Pasadena Chamber of Commerce

See, the numbers don’t lie. From October through April, the state experienced above-average rainfall – 105percent, according to Sacramento’s own Department of Water Resources. This past season was different than the three previous

seasons, when the state was experiencing lower-than-average rainfall: 76 percent, 72percent and 62percent for water years 2009, 2008 and 2007, respectively.

But we haven’t heard the governor, nor the Metropolitan Water District, nor its member agencies, say that the three-year drought is over, even though the numbers bear that out.

In fact, they’ve kept the pressure on in order to press for continued water conservation. We’re all for continued water conservation. We’re all for reducing the amount of water we waste running the tap or overwatering our lawns. But we think we can still save water even after a wet year.

Could all these agencies be keeping quiet about the abundance of rain, the healthy snowpack and the rising levels of water in the state’s reservoirs because they’re trying to sell the public the $11.1 billion water bond that’s before the voters in November? Having a drought makes that more saleable.

And another pertinent bit of information:

Environmentalists, farmers, cities reach temporary compromise over Calif. water pumping limits

Beacon Economics’ forecast for the U.S. economy continues to be optimistic – in the short run. We expect overall national growth to continue in the 2% to 3% range for the second half of 2010. One reason is that a large proportion of Federal stimulus dollars have yet to hit the economy. As they find their way to Main Street, 2010 could end up being a very strong year. But that’s the short run, and a solid 2010 does not necessarily mean the same for 2011 or 2012.

You can download the entire report here.

It seems they expect to see some recovery this year but the potential for more severe and long term downturn in the economy in the not so distant future is becoming more and more probable. Not necessarily good news, but something we should be prepared for.

According to the LA Times, The insurer everyone loves to hate is back again seeking rate hikes:

Anthem Blue Cross again seeks rate hikes for Californians

The firm plans to raise premiums as much as 20%, sharply less than the 39% maximum it had sought earlier this year but canceled after drawing outrage from consumers, lawmakers and President Obama.

By Duke Helfand, Los Angeles Times

S.E.C. Tightens Rules on Public Pension Funds

By EDWARD WYATT

Published: June 30, 2010

WASHINGTON — The Securities and Exchange Commission on Wednesday tightened restrictions against “pay-to-play” practices in the municipal securities market.The measure was another attempt to close loopholes that agency officials said have allowed political influence to corrupt aspects of the $2.6 trillion public pension business.

The five-member commission voted unanimously to bar investment managers who make political contributions to officials with influence over public pension funds from managing those funds for two years.

The commission also barred investment managers from paying a third party to solicit pension business on their behalf unless the third party is registered with the S.E.C. or other regulators and therefore subject to similar pay-to-play bans.

The Times’ Week in Review, catch all the news you missed and more:

Week in Review

June 30, 2010, 6:37 AM

Conservation and Eugenics

Wednesday | Today’s idea: America’s conservation movement drew on racist notions of eugenics developed at Ivy League universities and promoted under President Theodore Roosevelt, an article says. [Orion]

This Week’s Headlines

Wars Fought and Wars Googled

By SCOTT SHANE

There is Afghanistan, yes, but militants have become adept at exploiting the sentiment of global Muslim brotherhood on the limitless landscape of the Web.

It’s ‘America the Swift’ in Bank Reform

By GRAHAM BOWLEY

The process has been long and messy, but the United States has moved faster and further on financial regulation reform than the rest of the world.

Save a Whale, Save a Soul, Goes the Cry

By NATALIE ANGIER

Only an airtight whaling ban will rescue an animal that rivals humans for complexity, scientists say.

In Iraq, Divvying Up the Spoils of Political War

By ANTHONY SHADID

In trying to build a nation from disparate tribes, sects and ethnic groups, Iraqis struggle with quotas and grudges.

Roll-Up Computers and Their Kin

By NICK BILTON

Will e-readers eventually be implanted in our retinas? Maybe not, but you might be able to unfurl them on the subway.