By Zhao Yidi
March 25 (Bloomberg) -- Wall Street banks, brokerages and hedge funds may report $460 billion in credit losses from the collapse of the subprime mortgage market, or almost four times the amount already disclosed, according to Goldman Sachs Group Inc. Profits will continue to wane, other analysts said.
It is hard to feel sorry for them when I compare the following!
Food stamps double since '01
But price of food means they don't go as far now
Saturday, March 22, 2008 3:20 AM
By Catherine Candisky
THE COLUMBUS DISPATCH
Nearly one in 10 Ohioans now receives food stamps, the highest number in the state's history.
Caseloads have almost doubled just since 2001, with 1.1 million residents now collecting benefits, according to the Ohio Department of Job and Family Services.
Low wages, unemployment and the rising cost of groceries, gasoline and other necessities are to blame for financial hardships facing many Ohio families.
Caseloads have been rising steadily in the past seven years, said Brian Harter, spokesman for the state agency which oversees the food-stamp program.
"Look at unemployment during this time," he said.
Ohio's jobless rate is 5.3 percent, up from 4.4 percent in 2001.
"The economy and loss of manufacturing jobs are at the root of what's going on. But lately (it's) the rising cost of transportation and food -- people who were barely getting by, are not getting by," said Jack Frech, director of the Athens County Department of Job and Family Services.
"It has pressed folks to the edge to have to rely on food stamps."
Advocates estimate another 500,000 Ohioans are eligible but not enrolled in the food-stamp program.
Individuals in households with incomes up to 130 percent of the federal poverty level and with assets no greater than $2,000 in most cases are eligible for food stamps. That's earnings of no more than $22,880 a year for a family of three.
Recipients receive $100 a month. The federal government pays for the benefits while the state covers administrative costs.
But as the price of milk, fruits and other groceries climb, advocates say, recipients can buy less and less with that $100.
"Food stamps provide only about $1 per person, per meal. Who in the world is buying groceries with that?" asked Lisa Hamler-Fugitt, executive director of the Ohio Association of Second Harvest Food Bank.
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McGovern: Hard to Elect Female President
WASHINGTON (AP) - Former Sen. George McGovern, the 1972 Democratic presidential nominee, said Tuesday it would be easier for a black man to be elected to the White House than a woman. "I have a feeling that in this country where we're at today in our thinking, it's going to be harder to elect a woman than to elect a black man," he told The Associated Press on Tuesday. "I wish that weren't true ... I'd love to see Hillary as president."
McGovern says he occasionally chats with men who don't think a woman is ready for the responsibility.
"Some guy will say, 'Well, I think that's too big a job for a woman, I don't think she can handle those terrorists,'" he said, adding that he seldom hears the same thing said about a black man.
"I think we've never had a woman so well-qualified that's on the national scene," he said of Clinton.
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AH The GOOD LIFE
Filmgoers get a taste of the good life
Luxury exhib chain plans $35 film tickets
By MARC GRASER
A recession may be looming, but a group of investors thinks Americans are ready to pony up $35 for a movie ticket.
Village Roadshow Ltd., Act III, Lambert Entertainment and the Retirement Systems of Alabama pension fund have partnered to bring the luxury cinema circuit Village Roadshow Gold Class Cinemas to the U.S.
The partners will spend $200 million to build 50 theaters nationwide over the next five years, with the first two venues set to open in South Barrington, a suburb of Chicago, and the Seattle suburb of Redmond in October. Others are planned for Fairview, Texas, near Dallas-Fort Worth, and Scottsdale, Ariz.
Each complex will sport theaters featuring 40 reclining armchair seats with footrests, digital projection and the capability to screen 2-D and 3-D movies, as well as a lounge and bar serving cocktails and appetizers, a concierge service and valet parking.
But the circuit will especially push its culinary offerings -- made-to-order meals like sushi and other theater-friendly foods from on-site chefs (a service button at each seat calls a waiter). Moviegoers will have to pay extra for any food they order, however.
The Burbank-based company's hoping to attract 10 million "upscale and affluent" consumers per year to its theaters that will be housed in high-end shopping centers and malls. Each complex will typically house eight screens.
"It's a new way to go to the movies," said Graham Burke, managing director and CEO of Village Roadshow Ltd. "It's like what Mercedes is to a Toyota or like flying first class in an airplane
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Coming Soon To A Station Near You!
Gasoline Sticker Shock Shocks Tourists Along Highway One
If you think you're paying a hefty price at the pump, wait until you see what we found at a gas station just south of the Bay Area. NBC11's Bob Redell traveled to the city of Gorda where a gas station is charging $5.40 for a gallon of full service premium. It just might be the most expensive gas in the country, Redell reported. Gorda is in Monterey County along Highway 1 and the closest gas station is 40 miles away. Tourists couldn't believe what they were seeing, NBC11 reported. Many said they would never pay that much for a gallon of gas. Others said they had no choice.
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Thought it Wasn't over Till it's Over
Reid: "Things Are Being Done" To End Dem Primary Before Convention
Senate Majority Leader Harry Reid (D-NV) hints at some behind-the-scenes activity to bring the Democratic nomination race to a close:
Q: Do you still think the Democratic race can be resolved before the convention?
Reid: Easy.
Q: How is that?
Reid: It will be done.
Q: It just will?
Reid: Yep.
Q: Magically?
Reid: No, it will be done. I had a conversation with Governor Dean (Democratic National Committee Chairman Howard Dean) today. Things are being done.
Washington Monthly's Kevin Drum adds, "My mind is now at rest. Thanks, Harry."
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