fast house sale
Southern culinary queen, Paula Deen, now has her finger in another pie — renting her personal vacation beach property. Affectionately named Ya’ll Come Inn, Paula’s beach house is now open to the public, just in time for summer vacation. The Ya’ll Come Inn beach property, which is located in Tybee Island, Georgia, is a veritable Paula Deen playground.
Georgia native, Paula Deen, has conquered Food Network, authored her own cookbooks, created the landmark The Lady & Sons restaurant and done just about everything else you can shake a stick at. Just four blocks from the Tybee Island beach in Georgia, Paula’s personal Ya’ll Come Inn three bedroom beach retreat is certainly beautiful, but it also comes with a pretty price tag of $295 per night.
Located at 2B Village Place in Tybee Island, Georgia, Paula’s beach property is part of Mermaid Cottages Vacation Rentals in Tybee Island. There are many vacation beach properties listed on the Mermaid Cottages Web site to choose from, but Paula Deen’s Ya’ll Come Inn is almost the most expensive. The high price tag is pretty much expected. After all, who else can say that they’ve slept under the same roof as the infamous Paula Deen?
At the Ya’ll Come Inn beach home, you can play with all the Paula Deen toys you want. The two-story Ya’ll Come Inn is loaded with Paula’s brand new line of furniture and rugs and the full kitchen is stocked with Paula Deen cookbooks, Paula’s seasonings, spices, dressings and sauces. Captain Michael’s of Savannah Coffee Collection is also provided, that’s Paula’s hubby, in case you didn’t know. Booking a stay at the Ya’ll Come Inn in Tybee Island, Georgia, includes a special welcome gift full of Paula Deen’s products, a personalized Paula Deen Cook Book and guaranteed reservations at Uncle Bubba’s Oyster House and The Lady & Sons restaurant.
Paula’s Tybee Island beach house property, Ya’ll Come Inn, sleeps eight and has three charming bedrooms and two and a half baths. The bedrooms have a queen bed, one double/full bed, a sleeper sofa and one bunk bed. The Ya’ll Come Inn has complimentary high speed internet and WIFI, a large screen TV in the living room and TV/DVDs in the bedrooms. An outdoor deck/porch has a picnic table, a gas grill and there’s even an outdoor shower. A whirlpool tub and washer and dryer are also included at the Ya’ll Come Inn in Tybee Island, Georgia. Off-street parking for two cars, with a two-car garage, is included in the Ya’ll Come Inn package.
There’s no smoking and no pets allowed at Paula’s Tybee Island, Georgia, Ya’ll Come Inn beach house. There are additional fees, besides the $295 per night cost. Housekeeping fees range from $75 to $200 and there’s also a $30 reservation fee. Travel insurance is also offered on the website.
Paula’s 2,100 square feet Ya’ll Come Inn beach rental property is within walking distance to several fresh seafood and Low Country cooking restaurants. Historic downtown Savannah is less than 30 minutes away, with Paula’s The Lady & Sons restaurant and her brother’s Uncle Bubba’s Oyster House within minutes of the Ya’ll Come Inn.
As a Georgia native, a patron of Paula’s famous Lady & Sons restaurant in Savannah, an avid viewer of Paula’s Home Cooking on the Food Network (and a QVC/Paula Deen addict … shh, don’t tell anybody), Paula is an inspiration to all women who are struggling to put food on the table and a roof over their children’s heads. Now filthy rich, and well-deserved I might say, Paula hasn’t changed her values at all and holds her family near and dear to her heart. I am so proud of this rags to riches true southern belle.
Sources:
http://bookings.mermaidcottages.com/site/Overview/PropertyID__39370/page__3/2390/DesktopDefault.aspx
http://theladyandsons.com/
http://www.unclebubbas.com/
http://en.wikipedia.org/wiki/Paula_dean
Now after a long time of picking up no media coverage companies that offer sell home rent back schemes are now under the media spotlight. We have seen a flurry of activity in the press focusing on landlords who offer to buy house’s and rent them back to the owners.|}
Rent Back schemes do offer an important service to those people who want to release equity, escape repossession, or sell quickly to emigrate or move. Rogue operators could just get the tenants out and sell on for a fast profit. Most Rent Back operators take a longer view and do not intend to sell. For these operators having a tenant who treat the house like they did when they owned who intends to stay for a long time sell and rent back tenants are ideal as they mean few rental voids and maintenance issues. These landlords see their houses as an asset that will grow in value over the long term and as such are happy to commit to tenants who wish to stay.
People who are looking at a sale and rent back scheme should be aware of the pitfalls and talk it through with the person who is buying their home. Homeowners should ask for references from previous clients who have sold their home and rent back.
RentBack Direct is such a company with good references and ethical standards.Contact them regarding sell home rent back and you will not be dissapointed.
If you’ve been thinking of selling your home faster, it’s only normal to have issues taking into account the current economy. Despite this, there are ways and means of making it happen, and it will need you to put in some time .
As obvious as it sounds, correctly valuing your property is pretty important. So if your home is only just sitting on the property market unsold then the value isn’t ideal. It is normally advised to appoint a Professional valuer to examine the asking price of your house.
Add in quite a few offers to get the buyer to take notice of your property and entice them to make an offer to purchase it, for instance money back to the buyer, free furniture, etc.Selecting a Estate Agent who is knowledgeable and assertive. With the correct information these real estate agents can seek out determined buyers and make certain your home would be sold fast.
Working with an seasoned Agent will facilitate you choose a buyer for the house in the very least quantity of time and one that will give the most sum of money.
A natural canvas is more interesting particularly when buyers can imagine a property as their particular own .
An alternative option you can decide on a property purchasing business if you might need to sell your property quickly, and are unable to find the money to renovate it to make it more desirable to new home buyers. A firm that will assist rent back my property, by buying it from you. They will in most cases make you a below market offer .
Nottingham is known for its links with the Robin Hood and, obtained worldwide recognition for its lace making and bicycles . Nottingham was granted its city charter as part of the Diamond Jubilee celebrations of Queen Victoria in 1897 and has since been officially titled the City of Nottingham.
The old market square is the focal point of the city, it is dominated by the council house and is the largest square in the UK. The Exchange Arcade on the ground floor is an upmarket shopping containing high end shops. Portland Stone, the same as used for St Paul’s Cathedral, was used to construct the Council House and Exchange Arcade.
Latest Population Estimates for Nottingham are as follows:
292,400 for the City of Nottingham
656,900 for Greater Nottingham
786,600 for the Nottingham Travel to Work Area
Accomodation in nottingham can be found in many of the cities new luxury apartments if you like the city living. For those wanting a bit more space and less of the city life there are planety of houses in nottingham to cater for your needs. You should contact a west bridgford nottingham lettings agents to help you find the ideal place to rent. The rental market is very busy and good properties do not stay empty for long if at all.
fast house sale
The Ninth Malaysia Plan (9MP) is a plan for Malaysia for the years 2006 to 2010. The 9MP is focusing more on enhancement of national competition in the country and resilience of the national economy. The 9MP too, at the same time will continue on the effort of reducing or shrinking the gap of inter and intra-ethnic socio-economic disparities. Thus, it will create new and better equality in socio-economic among Malaysian. Eliminating the inequality of socio-economic among Malaysian will foster the multiracial economic activity and bridging the gap will enhance the Malaysia economic and towards achieving the standard of developed nation by 2020. The development of the 9MP will be guided by the Islam Hadhari* guideline as proposed and being used by the government of Malaysia since the governance of the new Prime Minister, Dato’ Seri Abdullah Badawi.
The overall macroeconomics during the period of 9MP will focus on sustaining the economic growth and strengthen the economic capacity to absorb the downside risks and shocks. With the 9MP too, the price pressure will be remain manageable under the government control as to cope with the increasing inflation in Malaysia. The 9MP will be using the most appropriate monetary policy to control the monetary effects such as the money supply, inflation, interest rates, stock exchange and foreign exchange. This measure too will be observed the Federal Government operation expenditure will be managed in a better and cost-effective manner. The gradual reduction of Federal Government deficit will be observed without impeded the overall economic growth and the strong balance of payment and external reserves position is maintained at all times.
*Islam Hadhari - Civilisation Islam (2004)
Islam Hadhari is an intensive and comprehensive framework focused on achieving a balance physical and spiritual development. The framework emphasizes development through consistency of Islam belief and taught. The framework too focus on enhancing the quality of life through mastering the knowledge and development of individual and nation, implementation of dynamic economic, trading and financial system and the promotion of integrated and balanced development that creates knowledgeable and moral people who hold to benevolence, noble values and honest, trustworthy and are prepared to take on global challenges.
10 principles of Islam Hadhari practiced in Malaysia
1. Faith and piety towards Allah
2. A just and trustworthy government
3. Free and liberated people
4. A rigorous pursuit and mastery of knowledge
5. Balanced and comprehensive economic development
6. A good quality of life for the people
7. Protection of the rights of minority groups and women
8. Cultural and moral integrity
9. Safeguarding of the environment
10. Strong defense capabilities
National Mission 2006-2010
The Ninth Malaysia Plan (9MP) is new national plan enlisted 5 main thrust in guiding Malaysia toward achieving the Vision 2020; Malaysia as a developed and competing nation. The 9MP provision is ensuring the sustainable growth of economic and balanced physical and spiritual development as the listed under the Islam Hadhari.
5 Thrust of 9MP.
1. To move the economy up the value chain
2. To raise the capacity for knowledge and innovation and nurture “first class mentality”
3. To address persistence socio-economic inequalities constructively and productively
4. To improve the standard and sustainability of quality of life
5. To strengthen the institutional and implementation capacity
FIRST THRUST: TO MOVE THE ECONOMY UP THE VALUE CHAIN
1) Increasing the Value Added of Manufacturing, Services and Agriculture
2) Generating New Sources of Wealth in Technology- and Knowledge-Intensive
3) Sectors
4) Enhancing Job Creation
5) Giving a Lead Role to the Private Sector in Economic Development
6) Inculcating Excellence and a High Performance Culture
7) Expanding the Market for Malaysian Products and Services
Application of high technology and production of higher value added products will be given emphasis. Measures will be undertaken to migrate the electrical and electronics (E&E) industry towards high-technology and higher value added activities. The development of higher value added manufacturing subsectors such as the petrochemical, maritime, aerospace, heavy machinery and defense industries will be promoted. In addition, homegrown village industries such as handicraft, batik and songket, will continue to be modernized and brought up to international standards. The Government will facilitate the development of existing and new industrial clusters such as the E&E clusters in Pulau Pinang and Kulim High Technology Park, Kedah and petrochemical clusters in the Eastern Corridor states of Terengganu and Pahang, as well as industrial and SME parks in all states.
All services subsectors will be further developed and promoted. Tourism efforts will focus on enhancing Malaysia’s attractiveness as a destination for natural and eco-tourism; for culture, entertainment and the arts; for meetings, incentives, conventions and exhibitions (MICE); for international sporting events; as well as for shopping and recreational activities. In education, measures will be intensified to promote Malaysia as a regional centre of excellence for tertiary education. In health services, Malaysia will be promoted as a regional health tourism centre. In financial services, efforts will focus on strengthening Malaysia’s position as an international centre for Islamic banking and finance. In addition, new services subsectors such as aviation maintenance, repair and overhaul (MRO); shared services and outsourcing; transport and logistics; and business and professional services will be up scaled. To expand the services sector beyond its current concentration in the Klang Valley, the South Johor Economic Region will be developed into a vibrant regional services hub, leveraging on its prime location and natural advantages.
During the Ninth Plan period, the agriculture sector will be revitalized to emerge as the third pillar of economic growth. The New Agriculture programme will be undertaken, which will include greater orientation towards more modern and commercial scale production; the production of high value added primary and agro-based products; wider application of information and communications technology (ICT) as an enabler and biotechnology for wealth creation; use of better marketing approaches emphasizing product standards and farm accreditation; and the introduction of a higher level of professionalism. Established subsectors such as oil palm and rubber will be encouraged to increase diversification into high value added downstream products. Industries with high potential such as aquaculture, deep sea fishing, seaweed, herbs, ornamental fish and floriculture will be developed and commercialized on a large scale. Efforts will also be intensified to develop Malaysia into a global centre for halal products.
Greater private sector participation will be promoted. In addition, research and development (R&D) activities will be intensified, access to financing will be further improved and new production zones will be designated for agricultural production. During the Ninth Plan period, the Northern Development Corridor, which comprises areas in the states of Perlis, Kedah, Seberang Perai in Pulau Pinang and Northern Perak; Eastern Corridor comprising Kelantan, Terengganu and Pahang; and Sabah and Sarawak, will be developed into modern commercial scale agriculture and agro-based regions.
Economic activities within the field of ICT will be developed and further strengthened, building upon Malaysia’s strengths. Malaysia will continue to position itself as a preferred destination for shared services and outsourcing. In terms of new activities, the Government will develop the local digital content industry as well as bioinformatics. To support the growth of the ICT industry as well as bolster general economic efficiency, measures will be taken to increase access to and utilization of ICT services and facilities, including enhancing-Government and encouraging the usage of e-commerce among businesses and consumers.
The Ninth Plan period will see intensification of efforts towards developing the biotechnology industry, in line with the National Biotechnology Policy launched in 2005. Development of the industry will encompass action on many fronts including improving the regulatory framework for biotechnology investments; enhancing access to funding; improving the rate of R&D commercialization; increasing the number of skilled biotechnology workers and researchers; as well as attracting quality foreign partners for R&D, technology licensing and product development. Malaysia will focus on its areas of competitive advantage, including in optimizing its rich biodiversity, leveraging on its multi-ethnic traditional and complementary medicine, and becoming a world leader in resource-based industries such as biofuel and biodiesel.
The promotion and development of new economic subsectors in manufacturing, services and agriculture will be undertaken with job creation as a priority. Training and retraining programmes will be emphasized for both employers and employees to increase the mobility and adaptability of the nation’s workforce towards knowledge-intensive and higher value added activities. Employers will be encouraged to redesign and improve selected job functions and work conditions to attract local workers, including women, retirees and disabled persons. In addition, laws and regulations relating to human resource will be reviewed and streamlined to enhance the efficiency and productivity of the labor force.
Development of small and medium enterprises (SMEs) will be a key priority during the Ninth Plan period. Access to financing and incentives will be improved, including through the recently established SME Bank while measures will also be taken to enhance the availability of venture capital financing for SME start-ups. Greater inter-firm linkages among SMEs, as well as with large domestic companies and Multinational Corporation will be promoted. In addition, programmes will be expanded to help boost the entrepreneurial and technical capability of SMEs including through the application of ICT and e-commerce.
Public and private sector partnership will be further strengthened towards nation building during the Plan period. The public and private sector will increase collaboration, particularly in the areas of R&D, human capital development and the fulfillment of socio-economic objectives, particularly with respect to poverty eradication, and equity and employment restructuring. New regional growth centers (RGCs) and growth corridors will be developed together by the Government and the private sector to promote investment, create jobs and encourage rapid development in the areas concerned. The streamlining of the privatization programme will also contribute towards further strengthening private sector participation in the economy. Emphasis will be given to Government-initiated project based on national priority. The selection of concessionaires will be made through an open bidding process. The Ninth Plan will also see the introduction of the private finance initiative under the privatization programme, which will offer more opportunities for private sector participation in the development of infrastructure and utilities.
The efficiency of the public service delivery system is important to enhance the business environment. Improvements to the public sector delivery system will be made through the removal of unnecessary bureaucracy, reform of district and local authority administrations, review of the investment-related regulatory framework and greater use of ICT in day-to-day operations. These measures will be implemented with a view to reduce the cost of doing business while providing adequate protection to the parties involved. As such, more disclosure-based regulatory measures and self-regulation, where possible, will be implemented.
The government-linked companies (GLCs) transformation programme initiated in May 2004 was aimed at infusing a culture of high performance and excellence in all GLCs. In the Ninth Plan, the implementation of the GLCs transformation programme will be intensified to further enhance shareholder value, including through the additional roll-out of key performance indicators (KPIs), and the introduction of performance-based compensation, operational improvements and cost reduction initiatives. The initial operational and financial results from the transformation programme are expected to be seen in the first half of the Ninth Plan period.
The Government will continue to promote strong stewardship and corporate governance in the private sector. Corporate law reform programmes initiated by the Government will continue to be implemented. Private sector industry associations will be encouraged to implement programmes to promote ethical business practices and corporate social responsibility among its members. The improvement of corporate leadership including in GLCs will be given priority to ensure high standards of management, effective decision-making and proper risk management.
Private sector companies and GLCs will be encouraged to venture abroad to secure business and investment opportunities. This move will increase access to new markets, create demand for domestically produced intermediate goods and components, provide a hedge against domestic economic slowdown and help to create Malaysian multinational corporations in the longer term. Responding Competitively to International Trade Commitments
Malaysia’s commitments under the World Trade Organization, the Association of Southeast Asian Nations (ASEAN) Free Trade Area, ASEAN-Free Trade Agreements (FTAs) and other bilateral FTAs will expand opportunities for trade and investments. However, competition will also intensify, particularly in sectors where market access was agreed. In this respect, the Government will increase efforts to prepare the local private sector for progressive liberalization and increasing competition.
SECOND THRUST: TO RAISE THE CAPACITY FOR KNOWLEDGE AND INNOVATION AND NURTURE “FIRST CLASS MENTALITY”
1) Improving the Access to and Quality of the Education System at All Levels
2) Making National Schools the School of Choice
3) Producing Tertiary Institutions of International Standing
4) Nurturing Top Quality Research and Development, and Scientific and
5) Innovation Capability
6) Empowering Women and Youth
7) Fostering a Society with Strong Values
During the Ninth Plan period, the implementation of the National Pre-school Curriculum will be accelerated to ensure standardization and quality. At the school level, the curriculum and co-curricular activities will be reviewed to ensure that it provides a strong foundation for the development of core competencies and is relevant to changing needs. The teacher training curriculum will also be reviewed which among others, will improve subject content, enhance pedagogical skills and enable greater application of ICT in education.
At the tertiary level, to better respond to market requirements and reduce skills mismatch, collaboration between industry and institutions of higher education will be improved. New courses will be introduced in line with the changing requirements of the labor market. To improve employability of local graduates, a requirement for internship and industrial attachment programmes will be strengthened. Appropriate improvements to the curriculum will also be made.
Training programmes will be redesigned in line with changing industry requirements. The National Dual Training System will be improved through closer consultations with stakeholders including industry associations, and the National Advisory Council on Education and Training will be established to guide policies and strategies related to education and industrial training.
Access to pre-school education will be expanded with the provision of more pre-school classes, particularly in rural areas. With respect to primary and secondary education, better facilities will be provided in rural areas as well as in Sabah and Sarawak. More classrooms will also be built to ensure the achievement of universal primary education. In addition, the capacity for university education and advanced skills training will be expanded.
To make national schools the school of choice, the quality of teaching in national schools will be improved with 100 per cent and 25 per cent of teachers in secondary and primary schools, respectively, having first degree qualifications by 2010. More in-service training opportunities will also be provided for teachers. In an effort to produce knowledge workers of the future who are adept at using technology and ICT, efforts will be taken to make all national schools ‘smart’ through the Program Pembestarian Sekolah. Education opportunities for children with special needs and learning disabilities will also be increased in national schools. To reduce the performance gap between rural and urban areas, various initiatives will be undertaken, including the provision of better educational facilities and basic amenities. The quality of teaching will be improved through the deployment of more experienced teachers to schools in the rural areas. In addition, educational support programmes will continue to be provided to assist students from low-income households.
Efforts will be taken to enhance the quality of tertiary education to become of international standing. For this purpose, local institutions of higher education will be benchmarked against international standards and a rating system will be introduced. The institutions will also be required to conform to the standards for quality assurance procedures set out in the Malaysian Qualifications Framework (MQF). To support the implementation of the MQF and to establish a unified quality assurance system, the Malaysian Qualifications Agency will be set up in 2006. The quality of the academic personnel will be improved through more staff development programmes. In addition, the number of academic staff with doctorate qualification in public universities will be increased to achieve the target of 60 per cent of total academic staff by 2010. In order to increase the quality and global outlook of universities and their academic staff, international engagements with renowned international institutions will be pursued, including through research collaborations.
During the Plan period, the Government will place emphasis on human resource capacity building and on strengthening the National Innovation System. A National Innovation Council will be established to provide leadership in the formulation of policies and key strategies to stimulate a culture of innovation in the country.
The Ninth Plan targets national R&D expenditure of 1.5 per cent of gross domestic product by 2010. To reap the value of this investment, research and innovation capability will be strengthened. To help build a critical mass of researchers in priority areas, various initiatives will be undertaken. More researchers, scientists and engineers (RSEs) will be developed to meet the target of 50 RSEs per 10,000 labor force in 2010. A National Brain Gain Programme will be launched, initially focusing on science and technology human capital. Centers of excellence in emerging technology areas will be set up and the R&D capacity of universities and research institutions will be increased. In addition, the private sector including GLCs, will be encouraged to provide more scholarships, grants and endowment funds for research in priority and strategic areas including in developing innovative products for commercialization.
The Technology Incubator Programme will be enhanced to develop a sustainable pool of indigenous technopreneurs and technology-based companies. It will be integrated into the broader strategy of enhancing utilization of new knowledge and technology produced by universities and research institutions. As financing is a key enabling factor, measures will be undertaken to improve funding mechanisms and access to funding. To further encourage innovation, technology transfer and commercialization, the existing intellectual property (IP) framework will be strengthened to enhance IP support facilities and to shorten the IP approval process. The technopreneurship development programme will also be utilized as part of the effort to nurture a Bumiputera Science and Technology Community.
Towards the further advancement of women, more education and training opportunities will be made available to women to increase their employability. To promote greater participation of women in business, their access to financing will be improved. Measures will also be undertaken to increase the provision of childcare facilities and promote flexible working arrangements to facilitate the greater participation of women in the labor force. The Government will continue to focus on reducing the incidence of poverty, especially among female-headed households. In terms of gender justice, all existing laws and regulations that could potentially discriminate against women will be reviewed. In addition, the Government in collaboration with the private sector and non-governmental organizations (NGOs) will continue to take appropriate measures to address violence against women.
Youth programmes will focus on vulnerable groups, which include those dropping out of the education system and the unemployed. Access to education and skills training will be improved while other programmes that seek to build leadership, self-confidence and good values such as the Rakan Muda and National Service programme will be strengthened.
Developing a high performance culture requires measuring and exacting performance in all spheres. In line with this, more performance-based elements will be incorporated into diverse areas such as R&D grants, entrepreneur development programmes and public sector employment. A performance-based approach will also be made a key aspect in monitoring Ninth Plan projects, which includes the measurement and tracking of KPIs.
A progressive outlook as well as strong morals, ethics and values will be a key component in developing human capital. Programmes under the National Integrity Plan (PIN) will be implemented more widely to cover more segments of society. In addition, the promotion of Islam Hadhari as a foundation for a progressive developmental outlook will be intensified. Within the schooling system, the j-QAF programme for Muslim students will be expanded to all primary schools. Moral education will be provided for all students. The Sivik dan Kewarganegaraan subject will be improved and expanded to all students in Years 4 to 6 and all levels of secondary education. At the community level, programmes that promote volunteerism will be promoted, and NGOs and religious institutions will also be encouraged to play an important role in promoting positive values.
THRUST 3: TO ADDRESS PERSISTENT SOCIO-ECONOMIC INEQUALITIES
CONSTRUCTIVELY AND PRODUCTIVELY
1) Eradicating Poverty
2) Reducing Income Disparity
3) Reducing Regional Disparity
4) Reducing Employment Disparity
5) Reducing Asset and Wealth Disparity
6) Developing Competitive Bumiputera Entrepreneurs
7) Bridging the Digital Divide
8) Reviewing Past Programmes for Effectiveness
The Ninth Plan period will see renewed emphasis in addressing socio-economic imbalances. Allowing inequalities to persist can negatively impact growth, threaten national unity and affect societal stability. However, the approach towards addressing socio-economic imbalances will focus on capacity building and raising competitiveness, and will be refined to take into account the lessons learnt from past implementation as well as pressures from global competition and liberalization.
Hardcore poverty eradication and overall poverty reduction will be key priorities. Reducing inter- and intra-ethnic inequalities will also be important and will be addressed through efforts to narrow the rural-urban and regional gaps as well as disparities in employment, income and wealth. Special groups such as the elderly, disabled, single mothers and orphans will continue to receive support and attention. In addition, past policies and programmes will be reviewed to evaluate their effectiveness and improve their future impact.
The Ninth Plan is targeting to halve the incidence of overall poverty to 2.8 per cent and to completely eliminate the incidence of hardcore poverty by 2010. To reach these objectives, programmes targeted at specific impoverished groups will be pursued including pockets of urban and rural poor, Bumiputera minorities in Sabah and Sarawak and the Orang Asli. Existing programmes and projects under the Skim Pembangunan Kesejahteraan Rakyat, the Integrated Development Programme for Urban Communities, Amanah Ikhtiar Malaysia and various capacity-building programmes will be enhanced to ensure its effectiveness in lifting households out of poverty. Specific programmes will be implemented to address poverty among Bumiputera minorities in Sabah and Sarawak as well as tackle the high incidence of poverty among the Orang Asli community. Although the overall emphasis of the anti-poverty policies and programmes will be to promote self-help and enhance income generation among poor households, groups such as the elderly, disabled and destitute who are unable to participate in gainful economic activities will continue to receive direct financial assistance.
The delivery and monitoring of poverty eradication programmes will be enhanced to ensure more successful attainment of objectives. Coordination between the implementing government agencies will be improved. Towards this end, a national poverty database will be established to improve the quality of data and information on poor and hardcore poor households in the country. The national poverty database will integrate both the rural and urban poverty registry and use a common definition of poverty. This database, supplemented by data collected from various government agencies and NGOs, will be used by all implementing agencies as the main data source of their target groups. In addition, poverty mapping will be developed in selected urban and rural areas to assist in designing better anti-poverty programmes.
In view of widening income inequalities, a more conscious effort will be undertaken towards reducing income disparity. Efforts to improve income distribution will focus on reducing income disparity between Bumiputera and non-Bumiputera ethnic groups, between rural and urban areas and increasing income of those in the bottom 40 per cent income bracket. The Ninth Plan aims to narrow the income gap between Bumiputera and Chinese from 1:1.64 in 2004 to 1:1.50 in 2010 and between Bumiputera and Indians from 1:1.27 in 2004 to 1:1.15 in 2010. In relation to the rural-urban gap, the aim is to reduce the rural-urban income ratio from 1:2.11 in 2004 to 1:2.0 in 2010. The programmes to reduce income disparity will cover a wide spectrum1.
To reduce disparities between rural and urban areas as well as between less developed and more developed regions, the Government will increase the allocation for rural development and for comprehensive development of the less developed states. Greater emphasis will be given to the development of RGCs, which will focus on coordinated development of the northern and eastern corridors as well as Sabah and Sarawak. These RGCs will provide better infrastructure and amenities, thereby facilitating the growth of more economic activities, which leverage on the natural advantages of each region such as resource-based manufacturing, craft-based industries, downstream agro-based activities, and eco-tourism. New regional development authorities will be established, especially in Sabah and Sarawak to coordinate and implement these efforts.
As a key approach towards reducing income disparity, the Ninth Plan seeks to improve ethnic participation at all occupational levels and in all sectors of the economy to better reflect the ethnic composition of the population. Apart from measures to enhance the capacity and employability of target groups, measures will also be taken to encourage greater support for equal opportunity and workplace diversity among employers. Programmes will be implemented to encourage the increase of qualified Bumiputera in professional, managerial and technical occupations as well as in knowledge-based sectors such as biotechnology, ICT and advanced manufacturing. Conversely, measures will be undertaken to increase non-Bumiputera participation in the public sector.
During the Ninth Plan period, measures will be taken to reduce asset and wealth disparities among the various ethnic groups. Bumiputera equity ownership is targeted to attain between 20 to 25 per cent by 2010 in order to reach the ultimate target of at least 30 per cent by 2020. In addition, steps will be taken to enhance Bumiputera asset ownership of residential and commercial property as well as intellectual property. Yayasan Amanah Hartanah Bumiputera and Perbadanan UDA will spearhead efforts to enhance Bumiputera property ownership in urban areas. Wakaf land and properties under the state religious Islamic authorities will be developed to tap their productive potential as well as to spawn new entrepreneurs. Measures will also be taken to expand competitive Bumiputera commercial enterprises, particularly SMEs.
Appropriate measures will also be introduced to increase Indian equity ownership to 3.0 per cent by 2020. Measures will also be put in place to encourage entrepreneurship and skills training among the Indian community, particularly the youth.
The development of the Bumiputera Commercial and Industrial Community (BCIC) will continue to be a key approach towards restructuring society and ensuring greater Bumiputera participation in the economy. A second phase of the BCIC programme will be launched, aimed at developing self-reliant and sustainable Bumiputera entrepreneurs and strong Bumiputera SMEs. A new model of development will be adopted that not only looks at the quantity of Bumiputera entrepreneurs produced, but more importantly focuses on their overall quality in terms of productivity and competitiveness. In order to better implement BCIC programmes, the capability of trust agencies, GLCs and cooperatives will be enhanced. The entry of Bumiputera entrepreneurs into new growth areas will be promoted. The franchise and vendor development programmes will be strengthened. The development of rural entrepreneurs will be implemented in a more systematic and focused manner guided by the Master Plan for the Development of Rural Entrepreneurs.
To ensure that all Malaysians share the benefits of the knowledge-based economy, ongoing efforts to narrow the digital divide will be further intensified. The focus of the Ninth Plan will be on implementing the infrastructure plan for universal access to the Internet and making available more affordable ICT products and services. The National Strategic Framework for Bridging the Digital Divide (BDD) will be implemented, which includes the establishment of telecentres in underserved areas, tariff reduction for telephone and Internet subscription and the promotion of personal computer ownership. Existing telecentres will be upgraded to Community Knowledge Centers, which will provide a wide range of economic and social activities for all groups. To further encourage the uptake of ICT facilities and services, content and online applications that are specific to the needs of the local community will be promoted.
In order to ensure that socio-economic policies meet their objectives, emphasis will be given to improving the effectiveness of programmes through better planning, implementation and monitoring. Past programmes will be evaluated on their effectiveness and impact while future programmes will be applied based on merit and need. The system of implementation will also be reviewed and strengthened to improve targeting of beneficiaries and to minimize leakages. All Government agencies will be required to ensure that their policies and programmes contribute towards more equitable participation and distribution.
THRUST 4: TO IMPROVE THE STANDARD AND SUSTAINABILITY OF
QUALITY OF LIFE
1) Meeting Housing Needs and Improving Urban Services
2) Improving Health Care Services
3) Improving the Transportation System
4) Improving Sufficiency and Sustainability of Energy Supply
5) Enhancing the Water Delivery System
6) Promoting Environmental Protection and Sustainable Resource Management
7) Enhancing the Role of Culture, Arts and Heritage in Society
8) Developing Sporting Excellence and a Healthier Lifestyle
Housing is a basic social need and provision of adequate, quality and affordable housing for all income groups is a national imperative. In the Ninth Plan period, the Government will continue to provide low-cost houses under the Program Perumahan Rakyat while the Syarikat Perumahan Negara Berhad (SPNB) will complement the Government’s efforts by building more than 29,000 low- and low-medium cost houses in urban and rural areas. The SPNB will also rehabilitate more than 11,000 houses. Efforts will be enhanced to promote the use of Industrialized Building Systems and designs based on the modular coordination concept in housing construction.
Legislation will be reviewed to encourage the private sector to provide low-cost houses. This includes allowing more flexibility on the quota of low-cost houses as well as expediting the development and approval process. The registration and distribution system for low-cost houses will also be enhanced to ensure proper distribution to genuine target groups.
In line with the Government’s aim to enhance public service delivery, reform of local authorities will be undertaken in order to provide efficient and quality urban services including instituting the KPI system to monitor and improve service performance. There will also be greater use of ICT to improve efficiency of operations. The National Urbanization Policy will be formulated to assist in the planning and implementation of urban services in the country.
The Government will continue to provide facilities and implement programmes to improve the health status of the population, especially at the primary care level. Existing facilities will be upgraded while new facilities will be built to provide a comprehensive package of services. Preventive, early screening and detection services will be enhanced to reduce the disease burden and cost of curative and rehabilitative care. The primary, secondary and tertiary care services will be consolidated through an efficient and effective referral system, in order to provide a seamless system for the benefit of patients. To facilitate this, a nationwide information system will be introduced to enable timely and reliable access to patients’ health information. The Government will also promote the concept of lifelong wellness and a proactive approach to maintain health through awareness-raising initiatives such as the establishment of Community Health Promotion Centers in all health clinics. The prevention and control of communicable diseases will be emphasized through initiatives such as the establishment of the Communicable Disease Centre in Sungai Buloh, Selangor. Further, the Government aims to eradicate the incidence of malaria, typhoid and tuberculosis by 2010.
Human resource development will be given high priority to reduce acute shortage in various categories of medical and health personnel. In this regard, training for medical health personnel will be enhanced and expanded. Continuing professional development initiatives will also be increased to meet the need for higher level of care and in new areas of specialization. The Government will improve the terms and conditions of service to continue attracting and retaining health personnel.
To increase the quality and level of professionalism, more hospitals will be encouraged to qualify for Hospital Accreditation Certification. In addition, relevant health legislation will be reviewed and new legislation formulated to better regulate the health sector including with respect to safe practice of traditional and complementary medicine.
The development of the urban transport system will focus on the provision of an integrated and efficient public transport system. Public transport in the Klang Valley will be upgraded and expanded, and a dedicated public transport commission will be established in Klang Valley to oversee the improvement. Two integrated transport terminals in Gombak and Bandar Tasik Selatan will be built to act as transit hubs into Wilayah Persekutuan Kuala Lumpur. Furthermore, in an effort to reduce urban congestion, major projects such as the monorail, outer ring road and second bridge in Pulau Pinang, and Johor Eastern Dispersal Link will be implemented. A national commission will be established to regulate the orderly and sustainable development of public transport system in urban areas. The road development programme will focus on improving access to less developed areas, particularly to RGCs and areas with potential for tourism.
Rail infrastructure will be upgraded and the communication systems modernized to increase operational efficiency and attractiveness of rail transport as a mode of transportation for passengers and freight. These include double tracking at selected priority stretches, rehabilitation of tracks and stations as well as refurbishment and procurement of rolling stock. New spur lines will also be constructed to link to new industrial areas such as Tanjung Malim in Perak. In the airline sector, passenger and cargo traffic are expected to increase, thereby necessitating the expansion of airport capacity and facilities. In this regard, many airports including the Kuala Lumpur International Airport will be expanded and upgraded. Air traffic control equipment will also be upgraded to handle the expected increase in the frequency of flights.
To support economic growth, the Government will continue to ensure the sufficiency, security, reliability, quality and cost effectiveness of energy supply. Towards this end, electricity generation and transmission networks will be further developed. Rural electrification projects will also be intensified, especially in Sabah and Sarawak. However, emphasis will be put on energy diversification and efficiency. The high dependence on petroleum products will be reduced by promoting the use of alternative fuels. The use of biofuel will be promoted while R&D efforts in the production of biodiesel will be given full support. Other renewable energy sources such as solar power will continue to be developed. Energy efficiency measures will be intensified in the industrial, transport and commercial sectors as well as in government buildings.
A major focus in the utilities sector will be on increasing the quality and reliability of the water supply system. Towards this end, water infrastructure such as intakes, treatment plants and dams will be constructed and upgraded. In addition, major projects such as the Pahang-Selangor Inter State Raw Water Transfer will be implemented. Stricter enforcement and rehabilitation of water distribution networks will also be carried out to reduce the rate of non-revenue water in the country from 38 per cent in 2005 to 30 per cent by 2010. Increased coverage of water supply to rural areas will also be emphasized. In order to achieve sustainability of water supply, water conservation efforts will be promoted through awareness programmes. Suruhanjaya Pengurusan Air Negara will commence operations during the Ninth Plan period to regulate the water supply system and sewerage services in Peninsular Malaysia. Water regulation will be aimed at improving service standards and performance in the water and sewerage industry.
Environmental stewardship will continue to be promoted by the Government to ensure an optimal balance between development needs and the environment. Greater focus will be placed on preventive measures to mitigate negative environmental effects at source, reduce illegal acts against the environment as well as intensify conservation efforts to sustainably manage natural resources. Air and water quality will be monitored closely and measures will be undertaken to minimize pollution. This includes having stricter regulations and emission standards, improving the public sewerage system and promoting the use of cleaner energy.
Land resource utilization will be optimized by applying the spatial development approach. Efforts will be intensified to protect and optimize the utilization of biodiversity. R&D will be intensified to facilitate bio-prospecting and promote wealth generation from the country’s rich biodiversity resource. In addition, mangroves and other coastal habitats will be rehabilitated to mitigate the impact of coastal erosion and tsunami, as well as to ensure a continuous supply of resources.
The role of culture, arts and heritage will be enhanced. Focus will be given towards inculcating positive cultural values and enhancing appreciation for culture, arts and heritage among the people at all levels; developing the creative cultural industry as well as the craft industry; and developing human capital in related fields to ensure continuous and sustainable development of culture, arts and heritage in the country. Greater attention will also be paid to conservation and preservation of heritage products. The Government will work closely with the private sector and civil society to carry out related programmes and activities for the benefit of the people.
To create a sports culture among Malaysians, various sports programmes for the masses will be implemented, including fitness development programmes and outdoor activities. In line with this, a total of 24,000 instructors will be trained and recruited to facilitate such programmes. Existing sports facilities at state and district levels will be upgraded or expanded to attract more participation. In addition, Kompleks Sukan Komuniti will be built to facilitate the organization of sporting and community-related activities. The private sector will also be encouraged to provide sports and recreational facilities for the use of the community. Emphasis will also be given to the maintenance of these facilities.
The capacity and competency of sports associations will be enhanced. In order to achieve sporting excellence, initiatives such as the Talent Development Programme will be undertaken to provide training to 14,570 potential athletes in 37 sports. Sports-related initiatives and infrastructure in schools will be enhanced to establish a better foundation to develop and nurture athletes in high performance sports.
THRUST 5: TO STRENGTHEN THE INSTITUTIONAL AND IMPLEMENTATION CAPACITY
1) Promoting Good Governance
2) Enhancing the Public Service Delivery System
3) Promoting Development through International Cooperation
In the Ninth Plan, the implementation of PIN will be intensified in order to enhance the level of integrity in both the public and private sectors. The Integrity Institute of Malaysia (IIM) will collaborate with private sector organizations and NGOs to organize integrity-related programmes. Agencies similar to the IIM will also be set up at the state level to facilitate the implementation of PIN.
Good governance in the corporate sector will continue to be promoted. In this regard, regulatory institutions will strive to inculcate and improve good corporate governance including by reviewing the relevant rules, regulations and legal framework. Enforcement of rules and regulations will be stepped up.
The Government commits to improve the quality of public services as it is a fundamental prerequisite towards achieving the National Mission. Towards this end, the Government will continue to reduce bureaucratic red tape, especially at the local authority and district levels. Work processes and procedures as well as regulations will be revamped and streamlined while more decision centers will be established to enable effective and speedy decision making. ICT will also be leveraged to enhance access to and delivery of Government services. This will include the e-Tanah project, which will enhance land administration processes through the integrated utilization of technology.
1.67 The KPI system will be implemented to monitor and measure the performance of the public sector delivery system and will be adopted in most agencies by 2010. Apart from the reports compiled by the Public Accounts Committee and the Auditor General, the public service delivery performance of various ministries and government agencies will be monitored through systematic rating systems, inspections and audits. The Biro Pengaduan Awam will also actively manage feedback and complaints from the public on public service delivery performance.
As a strong police force plays a pivotal role in maintaining public safety, the Government will ensure that the operations of the Royal Malaysia Police is enhanced and supported. In addition, measures will be taken to enhance the capability and preparedness of the nation’s security forces.
International cooperation between Malaysia and its development partners will be strengthened, including through technical collaborations with South countries. This is in line with the ‘prosper-thy-neighbor policy’, whereby Malaysia through the Malaysian Technical Cooperation Programme will support the development of smart partnerships to promote greater self-reliance among developing countries. Malaysia has spearheaded the capacity building programme within the Organization of Islamic Conference (OIC) to encourage the more developed member countries to assist the less developed ones in their developmental efforts. The Ninth Plan will expand the scope of such technical and economic cooperation, including by facilitating greater private sector participation and by refining the existing programmes to address the changing needs of participating countries.
Malaysia will continue with its policy of development cooperation and strengthening political and economic relations with its neighbors and friendly countries on a bilateral basis and through regional groupings such as the ASEAN, East Asian Summit and Asia-Pacific Economic Cooperation, as well as through multilateral organizations such as the United Nations, OIC, Non-Aligned Movement and Commonwealth. Such international cooperation will continue to be actively promoted to bring about a more just and equitable international system as well as to pursue the country’s goals and protect its interests as an open trading economy.
CONCLUSION
The 9MP is an overall re-examines of the national policies and strategy. With the purposes to achieve sustainable economic growth and eliminates inequality socio-economic between Malaysia multiracial community. However, the 9MP policies and strategies is critical to the realization of National Mission.
In the first thrust of the 9MP, the plan is focusing to moving up the economy up the value chain which is by achieving higher value added and total factor productivity. Co-operation between public and private sector approach can be seen as a good approach in achieving higher value added and high total factor of productivity. By increasing the value added in three industry sectors; namely manufacturing, agriculture and services can be look as an approach to commercialize Malaysia to compete in the global economic and modernization. With more research and development in the areas, Malaysia could be one of high competitive country in the region at least.
Generating of new source of wealth in technology and knowledge intensive sectors would be beneficial to all Malaysia as it would create more opportunity and jobs. The proposed of usage of ICT and e-commerce for SMEs and bigger companies would be a better approach for the SMEs and other companies. Venturing in biotechnology would be a good approach for Malaysia as a nation that have a competitive advantage in that area; biodiversity resources.
The policies of openness of financial institution such as SME Bank will be an opening of new opportunity to all Malaysia, mostly graduates in the area to become entrepreneur and technopreneurs. Enhancing access to funding will more likely create new space for researches and biotechnology industries.
The transformation of government-linked companies (GLCs) programmes would be a good initiatives take by the government in enhancing more space and opportunity to bumiputera. The introduction of performance-based compensation, operational improvements and cost reduction initiatives would be a better way in achieving higher value added for the companies. The improvement of corporate leadership including in GLCs will be given priority to ensure high standards of management, effective decision-making and proper risk management.
The 9MP will also help Malaysia businessmen and entrepreneurs to expand their market and product and services to outbound of Malaysia. The commitment of Malaysia under the World Trade Organization, the Association of Southeast Asian Nations (ASEAN) Free Trade Area, ASEAN-Free Trade Agreements (FTAs) and other bilateral FTAs will expand opportunities for trade and investments.
In thrust two, to raise the capacity for knowledge and innovation and nurture ‘first class mentality’ is a good approach in enhancing the Malaysian education. As to improve Malaysia human capital to knowledge based economy, National Mission’s is focusing in improving the education system, increase innovation and ensuring holistic human capital development.
However, no matter how good is this policy, Malaysia will still be facing the high rate of unemployment and inflation rate. This could happen because Malaysia education system is a “feeding” type of education which is all class-oriented education since the pre-school until the university level. The education system in Malaysia is not specific to the job market and thus creating more and more unemployment without practical knowledge.
Upgrading of curriculum and co-curricular will not benefit any of Malaysian students if the orientation of examination and class is still take place in the mind of student. Since last time, student are studying in order to passed the examination and getting into university in order to get job. The education system in Malaysia should be more specific and wide range and job hunting system. Thus, every single human capital made in Malaysia would be useful to drive Malaysia in achieving the developed nation standard.
The third thrust is to address persistent socio-economic inequalities constructively and productively. This thrust is to eliminate the socio-economic imbalances. Inequalities in a nation would lead to negative impact growth, threaten national unity and like affect the societal stability. This thrust is focusing to balancing the socio-economic by making everyone in the country competitive.
This plan however would bring much greater damage to the country if the national economic is sloping and are effectively. Since the inflation rate is getting high, living cost would rise, unemployment rate would hike and so on. Most likely, only people with the capability of producing or crony of national leader would be granted with government projects. While, the rest of citizen in Malaysia would still be the same as the orang asli in Sabah, Sarawak and other part of Malaysia. The imbalance development in all states in Malaysia could be seen since last Malaysia Plan. Only selected people would make fortune while the rest would still be the same.
fast house sale
quick property sales
What is property management? What does a property manager do? This is important information to have if you deal heavily in the business of rental property because it can mean the difference between being a good businessman and an excellent businessman.
Before I go any further into detail about the role and importance of Property Management, let’s discuss the roles and responsibilities of a tenant and a landlord. This should aid in the better understanding of property management and how it fits into the bigger picture.
A tenant can be almost any one. They can be college students, single persons, or even whole families. Most tenants have one goal in mind; they wish to temporarily rent a place of residence at a price that fits into their budget. Issues such as price, location and not to mention the quality of the overall establishment (furnishings, appliances, etc.) are almost always also taken into consideration. The tenant’s responsibility will be to preserve the quality of the owner’s property including all appliances and furnishings, as well as the condition of the interior and exterior of the establishment while they are residing there. If during this time landlord’s property is damaged, it is then the tenant’s responsibility to repair, fix and pay for all the damages they may have caused. This responsibility is covered in almost every contract that is settled and is signed by the tenant before the date when the tenant takes over residency of the home.
Most Landlords and property owners make profitable income from their real estate investments and find that a repetitive check on the upkeep of their properties is always beneficial. Landlords most often have the responsibility of updating the furnishings that adorn the inside of the establishment. Some of these basic essentials include couches and other seating, entertainment systems, kitchen appliances (such as refrigerators and stoves), desks and bedding, etc. In many cases the landlord is more often than not physically incapable of being an on-site manager of their property, this is normally because they do not live in close proximity to their rental properties and or may have too busy of a schedule to personally handle every property they may own. It is the landlord’s decision how much involvement they want to have in communicating with their tenants. Most landlords give a third party the control over the business matters with their tenants. This is what is referred to as property management.
Property Management is of great importance because it serves as that middleman between the tenant and the owner. Property Management is beneficial to all parties involved in the following ways.
Benefits for the Landlord:
• Effective Property Management advertises the landlord’s properties to prospective tenants
• A Property Manager will handle all correspondence and assistance all tenants when needed
Benefits for the Tenant:
• Fast and easy to contact help for the tenants when they have questions or problems
• A Property Manager will serve as a neutral third party which helps when dealing with potential problems.
As a Property manager a person has the opportunity to fill an essential role for their clients when using the right tools. Property Management is an essential resource because it will help to more effectively handle business and concerns between the tenant and their landlord. It helps to build better business relationships when a tenant has communication with a name and a face they recognize when they have a problem.
For those real estate owners who open their doors to rental tenants but cannot be there to effectively handle all problems and manage all sites due to a busy schedule, property management is the solution you have been looking for. It will help create better relationships between you and your clients and will also help to make you more money in the long run by giving you more time to tend to other areas of your business and career.
Admitting being a banker today is like admitting you are a serial killer. Well, thank goodness right now I can say I WAS (past tense) a banker! I retired from one of the biggest banks currently in the news, Bank of America, after 25 years of sincere service to my clients. So, in defense of the many honest bankers out there, I want to share some insight and commiserate out loud with anyone who is interested.
My bank employment experience is pretty boring. I went through finger printing and background checks before I was hired, and was bonded during my employment. I made a good living working ten hour days (forget what you hear about banker’s hours!), I put money into my 401k, and I had great benefits. I raised two great daughters, mostly as a single mom during my employment, and they are now responsible citizens. I was never engaged in crooked investment schemes like Bernie Maddoff or sub-prime lending like Countrywide, and I never, ever got anything close to a million dollar bonus!
Just a Little History About Bank Mergers during the 1990’s
During my Bank of America career, I actually worked for four different banks who merged one into the other until it became the bank from which I retired. I was first hired by The Arizona Bank, which was one of the biggest three banks in Arizona during the late 70’s. In 1986, The Arizona Bank was acquired by Security Pacific Bank, a California based bank. Bank regulations were changing during this time and many banks scrambled to take advantage of new interstate banking laws that allowed them to operate branches in multiple states. The easiest way to do this was to acquire the smaller state-chartered banks.
Security Pacific Bank was in an aggressive bank acquisition mode during the 80’s in pursuit of becoming a leader in the interstate banking race. However, things took a downturn during the real estate crash in California, and the bank’s finances deteriorated due to lending decisions. The Savings and Loan crisis was in full swing during this same decade and according to Wikipedia’s article, ” Savings and Loan Crisis”, 747 S&L’s eventually failed. The primary reason for the many failures was unsound real estate lending practices. (Sound familiar?) As outlined in the Wikipedia article “Security Pacific Bank:, “Banking regulators, concerned problems at Security Pacific could compound the emerging savings and loan crisis, placed the bank under heightened scrutiny.”
The list of bank mergers and acquisitions during the 80s and 90s is an astounding one. There was a point where we bankers gave up trying to remember which bank merged with which bank. The evolving and turbulent times during the 80s resulted in continued mergers in the 90s, including the 1992 merger of Security Pacific Bank and BankAmerica, which is now called Bank of America. Wikipedia states that at this time,”this was one of the largest bank mergers in history”. They became the second largest bank in the U.S.
Big Bank Mergers Required Divestiture Back Then
Now, I’m sure most people don’t remember this, but many times when the larger banks merged during the 90s, they were forced to divest part of their holdings if the merger gave them too large a market share in any one state. For instance in order to complete the merger in 1998, Federal Regulators forced BankAmerica to sell the Security Pacific franchise in Washington State (Rainer Bank). They were also required to divest and sell off some Arizona branches (I think it was 13, but can’t substantiate that number) from the Security Pacific franchise. (These branches eventually became Caliber Bank).
As outlined in her Knight Ridder/Tribune Business News October 14, 1998 article, “Norwest, Wells Fargo Merger Forces Sale of Arizona Bank Branches” Catherine Reagor writes, “To consummate their $34 billion merger, Norwest and Wells Fargo banks must sell 14 Arizona branches”. My point in all this is that, the Feds were very concerned during the nineties about banks becoming too big.
Bank Deregulation
Now here’s the part where things got out of hand. In his book, U.S. Bank Deregulation in Historical Perspective (Cambridge University Press, 2000), Professor Charles W. Calomiris outlines how the upheaval of the 80s and 90s led to two subsequent decades of bank deregulation. Government leaders and economists felt that the financial issues of the time were caused, among other things, by restrictions on interstate banking, obstacles to bank takeovers, and limitations on bank activities. Their eventual alterations to the banking regulations were in an effort to foster better business opportunities and create more U.S. wealth.
In 1999, the Professor reminds us, Congress repealed the Banking Act of 1933 (which had originally separated commercial and investment banking), and expanded bank powers to include other industries, such as insurance. Calomiris tells us, “in 1999 (Alan) Greenspan argued that the “global dominance of American finance” would be undermined unless Congress repealed the archaic restrictions under which U.S. Banks continue to operate”. Deregulation in full swing, other businesses were allowed to add banks to their list of owned businesses.
At the height of the deregulation discussion, Nationsbank acquired Bank of America. According to Wikipedia, this new bank resulted in combined assets of $570 billion. They remark, “Despite the mammoth size of the two companies, federal regulators insisted only upon the divestiture of 13 branches in New Mexico.” You see, branch divestitures are only required if the resulting company ends up with more than 25% of the FDIC market share in one particular state or a total market share of 10%.
We all know Bank of America didn’t stop there. Since 2001, they have acquired an impressive book of business: FleetBoston Financial, MBNA (credit card giant), U.S Trust, ABN AMRO N.A., and LaSalleBank, Countrywide Mortgage, and lastly, the purported forced acquisition of Merrill Lynch. Since all this heady spending, they have been recipients of Federal TARP money due to the financial stress on the U.S. banking system.
Banks Too Big to Fail
Isn’t it interesting that possibly the U.S. Government deregulated our banking system to the point that it is now, with many financial institutions falling into the “Too Big to Fail” category? And aren’t we glad that the government repealed that 1933 Banking Act, so that now commercial banks are intermingled with investment banks? What ever happened to the practice of having controls in place to keep banks from becoming too big?
The Government will probably “re-regulate” to reimplement some of the safeguards put in place back in 1933 plus a few more. Now every taxpayer is paying the price for poor decisions made by the government which were coaxed by the powerhouse economist at the time. Now we are faced with daily news stories lamenting huge CEO salaries and bonuses. Now we watch investment brokers being hauled off to prison because they became so greedy that they bilked investors out of millions of dollars from their lifetime savings. Now we have financial institutions that are too big to fail, but whose fault is that?
Sure, I WAS a banker, but it could have been worse, I could have been a Congresswoman during these past two decades. You know, like one of those people who are now raking bankers over the deregulated coals.
Informational Resources:
Wikipedia.com, “Savings and Loan Crisis”
Wikipedia.com, “Bank of America”
Highbeam Research, Highbeam.com
“Can i get your picture to prove to all my friends that angels really do exist?”
I found this and other good pick up lines at this funny pick up line site. I think its a new website as it looks like it hasn’t been completely finished yet. Have you heard this one:
“I’m like chocolate pudding, I look like crap but im as sweet as can be. Are you an alien? because you just abducted my heart.”
Have you ever thought if pick up lines do work? I mean you are the ugliest man around then any funny pick up line isn’t going help you to seduce girls. Well at least most of the pick up lines are quite funny.
Detroit, Stockton, Calif., and Las Vegas documented the three highest foreclosure rates among the nation’s 100 largest metros in 2007, according to RealtyTrac’s Year-End MSA Foreclosure Report.
Foreclosure filings were reported on 252,363 U.S. properties in June, a nearly 8 percent decrease from the previous month but still a 53 percent increase from June 2007.
letting agent in nottinghamForeclosure filings were reported on 358,471 U.S. properties in July, a decrease of less than 1 percent from the previous month but still an increase of nearly 18 percent from August 2008.
The five-county Philadelphia metropolitan area reported 1,147 foreclosure filings in February, a 4 percent decrease from the previous month, according to RealtyTrac.
Foreclosure filings were reported on 360,149 U.S. properties during the month, an increase of nearly 7 percent from the previous month and an increase of 32 percent from July 2008.
Foreclosure filings were reported on 223,651 properties nationwide in February, a 4 percent decrease from the previous month but still a nearly 60 percent increase from February 2007.
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Target Entertainment has inked a deal with Sony Europe to develop products based on the PlayStation brand. The licensing…
Harper Woods Saloon - Popular Location On Busy Har…
This is a still from the sequel to my favorite film of all time Twilight.
I loved the book and guessed the movie would do well
Can you guess what film it is?
Lately I’ve been going through some sites on the web to find some site to base mine on.
I think its a very new blog and like the writers style.
The subjects on the website are my kind of thing and I have been reading them with great interest. I can’t decide if i should try to write posts like them or write in my own style. Hmm too much to think about!!
Maybe my website could be similar to this one with a some of work? I don’t know, what do you reckon?