About Yadkin County, NC

We work hard for our clients. We go out of our way to help sell their homes. Sometimes it is the home that is the problem, maybe needs an update or two. Sometimes it is just the economy, buyers can get "spooked" about major a commitment like a home. Sometimes it's financing, the buyer that puts in that great offer, just can't get the proper financing. But if you see this sign show up a couple of doors down, give up the listing.

Really, give it up now!

I recently read a NY Times article about the food stamp program in New York city. Where previous administrations had reduced the number of people on the federal program, now the city seems to be promoting the program "with materials that all proclaim a civic duty to apply- to "help New York farmers, grocers, and businesses. There is even a program on Rikers Island to enroll inmates leaving the jail."

Of course this is a controversial issue, in that most people see the need to help their neighbors in need and maybe the program is the best way to organize and administer the benefits, but one might question the logic in the next couple of paragraphs.

One case was about a Harlem widow, age 45, that worked as a part time school crossing guard. She made approx. 15k per year since her husband died. She was called by the Food Bank and ultimately applied and received $147.00 per month in food assistance. Supposedly when she went into the outreach office, she was talking happily about her daughters' college degrees and the cost of oxtail meat.

Another recipient, a 24 year old college graduate whose immigrant parents told him to "not be a burden on the country" As an Americorps volunteer, he has a stipend of $2500 per month. A food bank worker and his fellow volunteers pushed him to apply, saying, " there is enough aid to go around"

Currently about 1.6 million people in New York City are on food stamps.

A consumer group reports that the banking industry has given over $41 million to the Senate Banking committee members since 2005 and spent $336 million in lobbying efforts in the first three quarters of 2009.

Sen. Christopher Dodd (D-CT), Chairman of the Senate Banking committee, received over $9,000,000 and the ranking Republican Richard Shelby (R-LA) received $2.5 million.

Both seem to oppose any independent consumer protection regulations. Don't look for meaningful reform from these jokers.

The Federal Reserve published the basic plan that it follow to reduce the massive liquidity that it has injected into the system to help stave off economic collapse.

The plan was basically what could be expected from the Fed since it has basically run out of tools to combat the problem.

It can raise the Federal Funds rate, which is the rate the Federal Reserve charges member institutions to borrow overnight to balance their books. It can also raise the "discount rate" which is a discounted funds rate that member institutions pay when they borrow money for emergency reasons or for more than one day. Normally the payback period is 28 days but the Fed has increased it to 90 days for this crisis and it currently stands at .25%

A new approach that was broached by the Federal Reserve was for it to pay an "Excessive Reserves Rate" to banks that leave some of their funds in the Federal Reserve which would reduce the available money supply.

That's right, you got it, the Fed now wants us to pay banks for the money they have of ours. You see, now that Americans are saving at a much larger pace than normal, the banks believe they will have excessive cash sitting in their vaults. So based upon the Federal Reserve Rate, we will get some lower yield, banks will loan it at higher yields. But the beauty of this new policy is that the money that they cannot loan will be earning interest if they give it to the Fed instead of keeping it in the bank. Since the Federal Reserve is private and made up of banks, not us, it would seem logical that it would continue it's policy of providing capital to banks in the least expensive way.

The spreads on all the rates can be adjusted to make it look like the banks are complying with the "intent" of being for the public good, but in reality, they will be running the Federal Reserve to enrich their own accounts.

Talk about stealing from the blind.

Some times I wonder if we are not just selling "pies in the sky

."