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It started, at least in part, with the federal Community Reinvestment Act of 1999. Congress wanted to make sure that "under-served populations" can obtain credit, including home ownership opportunities. Freddie Mac, Fannie Mae, FHA, and commercial banks are strongly encouraged to lend money to people that may not be able to repay loans. Wall Street securitizes bundles of home mortgages and sells them throughout the country to investment banks, commercial banks and other investors, and sells them worldwide. AIG provides insurance against the potential of the mortgages not performing, and through the sale of default swaps on collateralized debt obligations (CDOs). Nine years later there is a pile of millions of non-performing or under-performing home mortgages held by government mortgage institutions [Freddie, Fannie, FHA], investment banks, pension funds, commercial banks and coupled with a decline in home values, the bottom falls out and the dominoes fall. The government of Ireland now promises backing for the country's entire banking system. The British government has taken over Bradford & Bingley's Ł51 billion in mortgages in what is fast becoming a global financial system crisis. AIG, Bear Stearns, Lehman Brothers, Wachovia, Washington Mutual, and Merrill Lynch have either failed or been taken over in one way or another. The Connecticut Business and Industry Association survey of the state's businesses view of the credit crisis found that in a range from 0 to 100, with 0 being bad and 100 being hopeful, the current rating of the credit picture is a 19 - the lowest evaluation in more than four years. Last week Congress stunned world capital markets by voting down, by 228-205, a measure to theoretically restore confidence in the nation's financial system and provide $700 billion to recapitalize that same system. Following the House vote the Dow Jones Industrial Average dropped 777 points in one trading session. At risk are depository savings held in excess of the FDIC insurance limits, 401 [k] plans, pension funds, car loans, college loans and every other form of consumer and commercial credit as increasingly banks were not lending to each other - and not lending to consumers and businesses. Americans are overwhelmingly angry, believing that their tax dollars are going to save institutions that should have known better, been better regulated and overseen by government. The absence of common sense and oversight now drives the national debt in excess of $11.3 trillion. Warren Buffett characterized the mess as having been initiated and then perpetuated by Innovators, then Imitators, and then Idiots. The Senate voted 74-25 Wednesday night in favor of an $805 billion dollar financial rescue plan that includes $105 billion more than the House version that got voted down - including the addition of extensions for expiring tax cuts that the House had previously refused to bring to a vote, including the extension of the $1 a gallon biodiesel tax credit. Apparently the Congress also believes extending tax preferences for rum producers in Puerto Rico and the Virgin Islands will stem the tide of bleeding in the world's financial system. Today the U.S. House of Representatives voted 263-177 to approve the previously passed Senate version of the financial system's bailout. Whether this will end up being the last such measure or enough, is yet to be seen. The federal government this year has appropriated $300 billion for FHA refinancing, another $200 billion for rescuing Freddie Mac and Fannie Mae, and now another $805 billion - $1.305 TRILLION. [$1,305,000,000,000] All this adds up to the credit markets being very difficult to negotiate - hence the package ICPA has established to help marketers. This is the central focus of our chapter meetings, encouraging marketers to pay close attention to the material cited below and to take advantage of the SBDC process that includes. ICPA also set up a website for member's reference with all the same materials, found at > http://www.icpa.org/icpa_sbdc/index.html For more information contact Gene at gene@icpa.org or call ICPA toll free at 1-866-521-ICPA President Bush Sept. 30 signed a $600 billion continuing resolution to fund the federal government at current levels through March 6, 2009. Included in this $600 billion is $4.5 billion for the FY09 Low Income Energy Assistance appropriation and another $600 billion for emergency LIHEAP funding - for a total of $5.1 billion for the fiscal year that started October 1, 2008. This means that Connecticut will receive roughly double the amount of federal funding for LIHEAP this year versus last year, and coupled with state funds appropriated during the August Special Session, Connecticut has around $105 million for LIHEAP to start 2008/09. The bill was part of a package that also includes fiscal year 2009 appropriations bills for Defense, Homeland Security, and Military Construction and Veterans Affairs, as well as a $23 billion disaster relief package. After the House passed the CR on Sept. 24, the Senate approved it last weekend. For more information contact Gene at gene@icpa.org or call ICPA toll free at 1-866-521-ICPA
ICPA's fall Chapter meeting schedule is being released now as ICPA prepares to visit with members in the field to discuss their needs from ICPA. Here is our schedule:
For more information contact David Chu at chu@icpa.org or call ICPA toll free at 1-866-521-ICPA
The
Dept. of Motor Vehicles requires all INTER-state
transporters to register for UCR, or Unified Carrier Registration.
So if you are a CT company and deliver to customers in NY, MA or RI,
you must register for UCR. If you are a MA, RI or NY company and
deliver into CT, you must likewise register for UCR. Note: UCR
registration is in addition to IRP registration for those engaged in
interstate commerce. If your vehicles only travel within
Connecticut and DO NOT leave the state, YOU DO NOT NEED A UCR
REGISTRATION. Detailed
information can be found on the DMV website here: http://www.ct.gov/dmv/cwp/view.asp?a=810&Q=245104&dmvPNavCtr=|27888|#27890.
If you have questions you may contact DMV directly at 860-263-5281. To
register online please go to this website: http://www.ucr.in.gov/.
Printable registration forms for both 2007 and 2008 are also at this
website. For more information contact David Chu at chu@icpa.org or call ICPA toll free at 1-866-521-ICPA Some may not be familiar with Operation Fuel and, if you're not familiar with what Operation Fuel is and what it does please pay close attention here. Operation Fuel was formed in 1977 and provides emergency energy assistance to elderly, disabled and low-income working poor families who are facing financial crisis and are not eligible for, or have exhausted their government benefits. These people have no other resources except Operation Fuel to keep their homes warm, and the lights on. Operation Fuel partners with communities, businesses, government and individuals to ensure people in need have access to year-round energy assistance. Operation Fuel, headquartered in Bloomfield, operates through more than 70 Fuel Banks around the state, and the list is here > [http://www.operationfuel.org/NetworkCoverage_2007-08.pdf] Heating Oil retailers are paid their full delivered price for the fuel they sell consumers who have been APPROVED for Operation Fuel benefits, so this marks another safety net program that retailer's customers can use. Consumers who need help can either call 211, or call the Fuel Bank located on the list above and apply for benefits. This is NOT, repeat NOT, the CEAP/LIHEAP program. For more information contact Gene at gene@icpa.org or Chris at chris@icpa.org or call ICPA toll free at 1-866-521-ICPA
Credit
& Collections - Transworld Systems ICPA's
Member Services Committee, chaired by Gary Lisiewski of New England
Oil Co., has endorsed Transworld Systems for collections of
receivables. This endorsement is in addition to our endorsement of NCO
Receivables Management Solutions (formerly NRC). Now members have two
great companies from which to choose to collect their customer
receivables. Transworld's "Greenflag Profit Recovery"
program has proven itself to be effective with ICPA members. Here's
what some of them say: Contact: Mr. Frank Lorenzo, 1160 Silas Deane Highway, Suite 303, Wethersfield, CT 06109 - Telephone: 860-257-1532 x22 e-mail frank.lorenzo@transworldsystems.com website www.transworldsystems.com For more information contact David Chu at chu@icpa.org or call ICPA toll free at 1-866-521-ICPA
DEFENSIVE DRIVER TRAINING COURSE - October 8, 2008, 1.00PM – 4:30 PM, ICPA This seminar will train your drivers to survive the hazards of the road and return from their deliveries or service calls safely. This training is specifically geared to transporters of petroleum products. While helping to protect against loss of life and damage to property, this training also helps to prevent financial loss by helping drivers avoid costly traffic tickets, reduce insurance claims, and reduce costs associated with poor driving habits. These costs include increased fuel consumption, vehicle repair, replacement and maintenance. Register at > http://www.icpa.org/store/products_view.php?url_product_id=428 For
more information contact David Chu at chu@icpa.org
or call ICPA toll free at 1-866-521-ICPA
ICPA’s
surveys of Connecticut consumers confirms time and again that our HVAC
technicians, our own Energy Conservation Technicians, are rated near
the very top of those whom consumers respect for information about
energy issues. Our HVAC techs are credible, respected, and unlike
almost any other profession we are in the homes of 682,000 consumers
already - so what else can we do for our consumers since we're already
there and so respected? The whole home energy audit. Did you lay off techs in mid-winter because consumers decided to delay work being done? Imagine that anyone would delay improving energy efficiency when they had a hard time paying for energy? This is about marketing and positioning what we do for success—and learning some new skills based on what we can do now for our customers. We can already use our skills with HVAC systems to help save energy-if we market our HVAC departments as Energy Conservation Departments. Now we can use our unique position of understanding the demographics of a changing population of consumers — and our position of being inside the home — to assist our customers with energy conservation all around the home. Expanding into saving electricity, improving insulation, reducing heat and cooling losses, control systems and looking at improving appliances and lighting. You can tailor the program to meet your customers needs. We’ll give you a step-by-step process to conduct an energy audit and suggest the tools needed to perform the audit and advise your customers in ways to save money through energy conservation. The State of Connecticut appropriated $7 million to subsidize energy audits performed by "qualified oil dealers," and the CT Office of Policy & Management has selected this program as qualifying an oil dealer to perform these whole-home energy audits.
Register for one of two upcoming dates for this business opportunity: For more information contact Ms. Kate Lennon, ITEC Business Development, kate@icpa.org or toll free at 1-866-521-ICPA.
*At $310 per ton, delivered, premium pellets with less than 5% moisture content For more information contact Gene at gene@icpa.org or call ICPA toll free at 1-866-521-ICPA
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