Press and Sun-Bulletin from Binghamton, New York • 11

Saturday, August 14, 2010 OBITUARIES NATION I 11A Obituaries Obituaries No easy fix for sluggish economy I rii- 1 NEED A Oft of the equation known as fis cal policy, as opposed to the Fed's monetary policy. But there is little interest on Capitol Hill to undertake a major new stimulus effort. ft The Associated Press Frank Wallace who has been unemployed since May 2009, displays his frustration in June during a rally organized by the Philadelphia Unemployment Project, in Philadelphia. mortgage securities like it did stimulus programs the side But Democrats and Republicans are divided on what to do. Most Republicans want to make permanent the tax cuts enacted under President George W.

Bush in 2001 and 2003. That would amount to nearly $3 trillionover the next decade. Democratic leaders want the cuts for the wealthiest Americans to expire. That leaves the work of jump-starting the economy for the time being to everyday Americans and businesses, who can spend money and accelerate the cycle of growth. But both are in a frugal mood.

Mortgage rates have sunk to record lows: Rates on 15-year mortgages dropped to 3.92 percent this week, 30-year mortgages to 4.44 percent. Still, people aren't scrambling to buy homes or refinance the ones they already have. Businesses, meanwhile, are sitting on a record $1.84 trillion pile of cash, according to the Fed. They aren't using the money to expand operations or hire new workers because they, too, have doubts about the strength of the economic recovery. The economy grew at a 2.4 percent pace in the second quarter, about half as fast as it was growing late last year.

And it may turn out, as the manufacturing sector is hurt by declining exports, that growth right now is even slower than we think. And the stock market, which had managed a significant rally in July, is now absorbing the blow of the economic pessimism. The Dow Jones industrial average fell this week from about 10,700 to about 10300. The key, says former Fed governor Randall Kroszner, is making people feel more comfortable and confident that their jobs are secure, and that the values of their homes and 401(k) accounts will when it was battling the re cession and financial crisis. But the Fed is unlikely to commit that muchmoney unless things get a lot worse.

Plus there are risks. Regulators don't want to push interest rates on mortgages so low that they encourage speculative buying, like the kind that inflated the housingbub- ALICE Former Federal 'YOU Can't take out a money they The midterm force people tO factions are less than loan or spend three months away, and don want to Republicans and Democ rats alike fear voters are worried about the fed RIVLIN Reserve official eral budget's $L4 trillion and rising deficit. A scholar of the Great Depression, Fed chief Ben Bernanke has warned Washington policymakers not to repeat mistakes made during the Great Depression by pulling in government stimulus too quickly. Bernanke also suggested recently that extending the Bush tax cuts, at least for a while, would be "one way" to "maintain a reasonable degree of fiscal support stimulus for the economy." ble. Or the Fed could cut to zero the rate it pays banks to keep money parked there, a move aimed at getting banks to lend more.

But banks are not exactly feeling free with their cash, either. "It'sapervasivelevelofun-certainty that people andbusi-nesses feel about their economic futures," says Ken Mayland, president of ClearView Economics. "It's frozen them into inactivity." Congress has the power to regulate the economy by adjusting tax rates and passing La Vonne Whitney Wurts November 11, 1911 -August 11,2010 La Vonne Wurts passed away on Wednesday, August 11, 2010 at Heath Village in Hackettstown, NJ. She was 98. Daughter of the late Frederick and Maud Whipple Whitney, she was born on November 11, 1911 in Max, ND.

She was married to John Halsey Wurts who predeceased her on January 23, 1966. She lived in Mahwah, NJ, Tenafiy, NJ, and Binghamton, NY before moving to Heath Village over 20 years ago. Although a homemaker most of her life, she had worked in the 1930's as a buyer of ladies ready-to-wear for an affiliate of Marshall Fields in Chicago. A devout Episcopalian, she was very active in church activities both at The Church of the Atonement in Tenafiy, NJ and more recently at St. James in Hackettstown, NJ.

She participated in many clubs and activities at Heath Village, among them the Friendship Center, the Chorus, the Woman's Association and the Residents Council. She was an avid gardener and maintained a plot in Heath Village's garden until she was in her early nineties. She is survived by her loving children William W. Wurts of Seattle, WA and Sarah Hollyer of Layton, NJ; grandchildren Anne and Patricia Wurts of Los Angeles, CA, John Hollyer of Sag Harbor, NY, John Wurts of Clyde Hill, WA, Richard Hollyer of Hampton, NJ, Elizabeth Wurts of San Francisco, CA, Catherine Skorupski of Lawrence, KS and eight great-grandchildren. A memorial service will be held at a future date.

In lieu of flowers contributions in La Vonne's memory may be made to The Employees Appreciation Fund at Heath Village', Schooleys Mountain Road, Hackettstown, NJ 07840 or St. James Episcopal Church, 214 Washington Street, Hackettstown, NJ 07840. Arrangements by the Scala Memorial Home, 124 High Street, Hackettstown, NJ 07840 908-852-2420. Please sign the guest book at pressconnects.comobituaries Obituaries Marion E. (Reigles) McMahon of Whitney Point Marion E.

(Reigles) McMahon, 84, of Whitney Point, and formerly of Binghamton, passed away on August 9, 2010 at Susquehanna Nursing Rehabilitation Center, Johnson City. She was born on December 25, 1925 in Johnson City, the daughter of the late Edwin and Alice Galloway Reigles. Marion is also predeceased by her husband of 61 years, Robert S. McMahon; sons, Daniel and Brian granddaughter, Stephanie Anthony; grandsons, Ronin Nichols and Robert Austin; sisters, Cora Farthing, Ruth MacDuffee, and Jean Dundon; brothers, John and Harry MacDuffee, and Edwin and Robert Reigles. H.

Armand Harding of Endicott H. Armand Harding, 83, passed away peacefully at home on Sunday, August 8, 2010. He was predeceased by liis parents, Lester and Elizabeth Harding; and a sister, Ruth Crown. He is survived by his wife of 52 years, Jean E. Harding; his four children, Mark V.

(Margaret) Harding, Wilmington, NC, Keith Harding, Atlanta GA, W. Lea Harding, Endicott, and Lisa A. Haller, Endwell; three grandchildren, Jonathon R. Harding, Jay and Kristina Haller; a sister, M. Joyce (Joseph) Duffy; a close cousin, Betty Aten; and many nieces and nephews.

Armand graduated from Union-Endicott High School, and served in the US Army. He retired from IBM in 1987 after 31 years of service, and was a member of its Quarter Century Club. He was a lifelong member of the 1st United Methodist Church of Endicott. He was a church organist and played at many churches throughout the community. He was a member of the Binghamton Chapter of the American Guild of Organists and Mended Hearts.

He donated his body to SUNY Upstate Medical Center so others can learn from his remains. A Celebration of Life service will be held Monday, August 16, 2010, at 11 a.m. at the 1st United Methodist Church of Endicott, 53 McKinley Endicott, with the Rev. Susan Davis officiating. The family will receive friends at the church Monday from 10 a.m.

to 11 a.m. In lieu of flowers, the family requests contributions be made in his memory to the 1st United Methodist Church of Endicott, 53 McKinley Endicott, NY 13760; Sky Lake of Upper New York, 501 William Law Windsor, NY 13865; or to the American Cancer Society, 13 Beech Johnson City, NY 13790. Arrangements are by the Coleman and Daniels Funeral Home, 300 E. Main Endicott. Please sign the guest book at pressconnects.comobituaries She is survived by her children, Kathleen and Thomas Nichols, Whitney Point, Maureen and Kevin VanDusen, Binghamton, Theresa and Richard Kellar, Binghamton, Mar-lene and Gerald Edwards, Whitney Point, Timothy and Donna McMahon, Troy, AL, Monica and Michael Snow, Endicott, Dennis and Stacy McMahon, Endicott; sisters-in-law, Marian MacDuffee, Oceanside, CA and Mary Ann Reigles, Biloxi, MS; 38 grandchildren, 27 greatgrandchildren, and many nieces, nephews and cousins.

Marion retired from the Diocese of Syracuse and was a member of St. Paul's Church in Binghamton for over 30 years serving as extraordinary minister of the Eucharist, Lector, Cantor and choir member. She is currently a member of the Church of the Immaculate Conception in Greene and a member of the Red Hat Society of Greene. She enjoyed music from opera to rock and roll, and always had a song in her heart and on her lips. She loved the Lord and followed in His path by continuous service to others: visiting the homebound, and those ByJeannineAversa The Associated Press WASHINGTON The Federal Reserve has little power left to lift the economy out of its rut Congress, withanelectionloorning.has no appetite for more stimulus.

Shoppers are reluctant to spend, and businesses are slow to hire. Let's face it: There is no easy or imminent fix for the flagging recovery. The sluggish economic summer wore onFriday with news that Americans spent less at most retail stores in July. Earlier this month came word that the trade deficit is ballooning and companies are not adding jobs fast enough to bring down unemployment Typically, the Fed can lower interest rates to encourage Americans to borrow money and spend it invigorating the economy. But the benchmark interestratecontrolledbythe Fed has been almost zero for more than a year now.

The Fed this week took a new step by announcing it would use the proceeds from its huge portfolio of mortgage securities to buy government debt The idea is to make cheap credit a little cheaper, particularly for things like mortgages. The problem there: Americans who are worried about their jobs, not to mention volatility in the stock market, don't want to borrow. They saved 62 percent of their disposable income this spring. Before the recession, it was more like 12 percent. "You can't force people to take out a loan or spend money that they don't want to Alice Rivlin, who served as the Fed's No.

2 official in the late 1990s. Sure, the Fed still has options. It could launch another trillion-plus-dollar program to buy government debt or Obituaries John Zeitz of Town of Maine A Funeral Mass for John ZeitZ will be offered by the Rev. Clarence Cerwonka on Saturday 9:30 a.m. at the Most Holy Rosary Church, 2596 Main Street, Maine, where the family will receive friends on Saturday 9 a.m.

until the time of the service. Burial will be in Calvary Cemetery, Johnson City. Please sign the guest book at pressconnects.comobituaries confined to nursing homes and hospitals extending comfort, encouragement and understanding wherever and to whomever there was a need. She was a generous supporter of the missions that serve the poor. To her way of thinking, life was an adventure.

She enjoyed traveling and was ready to go at the drop of a hat. She loved her family and considered each one a precious jewel from heaven. Because her love was unconditional, all whose lives she touched were enriched. The family would like to thank the staff at Susquehanna Nursing Rehabilitation Center for their compassion and excellent care. A Mass of Christian Burial will be held on Monday, August 16, 2010, at 12:00 noon at the Church of the Immaculate Conception, Greene with the Rev.

Thomas Ward celebrating. Burial will be in Calvary Cemetery, Johnson City. Friends may call at the Kennedy Funeral Home, 21 N. Chenango Greene, on Sunday, August 15, 2010, from 4:00 p.m. to 7:00 p.m.

Please sign the guest book at prrttconnects.comobituaries Iowa residents must conserve to restore wale? after flooding MM. hiring By Michael J. Crumb The Associated Press AMES, Iowa Ames officials implored residents Friday to do a better job of conserving water after historic flooding caused pipestobreak and left the college town of 55,000 without drinking water. John Dunn, the water and pollution control director in the central Iowacity.said people must adopt "temporary lifestyle changes." "Water used for any purpose other than essential health and sanitation purposes is hampering our community-wide recovery and extending the amount of time until water is available for drinking," Dunn said. "The use of water for nonessential purposes must stop." The city was forced to shut down its water system Wednesday after the broken water mains were discovered as a creek and river flooded large swaths of the city about 30 miles north ofDes Moines.

By Thursday, residents were allowed to use small amounts of water for showering or flushing toilets, but a boil order remained in effect as officials warned the water may have been contaminated after water towers were drained and pressure dropped. Crews had repaired or isolated the broken water mains and began filling one of the water towers, but it was quickly depleted by usage. Jean McBreen said she was using only bottled water at home and taking short showers. "In fact we save water from the showers so if I need to wash some clothes I can do that," said McBreen, who is also the general manager of the Gateway Hotel in Ames. At the hotel, they took water from the swimming pool to guests' rooms so they could flush toilets.

Tm hoping the entire town does pull together and conserve because if they have to The Associated Press Rob Dietz looks around while cleaning his flooded apartment on Friday in Ames, Iowa. Ames officials implored residents Friday to do a better job of conserving water after historic flooding caused pipes to break and left the college town of 55,000 without drinking water. turn the water off again it's going to be ten times worse," McBreen said. "I just don't think people are taking this seriously enough." City spokeswoman Susan Gwiasda said all use of water for gardening, lawn care and car washing is prohibited. She said golf courses are on private water systems and not subject to the restrictions.

Anyone using water for nonessential purposes could be fined, she said. "We want to educate residents first because we believe it's possible some people still don't know, but if we tell them and the problem persists then we would consider taking legal action," Gwiasda said. The flooding in Ames came after three nights of heavy rain caused creeks and rivers in central Iowa to swell earlier in the week. Hundreds of residents have had to leave their homes in Ames, Des Moines and Colfax, and a 16-year-old girl was killed when a flooded creek swept her car off a road near Des Moines. Flood waters have slowly receded, but most of those forced to leave their homes haven't been able to return because streams remain high.

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