Can Anybody Out There Fix the Banking System?

By Joe Nocera

My column this Saturday is about the need to find a systemic solution to the problems that continue to plague the banking system. With Citigroup getting a new bailout a few months ago, and Bank of America getting one this week, clearly the current “let’s fix one bank at a time” approach isn’t working.

As it turns out, I heard quite a few interesting ideas. William Ackman, who runs the hedge fund Pershing Square, is proposing a new bank that, unencumbered by bad assets, would be able to jump-start lending by buying loan participations made by other banks. I heard several suggestions that we should simply nationalize banks that are insolvent, as Sweden did in the 1990s. Though this cuts against the American grain — and leaves shareholders with nothing — it does make it easier for the government to get the banks back on their feet, and presumably, once the crisis ends, to hand them back to the private sector. I had sources tell me that the banking crisis won’t end until the government comes up with a place to stem foreclosures, which after all are at the root of the problem. (Needless to say I agree with this, though that is a column for another day.)

Still, any systemic solution has to come from the government, which is why I was pleased to discover that the F.D.I.C. chairwoman, Sheila Bair, and the Federal Reserve chairman, Ben Bernanke, are talking about setting up a new bank that will buy bad assets, and presumably create a market price for them — at long last. Once that happens, the downward spiral of the nation’s big banks might finally stop. It is something that needs help if we’re ever going to pull out of this awful recession we’re in. I look forward to your comments.

Evening Economy Strategy

by gpp-peterborough.org.uk

Introduction:

Peterborough is located in the county of Cambridgeshire and has an estimated population (as of July 2002) of 158,000 people. There is a diverse mix of ethnic origins living and working in Peterborough, with 10.3% of Peterborough’s population classifying themselves as belonging to a non-white ethnic minority group in the 2001 Census. The Pakistani community makes up the largest non-white ethnic group in Peterborough, with approximately 5% of the total population. However, the city is also home to significant numbers of people belonging to other minority ethnic groups, such as India, Italy, China, the Caribbean, Poland and other East European countries, to name but a few.

Peterborough is continuing to expand with a number of new housing developments currently being built and further developments planned for the future. During 2003/2004, 583 actual new builds took place across the city and in Hampton alone, it is estimated that 13,000 houses will occupy the township on completion of the various building phases. The development of the A1M (formally known as the A1) has enhanced the infrastructure of Peterborough and allows easy access to and exit from the city. However, there are also a number of disadvantaged areas across the city and the Indices of Deprivation 2004 undertaken at Super Output Area level (a new statistical geography), shows that the Dogsthorpe Ward is within 5% of the most deprived SOAs in England, and Central, East and Ravensthorpe Wards within 10% of the same.

Peterborough is the largest city in the area and the City Centre attracts visitors from other counties, including Lincolnshire, Northamptonshire, Norfolk and South Cambs.

Peterborough City Centre has approximately 23 public houses, 5 night-clubs and a number of restaurants located in the heart of the city. The focus of the evening economy predominantly centres on the areas of Broadway, City Road, Northminster, Cattle Market and New Road, where there is a high concentration of pubs and clubs. The perception of the City Centre, which is often added to by the negative publicity in the local media, is that it is home to an increasing amount of alcohol related incidents of crime and disorder. There is also a view that the City Centre provides an evening market that is aimed more at the younger generation and binge-drinking culture. Whilst targeted and ongoing police operations have contributed to a decrease in a number of crime categories, reports of violent crime and street robberies have continued to rise.

Aside from Peterborough, the Prime Minster’s Strategy Unit’s Alcohol Harm Reduction Strategy for England paper, has estimated in their interim analysis, that alcohol misuse is costing the country around £20 billion per year. Therefore, the hidden costs of binge drinking are having a huge impact on the Police, NHS, Local Authority and Private Sectors.
Nationally, reports of violent crime continue to rise with an increase of 12% during 2003/2004. Across Cambridgeshire, reports of violent crime have increased by 7% during 2003/2004, however this increase falls 5% below the national average. Encouragingly, Cambridgeshire Constabulary’s detection rate for this type of crime stands at 52% during 2003/2004, representing a rate that is higher than the national average.

What do the statistics show us?

Unfortunately, it can be difficult to determine the true extent of alcohol related crimes. It is well known that many incidents remain unreported to the police. Enquiries into the feasibility of undertaking an anonymous alcohol related incident survey amongst patients visiting the A&E department at Peterborough District Hospital, failed due to the Health Authority’s legislation governing data collection and the Data Protection Act. Furthermore, the markers on the police recording systems, which would indicate use of intoxicating substances, appear to very under used. For this reason, it can be difficult to identify incidents that are alcohol related. A further complication is that many of the licensed premises that are located on Broadway fall within the police defined ‘Gladstone’ beat. However, a general search on violent and/or alcohol related crimes in the Gladstone beat will also produce a list of crimes in areas that fall outside of PEP’s immediate remit, i.e. the City Centre. Therefore, obtaining definitive and useful crime statistics can be a time-consuming and difficult task!

• From June 2003 to June 2004, 1017 offences relating to violent crime and anti-social behaviour were reported from the four City Centre beats. With regard to violent crime and public order offences, 50.6% of all offences occurred in the four hour period between 11.00 p.m. and 03.00 a.m. Of all offences, 37.6% of them occurred between 11.00 p.m. and 03.00 a.m. on Thursday, Friday and Saturday nights.
• The searches relating to anti-social behaviour have been undertaken using broad criteria, including abandoned vehicles etc. The searches have shown that 34.4% of all ASB incidents occurred between the hours of 11.00 p.m. to 03.00 a.m., with 24.3% occurring on Thursday, Friday and Saturday nights.
• Using the same search criteria as above, but with slightly differing dates, 716 crimes were reported between 31/3/03 and 30/04/04. The categories searched and the number of reported crimes for each of those categories are shown overleaf:

Offence Crimes

ABH 427

Common Assault 165

Affray 42

GBH 32

Sexual Assault 24

Violent Disorder 14
Rape 10

Attempted Murder 2

The offences were then further broken down into locations, although the type and times of the crimes have not been specified for the individual streets. However, the following list gives an indication of the 10 streets, which have seen the most reported crimes relating to ABH, Common Assault, Affray, GBH, Sexual Assault, Violent Disorder, Rape and Attempted Murder from the four City Centre beats – 52 1A, 1B, 1C and 1DLocation Number of crimes reported

New Road – 133

Geneva Street – 118

Lincoln Road – 73

Broadway – 60

Queensgate – 53

Westgate – 46

Park Road – 41

Long Causeway – 17

Bridge Street – 17

Whilst this list is not exhaustive and other areas of the City Centre should not be discounted, each of the remaining 25 streets included in the searches have only shown between 1 to 16 reported crimes from the aforementioned categories for the period 31/3/03 to 30/4/04.

It is clear from these searches that New Road and Geneva Street give rise to the most concern and whilst the exact times of the offences have not been fully investigated, we can perhaps conclude that by the very nature of their location, many of them will have occurred during the evening environment.
It is worth mentioning that the new police crime recording standards, which were introduced in 2002, have had a bearing on these figures, but the need has also been highlighted for a multi-agency partnership to tackle and address the issues surrounding crime and disorder in the City Centre.

What has happened so far?

Peterborough has an active Community Safety Partnership, made up of representatives from the Police, Peterborough City Council, Health Service, Primary Care Trusts, Fire Service, Probation Service and local voluntary sectors. Beneath the umbrella of the Community Safety Partnership, a number of partnership groups have been introduced to address a wide range of community safety issues. Whilst many of those groups have been working towards the common goal of improving security and well being in the City Centre, there has been a lack of communication between them. However, this issue is currently being addressed with the rejuvenation of the Safer Peterborough Action Group

A successful radio scheme, known as City Link, operates in the City Centre retail premises and currently has a membership base of 121 businesses, using a total of 185 radios. A further radio scheme, known as Centre Safe, has been introduced for the purpose of the evening economy and currently has a membership base of 21 licensed premises, using 21 radios.

Where do we go from here?

The range of issues that it is hoped will be addressed, has demonstrated the need for a co-ordinated approach by the Peterborough Evening Partnership (PEP). The partnership is made up of representatives from the Police (Sector Inspector, Licensing Inspector, Community Safety Manager and Community Safety Officer), Peterborough City Council (Licensing Department, CCTV Manager, Taxi Enforcement Officer, City Centre Co-ordinator, Street Warden/Supervisor, DAT), Licensees (Paul Hook – Peterborough Centre Forum) and other Local Agencies and Organisations (including Drinksense and occasional attendance from Trading Standards). Whilst continuing to work alongside other city centre based groups, the group ensures a collective approach to tackling the issues surrounding crime, disorder, safety, reassurance and evening services in the City Centre.

The sheer range of issues to be addressed and the time required to implement the action plans will have an impact on the time commitment for all involved in the project (PEP). To this end, consideration may need to be given to the employment of a project manager who can both shape the direction of the project and engineer the actions that need to be taken to successfully deliver it. Funding avenues will need to be explored to determine the establishment of this role.

A Project Board may also need to be introduced and its representatives might include some of those currently involved in PEP? If a project manager were to be introduced, the Project Board would oversee and direct that individual. In turn, the Project Board would report to the Community Safety Performance Management Group.

The range of initiatives being considered and the commitment from the organisations involved should contribute to raising the profile of Peterborough City Centre, with all those involved in the evening economy strategy striving to deliver improvements in the quality of life for employers, employees and customers alike.

Capital Growth Investment Strategy

by Economist on Dec 26, 2008 •

Capital growth investment strategy is a widely accepted and followed portfolio management strategy. As the name suggest, the strategy aims at capital growth, maximizing portfolio value, over time. Before we start, here is the danger signal - capital growth strategy is a high risk investment strategy which requires great investment discipline and money management.

A portfolio which follows capital growth strategy is mainly comprises of equities. Often more than 60 to 70 percent capital is invested in stocks, preferably growth stocks. Remaining portfolio can be constituted of low profit low risk investments such as fixed income securities, money market funds, cash, and/or precious metals like gold to limit overall portfolio risk. The exact portfolio capital allocation depends on many things like individual profit goals, risk tolerance, risk capital involved, portfolio size and investing experience.

Many times one can see capital growth portfolios which allocate more than 90 percent capital to equities. Capital growth investors often prefer small and mid cap stocks over large cap stocks, because these show greater growth and are expected to offer increased return over time. Diversification of portfolio is important in capital growth strategy and is achieved by investing in different products like stocks, options, futures, ETFs, funds, bonds, etc. Portfolios which allocate most (all) of the capital to equities achieve diversification by investing in different industry stocks, different markets, using derivatives to hedge risks, and by investing in both high growth high risk stocks and low profit low risk stocks.

Capital growth investment strategy is a long-term strategy, which may or may not require periodical reassessments and rearrangements of portfolio allocations. Investable stocks are found using various growth investing tools and strategies. Active portfolio management is recommended for experience investors, to replace low performing investments with high performing ones. But remember, active management often requires greater costs.

The advantages of capital growth investment strategy involve faster increase in asset value and better chance of profit than most other investment strategies. The disadvantages include higher risk, unpredictable returns and high volatile portfolio. With capital growth strategy, market entry and exit timings are very important; and there are too many market, risk and economical factors to be considered. The silver lining is ‘irrespective of frequent ups and downs, the equity market shows almost steady growth in long-term; which is higher than most other financial markets’.

An economic challenge the Tories won't meet

source : Thomas Walkom
Dec 06, 2008 04:30 AM
Comments on this story (51) Thomas Walkom
The biggest winner from this week's botched coalition attempt is Stephen Harper. The biggest losers are those Canadians who had hoped the government – whether Conservative or otherwise – would act seriously to confront the economic crisis.
As if to underline this, Statistics Canada announced yesterday that the country lost more than 70,000 jobs last month, most of them in Ontario.
First, the coalition. The attempt by the Liberals and New Democrats (with Bloc Québécois support) to replace Harper's Conservative government was always fragile. But who could have predicted how quickly their project would start to collapse?
All it took to break the nerve of the Liberals was a bad video (the bizarrely amateur filming of Liberal Leader Stéphane Dion's address to the nation Wednesday evening), a few Conservative attack ads and the widely expected decision of Governor General Michaëlle Jean to let Harper suspend Parliament.
By Thursday, Dion was hinting that perhaps a compromise could be found that would keep Harper in power.
His would-be heir, Toronto MP Michael Ignatieff, went even farther, describing the entire coalition scheme as a useful instrument in the opposition's ongoing attempts to influence Harper – that is to say, a bargaining ploy rather than a serious attempt at governing.
That puts Harper back on top. When Finance Minister Jim Flaherty delivered an economic update 10 days ago that appeared to demonstrate no understanding of the economic crisis, Harper calculated that the Liberals were too disorganized to oppose it.
It seems he was right. The only surprise is that it took the Liberals a week to figure this out.
In theory, the three opposition parties could still bring down Harper's government next month and form their own. But to do that, all three would have to keep their resolve, which right now seems most unlikely.
Nor, having spent their powder, do the opposition parties have the leverage to persuade Harper to accede to any future demands.
That means that the plan to guide the country from recession will be the one hinted at in Flaherty's update. And that, quite simply, is not enough.
There will be some good news. A Harper government will probably bail out the Big Three auto companies. It was on its way to do that before Parliament blew up. It will also try to accelerate spending that it has already announced on projects such as sewers and roads.
But Flaherty has also said that a major new stimulus package is not in the cards. He insists that his government has already met its international commitment to boost the Canadian economy with tax cuts or spending and that it doesn't need to do any more.
In this, he is absolutely wrong. And as an economist, Harper knows it. Organizations such as the Group of 20 and the International Monetary Fund are calling on countries like Canada to act now to pour new money into their economies in order to offset the global slump, and to accept huge, short-term deficits as the necessary cost. They are not asking them to boast about the past.
The IMF suggests that Canada's government run a deficit next year of more than $30 billion as part of a concerted international effort to prevent global economic collapse. Otherwise, it predicts, the crisis can only get worse.
That is the scale of the challenge. It's not clear that the coalition partners would have met it. It is quite clear that the Conservative government they inadvertently emboldened will not.
Thomas Walkom's column appears Wednesday and Saturday.

Finacial problem

If the "buy now-pay later" way of life has left you facing a mounting pile of bills each month, you're not alone. Today, millions of Americans are having difficulty paying their debts. Most of those in financial distress are middle income families with jobs who want to pay off what they owe.

If you are having financial problems, it is important for you to act now before those problems get worse. Doing nothing can lead to much larger problems in the future -- even bigger debts, the loss of assets such as your house, and a bad credit record.

The good news is that there are solutions. There are ways to help improve your relationships with creditors, reduce your debts, and help you manage your money. In brief, these solutions can help give you a new, fresh start. First, let's see how bad your problems are.

Financial Fitness Checklist

To find out just what kind of financial shape you're in, answer the questions in the following Financial Fitness Checklist.1 If you're married, print this out and take it home so that you and your spouse can work together to answer the questions. Make a note of how many questions you answer yes to.

1. Are you using more and more of your income to pay your debts?
2. Do you make only the minimum payments due on your loans and credit cards each month?
3. Are you near, at, or over the credit limit on your credit cards?
4. Are you paying your bills with money intended for other things?
5. Are you borrowing money or using credit cards to pay for things you used to buy with cash?
6. Do you often pay your bills late?
7. Are you dipping into your savings to pay current bills?
8. Do you put off visits to the doctor or dentist because you can't afford them?
9. Has a collection agency called recently about overdue bills?
10. Are you working overtime or holding a second job to make ends meet?
11. If you or your spouse lost your job, would you be in financial trouble right away?
12. Do you worry about money a lot?

If you answered "no" to all questions on the Financial Fitness Checklist, you're the picture of financial health.

One or two "yes" answers, while not necessarily a sign of impending doom, can be a warning sign of potential problems. Before things get any worse, take time now to draw up a realistic budget (including a savings plan) or to revise your spending plan. Cut back on your use of credit cards, and watch closely for other signs of financial trouble.

Three to five "yes" answers could mean that you're heading for financial trouble. It's imperative that you get your spending under control right away. If you don't have a monthly budget, draw one up and follow it. Put away your credit cards and cut out all unnecessary spending until you can answer "no" to all the questions on the Financial Fitness Checklist.

If you answered "yes" to more than five of the questions on the Financial Fitness Checklist, you may already be in serious financial trouble. But don't despair. Financial counseling can start you on the road to financial recovery.

Road to Financial Recovery

If the Financial Fitness Checklist indicates you are heading for financial trouble or already in it, immediate action is in order. Eight different organizations concerned with consumer and credit issues worked together to develop the following guidance for people like you.2 Free or low-cost personalized counseling is available through your Employee Assistance Program or a private non-profit organization in your area.

What You Can Do for Yourself

Review your specific obligations that creditors claim you owe to make certain you really owe them. If you dispute a debt, first contact the creditor directly to resolve your questions. If you still have questions about the validity of the debt or the collection practices, contact your state or local consumer protection office or state Attorney General.

Contact your creditors to let them know you're having difficulty making your payments. Ideally, this should be done before a payment is late or missed. Tell them why you're having trouble -- perhaps it's because you or a spouse recently lost a job or have unexpected medical bills. Try to work out an acceptable payment schedule with your creditors. Most are willing to work with you and will appreciate your honesty and forthrightness. Many have "hardship programs" which provide for adjustment of payments for a period of time.

The Fair Debt Collection Practices Law prohibits a debt collector from showing what you owe to anyone but your attorney, harassing or threatening you, using false statements, giving false information about you to anyone, and misrepresenting the legal status of your debts. Remember that under other federal laws to collect debts, creditors cannot seize most government assistance and can only garnish a portion of wages to collect debts.

Budget your expenses. Create a spending plan that allows you to reduce your debts. Itemize your necessary expenses (such as housing and health care) and optional expenses (such as entertainment and vacation travel). Start a savings plan so that funds are available for unforeseen but essential expenditures. Stick to the plan.

Try to reduce your expenses. Cut out any unnecessary spending such as eating out and purchasing expensive entertainment. Consider taking public transportation rather than owning a car. Clip coupons, purchase generic products at the supermarket, and avoid impulse purchases. Above all, stop incurring new debt. Consider substituting a debit card for your credit cards.

Use your savings and other assets to pay down debts. Withdrawing savings from low-interest accounts to settle high-rate loans usually makes sense. Selling off a second car not only provides cash but also reduces insurance and other maintenance expenses.

Look for additional resources from governmental and private sources for which you may be eligible. Government assistance includes unemployment compensation, Aid to Families with Dependent Children (AFDC), food stamps, low-income energy assistance, Medicaid, and Social Security including disability. Other resources may be available from churches and community groups. Often these sources are listed in the Yellow Pages of your phone book.

"Looking closely at our options helped us realize that we still needed to try self-budgeting before taking more extreme measures. We think that perhaps we were giving up too soon." Alicia A.

What Others Can Do for You

Credit Counseling. If you are unable to make satisfactory arrangements with your creditors, there are organizations that can help. An organization that you can call is a Consumer Credit Counseling Service (CCCS) agency. These local, non-profit organizations affiliated with the National Foundation for Consumer Credit (NFCC) provide education and counseling to families and individuals.

For consumers who want individual help, CCCS counselors with professional backgrounds in money management and counseling can provide support. To promote high standards, the NFCC has developed a certification program for these counselors. A counselor will work with you to develop a budget to maintain your basic living expenses and outline options for addressing your total financial situation. If creditors are pressing you, a CCCS counselor can also negotiate with these creditors to repay your debts through a financial management plan. Under this plan, creditors often agree to reduce payments, lower or drop interest and finance charges, and waive late fees and over-the-limit fees.

According to the NFCC, about 35% of those counseled are able to help themselves after budget counseling sessions; 30% require a debt repayment program, 7% are referred to legal assistance, and 28% are referred to other resources (e.g., programs for treating compulsive behavior such as alcohol, drug or gambling problems) or decide not to participate at that time. About 65% to 70% of the individuals who start the debt repayment plan complete it successfully.3

After starting the debt repayment plan, you will deposit money with CCCS each month to cover these new negotiated payment amounts. Then CCCS will distribute this money to your creditors to repay your debts. With more than 1,100 locations nationwide, CCCS agencies are available to nearly all consumers. Supported mainly by contributions from community organizations, financial institutions, and merchants, CCCS provides services free or at a low cost to individuals seeking help. To contact a CCCS office for confidential help, look in your telephone directory white pages, or call 1 (800) 388-2227, 24 hours a day, for an office near you.

"I cannot tell you how happy I am to finally be able to control my finances now that I have followed a budget. So far, so good. I actually have a balance in my savings account!" Rodney O.

Personal Bankruptcy. Bankruptcy is a legal procedure which can give people who cannot pay their bills a fresh start. A decision to file for bankruptcy is a serious step. You should make it only if it is the best way to deal with financial problems.

There are two types of bankruptcy available to most individuals. Chapter 13 or "reorganization" allows debtors to keep property which they might otherwise lose, such as a mortgaged house or car. Reorganizations may allow debtors to pay off or cure a default over a period of three to five years, rather than surrender property.

Chapter 7 or "straight bankruptcy" involves liquidation of all assets that are not exempt in your state. The exempt property may include items such as work-related tools and basic household furnishings, among others. Some of your property may be sold by a court-appointed official or turned over to your creditors. You can file for Chapter 7 only once every six years.

Both types of bankruptcy may get rid of unsecured debts (those where creditors have no rights to specific property), and stop foreclosures, repossessions, garnishments, utility shutoffs, and debt collection activities. Both types also provide exemptions that permit most individual debtors to keep most of their assets, though these "exemption" amounts vary greatly from state to state.

Bankruptcy cannot clean up a bad credit record and will be part of this record for up to ten years. It can, for example, make it more difficult to get a mortgage to buy a house. It usually does not wipe out child support, alimony, fines, taxes, and some student loan obligations. Also, unless under Chapter 13 you have an acceptable plan to catch up on your debt, bankruptcy usually does not permit you to keep property when the creditor has an unpaid mortgage or lien on it.

Bankruptcy cases must be filed in federal court. The filing fee is $160, which sometimes may be paid in installments. This fee does not include the fees of your bankruptcy lawyer.

Choosing a bankruptcy lawyer may be difficult. Some of the least reputable lawyers make easy money by handling hundreds of bankruptcy cases without adequately considering individual needs. Recommendations from those you know and trust, and from employee assistance programs, are most useful.

Some publicly funded legal services programs handle bankruptcy cases without charging attorney fees. Or these programs may provide referrals to private bankruptcy lawyers. Keep in mind that the fees of these attorneys may vary widely.

"Our bills have been a source of worry to us. After bringing our problem to credit counselors, we have begun to feel there is a way to cope with it. We are feeling more confident now." Nelson M.

Possible Pitfalls

You may encounter credit counselors who aren't helpful. For-profit or non-credentialed counseling organizations often make promises that they cannot or do not keep. Be especially careful when asked for a large sum of money in advance. To check the organization's reputation, contact your state Attorney General, consumer protection agency, or Better Business Bureau.

"Credit repair" clinics and "credit doctors" have been frequently criticized for promising that they can remove negative information from your credit report. Accurate information cannot be changed. If information is old or inaccurate, you can contact a credit bureau yourself and ask that it be removed.

Risky refinancing options. When already in financial trouble, second mortgages greatly increase the risk that you may lose your home. Be wary of any loan consolidations or other refinancing that actually increase interest owed or require payments of points or large fees.

A Final Word: Don't lose hope, even if you despair of ever recovering financially. You can regain financial health if you act. Pursuing the options presented in this pamphlet can put you on the road to financial recovery.

"It feels great to be getting my life (and credit) in order!" Robyn H.

Security Concerns

An individual who is financially overextended is at risk of engaging in illegal acts to generate funds.

Amount of debt determines, in part, how stressed and desperate a person is as a result of financial problems. However, what caused the debts and how one deals with these financial obligations tells more than amount of debt about a person’s reliability, trustworthiness, and judgment.

If a person is not at fault for the financial problems and is dealing with them in a reasonable manner, security concern is substantially alleviated. On the other hand, debts caused by irresponsible or impulsive behavior or by gambling, alcohol abuse or drug abuse are a serious concern. A person who is irresponsible in fulfilling financial obligations may be irresponsible in fulfilling other obligations, such as following the rules for protecting classified information.

Financial stress is common among a large segment of the population. Many immature young persons go through a period of difficulty adjusting to the temptations of easy credit. Most people with financial difficulties do not view crime as an appropriate means of solving their problems, but the few who do are a serious concern. Of recent spies who betrayed their country for money, about half were motivated by some real or perceived urgent financial need, and about half by personal greed.4 Greedy individuals often have a compulsive need for money or goods as a measure of success or as a source of self-esteem, influence, power, or control.

FAMILY FINANCIAL CENTERS IS THE "QUANTUM LEAP" FORWARD IN THE EVOLUTION OF THE ALTERNATIVE FINANCIAL SERVICE CENTER.

source : www.familyfinancialcenters.com

Located in attractive suburban centers, Family Financial Centers have the systems, ambience and professionalism of a traditional bank. FFC offers a full array of financial services including check cashing, money orders, wire transfer, tax preparation services and short-term consumer loans. (see Products & Services) Family Financial Centers is committed to raising the standard for alternative financial service providers both for product offerings and the way they are delivered to the market. Our centers are conveniently located to our customers home or work. We are fully automated with systems that keep the average transaction time to just a few minutes. This allows our customers to have all of their financial needs taken care of conveniently and efficiently, in an environment that is upbeat, professional and friendly. If you are an individual looking for a franchise business opportunity that offers real value to the customer and real financial rewards to you, then FFC may be the right choice. We offer a variety of investment options including single store, multiple stores, acquisitions (existing stores with cash flow that would be eligible for conversion), area development and master licenses (see Investment Options for more details).
Mergers and Acquisitions
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Buyers
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Learn More...If you're looking for a "single source" solution for researching, developing and opening your store, FFC is the place for you. We will lead you through the maze of starting a business from initial discussions to store opening and support you thereafter. We're there for you each step of the way.

State of the world into a warming world

The following is Dr. Rajendra K. Pachauri's foreword to State of the World 2009: Into a Warming World, which will be published by the Worldwatch Institute next week. Dr. Pachauri will be keynoting the 13th Annual State of the World Symposium in Washington, D.C. on January 15, 2009.The Worldwatch Institute's State of the World reports have evolved into a remarkable source of intellectual wealth that provides understanding and insight not only on the physical state of this planet but on human systems as they are linked with ecosystems and natural resources around the world. It is especially heartening that the focus of State of the World 2009 is on climate change.The contents of this volume are of particular interest as they are based on the findings of the Fourth Assessment Report of the Intergovernmental Panel on Climate Change (IPCC) and provide a comprehensive overview of the policy imperatives facing humanity as we come to grips with this all-important challenge confronting the world today. The IPCC report provided the global community with up-to-date knowledge through an overall assessment of climate change that went substantially beyond its Third Assessment Report. On the basis of strong and robust scientific evidence, the IPCC stated clearly that "warming of the climate system is unequivocal, as is now evident from observations of increases in global average air and ocean temperatures, widespread melting of snow and ice, and rising global average sea level." The evidence from observations of the past 150 years or so leads to some profound conclusions. For instance, 11 of the last 12 years are among the 12 warmest years ever recorded in terms of global surface temperature.This edition of State of the World brings out clearly the difference between inaction based on a business-as-usual approach and action to mitigate greenhouse gas (GHG) emissions in order to avoid the worst impacts of climate change. U.N. Secretary-General Ban Ki-moon has rightly called climate change "the defining challenge of our age." Several world leaders have made similar statements to highlight the importance of taking climate change seriously when developing initiatives and plans for the future. State of the World 2009 has framed the challenge appropriately by emphasizing the importance of not only new technologies but also a very different approach in terms of human behavior and choices. An important element of future solutions is a different form of global governance-one that would create a high level of seriousness in the implementation of global agreements.It is profoundly disappointing, for example, that although the United Nations Framework Convention on Climate Change (UNFCCC) came into existence in 1992 it took five more years to provide the convention with an agreement that could be implemented-the Kyoto Protocol. A further source of disappointment is the fact that the Kyoto Protocol, which required ratification by a minimum number of countries accounting for a specific share of greenhouse gas emissions, did not enter into force until 16 February 2005. All of this, unfortunately, provides a sad commentary on the importance that the global community has accorded the problem so far.It was against this dismal record of inaction, and just after the release of the Synthesis Report of the recent IPCC report, that hopes were raised that the Thirteenth Conference of the Parties to the UNFCCC, held in Bali in December 2007, would finally agree on some firm action on an agreement beyond 2012, the final year covered by the Kyoto Protocol. The meeting was even rescheduled to four weeks after the Synthesis Report was due to be published, so that the delegates would have time to study the IPCC's findings. The Bali Action Plan that was adopted, following a great deal of debate and discussion, certainly provides hope for the future. It is gratifying that the discussions in Bali-and certainly the final declaration-were based predominantly on the assessment contained in the Synthesis Report, the final document in IPCC's Fourth Assessment Report.State of the World 2009 has been structured logically into chapters that clearly explain the sequence that must guide our understanding of the problem and help set directions for taking action. Particularly relevant is the explanation of what would constitute a safe level of concentration of GHGs. Recall that the main objective of the UNFCCC is stabilization of GHGs in the atmosphere at a level that would prevent dangerous anthropogenic interference with Earth's climate system. Article 2 of the treaty notes that such a level should be achieved within a time frame sufficient to allow ecosystems to adapt naturally to climate change, ensure that food production is not threatened, and enable economic development to proceed in a sustainable manner. Unfortunately, understanding what level of emissions would actually be dangerous is still not clear in policymaking circles around the world.Several commentators in recent months have expressed deep concern at the current imbalance in the global market for foodgrains, which has hurt some of the poorest people on Earth. There is now mounting evidence that foodgrain output would be threatened by climate change, particularly if the average temperature were to reach 2.5 degrees Celsius above preindustrial levels. Some regions of the world would, of course, be affected far more than others. In Africa, for instance, 75-250 million people would experience water stress as early as 2020 as a consequence of climate change. Some countries on that continent may also be suffering from a 50-percent decline in agricultural yields by then.The definition of what constitutes dangerous anthropogenic interference is therefore directly related to specific locations, because not only are the impacts of climate change likely to vary substantially across the planet but the capacity to adapt is also very diverse in different societies. What could be labeled as a dangerous level of anthropogenic interference may have already been reached or even exceeded in some parts of the world. Some small island states, for instance, often with land areas not more than a meter or two above sea level, face serious risks from flooding and storm surges that represent a major threat to life and property even today.Mitigation measures that can help stabilize the concentration of GHGs in the atmosphere have been assessed as generally very low in cost, and most of these carry large-scale co-benefits that in effect reduce the costs further quite significantly. State of the World 2009 clearly explains the benefits of harnessing low-carbon energy on "a grand scale." The world has been slow in adopting some of these energy options simply because we have not as yet taken full advantage of economies of scale. Nor have we carried out adequate research and development that would allow new technologies to evolve effectively within a short period of time. One important way to develop and disseminate appropriate technologies would be to place a price on carbon, which would provide significant incentives to producers as well as consumers. But there is also an important role for regulatory measures, standards, and codes that can lay down appropriate benchmarks to be observed in different sectors of the economy. Government policy, therefore, will be an important driver of action in the right direction for mitigation of greenhouse gas emissions.The strongest message from State of the World 2009 is this: if the world does not take action early and in adequate measure, the impacts of climate change could prove extremely harmful and overwhelm our capacity to adapt. At the same time, the costs and feasibility of mitigation of GHG emissions are well within our reach and carry a wealth of substantial benefits for many sections of society. Hence, it is essential for the world to look beyond business as usual and stave off the crisis that faces us if we fail to act.This publication comes at a time when governments are focused on reaching an agreement in Copenhagen at the end of 2009 to tackle the challenge of climate change. It will undoubtedly influence the negotiators from different countries to look beyond the narrow and short-term concerns that are far too often the reason for inaction. Indeed, we all need to encourage and join them in showing a determination and commitment to meet this global challenge before it is too late.Dr. Pachauri is the Director General of The Energy and Resources Institute and Chairman of the Intergovernmental Panel on Climate Change.