State Tax Revenue Drops

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State Tax Revenue in U.S. Drops Most Since 1963, Study Says

Jan. 7 (Bloomberg) -- U.S. state tax collections fell the most in 46 years in the first three quarters of 2009 as the recession shrank revenue from sources including personal income, the Nelson A. Rockefeller Institute of Government said.

Revenue dropped 13.3 percent, or $80 billion, compared with the same nine months of 2008, to $523 billion, the institute said. Collections in the third quarter alone sank 10.9 percent to about $162 billion, according to the report released today by the Albany-based body. It was the fourth straight quarterly decline. The institute is the public policy research arm of the State University of New York.

“The first three quarters of 2009 were the worst on record for states in terms of the decline in overall state tax collections, as well as the change in personal income and sales tax collections,” Rockefeller analysts Lucy Dadayan andDonald J. Boyd wrote in the report. The institute explores ways to help state and federal governments work better.

http://www.bloomberg.com/apps/news?pid=20601087&sid=a5OM27Cn39Yk

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Credit tightening

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Nation's 4 biggest banks cut business lending by $100 Billion since April

While the administration and Congress work to increase bank lending, the nation's four biggest banks have collectively cut their loans to businesses by more than $100 billion over the past six months, according to new federal datareleased on Tuesday.

Bank of America, JPMorgan Chase, Citigroup and Wells Fargo cut their commercial and industrial lending by a combined 15 percent from April to October, representing $100 billion, according to the most recent Treasury Department data. Loans to small businesses are down $7 billion, or four percent.

http://www.huffingtonpost.com/2009/12/16/nations-4-biggest-banks-c_n_394264.html

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As banks recover main street lags:

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WASHINGTON – President Barack Obama implored top bankers Monday to help keep the fragile recovery from faltering by boosting lending to small businesses and getting behind an overhaul of financial regulation. "We rise and fall together," Obama declared.

In response to the president's burst of populist jawboning, some banks pledged to increase loans and exercise more self-control over outsized compensation. But the full impact of Obama's intervention was hard to gauge: The government is losing leverage as major banks repay bailout loans.

Obama's lecture to the bankers was also part of a broader election-season Democratic effort to tie sluggish bank lending to continued high joblessness — and to try to tie the banking industry to Republican efforts against Obama's financial overhaul legislation.

It's a tough balancing act, given past contributions of big banks to Democratic as well as Republican candidates.

http://news.yahoo.com/s/ap/20091214/ap_on_bi_ge/us_obama_banks

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