Tag Archives: bloomberg

President Clueless? Not so fast…

Posted by: Betsm

Reports claim Obama kisses up to the bankers in an interview. Critics on the left erupt! Here’s why they shouldn’t

President Barack ObamaPretty clever, those Bloomberg folks! First they buy BusinessWeek. Then BusinessWeek gets an interview with President Obama. Then, one day before the interview is to run, Bloomberg scoops its sister publication by excerpting a couple of choice nuggets suggesting Obama is cuddling up to the banks.

President Barack Obama said he doesn’t “begrudge” the $17 million bonus awarded to JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon or the $9 million issued to Goldman Sachs Group Inc. CEO Lloyd Blankfein, noting that some athletes take home more pay…

“I know both those guys; they are very savvy businessmen,” Obama said in the interview yesterday in the Oval Office with Bloomberg BusinessWeek, which will appear on newsstands Friday. “I, like most of the American people, don’t begrudge people success or wealth. That is part of the free-market system.”

Unsurprisingly, two of Obama’s harshest critics on banking policy — from the left — immediately went ballistic. Simon Johnson called it “a major public relations disaster” and Paul Krugman, in a post titled “Clueless,” said “you would think that Obama would understand the importance of acknowledging public anger over what’s happening” and declared that “we are doomed.”

Hmm. Maybe we should read the entire interview before rending our hair and screaming doom and disaster? If there’s one thing we know about the president, it’s that he is pretty good with nuance and capable of making complex, multifaceted arguments. His performance during his meeting with the House GOP two weeks ago should provide all the evidence we need for that.

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Read the entire article by Andrew Leonard @ Salon

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Filed under Bad Journalism, Banking, Barack Obama, Blogging, Capitalism, Democrats, Economy, Free Market, Media and Entertainment, Money, News, Opinions, Partisan Politics, Politics, Pres. Barack Obama, Presidents, Republicans, Uncategorized

Federal Stimulus Program is Not Working… Except That It Is

Posted by LibbyShaw

VP Joseph Biden greets construction workers after delivering a speech in Kalamazoo, Michigan

The Republicans and their water carrying blustering blowhards in the conventional wisdom alternative universe bubble have been frantically working 24/7 to fabricate the perception that the federal stimulus program is not working.

Those Americans who reside outside the Republican and conventional “wisdom” bubble, i.e. Joe, Jose, Jane, Yolanda, Chen, Hui, Omar and Laqueesha (to name a handful) have a far different view of the federal stimulus program.

It seems that Republicans and the Party’s blowhards ignored the recently released Congressional Budget Office report. Or perhaps the Republicans and its tools did not like what they read. Yikes, this stimulus can’t work or we are dead. Change the message! If the government works we lose! No matter what, kill off any good news about the stimulus program! Who cares what happens to the average Jane and Joe Americans? WTF are they?! This is all about us and our ability to stockpile as much money for ourselves as we can! Heaven help us! Change the bleeping bleepity bleep message! Jeeze oh Pete – gin up a freaking war if need be!

The nonpartisan Congressional Budget Office said the $787 billion stimulus package approved in February lowered the nation’s unemployment rate by between 0.3 and 0.9 percentage points while boosting the economy by between 1.2 percent and 3.2 percent. The analysis also found that three-quarters of the money provided in the stimulus had yet to be funneled into the economy by the end of September.

The report is a boost for the administration, which faced renewed questions last month over how many jobs the stimulus has produced after the Government Accountability Office said it found “significant” problems with the White House’s tally. The administration has estimated the stimulus created or saved 640,329 jobs through October.

The report released yesterday “leaves no doubt that the economy would be in much worse shape if the recovery act had not been implemented,” said House Education and Labor Committee Chairman George Miller, a California Democrat. “As the Obama administration and Congress continue to explore additional strategies to create jobs and build a foundation for long-term economic growth, it is critical to acknowledge the progress that has already been made.”

But Republicans, especially Texas Republicans and their propagandists at FOX seem to have a problem with facts that the party and its spin meisters do not manufacture.

Sigh. Oh, how we tragically know all about the GOP and its fiscal irresponsibility with its tax cuts for the 1 or 2% of the wealthy, the deregulation of the financial and energy sectors, while waging war on two fronts. Tell us about a war of choice vs. one of necessity. Tell us why we took our eye off of Afghanistan to go looking for Al-Qaeda and WMD’s that did not exist in Iraq? Thanks, too, Louie and Sean, for leaving both wars on the back of a new Administration. And please do accept our deep and heartfelt thanks for your leaving both wars on the backs of the American people, our children, grandchildren and generations of our great grandchildren to come.

Reality check on the federal stimulus program.

Where Texas is concerned we have been awarded $10,680,470,000 in stimulus funding. So far we have received $1,826,240,000.

Jobs created so far: 19,572.

Check out the facts of the American Recovery and Reinvestment Act.

The so-called conventional wisdom sounds like a bunch of conventional self-serving lying and hysterical stupidity to me.

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President Obama’s Saturday Youtube Address 10/17/09

white house gov logo
WhiteHouse.gov—In his weekly address, President Barack Obama praised the progress that has been made on health insurance reform, and spoke out against those who defend the status quo in order to score political points and protect their profits. With reform the closest it has ever been to becoming law, the insurance companies are rolling out deceptive ads, paying for misleading studies, and flooding Capitol Hill with lobbyists. Now, Washington needs to serve the American people, not the special interests.

Remarks of President Barack Obama
Weekly Address
The White House
October 17, 2009

Over the better part of the past year, a great debate has taken place in Washington and across America, about how to reform our health care system to provide security for people with insurance, coverage for those without insurance, and lower costs for everyone. From the halls of Congress to the homes of ordinary Americans, this debate has helped us to forge consensus and find common ground. That’s a good thing. That’s what America is all about.

Now, as the debate draws to a close, we can point to a broad and growing coalition of doctors and nurses, workers and businesses, hospitals and even drug companies – folks who represent different parties and perspectives, including leading Democrats and many leading Republicans – who recognize the urgency of action. Just this week, the Senate Finance Committee approved a reform proposal that has both Democratic and Republican support. For the first time ever, all five committees in Congress responsible for health reform have passed a version of legislation. As I speak to you today, we are closer to reforming the health care system than we have ever been in history.

But this is not the time to pat ourselves on the back. This is not the time to grow complacent. There are still significant details and disagreements to be worked out in the coming weeks. And there are still those who would try to kill reform at any cost. The history is clear: for decades rising health care costs have unleashed havoc on families, businesses, and the economy. And for decades, whenever we have tried to reform the system, the insurance companies have done everything in their considerable power to stop us.

We know that this inaction has carried a terrible toll. In the past decade, premiums have doubled. Over the past few years, total out of pocket costs for people with insurance rose by a third. And we know that if we do not reform the system, this will only be a preview of coming attractions. A new report for the Business Roundtable – a non-partisan group that represents the CEOs of major companies – found that without significant reform, health care costs for these employers and their employees will well more than double again over the next decade. The cost per person for health insurance will rise by almost $18,000. That’s a huge amount of money. That’s going to mean lower salaries and higher unemployment, lower profits and higher rolls of uninsured. It is no exaggeration to say, that unless we act, these costs will devastate the US economy.

This is the unsustainable path we’re on, and it’s the path the insurers want to keep us on. In fact, the insurance industry is rolling out the big guns and breaking open their massive war chest – to marshal their forces for one last fight to save the status quo. They’re filling the airwaves with deceptive and dishonest ads. They’re flooding Capitol Hill with lobbyists and campaign contributions. And they’re funding studies designed to mislead the American people.

Of course, like clockwork, we’ve seen folks on cable television who know better, waving these industry-funded studies in the air. We’ve seen industry insiders – and their apologists – citing these studies as proof of claims that just aren’t true. They’ll claim that premiums will go up under reform; but they know that the non-partisan Congressional Budget Office found that reforms will lower premiums in a new insurance exchange while offering consumer protections that will limit out-of-pocket costs and prevent discrimination based on pre-existing conditions. They’ll claim that you’ll have to pay more out of pocket; but they know that this is based on a study that willfully ignores whole sections of the bill, including tax credits and cost savings that will greatly benefit middle class families. Even the authors of one of these studies have now admitted publicly that the insurance companies actually asked them to do an incomplete job.

It’s smoke and mirrors. It’s bogus. And it’s all too familiar. Every time we get close to passing reform, the insurance companies produce these phony studies as a prescription and say, “Take one of these, and call us in a decade.” Well, not this time. The fact is, the insurance industry is making this last-ditch effort to stop reform even as costs continue to rise and our health care dollars continue to be poured into their profits, bonuses, and administrative costs that do nothing to make us healthy – that often actually go toward figuring out how to avoid covering people. And they’re earning these profits and bonuses while enjoying a privileged exception from our anti-trust laws, a matter that Congress is rightfully reviewing.

Now, I welcome a good debate. I welcome the chance to defend our proposals and to test our ideas in the fires of this democracy. But what I will not abide are those who would bend the truth – or break it – to score political points and stop our progress as a country. And what we all must oppose are the same old cynical Washington games that have been played for decades even as our problems have grown and our challenges have mounted.

Last November, the American people went to the polls in historic numbers and demanded change. They wanted a change in our policies; but they also sought a change in our politics: a politics that too often has fallen prey to the lobbyists and the special interests; that has fostered division and sustained the status quo. Passing health insurance reform is a great test of this proposition. Yes, it will make a profound and positive difference in the lives of the American people. But it also now represents something more: whether or not we as a nation are capable of tackling our toughest challenges, if we can serve the national interest despite the unrelenting efforts of the special interests; if we can still do big things in America.

I believe we can. I believe we will. And I urge every member of Congress to stand against the power plays and political ploys – and to stand up on behalf the American people who sent us to Washington to do their business.

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President Obama’s Saturday Youtube Address 10/10/09

white house gov logo
WhiteHouse.gov—In his weekly address, President Barack Obama praised past and current political leaders from across the spectrum who have come forward to support reform. Doctors, nurses, hospitals, and drug companies have already expressed their support. In the past several days Governor Schwarzenegger, Mayor Bloomberg, former Senate Major Leader Bob Dole, and former Health and Human Services Secretary Tommy Thompson, among others, have all come forward to say that the status quo is unsustainable and that now is the time to reform the system. They see that this is a not a Democratic or a Republican problem, but an American one in need of a solution.

Remarks of President Barack Obama
Weekly Address
The White House
October 10, 2009

The historic movement to bring real, meaningful health insurance reform to the American people gathered momentum this week as we approach the final days of this debate. Having worked on this issue for the better part of a year, the Senate Finance Committee is finishing deliberations on their version of a health insurance reform bill that will soon be merged with other reform bills produced by other Congressional committees.

After evaluating the Finance Committee’s bill, the Congressional Budget Office – an office that provides independent, nonpartisan analysis – concluded that the legislation would make coverage affordable for millions of Americans who don’t have it today. It will bring greater security to Americans who have coverage, with new insurance protections. And, by attacking waste and fraud within the system, it will slow the growth in health care costs, without adding a dime to our deficits.

This is another milestone on what has been a long, hard road toward health insurance reform. In recent months, we’ve heard every side of every argument from both sides of the aisle. And rightly so – health insurance reform is a complex and critical issue that deserves a vigorous national debate, and we’ve had one. The approach that is emerging includes the best ideas from Republicans and Democrats, and people across the political spectrum.

In fact, what’s remarkable is not that we’ve had a spirited debate about health insurance reform, but the unprecedented consensus that has come together behind it. This consensus encompasses everyone from doctors and nurses to hospitals and drug manufacturers.

And earlier this week, Governor Arnold Schwarzenegger of California and New York City Mayor Michael Bloomberg came out in support of reform, joining two former Republican Senate Majority Leaders: Bob Dole and Dr. Bill Frist, himself a cardiac surgeon. Dr. Louis Sullivan, Secretary of Health and Human Services under President George H.W. Bush, supports reform. As does Republican Tommy Thompson, a former Wisconsin governor and Secretary of Health and Human Services under President George W. Bush. These distinguished leaders understand that health insurance reform isn’t a Democratic issue or a Republican issue, but an American issue that demands a solution.

Still, there are some in Washington today who seem determined to play the same old partisan politics, working to score political points, even if it means burdening this country with an unsustainable status quo. A status quo of rising health care costs that are crushing our families, our businesses, and our government. A status quo of diminishing coverage that is denying millions of hardworking Americans the insurance they need. A status quo that gives big insurance companies the power to make arbitrary decisions about your health care. That is a status quo I reject. And that is a status quo the American people reject.

The distinguished former Congressional leaders who urged us to act on health insurance reform spoke of the historic moment at hand and reminded us that this moment will not soon come again. They called on members of both parties seize this opportunity to finally confront a problem that has plagued us for far too long.

That is what we are called to do at this moment. That is the spirit of national purpose that we must summon right now. Now is the time to rise above the politics of the moment. Now is the time to come together as Americans. Now is the time to meet our responsibilities to ourselves and to our children, and secure a better, healthier future for generations to come. That future is within our grasp. So, let’s go finish the job.

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Filed under Democrats, Economy, Jobs, Media and Entertainment, Politics, Pres. Barack Obama, Republicans, Weekly YouTube Address, Women's Issues

Gun Show Undercover: Illegal Sales At Gun Shows

Posted by Buellboy

October 7th Announcement of undercover investigation of illegal sales at gun shows

GunsGun Show Undercover—The City of New York launched an undercover investigation to expose how a dangerous loophole allows guns to get into the hands of criminals.

The vast majority of people who either visit or sell guns at gun shows are law-abiding citizens and dealers.

However, the Bureau of Alcohol, Tobacco, Firearms , and Explosives (ATF) reports that 30 percent of guns involved in federal illegal gun trafficking investigations are connected to gun shows.

This multi-state undercover investigation exposed how easy it is for criminals to buy guns at gun shows.

The City of New York investigated 7 gun shows in 3 states involving buys from 47 gun sellers using hidden cameras.

The investigation videos showed that 35 out of 47 sellers approached by undercover investigators at these gun shows sold guns illegally.

gunshowloopholeThe term “gun show loophole” is often used to describe the fact that federal law allows private sellers to sell firearms without background checks or record keeping.

While private sellers are exempted from running background checks no matter where they make the sale, this loophole is associated with gun shows because they are the largest and most central marketplace where these private sellers can easily connect with purchasers who wish to avoid detection.

More @ Gun Show Undercover

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Gun Show Undercover by NYC Mayor Michael Bloomberg

Gun Show Undercover (full report .pdf)

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Obama Announces Highest Expanded Manufacturing Numbers in 19 Months

President Barack Obama

President Barack Obama

Posted by Audiegrl
Bloomberg News reportsManufacturing in the U.S. probably expanded in August for the first time in 19 months, helping lead the economy out of the worst recession since the 1930s.

The Institute for Supply Management’s factory gauge increased to 50.5 from 48.9 in July, according to the median of 74 forecasts in a Bloomberg News survey. Fifty is the dividing line between expansion and contraction. Other reports may show housing is also rebounding.

The gains indicate Federal Reserve efforts to thaw credit markets together with the Obama administration’s “cash-for- clunkers” program and tax credits for first-time homebuyers are reviving demand. Factories and builders, which have accounted for half of all the jobs lost since the recession began in December 2007, may keep growing in coming months as sales rise.

Cont’d

I am sure most of our trusted TV outlets will not seriously feature the encouraging economic news. It’s much easier to go for the ‘shiny object‘ story of Dems fighting Dems on health care reform. So I thought that we should give the good economic news some attention on our little blog. We like to give President Obama credit, where credit is due. 😉

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