Today we turn the Pulpit over to the esteemed “Barack Obama”

2/14/09: Your Weekly Address from White House on Vimeo.

The Presidents’ address is filled with good clear instruction. he doesn’t throw pie up in the sky and expect you to jump all will nilly up and grab it, San Souci. No Sir Ree Bob. He’s saying in no uncertain terms that America has to change, and it’s up to the American people to demand change.

it’s obvious that this haggling with the senate and congress has put him again with his best allies and workers – the American people.

This past week I watched a video at Politicus.US on the last new deal under Roosevelt; it’s amazing the way they twisted the facts upside down.

Can You Believe they said Inflation was GOOD for the Country and Economy ? WTF Politicus.us ?  is this one of  FDR’s Personal Vids..

Watch how the learned professor draws a chart of the decreasing purchasing power of the dollar, the rising cost of commodities and the consequent rise in the stock market index. Amazing that some people would actually believe this crud. At the same time, see how similar the scenario of 1933 is to our present debacle.

Rising debt, ever-rising cost of almost everything and of course, since we got off the gold standard in 1933 – no real value to the dollar. Now the government (read the Federal Reserve) can print as many nearly worthless dollars as they want and nobody is even going to question them about it.

Am I back in the fricken classroom at msu ? still trying to wrap my short attention span around macro economics.. Geez Louise..
Anyway this is apparently the way the Repiglicans had been playing it for the past 8 years. Yeah, this is what they were doing, running a skrate lottry with the people’s dem ducats. ASSES (with all capitals intended).

So Now How do we Take the Lipstick Off of This Mess ?

do we need to get the help of Vegas odds makers to bet on if or not we get any control of the robber banks who are attempting to bankrupt us ? apparently that deal is still in the works. we sure hope they hurry that change along – before any further disbursements occur.

just to think they wanted to put the UAW in a chokehold; and then handed the robberbanks billions on luxe platters; totally untethered. Now The Robberbanks are completely unfettered about the repayment scheme. it’s all a nightmare – how do you get billions back from the folks who flush that down the golden toilet daily ?

It’s ALLLLL A Scheme  Margie – Yes Edna,  A Scheme is right.

Nobody ever emerges from bankruptcy and pays the Fed Back for the Bailout - I Challenge anyone to Name One Company Who Did ..

Exactly as I said.

The legislators are a buncha cheapasshoes, who don’t do anything but get Higher on the Exchange.

We Applaud President Obama’s Tenacity, in getting this done – Finally.

Barack Obama has warned that it will take time to turn around the economy

US President Barack Obama has welcomed Congress’s approval of his $787bn (£548bn) economic stimulus package.

He described it as a “historic step” and “major milestone on our road to recovery”, and is expected to sign the bill into law early next week.

The Senate approved the measure with just three Republican votes, hours after the House of Representatives backed it without Republican support.

Mr Obama has said the plan will “save or create more than 3.5 million jobs”.

Republicans argue the tax cuts are insufficient, and that the economy will be saddled with debt for years to come.

Members of both houses of Congress reached a deal over the content of the stimulus package on Wednesday.

This historic step won’t be the end of what we do President Obama Battle exposes partisan rifts Send us your comments

The BBC’s Kevin Connolly in Washington says the first set-piece drama of the Obama era ended in a comfortable but not entirely unqualified victory for the president, who had hoped for more bipartisan support.

All 176 Republicans and seven Democrats voted against the revised package in the House. It was backed by 246 House Democrats.

The three rebel votes in the Senate were enough under Congress rules to stop the Republican Party using blocking tactics to delay the stimulus plan, and it passed 60-38.

‘Immediate investments’

In his weekly address, President Obama described his economy recovery package as “an ambitious plan at a time we badly need it”.

“This is a major milestone on our road to recovery, and I want to thank the members of Congress who came together in common purpose to make it happen,” he said.

“I will sign this legislation into law shortly, and we’ll begin making the immediate investments necessary to put people back to work doing the work America needs done.

“This historic step won’t be the end of what we do to turn our economy around, but the beginning.”

The approved version of the plan is split into 36% for tax cuts and 64% percent in spending and money for social programmes.

STIMULUS PACKAGE $240bn in tax breaks for individuals and businesses $140bn for health care $100bn for education $48bn for transportation projects Source: Associated Press

Running to more than 1,000 pages, it includes new road building, cash to pay police in hard-up cities, and tax breaks for consumers buying houses and cars.

The package also imposes new limits on cash bonuses and other incentive compensation for executives on Wall Street, which are much tougher than those proposed by the Obama administration last week.

The provision, inserted by Senate Democrats, targets senior executives at financial institutions receiving government bail-out funds.

The colossal package is all to be funded with borrowed money.

Republicans had insisted on larger tax cuts instead of big spending programmes.

Republican Senate minority leader Mitch McConnell said: “This isn’t Monopoly money. It’s real. It adds up, and it has to be paid back, by our children and by their children.”

The Democratic leader of the Senate, Harry Reid, praised the three Republicans who had voted for the bill and said it was the most important piece of legislation he had worked on.

“The country is in trouble and we’re so fortunate we were able to get it passed,” he said.

“It’s going to give this country a shot in the arm.”

Earlier, Mr Obama had said that in the longer term the government needed to rein in spending, and that “we are going to have to once again live within our means”.

The president told members of the Business Council in Washington that the package was “only the beginning of what I think all of you understand is going to be a long and difficult process of turning our economy around.”

Presidential pressure

“We have a once-in-a-generation chance to act boldly, and turn adversity into opportunity, and to use this crisis as a chance to transform our economy for the twenty-first century,” Mr Obama said.

Among the measures in the approved package is a “Buy American” clause that had caused alarm among US trading partners.

The EU and Canada said that provisions favouring American-produced materials for government projects risked provoking retaliatory protectionist measures.

In the face of this reaction, the clause was softened to a version requiring the government not to violate trade agreements.

Last week, the House had approved an earlier $825bn version of the package without any Republican support.

The Senate voted to approve a different $838bn version on Tuesday, with few Republicans opting to back it.

The two versions had to be reconciled in a joint House-Senate committee before facing final votes in the two chambers.

These next two BBC stories only serve to show their international plans being revealed – because they are in cahoots, globally.

Leading industrial countries have pledged to avoid protectionism as they battle the global economic crisis.

Finance ministers at a G7 meeting in Italy said raising barriers to free trade would make the downturn worse.

Hours earlier, the US Congress approved an $787bn economic recovery plan that includes a ‘Buy American’ clause.

G7 ministers said stabilising the world economy and financial markets was their priority. They said they would work together to support growth and jobs.

The ‘Buy American’ clause has raised fears that protectionism could be growing in the world’s largest economy.

The world-wide downturn means many Chinese workers are also seeking jobs

But in a statement after the meeting, new US Treasury Secretary Timothy Geithner dismissed such concerns.

“All countries need to sustain a commitment to open trade and investment policies which are essential to economic growth and prosperity,” he said.

Ministers also called for urgent reform to the International Monetary Fund, saying the crisis had shown weaknesses in the world financial system.

“We agree that a reformed IMF, endowed with additional resources, is crucial to respond effectively and and flexibly to the current crisis,” the ministers’ statement said.

Other points included:

• Praise for recent economic moves by China;
• Help for banks; and
• The need for a speedy end to the Doha talks on world trade

The G7 comprises the US, the UK, Japan, Germany, France, Italy and Canada.

The BBC’s correspondent at the meeting says it was billed as a meeting to discuss the broad issues of the economic crisis, not to decide major policy initiatives – and that’s what it was.

Britain’s Chancellor of Exchequer (Finance Minister), Alistair Darling, said it was a stepping stone to a meeting in London in April of the G20 group, which also includes big emerging economies such as China and India.

Lloyds insists it is right to offer financial rewards to staff who hit targets

Lloyds Banking Group has defended plans to reward retail and commercial staff with bonuses, worth a reported £120m.

Its subsidiary HBOS – bought with government backing last year – is to record a loss of nearly £11bn, raising concerns it may need more state help.

But Lloyds, already 43% taxpayer-owned, said its employees deserved “financial recognition” for hitting targets.

Shadow business secretary Ken Clarke has accused ministers of overseeing a “shotgun marriage” of the two banks.

In most cases staff bonuses would amount to £1,000 or less for employees earning about £17,000 per year, the bank said.

The report comes amid speculation that the government – which has already poured £17bn into the group - may be forced to take a majority stake in Lloyds, or even nationalise it.

We have stretching performance targets and if they are met we believe it is right that colleagues receive some financial recognition Lloyds Banking Group statement

Mr Clarke accused Prime Minister Gordon Brown of forcing through the tie-up between Lloyds and HBOS, which resulted in “disaster”.

“They should never have been allowed to merge. Lloyds TSB was a boring bank, it was a steady bank, it hadn’t done silly things,” he said.

Former chancellor Lord Lamont also criticised the government for “infecting” a good bank, calling the merger an “absolute scandal”.

However, Labour MP and former Treasury minister Geoffrey Robinson said: “The reality is – and everybody knows this – that we’ve got to get the banks operating again.

“We’ve re-capitalised them and now it’s up to them. I believe that they will do this because if not we shall have to take further measures.”

Chancellor Alistair Darling has insisted the government was forced to act quickly to save the entire banking system from collapse.

While he has not ruled out further taxpayer support for Lloyds, he has stressed that ministers feel banks are “best run in the commercial sector and privately owned”.

Liberal Democrat treasury spokesman Vince Cable has said it looks “increasingly as if Lloyds HBOS will now go into majority public ownership, followed inevitably by nationalisation”.

‘Financial recognition’

Lloyds’ share price plummeted on Friday, after chief executive Eric Daniels revealed the extent of HBOS’s expected losses.

However, the Sunday Telegraph claims Lloyds is still planning to hand over £120m in bonuses to staff.

It said the bank was in talks over the bonuses with UK Financial Investments (UKFI), the Government-owned body which oversees the taxpayer’s stake.

A UKFI spokesman refused to comment on the report.

A Lloyds spokesman said: “We are a retail and commercial bank where most colleagues earn approximately £17,000 a year.

“We have stretching performance targets and if they are met we believe it is right that colleagues receive some financial recognition.

“In most cases this means an annual bonus of £1,000 or less.”

Last week, Prime Minister Gordon Brown’s spokesman said he was “very angry” about proposed bank bonuses and wanted bankers to consider waiving their right to them.

He was speaking after reports suggested taxpayer-saved RBS group was to pay out £1bn in bonuses.

When the Government bought shares in Lloyds/HBOS and RBS last October it secured agreements that there would be no cash bonuses for board members this year.

However, no ban was imposed on payouts for staff below this level.

Unlike the plans being considered by RBS, Lloyds is not believed to be planning payouts for significant numbers of highly-paid City traders.

It is understood any bonus package would be smaller than last year’s reported £150m total.

America, Isn’t it time we cut off their supply ?

OOOOO Speaking about Supply, We’d like to share a lil with you.

last week we got another Award. this one, most highly coveted by all political bloggers. from who else – our nemisis over at Politicus.US.
We Were on the list with the Heavyhitters of Political Blogging. All We Can do is say… Wowwwww Skiguy – You Are Cool as All Utah ! and a HUGE

THANK YOUUUUUUUUUU

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Tags: awards, Bailout, Barack Obama, Economic Stimulus Plan, politicus, Politicus.us, President Barack Obama, repiglicans, robberbanks, US Economic Nightmare

This entry was posted on Sunday, February 15th, 2009 at 3:53 AM and is filed under BadGalsRadio, DO the Damn Thang, Entrecard, Go-Obama, PSA, Politics, Urban Renewal, blog4action, poverty, thief, urban affairs, video. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.