Wiser Steve Hudson back in the game
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Veterans Day, November 11, 2011
Cadet Fourth Class Mckenna Slagle, daughter of Marci Slagle, CLP, Varilease,
In each "This Day in American History," if there was a "Medal of Honor" awarded,
Flight of Old "666"
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The Non-Broker Trend and Growth of "Lease Portals"
The burst of the economic bubble seems to have hit intermediaries, such as independent leasing brokers, the hardest. Many are completely out of business, having moved to sales in cash management, factoring, insurance, or back to captive lessor positions for dealers, distributors, and manufacturers; others have merged or gone to work to receive at least a base salary. This opinion comes from the various lists Leasing News maintains, such as broker/lessor”--- now losing 550 listings in last two years, the many who notify us to delete their email address, telling us why, and advertisers who tell us who are primarily responding, even to credit and operation positions.
It is not only businesses that have pulled back from expanding, but the sources themselves, over 90 either getting out of leasing or accepting broker business (1). Perhaps it is akin to other industries who have seen major changes such as real estate, where a housewife could make money with training, then calling on her neighbors and friends, learning the trade, and becoming a real estate agent---or not test required to become a mortgage broker, license is easy, or work with someone with a license and all you needed was a desk and telephone.
The recent growth in leasing has been with the middle ticket market where experience, understanding financial statement and tax returns are required, plus most in the field are employees of banks or large financial and leasing companies. It often takes years to get into this position where presentations and talking with experienced chief financial officers and other executives know the marketplace and what the rate really is, and what else can be expected. Many have an MBA.
Many funders have left the small ticket market, and those that remain are higher rates to offset the delinquencies, aiming for the tougher credits, subprime business and under ten employee enterprises. Those that remain or rely on automation and other software and web sites from Cisco, LeaseTeam, and a host who specialize in direct vendor business being done an alleged new way through software.
In the early 2000's, there were over 25 leasing portals, aggregate funding sources, where a user could find a funder. None remain on the list started in 2000 by Leasing News, as the system did not work matching a funder and lessee. I was on the board of two such companies and thought it would work, but it didn’t.
Leasing Portal today now applies to obtaining a variety of information and tools. It reminds me of the word “app,” as if it was magic. It simply is short for “application” and basically is a website for use on a digital device, that leads to a main web site (sometimes it is the main web site). Back to the subject, many of the so-called "portals" are entrances to web sites to attract lessees and/or vendors. It is “Déjà Vu” as the "suits" believes the old way of having a salesman in the filed is out of date, claiming too expensive, and we need a “portal” or an “app” and we must have a “social page.” This means independent brokers are “out of date,” (“We don’t need no stinkin’ salesman!”). They also claim it takes staff to process their applications and service (the direct staff is evidently not capable of handling indirect business).
In the growing "portal approach," there appears to be two active today, one set-up as independents to attract brokers, funders, and lessees, providing private label contracts, you name it. Another is Global Leasing Resource, who recently announced having over 500 leasing companies in its "comprehensive database." (2) Its producer is ironically worldleasingnews.com. Ironically because of the take off of the second whose name is The Global Lessor Network. Most of the employees, according to their web site, work out of their home office. (3)
As Sudhir Amembal moves more into China with conferences and his Global Leasing Resources (*), Ecologic Leasing Service launches is The Global Lessor Network 2.0 in China.
A press release announced on Tuesday, November 8:
""We have responded with this formal launch in China. While some lessors in China have already registered over the last few years using the English version of the Global Lessor Network, we expect registrations to grow much more quickly because lessors can now register in Chinese," Michael Keeler, CEO, Ecologic Leasing Services said. "Also, all of our marketing and communications activities in China are now carried out in Chinese."
""Our lessee and vendor captive clients are international manufacturers with operations in China, like Cummins, Eaton, NetApp, ATI, and Boart Longyear. Our clients use the Global Lessor Network to find lessors and send them leasing opportunities that match the lessors' interests and capabilities - everything from forklifts to cars, trucks, and IT equipment", says Doug Slais, VP Client Services. "Registration is free for leasing companies at: www.lessornetwork.com/cn. In addition to China, our clients have leased equipment in over 50 countries and they continue to expand into new countries. So, all lessors are welcome to register and tell our clients about the kind of transactions that interest them."
Who are behind the Global Lessor Network:
"The founding management team worked together at Bombardier Capital’s Technology Management Finance Division before forming Ecologic. Founded in 2000, Ecologic Leasing Services Inc. was originally formed as a Canadian Federal corporation. It's original name was "e-leasinghub.com" and then changed in the company's first year of operation to 'Onmark Corporation'.
"In March of 2003, the current management team led by Michael Keeler, CEO, completed a buyout of the company from its previous investors. This Canadian entity is now a wholly- owned subsidiary of the US parent company, Ecologic Leasing Services..."
"In 2007, Ecologic acquired Captara Corporation of San Francisco, CA, its primary competitor in the corporate lessee equipment lease management space. In 2008, Ecologic renewed agreements with all of Captara's clients and ported their software capabilities, data, and lessor network to Ecologic's software services platform, LeaseAccelerator 5.0.
"Today, Ecologic has executive offices in metropolitan Washington, DC, Montreal, QC, and San Francisco, CA. However, most of Ecologic's employees work out of their home offices." (3)
Captara was originally called PureMarket Corporation, serving as an on-line portal for equipment lease transactions to serving large corporations in their leasing portfolio management. (4)
Leasing News, September 7, 2001:
"Jay Fudemberg, President and CEO of PureMarkets, one of the leading providers of eCommerce solutions for secured lending, shared his insight with me on the emerging opportunities in eFinancing. Fudemberg feels a responsibility to ensure that by using the PureMarkets platform ' both the funding sources and borrowers realize significant value from us'. His company focuses on removing friction from the financing process, and as friction goes down volume will go up. Fudemberg envisions the current 30% level of capital expenditures being leased rising to 50% over the next five years through the use of online solutions. He states that PureMarkets will be a leader in the achievement of this goal because they have the ability and the proven business model to make borrowing and lending easier and more effective. '"We are now demonstrating that our platform does not lead to price and product commoditization, but rather to efficient one-to-one customization.' Asked to comment on the new eLessors Networking Association, Fudemberg felt that it could achieve success by serving the vested interest of all parties involved in an eFinancing transaction; funding sources, borrowers, technology companies and vendors." (5)
November 8, 2011 Ecologic Leasing Service Press Release:
"Our lessee and vendor captive clients are international manufacturers with operations in China, like Cummins, Eaton, NetApp, ATI, and Boart Longyear. Our clients use the Global Lessor Network to find lessors and send them leasing opportunities that match the lessors' interests and capabilities - everything from forklifts to cars, trucks, and IT equipment", says Doug Slais, VP Client Services. "Registration is free for leasing companies at: www.lessornetwork.com/cn. In addition to China, our clients have leased equipment in over 50 countries and they continue to expand into new countries. So, all lessors are welcome to register and tell our clients about the kind of transactions that interest them."
"About Ecologic Leasing Services
Ecologic Leasing Services offers outsourcing and software services to vendor captives and corporate lessees that need to finance equipment competitively around the world. Ecologic currently supports lease transactions in 44 countries. Vendor captives employ Ecologic's services to help them finance the sale of their equipment to their customers at the point-of-sale using the best available funding sources wherever they operate around the world. Using The Global Lessor Network, Ecologic enables vendor captives and lessees to find the best match lessor for each transaction in each country. For each client, Ecologic deploys, customizes, and integrates its unique web-based leasing and asset management software services, LeaseAccelerator."
* Sudhir has this year free, but next year to be listed, as well as to use the “portal,” there will be a fee. He believes many will pay to be on the roster. In reality, he is basically competing with leasing associations who have their members and information on their web site, plus also offer their “code of ethics” to those listed, or a means to file a complaint and seek resolution. There are also other web sites that have such lists, although may not be as large as The Global Leasing Resource; however, the Global Lessor Network may have more listings worldwide. editor
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Vincent (Vince) Belcastro was appointed Managing Director and Group Head of CIT Capital Equipment Finance, New York, New York. Previously he was managing director, specialized assets, CIT Group (July, 2001-present), vice-president, relationship manager, Citibank, (January, 1996-September, 2001), Vice-President, credit risk, Republic National Bank (1991-1995), Assistant Vice-President, Bankers Trust (September, 1988-March, 1991). Saint Francis College Bachelors, Finance (1984 – 1989).
David Bromage, MBA, was appointed vice-president, sales and business development at Boart Longyear Financial Services (BLFS) at, Econolic Leasing Services, Great Falls, Virginia. Previously he was a principal consultant-vendor finance & procurement solutions (2011-September, 2011) Kansas City, Missouri Area, director, Global Financial services ( Global Commercial Operations) Greater Salt Lake City Area, Life Technologies (2007-2010), San Diego Area, Leader, Enterprise Financing Solutions (Global Treasury), Nortel, Raleigh-Durham, North Carolina Area, (205-2007), Senior Consultant, Business Development (innovation Unit) Akzo Nobel Chemicals (2004-2005), Arnhem, The Netherlands, MBA Student, Full Time Program, Georgetown University (2002-2004) Washington, DC area, , Senior Manager, Business Development (Vendor Finance) First Asset Finance (2000-2002), London, United Kingdom, Senior Manager, Business Development (Vendor Finance), 2000--2002), London, United Kingdom, Senior Manager, Business Development (Vendor Finance), CIT Group (1997-2000), London, United Kingdom, Manager-Business Development (Asset & Vendor Finance), ING Lease (1995-1997), London, United Kingdom, Manager, Business Development (Asset Finance), First Asset Finance (1993-1995), London, United Kingdom, Trainee Chartered Accountant (ICAEW), Ernst & Young (1992-1993), London, United Kingdom. Georgetown University Honors Certificate - Walsh School of Foreign Service, International Business Diplomacy (2002 – 2004), Georgetown University - The McDonough School of Business MBA, Corporate Strategy & Marketing (2002 – 2004), London Business School Certificate, Corporate Finance Evening Programme(1997 – 1998), University of Durham MA, European Politics & History (1988 – 1990), College of the Holy Cross BA, History (1983 – 1987).
Samantha Camerlengo hired as vice-president of business development for Diversified Capital Credit, Gillette, New Jersey. Previously she was vice-president, New York Life Investment Management (August, 2007), Director, GE Real Estate (June, 2002-August, 2007), Pricing Analyst, Sprint (2001-2002), Securitization Analyst, Compucredit (1999-2000), Credit Analyst (Old Kent Bank (1997-1999).University of Georgia - Terry College of Business MBA (2001 – 2002), Eastern Michigan University BBA, Finance (1993 – 1997).
Maureen Carr promoted to managing director of Corporate Asset Finance Group, Capital Source, Chevy Chase, Maryland. Previously she was senior vice-president (February, 2010-Present). Prior Senior Vice President, Tygris Commercial Finance, (June, 2008-February, 2010), Sales Manager, Royal Bank of Scotland (July, 2002-June, 2008), Senior Credit Analyst, Heller Financial (June, 1997-June, 2002). Marquette University (1991 – 1995).
Jason Gallison promoted to Business Development Manager at Director Capital Corporation, Portsmouth, New Hampshire. Previously he was finance manager, Direct Capital (March, 2008-Present), Equipment Operator, Leon Holmes Excavation (January, 2001-February, 2008).
Paul Gendler was promoted to President & Chief Operating Officer at Winthrop Resources Corporation, Minnetonka, Minnesota. He has been with the company 17 years, prior was Executive-Vice President (January, 2006-November, 2011), senior vice president, national sales manager (January, 2005-January, 2006), Senior Vice President, Regional Sales Manager (September, 2003-January, 2005), senior vice-president, business and legal affairs/transaction manager (September, 1999-September, 2003), vice-president, business and legal affairs, transaction manager (September, 1994-September, 1999), Attorney, Federal Reserve System (1993-1994), Law Clear, chief US. Bankruptcy Judge Robert Kressel (12992-1993), Private Business Advisory Services, Senior (KPMG), 1987-1989).Boston University BSBA, JD, Accounting & Law Degrees (1983 – 1992)Activities and Societies: Beta Gama Sigma, honor society, Law Review.
Luis Gutierrez was named vice-president, energy finance, Key Equipment Finance, Superior, Colorado. Previously he was senior vice-president, Structured Finance, Energy Conversion Devices (December, 2010--Present), Director of Financial Analysis, NaturEner (January, 2009-October, 2010), Vice-President, Silver Pacific Advisors (2005-2008), Independent Financial Advisor (2001-2004), Associate, Chase Securities, Inc. (1995-2000), Performance Engineer, FPL (1990-1993). Harvard Business School MBA, Finance (1993 – 1995), Activities and Societies: Concentration in Finance. Membership Vice President, Club Iberoamericano. Tutored classmates in Finance and Operations Management. Active in section sports. Georgia Institute of Technology BSEE, Electrical Engineering - Power (1986 – 1989) Activities and Societies: Earned Dean's List, member of honor society. Scholarship Chairman Chi Phi Fraternity. Graduate of US Army Airborne School.
Daniel McKew appointed president, CFG Community Bank, Baltimore, California. He previously was president, 1st Mariner Bank (October, 2010-November, 2010),management consultant (May, 2010-September, 2010), President/CEO, SunTrust Equipment Finance and Leasing Corporation (July, 1997-March, 2010), chairman of the Board, Injured Workers Insurance Fund (November, 1997-May, 2008), President, Signet Leasing Corporation (March, 1991-May, 1997), Vice-President, PHH (March, 1983-February, 1991).Loyola College in Maryland MBA, Finance (1981 – 1983), Loyola College in Maryland BA, Accounting (1975 – 1979).
Christopher Riley hired as account executive at EquipmentEngine Financial Services Company, Portsmith, New Hampshire. Previously he was sales management, Hertz, (January, 2011-September, 2011), Operations & Logistics (Capital Cod Regional Transit Authority (August, 2010-January, 2011), Sales Management, Penske Truck Leasing (April, 2008-March, 2010).University of Hartford Bachelor's (2002 – 2007).
Rod Suhan, CPA, was appointed Vice-President, Operations, Boart Longyear Financial Services (BLFS) at for Econolic Leasing Services, Great Falls, Virginia. Previously he was senior consultant, financial consulting (2010-2011), Senior Manager, Leasing & Finance, Philips Medical Systems/ Philips Healthcare (2007-2009), Operations Manager, GE Capital Corp.-Healthcare Financial services (203-2007), Global Program Credit Manager, Heller Financial (1999-2002), Senior Credit Account Manager, Heller Financial (1999-1999), Senior Credit Account Manager, Heller Financial (1996-1999), Manager, Documentation & Administration, Sanwa Business Credit Corporation (1992-1996), Marketing Support Manager, Sanwa Business Credit Corporation (1987-1991), Credit Specialist & Account Officer, Sanwa Business Credit Corporation (1985-1987), Senior Management Reporting Analyst, Continental Illinois Leasing Corpo. (1982-1985), Inventory Control Manager, Scot Lad Foods (1981-1981), Senior Auditor, Scot Lad Foods (1979-1981), Auditor, KPMG Peat Marwick (1978-1979). University of Wisconsin-Madison - School of Business MBA, Finance (1981 – 1982) Activities and Societies: Finance Club, Beta Alpha Psi. University of Michigan - Stephen M. Ross School of Business BBA, Accounting (Finance minor) (1974 – 1977) Activities and Societies: Beta Alpha Psi, University of Michigan Business Students' Association
Bob Sweeney was named controller of First Financial Corporate Services, Placentia, California. He was executive vice-president/chief financial officer for Direct Capital Corporation (2003-2011), Iona College BBA; MBA, Accounting; MIS (1977 – 1987).
John Wales, Transportation Leasing and Finance Specialist, seeking to assist a young leasing company. Previously, Vice-President, founder, Crossroads Equipment Lease and Finance (April, 2006-November, 2011), VP, Credit (Concordia Finance (2001-2006) Director, Los Angeles Transportation Club (1999-December, 2010).
Michael A. Wood promoted to vice-president, global program management, Key Equipment Finance, Superior, Colorado. He joined Key Equipment Finance in 2000 as a regional business manager, Northeast, National East and Central regions, and was promoted in 2007 to business unit manager and senior team leader for syndications, aircraft, vendor and energy. Previously, Wood held operations, management and marketing positions of increasing responsibility with CIS Corporation. He has a bachelor’s degree in business administration (operations management concentration) from Le Moyne College. University of Southern California MA, Composition (2001 – 2007). http://www.linkedin.com/in/jomusichn
Eric Zehr named vice-president of sales to direct originations and vendor finance relationship for Merchants Capital, Montgomery, Alabama/Atlanta, Georgia. Previously he was vice-president, Senior Account Manger, GE Capital (May, 2003-October, 2011), Syndication Manager, Farm Credit Leasing (March, 1998-May, 2003). University of Minnesota-Twin Cities MBA, Finance, Marketing (1997 – 1999) St. Cloud State University BS, Finance, Economics (1989 – 1993) Activities and Societies: College of Business Executive Council, Investment Club, Financial Management Association.
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2011 NEFA EXPO Super Regional Report
First let me say, the November 6-7 National Equipment Finance Association (NEFA) Expo Super Regional event at Teaneck Marriott, Teaneck, New Jersey, was a success and equally important were the messages heard and vibes felt by all who attended. The leasing industry and NEFA is alive and well, and for most lessors, business is ever so slowly trending up, with different leasing indicators sending positive business messages.
Beginning with the key note speaker, Equipment Leasing and Finance Association (ELFA) President and CEO, William G, “Woody’ Sutton. The Naval academy grad and retired Rear Admiral, was interesting as he discussed his military exploits and shared tales of not quite top secret assignments. In addition to his interesting tours of duty, was his message of many positive signs in our industry. His business message was clear. ELFA’s recent annual conference had increased attendance, our industry originations are up, A/R aging has improved, charge offs are slowing, and credit approvals are up. Survey results reveal most respondents are positive about the economy up tick. Make no mistake, many think the economy stays the same going forward for the balance of 2011 and through 2012. As for access to capital, it is out there for healthy companies. We, as an industry, are not in a super "RA RA" environment, but we are gaining.
It is important to interject we all know the industry has shrunk. The weak have exited and we are the survivors. Also, most attendees felt the industry has had a50% shrinkage in leasing companies and personnel. There is a reason why the term “only the strong survive” keeps coming back.
There were various breakout sessions, well attended, and informative. There were sessions on Lessor Success Stories, Funding, Community Bank relationship/partnering opportunities, and Lessor –Vendor sales and relationship strategies. On the lighter side, there was a session during lunch about memory training. It was designed to help one sharpen memory skills when trying to recall names, lists, dates, etc. However, I cannot remember, for the life of me, who the presenter was. Oh, I got it. The trigger was bald head. It will be my key trigger word when recalling Barry Reitman. Great job Barry, it does work. I did try it on a list. Good luck on your new book and great job at the session.
Other highlights were 18 exhibitors, increased attendance over the year before, and a number of first time attendees. I am intentionally not mentioning numbers. If I did, the picture would be skewed. We all know industry numbers are not like 2006 for most network or trade show events. For example, I attend a trade show annually in Las Vegas that had 50 thousand in its’ hay day, had 20 thousand a few years ago, and is back to 35 thousand. The 35 thousand show was a great success, albeit not quite like a 50 thousand year, but still pretty, pretty good. It shows that business is coming back.
To quote Woody Sutton’s phrase, here is “the take away” for this event. Leasing organization event attendance is up from the lows of a few years back. Business volume is up as businesses must replace equipment and vehicles. The economic outlook is flat to up, but not down. Yes, we are a long way from big bang years. Many have exited our industry, borrowing $$$$ is harder, and many brokers have seen their funding sources disappear. However, we are now seeing some companies hiring. What a great sign. And, for the survivors, we are all better business men and women. We are leaner and meaner, and truly more focused with new and innovative ways to make our companies grow.
In short, the attendance numbers at any leasing organization event are not as important as the trend, the positive messages, and the recent success stories.
Let me end by saying this aging NEFA group is close knit and has a long history, and now appears to be getting stronger. Perhaps not as large as years ago, but like the economy are coming back. The show sent a message that the industry veterans, and the newcomers, will again prosper and grow their businesses. Hats off to Gerry Egan, NEFA executive director, for a jam packed 24 hour event.
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Another Good Sign: Table Wines $20+ Continue To Drive U.S. Market
The Nielsen Company reports that table wine sales in the U.S. market rose 3.4% by volume and 4.5% by value, to 128.3 million cases and $9.66 billion, respectively, in the 52 weeks ending October 15.
According to Nielsen, table wines priced at $20 and up a 750-ml. bottle grew 11.1% by volume and 12.3% by value in the 52-week period, outperforming all other price segments. Less expensive wines haven’t fared well overall, as those priced under $9 a 750-ml. combined for declines of 1.7% by volume and 1% by value in the 52 weeks.
Domestic table wines (+4.4% by volume) outperformed imports (+0.5%) in the period. Among imports, the fastest growth was recorded by New Zealand (+29.3% by volume) and Argentina (+19.5%), while wines from the largest import sector, Australia, have struggled (-4.5% by volume and -6.8% by value) in the past 52 weeks. Nielsen tracks wine sales in food stores, drugstores, convenience stores, liquor stores and other select channels that collectively account for more than 45% of the U.S. table wine market, as estimated by Impact Databank.
Champagne Demand Increases Worldwide, Prices In U.S. To Move Up
Rapid recovery in mature markets and soaring demand in the emerging countries of Brazil, Russia, India and China has put global Champagne supply under pressure in the run-up to the crucial holiday selling season, with brands now on allocation and price hikes in the offing for 2012.
“Champagne now faces growing scarcity, due mainly to growth in the BRIC markets,” Jim Clerkin, president and CEO of Moët Hennessy USA, told Shanken News Daily. “Compared to the worst days of 2008 and 2009, the rebound has been phenomenal.” Touting the long-term strength of the emerging markets, Clerkin cited figures showing 111% growth in the Mideast-Africa region since 2001, along with 150% growth in Asia-Pacific and a whopping 430% advance in Russia.
“But the Champagne region is limited to 34,000 hectares and production of 320 million bottles,” Clerkin added. “It simply can’t go beyond that capacity. I have a number of brands on allocation, including Veuve Clicquot Yellow Label, Veuve Clicquot Rosé, Moët & Chandon Imperial Rosé and Nectar Imperial Rosé. Now that Champagne reserves are topped out, I will have more allocation issues next year.”
Clerkin also cited sharp rises in Champagne’s production costs, with grape costs rising by 97% in U.S. dollar terms from 2001 to 2010 and vineyard land more than doubling in price during that period. As a result, Moët Hennessy will be taking price increases across its Champagne portfolio during the first half of 2012. “Other worldwide markets have been taking prices up consistently, but we (in the U.S.) have not,” Clerkin said. “Indeed, we’ve fallen behind some of the competition on pricing. So 2012 will see a significant increase.” The biggest hike will be taken on Moët & Chandon Imperial, which will see a double-digit percentage rise. Other brands in the portfolio will receive single-digit percentage increases. Moët Hennessy USA is expected to announce the precise level of the price hikes in about four weeks.
Clerkin expressed confidence that demand would continue to be strong, notwithstanding the price hikes. “People have come back into Champagne faster than we’ve ever seen before,” Clerkin said. “We’ve studied the data over the years, and the correlation between Champagne growth and healthy economic indicators is incredibly close. Now, for the first time in 50 years, Champagne sales have rebounded strongly without overall economic recovery.” Clerkin added that the on-premise has also improved significantly. “When the on-premise is strong, we get a spinoff into the off-premise as well, because people like to take these affordable luxuries home,” he said.
Moët Hennessy is the dominant Champagne player in the U.S. market, led by Moët & Chandon and Veuve Clicquot. Last year, the company’s Champagne portfolio reached 837,000 cases for a 67% market share, according to Impact Databank.
#### Press Release #############################
Less Anxious Consumer Will Spend More This Holiday Season
Consumers will spend about 6 percent more this holiday season compared to last year on signs of decreasing level of financial anxiety in the third quarter of this year.
SAN FRANCISCO, Calif. – The latest analysis from the Money Anxiety Index (www.moneyanxiety.com) shows retail and food service sales increasing $22.7 billion or 6.07 percent this November, and $21.9 billion or 5.81 percent increase this December compared to the same two months last year. The increase in retail and food service sales is expected based on declining level of financial anxiety resulting from improvement in GDP and increasing consumer expenditure in the third quarter of this year.
The Money Anxiety index, which measure actual consumer behavior based on economic indicators, shows a decrease in consumer financial anxiety from its recent peak of 99.5 in June to a projected 98.5 in December, signaling higher level of consumer confidence in the economy. Similarly, real gross domestic product increased at an annual rate of 2.5 percent in the third quarter of 2011, compared to an increase of 1.3 percent n the second quarter. The increase in real GDP in the third quarter primarily reflected positive contributions from personal consumption expenditures, which increased 2.4 percent in the third quarter, compared with an increase of 0.7 percent in the second.
“The slight decrease in the Money Anxiety Index is going to translate into higher spending this holiday season,” said Dan Geller, Ph.D. Trend Forecaster at Money Anxiety Index, “we are already seeing early signs with the increase in consumer expenditure during the third quarter.”
About Money Anxiety Index
The Money Anxiety Index (MAI) differs from other indices of consumer confidence mainly because its measurement is objective rather than subjective. MAI measures how economic indicators are impacting consumers’ behavior (objective) rather than how consumers say they feel about the economy (subjective), which is the methodology used by survey-based consumer confidence indices.
##### Press Release ############################
Fernando's View: Special Veteran’s Day Edition
Saving Private Ryan (Steven Spielberg, 1998): There are countless fine American movies dealing with courage during wartime, but to many modern viewers this modern classic from Steven Spielberg may stand at the very top of the list. Kicking off with an unforgettable vision of the bloodshed and sacrifice of the D-Day landing near the end of World War II, it depicts the odyssey of a group of soldiers, led by Capt. John Miller (Tom Hanks), as they venture into enemy territory in a dangerous mission: To rescue Private Ryan (Matt Damon), a paratrooper whose brothers were killed in action. With masterly camerawork and often overpowering emotions, Spielberg offers an indelible portrayal of bravery in the face of horror that’s both inspiring and haunting.
Flags of Our Fathers (Clint Eastwood, 2006): One of modern screen’s most enduring stars, Clint Eastwood has also become one of American cinema’s most fascinating and adventurous filmmakers. In this deeply moving WWII drama, he chronicles the fates of the young soldiers who in 1945 raised the flag at the battle of Iwo Jima. With their historic moment captured in a famous photograph, John Bradley (Ryan Phillippe), Rene Gagnon (Jesse Bradford), and Ira Hayes (Adam Beach) quickly become national heroes and media superstars. But at what price has their fame come? With a camera that never flinches from either battlefield brutality or the dark moments of a man’s soul, Eastwood creates a trenchant, profoundly humane portrait of troubled, brave men.
The Best Years of Our Lives (William Wyler, 1946): With WWII over, Hollywood felt the need to turn its sights back home to reassure the civilians the as well as the returning veterans. This Oscar-winning drama looks with great skill and sensitivity at the re-adjustment of a trio of military men as they reenter society. Al (Fredric March) has a devoted wife (Myrna Loy) and a good business, but finds the economic climate at odds with recognition of his fellow war vets’ efforts. Fred (Dana Andrews) struggles to deal with a rocky marriage and battlefield memories, while Homer (real-life paratrooper Harold Russell) faces emotional and physical challenges. William Wyler directs a superb cast in this stirring portrait of a nation’s postwar pain and healing.
Hail the Conquering Hero (Preston Sturges, 1944): For a lighter take on veterans, you can’t go wrong with a comedy from the legendary Preston Sturges. This classic tells the rib-tickling tale of Woodrow (Eddie Bracken), a soldier who, at the height of World War II, gets discharged due to a bout of hayfever. Ashamed to go back to his hometown, he runs into a group of Marines led by gruff Sgt. Heppelfinger (William Demarest), who come up with a war story so Woodrow can retain his dignity. When the entire town welcomes him as a hero and even the Mayor offers him a new position, however, the charade becomes increasingly hard to keep up. A wonderful reminder that humor is as much a staple of a great nation as courage.
Boise, Idaho -- Adopt-a-Dog
Login #: 13633106
Wilbur is a happy, goofy guy who loves everyone and was a lot of fun to evaluate. He adores toys and balls so stock up. He knows so many commands and obeys them readily. He’d love the one-on-one time with you at an obedience class, and we predict he’d be the star of the class. He’s a playful guy and strong so best with a family with sturdy children.
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1914 Model T Repair Offer
This was only 83 years ago
1914 Model T Ford Station Wagon.
Chesswood (Pawnee Leasing) Announce Q3 2011
SeaCube Containter Business 30% Net Increase
NetSol Announces Repurchase Program
Netsol Stock Soars
Italian bank Intesa maintains dividend, to cut 5,000 jobs
New wifi-minded carrier offers unbelievable $19 unlimited phone plan
Consumer Reports OKs iPhone 4S
Grace period is over on 'Dancing With the Stars'
Wiser Steve Hudson back in the game---video interview
NBA players reject owners' take-it-or-leave-it offer
49ers QB Alex Smith plays like he belongs
Early returns in SF show Ed Lee leading the pack of 16
Voters supporting George Gascón, sheriff too close to call
Oakland merchants say sales slump by half amid Occupy protests
In Sacramento, More than half of area homes worth less than their mortgages
Napa Valley Film Fest Guide
California vineyards find night harvests yield benefits
French Wine Harvest Ends, Production to Rise to Five-Year High
Randall Grahm predicts a future with nutritional wines
Francis Ford Coppola tells Wine Future great wine making is like making a film
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This Day in History
1731-Birthday of Benjamin Banneker: American astronomer, mathematician clockmaker, surveyor and almanac author, called “first black man of science.” He was instrumental in the original survey of city of Washington. Banneker's Almanac was published 1792—97. Born at Elliott's Mills, MD, he died at Baltimore, MD, Oct 9, 1806. A fire that started during his funeral destroyed his home, library, notebooks, almanac calculations, clocks and virtually all belongings and documents related to his life.
The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler?
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