Tag Archives: Business

President Obama’s Saturday YouTube Address 02/20/10

white house gov logoWhiteHouse.govPremiums, Profits, and the Need for Health Reform ~ The President points to outrageous premium hikes from health insurance companies, especially those already making massive profits, as further proof of the need for reform. Looking ahead to the coming bipartisan meeting on reform, the President urges members of Congress to come to the table in good faith to address the issue.

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President Obama’s Saturday YouTube Address 02/13/10

white house gov logoWhiteHouse.gov—The President, having just signed the “Pay As You Go” law, discusses the importance of this fundamental rule to getting budget deficits in check. Ensuring that new spending and tax cuts are offset was a important factor in creating the budget surplus of the late 1990’s.
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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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Fed posts record profit of $46.1B for last year

WASHINGTON — The Federal Reserve made a record profit of $46.1 billion last year, reflecting money made off its extraordinary efforts to rescue the country from the worst economic and financial crisis since the 1930s, the central bank announced Tuesday.

The windfall gets turned over to the Treasury Department.

It marks the biggest profit on record dating back to 1914 when the Fed was created. The previous record profit – of $34.6 billion – was registered in 2007. In 2008, the Fed reported a profit of $31.7 billion.

The Fed says the bigger profit was primarily due to increased income from the securities it held last year.

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The Pit Bull in the China Shop by Frank Rich

Op-ed by Frank Rich

Frank Rich

Frank Rich/The New York Times

New York Times/Frank Rich—At last the American right and left have one issue they unequivocally agree on: You don’t actually have to read Sarah Palin’s book to have an opinion about it. Last Sunday Liz Cheney praisedGoing Rogue” as “well-written” on Fox News even though, by her own account, she had sampled only “parts” of it. On Tuesday, Ana Marie Cox, a correspondent for Air America, belittled the book in The Washington Post while confessing that she couldn’t claim to have “completely” read it.

Going Rogue” will hardly be the first best seller embraced by millions for talismanic rather than literary ends. And I am not recommending that others follow my example and slog through its 400-plus pages, especially since its supposed revelations have been picked through 24/7 for a week. But sometimes I wonder if anyone has read all of what Palin would call the “dang” thing. Some of the book’s most illuminating tics have been mentioned barely — if at all — by either its fans or foes. Palin is far and away the most important brand in American politics after Barack Obama, and attention must be paid. Those who wishfully think her 15 minutes are up are deluding themselves.

The book’s biggest surprise is Palin’s wide-eyed infatuation with show-business celebrities. You get nearly as much face time with Tina Fey and the cast of “Saturday Night Live” in “Going Rogue” as you do with John McCain. We learn how happy Palin was to receive calls from Bono and Warren Beatty “to share ideas and insights.” We wade through star-struck lists of campaign cameos by Robert Duvall, Jon Voight (who “blew us away”), Naomi Judd, Gary Sinise and Kelsey Grammer, among many others. Then there are the acknowledgments at the book’s end, where Palin reveals that her intimacy with media stars is such that she can air-kiss them on a first-name basis, from Greta to Laura to Rush.

Equally revealing is the one boldfaced name conspicuously left unmentioned in the book: Levi Johnston, the father of Palin’s grandchild. Though Palin and McCain milked him for photo ops at the Republican convention, he is persona non grata now that he’s taking off his campaign wardrobe. Is Johnston’s fledgling porn career the problem, or is it his public threats to strip bare Palin family secrets as well? “She knows what I got on her” is how he put it. In Palin’s interview with Oprah last week, it was questioning about Johnston, not Katie Couric, that made her nervous.

The book’s most frequently dropped names, predictably enough, are the Lord and Ronald Reagan (though not necessarily in that order). Easily the most startling passage in “Going Rogue,” running more than two pages, collates extended excerpts from a prayerful letter Palin wrote to mark the birth of Trig, her child with Down syndrome. This missive’s understandable goal was to reassert Palin’s faith and trust in God. But Palin did not write her letter to God; she wrote the letter from God, assuming His role and voice herself and signing it “Trig’s Creator, Your Heavenly Father.” If I may say so — Oy!

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President Obama to Sign Worker, Homeownership and Business Assistance Act of 2009

Posted by Buellboy

U.S. Readies Jobless Aid and Help on Homes

obamasignsbillNew York Times/Jackie Calmes & David Stout—In separate actions to address Americans’ continuing economic hardship, the government moved Thursday to assist long-unemployed workers and struggling businesses, as well as home buyers and homeowners facing foreclosure.

Fannie Mae, the federally controlled mortgage company, announced a Deed for Lease program in which those in danger of eviction may be able to stay as tenants in their houses for at least a year.

UNEMPLOYMENT-largeAt the same time, Congress gave final approval to a stimulus measure that will extend unemployment benefits for the longtime jobless, aid that will bring total assistance for many to nearly two years. Other provisions of the bill will expand two popular tax breaks — one for home buyers, the other for businesses operating at a loss.

President Obama will sign the measure into law on Friday morning, aides said. That will allow him to deliver a bit of good news just as the government releases the monthly unemployment report, which is expected to confirm that the jobless rate remained around 10 percent in October.

ForeclosureTo that end, Democratic Congressional leaders expedited action on the legislation in recent days after six weeks of partisan wrangling in the Senate. The House, which passed a bill in September, voted Thursday by 403 to 12 to accept the version that the Senate finally approved unanimously on Wednesday. That sent the bill to the president.

The measure provides up to 14 weeks of additional assistance to unemployed people who have exhausted their state and federal benefits, but up to 20 additional weeks to those in about 26 states with unemployment rates exceeding 8.5 percent. In the past two months, more than 600,000 out-of-work people have exhausted their benefits, according to the National Employment Law Project, a liberal advocacy group. The legislation will not restore aid retroactively.

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Former Obama, McCain Aides, Plouffe and Schmidt Join at University of Delaware

Posted by HershelWellingtonIV

David Plouffe and Steve Schmidt

David Plouffe and Steve Schmidt

US News and World Report/Paul Bedard—In an unusual alliance fostered by their alma mater, the top aides to 2008 presidential candidates John McCain and Barack Obama are joining forces to build a new political center at the University of Delaware. Obama campaign manager David Plouffe and McCain campaign manager Steve Schmidt are working to develop the university’s first Center for Political Communication, a coup for the Blue Hens, who also count Vice President Joe Biden among their alumni.

Their teaming comes as Schmidt and Plouffe are trying to finish their degrees: Both attended UD, but neither graduated. Schmidt says he is finishing up three hours at the university, and Plouffe is working toward a full degree, too. Plouffe has deep Delaware roots, having grown up in Wilmington. More recently, he bought a Ford hybrid from his brother at a dealership in Wilmington.

GradYD_lgThe two have been instrumental in the development of the Center for Political Communication, which will combine several academic disciplines—political science, communication, visual communication, marketing, sociology, business, and perhaps others. Plouffe and Schmidt are helping to develop courses and areas of instruction at the campus in Newark, Del. “We’ve adopted the moniker of ‘epicenter of politics’ as a kind of banner under which to develop the initiative and conduct the programs,” says Ralph J. Begleiter, the university’s Rosenberg Professor of Communication. “Among other things,” he tells our Suzi Parker, “we’re working on new courses—and combinations of courses—around significant developments in digital communication technologies used in the 2008 political campaigns. And we’re especially proud to be doing all this in a completely and appropriately nonpartisan manner, evidenced by the strong support and input of Schmidt and Plouffe.”

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