Obama's inaugration

[supermario]

muz its not about bush vs obama. i dont think anyone disagrees that bushles did some stupid things, combined with the global financial downfall has left them in a pretty poor position. but that time is over, its what obama plans to do that we should be concerned about

Just to clear it up, i am not making this a Bush V Obama thing, my point was comparing the Bush stimulus of Bailing out Wall Street and the big companies to Obama's Agenda relating to the economy as follows.

THE PRESIDENT'S AMERICAN RECOVERY AND REINVESTMENT PLAN
With each passing day, families across America are watching their bills pile up and their savings disappear.

President Obama believes that if we do not act quickly, this recession could linger for years – and America could lose the competitive edge that has served as the foundation for our strength and standing in the world.

That's why the President has put forth an American Recovery and Reinvestment Plan that will jumpstart job creation and long-term growth by:

Doubling the production of alternative energy in the next three years.

Modernizing more than 75% of federal buildings and improve the energy efficiency of two million American homes, saving consumers and taxpayers billions on our energy bills.

Making the immediate investments necessary to ensure that within five years, all of America’s medical records are computerized.

Equipping tens of thousands of schools, community colleges, and public universities with 21st century classrooms, labs, and libraries.

Expanding broadband across America, so that a small business in a rural town can connect and compete with their counterparts anywhere in the world.

Investing in the science, research, and technology that will lead to new medical breakthroughs, new discoveries, and entire new industries.

On January 8th, 2009 -- less than two weeks before taking office -- President Obama spoke on the need for urgent action on his American Recovery and Reinvestment Plan to save or create over 3 million jobs while investing in priorities like health care, energy, and education that will jumpstart economic growth. The plan represents not just a new policy, but a new approach to meeting our most urgent challenges.

In the end, we can only go on 2 things, Hindsight and Assumptions.

The hindsight that bush flushed billions of dollars into wall street in his stimulous that failed

Assumption (based on preference) that Obamas plan will or will not work.

What we can say is proping up wall st did not work so only the foolish would attempt to prop it up again at the expense of other important areas.

[Guest]

Muzz it seems Obama is going to do pretty much the same thing

http://www.google.com/hostednews/afp...9uyojeAZStofLw

Pelosi raises prospect of extra bank bailout money
1 day ago

WASHINGTON AFP) (AFP) — The US government may need to stump up more funds to bail out the stricken banking industry beyond the 700 billion dollars now in the works, House of Representatives Speaker Nancy Pelosi said.

But US banks will have to hand over more equity in return for the taxpayer funds being given under the Troubled Asset Relief Program (TARP), she told ABC program "This Week" in an interview broadcast Sunday.

Pelosi said "some increased investment" may be required, but stressed: "Change has to happen in terms of what is done, what the transparency of it is, what the accountability of it is.

"Only then would we be able to pass any additional funding."

A reluctant Congress has backed the 700-billion-dollar TARP bailout, with the second half of the fund approved just days before Obama was sworn in as the new US president last Tuesday.

Many lawmakers on both the Democratic and Republican sides complain that under president George W. Bush, the first half of the TARP money was pocketed by US banks with no accountability or reopening of frozen lending.

Pelosi was asked whether the government should not just nationalize the banks outright.

"Well, whatever you want to call it... if we are going to put money into the banks, we certainly want equity for the American people," she said.

"In other words, if we are strengthening them, then the American people should get some of the upside of that strengthening."

On CBS program "Face the Nation," Vice President Joseph Biden declined to say whether more bank bailout money might be needed, but stressed the second half would be used more wisely.

Timothy Geithner is expected to be confirmed as Treasury secretary by the full Senate on Monday, Biden said, and "will then report back to the president and to me as to whether or not he thinks that 350 (billion) is enough."

"But the first things first. We've got to spend more rationally, reasonably and transparently, to move the financial institutions, to loosen up credit," he said.

"And it's about credit for people. They have to be able to purchase their cars. They have to be able to send the kids back to school. They need some mortgage abatement," Biden added.

"And so, that's what we're focusing on in this 350, this remaining, this next 350. And we'll go from there."

Obama has promised to devote about 50 billion dollars of the remaining TARP money to help homeowners avoid foreclosure.

But prominent economists told Democratic senators at a meeting on Thursday that the cost of that initiative alone could rise to 250 billion, according to the Washington Post.

White House chief economic adviser Larry Summers said on NBC's "Meet the Press:" "We can make important progress and get started with the support that has been provided.

"What ultimately will be necessary is something that will play out over time."

[Guest]

Another thing which is pretty concerning is the new Secretary of Treasury Tim Geithner who is about to be confirmed willingly cheated on his tax and will be head of the Internal Revenue Service (like our tax department). Also he was like the third most important person in putting together the previous bank bailout package and as head of the New York Federal Reserve was up to his head and shoulders in helping to create all this mess.

These banks are so badly in debt with dodgy financial instruments that they should be allowed to fail and the government should capitalize new banks under the strict proviso that they can only leverage up at $ 10 to every $1 like they use to prior to Hank Paulson as CEO of Goldman Sachs convincing the Bush government in 2004 allowing banks to leverage up at $30 to every $1.

[Guest]

THE PRESIDENT'S AMERICAN RECOVERY AND REINVESTMENT PLAN
With each passing day, families across America are watching their bills pile up and their savings disappear.

Timothy Geithner is expected to be confirmed as Treasury secretary by the full Senate on Monday, Biden said, and "will then report back to the president and to me as to whether or not he thinks that 350 (billion) is enough."

"But the first things first. We've got to spend more rationally, reasonably and transparently, to move the financial institutions, to loosen up credit," he said.

"And it's about credit for people. They have to be able to purchase their cars. They have to be able to send the kids back to school. They need some mortgage abatement," Biden added.


Do you see anything contradictory about these statements Muzz?

I do

On the one hand Americans savings are being depleted yet on the other hand
the government and Federal Reserve (private banking cartel) are pushing even more credit onto the poor people who are struggling savers. Actually the average American has no savings and is in debt which has only happened over the past 5 years because of easy credit which lead to bubbles in Real Estate and the sharemarket which are both about halfway through the process of correcting themselves imho.

[Guest]

Obama makes a rule then breaks the rule 5 minutes later I guess he is a politician after all.

http://www.etaiwannews.com/etn/news_...&lang=eng_news

Pentagon nominee agrees to sell Raytheon stock



Associated Press
2009-01-24 08:42 AM Fonts Size:

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A former Raytheon Co. lobbyist, who is nominated to be deputy defense secretary, has agreed to sell his stock in the military contractor and similar holdings but will not be forced to step back from decisions related to his former employer, the Defense Department said Friday.
Instead, William J. Lynn's dealings at the Pentagon will be subject to ethics reviews for one year, Pentagon spokesman Geoff Morrell said.

The decision by the Obama administration came despite President Barack Obama's announcement of an ethics code shortly after taking office this week that prohibits individuals from taking work at government agencies where they have lobbied in the past two years.

A lobbyist is a person hired to persuade politicians and government workers to buy products produced by the lobbyist's employer. While campaigning for president, Obama was critical of the influence that he said lobbyists exercised with the administration of former President George W. Bush.

Thursday's decision, intended to prevent potential conflicts of interest, seemed to satisfy Sen. Carl Levin, the Democratic chairman of the Armed Services Committee, who said he would support the nomination.

But Sen. John McCain of Arizona, the panel's ranking Republican, said he was disappointed that a recently employed lobbyist would be nominated to the No. 2 position at the Pentagon. McCain said he will not endorse Lynn until more details are provided.

Defense Secretary Robert Gates, a holdover from the Bush administration, requested Lynn as his deputy. He specifically said Lynn should not be forced to disqualify himself from all decisions involving Raytheon because it would severely limit his ability to do his job, Morrell said.

Raytheon ranks among the military's top contractors. It did $18.3 billion in U.S. government business in 2007.

[supermario]

Can i point out something interesting relating to this article?

(read the point in bold, says it all really)

A reluctant Congress has backed the 700-billion-dollar TARP bailout, with the second half of the fund approved just days before Obama was sworn in as the new US president last Tuesday.

Many lawmakers on both the Democratic and Republican sides complain that under president George W. Bush, the first half of the TARP money was pocketed by US banks with no accountability or reopening of frozen lending.

Again the mistakes of the apst are not the fault of the current government, what the current government are trying to do is rectify the mistakes of the past.

As to the lending, again, another post shows it began by bush alowing banks leverage of $30 to $1.

you are doing alot of pointing out of bush's problems and mistakes before actually seeing any results from obama, barley a week into his presidency you are talking about hyperinflation of the Zimbabwe kind !!!!

Rcptn, patience.

[Guest]

Can i point out something interesting relating to this article?

(read the point in bold, says it all really)



Again the mistakes of the apst are not the fault of the current government, what the current government are trying to do is rectify the mistakes of the past.

As to the lending, again, another post shows it began by bush alowing banks leverage of $30 to $1.

you are doing alot of pointing out of bush's problems and mistakes before actually seeing any results from obama, barley a week into his presidency you are talking about hyperinflation of the Zimbabwe kind !!!!

Rcptn, patience.

That is because Obama and the Democrat's in congress wanted it passed before he became President and Bush said that he be ok with it to be passed.

[supermario]

That is because Obama and the Democrat's in congress wanted it passed before he became President and Bush said that he be ok with it to be passed.

of course bush said it was ok, did you expect him to say "oh no Barack, i will not pass this legislation because i want to give you a chance to build your own recovery package."