Geraci Sees Upturn In Economy; Says U.S. Is Now World's Top Petroleum Producer

Friday, June 13, 2014 - by Hollie Webb

Sal Geraci of Wealth Advisors, LLC told members of the Chattanooga Civitan Club on Friday afternoon that while markets generally perform the best in pre-election years, this year "the market could still give you good returns."

He told the club that currently inflation is only running at approximately two percent. He also said it was not predicted to go much higher over the next few years.

 He said that job recovery continues in an upward slope since the most recent recession.

He described this slope as similar to the comeback after the 2001 and 2002 recession.

 As for areas to watch, he said, "We should still see continued growth in the vehicle industry."

 He also described the petroleum market as a "bubble" right now due to increased oil production from fracking.

 Mr. Geraci said, "We are now, believe it or not, the largest producer of petroleum in the world. We now have estimated reserves larger than all OPEC productions put together."

 

He said, "Sooner or later I think the government will figure out that oil is important to the world economy."

 

He discussed North Dakota, saying the oil drilling there had created thousands of jobs. He said, "For every one drilling job created, there are five support jobs created."

 

Comparing the tax situation here to that of the rest of the world, he said, "Even though we all hate paying federal taxes, our tax burden is still relatively low compared to other countries."

 

Mr. Geraci said the greatest area of concern for the future is the federal debt. Currently, the federal debt percentage of the GDP continues to grow at an alarming rate.

 

 


Corker Asks Colleagues To "Oppose Blatant Budget Gimmick Proposal To Fund Highway Trust Fund"

In remarks on the U.S. Senate floor Monday, Senator Bob Corker said senators should reject using a budget gimmick known as pension smoothing to pay for a short-term extension of the Highway Trust Fund and instead commit to a long-term, sustainable solution to highway funding. “Many claim that budget gimmicks should not be used as offsets to pay for spending," said Senator Corker. ... (click for more)

Cornerstone Community Bank Has Rise In Earnings

Cornerstone Bancshares, Inc. (OTCBB: CSBQ; CSBQP), parent company of Cornerstone Community Bank, today reported earnings for the second quarter ended June 30, including a rise in income. Net income for the quarter was $409,000, a 3.3 percent increase from the same quarter of 2013.  Net interest income increased 5.5 percent from the same quarter last year. “Cornerstone ... (click for more)

EPB Says It Did Not Overbill The City; Says City Got $685,877 Break

EPB officials said Tuesday that an exhaustive audit of its street light contract with the city showed that it did not overbill the city. Instead, it said it found that the city was underbilled $685,877. EPB said it only goes back one year on errors so the amount owed by the city would be $178,314. Officials said that would be discussed with the city. Stan Sewell, the city's ... (click for more)

Citizens To Comment Next Tuesday On Sound Control Ordinance That Allows Higher Sound Around Downtown Clubs

Citizens will be allowed to comment next Tuesday on a new Sound Control Ordinance that allows higher sound from nightclubs in a downtown Controlled Sound Boundary. Track 29 behind the Chattanooga Choo Choo, that has drawn the wrath of some nearby Southside residents, is within the boundary, which goes from Fourth Street to Main Street. The hearing before the City Council ... (click for more)

I'm Number One In A Round About Way

Roundabouts have been popping up all over Chattanooga over the past few years and for the most part have been successful.  Unfortunately there are some who just don’t get it as I have found out the hard way.    My latest instance was last week when a young woman on her cell phone almost t-boned me as she flew into the roundabout without yielding.  A near miss ... (click for more)

Roy Exum: Oscar Brock’s True Passion

I don’t pay much attention to the Hamilton County School Board. Once the moon and the stars aligned behind Superintendent Rick Smith, you hear very little, if anything, from the nine-member council that oversees an annual budget of almost $400 million and employs 4,480 people. So chew this for a minute: approximately 2,000 of those people are not teachers. Yes, there are 78 principals ... (click for more)