Issue link: https://www.epageflip.net/i/14095
Saturday, July 31, 2010 – Daily News – 3A To add an upcoming event in the Local Calendar, submit Local Calendar information well in advance to the Daily News, attention Calendar, P.O. Box 220, Red Bluff, 96080 or e-mail to clerk@redbluffdailynews.com. Include a contact name and telephone number. SATURDAY, JULY 31 Red Bluff Bluff River Park 4th Annual Canoe & Kayak Races, 9 a.m., Red “A Shining Light” simulcast for BSA 100th anniversary, 5 p.m., Tehama County Department of Education, 1135 Lincoln St., free and open to the pub- lic Back to School Project Application, 9 a.m.to 1 p.m., 836 Washington St., 529-4074 or visit www.back- toschoolproject.com Farmer’s Market, 8 a.m. to noon, Red Bluff River Park, 527-6220 Corning “A Shining Light” simulcast for BSA 100th anniversary, 5 p.m., Church of Jesus Christ of Latter- day Saints, 111 Marguerite Ave., free and open to the public Manton Concert in the Vineyard:Wes Bangs Band, 5 to 9 p.m. Ringtail Vineyard, 32055 Forward Road. Cover Charge $10 or $5 for wine club members. 474-5350 SUNDAY,AUGUST 1 Red Bluff Knights of Columbus All-You-Can-Eat Break- fast, 9:30 a.m. to 1:30 p.m., $4 each, $10 family, Sacred Heart Church Basement, 505 Main St., 527- 6310 WHEEPicnic and Prayer Circle, 4:20 p.m., 22116 Riverside Avenue Corning Evangelist services, 7 p.m., Family Bible Church, 609 Marin St., 824-9989 MONDAY,AUGUST 2 Red Bluff Al-Anon, 6 p.m., Presbyterian Church, Jefferson and Hickory, additional meetings noon and 6 p.m. Wednesdays, 6 p.m.Fridays Head Injury Recreational Entity, 10 a.m., St. Eliz- abeth Community Hospital, Coyne Center, Rusty, 529- 2059 Key to Life, 6 p.m., Family Resource Center, 220 Sycamore St. Ste. 101, 528-8066 Red Bluff Community Band Concerts in the Park, 8-9 p.m., Red Bluff River Park, 527-3486 Salvation Army Writing Class, 9:30-11 a.m., 940 Walnut Street , 527-8530 Sons in Retirement, 11:30 a.m., Elks Lodge, 529- 5700 Sun Country Quilters Community Service Group, 9 a.m.to 3 p.m., Family Resource Center, 220 Sycamore St. Ste. 101, 528-8066 Corning Narcotics Anonymous, 7 p.m., 815 First St., 385- 1169 or 566-5270. Meetings are every day through Saturday with an additional meeting at noon Mondays Sewing class, 9 a.m., Family Resource Center, West and South streets, 824-7670 Spanish Adult Education, 5 p.m., Family Resource Center, West and South streets, 824-7670 Strategies for Success, Life Skill classes, 1:30 p.m., Family Resource Center, West and South streets, 824-7670 Los Molinos Senior Dance,7 p.m., Los Molinos Sr. Social Club, Senior Center, Josephine St. TUESDAY,AUGUST 3 Red Bluff City Council, 7 p.m. City Hall, 555 Washington St. PAL Kickboxing, 4 p.m., 1450 Schwab St., 529- 8716 or 200-3950 Playtime Pals Playgroup, 9:30 a.m., Family Resource Center, 220 Sycamore St. Ste. 101, 528- 8066 Red Bluff Rotary, noon, Elks Lodge Tehama County and Red Bluff Landfill Manage- ment Agency, 8 a.m., board meeting, 727 Oak St. Tehama County Board of Supervisors, 10 a.m., board chamber, 727 Oak St. Tehama County Patriots, 6 p.m., Trinity Landmark Missionary Church, 20920 Hampton Rhodes Drive Corning Corning Community meeting, 7 p.m., Maywood Middle School, 1666 Marguerite Ave. Corning Recreation Commission, 7:30 p.m., City Hall, 794 Third St. Red Cross Disaster Volunteer meeting, 6 p.m., Corning Fire Department, 814 Fift St., 800 934-5344 Spanish Adult Education, 1:30 p.m., Family Resource Center, West and South streets, 824-7670 Los Molinos Los Molinos Cemetery District, 8:30 a.m., 7835 Highway 99E Bingo, 4:30 p.m. dinner, early birds 6:15 p.m., reg- ular session 6:30 p.m., Veterans of Foreign Wars Hall, 7900 Sherwood Blvd., 384-2738 FREE KIDS HAIR CUTS Sun. Aug. 15 2-6 pm Red Bluff River Park FREE FOOD ★ KIDS GAMES LIVE MUSIC 529-4074 Beauticians needed wins superbowl SF 49ers Dances With The Wolves 1990 Best Picture New financial rules ignore our history President Obama is about to sign the largest reformation of the U.S. financial system since the 1930s. It's designed to make everyone -- from Wall Streeters to consumers -- feel they are safer, and better protected, and more thoroughly supervised. Don't believe it. The very fact that this is called the Dodd-Frank bill is an irony -- because Sen. Chris Dodd and Rep. Barney Frank were more publicly responsible than all others for encouraging the government- backed, quasi-public agencies Fannie Mae and Freddie Mac to keep funding and guaranteeing mortgages for those who would not otherwise qualify -- lead- ing, in part, to the financial disaster that followed. Now they're cheered for sponsoring the legislation to fix the problems they created. Congress has created more than 2,300 pages of new regulations, which will be supplemented by more than 250 rule-making interpretations, each of which will fill another vol- ume of commands and demands on the financial service industry. Whether you buy a stock, get a mort- gage or a car loan, eat corn flakes or a hamburger, or simply swipe your credit or debit card, you can be sure that the process will be governed by the new legislation designed to pro- tect you. Yet when it came to the basics, like requiring brokers to act as "fidu- ciaries" -- putting their client's inter- ests ahead of their own and fully dis- closing any conflicts -- this simple act was consigned to a "study group." And when it came to prohibiting the banks' risky activities -- the Volcker rule -- the law will take as long as 10 years to fully go into effect. You might ask yourself, how did we get along for years without all these rules until disaster overtook us in the form of human nature and greed? Is it simply that our financial system has become more complex, and thus needs more regulation? Or is it part of a historic cycle of devel- opment, growth and eventual excess that leads to the desire for more con- trol? This cycle looks much like the 20- year period of the 1920s and 1930s, if you remember your history. A period of economic growth based on new technologies and growing afflu- ence is capped by a speculative orgy and dramatic rip-offs. And that burst- ing bubble then belatedly results in a new series of regulations, such as the 1930s creation of the SEC and the separation of deposit banks from investment banks. We Americans learned our lesson from the 1929 stock market crash and the behavior of Wall Street back then, did- n't we? Maybe not. In many ways, we're seeing a repeat of histo- ry. This era's Bernie Madoff scheme looks suspi- their credit cards. Those who argue that more regu- lation and punishment are needed now have been appeased. But does regulation work? Let's remember that: • The SEC was specifi- cally created in 1933 to uncover frauds such as the one Madoff perpetrated -- but it failed woefully to do its job. • The Comptroller of the Terry ciously like the Ponzi scam of the 1920s. The mortgage disaster of our time was made possible by repeal of The Banking Act of 1933, known as Glass-Steagall, a change that allowed deposit banks such as Citibank to get into lucrative trading operations using insured deposit accounts. Notably, the minute that invest- ment banks Lehman and Bear Stearns got into trouble in the sum- mer of 2008, all the remaining investment banks such as Goldman immediately converted to "deposit" banks, whose activities are insured and backed by the government. So is more protection what we need, or a better sense of history? There's a reason these cycles come at long intervals: It takes that long for the generation that was personally affected to die off, replaced by their grandchildren who never learned those life lessons. Your grandparents, or great- grandparents, certainly learned the lessons of the Depression. They saved and scrimped instead of spend- ing and borrowing. And their grand- children laughed at their penurious ways. The ceremony of "burning the mortgage" became a quaint antiquity of a bygone era. But you can be sure that having seen their parents foreclosed from the family home, children will never consider a home-equity loan when they grow up. And they'll be far more wary of accumulating balances on Savage The Savage Truth on Money Currency, the FDIC and other bank regulators, both federal and state, were sup- posed to regularly investi- gate and uncover activities such as the banks' off-bal- ance trading funds, which provided the funding that did much to encourage the speculative mortgage fren- zy. • The Federal Trade Commission had jurisdic- tion over consumer loans, including the home-equity loans and zero-down-pay- ment mortgage loans that entrapped consumers. • The Federal Reserve was sup- posed to preserve a sound curren- cy, even as Chairman Alan Greenspan was publicly encourag- ing people to take out adjustable- rate mortgages. If all of those agencies and regula- tions could not keep this massive bubble from building then bursting, will the new regulations do it? Or, as the memory fades, will human nature surface again, developing new strate- gies to get an "edge" on the system - - until every individual begins to feel that he or she can really get some- thing for nothing? Next time around, it won't be tech stocks or mortgages -- but it will be something. Unless you constantly remind the next generation of the basic principle of money: Anything too good to be true is not true. And that's The Savage Truth. Terry Savage is a registered investment adviser and is on the board of the Chicago Mercantile Exchange. She can be reached at www.terrysavage.com. She is the author of the new book, "The New Savage Number: How Much Money Do You Really Need to Retire?" Interstate wreck sends two to hospital COTTONWOOD — Traffic slowed considerably following a crash at 3:55 p.m. Tuesday on southbound Interstate 5, north of Sunset Hills when a helicopter landed in the center divider for two people with major injuries. The driver, Lanie Marie Johnson, 19, and her pas- senger Ashley Johnson, 22, of Tacoma, Wash., were both flown from the scene to Mercy Medical Center in Redding to be treated. Lanie Johnson was driving south on I-5 in the fast lane when she took her attention off her driving to Police reports The following infor- mation is compiled from Red Bluff Police Depart- ment, Tehama County Sheriff’s Department, Corning Police Depart- ment and California Highway Patrol. Arrest A man was reportedly Tased and arrested on sus- picion of resisting arrest during a mental evalua- tion conducted by sher- iff’s deputies. The man was reportedly threaten- ing to kill himself with pills before deputies arrived. Threats A man reported being threatened by a second man over a car the second man had left on the first man’s lawn since Febru- ary. Fraud A suspected Internet fraud was reported Thurs- day morning on Linda Court. Theft • A man reported find- ing what he believed to be stolen goods in a vehicle Thursday afternoon on Highway 99E. •A registration tag was reported stolen Thursday morning on Valerie Way. • Beer was reported stolen early Friday morn- ing at AM/PM. Vandalism Vandalism was report- ed Thursday morning to a mailbox, a sign and a step at High Sierra Insurance Services. The damage was estimated to be $140. Marijuana Marijuana plants were reportedly seen growing Thursday afternoon over a fence on Lay Avenue. Odd •A father reportedly refused to pay for repairs to his son’s ATV when the repair costs exceeded an initial $35 estimate. The repairman was later seen riding the ATV and mock- ing the father Thursday afternoon on Central Avenue. •A man dragging a Little League field Thurs- day afternoon at Mill Creek Park was reported- ly contacted by police change a CD in the player, said California Highway Patrol Officer Phillip Mackintosh. Due to her inattention, she allowed the vehicle to drift off the left side of the road where she was unable to avoid hitting a large oak tree in the I-5 center divider. The impact caused major injuries to Lanie Johnson and her sister Ashley and major damage to the 2006 Ford they were in. Both women were wearing their seatbelts and alco- hol was not a factor in the crash, Mackintosh said. — Julie Zeeb after someone com- plained he was stirring up too much dust. •A woman reportedly had a spotlight shined on her while she was out smoking early Thursday morning on Buena Vista Avenue. •A man was reported- ly admonished for stick- ing an Airsoft pistol into his waistband Thursday evening at the corner of Aloha Street and David Avenue. Fires • A Los Molinos struc- ture fire reported at 3:45 p.m. Thursday on Wanda Court cross of Hollis Street did $1,000 damage with a $100,000 save. The fire originated in a dryer Mon.-Fri. 10:30 to 5:30 Sat. 11-3 40 Crafters in 1 Shop! 650 Main St., Red Bluff 530 528-2723 Come & Shop Crafter’s Boutique Or Rent a Space to Sell Your Crafts Gifts for family & friends Plenty of parking on Pine Street Dave’s Boots Repairs Celebrating 20 years in Red Bluff Dave’s Boots opens its doors 1990 Telescope is launched 4/25/90 The Hubble Space 478 Antelope Blvd. • Red Bluff • 529-5466 Sales & South Africa Frees Nelson Mandela vent and was caused by lint buildup in the vent. CalFire was on scene at 3:51 p.m. and cleared at 4:35 p.m. • A grass fire caused by children playing with fire was reported at 3:16 p.m. Thursday at the intersec- tion of Dale Road and Kopta Road in Corning. CalFire was on scene at 3:23 p.m. and the fire was contained at 3:26 p.m. Two-tenths of an acre of grass burned. There was no damage, no save. Cal- Fire cleared at 4:06 p.m. Mike Tyson loses to Buster Douglas The Simpsons debuts on FOX Average cost of gas $ 134gallon The first web page is posted on the world wide web