The Boardcast

Understanding Economic Complexities - Blogs That Can Help

Blogs can be a source of information and education on many topics of current interest. It is amazing the number of experts who are willing to dispense their knowledge online by blogging on a regular basis. I have found two blogs to be particularly helpful in navigating the complexities of the twists & turns as well as the ups & downs our economy has been taking daily since September. These blogs are designed to provide the most current information on a crisis which is being compared to the Depression.

I am a big fan of podcasts on iTunes. Much of the programing on National Public Radio can be downloaded through iTunes and listened to at a convenient time. Recently, NPR began a program called Planet Money which is both a blog and a podcast and is designed to unravel the mystery of the global economy. Contributors include Adam Davidson, David Kestenbaum, Alex Blumberg and Laura Conaway who travel all over the world to report on stories which highlight and explain the intricacies of the economic news affecting our lives each day. Planet Money bloggers post mulitple times each day. Posts include multi-media resources which provide information from a variety of expert resources. Comments are encouraged and give wide and eclectic views of readers throughout the world. 

Planet Money includes numerous links to additional resources drawing from the best of the web. The Baseline Scenario is a blog which is cited often on NPR reports. This blog was cofounded in September, 2008 by Simon Johnson, former chief economist for the International Monetary Fund and professor at MIT, and by James Kwak who is a student at Yale Law School. They are joined by Peter Boone, Associate at the Centre for Economic Performance, London School of Economics. According to the authors the blog is designed,

"...to present a considered view of the key issues facing the global economy that is rapidly updated as new information and events arise. To that end, we publish an extended Baseline Scenario position on a weekly basis. During the week, we use the blog to develop positions, comment on events, and highlight other perspectives that we find worthwhile."

One of the most helpful sections on The Baseline Scenario is the Financial Crisis for Beginners, a primer for people who want to understand the concepts and terms related to the stresses on our economy.  The authors of this blog cover all aspects of this crisis in a thorough, thoughtful manner.

The Internet Wins This Election

Here is some Election 2008 trivia: Which news source did people use more during Campaign 2008, newspapers or the internet? According to research published by the Pew Research Center for the People and the Press 33% of the public used the internet as their primary source of information for election coverage and 29% used newspapers. Television is still the number one source but internet use for election news has increased by 23% since 2004 while TV use has decreased by 4%. Furthermore, 49% of those under 30 used the internet for their primary election coverage. I used the Internet and social networking sites for campaign news almost exclusively during the past year. Setting up RSS feeds on Google Reader gave me almost instantaneous updates from the candidates' sites as well as my favorite news blogs. Twitter provided immediate access to online conversations. I was able to follow each of the campaigns as well as news organizations like National Public Radio. Twitter feeds were updated many times each day. On election day a variety of "Tweeters" had feeds allowing voters to report voting issues and problems. NPR and You Tube collaborated on a special project called Video Your Vote. This site encouraged voters throughout the nation to submit short videos documenting their voting experiences in the 2008 elections. As of 7pm today, 1372 videos had been uploaded to the map. I believe that this project provides an unprecedented snap shot of our democratic system. There has been no other election in history which has been documented in this way. Of course I couldn't pass up this opportunity and so I submitted a video of the polls opening in Ward Six, Plattsburgh, NY.

I believe that the social impact of the internet has influenced citizen participation in this election. Interaction among the electorate has caused this election to truly be a common experience in spite of our political differences.

Financial Literacy For Younger Savers

Teaching young savers about the importance of wise management of money is a priority at UFirst FCU. Jody Carpenter, Marketing Director, added another school to the list of those which have benefited from UFirst Financial Education programs when she went to Morrisonville Elementary School and spoke with 400 students and their teachers. Jody gave students Cash Kit and Caboodle Kits. These kits are designed to teach children the concepts of saving, spending and sharing.  They include a moneybox, family guide and passbook, poster, activity book, glossary and letter to parents. The kits are made available in cooperation with the New York State Credit Union Foundation.

Members who are interested in arranging to have Jody introduce Cash Kit and Caboodle in their school districts should contact Jody Carpenter at UFirst.

Senator Betty Little Tours UFirst Federal Credit Union

New York State Senator Betty Little visited UFirst FCU at the invitation of CEO Linda Bourgeois and Marketing Director Jody Carpenter on Thursday, October 23. The UFirst management team, staff and board members Bill Laundry and Ginny Brady welcomed Senator Little. Senator Little served in the NYS Assembly for seven years and was elected to the State Senate in 2002. She has been at the forefront of many legislative initiatives which affect the North Country and has taken the lead in introducing legislation related to property tax reform in New York State.

Senator Little received a tour of the credit union and was introduced to UFirst's front line staff. In addition to being briefed on the history of UFirst, she was introduced to the products and services offered to members. Following the tour Senator Little met with UFirst board members and management staff. Jody described the activities and services which make credit unions unique. She was particularly interested in the financial literacy programs which have been developed for area students and adults. She was introduced to the National Endowment for Financial Education program which UFirst has brought to schools in cooperation with local teachers and other area credit unions. Senator Little was given a packet of information and educational materials for use with the constituents she represents.

UFirst thanks Senator Little for taking the time to visit us and learn about the ways that our credit union is helping members meet current fiscal challenges.

Giving Youth The Credit Union Choice - Part Two

DeAndré Uphaw's recent video interview of students at Baylor University in Waco, Texas drew attention to the fact that many young people are unaware of credit unions. One of the students interviewed by DeAndré even associated credit unions with "older people" like his parents. These students seemed to believe that credit union membership was not a credible option in selecting a financial institution. UFirst FCU is trying to change this view. Partnering with local schools and credit unions, UFirst is introducing students to credit union philosophy and services. The Financial Savings Program was launched in 2007 in cooperation with Plattsburgh Teachers Federal Credit Union Credit Union and Plattsburgh High School in order to support financial education and introduce students to the power of saving and the benefits of local credit union membership. UFirst FCU hosted the start of another program year with a visit from students who are in the Accounting & Internship and Business Law classes at PHS. Students were accompanied by their teachers, Mrs. Karen Rock and Mr. Everleth, who are spearheading this program at PHS. Twenty-one students opened new accounts at UFirst FCU. Jody Carpenter, UFirst Marketing Director, and CEO Linda Bourgeois described the credit union difference and introduced the students to the products and services offered to members. They also answered questions posed by students on current economic challenges that face all Americans today. Students had questions and observations about the safety of financial institutions and, in particular, credit unions. They discussed how the credit crisis might have an impact on getting student loans in the future and what they can do to improve their credit and their opportunities for fiscal security. Jody Carpenter will be visiting these students at PHS throughout the year to be a guest instructor as part of the NEFE program. 

Thanks to Matt Smith, the program's website moderator, for adding information about the visit to the PHS website. Those of us at UFirst hope that these new members will continue a long association with UFirst and become ambassadors for credit unions introducing their friends and families to the credit union choice.