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Thompson doesn’t talk about financial reform

July 15th, 2010 Comments off

A sweeping overhaul of the nation’s financial regulations was sent to President Barack Obama’s desk today after a year of partisan struggles and delicate cross-party courtships that promised more and delivered less.
What is promised is that financial entities will be held to a higher degree of accountability.
Unfortunately for most banks in Mississippi, the bill could be a burden that will hurt its customers — like you and me.
In a story in the Mississippi Business Journal this week, we talked to the Mississippi Bankers Association, which is among bill opponents who are angry that the bill, if passed, would punish community banks for the bad behavior of big banks, mortgage brokers and non-bank lenders. The bill will make less credit available and increase bank costs.
Community banks are those with assets of less than $10 billion, which includes most banks in Mississippi.
Mac Deaver, MBA president, told the MBJ the bill is bad for Mississippians.
The community banks are going to get the brunt of this, and their examiners are going to examine them in a politically charged atmosphere,” Deaver said. Banks will lose money in compliance costs.
On the House side, Second Congressional District Rep. Bennie Thompson of Mississippi voted for the bill despite the urgings of experts in his home state that his constituents will be hurt by the bill.
Despite repeated phone calls and e-mails to Thompson’s offices about the financial overhaul and the impact on Mississippians, the congressman did not respond.
In fact according to a Wall Street Journal story today, the financial overhaul will hurt American farmers.
Oh yeah, Thompson represents most of the Mississippi Delta where a large majority of Mississippi’s farmers live.
So Thompson voted for a bill that his state’s bankers, by and large, say will hurt them and a majority of their customers, and he has voted for a bill that will wreak havoc with the finances of the state’s agriculture industry.
Good move, congressman. You have managed to help pass a bill that impacts more than 40 percent of the Mississippi economy for the worst.
And you have no comment.

Contact Mississippi Business Journal editor Ross Reily at ross.reily@msbusiness.com or (601) 364-1018.

Hey Steve Jobs, it’s like the iPad was my idea!

April 7th, 2010 Comments off

My wife owns the laptop in our family, which is the modern day version of the saying she wears the pants in the family.
I have to ask permission to get minutes on the portable computer or be relegated to working on our big-screened dinosaur in our closet of an office.
So, in order to continue to be a member of the family during evening hours I have become pretty capable at surfing the web on my iPhone.
Yes, my iPhone. I can’t live without it. I read the news of the day in the morning by using my apps from the New York Times, Associated Press, Huffington Post, Wall Street Journal, Business Week, CNN and USA Today.
For my Boston Red Sox fix, I read scores and more from the Boston Globe.
Yes, the screen is pretty small, but it gets the job done.
Ah, then Apple CEO Steve Jobs heard me from afar. It’s like the iPad was my idea (sorry for the poor reference to the inferior competition’s product lines).
Make a giant iPhone that isn’t a phone at all.
Poof.
The iPad.
Apple latest creation is just that, an iPhone without the phone and much bigger, but not as big as a laptop, easier to carry around.
So, last Monday after the much-ballyhooed release that weekend, I spent part of lunch lusting after the gadget at the local Apple Store.
Held it in my hand, typed in www.msbusiness .com, read the latest news on our site just like it was a laptop, but better.
The price tag, compared to a laptop, is better, too.
My lunchtime visit was like walking through the auto dealership and eyeing the new car you want.
It’s pretty to look at and you can afford it it if you really want it, but how much do you want it?
Not sure just yet.
I may make a few more trips to the Apple Store for a test drive just to see what kind of gitty-up it has, maybe kick the tires and look under the hood.
You know you can never be too careful about these things.
But then again, if my wife is reading, my birthday is just a few weeks away (ahem!).

Contact Mississippi Business Journal editor Ross Reily at ross.reily@msbusiness.com or (601) 364-1018.