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Posts published in “Day: December 26, 2008”

Decline at KVI

Jeff Kropf

KVI in Seattle

There's a good argument that for an extended stretch in the 90s and maybe into this decade, the single most influential radio station in the Northwest was KVI-AM, a place that not only had some of Washington's best-known talkers (along with nationals like Rush, of course) but also turned into an activist organization, backing such things as a string of conservative ballot issues. It had political impact.

That seems less so now, and there's an insightful post on why at the Seattle blog BlatherWatch.

Talker Kirby Wilbur is about the last local voice left, and BW suggests that may be over when Wilbur's contract is up next year. Toss all this in the mix when you evaluation the political dynamic in Puget Sound.

Umpqua’s money trail

At least one of the Northwest 10 banks what have gotten federal bailout money has explained what was done with it. And as far as it goes, the explanation sounds reasonable - or at least, in line with what we were all told about the situation originally.

Umpqua Bank at Portland took in $214 million in federal money, second-most among the Northwest banks. The Oregonian reports today that Umpqua "is a healthy, profitable bank. When Umpqua cut the deal with the feds in October, it didn't need money to survive, Umpqua CEO Ray Davis said at the time."

Okay: So what was the point of our giving the money to Umpqua? "Ron Farnsworth, Umpqua executive vice president, said Monday that the Treasury money has enabled the bank to continue making loans. Umpqua originated about $400 million in new loans in the current quarter, about the same as it did in its second and third quarters."

Presumably, the amount would have been less without the infusion, another tap on the economic brake.

The jury still seems out on whether this is doing much good, and at least one economist the Oregonian quotes is highly doubtful. (Members of Congress, having already opened the treasury to these guys, finally, belatedly, seem to be asking some of these questions too.) But at least one bank is providing some explanation for where all those taxpayer bucks are going, and at some some justification for them.