Lots of news all around on this. Try either Bond Buyer: Harrisburg Enters Pennsylvania’s Act 47 Program
or Bloomberg: Harrisburg, Pennsylvania, Declared ‘Distressed’
Kind of a metaphysical question what defines ‘distress’ for a municipality. In the census data dump yesterday Braddock, PA is showing a 35% housing vacancy rate. That would be distress and a big jump from the 28% that the 2000 data was showing, as inconceivable as that was. So Act 47 has done wonders for Braddock. I really have to wonder if that is not the highest incidence of housing vacancy for a municipality anywhere in the nation. Other than Centralia of course, but they at least have this excuse that the state has ordered the town fully evacuated.
On Wednesday, taxpayers received additional paybacks from their investments in the Troubled Asset Relief Program (TARP).
General Motors Corp., which went public last month, repurchased it’s preferred shares in the program to the tune of $2.1B.
Additionally, common shares held by the Treasury are now valued at nearly $17B based on GM’s closing price of $33.61 on Wednesday. The Treasury continues to hold a stake of 500,065,254 shares of common stock in GM via the TARP program investment.
Monday’s transaction is further evidence of the success of the $700B program that has now not only helped stabilize the U.S. Banking system, but also the U.S. auto industry.
The government investment — which initially was viewed as a cost burden to U.S. taxpayers — has now stabilized two large U.S. industries and has some analysts wondering if the investments might even turn a profit. Cost estimates over the last several months have the break-even gap narrowing nearly every month, with the last estimate closing to within $25 billion.
At 8:30 AM EST, the U.S. government will release its weekly Jobless Claims report. The consensus is that there were 420,000 new jobless claims last week, which would would be 1,000 less than the number released last week.
Also at 8:30 AM EST, the Housing Starts report for November will be released. The consensus is that construction on 550,000 new homes were started last month, which would be an increase of 26,000 from October.
Also at 8:30 AM EST, the Current Account for the third quarter of 2010 will be released, which will provide information about the international trade balance with the United States.
At 10:00 AM EST, the Philadelphia Fed Survey report for December will be released. The consensus is that the index will be at 16, which would be an decrease of 6.5 points from the previous month, but 15 points higher than the value for October.
At 10:30 AM EST, the weekly Energy Information Administration Natural Gas Report will be released, giving an update on natural gas inventories in the United States.
At 4:30 PM EST, the Federal Reserve will release its Money Supply report, showing the amount of liquidity available in the U.S. economy.
Also at 4:30 PM EST, the Federal Reserve will release its Balance Sheet report, showing the amount of liquidity the Fed has injected into the economy by adding or removing reserves.
Join the forum discussion on this post - (1) Posts
WordPress database error: [Table './amateure_sswp01/comments' is marked as crashed and should be repaired]
SELECT DISTINCT ID, post_title, post_password, comment_ID, comment_post_ID, comment_author, comment_author_url, comment_content, comment_date_gmt, comment_approved, comment_type, SUBSTRING(comment_content,1,60) AS com_excerpt FROM comments
LEFT OUTER JOIN posts ON (comments.comment_post_ID = posts.ID)
WHERE comment_approved = '1' AND comment_type = '' AND post_password = ''
ORDER BY comment_date_gmt DESC