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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Apr 21, 1996
Page
14
New York AP report outlines economist Mark Skousen's challenge to the idea that consumer spending dominates economic activity. He argues consumer spending accounts for about one third of GDP, while final purchases exclude inputs like production, distribution, and wholesale stages.
A columnist argues investing basics can be learned by anyone including Bart Simpson. He suggests replacing distractions with finance reads, using Morningstar data, and budgeting with Quicken. He cites simple books like Money Book of Personal Finance and Business Week Guide to Mutual Funds as starting points.
Lorain County banks Premier Bank & Trust Lorain National Bank and Northern Savings continue to thrive amid industry pressures. Premier Bank expanded by purchasing 11 Bank One Lorain County branches and opened a Cleveland BP Building branch, with about 500 million in assets and plans for a new eastern county building. Lorain National Bank vows to stay local, ward off outside bids, and grows deliberately as a niche player.
In Holmes County Mississippi the Holmes County Bank & Trust Co. remains family owned and central to Lexington while nationwide trends push small community banks toward consolidation. Since 1980 independent banks have fallen from 9,667 to 2,738, leaving few truly local options as giant banks dominate assets. Local banker Marshall Milligan notes community banking’s decline and compares it to vanished trades, though one Mississippi bank endures on its longstanding corner.
Addie Brown once earned $8.50 an hour at Baxter Healthcare in Kingstree South Carolina. When the plant closed and moved production to Malaysia wages fell and thousands faced loss in the global race to the bottom. Local leaders blame trade and call for home jobs.
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