC and developing economies dependent on natural resource exports with its spending on commodities. A Chinese national health care program provides incentives for its population to save less and consume more. While China is making shrewd moves with regard to stimulus, it is being absolutely masterful in securing its currency a future on the world stage. China has set up currency swap lines with central banks across Asia to facilitate transactions clearing in Yuan instead of U.S. dollars. Brazil and China are looking to conduct bilateral trade in the Brazilian real and Chinese yuan, thus avoiding the dollar entirely. Perhaps most importantly, China also announced they will be issuing yuan-denominated bonds to create a liquid international market for yuan trading. One idea being discussed is to hand out foreign aid in yuan. This would earn goodwill toward China while broadening the international use of their currency. It would also give China places to send excess goods until demand returns and overcapacity is reduced. Nonetheless, the U.S. dollar is still the primary currency for international settlements. It will be several years before there is a broad, liquid market for the yuan, as it is currently a controlled currency. The dollar's intermediate future will be defined by the tension between an upward pressure from deflation and downward pressure from the Fed's printing press. However
things play out in the short term, every investor should ask "Am
I more comfortable buying a 30-year bond backed by the U.S. or Chinese
government?" The answer's implications should be at the front of
our policymakers' minds. China is among the biggest buyers of U.S. government
debt. China's ascendance can't be ignored, and we recommend every investor
should have at least one Chinese security or fund in their portfolio by
year-end. ELLIOTT
BRACK JUNE 5, 2009 -- The question Gwinnett citizens are raising these days, apart from the major flap over the county commission raising taxes, is far broader.
The question is: why is Gwinnett County government going through such a period of bad press? The big reason the question is being raised is that, by and large, Gwinnettians are used to being somewhat "under the radar" when it comes to major controversy stemming out of governmental operations. Thinking back, the last major flap was 20 years ago, the infamous "New York Trip" in 1988. Sure, there have been some questionable decisions since that time, but nothing compares to the continuing bad press that Gwinnett has had in the last few months and apparently will continue to have in the short term. Why? Some cite the downturn in the economy as being a major factor in the current budget and millage setting. Sure, it is a factor in lower anticipated revenue for the county. But that does not include the commission decision to seek a major raise for all employees. Nor does it account for the effort to charge cities of the county for additional police protection the citizens did not want. Include in this the difficulty of getting agreement with cities on standard delivery of services. And how about the decision to hold public hearings not in a big, vacant nearby auditorium, but in hallways of the courthouse with no seating? Who was responsible for this dumb act? Eventually we must recognize what is happening: Gwinnett County government is in a leadership vacuum. We've heard of a saying that resonates here: "In the absence of good leadership, mediocre leadership arrives….and stays….and stays….and stays." Look around you. It's happening at several levels of government, locally most notably at the Gwinnett County Commission.
Governmental structure sometimes helps vacuum this along. The Gwinnett County Commission is what you would call a "weak chairman" type of government. The chairman has the same voting power as the four other commissioners, with his function being basically to chair meetings. But the chairman has no veto power over actions of the four. In years past, there have been individual commissioners on board who would empower the chairman and help provide good leadership. The actions of such commissioners are seldom seen by the public, but in reality, one or two of the four district commissioners were strong enough to help provide the key backing, and at the same time took the back seat and made sure that the Chairman was seen as the leader. Apparently, the inter-workings of the current commission don't play this way. And what happens: there is no obvious leadership, with more staff involvement than in previous years. Some elected officials needs to say "No! from time to time. Several people have told us that they have not seen the people of Gwinnett so riled up about their government as they have observed locally. It's probably the culmination of several decisions, which citizens feel strong about. It may have started with what we thought was a good move: landing a Class AAA baseball team for Gwinnett, and building a stadium. Then came the county government turning its back on empowering a new trash hauling system, after it charged Gwinnett Clean and Beautiful to come up with the plan. Then the 25-30 percent proposed hike in county taxes. People didn't like this progression of decisions. These days Gwinnettians are yearning……to be back to the "good old days" of not-so-long ago government. It may take a while'
The public spiritedness of our sponsors allows us to bring GwinnettForum.com to you at no cost to readers. Today's sponsor is E.R. Snell Contractor, Inc. of Snellville. Founded in the 1920s, ERS was built on Christian beliefs with honesty and integrity leading the way. Specializing in roads, bridges and culverts, its goal is to build a safe and modern highway system while preserving our natural environment. Through quality production and high safety standards, it strives to be the best contractor possible, while continuing to be a positive influence on its employees and the community. Internet access is available at www.ersnell.com.
McLEMORE'S
WORLD ARCHIVE
FEEDBACK Editor,
the Forum:
UPCOMING The sixth
annual Lawrenceville Farmers' Market will begin on Saturdays from June
6 through September 26 (excluding July 4). Each week the Lawrenceville
Farmers' Market will open from 8 a.m. to 12 p.m. in historic downtown
Lawrenceville in the parking lot behind the Crogan Street fountain directly
across from the Historic Courthouse front entrance.
The Lawrenceville
Farmers' Market has grown over the last four years to include a wide variety
of products. Whether you're coming downtown for weekly fresh produce or
visiting the historic shopping district, the Lawrenceville market has
become a Saturday morning treat to pick up not only fresh fruits, vegetables,
herbs and flowers, but also unique baskets, soaps, honeys, and jams. Program for safe teen driving starts June 25 in Suwanee New teen drivers and their parents are invited to help make this summer safer on the roadways through their participation in the Suwanee Police Department's Pride driver education program. Georgia Teens Ride with Pride (Parents Reducing Injuries and Driver Error) will be offered, in cooperation with the Georgia Traffic Injury Prevention Institute, from 6:30-8:30 p.m. Thursday, June 25, at the Suwanee Crossroads Center, 323 Buford Highway. The two-hour program is designed to help parents model safe driving behaviors and attitudes in order for their new teen drivers ages 14-16 to be more secure and confident behind the wheel. Class space
is limited and advanced registration is required. To download an application,
visit the Hot Links section at www.suwanee.com
or contact Sgt. Elias Casanas at elias@suwanee.com
or 770/945-8995. The registration deadline is June 18. The Pride program makes parents/guardians more aware of their own driving behaviors, assists parents in helping their teens to become safe drivers, and offers strategies for required supervised practice driving time. Pride is not a hands-on, "how-to" program. NOTABLE
On June 12, the digital television transition will take place. People without a converter box will not be able to get over-the-air television signals. Households are eligible to get a coupon for a reduced-price or free converter box. Though many families live on fixed incomes and rely on the $40 government subsidy to purchase a converter box, hundreds of thousands are still unprepared or have yet to apply for a coupon. Families must take the first step now to ensure they receive a coupon with enough time to purchase a converter box and install it before all TV moves to digital. To apply for a coupon, households must call 1-888-DTV-2009 or visit www.DTV2009.gov before it is too late. Eastside Hospital in Snellville has new chief financial officer Emory Eastside Medical Center's (EEMC) new chief financial officer is Tom Jackson. He began work in his new position June 1.
Jackson
comes to EEMC from Doctors' Hospital of Augusta, the largest burn center
in the United States. His previous work experience includes HCA's Research
Medical Center, Vanderbilt University Hospital and Ernst and Young LLP. Jackson
EMC wins Energy Star leadership housing award To earn the Energy Star, a home must meet strict guidelines for energy efficiency set by EPA. These homes are at least 15 percent more energy efficient than homes built to local code, and include additional energy percent more efficient than standard homes. Amy Bryan, Jackson EMC director of Residential Marketing, says: "Jackson EMC's Right Choice new home program has been Energy Star qualified for more than two years now, and it has been an outstanding partnership. The Energy Star brand assures our cooperative's members that the new home they're buying will be comfortable and provide them with energy savings for the life of the home." Sierra Club picnic set June 18 at Suwanee Gateway Park The Greater Gwinnett Group of the Sierra Club will have its summer picnic June 18. It will be at 6:30 p.m.at the Suwanee Greenway Park, in the Alder Pavilion located on Buford Highway about a quarter mile south of McGinnis Ferry Road. Enjoy the late evening scenery on the greenway. Bring a dish to share. The club will provide plates, cups, utensils. Contact Tom Morrissey at thmorrissey@bellsouth.net or call (404) 513-4069 for details. RECOMMENDED
DISHES
GEORGIA
ENCYCLOPEDIA Roddis Franklin "Pete" Drake was a record producer, record company founder, and musician whose steel-guitar playing was heard on hundreds of hit recordings. Drake played on 38 of 48 BMI (Broadcast Music, Incorporated) award-winning recordings in 1966 alone. He also played his steel guitar on five of Elvis Presley's movie soundtracks.
Drake was
born in Augusta on October 8, 1932, the son of a Pentecostal preacher.
His brothers, Jack and Bill, performed as the Drake Brothers. Jack was
a bass player for Grand Ole Opry star Ernest Tubb's band, the Texas Troubadours,
for 24 years. At age 18, Drake drove to Nashville, Tenn., heard steel guitarist Jerry Byrd on the Grand Ole Opry, and was inspired to buy a steel guitar in an Atlanta pawnshop. He organized a band, Sons of the South, in Atlanta in the 1950s; it included future country stars Jerry Reed, Doug Kershaw, Roger Miller, Jack Greene, and Joe South. In 1959
Drake moved to Nashville at the suggestion of Kathleen Jackson, owner
of Atlanta's popular Egyptian Ballroom nightclub. He went on the road
as a backup musician for Don Gibson, Marty Robbins, and Carl and Pearl
Butler. After Drake met George Harrison of the Beatles at Bob Dylan's New York home, Harrison invited him to England to work on All Things Must Pass. In turn, Harrison persuaded Beatle Ringo Starr to come to Nashville to produce his Beaucoups of Blues album with Drake in 1970. This marked the first time a member of the Beatles had recorded in the United States. Drake produced albums for many other music stars, including B. J. Thomas, the Four Freshmen, and Leon Russell. He founded Stop Records and First Generation Records. He was inducted into the Country Music Hall of Fame's Walkway of Stars in 1970 and the Steel Guitar Hall of Fame in 1987. He died in Nashville on July 29, 1988. CREDITS GwinnettForum is provided to you at no charge every Tuesday and Friday. If you would like to serve as an underwriter, click here to learn more. Send
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TODAY'S
QUOTE "I am extraordinarily patient, provided I get my own way in the end."
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