Obama Tightens Restrictions on Bank Bailouts

Obama is offering a fresh approach to the all-familiar bank bailouts. He aims to tighten the oversight of banks and make sure any aid given is not used frivolously. 

Obama noted that many banks, after recieving billions of dollars from the government, immediately renovated offices instead of putting the money toward providing consumers and companies with credit. 

Congress has cleared the Obama administration to tap into the second wave of $350 billion dollars in an effort to stabilize the financial industry. It is clear that the first $350 billion was ineffective and spent unnecessarily. Hopefully, with adequate oversight and restrictions, this second wave will be enough to stimulate the industry and get banks lending again.

Free yourself from your banking fears, borrow from Tropical Financial Credit Union. We offer lower rates than major banking institutions and we are still lending!

10 Things We're Still Buying

We might be in a recession but that doesn't mean we have stopped spending. 

Here are 10 things we, as Americans, are still buying:

1. Smart Phones - Smart phone sales went up 53% over last year. iPhones, Blackberrys and G1 phones are still flying off the shelves.
2. Video Games - Madden NFL 2009 and Wii Fit alone sold 5 million copies last year. Guitar Hero and Rock Band were other popular video games of 2008. 
3. Gym Memberships - Just because you were let go from your job doesn't mean you are going to let your appearance go! Gym memberships are expected to rise 4% in the coming year as more people have more time to exercise.
4. Personal Care Items - Paired with the increase in gym memberships, it seems people are really starting to care about their appearance! There was an average 15% increase in the sales of shaving cream, toothpaste, perfume and skin care over the last year.
5. Toy Building Blocks - LEGO and other building block sales increased 30% in 2008.
6. Car Maintenance - Car sales may be down but we're taking good care of the cars we have! Over the last year there were double digit increases in the sales of wiper blades, spark plugs, ceramic brake pads and fuel system cleaners.
7. Casual Dress Shoes - Shoes that can be worn both to work and on the weekends saved the shoe industry last year. The casual dress shoe created versatility like never before and provided a one-solution approach to footwear.
8. Restaurants - While four and five star restaurants are suffering due to the recession, fast food sales are on the rise. It is estimated that Americans will spend $566 billion at convenient, cheap eateries in 2009.
9. Movie Tickets - Ticket prices may be above $10 in some areas, but going to the movies is still one of the most affordable methods of entertainment.
10. Netbooks - These mini-laptops cost just $300 and offer the same internet access and word processing software as more expensive computers. Netbooks are the affordable, more portable alternative to laptops and they're catching on. 

Credit Unions See Spike In Deposits

As many individuals continue to hear about banks closing, merging or looking for Federal help, Tropical Financial Credit Union is seeing an increase in savings accounts and certificate of deposits increase. These financial institutions are strong and will continue to offer great programs. The loss of confidence in traditional banks will continue to spark interest in credit unions and the many programs they have to offer.

A Message from Dan Mica, President and CEO of CUNA

Think Small and Local

Small financial insitutions and credit unions have been noticing deposit increases over the last three months. Americans are weary of big banks and many of their customers are turning to smaller, local financial institutions. 

While the other banks were failing, credit unions noticed an increase in small business customers and requests for housing loans. Credit unions are seeing growths of nearly 50% from last year. The smaller the financial institution, the more appealing it is to customers. Large banks can't compete with the deposit and loan rates that credit unions have to offer. 

The Economy Can't Trim Christmas Tree Sales

Although the economy is in a less than desirable position, Floridians are still going all out for Christmas. 

A drive in nearly any Florida neighborhood will tell you that there is nothing "depressive" about this Christmas. People are decorating with more lights and props than previous years and don't seem to be cutting back on tradition at all. 

Christmas tree sales are another example of this. So far, tree sales have survived the holiday spending cuts, despite initial fears of a slow season. 

The president of the Florida Christmas Tree Association explained this unexpected Christmas spirit by saying, "I think people just like to have a Christmas tree; it's not the most expensive part of Christmas, really, it's a symbol."

Of course, this is true. It just wouldn't be Christmas without a tree and some lights. 

Florida Tops Nation's Mortgage Loan Defaults

According to the Mortgage Bankers Association, Florida has one of the highest third quarter loan delinquencies in the nation. 

Florida topped the nation in subprime adjustable rate mortgage (ARM) foreclosures as well as prime and subprime fixed rate mortgage foreclosures. 

However, there are financial institutions in Florida who can help. 

Don't become another statistic, refinance your mortgage with Tropical Financial Credit Union.