With the constant change in our industry, economy, and culture I have to say I spend plenty of time on the web. Pretty much every aspect of my job involves some need associated with the good ol' WWW. Much of my time is consumed by communicating via email, updating blogs (conradventi.com, blog.ventiscafe.com, and my family blog), and keeping up with friends, family, and business associates on social networks such as Facebook. The new way of online communication, also known as Web 2.0, allows business or people like myself to communicate with clients in an interactive fashion. Blogs are good examples of Web 2.0.
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This morning Secretary Treasurer Henry Paulson announced a big step by the Federal Reserve to unfreeze credit for home buyers, consumers and small businesses, committing up to $800 billion.
Although the terms are still somewhat vague, some basic details were announced: the Fed will purchase as much as $600 billion of debt that is issued or backed by government-chartered housing-finance companies. A new $200 billion program will be implemented by the Fed to support consumer and small business loans.
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The Federal Reserve released the statement regarding the Citigroup intervention. Notice the guidelines by which the Fed states they will preserve the strength of our banking system and promote recovery. Joint Statement by Treasury, Federal Reserve, and the FIDC on Citigroup.
More on Federal Reserve, FDIC, and The Treasury On The Citi Bailout
Happy Friday!
Today in a national news conference, president-elect Barack Obama said that he will push a stimulus package through "immediately after" taking office. The call to action will be necessary if the Bush Administration doesn't approve a stimulus prior to exiting office. This news conference took place after morning reports of jobless claims grew to 6.5% in October, the highest since 1994. Obama said the reports are "an urgent reminder that we are facing the greatest economic challenge of our lifetime."
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Tuesday I posted information regarding the views of economic recovery/regulation for both candidates on "Regulation: What's Next?". With the election now over, the transition has started to take shape. One of the first tasks President-Elect Obama will address is the state of our economy.
More on President-Elect Obama's Economic To-Do List
The roller coaster ride on Wall Street has drawn an amazing amount of attention in recent months. Regardless of a win from John McCain or Barack Obama today, the issue of the regulation of Wall Street will be loudly spoken about in the coming weeks. Each candidate has a completely different regulation plan than the exiting president.
More on Regulation: What's Next?
Last week one of my readers asked a few questions regarding my thoughts on the stimulus package and the economy in its state following my post "Possibilities Of Another Stimulus Package". I enjoy the interaction and questions and thought it to be prudent to post the reply:
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On October 4th I posted "Rollercoaster Ride" in reaction to the Dow's single largest point drop in history. Unfortunately the ride is not over. The Dow has reacted with significant gains and losses throughout the past couple of weeks. One bright piece of information today is existing US home sales has increased 5.5% since 2007.
More on A Simple 3 Step Process To Heal The Financial Crisis
Today Federal Reserve Chairman Ben Bernanke share with Congress his concerns for the economy that continues to see a slow down. Despite the recent movements by the Bush Administration and the global efforts of the world's central banks, the US Economy is still continuing retract. The financial and credit markets continue to show daily uncertainty.
More on Possibilities Of Another Stimulus Package
I had an interesting conversation with one of my family members today regarding current state of available mortgages. Dino Venti owner of Venti's Cafe in downtown Salem has been building his loyal clientel for nearly 13 years. When you step into Venti's you feel a sense of community among the regulars – it definitely has that "Cheers" type of atmosphere. Having the face to face contact with customers nearly every day for the past 13 years, Dino has established many friends and acquaintances in the Willamette Valley.
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