South Carolina Miss Teen USA 2007 answers the big question. Ridiculous…but hilarious.

$124.6 Billion Tax payer bailout of financial institutions payed from 1986-1996, ridiculous.

From Wikipedia’s article on “savings and loan crisis,” here:

…While not part of the Savings and Loan Crisis, many other banks failed. Between 1980 and 1994 more than 1,600 banks insured by the Federal Deposit Insurance Corporation (FDIC) were closed or received FDIC financial assistance. [13]

During the Savings and Loan Crisis, from 1986 to 1995, the number of US federally insured savings and loans in the United States declined from 3,234 to 1,645. [14] This was primarily, but not exclusively, due to unsound real estate lending.[15]

The market share of S&Ls for single family mortgage loans went from 53% in 1975 to 30% in 1990.[16]

U.S. General Accounting Office estimated cost of the crisis to around USD $160.1 billion, about $124.6 billion of which was directly paid for by the U.S. government from 1986 to 1996.

(/h2>[17] That figure does not include thrift insurance funds used before 1986 or after 1996. It also does not include state run thrift insurance funds or state bailouts.

The concomitant slowdown in the finance industry and the real estate market may have been a contributing cause of the 1990-1991 economic recession. Between 1986 and 1991, the number of new homes constructed dropped from 1.8 to 1 million, the lowest rate since World War II. [18]

A taxpayer funded government bailout related to mortgages during the Savings and Loan crisis may have created a moral hazard and acted as encouragement to lenders to make similar higher risk loans during the 2007 subprime mortgage financial crisis. [19]

What’s on youtube at our house…xsparkage make up tutorials

Click here to visit sparkage’s make up tutorial site and see more face art tutorials…

If you like this sort of thing, You can also visit http://discodolliesbows.com/about.html to purchase xsparkage’s custom made bows.

Connecticut General Assembly overrides Governor’s minimum wage increase veto

The following was published at Courant.com, in the Hartford Courant:

HARTFORD, Conn. – With two votes to spare, the Democrat-controlled state legislature voted Monday to override Gov. M. Jodi Rell’s veto of a minimum wage increase.

It marked the second time that the General Assembly has overturned one of the Republican governor’s vetoes.

The override will ensure that the current minimum hourly wage of $7.65 an hour is boosted to $8 beginning in January, and to $8.25 an hour in 2010. The change will make Connecticut’s minimum wage among the nation’s highest.

“It’s a simple matter of equity,” said Senate Majority Leader Martin Looney, D-New Haven, saying low-wage workers need the $14 weekly increase as gasoline and food prices are increasing.

House members needed a two-thirds majority – at least 101 votes – to override the veto. The final tally was 102-39.

The Senate’s vote was 25-9, a one-vote margin above the minimum 24 votes needed for the override. Both votes were mostly along party lines.

According to the U.S. Department of Labor, Washington currently has the highest minimum wage rate, at $8.07 an hour. Of Connecticut’s neighbors, the minimum wage is $8 in Massachusetts, $7.40 in Rhode Island and $7.15 in New York.

An estimated 65,000 workers in the state receive the minimum wage.

Rell, who supported past minimum wage increases, called Monday’s veto override “a seriously shortsighted decision” that will hurt small businesses during a difficult economic period.

“Even as the national economic picture continues to darken, the legislature has opted to further cloud Connecticut’s business environment,” she said.

Most of Rell’s GOP colleagues agreed.

“Please, before you cast your vote on this bill, think about what you’re doing,” pleaded state Rep. Anthony D’Amelio, R-Waterbury, who also owns a small business. “What you’re doing actually is hurting the people you’re trying to help.”

D’Amelio predicted that businesses will cut workers’ hours to cover the pay increase.

Some Democrats called the Republicans’ concerns a red herring. Senate President Donald Williams, D-Brooklyn, said similar dire predictions were made when lawmakers increased the wage in the past, but they never came true.

Sister Teresa Fonti, co-director of the House of Bread soup kitchen in Hartford, said she’s seeing more poor people with jobs seeking assistance.

“Obviously, this salary is not getting them through the week,” she said.

Democratic leaders initially were unsure how many legislators would attend Monday’s veto session because of summer vacations and work schedules.