Regulators pressured to go easier on local banks, deals at local country clubs and CSUB moves to Division I

 *.... SOFTER REGULATIONS FOR BANKS: It's too late for San Joaquin Bank, but there's finally a serious move in Congress to back off the pressure that has led to the closure of 115 community banks. One interesting aspect of this new softer attitude allows banks to keep loans on their books as performing even if the value of the affected properties have fallen below the loan amount. That's the word verbatim from The Wall Street Journal (read the entire story here), which says the new guidelines were released Friday, October 30, exactly two weeks after San Joaquin Bank was shut down. This is a stunning development because this was one of the primary issues that led to San Joaquin's downfall, and one has to wonder if the bank would have survived had these new rules been in place. All that is now water under the bridge, of course, but it has left San Joaquin directors and shareholders shaking their heads and wondering how different things might have been. And it comes at a time when folks like Rep. Barney Frank, D-Mass., and others are waking up to the fact that so many local banks are going under while the "too big to fail" banks like Bank of America and Wells Fargo are thriving after receiving billions in tax dollars for doing exactly the same thing. A couple of important quotes from the Journal story:

 "The new guidelines are targeted primarily at the hundreds of billions of dollars worth of loans that are coming due that can't be refinanced largely because the value of the properties have fallen below the loan amount. In many of these situations, the properties are still generating enough income to pay debt service.
 "Banks have generally been keeping a lid on commercial real-estate losses by extending these mortgages upon maturity. However, that practice, billed by many industry observers as "extending and pretending," has come under criticism by some analysts and investors as it promises to put off the pains into the future. Now federal regulators are essentially sanctioning the practice as long as banks restructure loans prudently. The federal guidelines note that banks that conduct "prudent" loan workouts after looking at the borrower's financial condition "will not be subject to criticism (by regulators) for engaging in these efforts.

 Every day there is a new development in this story as politicians continue to put pressure on the regulators to go easier on local banks. Read the latest installment of this saga here.

* ... GOOD NEWS OR JUST A BLIP? All the news about the recession being technically over doesn't mean much if it is not accompanied by more folks finding meaningful work. Nationally the unemployment rate is nearing 10 percent, and in Kern County it is around 15 percent, though experts will tell you those figures greatly underestimate the number of people out of work. (Delano's unemployment rate is well north of 30 percent) So when I hear any good news on the job front, I take note. Riley Parker, a local private investigator, told me one early indicator of a recovery might come in pre-employment screenings, which his wife Jane handles under the company name Pre-Employment Profiles. (check their website here) Parker told me they are in the middle of the third straight week of 20 percent increases in the raw numbers of pre-employment screenings. Good news? Let's hope so.

 * ... BARGAINS AT THE CLUB: Another sign of the economic times are the deals that local country clubs are offering to lure new members. I've already reported that Seven Oaks Country Club is now selling full equity memberships for $10,000, down from the normal $30,000. Now Bakersfield Country Club is offering virtually "free" memberships to lure members from other clubs. The catch: you have to be a member of another club for the initiation fee to be waived, you have to be sponsored by a BCC club member and of course you have to agree to pick up the monthly dues and food minimums. That's the word from Sheryl Barbich, the longtime civic activist and strategic planner who serves as BCC's membership chair. Barbich also said there is also a $1,500 program for folks who aren't members of other clubs. She said these deals will last until a certain number of new members are signed.

 * ... CSUB BASKETBALL MOVES TO BIG TIME: I had the pleasure of hearing Cal State men's basketball coach Keith Brown at my downtown Rotary on Thursday. CSUB's move to Division One status means big time opponents and national TV exposure this year. Among the schools we'll play are Santa Clara, Boise State, University of Cincinnati, Utah State, Gonzaga and UCLA down at Pauley Pavilion.

Bakersfield Museum of Art: steady as she goes

One can't help but wonder when this recession is going to start hurting some of our local non-profits and art groups that hang on by a thread in the best of times. And so it was at the Bakersfield Museum of Art tonight when it held its opening for the Ludvic painting and sculpture exhibit. It was good to see so many of the loyal supporters of the arts there: Bart and Napier Hill, Larry and Sandy Reider, Rogers and Esther Brandon, Barbara Reid, Claude and Shirley Fiddler, Milt Younger, Sheryl Barbich, Sue Jennings, Bobbie George, Cynthia Icardo, George and Marcia Giumarra among others. Museum executive director Bernie Herman tells me it's a tough year for the museum, with expected cutbacks in support from the city and county amid a general sense of recession-borne frugality. But everyone seemed to enjoy themselves, including the Reiders and Rog Brandon shown in the photo.

Bakersfield Vision 2020: why it's important

Bakersfield Vision 2020 was a grassroots effort to improve our community by helping our community leaders realize what was important to the public: things like water parks, green space, better zoning, anything to help offset the "hot and dusty" reputation of our city. Why it took a grassroots campaign to help "educate" city and county leaders is another story for another time, but it's worth noting that Vision 2020 is about to celebrate its 10th anniversary. Local consultant and activist Sheryl Barbich has single-handedly (my words, not her's) pushed this agenda for the past decade, and it's good to see her still at it. Certainly others have helped, names like Bernie Herman, Susan Hersberger, Debbie Moreno, John Pryor, David Price, Larry Reider, Jim George and others. Here's a typical Vision 2020 priority, taken from the minutes of its February 11th meeting:

"John Pryor presented a request from council member (Zach) Scrivner for input on this two-mile sound wall along the freeway. Proposals include greenery and mural, both of which are encouraged in the V2020 Action Plan... it was recommended that any murals ... be in keeping with the image of cooler colors to offset the high negatives in Bakersfield's image of hot and dusty."

Glad to see Sheryl and her crew are still in there lobbying. We need more people willing to get involved and roll up their sleeves to help.

Sheryl Barbich keeps Vision 2020 alive

Remember Vision 2020? This was the energetic grassroots attempt to help mold public policy to what really matters to folks in our community-things like the need for clean air, green space, water parks, good zoning. These may seem like small things in most communities but in a town where developers rule, they are the first to go in the rush toward development. But hand it to Sheryl Barbich to keep the dream alive. It was Sheryl's iron will that pushed the Vision 2020 process to fruition (she's too modest to admit that) and it is her drive that almost single handedly keeps it alive. If enough has not been accomplished, it's not because she hasn't been trying. So it didn't surpise me when I was included on a group message from Sheryl trying to rally the troops once again to support our community...

To: V2020 Facilitation Team

Holly Culhane called with a request to identify a 1-2 day project for 500 local volunteers. Think back on what the community said they wanted and send me (or Holly) some ideas for this energetic group that can help our community become a better place. With the proper publicity, this volunteer activity could inspire others to do similar projects, and voila! Meantime, all the best wishes to you and your families for a wonderful holiday. Wishing peace for you and for the world, in the new year. Sheryl

We could use a few more Sheryls in this town....