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Toys for Tots campaign begins in Texoma

Last Updated: 5:31 PM 12/02/08 - It's that time of year again. See how your donation of a new, unwrapped toy can bring smiles to the faces of Texoma's children this holiday season. Click on Full Story for details. (Full Story)
Eye on Education: Admission cuts

Last Updated: 11:18 AM 12/02/08 - State budget cuts mean public universities will be accepting fewer students than in years past. CBS News' Bill Whitaker has more in our Eye on Education report. (Full Story)
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Last Updated: 11:00 AM 12/02/08 - Fitness expert Jimmy Rosser from Nautilus Sport & Fitness was in studio to show you how pop squats can jump start shedding those Thanksgiving pounds, and nutritionist Tori Park shows you how to turn those Thanksgiving leftovers into a healthy salad. (Full Story)
The Power of Prayer- Conner's Story

Last Updated: 10:06 AM 11/25/08 - It's been over two years since little Conner was severely injured in a wreck that killed his father and brother. This morning we look at how far this little guy has come. He's now kicking and moving his arms, even though doctors said it wouldn't be possible. (Full Story)
Cooking with Cathy: The Thanksgiving Bird

Last Updated: 10:42 AM 11/26/08 - Every year, Chef Cathy Zeis and our Lisanne Anderson prepare a turkey. They've shown you how to prep the bird for the oven. Now it's time to show you how to cook it and serve it.
(Full Story)
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Economic crisis felt from Wall Street to Texoma Save Email Print
Posted: 6:30 PM Sep 26, 2008
Last Updated: 9:13 PM Sep 26, 2008
Reporter: Stephanie Brletic
Email Address: stephanie.brletic@kxii.com

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SHERMAN, Tex. – With President Bush, presidential candidates, and virtually everyone in Washington looking for an answer to the crisis on Wall Street, our Stephanie Brletic looked at how these tough economic times affect Texoma.

Talks are continuing but there's no deal yet, as congressional negotiators seek common ground on a $700 billion dollar plan to bailout Wall Street. While lawmakers meet, President Bush is said to be working the phones doing whatever he can to lobby members of his own party get on board with a White House plan.

There are signs of progress, and a new round of closed door negotiations is underway one day after bi-partisan group congressional leaders announced an agreement on principles to rescue the nation's floundering financial system. Shortly afterward the talks hit a snag.

Democrats blame the stalemate on “Republican" house members who surprised them, and the white house, with their own plan late Thursday.

House Republicans charge Bush’s $700 billion deal did more for banks than it did for struggling mortgage holders.

'That is what this fight has been about, trying to make sure we do the right thing for our country, while protecting people's taxes," Rep. John Boehner, House Minority Leader, said.

As Congress debates the bailout, Washington Mutual became the latest and largest victim yet of the credit crisis. The government seized the bank and then sold its assets to J.P. Morgan Chase for almost $2 billion.

But what does all of this mean for you? Stephanie Brletic talked to a financial planner in Sherman and has some answers.

Edward Jones financial advisor Randy Hudson says the best advice he can give is to stay calm, and that the economy has ups and downs, and this is all part of a natural process.

Hudson says things are more stable than they seem, and that on Friday the market started 130 points in the red, but finished 112 points in the black. He says there's no reason to panic over a fluctuating market.

"It happens about every four or four and a half years. It's very painful, I mean no one likes to go through it, but it's a very natural thing for the market to have a correction like this."

In regards to the WAMU-Chase bank merger, Hudson says it isn't necessarily a bad thing, and says the problems aren't just one person's fault. Too many lenders extended more money than some people could handle, and similarly, too many people took out a loan they couldn't afford to repay.

Still, Hudson says the mortgage default rate is only six percent. One third of people own their homes, and 94 percent of the others pay on time.

Lenders will have to reconsider their lending practices to prevent further problems.

"They're going to have to tighten down, and they're going to have to look at the criteria that they use for loans, and they're going to have to not give loans as freely as they did before and make sure that people will have a better than average chance of repaying that loan."

We talked to people around the community today, and got very different responses. Most people couldn't agree on what caused the economic crisis, but many do say they're taking extra measures to safeguard themselves and their savings.

"I don't really think that there's a crisis going on with the economy."

"I certainly do think there is one."

"I think it's the choices that people make as far as the economic crisis goes."

Although Chase Bank representatives chose not to speak on camera, they tell us their bank is stable and say Washington Mutual customers will be taken care of as well. Authorities say Chase will take over WAMU branches.

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Posted by: OOTO Location: Texoma on Oct 1, 2008 at 01:53 PM
Babs: Did you see M. Moore's take on this? If not, go read http://www.michaelmoore.com/words/message/index.php?id=235. I think you will agree.

Posted by: Babs Location: USA on Sep 29, 2008 at 12:55 PM
Well, Well. The FAT CAT CEO's win again! I say let them make the first payment on this bailout and RETURN MILLIONS and MILLIONS of dollars so the little folk can feed their children. That FAT CAT that made $20M in 17 days...start with him.

Posted by: Anonymous Location: Grayson on Sep 29, 2008 at 10:09 AM
This buyout package is a bad idea. If it is passed it will be tantamount to rewarding bad behavior by the large investment and commercial banks. Without some kind of intervention thought, consumers are going to suffer further. The package needs to be reworked further as it is not suitable for taxpayers, although financial institutions and wallstreeters must love it.

Posted by: Ron on Sep 28, 2008 at 12:27 PM
I dont see how mortgages caused this. It would take 7 million bad mortgages if the loss was $100,000 per mortgage. It just doesnt make sense

Posted by: OOTO Location: Texoma on Sep 27, 2008 at 09:53 PM
Frank, not arguing with you on the offshore accounts, though not necessarily agreeing either. However, to your comment regarding diversification and overseas markets, have you been watching the Asian and European markets lately? They have been performing equally as horribly as the US markets. Last, year, foreign markets helped, immensely, my portfolio to show a steady gain. This year, they have been killing me right along with domestic stocks.

Posted by: Sweetness Location: Ardmore on Sep 27, 2008 at 04:46 PM
Spend it, it if you have it there ain't promise of tomorrow. Why plan for something that may or may not happen.

Posted by: Anonymous Location: Whitesboro on Sep 27, 2008 at 08:43 AM
Please remember at election time to vote ! The congress who is supposedly coming to our rescue is the same people who got all the good deals for themselves from these banks !! CHECK OUT HOW MUCH THESE BANKS GAVE TO THEIR CAMPAIGN FUNDS !!! Our best INTEREST ? Since when have they done that ?

Posted by: Frank Miller Location: US on Sep 26, 2008 at 10:44 PM
This is unfortunate, but it should serve as a wake up call to all American investors. If you want to protect your money, you need to diversify and invest at least some of it overseas. These are hard times for American investing firms. I personally use offshore bank accounts and they have helped me with diversification and asset protection. If you want to read more on why offshore investing is smarter, feel free to visit my website. Best, Frank Miller http://www.theoffshorebankaccount.com

Posted by: randy Location: oklahoma on Sep 26, 2008 at 10:02 PM
i agree with anonymous and didnt you hear... our economy is so bad mexico is demanding a fence to keep the u.s. citizens OUT!!! haha

Posted by: Anonymous on Sep 26, 2008 at 07:03 PM
the plan will help the rich even more look at the CEO's look what they make then the government helps them and blames us for making bad choice . my pay has stayed the same but gas, food and utilities continues to rise yeah lets help those ceo that make more money than I will ever see plus lets do one better let him get a 23 million dollar bonus first

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In The Community
Help spread holiday cheer to Texoma's seniors

Last Updated: 3:39 PM 12/01/08 - Home Instead Senior Care has partnered with The Area Agency on Aging, The Sherman Dialysis Center and local Home Health companies to collect names of Seniors in need this holiday season. These are Seniors who might not get a Christmas otherwise. (Full Story)
Toys for Tots campaign begins in Texoma

Last Updated: 5:31 PM 12/02/08 - It's that time of year again. See how your donation of a new, unwrapped toy can bring smiles to the faces of Texoma's children this holiday season. Click on Full Story for details. (Full Story)
Senior Beware

Last Updated: 2:30 PM 11/24/08 - Lindsey Pledger Bolin, the Ombudsman for the Area Agency on Aging of Texoma, works with the nursing homes and assisted living facilities in Grayson, Fannin, and Cooke County. She takes an active role as an advocate for the seniors’ rights and quality care and resolves residents’ complaints in their facilities. She spoke with Nicole Holt on First News at Noon. (Full Story)
Local church collecting gift-filled shoe boxes for kids for the holidays

Last Updated: 11:48 AM 11/18/08 - SHERMAN, TX ― The holidays are right around the corner and local churches are asking for donations so that children will receive gifts this holiday season. Hagerman Baptist Church is accepting donations of gift-filled shoe boxes. (Full Story)
The Buzz: What's Happening In Texoma
Our community happenings page is updated every day. Click on 'Full Story' for more. (Full Story)
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