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How Payday Lenders Make Billions By Fleecing Americans In Poverty

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While payday lenders prey on the most vulnerable and drive the poor into never ending cycles of indebtedness, the lending institutions reap huge profits by borrowing from big banks like Wells Fargo, JPMorgan Chase, US Bank and Bank of America at extremely low interest rates, “which they in turn lend out as payday loans charging between 260% and 570% APR”. As the “Profiting off Poverty” report details, these companies continue to make record-breaking profits by setting up in neighborhoods isolated from traditional banking options. With more payday lending locations than McDonald’s restaurants in the U.S., these companies gladly admit that they are often the only available line of credit for people in poverty.

By Tanya Somanader~

As a growing number of Americans slip out of the middle-class into economic insecurity, they are increasingly vulnerable to predatory lending schemes like the payday loan. Each year, about 12 million Americans incur long-term debt by taking out a short-term loan that’s intended to cover a borrowers’ expenses until they receive their next paycheck. Payday lending takes “unfair advantage of lower-income borrowers,” with most taking out nine repeat loans per year with an interest rate as high as 400 percent. Forty-four percent of borrowers ultimately default, even after paying back their loans several times over, and thus are pushed ever closer to poverty.

But, as a new National People’s Action report shows, one borrower’s poverty is a payday lender’s profit. The report finds that lenders “take at the very least $3.4 billion” from low-income communities every year in fees alone. Titled “Profiting Off Poverty,” the report describes how payday lending companies open in areas isolated from traditional banking options to ensure they are the only available line of credit. Faith and Public Life reports:

Read the whole article in Nation of Change…

Coachella Valley Named Site of Debut Network Earthquake Warning Services

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CV iHub Client Seismic Warning Systems to Roll Out Services in Valley

Palm Springs, CA  – Seismic Warning Systems, Inc. (SWS), a pioneering developer of earthquake warning technology, has selected the seismically active Coachella Valley as the first location to deploy its Network Earthquake Warning Services (NEWS). SWS is enhancing its presence in the desert with help from the Coachella Valley Innovation Hub (iHub), the business incubator operated by Coachella Valley Economic Partnership (CVEP) and funded by the cities of Cathedral City, Desert Hot Springs and Palm Springs.

Currently, SWS has proven its QuakeGuard technology – which detects the fast moving P waves that arrive in advance of more destructive types of shock waves – in 45 facilities throughout California. The Coachella Valley is home to 16 of these locations, making a valley-based earthquake-warning network feasible. Businesses, hotels, schools, government buildings and other facilities will be able to pay a subscription fee to connect to the network, a linked sensor system deployed across the region. Depending upon terrain and distance from the epicenter, an advance warning of 10 to 60 seconds is possible, enough to protect people and property, and even to save lives.

“The Coachella Valley is a proactive community that already has a core of early adopters and understands the importance of earthquake preparedness,” said Scott Nebenzahl, Seismic Warning Systems Vice President of Sales. “Launching the nation’s first regional earthquake warning system and rolling this technology out as a subscription service will extend the system’s benefits to a whole new demographic – the entire Coachella Valley small business community.”

Those benefits can be substantial, according to Nebenzahl. “Obviously there are enormous life and safety benefits. Employees can be protected from injury, they can respond and recover from a disaster much more effectively, and they can return to work more quickly,” he said. “Automated shutoffs and hazmat systems can protect operational assets and keep work in progress from being damaged. And organizations can make smarter business decisions with even a small amount of advance warning.”

The potential economic development impacts are most exciting to CVEP, which has selected SWS as an iHub client. In addition to subsidized office space and administrative support at the Rabobank Regional Business Center (RRBC), CVEP is offering up local expertise and helping SWS make the connections it needs to get traction in the valley.

“Seismic’s proven technology and business model dovetail perfectly with the unique needs of businesses here in the valley and the economic development goals of CVEP,” said Tom Flavin, President and CEO of CVEP. “Working with CVEP and the iHub, SWS has the potential to create an entirely new utility scale emergency services company. That means job creation, job stability, and economic impact locally, not to mention the possible benefits as this technology develops and is used worldwide. We’re thrilled to have them in the Coachella Valley.”

For more information about CVEP or the Coachella Valley iHub, visit www.cvep.com. For more information about Seismic Warning, visit www.seismicwarning.com.

 

About CVEP:

Coachella Valley Economic Partnership is an action-oriented, nonprofit corporation dedicated to expanding the economy of the Coachella Valley desert region while maintaining the quality of life for a resort environment. CVEP has devoted attention to strategies of business attraction, expansion and retention during the past decade. Today, CVEP also is focusing attention on planning and nurturing the growth of new industry clusters, which include Healthcare and Life Science, Clean Technology/Energy, Supply Chain Management/Logistics and Creative Arts, Media & Design.

About Seismic Warning Systems, Inc.

Seismic Warning Systems has been providing systems and services for early seismic detection and automated system response to commercial, industrial and government customers for ten years. During this time many potentially dangerous quakes have been detected and acted upon, saving lives and protecting against injury, without a single false alarm. The company designs and manufactures the patented QuakeGuardTM family of seismic detection systems, which help avert human injury, mitigate damage to property and other assets, and contribute to business continuity. Seismic Warning Systems is headquartered in Scotts Valley, California. More information about the company, its products and services is available at www.seismicwarning.com.

The unveiling of the Bob Hope Trophy

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Story and Photos by Pat Krause

The Bob Hope Memorial Trophy was unveiled on Thursday, January 19th at the Interview room in the Media Center during the Humana Challenge Golf Tournament. This trophy will be awarded to the winner on Sunday, the final day of the tournament. Humana commissioned this work of Art from artist Kenneth von Roenn from Kentucky. It is a 25 pound glass statue, 2 feet tall with a globe at the top representing worldliness and unity and is a magnificent work of art. There will be replicas made and one will be shown at Eisenhower Hospital.

John Foster, President of the Board of Desert Classic Charities spoke about how excited they were to be part of Humana and all it means to the Tournament and the Valley. Mike McCallister, Chairman and CEO of Humana explained how Humana became involved with the tournament and how they are trying to keep the name of Bob Hope as part of the tournament with this trophy and Hope square. Linda Hope, daughter of Bob and Dolores Hope, mentioned how happy her parents would be with the way this tournament is being held. She said they were looking down and smiling with appreciation.

After remarks by all and questions by the media were answered,the Trophy was unveiled by Mr. McCallister. Cameras flashed to take photos of this beautiful creation. The winner of this Bob Hope Trophy will be able to cherish it for years to come along with the million dollar check he will get for becoming the first Humana Challenge winner for 2012.

All Photos by Pat Krause Copyright 2012

President Bill Clinton visits the desert

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Story and Photos by Pat Krause

President Bill Clinton gave opening remarks at the Clinton Foundation Health Forum that was held at the Renaissance Esmeralda on Tuesday, January 17th. The event kicked off the Humana Challenge Golf Tournament in partnership with PGA Tour, Clinton Foundation and Humana. Topics included Health Matters and Activating Wellness in Every Generation.

Noted Speakers included President William Clinton, Chelsea Clinton, Goldie Hawn, Tennis Star BIllie Jean King, Golfers Annika Sorenstam and Notah Begay ll, Nancy Sneiderman from NBC News, commissioner PGA Tour, Tim Finchem and many other key health participants. CEO’s Doctors, Sports figures, and others representing foundations for health and wellness and experts in the field spoke to the guests.

Annika Sorenstam spoke about her dedication to children and her connection to the First Tee Program, Notah Begay told of his plans to help the many Indian Tribes and their welfare, Goldie Hawn has a program to help children do better by understanding their own brain and how it works. Each person had either a foundation or program they were working on or trying to promote.

President Bill Clinton talked his connection to Bob Hope and the friendship they had. He said Bob Hope walked an hour a day, Rain or shine in every country or place he entertained. He played golf with Bob Hope when he was 95 and was awed by the dedication Mr. Hope had to fitness. President Clinton told about the obesity in our children today and also in the adult population. It impacts our every day life and costs billions in health care that could be avoided by a healthier lifestyle. He talked with Coke,Pepsi and others to lower the sugar content in soda’s for schools and it was accomplished.

Other speakers spoke about their about how they are working to make Americans more health conscience and the steps they are taking to help our children become healthier and slimmer. Others spoke about what is needed in our schools, businesses and homes to help make our nations people live a healthier life style and told of the rewards that come with that in the way people live.

A very healthy breakfast, lunch and break foods were supplied to all those lucky enough to be able to be at this conference. Guests took away many ideas to work with. Most of the comments stated it all could be done by communities and getting people willing to work with them.

All Photos by Pat Krause Copyright 2012

 

 

DHS Spa Tour Bigger and Better for 2012

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The event of the year in Desert Hot Springs is even more popular in year 3!

Desert Hot Springs, Calif.,  — This year we’ve sold more tickets than ever before which clearly speaks to the enormous popularity of both the event and the City’s wonderful and unique mineral spas. The event is being held on Groundhog Day – Thursday, February 2nd, 2012. The welcome reception begins at 4:00pm and the Tour begins at 5:00, ending at 9:00pm. Remaining tickets are available at www.visitdeserthotsprings.com.

Jointly produced by the DHS Chamber of Commerce, Cabot’s Pueblo Museum and the Hoteliers Association, the spa tour starts at the historic Cabot’s Pueblo Museum, a landmark location homesteaded in the 1920’s by Desert Hot Springs founding father Cabot Yerxa. Beverage service will be provided by BarOne Catering and the Bend Distillery, makers of Crater Lake Vodka, will be sponsoring the spirits for the world famous “Cabot’s Coolers”. Additionally, a delicious selection of appetizers will be provided by Mission Lakes Country Club and the Miracle Springs Resort and Spa.       To tour the spas, guests will either board any of the Premium Motor Coaches that originate at Cabot’s Museum, located at 67-616 Desert View Ave (just a few blocks east of Palm Drive), or pick up their wristband and a map and take the Self-Guided Tour.

Everyone is also invited to the “After Party” at Miracle Springs Resort & Spa. There will be hors d’oeuvres from the legendary Capri Restaurant, complimentary wine tasting, and DJ music. A raffle prize drawing will be held at the party for free room nights at each of the participating spas plus both Miracle Springs and Two Bunch Palms are offering a Weekend Suite Retreat Package including dinner and a spa treatment of your choice.  Additional raffle tickets will be available at the party. Miracle Springs is located at 10625 Palm Drive, Desert Hot Springs, CA 92240.

Proceeds from “Spa Tour 2012” will be divided between two much deserving local charities, The Camp of Champions A & M, and the DHS Marine Corp Junior ROTC Program.  Each is a registered 501(c)(3) non-profit organization.

For more information contact:

Rayce Jonsrud / 760.329.6404 / rayce.jonsrud@gmail.com