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Thread: The sky has finally fallen...
06-13-2010, 03:29 PM #341
where are the green shoots and the jobs from the stimulus?
Obama Urges Congress to Pass `Emergency' Jobs Measure to Maintain Recovery
By Roger Runningen - Jun 13, 2010
Barack Obama is urging Congress to pass a jobs bill to avoid layoffs of teachers, firefighters and police and maintain the U.S. economic recovery.
“We cannot afford to slide backward,” Obama said in a letter to Congress yesterday. “We must take these emergency measures.”
Obama is supporting a measure pending in the Senate that also would increase taxes on buyout fund managers and take other steps to shore up the economy. He is requesting $23 billion for teachers and other public-service workers and $25 billion for additional federal Medicaid funding for the states, said Ken Baer, a spokesman for the Office of Management and budget.
The president cited strains on state budgets brought on by unemployment, foreclosures and declining revenue. About 84,000 jobs have been lost at state and local levels so far as governments try to balance budgets.
“If additional action is not taken, hundreds of thousands of additional jobs could be lost,” he said in the letter.
Such conditions leave a “mounting employment crisis at the state and local level that could set back the pace of our economic recovery,” Obama said.
The Senate package under consideration calls for trimming a House-passed tax increase on investment fund managers, quintupling a levy on oil companies and sending an additional $24 billion to state governments to help fill holes in their budgets.
Other provisions would extend unemployment benefits, restore a series of tax cuts, extend municipal bond subsidies and increase Medicare payments to doctors.
Senate Republican Leader Mitch McConnell of Kentucky, one of the recipients of Obama’s letter, issued a statement last night saying the president is failing to address the need to bring federal spending under control.
“We have a debt crisis, a jobs crisis, a housing crisis, a financial crisis, and an oil spill that the American people clearly don’t believe government is effectively responding to,” McConnell said. “So you can understand the American people’s skepticism when they’re told that simply adding more government is the solution to government’s previous failures.”
House Majority Leader Steny Hoyer, a Maryland Democrat, said there is “spending fatigue” in Congress, though he also said money is available from the $862 billion stimulus program passed by Congress last year.
“You cannot not continue to stimulate an economy that is still struggling to get out of the deep ditch that we found it in about 18 months ago,” Hoyer said today on ABC’s “This Week” program. “Nobody wants to see 300,000 teachers or fire or police laid off.”
Representative John Boehner of Ohio, the Republican leader in the House, said the money shouldn’t be approved without cuts elsewhere in the budget.
“The spending spree in Washington is continuing to run unabated,” Boehner said on ABC. “To move this without finding other offsets in spending, I think, is irresponsible. It’s just putting more debt on the backs of our kids and our grandkids.”
Last edited by cooler; 06-13-2010 at 03:33 PM.
06-14-2010, 09:23 AM #342
Here is a quick look at next year's Macro Econ prediction.
1) EU countries reduce spending. That means decrease in over all GDP from Euro zone. This in term cause less purchase from EU and also continue EURO's depreciation. 1.10 Euro to $1 USD will happen by 2011. 1.00 Euro to $1 USD will trigger panic.
2) China labor unrest. This will cause high inflation and high unemployment in China. Guess what, instability in labor market will cause unrest. What kind is remain to be seen. Also, housing market is heading to a crash if not 2011, 2012 because many factory is relocating to other part of china where labor is cheap or out of china. Anyway, labor cost will increase and china will lost edge on low labor cost in next few years.
3) US front will be political minor shift. DamACrap will loss house by a very slim margin and nothing will be done for 2 years. Inflation is coming because no more cheap good from china, just cheaper goods. People will spend less and store and retailers and stores can not buffer the rising cost and decrease demand. This translate into even higher unemployment rate.
4) Who know what the nut job Kim of N. Korea will do.
5) Don't even want to think about Iran and Israel.
6) South Africa is a mess now and no one wants to deal with it.
7) Down Under. Anyone?
8) So we found treasure mountain in Afghanistan, will BO withdraw US force from there? Yeah, change we can believe in...
06-16-2010, 01:54 PM #343
06-16-2010, 02:11 PM #344
..this still boggles my mind:
OBAMA: "From the very beginning of this crisis, the federal government has been in charge of the largest environmental cleanup effort in our nation's history."
THE FACTS: Early on, the government established a command center and put Coast Guard Adm. Thad Allen in charge of coordinating the overall spill response. But officials also repeatedly have emphasized that BP was "responsible" and they have relied heavily on BP in making decisions from hiring cleanup workers to what oil dispersing chemicals to use. Local officials in the Gulf region have complained that often they don't know who's in charge — the government or BP.
I still don't get it. If Jindal wants to take care & protect of his state, why does he need to wait for an OK from the federal authorities??..I mean if there's an earthquake in CA, i'm sure the state would be first to handle it..
06-16-2010, 02:52 PM #345
Last edited by cooler; 06-16-2010 at 02:56 PM.
06-17-2010, 12:28 AM #346
You don't have to be a military startegist to know that the presence of American troops and bases in Central Asia, including Afghanistan, S. Korea, Japan, Middle East are proving to be magnets for global terrorism. But the US believes that the best way to keep out terrorism is to extend their military reach to surround those sensitive spots. Facts do not support this strategy.
Talks about leaving Iraq and Afghanistan, are more a play of words. They will never leave these countries completely because doing that will come back to haunt them. What the US will do is to cut its financial burden by getting locals who are beholden to them to run their countries but with the US the real effective power in military and foreign affairs (puppets). Will an independent Iraq sign a military pact with Iran? Or more correctly, will the US allow an independent Iraq to do that?
Central Asia is a very dangerous place for any American adventurism. Before it was Britain, China, and Russia posturing in Central Asia. Now Britain is out (do you know that Britain once occupied Tibet) and the US wants to get in. This is an adventure that will end up even more disastrous for the US than Afghanistan.
06-19-2010, 11:49 PM #347
Obama is now a hero in the US. Getting BP to agree to an escrow account worth US$20 billion is a big political plus. But is this a form of blackmail? Or maybe some sort of payback? Some speculate that is is a tit-for-tat against the UK's veto of saving Lehman Brothers that lead to its demise. Lehman Brothers' collapse triggered the global financial collapse that could have been avoided if British bank Barclays had gone ahead to take over Lehman Brothers based on arrangements worked out by the Fed. Although Barclays was willing British financial regulators killed the deal.
Now British pensioners might be impoverished and BP may end up in Chinese hands.
06-20-2010, 12:36 AM #348
getting $20 billion is now a hero??...are you freakin' kiddin' me??..that's chump change for BP..
how about the leak which is still not fixed!
Gulf Coast residents brace for more oil
Last edited by ctjcad; 06-20-2010 at 12:46 AM.
06-21-2010, 06:40 PM #349
Obama should have put the BP boss into jail until the leak is fixed. Else there is no urgency. He's enjoying life while people and environment suffers. Just like wall street, bosses should be jailed for wrong doing. What say you?
06-21-2010, 10:10 PM #350
Another program failing??..
Borrowers exit troubled Obama mortgage program
Borrowers face foreclosure after Obama loan assistance program fails to provide help
Alan Zibel, AP Real Estate Writer, On Monday June 21, 2010, 8:09 pm EDT
WASHINGTON (AP) -- The Obama administration's flagship effort to help people in danger of losing their homes is falling flat.
More than a third of the 1.24 million borrowers who have enrolled in the $75 billion mortgage modification program have dropped out. That exceeds the number of people who have managed to have their loan payments reduced to help them keep their homes.
06-21-2010, 11:19 PM #351
Extradition treaties or agreements are useless if one of the parties does not cooperate.
06-22-2010, 06:31 AM #352
Oh I see. Money makes the world spins...
06-22-2010, 08:45 AM #353
Just look at BP's trouble and how the US is milking every cent they can get out of BP. Contrast this with Bhopal in India. The tragedy in Bhopal was far worse than BP's but what did India get in way of compensation. Now if Bhopal was a town in the US and Union Carbide was an Indian company, then God save India!
06-23-2010, 09:55 AM #354
06-23-2010, 11:04 AM #355
usa wins and the world recovers.... happy ending after all.... so obama is also letting england win.... I got my 20 bucks at least..lol.
06-23-2010, 12:33 PM #356
Yeah, just wait till US win the World Cup. That for sure will end the world.
06-24-2010, 03:04 AM #357
And it keeps falling and falling..
Poll: Obama's ratings fall amid Gulf oil spill
Wed Jun 23, 9:33 pm ET
WASHINGTON (Reuters) – President Barack Obama's job performance rating has dropped to the lowest level of his presidency as Americans grow less confident in his leadership, according to an opinion poll published on Wednesday.
Obama's rating stood at 45 percent in the Wall Street Journal/NBC News poll, down 5 points from early last month. For the first time in the survey, more people -- 48 percent -- say they disapprove of Obama's job performance.
A majority of respondents, 62 percent, said the country was on the wrong track.