Memphis banks are stimulus conduits

Congress has made no secret of its unease with anything that remotely looks like a stimulus program to jolt the economy. Meanwhile, the U.S. Treasury Dept. has made more than $1 billion available to 80 community banks as part of a small business jobs bill passed last year.

A few Memphis banks are getting a slice of that money that’s supposed to be used as loans to juice small business activity. Independent Bank is getting almost $35 million. Evolve Bancorp. is getting $4.7 million. Magna Bank is getting more than $18 million.

Will small businesses actually step up and offer to take some of that money? We’ll see. Over on the residential borrowing side of the picture, homeowners sure aren’t doing their own version of that dance. Rates are at 50-year lows, yet homeowners are still fearful of getting themselves tied up in a 15- or 30-year investment.

Small business owners have to worry about what isn’t there. If they get loans to buy equipment and expand because, say, the circus comes to town, that business will be rolling in clover at least for a little while serving the crowds of trapeze artists and elephant trainers and circus-goers. But when the circus leaves, that business has idle equipment and empty space that it really didn’t need to go after in the first place.

Michelle Bachmann Says “Happy Birthday Elvis”

…on the day he died.

Click here to see a video clip, via Politico.

NYT Front Page With Elvis’ Death

On this day in 1977, Elvis Presley died. Here’s the front page of the New York Times from that day.

Anybody have some great Elvis memories to share?

White Station Grad Gets New Ben Hooks Scholarship

Corey Strong, a graduate of White Station High School and the U.S. Naval Academy who recently returned home from a tour of duty in Afghanistan, will get a special honor Wednesday.

Strong is the recipient of the first scholarship offered by the law firm of Wyatt, Tarrant & Combs that was created in honor of civil rights pioneer Benjamin L. Hooks. The Wyatt, Tarrant & Combs-Benjamin L. Hooks Law Scholarship is being offered by the law firm in conjunction with the University of Memphis’ Cecil C. Humphreys School of Law.

It will fund Strong’s law school tuition and course-related expenses at the U of M. The scholarship will be offered every three years to a full-time law student at the University of Memphis, with preference being given to a Memphian.

Congratulations Corey!

Keeping up with The Daily News

If you’re not doing so yet, you can keep with The Daily News through several ways on Twitter.

There’s the paper’s main Twitter feed: @memphisdaily.

Our all-politics all the time feed: @tdnpols. (That one is manned by reporter Bill Dries. His last name rhymes with breeze – which is the sound he makes furiously running from one hot political story to the next).

And finally there’s our newest feed: @tdnecon. That’s where we’ll talk economy, finance, taxes, spending, debt, etc. (That one is manned by reporter Andy Meek. His name is Meek, but his tweeting won’t be).

Dansette

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