Four Jewish schools in Brooklyn have been forced to shut their doors, because of Swine Flu. They are Magen David Yeshiva, Yeshivas Chofetz Chaim (Brooklyn), Masores Beis Yaakov, and Sharei Torah (all divisions). Chofetz Chaim has reopened on Tuesday (5/26/09). Bais Yaakov Of Boro Park is closed. Bobover Cheder in Monsey has been closed as well. They will all be closed until after Shavuos, due to Swine Flu.
Wednesday ,May 20, 2009Congress on Wednesday sent to President Obama a bill that makes it tougher for credit card issuers to raise fees and interest rates.
The move caps a years-long crusade by consumer groups and Democrats to rein in what they say are abusive practices that prey on consumers. The approval came despite strong objections by banking industry advocates, who say it could result in tightened credit to Americans.
The House voted 361-64 in favor and also approved by 279-147 an unrelated measure allowing people to carry guns into national parks.
The Senate passed the credit card bill, along with the unrelated gun measure, by a 90-5 vote on Tuesday.
The bill is expected to be signed by President Obama as soon as Friday.
The credit card rules would take effect in February. The bill is moderately tougher on banks and card issuers than are new Federal Reserve rules set to take effect July 2010.
The legislation make it harder for people under age 21 to get credit cards. It would also ban rate hikes unless a consumer is more than 60 days late - and then restore the previous rate after six months if minimum payments are made.
The bill marks a major loss for the banking industry.
Financial services representatives have decried the bill, saying it would exacerbate the credit crisis and force banks to drop some risky credit card holders. The American Bankers Association said the legislation would prompt banks to reinstate annual fees and higher interest rates for all card holders, an outcome that would penalize those with good credit who pay their bills on time.
In recent months, credit card companies have been raising fees and interest rates. From November 2008 to February 2009, rates increased from an average to 13.08% from 12.02%, according to a Federal Reserve Board report.
(Source: CNN Money) (Taken almost entirely from: Yeshiva World News)
(MRN- 18)
The Senate today overwhelmingly passed a bill that would sharply curtail credit card issuers’ ability to raise interest rates and charge fees, taking a critical step in reforming an industry that has gone largely unregulated for decades.
In a 90-5 vote, The Senate delivered a victory to consumer groups and to the White House, who blame industry practices for sending Americans deeper into debt just as they are losing their jobs and their homes.
Lawmakers will now turn to reconciling differences with a similar bill passed by the House on April 30. President Obama has said he wants to sign a bill into law by Memorial Day.
Consumer advocates said the Senate’s action showed a solid commitment to consumer protection.
“This is landmark legislation that is going to make the credit card marketplace more transparent and more fair for millions of consumers,” said Travis B. Plunkett, legislative director for the Consumer Federation of American. “In particular, it’s going to prevent credit card companies from suddenly and unjustly increasing interest rates which is pushing many consumers with credit card debt into bankruptcy.”
Congress stepped up efforts to pass legislation in recent weeks, as several card companies increased interest rates and cut limits on both delinquent and credit-worthy customers. Outraged consumers complained that they were being mistreated by the same companies that were receiving federal bailout money. The Obama administration listened and stepped into the fray, meeting with credit card executives at the White House and stipulating provisions they wanted to see in legislation.
Industry representatives have argued that any legislation would result in more lost revenue and force them to raise interest rates and withhold credit.
“Credit cards are a strong economic driver and are relied upon by consumers and small businesses to make payments and to bridge short-term financial gaps,” said Edward L. Yingling, president and chief executive of the American Bankers Association. “The goal in the legislation should be to obtain the right balance: providing protections, while maintaining the important role of credit cards in providing loans to consumers and small businesses. Unfortunately, we believe the bill does not achieve that balance and will therefore cause an unnecessary decrease in credit availability.”
Analysts and lawmakers said the chances of a swift compromise were high because the issue has such populist appeal. Even Republicans who had vehemently opposed reform made critical concessions. The House will now either approve the Senate bill or the legislators will have to agree on a version to send to Obama.
The Senate bill allows rate hikes only if the borrowers’ payment was past due 60 days. Card companies would have to restore the original rate if the customer paid on time for the next six months.
The House bill, authored by Rep. Carolyn B. Maloney (D-N.Y.), largely mirrors regulations passed by the Federal Reserve in December that also would ban so-called “unfair and deceptive” practices. It is not considered as strong as the Senate bill.
The Federal Reserve’s new rules do not go into effect until July 2010. Both the House and Senate bills seek to accelerate that timeline. The Senate bill would be enacted nine months after signing and the House bill 12 months after.
(Source: Washington Post) (Taken almost entirely from: Yeshiva World News)
(MRN- 18)
The Queens assistant principal stricken with swine flu succumbed to the deadly virus today, the first person to die in the city from the disease, hospital officials said.
"We were treating him very aggressively," said Flushing Hospital spokesman Ole Pedersen. "Unfortunately, he did expire at 6:17 p.m. this evening."
The sick man, Mitchell Wiener, 55, an assistant principal at IS 238 in Jamaica Estates, first fell ill more than a week ago, but didn't seek help at the hospital until his symptoms became severe early Wednesday morning.
Since that time, he's been in a medically induced coma, on a ventilator.
Just hours before his death, his wife, Bonnie, said there were hopeful signs.
"There's no change," she told The Post earlier today. "He's stabilized. They're just giving him supporting care and hoping the treatment will kick in."
According to Newsday He and his wife were active members of Garden Jewish Center until a few years ago, Rabbi Martin Cooper said. Mitchell Wiener served on the synagogue's board of directors and as treasurer in the late 1990s.
"He has a very warm personality," Cooper said. "He is very well-liked in the congregation."
(Source: NY Post) (Taken almost entirely from: VosIzNeias)
(MRN- 18)
But there's a catch.
Our neighborhood is not a parking lot. That's the cry of several lawmakers who have introduced legislation to allow residential permit parking. The bill can be viewed here PDF
"Driving around looking for a parking space is a New York tradition as old as corned beef, but if we can do something to improve it we should and this will," said State Sen. Daniel Squadron, D-Brooklyn.
It's another way of saying if you live here you can park here. If you don't, you're plumb out of luck. Residents would buy permits for a nominal fee -- say $25 to $100 a year.
The downtown Brooklyn communities, because they are the gateway to Manhattan, have become a hub for people coming into our neighborhoods parking their cars and then taking mass transit," said Assemblywoman Joan Millman, D-Brooklyn.
But it's not just Brooklyn. Any neighborhood thatwants to keep its parking for its residents can have such a program. Leslie Lewis said he's beside himself because it's difficult to park near his Boerum Hill home.
"I'm not looking for some guaranteed parking space painted in the street, but I am looking for just a proper chance at it without a commuter taking it away," Lewis said.
But there's an "alternate side of the street" to this parking story.
"Oh no, I don't think that's fair," said Monica Wilson of Jamaica. "These are public streets and the entire public should be able to park on them."
"It really shouldn't be because it's a business area, right," added Gloria Katz of Mill Basin.
Other cities that have the residential parking permit program in effect are Boston, Chicago, Washington, D.C., Los Angeles and Hoboken, N.J.
Councilman David Yassky is sponsoring a home rule message to get the state Legislature to approve the measure.
(Source: WCBS TV By Marcia Kramer) (Taken almost entirely from: VosIzNeias)
(MRN- 18)
The dealers hold about 120,000 GM vehicles of various brands, said the person, who asked not to be identified. The company scheduled a conference call for reporters with Mark LaNeve, GM’s North American sales chief, at noon New York time.
GM is working to pare U.S. dealers by 42 percent, to 3,600, by the end of next year as it faces a probable bankruptcy by a June 1 government-set deadline. With competition reduced among retail outlets, the remaining dealers each may be able to sell more cars at higher prices, boosting profit, the person said.
GM is hoping for an orderly wind-down of the affected dealers over the next year or so, the person said, which means they will close when their inventories are gone.
The next wave of dealer terminations will take place as some dealers decide whether they wish to remain, leaving the automaker to choose who it wants to keep, the person said.
(Source: Bloomberg) (Taken almost entirely from: VosIzNeias)
(MRN- 18)
The certificates will be mailed along with copies of a letter from Chief Executive Robert Nardelli, Chrysler officials told dealers in a web cast, this person said.
The certificates are meant to boost Chrysler’s sales as it reorganizes under bankruptcy protection, and to help some of the 789 dealers Chrysler plans to drop from its retail network. The auto maker announced the reduction in its dealer body on Thursday. The dealers to be eliminated will be dropped by around June 9, if the plan is approved by the U.S. Bankruptcy Court in Manhattan. Those dealers have to either sell their inventory of new vehicles to customers or to surviving dealers.
The certificates will be sent to more than nine million owners of Chrysler vehicles and can be used toward the purchase of any Chrysler models, the person briefed on the matter said.
(Source: WSJ) (Taken almost entirely from: Yeshiva World News)
(MRN- 18)
The New York Civil Liberties Union released the report of police data, which shows more than 170,000 people were stopped in the first three months of the year.
The police department is required to keep track of the number of Stop-and-Frisk reports.
The NYCLU says about 90 percent of those stopped were innocent and let go. The group also says the program unfairly targets minorities.
“What we have is an incredible racial disparity in who, in New York, has to worry about walking down the street and getting stopped for doing absolutely nothing wrong, by the police,” said Donna Lieberman of the New York City Civil Liberties Union.
“Stop and frisks have been going up for the past three years and the reason is because they work,” said City Councilman Peter Vallone, Jr. “They are a large part of the reason that crime continues to go down despite the fact that we have 5,000 less officers than we did in 2001. They are the only way, one of the only ways to stop crimes before they happen.”
The NYPD says the racial breakdown matches up to descriptions given by crime victims.
The department claims the high number of officers makes it easier for them to observe possible criminal activity.
The NYPD says they make about 400,000 arrests each year, so the quarterly number in the report is reasonable.
(Taken amost entirely from: Yeshiva World News)
Fares for the Long Island Rail Road and Metro-North Railroad will be increasing by about 10 percent on June 17. And tolls on the Metropolitan Transportation Authority bridges and tunnels will rise on July 12.
The MTA board authorized the fare and toll hikes Monday after the state Legislature passed a rescue package last week that included higher fees and a payroll tax for employers in New York City and seven surrounding counties.
Just one day after the bailout was approved by legislators last week, the MTA’s executive director and CEO Elliot Sander resigned.
(Source: CBS2 HD) (Taken almost entirely from: Yeshiva World News)
(MRN- 18)
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