News in Brief
Confidence shown rising in Mid Hudson
REGION — A recent survey of consumer confidence in New York State showed that the Mid Hudson region, which includes Sullivan County, was one of only three in which confidence rose and the only one in which the index rose substantially from the second quarter of 2010 to the same period in 2011.
The Mid Hudson index increased from 59.1 last year to 65.5 in the second quarter or 2011, an increase of close to 6 points or 10%. The Rochester and Syracuse areas also saw confidence increase, but marginally; elsewhere in the state, confidence declined.
In terms of levels, Binghamton had the lowest absolute level, at 55. The Mid Hudson level of 82 put it at number three in the state.
The intent of the Consumer Confidence Index is to measure peoples’ willingness to spend, as opposed to their ability to spend.
Hinchey pushes to reinstate Glass-Steagall
WASHINGTON, DC — Congressman Maurice Hinchey (D-NY) has introduced a bill that would reinstate the Banking Act of 1933, better known as the Glass-Steagall Act, in order to separate investment banking from commercial banking.
The congressman, who introduced the Glass-Steagall Restoration Act with Reps. Jay Inslee (D-WA) and John Conyers (D-PA), said he intends for the measure to break up oversized banks, restore consumer protections and avoid future financial collapses like the one that began in 2008.
“Following the Great Depression, Congress wisely separated investment banking from commercial banking to prevent big banks from using depositors’ money for risky trades,” said Hinchey. “Unfortunately, Congress repealed the Glass-Steagall Act in 1999 and the American people are still paying the price after the financial market meltdown that occurred in 2008. We have made some progress in addressing this with the Wall Street Reform bill that was passed last year.
"Even so, the commingling of investment and commercial banking has persisted, and as a result, our economy is still at risk. This legislation would reinstate the basic rule that preserved the security of our financial markets for nearly 70 years and would help prevent another bailout.”