Posts Tagged: economy

President Obama on the FY 2011 Budget (Full Transcript and Video)

THE PRESIDENT: Good morning, everybody. This morning, I sent a budget to Congress for the coming year. It’s a budget that reflects the serious challenges facing the country. We’re at war. Our economy has lost 7 million jobs over the last two years. And our government is deeply in debt after what can only be described as a decade of profligacy.

Complete Text of President Obama’s 2010 State of the Union Speech (Video)

This is the complete text of President Obama’s State of the Union delivered on Jan. 27, 2010 and transcribed by the White House. The topics were health care, war, economy, bipartisanship, transparency, gays in the military and a bunch of other stuff. The complete text is presented here to maintain the public record and inform the country and world about what Obama said. I’ll leave the question of why he said these things to be decoded by other people much smarter than I.

We may never recover

The economic collapse most of us are still suffering through isn’t over. Sure Wall Street bounced back in just a few short months, but for the rest of us, we’re left struggling to pay our rent and to buy food. And we’re going to continue to fight, scratch and claw our way from meager paycheck to meager paycheck for a long time to come and here’s why.

Krugman: Misguided Monetary Mentalities

Paul Krugman won a Nobel Prize in Economics last year and he’s apparently one of the only economists who knows what’s going on with our economy. In today’s column he takes on the Federal Reserve and the old-school mentality that interest rates should go up at the same time unemployment is increasing.

BusinessWeek: The Lost Generation

Bright, eager—and unwanted. While unemployment is ravaging just about every part of the global workforce, the most enduring harm is being done to young people who can’t grab onto the first rung of the career ladder.

The Great American Decline brought to you by General Electric, Halliburton and Cigna

If you listen to wind-bags like Glenn Beck and Sean Hannity you’d think that America is the greatest country ever formed and anyone who disagrees with them is a commie-terrorist-socialist-bastard. But if you look at where we’ve been, and more importantly, where we’re headed, the United States of America is no longer, if it ever was, the greatest country in the world.

Friedman on the fence

The New York Times columnist Tom Friedman likes to position himself as a centrist. He’s pro-war, pro-environment, pro-business, and I guess against deficit spending. I usually agree with about 60 percent of what he writes. The problem is that he works too hard to sit precariously on the fence. In today’s column he says that deficit spending is bad and that liberals will have to sacrifice some of their social programs to balance the budget, but as usual Friedman overlooks the glaring $500 billion defense budget.

The Nation: The Fight for Financial Reform

The Nation’s Katrina Vanden Heuvel wrote today: “These next few months are a time of reckoning.

Every so often in American political history, a window for change opens, and the combination of crisis, leadership, and political movement makes big, positive reforms possible.”

The slow slog to a real depression continues

The recession isn’t over, and there’s more evidence that we’re crawling towards another depression. Unemployment continues to increase. Conservative estimates peg unemployment at 9.8 percent and under-employment at 17 percent. The one sector of the economy seeing growth is finance, which has benefited from the taxpayer bailout, while regular folks struggle to make ends meet.

Obama and G-20 members pat themselves on the back for preventing another Great Depression

The Hill reported today that President Obama and the other G-20 members said that the bank bailouts successfully averted another Great Depression; all that’s left is just a bit of regulatory tweaking and we’ll be right as rain. I’m sure they’re right – all government needed to do to fix the economic crisis was to throw billions and billions of dollars at the banks who screwed everything up in the first place.

TARP Inspector says banks “Far more dangerous”

Top inspector of the Troubled Asset Relief Program says that the economy is “far more dangerous” now than before the economic collapse and subsequent bailout. So a year after last year’s run-on-the-Treasury by too-big-too-fail banks, the Troubled Asset Relief Program has done a lot to help banks get bigger and nothing to help protect the economy or taxpayers said TARP Inspector Neil Barofsky.

Obama says Wall Street “choosing to ignore” lessons learned

What? Wall Street is choosing to do what it does best, makes piles of cash anyone they can? And now Obama is bemoaning them for “choosing to ignore” lessons they should have learned when bank after bank failed and was then bailed out by the taxpayers. Why do they even have the option of choosing to ignore those lessons? And weren’t the lessons learned supposed be brought to bear on the regulatory agencies Obama now controls? Or we could just sit back and hope the Wall Street thugs do the right thing.

Household income flat as consumer spending rises

I think what we’re watching unfold is a slow-motion economic depression that started back when Enron and Worldcom were gaming the system and got caught. That was the first sign, and nothing of substance has been done to fix the problem. Too much wealth is ending up in the bank accounts of the richest of the rich.

Bank Losses Drain Deposit Fund, F.D.I.C. Reports

Even as financial stocks have rallied nearly 60 percent since the end of March, the Federal Deposit Insurance Corporation issued another grim report card Thursday on the health of the nation’s banks.

The agency reported that the banking industry lost $3.7 billion in the second quarter amid a surge in bad loans made to home builders, commercial real estate developers, and small and midsize businesses.