Sun, 21 Mar 2010 00:00:00 -0400

Pennsylvania Pensions: From Surplus To A Deep Hole

Generous benefits, underfunding from the state and worse-than-expected investment returns have pushed Pennsylvania's two large public pension funds into multibillion-dollar holes. The state didn't set aside enough money to make good on the pension promises it made.

Sun, 21 Mar 2010 00:00:00 -0400

Gambling To Fix Pensions Can Lead To A Bigger Bind

Public pension fund investing has changed a lot over the past few decades. Cities and states used to invest conservatively. Now, many are trying to rebuild pension funds by resorting to chancy investments in foreign currency, junk bonds and margin trades.

Sun, 21 Mar 2010 00:00:00 -0400

Pension Woes May Deepen Financial Crisis For States

From Connecticut to California, pension funds for public employees lack the funding they need. A recent report from the Pew Center on the States put the tab for unfunded pension liabilities at $452 billion. The debacle could threaten the financial solvency of some states — and taxpayers are on the hook.

Sun, 21 Mar 2010 00:00:00 -0400

State Pension Underfunding Before The Great Recession

How many years would it take for each state to make good on its pension promises if it spent all its tax revenue on pensions, and nothing else? In 2007, every state had some catching up to do. Since then, pension assets for some funds may have recovered, but liabilities have also grown.

Sat, 20 Mar 2010 08:37:00 -0400

Letter: Lehman's Accounting Tricks Possibly Illegal

A Lehman Brothers whistleblower warned his bosses that accounting gimmicks the bank used before its collapse may have been illegal, his lawyer said Friday.

Fri, 19 Mar 2010 00:54:00 -0400

Economy Puts Squeeze On Education Promises

In more flush economic times, voters in many states approved education mandates for things like smaller class sizes. But now that states are being forced to slash education budgets, those mandates are coming back to haunt them.

Fri, 19 Mar 2010 00:00:00 -0400

Toxic Assets Market Awaits Rebound

During the peak of the housing market, the value of the mortgages that got stuffed into those complicated mortgage bonds known as toxic assets was more than $3 trillion. But now the market has stalled, in part because many sellers are waiting for the economy to improve.

Fri, 19 Mar 2010 00:00:00 -0400

Austinites Angle For A Piece Of SXSW Cash Cow

The South by Southwest music festival bills itself as "the premier destination for discovery." It's also the destination for truckloads of cash, as music and art fans flock to Austin, Texas, each March. Last year's event brought nearly $100 million to the city, according to one analyst.

Thu, 18 Mar 2010 15:50:00 -0400

Small Colorado Town Calls For Immigration Reform

The town council in Yuma, Colo., recently passed a unanimous resolution asking Congress and the president to resolve the immigration system. Businesses in Yuma are worried they could lose their workforces if there are immigration raids.

Thu, 18 Mar 2010 15:00:00 -0400

Farmers Hurt By Collapse Of Carbon Credits Market

With the cap-and-trade legislation aimed at curbing global warming stalled in Congress, there's an almost-complete collapse of the market for carbon credits. That means profits are drying up for people who are paid to create those carbon credits — like farmers who manage their land in ways that capture carbon dioxide in the soil.

Thu, 18 Mar 2010 14:04:00 -0400

Greenspan On The Housing Bubble: Not My Fault

The former Fed chairman says he didn't create the housing bubble and couldn't have prevented the economic calamity that followed the bubble's collapse.

Thu, 18 Mar 2010 12:00:00 -0400

Facing Tough Times, Detroit To Close 44 Schools

Detroit is expected to shut the doors of 44 of its 172 public schools as the district struggles with declining enrollment and a budget deficit of $219 million. Host Michel Martin speaks with Robert Bobb, the district's emergency financial manager.

Thu, 18 Mar 2010 10:07:00 -0400

Leading Indicators Up Slightly

The private Conference Board says its leading economic index rose 0.1 percent in February. Ataman Ozyildirim, a Conference Board economist, said "the leading economic index points to moderately improving economic conditions in the near term."

Thu, 18 Mar 2010 08:44:00 -0400

Consumer Prices Stayed Pat In February

A rise in food prices last month was offset by a drop in gasoline and other energy costs. The Labor Department's report indicates there is little sign of inflation, which enables the Federal Reserve to keep its key interest rate at a record low to help revive the economy.

Thu, 18 Mar 2010 08:39:00 -0400

First-Time Unemployment Claims Dip

The Labor Department says the number of newly laid-off workers requesting jobless benefits fell 5,000 last week to a seasonally adjusted 457,000. That nearly matched analysts' estimates of 455,000.

United Way 211

United Way's 211/First Call For Help is a free and confidential information service ready to direct you to the health and human services you need in Cuyahoga, Geauga and Medina Counties.

Just dial 2-1-1. Professional staff are available to help you 24 hours a day, every day.

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Save the Dream

The American dream of home ownership is disappearing during these times of crisis. In Ohio, rising unemployment, loss of business, and a bleak economic outlook also threaten that dream.

Help is available. Save the Dream provides information and highlights programs that Ohioians can use to help save the dream of owning a home.

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Upcoming Events

ESOP Partners with Area Suburbs to Help Homeowners

Two additional suburbs will hold local intake sessions, in partnership with ESOP (Empowering & Strengthening Ohio’s People), to provide FREE foreclosure prevention counseling to area homeowners. This initiative builds on ESOP’s track record of making its highly successful foreclosure counseling practices more readily available in Cuyahoga County suburbs.  ESOP already provides intakes in South Euclid and Lakewood.

Starting Feb. 4, 2010, trained counselors from ESOP will also set up shop once a week in Bedford Heights and Garfield Heights. Please see below for more detailed information on the time and location of these new intake sessions. Homeowners do not have to be city residents but MUST call or email ESOP to set up an appointment.

Bedford Heights, Every Wednesday at 6 p.m.
Jimmy Dimora Community Center, 5615 Perkins Road, Bedford Heights, OH 44146

Garfield Heights, Every Thursday at 1 p.m.
Word of Righteousness Family Life Center, 13455 Dressler Avenue, Garfield Heights, Ohio 44125

To make an appointment or for more information, please call ESOP at 216-361-0718 or email .

ABOUT ESOP:
ESOP is a HUD-certified housing counseling agency. ESOP’s success stems from partnerships with various lenders and servicers, allowing for easy negotiation of loan modifications. ESOP has been nationally and internationally recognized for its campaigns against predatory lenders and for its success obtaining mortgage resolutions that keep families in their homes.

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Funding

Funding for the coverage of economy and jobs topics comes from The Cleveland Foundation; The George Gund Foundation; The Kelvin and Eleanor Smith Foundation; The Nord Family Foundation; The Bruening Foundation; The Community Foundation for Lorain County; and The Charter One Foundation.