The Newscaster/Nature Coast News
PAGE 11 - September 24, 2008
Editorial - Opinion - Commentary
The weight of bad loans has created
Yankeetown Mayor’s Report
deep cracks in our economy
A Guest Commentary by Mayor Dawn Clary
A Guest Commentary by Nancy Lewis
billion. I am reading Money.com and get-
Well it's finally done for the year. Last Friday night the town council passed the
There are 3183 residential listings
ting the latest on the meetings between Ben
new budget for the next year. The formulation of a budget is not easy to say the least. You
available on the MLS in our local market.
Bernanke of the Federal Reserve, Henry
have to see into the future and predict expenses that are not well quantified. Will an em-
They range in value from a mobile at $21,900
Paulsen, of the Treasury, Nancy Pelosi,
ployee get sick and you will need a lot more casual labor. What will legal expenses be when
to $10,100,000.00 for a 181 acre horse
Speaker of the house and members of Con-
it is not known what legal challenges will be presented. Like running a budget for a family,
farm.
gress. They are devising a plan to bail out
family members want a lot of things. You would like to provide them with all their hearts
In the past 30 days there were 150
the economy. It appears that the treasury will
desires but the household only has so much money coming in. The family may want a new
closings that ranged in price from $15,000
oversee the bailout and that a trust company
car and may well need a new car but the house also needs a new roof. Setting priorities
to $399,900. In the 30 days prior to that
will not be established. We are looking at a
when you don't have infinite resources means something may have to wait until another year
170 closings ranging from $15,000 to
figure near $700 Billion, when it is all said
or years. Also just the work of researching and compiling the numbers is tedious and poor
$494,000. In the 30 days prior to that 194
and done it will be in excess of ONE TRIL-
Norm has to do a lot of nagging to get people to do the numbers for their areas not to
closings, ranging from $30,000 to
LION DOLLARS. This bailout is being done
mention many hours for himself and Laura. The budget this year does draw from the re-
$975,000.
to end the housing crisis and put the economy
serves again. To an extent, this is due to the large planning projects that Yankeetown has
The weight of bad loans has created
back on the road to recovery. The treasury
been working on. The overhaul of the Comprehensive Plan and the Evaluation and Appraisal
deep cracks in our economy. I believe we
will purchase these bad loans at below mar-
Report has required a big outlay of cash to get the professional help that we need. Hope-
will all emerge much stronger for what we
ket rates and hopefully when the market
fully this will be over this year. However Yankeetown is lucky to have so many that are
have learned from this. Our children and
comes back they will sell them at a profit,
willing to donate their time which has saved us a lot of money. Without the help of Larry
grandchildren will read about these times in
that way the taxpayers won't be on the hook
Cohan, Ed Candela and many others, these projects would not only have cost more but also
economic and history classes.
for the one trillion plus in debt. Once these
may not have the community insight needed to produce a product which is tailor made for
The Federal Reserve was estab-
bad loans are off the banks books they will
Yankeetown. It seems to me be a good investment in our town. Legal expenses also contrib-
lished in 1913. Many people credit J.
be more willing to lend. Hopefully they will
ute to a larger budget. We all hope this will subside. At any rate, the budget is done. Norm
Pierpont Morgan with its creation. It is said
use more stringent criteria when when lend-
Shannahan is a perfectionist and he has done another really great job. Take a bow.
that he created the Federal Reserve because
ing in the future.
On another subject, Marsha Drew has obtained prescription DISCOUNT cards cour-
he loved this country and wanted to make sure
Its a different world today than in
tesy of Nancy Bell, Levy County Commissioner. These cards are for individuals who are
it was financially secure after he was gone.
the 30's. The Government, the Federal Re-
not covered by health insurance and are good for up to 20% savings off prescriptions at
That is how we need to feel, that we want
serve and the Treasury have no choice, they
participating pharmacies. They were made available through the joint effort of our local
this country to be financially secure when
have to bailout these loans, too much is at
county government and the National Association of Counties. Come into town hall if you
we leave it to our children.
stake in this country and around the world.
are interested and get more information and your card.
When the Federal Reserve refused
Once the bailout is put in place and the bad
Speaking of the budget, Special Thanx this week goes to Maxine Comer who comes
to bail out the banks in 1929, that was the
loans are taken over I believe we will see the
to the hearings and meetings and makes coffee and puts COOKIES out for a donation. Some
start of the Great Depression which ended
real estate closings in our local market and
of us only get about one hearing to the gallon of coffee.
in the late 1930s, early 1940s. We saw an-
around the country going up.
PRESS BOX
other financial crisis in the 80's and 90's, that
To receive my monthly newsletter,
Continued from page 8
is when the RTC was established to bail out
email me at nancylittlelewis@aol.com or call
the Savings and Loans to the tune of $394
352-302-6082
back against Wake Forest. While their young quarterbacks were struggling so badly it might
have been a good time to dust the cobwebs off 5th year senior Drew Weatherford and at
least give him a shot at getting things going for the Noles.
The ACC doesn’t have a team ranked in the top ten, but Clemson and Wake Forest are ranked
20th and 16th respectively. As the season progresses more teams from the ACC will show
up in the poll, (look out for North Carolina).
For a football pundit who thinks all polls but the final one are greatly exaggerated in
importance, I have spent a lot of this column writing about the AP poll. I do think that polls
serve the purpose of giving us something to talk about on Monday morning and not much
else until the season winds down.
My parting observation about the polls will be a positive one. I think all the polls have
number one right; Southern Cal looks awesome, but I can’t help but wonder if they played in
the SEC if they would be as likely to run the table. Call me prejudiced but I don’t think so.
Press Box Upset of the week-Tennessee 20 Auburn 16.
Letter to the Editor:
Inglis Hydropower will have a meeting at the Inglis Community Center at 7:00
PM, Tuesday, September 30. They will review the licensing process and schedule, project
location and expected impact on the Spillway Dam. A site visit will be held at the Inglis
Bypass Spillway at 4:00 PM the same date. People will be shown where the powrhouse,
intake structure, discharge channel, substation and transmisssion line will be located. Inglis
Hydropower will answer any questions. It will be located at the Spillway, just north of the
Greenways barbecue grills and picnic tables.
Phil Aungst from Big Oaks River Resort presented Captain Ken Kotas and Lieutenant Phil
The last meeting that was held, although it was heavily advertized, only 3 people
Sprinkle of the Inglis Fire Department with a check from the proceeds from the resort's Labor
showed up to see the slides and presentation. Please come out to this event. It is in your
Day bash. 10 bands played over the Labor Day weekend. Kotas was excited to tell that a new
town of Inglis and it concerns all of us, perhaps in a good way.
sign is coming for the Fire Department that was founded in 1971.Photo by Sally Price
Betty Berger, Inglis
Shannon Adams,Realtor
Important Toll Free Numbers
Aluminum Structures
Citrus Cty Govt. Citrus Springs &
Office 352-794-0888
7090 W. Gulf to Lake Hwy - Crystal River
Dunnellon 489-2120
Toll-Free 1-888-664-1951
Mobile Home Roofovers
Levy Cty Govt. 800-733-5389
Cell 352-220-9209 -Home 352-447-1009
Wood Decks
Levy Cty Sheriff 800-538-9767
352-563-2977
730 N. Suncoast Blvd., Crystal River
Pool Enclosures
FHP Brooksville 800-500-1240
FAX: 352-795-0282
Screen Rooms
FHP Gainesville 800-395-8248
Licensed & Insured
WEBSITE: www.ExitRealtyLeaders.com
Glass & Vinyl Rooms
The Newscaster 352-447-4588
E-MAIL: shannondadams@comcast.net
# CB-CA15418
Colored Seamless
352-621-4588
Gutters
www.aluminumstructures.com
Each Office is Independently Owned & Operated