Posted: 15 Oct 2009 07:44 AM PDT

CHICAGO - (Business Wire) Fitch Ratings has affirmed all classes of the Wachovia Auto Loan Owner Trust 2006-1 and 2006-2 transactions as part of its on going surveillance process.

The collateral continues to perform within Fitch's expectations. Currently, the securities can withstand stress scenarios consistent with the rating categories and still make full payments of interest and principal in accordance with the term of the documents.

The ratings reflect the servicing capabilities of Wachovia Bank N.A. (Wachovia), the high quality of retail auto receivables originated by WFS Financial Inc (WFS), and the sound legal and cash flow structures.

The securities are backed by a pool of new and used automobile and light-duty truck installment loans originated by WFS, a subsidiary of Wachovia.

Fitch has affirmed the following ratings:

Wachovia Auto Loan Owner Trust series 2006-1

--Class A-4 notes at 'AAA', Outlook Stable;

--Class B notes at 'AA', Outlook Stable;

--Class C notes at 'A', Outlook Stable;

--Class D notes at 'BBB', Outlook Stable.

Wachovia Auto Loan Owner Trust series 2006-2

--Class A-3 notes at 'AAA', Outlook Stable;

--Class A-4 notes at 'AAA', Outlook Stable;

--Class B notes at 'AA', Outlook Stable;

--Class C notes at 'A', Outlook Stable;

--Class D notes at 'BBB+', Outlook Stable;

--Class E notes at 'BB', Outlook Stable.

Applicable Criteria is available on Fitch's web site at www.fitchratings.com: 'Rating U.S. Auto-Loan Backed Securitizations: A Tune-Up,' dated May 30, 2007, and 'Global Structured Finance Rating Criteria', dated Sept. 30, 2009.

Additional information is available at www.fitchratings.com.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Fitch Ratings, New York
Hylton Heard, +1-212-908-0214
Joachim Over, +1-212-908-0830
Sandro Scenga, +1-212-908-0278 (Media Relations)
sandro.scenga@fitchratings.com

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Festival, cruise-in postponed - Altoona Mirror

Posted: 15 Oct 2009 07:08 AM PDT

The 12th Ward Civic Association announced its festival and cruise-in, originally scheduled this weekend, has been postponed.

The association will be holding their 3nd Annual Fall Festival/Cruise-In from noon to 5 p.m. Sunday, Oct. 25, at the 12th Ward Civic Center and grounds, located at 2900-3032 South 10th Avenue, Altoona (off 31st Street between Pine Avenue and the Mill Run Culverts).

All makes/models are welcome for the cruise-in and there is no registration fee. Trophies will be awarded to the People's Choice winners in 7 age categories of vehicles starting with "pre-1939". One entry blank will be given for each raffle sheet or food combo purchased inside the 12th Ward Civic Center. Trophies will be awarded at 4:30 p.m.

Inside the Civic Center will be a gift/basket raffle, a large item raffle to include Longaberger baskets, bake sale and food to include pulled pork sandwiches with sides and hot dogs with sauerkraut.

On the grounds, will be games of chance, crafts, a bounce house, face painting, petting zoo, kids games and activities, a monster truck and much more.

Featured again this year is the 2st Annual 12th Ward 500. This is an authentic Matchbox/Hot Wheels race to be held on over 120 feet of track. Registration for this event will be held between 12:00 p.m. and 1:00 p.m. only. The first race will be at 1:30 p.m. until the final elimination. Blair County Commissioner Donna Gority and Altoona City Councilman Bill Schirf will be the celebrity judges. This is an all age race - fastest in Altoona wins! Start digging out your fastest cars. If you can't bring your classic car, bring your Matchbox/Hot Wheels car to race! Entrance fee is $1.00 per car entered with a limit of 3. Trophies and prizes will be awarded for the final 4. The Civic Association would like to thank Swan's Trophies Plus for donating the trophies for the 12th Ward 500.

Entertainment will include DJ Swirvin' Irvin from noon to 3:00 p.m. and 4:00 p.m. to 5:00 p.m., Chuck-E-Cheese, Dennie Huber, balloon artist from 2:00 p.m. to 3:00 p.m. & the AAHS Jazz Ensemble from 3:00 p.m. to 4:00 p.m.

Also on the grounds, will be interactive displays and information by the following: Aid for Animals, Laws for Paws, Altoona Fire Department, AMED, Altoona Regional Health System, The ARC of Blair County, Big Brothers/Big Sisters, Blair County Wildlife Rehabilitation Center, Boy Scouts Troop 15, Operation Our Town, Pink for Link, and US Armed Forces Mothers.

Business sponsors for the event are: Altoona Curve Baseball, Altoona Mirror, Barbara Jean's Florist, Boardwalk Bar & Grill, Burgmeier's Hauling, Chuck-E-Cheese, Clippers & Shears, Curves, Connie Russo (Mary Kay Representative), DelGrosso's Foods, Inc., Denny's Restaurant, Evolution Alternative Physical Therapy & Wellness, Galactic Ice, Giant Eagle, The Hite Company, Holiday Bowl, Inc., Hooters of Altoona, Hoss's Steak and Sea House, Idlewild Park, Imler's Poultry, Interiors by Decorating Den, Jayme Cornelius (Avon Representative), Jethro's, Kim Moyer (Lia Sophia Advisor), Knickerbocker Tavern, Lakemont Park, Lia Sophia Advisor, King's Family Restaurant, Lee Food Service, Lindsay Garman (Pampered Chef Advisor), Luciano's Auto Body, Mama Randazzo's Pizzeria, Marzoni's, The Meadows Frozen Custard, Mike's Court, New Enterprise Stone & Lime Co., Inc., Oak Spring Winery, Olive Garden, Orkin, Outback Steakhouse, Pal-Minos Pizza, Penn State Altoona, Pepsi Bottling Group, Pittsburgh Pirates, Pleasant Valley Recreation Center, ProCare Health & Fitness, Ramada Altoona, Red Lobster, Reliable Towing, Royal Treatment Hair & Nail Spa, Say It With Sweets, Sheetz, Inc., Slinky Action Zone, Snap Fitness, Splish Splash Auto Bath, The Summit Tennis & Athletic Club, Swan's Trophies Plus, Tea Merchant 101, T.G.I. Friday's, Tim's American Caf, Tom and Joe's Restaurant, Vocelli Pizza.

For more information about the festival, please visit www.12thwardcivicassociation.com or call Jean Cornelius at 942-4642.

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GPS Causing Truckers to Crash Into Bridges - FOX News

Posted: 15 Oct 2009 06:47 AM PDT

ALBANY, N.Y. — New York state wants to crack down on truckers who rely on satellite devices to direct them onto faster but prohibited routes and end up crashing into overpasses that are too low for their rigs.

Gov. David Paterson on Wednesday proposed penalties including jail time and confiscation of trucks to come down on drivers who use GPS — global positioning systems — to take more hazardous routes and end up striking bridges.

"To our knowledge, no other state has similar legislation," said Clayton Boyce of the American Trucking Associations, an industry trade group based in Washington.

"Most trucking companies rely on GPS services that are specifically for trucks and route them away from restricted roads," he said. "Most of our members also use dispatching and fleet management systems that direct and track the vehicles by truck GPS services."

In New York, a truckers' group called the proposal unfair and unwarranted.

"We understand that bridge strikes have become an increasing problem for Westchester County and the New York metropolitan area," said Karin Kennett of the New York State Motor Truck Association. Requiring all trucks in the state that are using GPS to buy an enhanced device goes too far, she said.

"It places an unfair and unwarranted financial burden on every law-abiding trucking company doing business anywhere in New York at a time when our state claims to be trying to improve our business climate," Kennett said.

A safety group said trucks taking restricted routes is a scary fact of life on the nation's highways and parkways and something other states will need to consider as more drivers turn to GPS.

Gerald Donaldson, senior research director of Advocates for Highway and Auto Safety, said GPS adds to the list of electronics that also distract truckers, including radios, cell phones and a computer keyboard to communicate with companies and other drivers.

"GPS is the heart of it," Donaldson said. "Absolutely ... other states will be looking at Gov. Paterson's issue."

GPS can direct truckers, many of them carrying hazardous material, to restricted roads with overpass clearances too low for the rigs. Hauling on restricted or residential routes also pounds the life out of roads because the trucks are over weight limits and clog traffic.

"GPS for some truckers are crucial, and it also is part of a much larger array of electronic devices," he said. "You get paid by the mile, so it's your to your incentive to get as many miles and routes as you can in your tour of duty."

New York state alone has seen more than 1,400 bridge strikes in the past 15 years, including 46 so far this year in suburban Westchester County, testing many old bridges already in need of repair, said County Executive Andrew J. Spano. One bridge in his county was hit nine times this year.

"This sort of culture of just following the GPS and almost ignoring the road signs has created this public hazard," Paterson told reporters.

"Every week we hear of another truck striking a bridge on our parkways," said Spano, standing with Paterson at the bill's announcement.

"It's only a matter of time before someone is killed or a truck carrying chemicals or explosives hits a bridge," he said.

The bill would increase penalties for illegally using parkways and require all large commercial trucks to use GPS devices that route them away from restricted roads. It would also stick trucking companies or their insurance carriers with the bill for repairs and cleanup after bridge strikes.

The bill could hit the Legislature as early as January.

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Text Size - Chicago Tribune

Posted: 15 Oct 2009 05:49 AM PDT

Brasch Words - American Reporter

Posted: 15 Oct 2009 04:38 AM PDT

Brasch Words
THE MEDIA AUTO KNOW BETTER: FUELING THE FIRES OF ANTI-UNIONISM
by Walter Brasch
American Reporter Correspondent
Bloomsburg, Pa.

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BLOOMSBURG, Pa. -- Our local newspaper editor, as he does regularly, once again attacked unions as the problem in America. This is the same editor who once said "all the laziest goof-offs and goldbricks in the newsroom" where he began his career were union officials - and that the unionized New York Times editorial writers are nothing more than "limousine liberals."

For this most recent attack, two days after Thanksgiving, he combined the economy with what he believes are greedy unions.

"[L]abor unions and their leaders are ... distorting the truth about the American workplace," wrote the editor. First he set up Andy Stern, president of the Service Employees International Union, who said that "Tens of millions of Americans are working harder than ever just to stay afloat. The latest Census Bureau report shows that wages are dropping and more people lack health insurance ... a greater percentage of the economy is going to profits than to wages."

Then, he cut apart Stern's statement by gleefully citing data from the pro-business pro-management U.S. Chamber of Commerce. The Chamber said that wages, adjusted for inflation, for workers rose 30 percent from 1967 to 2007. Now, 30 percent seems good - unless you do the math. That's about three-quarters of one percent per year, far less than any executive compensation. The editor then added in about 30 percent for benefits. Of course, these benefits also include federally-mandated deductions, like social security, Medicare, and unemployment taxes.

As an afterthought, the editor claimed the "poverty rate dropped from 22.4 percent in 1959 to 12.5 percent in 2007," mysteriously trying to connect a reduced poverty level with reduced union influence. What he didn't point out was that 1959 was a recession year, and that between 2000 and 2007, according to the Census Bureau, the poverty rate actually increased from 11.3 percent to 12.5 percent. About 37.3 million Americans are living below the federal poverty level; about 40 percent of all Americans fell beneath the poverty line at least once in the past decade.

Sounding the alarm, the editor tied together Democrats and unions. "[T]he plight of the American worker will grow more dire in the new year, as Democrats push to pass their legislation. ... The danger is that their union-friendly legislation will hurt rather than help the American economy." To wrap everything up, the editor of a newspaper with the median circulation of all dailies in America concluded by asking his readers to "consider the current state of the once mighty American auto industry, and ask yourself: What role did the powerful United Auto Workers play in its downfall?"

It's the workers and those pesky liberal Democrats - who the editor blames for America's economic crises. Unfortunately, this editor isn't alone in his contempt for the workers.

Dozens of columnists and TV pundits spread the myth that the average auto worker at General Motors, Ford, and Chrysler earns $70 an hour - about $146,000 a year. That figure, supplied by executives at the Big Three, reflects every cost associated with labor, including "legacy costs," which are are costs of pensions and health benefits for retired workers. Thus, the automakers added up every conceivable cost and divided it by hours worked (pensioners, of course, don't work) to get the inflated numbers.

The reality is that the average UAW member earns about $28 an hour (about $58,000 a year), according to the impartial Center for Automotive Research. What the news media fail to report is that the UAW made significant concessions over the years, including wage cut-backs at Chrysler and a 2007 contract for all three auto makers that created a "second tier" wage level of $14.50-$16.23 per hour ($30,160-$33,763 per year, still below U.S. average wage of $40.405, according to the Census Bureau), reduced benefits, and a retirement plan now administered by the UAW not the Big Three.

Others who attack organized labor claim that UAW worker earn far more an hour than their counterparts at non-American non-unionized auto manufacturers in the U.S., and that's a reason why the Big Three are failing. However, the reality is that the average wage at the international automakers is estimated at $24-$25 an hour, less than a $3 differential an hour for UAW first tier workers, according to Jonathan Cohn in The New Republic. Even the most casual observer understands that it costs more to live in the Detroit area than the rural areas where foreign auto makers established their plants.

In contrast to the concessions given up by the workers, Big Three executives still earn multi-million dollar incomes. Alan Mulally at Ford earned $2 million last year, plus additional compensation totaling about $21.7 million, according to the Securities and Exchange Commission. Ford lost $2.72 billion last year. At GM, Rick Wagoner earned $15.7 million last year, according to the Wall Street Journal, while his company lost $38.7 billion. Chrysler's Robert Nardelli earned $1 in salary last year, but has significant compensation package that is not publicly disclosed. Chrysler lost about $2.9 billion last year.

But much of the media and the American public still blame workers and liberal Democrats who are favorable to the union movement for the economic crisis that led the Big Three to rev up their corporate jets and descend upon Congress to beg for a $25 billion taxpayer-funded bailout.

Are the workers and those liberal Democrats to blame for car sales being down 45 percent in October for GM, 35 percent for Chrysler, and 30 percent for Ford from a year ago?

Are they to blame for the auto industry going for the quick profit by pushing gas-guzzling minivans, SUVs, and trucks, while foreign automakers began looking at more energy-efficient cars?

Are they to blame that demand for autos has fallen off because Americans were unable to get financing in an economic crisis caused by greed of investment companies, banks, and almost every corporation that issues public stock?

Are they to blame for the auto industry executives opposing public transportation and alternative energy cars?

Are they to blame for auto executives being wrong about just about everything and for spending too much on everything from golf club memberships to private jets?

Are they to blame for the 100,000 factory layoffs in the past three years that also meant more work and no pay increases for every remaining factory worker?

Are they to blame for the auto industry outsourcing its work to countries where labor is paid pennies an hour - and then reaping huge profits by downsizing America's workforce?

Are the workers and liberals to blame for the auto industry cutting health care and retirement benefits in order to maximize profits?

Finally, are the workers and those liberal Democrats to blame because Big Three executives failed to understand that they needed to cut corporate costs when maximizing profits so they could reduce their losses during a recession - or for when their own bad business judgments would cause a catastrophic melt-down?

It may be in the best self-interest of non-unionized media to perpetuate the myth that the economic problems of America are because of the worker. However, such sloppy and inaccurate reporting isn't in the best interest of the people.

Dr. Brasch is the author of the recently-published Sinking the Ship of State: The Presidency of George W. Bush, available at amazon.com, bn.com, and numerous independent and chain stores. He is professor of journalism at Bloomsburg University. You may contact him through his websiteHREF> or by email at brasch@bloomu.edu.