Wall Street climbs as bank chiefs testify to Congress
The Dow gains 53.51 to 10,680.77 while the S&P 500 climbs 9.46 to 1,145.68 and the Nasdaq adds 25.59 to 2,307.90 as bank leaders face Congress over the financial crisis. Netflix reaches triple crown with Wii instant streaming coming spring via a mailed disc.
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Congress
Standard & Poor
Netflix
Housing 2009 Foreclosures Reach Record High Nationwide
RealtyTrac reports 2.8 million households faced foreclosure threats in 2009 with a 21 percent rise from 2008. One in 45 homes received a foreclosure filing including default notices and bank repossessions. December saw 349000 households affected. Banks repossessed over 92,000 homes, up 19 percent from November.
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RealtyTrac Inc
Feds plan first limits on oil market speculators
Federal regulators prepare a major step to curb oil speculation. The Commodity Futures Trading Commission will consider setting trade limits on the New York Mercantile Exchange to restrain fund managers and other speculative investors from undue market influence.
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Commodity Futures Trading Commission
New York Mercantile Exchange
Corridor home sales defy downturn in 2009 gains
Cedar Rapids area MLS shows a 5.7 percent drop in 2009 sales while Iowa City area MLS rose 1.8 percent. Analysts credit first time homebuyer credits, low rates, and strong inventories. December 2009 sales fell in Cedar Rapids but rose modestly in Iowa City.
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Dave DeWitte Wocette
Cedar Rapids
Iowa City
Jeff Dill
Iowa City Area Association of Realtors
Dill
Kevin Platz
Cedar Rapids Area
Federal Housing Administration
Cedar Rapids Platz
Cedar River
Northwest Quadrant
North Liberty
Courting co-ops in Linn and Johnson counties
A survey by the Iowa River Valley RC&D shows strong interest in forming a food co-op linking Linn and Johnson county shoppers with local farmers. The plan would mirror Oklahoma Nebraska and Des Moines groups, with no firm timeline but faster growth if tied to the Des Moines model.
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Cindy Hadishihe
Edar Rapids
Linn
Johnson County
Iowa River
Iowa River Valley Rc&d
Local food co-op explored to boost access to fresh products
Survey results highlight high importance of buying locally grown food. Top items sought include fresh fruits vegetables chicken eggs beef and cheese. Proposed cooperative would list farmers and practices online set prices online orders monthly distribution point volunteers sort orders and consumers pay by check. Grimm notes no site fixed yet.
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Dents
Grimm
New Pioneer Food Co-op
Cindy
Ladish
Gazcomm.com
Fed chief urges curb on banks to prevent too big to fail
Federal Reserve Bank of Chicago president Charles Evans told Iowa business students at the University of Iowa Pomerantz Center that the danger of banks becoming too big to fail must be addressed with stronger capital, aligned risk and rewards, and a tougher regulatory environment. He spoke at a Corridor Economic Forecast Luncheon in Coralville noting slow recovery, high unemployment, and cautious hiring, with manufacturing crippled by the recession but headwinds easing through 2010.
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Ne Gazette
Federal Reserve Bank of Chicago
Charles Evans
University of Iowa Pomerantz Center
Evans
Coralville Marriott
Iowa
Midwest
Chicago Fed
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