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

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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

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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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McCain laughs at Imus joke comparing the President to 9/11: “President Obama was the second attack on America”

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