The FDIC got off to a quick start today, closing two Georgia banks well before the usual 5 p.m. witching hour: High Trust Bank, Stockbridge, Georgia, and One Georgia Bank, Atlanta, Georgia. From the FDIC’s press release: Ameris Bank, Moultrie,…
Category: Economics
Felix Salmon on the damage already done by the debt ceiling debate
Felix Salmon is surely a new name to many, but his incisive commentaries on finance and economics have gained him considerable influence. In his latest opinion piece for Reuters, “The damage already done by the debt ceiling debate”, he notes…
Highlights of Bernanke’s remarks to the House today
Here you’ll find a few highlights from today’s prepared remarks by Ben Bernanke before the U.S. House Committee on Financial Services. It seems pretty clear the Fed is standing pat, despite fears from many of us that the current weakness…
Housing market slowly recovering, but what happens if FHA standards tighten?
A couple of pieces in yesterday’s Savannah Morning News shed some interesting light on the local housing market and on broader national issues. In his monthly roundup of data, reporter Adam Van Brimmer quotes a couple of realtors who come…
Today’s City Talk column assessing the Savannah economy at midyear
I make economic projections for the local economy with the turn of every new year. Back in January, I talked about two different scenarios: a continuation of slow growth or a much darker version in which the economy slides back…
Thoughts on the Wall Street / Main Street disconnect
First, a disclaimer: I’m not a stock market expert and NO ONE should take my thoughts on stock values as a basis for ANY type of trading. I remember where I was when the Dow peaked in early October 2007.…
After recent dip, gas prices going up
I’ve noted that recent declines in gas prices have certainly helped the Savannah economy, so I guess I’m obligated to note that prices are going back up. They’re still 30 cents or so off the recent peak, but here’s the…
Missing a chance to make progress toward reducing deficits and the debt?
A little over a decade ago, under a Democratic president, the United States was paying off the national debt in significant strides. Surpluses were running over $200 billion a year. Than came dramatic tax cuts, an expansion of Medicare benefits,…
More on Friday’s terrible jobs report
I already posted yesterday about June’s terrible jobs data from the Bureau of Labor Statistics that showed anemic job growth in America of 18,000. The private sector added 57,000 jobs last month — a pretty poor showing considering the economy…
Weak job numbers for June; U.S. economy added 18,000 jobs
I was prepared to write an upbeat post this morning about some of the week’s economic data, including this morning’s jobs report, which was widely expected to show a respectable increase. Those expectations were based on some pretty good data…
More on TSPLOST votes in trouble
Just a quick follow up to yesterday’s post about ESPLOST and TSPLOST (1% sales tax increases for education and transportation infrastructure). In the Dublin Courier Herald and here on Peach Pundit, Charlie Harper paints a grim picture for TSPLOST prospects…
Will Savannah area voters raise their taxes this fall?
Let me begin by saying that I think, for the most part, that “special purpose local option sales taxes” are generally a poor way for governments to raise money. If individual public capital projects are truly worth doing, then elected…
Can we learn anything from Detroit about revitalizing cities?
No, this is not a cautionary tale about how to avoid decline in an urban area. I pretty routinely hear people talk about Savannah or Atlanta becoming the “next Detroit”. There’s sometimes a racist edge to those statements, which often…
From the About-Damned-Time Dept., Ga. econ. development official focuses on jobs
From today’s Savannah Morning News, reporter Mary Carr Mayle brings us some good news: Jobs the top priority for state’s new commissioner of economic development: As a new state administration begins to settle in, Chris Cummiskey, Gov. Nathan Deal’s choice…