Missing effects, settings

Hey all

I'm running the latest GarageBand with all the updates. But recently I've discovered a weird problem - all intruments settings and effects are gone. When I open up GarageBand and choose which project to start with, I have nothing to choose from either - i always need to kick of a blank project.

Really weird. Can anyone help? I do use it for my podcasts and need to adjust sounds but now I can't do that anymore....

I have repaired disk persmissions..nothing...

Hope you can help me...