The SBA has made horrendous blunders in the recent past, including, most significantly, mismanagement of the local government investment pool.
Witness the Nov. 6 revelation that the Florida State Board of Administration is being investigated by the SEC for possible fraud involving the local government investment pool it managed.
While the spectacular demise of the local government investment pool horrendously mismanaged by the State Board of Administration (with billions still unaccounted for) should have humbled the SBA, it appears that having escaped well-deserved harsh criticism regarding the matter the SBA has been emboldened.
Even after allowing for bad loans to local-government investment companies, it runs at 80% of GDP, the bank estimates, about the same as Britain's last year and well below Greece's.
But it left an awkward legacy of stubborn inflation, messy local-government finances and skewed investment.
Real state and local government consumption expenditures and gross investment decreased 0.1 percent, compared with a decrease of 1.0 percent.
The new National Network for Manufacturing Innovation will work to leverage new investment from industry, state and local government, and the research community.
Local-government construction, a key feature of the investment boom, also remains unaffected by the cost of money, so long as credit is freely available.
He showed me around the Priorswood area of the town, which he described as a deprived one that had benefited from national government investment - such as a new local nursery.
Similarly, in Galveston, Texas, where local government workers in three counties opted for a personal savings and investment alternative to Social Security in 1981 as well, the annual rate of return fell by about half at the lowest point of the financial crisis.
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This model is now used by many investment companies across the nation including even local and state government agencies.
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While the government seeks foreign investment to help boost the economy, local businesses are leery of outside companies that they believe threaten their hold on the market.
Many observers say the government should allow greater foreign investment in other sectors, including local pension fund management companies and insurance firms.
If a government opens up to investment from abroad allowing foreign banks to buy local institutions, say, or allowing domestic banks to raise money on international capital markets local banks can lend more to businesses large and small.
The advance estimate the Bureau of Economic Analysis will revise the figure twice if necessary over the next two months drew positive contributions from consumer spending, inventory investment, exports and residential investment, while reduced government spending, from the federal down to the local level, and increased imports had a negative impact.
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But this research also shows that other factors, such as government economic policies, local enterprise, the efficiency of public administration and the amount of foreign direct investment are just as important in raising economic performance.
And the Communities and Local Government Committee (at 5pm) quizzes Sir Adrian Montague, leader of the Review of the Barriers to Institutional Investment in Private Rented Homes, in the first hearing of its inquiry into the private rented sector.
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