Archive for October, 2008
Federal Reserve Press Release
October 29th, 2008 categories: Our Market
Release Date: October 29, 2008
For immediate release
The Federal Open Market Committee decided today to lower its target for the federal funds rate 50 basis points to 1 percent.
The pace of economic activity appears to have slowed markedly, owing importantly to a decline in consumer expenditures. Business equipment spending and industrial production have weakened in recent months, and slowing economic activity in many foreign economies is damping the prospects for U.S. exports. Moreover, the intensification of financial market turmoil is likely to exert additional restraint on spending, partly by further reducing the ability of households and businesses to obtain credit.
In light of the declines in the prices of energy and other commodities and the weaker prospects for economic activity, the Committee expects inflation to moderate in coming quarters to levels consistent with price stability.
Recent policy actions, including today’s rate reduction, coordinated interest rate cuts by central banks, extraordinary liquidity measures, and official steps to strengthen financial systems, should help over time to improve credit conditions and promote a return to moderate economic growth. Nevertheless, downside risks to growth remain. The Committee will monitor economic and financial developments carefully and will act as needed to promote sustainable economic growth and price stability.
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; Timothy F. Geithner, Vice Chairman; Elizabeth A. Duke; Richard W. Fisher; Donald L. Kohn; Randall S. Kroszner; Sandra Pianalto; Charles I. Plosser; Gary H. Stern; and Kevin M. Warsh.
In a related action, the Board of Governors unanimously approved a 50-basis-point decrease in the discount rate to 1-1/4 percent. In taking this action, the Board approved the requests submitted by the Boards of Directors of the Federal Reserve Banks of Boston, New York, Cleveland, and San Francisco.
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California Housing Production Continues Decline in September, CBIA Announces
October 23rd, 2008 categories: Our Market
2008 Forecast Now Just 66,000 Units in 2008; 67,000 units in 2009
October 21, 2008
SACRAMENTO – Analysts further reduced home building projections amid new housing statistics showing a continued decrease in production levels across the board in September, the California Building Industry Association reported today.
According to statistics compiled by the Construction Industry Research Board, 4,364 permits were pulled throughout California during the month, down 32 percent when compared to the same month a year ago and down 6 percent from August. Single-family permits totaled 2,326, down 35 percent from September 2007 but up 4 percent from August, while multifamily permits totaled 2,038, down 29 percent when compared to September 2007 and down 14 percent from the previous month.
During the first nine months of 2008, permits were pulled for 51,378 units, down 44 percent from the same period last year when 91,877 permits had been issued. Single-family permits were down 53 percent while multifamily permits dropped 29 percent.
“We are not surprised, but disheartened by the building permit statistics for the first nine months of the year,” said CBIA Chief Economist Alan Nevin. “Compared to the first nine months of 2007, single-family permits have declined by more than 50 percent and can be anticipated to end the year with under 40,000 units, a modern low for the state.”
Nevin attributed the smaller decrease in multifamily units to apartment construction.
“Although condominium construction has virtually halted throughout the state, apartment construction continues to expand, thereby bolstering the multifamily permit rate,” he said. “In total, for the year 2008, we project that permits will decline to a low of fewer than 70,000 and see little change in the velocity of ‘for sale’ construction as foreclosure resales continue to create a situation where the cost of building a new home is far higher than the prices of the resale market.”
CIRB is now projecting a total of 66,000 units for 2008, down from the 70,000 units projected last month, and next year doesn’t look any better with only 67,000 units projected for the year.
Robert Rivinius, CBIA’s President and CEO, said it’s hard to imagine an economic recovery in California without doing something to bolster the home building industry.
“The housing industry contributed nearly $40 billion to the California economy last year, and that was in a down year,” Rivinius said. “In 2005, the home building industry contributed $68 billion to the California economy and accounted for nearly 500,000 jobs. The housing industry is clearly an economic engine for the state of California and policy makers should be doing everything they can to get the industry back on track, which will help the entire economy.”
Rivinius said that policy makers need to look at ways to stimulate home building while also making sure any new legislation doesn’t further impact the home building industry.
“We need to find ways to lower impact fees, which make it very difficult to deliver housing today, come up with actions that will stimulate the housing market, and make sure not to do anything which will impede the housing delivery process.”
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What does this mean to you? With fewer and fewer new homes added to our market, supply will continue to diminish as resale inventory is absorbed. Right now, newly foreclosed properties are virtually flooding our market adding more inventory than can be effectively purchased but this will come to an end. As this inventory is absorbed, without new home starts, we will find ourselves with a dramatic shortage of housing, particularly in areas such as San Diego County. When demand exceeds supply, prices will again climb and affordability levels enjoyed today will seem nostalgic.
Until home prices stabilize there is little possibility for new home builders to begin to plan for the recovery of their sector. The costs of building, including land, remain an obstacle to profitability and combined with plummeting home prices, are creating an impossible situation for home builders to continue building.
Once building does resume, we believe the face of the new home industry will have changed considerably and permanently. We believe the days of the large, public home builders are over in places like San Diego County where there are no master planned communities left to develop. Small, infill home builders will take over our local industry and that may not be a bad thing at all. We believe it will lead to a more diverse selection of architecture and less ‘cookie cutter’ tract housing- more customization by home buyers and less unilateral stylizing (sometimes considered sterilizing) by builders that base their decisions on cost effectiveness rather than reacting to what the market wants in a home.
Times change and the outlook for home building in San Diego is changing. Ultimately San Diego will have a vibrant, tending toward exclusive Real Estate market as supply is curtailed and demand continues to grow. It should make one serious about getting a piece of paradise while it’s a great deal. It won’t always be this way. Remember, LOVE Where You Live~ JB Home Sellers will help you get there.
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FEAR Is Foundation of Financial Crisis, Not Greed- San Diego Business Journal Excerpt
October 22nd, 2008 categories: Community Happenings
Business in the North County - Ted Owen
Since my last column, a bunch of stuff has happened in the financial markets across the globe.
The stock market continues to boil like a pot of pasta. I think the infusion of capital, interest rate cuts and just about anything else someone comes up with will help guide us to a better comfort zone, but it will not happen overnight.
In the last two weeks, many experts have started to sound like they have been reading this column. The headline in an Oct. 3 daily newspaper read, “The financial crisis: It’s about fear, not greed!”
The headline in the Oct. 8 business section of a daily paper said, “Fear appears to have upper hand.” My sentiments exactly.
The question most of us would ask Warren Buffett, if we had a chance, is probably, “What should I do with my investments?”
He was asked that in a KPBS interview last week and he said this is the best time to buy stock because the prices are so low.
Most financial planners and brokers will tell you to sit tight and wait it out.
In most cases, the losses are only paper losses at this point, unless the company went out of business, so the real drop in your portfolio doesn’t occur until you sell the investment.
You probably should do as the experts are lamenting and just sit tight.
A recent “Fear not Greed” editorial stated: “It is true what is done is done. So why waste our time making esoteric arguments about the psychology of what went wrong? Whether it is Greed or Fear, who cares?”
Picking Up Speed
I do because the FEAR (False Evidence Appearing Real) is like a restrictor plate on a car engine. The market can only get revved up if it is allowed to pick up speed.
The article goes on to say, “We are not out of the woods yet. What went wrong is still going wrong. The most dangerous part of a bursting bubble is the impulsive aftermath.
As the housing bubble bursts, dysfunctional impulsive behavior climaxes because of the fear of losing compounds.
Typically, cautious people make mad dashes for the exits and trample good judgment on the way out. Until we address the root of the problem — fear not greed — we will continue shooting ourselves in the collective foot wondering why poor impulsive choices persist long after greed has disappeared from the equation.”
My last comment is taken from a quote in the lead story in the business section of an Oct. 8 newspaper with the headline, “Fear appears to have the upper hand.” The article states:
“Anybody searching for cause-and-effect logic in the daily gyrations of the market will be disappointed — even if the overarching problem of a crisis in confidence in the global economy is now becoming clear. Instead, the market has become a case study in the psychology of crowds, many experts say. In normal times, it runs on a healthy mix of fear and greed. But fear now seems to rule, with investors often exhibiting a Wall Street version of the fight-or-flight mechanism — they are selling first, and asking questions later.”
Other News
In other North County news:
• While the credit market is upside down just about everywhere, that is not the case in San Diego County. The Board of Supervisors just announced Sept. 29 that national rating agency Standard & Poor’s has awarded the county administration its highest rating, making San Diego the only county in the state with a AAA rating. Supervisor Bill Horn said it best: “The upgraded credit rating is the result of the unwavering fiscal management of the Board of Supervisors and their county management team.” According to the report, “the stable outlook reflects the county’s deep and diverse economic base, strong reserve levels, formalized policies, manageable dept burden and long track record of conservative budgeting where actual results typically exceed initial projections.” I give them an A-plus.
• Many of us are concerned about the ability of charities and nonprofits to get funding during the crisis. One North County merchant has a program that meets the continuing need for charitable donations in a unique way. Gems of La Costa owner Dale Condy started his program in the ’60s. Jewelry stores historically provide services such as inspection, cleaning and minor adjustments. They don’t charge for those services traditionally, but Condy had an idea. Sometimes his customers would leave a small sum of money on the counter as a tip for the free service. He realized that most of his customers appreciated the care and at the same time put a small value on it. So he placed a jar on the counter with “Charity Charges” on an engraved plate. When someone wants to leave a tip, the money goes in the jar and its contents are donated to local nonprofit groups. During the last 30 years, Condy and his family business can proudly declare thousands of dollars of badly needed money has gone to organizations in the area. Well done!
• The green movement is catching on all over the North County area. In that regard, most of the major auto manufacturers are selling alternative fuel vehicles. One of the limitations on the part of some buyers is the availability of special fuel. In Carlsbad, the first public fuel station for ethanol-fueled cars and trucks has opened at the Bressi Ranch Fuel Mart. Two E85 ethanol pumps began service Oct. 7. The Shell gasoline station and Circle K market are owned by Fred Reed, who owns ADC Asset Management. Several multifuel vehicles already are regular customers.
Ted Owen is president and CEO of the Carlsbad Chamber of Commerce.
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Habitat for Humanity Build in Carlsbad
October 21st, 2008 categories: Community Happenings
Habitat for Humanity is underway with a new project in downtown Carlsbad. In conjunction with the City of Carlsbad, they are building 12 affordable condominiums for low income families. These homes are one and two bedroom homes and as of now, only five of the twelve homes are spoken for. The income requirement for eligibility to own is an approximate range between $25,000 and $35,000 per year and the new owner must have a good credit and work history. The homes are located on Roosevelt Street, walking distance from dining, shopping and the Coaster rail system for easy commuting.
JB Home Sellers along with the North San Diego County Association of Realtors is participating in building the homes and spent last Friday contributing their time and energy (lots of energy) in framing the structures. Jan Westman and Jennifer Bonasia got plenty dirty back-filling a utility trench (with a shovel- just like the olden days), cutting lumber to size and even nailing shear panel. It was a great day and a great feeling contributing to the home-ownership dream of some lucky families right here in our home town.
If you ever have a chance to participate in a Habitat for Humanity build, it is highly recommended. Over the years, we have had several experiences participating in Habitat builds, sometimes using the special talents of Special Olympians. Each experience has been well organized and a very rewarding experience. Habitat for Humanity does an amazing job and is a terrific organization. To learn more about them, visit their website at www.habitat.org and see how you too can get involved in helping to eliminate poverty housing.
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C.A.R. FORECAST CALLS FOR PRICES TO LEVEL OUT AND SALES TO RISE IN 2009
October 16th, 2008 categories: Our Market
Home prices throughout most areas of California will post declines next year, while sales of existing homes will continue to rise in 2009, according to C.A.R.’s “2009 California Housing Market Forecast,” released today during CALIFORNIA REALTOR® EXPO 2008 (www.realtorexpo.org), running through Thursday, Oct. 16 at the Long Beach Convention Center in Long Beach.”The current uncertainty about the financial system and economy is likely to persist over the next several weeks, and could extend into next year,” said C.A.R. President William E. Brown. “Our forecast assumes that the financial system will begin to show signs of stabilization late in 2008 and into early 2009.”
The median home price in California will decline 6 percent to $358,000 in 2009 compared with a projected median of $381,000 this year, according to the forecast. Sales for 2009 are projected to increase 12.5 percent to 445,000 units, compared with 395,600 units (projected) in 2008.
“Sales in 2008 will be ahead of last year by 12 percent, with a further increase of 12.5 percent expected in 2009,” said C.A.R. Chief Economist Leslie Appleton-Young. “However, the next couple of quarters in late 2008 and early 2009 will be marked by seasonal decreases in activity, with a pickup expected by the second quarter of next year.”
Those who are in the market currently in Southern California are finding it’s not easy to land a deal today as there is a lot of competition, particularly for homes priced at or below median values. Demand is quietly ramping up and we expect to see a slow migration into the higher price ranges so long as deals still represent a good value for the buyer.
California Real Estate has long been a high priced and valuable commodity. Today it very well may represent a golden investment opportunity for those looking to own property in the Golden State. International investors have an even better opportunity to maximize their investment dollars with the current exchange rates in our currency. As the dollar strengthens this anomaly will disappear but for those who are ready to take advantage of todays market, timing is good indeed.
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New York Times Article
October 13th, 2008 categories: Community Happenings
Central Banks Coordinate Global Cut in Interest Rates
Published: October 8, 2008
In a move of unprecedented scope, the world’s major central banks lowered their benchmark interest rates Wednesday, a coordinated effort to halt a collapse of share prices and a freeze in credit markets that threatens to set off the first global recession since the early 1970s.
Emmanuel Dunand/Agence France-Presse — Getty Images
A ticker outside the NBC studios in New York emphasized the falling financial markets.
The New York Times
The action failed to calm gyrating markets, however, amid the growing realization that a serious and prolonged recession may be difficult to avoid.
The Federal Reserve, the European Central Bank, the Bank of England and the central banks of Canada and Sweden all reduced primary lending rates by a half percentage point. Switzerland also cut its benchmark rate, while the Bank of Japan endorsed the moves without changing its rates.
In another monetary first, the Chinese central bank joined the effort — without explicitly saying it was doing so — by reducing its key interest rate and lowering bank reserve requirements to free up cash for lending.
The Fed’s benchmark short-term rate now stands at 1.5 percent. The European Central Bank’s is 3.75 percent.
Taken together with other moves in the United States, Britain and Continental Europe in the last few days, the rate cuts look like part of a broader, global strategy that embraces aggressive use of monetary policy and taxpayer recapitalization of ailing banks, generating cautious optimism among crisis-weary analysts.
“The gravity of the times requires out-of-the box responses,” said Jim O’Neill, the chief global economist at Goldman Sachs. “Atop of all the other things we have seen this week, it gives me great confidence.”
The efforts led to a brief rally on European stock markets, but it quickly fizzled. Benchmark indexes were off by 5 percent to 6 percent in Germany, Britain and France. Markets in New York were trading in a 400-point range, swinging between positive and negative.
Credit market conditions remained extremely tight, with the gap between yields on safe, three-month government securities and the rate that banks charge one another for loans of the same duration rising to more than 4 percentage points not long after the central banks acted — showing financial institutions remained deeply concerned about lending to one another.
Federal Reserve officials said Wednesday’s action was the first time ever that the Fed had coordinated a reduction in interest rates with other central banks, though the United States has periodically joined with other countries to intervene in currency markets to stabilize foreign exchange rates.
The closest thing to a precedent came in November 2001, when the Fed and the European Central Bank announced a rate reduction on the same day. But those actions were nominally independent, and they did not involve any additional foreign central banks.
The cut came despite what had been a divergence of views between the United States and Europe ever since the financial crisis erupted in August 2007. The European Central Bank had been much more reluctant to lower interest rates, because policy makers there tended to see the mortgage meltdown primarily as an American problem with secondary ripple effects in Europe.
But any lingering comfort outside the United States evaporated in the last week, as money markets froze up around the world and major corporations and banks across Europe began suffocating from their inability to do even routine financial transactions.
Making matters worse, none of the epic emergency measures taken in the United States — the passage of a $700 billion bailout plan to buy up distressed securities; a doubling and redoubling of emergency loan facilities at the Fed to $900 billion on Monday; and the Fed’s unprecedented decision on Tuesday to start buying up short-term commercial debt for businesses of all types — had prevented the stock markets from plunging at vertigo-inducing amounts day after day.
Some analysts responded positively to the news.
“At last, a coordinated show of force,” Ian Shepherdson, chief United States economist at High Frequency Economics, wrote in a note. “The move is to be applauded but there is more to come. The playbook to avoid depressions says rates need to be as close to zero as possible.”
Other economists were cautious about whether the various measures would be successful, after previous plans like the United States’ economic bailout have not halted steep declines in share prices. Read the rest of this entry »
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Pending home sales show surprise rise…Wha-wha-wha-what?
October 8th, 2008 categories: Our Market
The National Association of Realtors says pending home sales increased 7.4% from July to August; highest since June 2007.
October 8, 2008: 10:40 AM ET
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Current Mortgage Rates
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| Type | Overnight avgs |
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| 30 yr fixed mtg | 5.87% |
| 15 yr fixed mtg | 5.61% |
| 30 yr fixed jumbo mtg | 7.31% |
| 5/1 ARM | 5.84% |
| 5/1 jumbo ARM | 6.13% |
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WASHINGTON (AP) — The National Association of Realtors says pending home rose 7.4% from July to August, an unexpected piece of positive news for the battered U.S. housing market.
The group said Wednesday its seasonally adjusted index of pending sales for existing homes rose to 93.4 from an upwardly revised July reading of 87. The reading was the highest since June 2007.
Wall Street economists surveyed by Thomson/IFR had predicted the index would fall to 84.9.
The index, which sunk to a record low of 83 in March, stood at 85.8 in August 2007. Majority of gains were in the West. August sales in the Western United States were up approximately 18% and prices down 24%. Sales rates were up 9% over August 2007. So there… 
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HUD’s Neighborhood Stabilization Program
October 6th, 2008 categories: Community Happenings, Our Market
| HUD No. 08-148 Brian Sullivan (202) 708-0685 www.hud.gov/news/ |
For Release Friday September 26, 2008 |
PRESTON ALLOCATES NEARLY $4 BILLION TO STABILIZE NEIGHBORHOODS IN STATES AND LOCAL COMMUNITIES HARD-HIT BY FORECLOSURE
HUD plans housing summit to explain new Neighborhood Stabilization Program
WASHINGTON - U.S. Housing and Urban Development Secretary Steve Preston today allocated a total of $3.92 billion to all states and particularly hard-hit areas trying to respond to the effects of high foreclosures. HUD’s new Neighborhood Stabilization Program (NSP) will provide targeted emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities.
HUD plans to host a national housing summit in Washington, DC on October 7-8, as well as a series of regional conferences to explain the details of this new program to governors, mayors, county executives and other State and local leaders.
“To those areas trying to recover from the effects of foreclosure and declining property values, help is on the way,” said Preston. “Clearly, the intent is to put this money to work in communities with the highest need and to have a meaningful impact. Now the real work begins and HUD stands ready to support these States and communities as they work to stabilize their neighborhoods.”
The funding is provided through HUD’s Community Development Block Grant (CDBG) Program under the Housing and Economic Recovery Act of 2008. These targeted funds will be used to purchase foreclosed homes at a discount and to rehabilitate or redevelop them in order to respond to rising foreclosures and falling home values.
State and local governments can use their neighborhood stabilization grants to acquire land and property; to demolish or rehabilitate abandoned properties; and/or to offer downpayment and closing cost assistance to low- to moderate-income homebuyers (household incomes not exceed 120 percent of area median income). In addition, these grantees can create “land banks” to assemble, temporarily manage, and dispose of vacant land for the purpose of stabilizing neighborhoods and encouraging re-use or redevelopment of urban property.
In determining the allocations announced today, HUD followed Congress’s direction that grants be targeted to areas based on the number/percent of foreclosures, subprime mortgages and mortgage defaults and delinquencies. HUD took a data driven approach to this process, relying on numerous data sets from government agencies and private sources.
HUD also will issue specific rules that will assist communities in the administration of this new program and to ensure, as Congress directed, that these grant funds be obligated for specific activities within 18 months. This Congressional timetable may present challenges to state and local governments undertaking ambitious, and in some cases unprecedented, acquisition and rehabilitation activities. Meanwhile, HUD is actively encouraging local governments receiving direct grants to coordinate with each other, and with their state governments, to make most effective use of available funds.
The NSP Program also seeks to prevent future foreclosures by requiring housing counseling for families receiving homebuyer assistance. In addition, the Agency seeks to protect future homebuyers by requiring States and local grantees to ensure that new homebuyers under this program obtain a mortgage loan from a lender who agrees to comply with sound lending practices.
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HUD is the nation’s housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development and enforces the nation’s fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.
HUD’s Methodology for allocating the Supplemental CDBG Appropriation
The Housing and Economic Recovery Act of 2008 calls for allocating funds to States and local governments with the greatest need, as determined by:
- “The number and percentage of home foreclosures in each State or unit of general local government;
- “The number and percentage of homes financed by a subprime mortgages in each State or unit of general local government; and
- “The number and percentage of homes in default or delinquency in each State or unit of general local government.”
To ensure these funds have the maximum impact possible and are targeted to States and local communities with the highest needs, HUD analyzed data from several different sources, including:
- The Mortgage Bankers Association National Delinquency Survey data on the rate of foreclosure starts in 2007 and 2008 as well as current rates of subprime loans and loans in default or delinquency at the state-wide level;
- Census Bureau data from 2006 on the number of owner-occupied mortgages in each state to ensure that all states are treated equally;
- Federal Reserve’s Home Mortgage Disclosure Act (HMDA) data on owner-occupied and investor mortgages made between 2004 and 2006, as well as the percent of those loans that are high-cost;
- Vacancy data from the U.S. Postal Service to determine areas where abandonment of homes due to foreclosure is more likely;
- Public data from the Office of Federal Housing Enterprise Oversight (OFHEO) to measure home price declines; and
- Labor Department data on the rate of unemployment at the city and county level.
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CA Association of Realtor Response to Financial Rescue Vote
October 5th, 2008 categories: Our Market
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Response from Senator Barbara Boxer Regarding the Financial Rescue Legislation
October 4th, 2008 categories: Our Market
Dear Ms. Bonasia:
Thank you for contacting me regarding the financial rescue legislation (H.R.1424). I appreciate hearing from you on this critical issue.
The fundamentals of our economy have been shaken, and Americans are deeply concerned. When Secretary Paulson and Chairman Bernanke placed an urgent phone call a few weeks ago to Congress to say we needed emergency action to prevent a major financial meltdown, I expected they would come forward with a plan that was targeted and reasonable, with appropriate oversight and taxpayer protections.
Unfortunately, what they brought us was a $700 billion blank check, which they asked us to sign with no questions asked. This plan contained no oversight, no taxpayer equity, and no control over CEO pay. I strongly opposed this proposal - and thanks to your phone calls, e-mails, and letters, Congress stopped it in its tracks.
The Senate made major improvements designed to strengthen our economy and protect our taxpayers. Instead of a blank check, the Senate plan included significant Congressional oversight, equity for taxpayers, curbs on executive compensation, an increase in FDIC insurance protection for bank depositors, middle-class tax relief, and job-creating tax incentives for renewable energy. The bill passed the Senate by an overwhelmingly bipartisan vote of 74-25 and the House by a vote of 263-171.
These were very important changes. But let me be honest: There were still aspects of this package that I didn’t like. I preferred the government acquiring more equity instead of toxic assets. I wanted the package to be put forward in smaller installments and to include more checks and balances to make sure it would work.
For me, the deciding factor in my Yes vote was information I received from the State of California. I was told by the Treasurer’s office that without access to credit, which is the goal of this legislation, California wouldn’t be able to sell voter-approved highway, school, and water bonds that are desperately needed for our economy and the creation of good-paying new jobs. In addition, I was told by the Governor’s office, that without action, our state might be forced to withhold funds for law enforcement, schools, and other needed services. This would bring our state to its knees and many middle-class families would be in deep trouble. Small businesses are beginning to tell me they cannot get lines of credit to meet payroll, as well.
Rest assured, I will continue to speak out forcefully about the failures that led us to this place and keep working with my colleagues to strengthen confidence in our markets, protect the American taxpayers, and enact regulatory reform to ensure that we don’t end up in this mess again.
Again, thank you for writing to me about this very important matter. Even though you may feel frustrated with the outcome of the legislation that passed, your voice absolutely resulted in the enactment of a better bill. Feel free to contact me again about any issue of importance to you.
Barbara Boxer
United States SenatorPlease visit my website at
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