free fall’s over, but where are we landing? - solar powered street lights

By PETER S.
GOODMANMAY army, 2009 Boise IdahoBACK in September, when the fiscal reality was still just terrible but not serious, local software was launched
The up called Balihoo is ready to expand.
It has demonstrated the successful appearance of the tech world: a ventilated space in the old brick house in the city center, renovated with recycled wood and glass;
Room for 20 people
Something in the wool jumper, the mountain bike hanging on the wallmounted racks;
A hot new product.
All Balihoo needs is more money and it is about to get some money.
The three venture capital companies are offering a new $3 million investment to the young company.
Then Lehman Brothers collapsed and Wall Street began a series of failures.
With the initial fear taking over the financial system, money suddenly becomes as hard to get as true love in real dating shows.
Venture capitalists have changed their minds.
Peter Gombert, ceo of Balihoo, said the ads "all interest is gone ".
"It was nuclear winter.
On October, Balihoo fired 10 people in Boise and prepared for a more painful day.
But over the past few weeks, venture capitalists have come back, and they have been tempted by strong sales from Balihoo, and at the same time by something more valuable: the American business segment
"Risk" is no longer a radioactive word.
"The faucet is turned on again . "
Gunbert is now expected to raise $5 million.
Some of the money will allow him to hire four or five people to help Balihoo continue to produce software that will enable national brands to customize local advertising campaigns.
"Our growth will remain fairly conservative," he said . "
"The economy is still not rebounding, and one of the worst things we can do is spend the money without results.
Everyone is still feeling pain, but we are beginning to see a boost in confidence.
The new president's three months in office began with the deteriorating economic situation. The Obama administration's numerous projects seem to have stood out from the financial crisis and created momentum for the economic recovery, most people estimate that the economic recovery will remain at least a few months later.
After the turmoil of last fall, when seemingly indestructible financial institutions fell and cash almost disappeared from many areas of business life, borrowers with decent credit --
From buyers to businesses
Funds available are being sought on increasingly attractive terms.
Despite the sharp fall in house prices, home sales in many markets are still growing.
Despite this, consumer spending is still shrinking, but the retreat of panic has stopped.
However, the economy is still weak, and it is full of pain from financially strapped families to anxious corporate boards.
In the first three months of this year, more than 2 million jobs disappeared as unemployment soared to eight. 5 percent.
As wages continue to shrink or evaporate, stock portfolios and savings accounts are damaged, and the future remains uncertain, millions of households may continue to cut spending and challenge any potential recovery.
"We have just experienced the worst loss of wealth in data history," said Robert Barbella, chief economist at Investment Technology Group Research and Trading.
"The data on the labor market is certainly terrible.
"So, will the Obama administration's apparent achievements in stopping the economic free fall bring about a sustainable recovery, create millions of jobs, create new business opportunities, and restore optimism?
Can projects designed to revive the financial system allow the flow of money to allow companies to expand and hire?
Will the federal government spend on children's birthday parties be like pinata, and the proceeds are scattered over Willienilly?
Or will the money boost real economic recovery?
Boise is a metropolis with a population of 600,000, located in the high desert, and is a great place to try to solve this problem.
In many ways, the local economy is a microcosm of the recent experience of the United States, making it a useful laboratory.
Boise, a former trading station on the Oregon Trail, now has miniature breweries, cafes and bohemian-style boutiques in the brick storefront of the city center.
Robust men in chamois shirts debate fishing tackle stewed with beer, while other men in goatees and perforated lips taste chai latte to discuss herbs.
A grid of trails extends to the surrounding rocky foothills.
The attraction of outdoor activities, local technical work and affordable housing attract thousands of families to the area.
Many people fled the expensive traffic.
Living in cities like Seattle, Los Angeles and Phoenix.
Some settled in craftsmen.
Stylish residence in the north of the city center.
Many people land in the suburbs of the western part of town, where large areas of farmland are divided into small pieces.
In the guiding narrative of American life before the present crisis, a large amount of land is nourished by simple finance, bringing about a local architectural boom, as in Florida, California, and elsewhere, on every piece of land not occupied by a toxic dump.
The influx of speculators on organized bus trips drove prices soaring.
But after building too many houses and the price climbing to a point where there is no reasonable link to local income, Boise suffered the same punitive correction as most of the country.
According to Moody's economic data, the price of existing houses in the Boise region soared from an average of $130,000 in 2003 to $206,000 in 2007, but fell to $170,000 by the end of 2008. com.
According to the Labor Department, advertising construction work in the Boise area has fallen from 3,000 in the summer of 2006 to 5,000.
The local unemployment rate soared to eight in the same period.
6% from 2. 4 percent.
What exacerbated the situation was the crisis faced by Micron Technology, Boise's largest employer, the manufacturer of memory products for mobile phones and other electronic products.
In the face of global overcapacity and weak consumer demand, Meiguang lost more than $2.
7 billion of the past two years
Layoffs have reduced the company's local labor force from 6,000 three years ago to about 10,000 today, and 1,000 more will be laid off this year.
"Our spending is very, very conservative," said Mark Durcan, President and COO of Micron . ".
Meiguang headquarters feels like a dusty trophy from another era.
A campus of four-square buildings surrounded by parking lots, the reception area reminiscent of hospitals, and carpeted floors cut into small compartments.
Among the locals, it was heard that, despite the company's assurances to the contrary, it was impossible for Meiguang to stay here longer.
"Micron is a huge panic," said Daniel kallipp, Real Estate agent at Serenity Real Estate . ".
"The fall of Micron will be terrible.
"The trouble with Micron helps explain why it is crucial ),
Suburban development with plans to build 1,500 residential units
Only one left.
The third one was built five years ago.
"The street will extend in the future," wrote the placard attached to the barrier, where the sidewalk was emptied and scrubbedcovered earth.
Paramount is the work of Brighton, a local developer whose head, Peter Oliver, grew up in the hippie community in New Mexico.
"All I want is indoor plumbing and cable TV . "Oliver recalls.
Now, he makes a living by selling the comfort he once longed for, offering a typical piece of land on the outskirts of the United States.
However, the credit for cultivating this lifestyle for decades has disappeared, making it impossible for his family to reach many families.
In this new, aftereasy-
In the era of money, many families have given up their desire for more, greater and newer.
"This is not a correction," he said. Oliver says. “It’s a full-blown reset.
Still, in a recent presentation of the Paramount model house, nearly 500 people came here to watch the sparkling kitchen and family room.
"People with decent jobs and good credit say, 'This is the time to buy. '"Oliver.
"People get to a certain extent, they just get tired of feeling bad about things.
Real estate agents and mortgage brokers said they saw the first-
Time buyers.
They cut mortgage rates.
Results of Fed and Obama administration injecting money into the market
And another administrative initiative launched in February: first-
Time buyers are eligible for a tax credit of up to $8,000.
"It gets buyers out of the way," said Suzi Boyle, the mortgage sponsor of evergreen home loans in downtown Boise.
Last month, Jason Sears, 31, an easygoing singleyear-
The old one offered a $140,000 for four.
Bedroom house in an upscale area of town. Ms.
Mom gave him 30-year fixed-
The interest rate is mortgaged at 4. 7 percent. Mr.
Sears is the director of operations at the local Boys and Girls Club, which is funded primarily by corporate donations.
As early as January, with the reduction of donations, he was too afraid of his job security to buy a house.
Things have changed.
"I do feel safer," he said . "
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According to the Ada County Association of Realtors, sales of houses in the region soared 48% compared with last month, although they were still down 8% from the same period last year.
"We know it won't get worse, it's enough," said Mark Lebowitz, chief executive of the association . ".
Advertising still faces obstacles.
So many loans poured into real estate development that the area was surrounded by a kingdom of empty lots, making banks reluctant to take other risks for those loans.
"There could be eight.
Annual supply of construction lots, "said Dave Player, senior vice president of commercial loans at Shanxi bank, a regional lender.
As speculators absorb losses, the breadwinners give up their wages, and the low introductory interest rates on mortgages are reset higher, the wave of foreclosure seems to be gathering forces.
According to RealtyTrac, in some suburbs, such as Meridian, foreclosure rates increased by nearly 75% in the first three months of this year.
"If we don't stop foreclosure, it will be long and painful," she said . "
Aunt of evergreen housing loan
"Foreclosure is killing us.
The federal government has long portrayed foreclosure as a vital national problem, but it has been unable to find a solution since the beginning of the financial crisis.
On February, Treasury Secretary Timothy F.
Geithner announced a plan to save as many as 4 million troubled homeowners from foreclosure by rewriting their mortgages.
So far, only a few thousand people have been revised, the Treasury said, although the Treasury has signed contracts with the top five mortgage service agencies in the United States to ask them to consider revising their default loans.
That pace is expected to accelerate soon, the agency said, but analysts are concerned that the Treasury's plan may never be able to provide enough help.
Before the Treasury's plans to gain momentum, the suspension of foreclosures taken by some agencies has ended.
If the banks suffer new losses as homeowners get stuck, they may re-tighten lending and choke the economy further as the economy shows signs of improvement.
"It will be a disappointment," said Mark Zandi, chief economist at Moody's . ". com.
Another crucial move is also slow: The Treasury Department plans to encourage investors to use government loans to buy bad bank assets, allowing banks to lend more aggressively.
The plan is not expected to be operational until mid-year, and many investors are cautious about the assets.
A project aimed at freeing up money for car loans, credit card loans and other consumer finance faces similar troubles.
"Investors are worried that the government is inclined to change the terms of the deal," Allen S said . "
He was a member of the Federal Reserve and an economist at Princeton University.
"People think that it is possible for the government to impose more restrictions on you if you participate.
Andrew petreen is not sure about the details of the project being implemented in Washington, but he is sure that he is not getting any benefit.
In December 2007, he and his wife, Saundra McDavid, expanded their popular barbecue restaurant, Andrew's Rib, to rent a 3,500-square-
Walking space in Boise.
They borrowed $150,000 from a local bank.
A private equity company discussed expanding their brand to San Diego.
But as the recession began, the new restaurant attracted few customers.
The private equity company closed down.
The couple reduced their staff from 25 to 6 and reduced their working hours.
They closed the door on February.
These days, they eat in the rented church kitchen. Mr.
Petrehn is eager to own a restaurant again.
"There are some prime areas that are vacant now and can be very cheap," he said . ".
But no one is willing to lend him the money.
"Banks are still closed.
Even successful businesses feel the crisis. Kevin C. Settles, co-
Owner Bardenay, chain restaurant with distilled rum, vodka gin, has two boys that sell only about 1% slip-area locations.
However, his banker recently raised his credit line interest rate by 2.
5 percentage points
"There is no obvious reason," he complained . "
Falling food costs and high unemployment make it easier to hire quality workers --
He said the ideal conditions for expansionSettles.
But he thinks he can't get the money.
The bankers did not apologize.
"We are doing business loans, but they have to make sure there is cash flow," said D. Vice President Joey Perry . "L.
Evans Bank, a lending bank in Idaho, received $20 million in federal aid.
In some economists, there is a view that the Obama administration's plan has been overshaped by political pragmatism: given the public's aversion to bonuses from executives of rescued financial institutions, congress is reluctant to hand over more money to force the government to turn to gimmicks to try to fix lenders without further attracting taxpayers.
Others say too narrow a focus on immediate financial and economic projects misses the true meaning of the Obama administration's commitment.
D from Franklin.
Roosevelt entered the White House during the Great Depression, and the new president faced such a severe challenge.
In addition to his financial system and federal spending plans,
Obama has announced a long term
David M believes that the "strategic vision" of the economy is centered on expanding health care and education while embracing renewable energy
Kennedy is a historian at Stanford University. his book Freedom from Fear tells the story of Roosevelt's New Deal.
"They understand that the task is not only to restore the economy as usual, but also to lay a more solid foundation for the future," he said . ".
In the first few weeks of Mr.
During his tenure, Mr. Obama persuaded Congress to approve $787 billion in federal spending to stimulate the economy.
Tax cuts were $288 billion, and state and local governments were $499 billion.
Economists say this spending has had an impact on the key aspects.
It extended unemployment benefits and food stamps, while reducing it by nearly twice.
Third, the number of laying
In order to keep their health insurance, workers who leave work must pay for it.
But it remains unclear whether it can restore economic activity.
Tax cuts are now in place.
Only about $75 billion has been invested, mainly for public works projects such as roads. building.
The advertisement "The moment of truth is coming," he said ". Zandi.
"If by June we don't see the real thing in the data, then I will be very nervous.
Mayor David H. Boise.
There's hope here.
The federal stimulus package includes $2 million for energy-efficient projects in Boise, such as rebuilding buildings.
The recently approved federal budget includes $2 million to expand the coverage of the urban geothermal system, which uses groundwater to heat buildings in the city center.
The mayor described the project as a key part of Boise's efforts to position itself as a clean energy center.
At the Union Brothers club in the carpenter's union hall, the father of seven children, George Suite, wants all of this federal spending to be converted into a stable salary.
He has only worked for three weeks in the past year, and while living on $371, he is trying to pay the mortgagea-
Weekly unemployment check
Replaced $720 a week.
He once enjoyed his family's salary.
"The bank has received all the money to help it," he said . "
"What about the staff?
"Others here are more confident that the money flowing out of Washington will eventually make a difference.
Tony Robinson, who was fired from a sales job in Microsoft's local department in January, recently found a new position at a local startup --
Inovus solar.
The company produces solar energy-
Electric street light and high
Efficiency of traditional lighting
Product communities across the country are increasing with their stimulus money.
"The potential for this is incredible," he said . "
"It will become a technology industry in the next ten years.
"A version of this article appears on the New York version of the BU1 page with the title: free fall is over, but where do we log in? .
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