Stock Market Gained 700 Points This Week

Finally it seems the stock market hit bottom.  After losing value since last fall, the market gained -- in fits and starts -- 700 points.  To me, it means the market hits equilibrium where the total wealth spent in the market has matched the price level.  Now, the President's policies have not entirely taken effect, but we can say that the efforts to save key Wall Street businesses set the ground work for this recovery.  To me we're all the way there -- recovered -- when the market his 10,000 again and that can happen.

Obama Citizen's Briefing Book Has Not Reached President's Desk

More at techPresident According to techPresident, the Obama Citizen's Briefing Book of suggestions by Obama supporters during the transition period never made it to President Obama's desk.

What the hell happened?

That's a lot of hard work by people who may have submitted the one method that gets us out of this mess. Someone in the Obama Administration, please get this to the President ASAP!

Obama Offered Deal to Russia in Secret Letter To Medvedev

More at NYTimes.com: “WASHINGTON — President Obama sent a secret letter to Russia’s president last month suggesting that he would back off deploying a new missile defense system in Eastern Europe if Moscow would help stop Iran from developing long-range weapons, American officials said Monday.”

-- This is a bold first step and it will give President Obama an immediate idea where the Russians are with respect to relations and his administration. Interesting.

Obama Plans to End Iraq Combat Missions by August 2010

More at NYTimes.com: “CAMP LEJEUNE, N.C. — President Obama declared Friday that the United States has now “begun the work of ending this war” in Iraq as he announced the withdrawal of most American forces by the summer of next year while leaving behind as many as 50,000 troops for more limited missions.”

President Obama on the Fiscal Year 2010 Budget And Openess

More at The White House - Press Office: “In keeping with my commitment to make our government more open and transparent, this budget is an honest accounting of where we are and where we intend to go.  For too long, our budget has not told the whole truth about how precious tax dollars are spent.  Large sums have been left off the books, including the true cost of fighting in Iraq and Afghanistan.  And that kind of dishonest accounting is not how you run your family budgets at home; it's not how your government should run its budgets, either.  We need to be honest with ourselves about what costs are being racked up -- because that's how we'll come to grips with the hard choices that lie ahead.  And there are some hard choices that lie ahead.”

-- President Obama is making good on his promise to be more open, but in the budgetary case that means more shocking news about what actually costs what. We've not -- in the Bush 2 years or Clinton -- seen a real budget that shows what the government is spending. Be ready for a shock, especially with the Iraq War. But see, that's where the savings come in because then when we see what all of this costs, the reductions will get us to a deficit drop.

President Obama's Greatest Speech - State Of The Nation

In his best speech ever President Obama sounded the call for the need to stop sending jobs overseas. It was totally missed by pundits, but Obama just sounded the call for economic nationalism when he said that he would bring jobs back to America.

It's about time.

From 1960 to 1999, the USA added 20 million new jobs each decade, but from that point to today, just under 5 million jobs were added. Where did they go? Overseas to other nations in a large process of what economists call import replacing. One example of this is the growth of Airbus Industries in aircraft manufacturing where they got the largest tanker deal in American history -- $35 billion -- and over the Boeing Company costing 25,000 jobs.

PRESIDENT BARACK OBAMA TO SPEAK BEFORE CONGRESS AT 6 PM - 9 PM ET TIME

Just a note to remind all that President Barack Obama will speak before a joint session of Congress at 6 PM; 9 PM eastern time tonight according to the White House website . 

Economic Recovery Compromise Makes Rich, Richer: The Alternative Minimum Tax

The President's Economic Recovery Act plan, called the Economic Stimulus and much needed, is headed toward passage but only because of a compromise that essentially makes the rich, richer. It's also a good reason why I believe we need to have a program that gives at least $3,500 to each American under $100,000, rather than just tax credits.

Reportedly, $100 billion was shaved off the plan, but according to the blogger LithiumCola at The DailyKos, the big reason why the plan was cut, and why the Senate plan was about $80 billion more expensive than the House plan, was the installation of a provision adjustment in what's called The Alternative Minimum Tax, such that the AMT increases incomes for those making more money, whereas it has little if any impact on those making less, specifically:

Haley points to a study at the Tax Policy Institute which shows that slashing the AMT increases the incomes of Americans in the top quintile by 1.3%, Americans in the next-highest quintile by .7%, the middle quintile by .1%, and does nothing at all for Americans in the bottom 40% of incomes.

To put that another way, Americans in the middle 20% of incomes will get on average a whopping $52 because of Senator Grassley's demand, those in the second-highest 1/5th will get $502, while Americans in the top 1/5th of incomes will get an average $2,593 -- and that last one includes those in the top 5%, who will get an average of $4,511. This is what the WSJ calls "shielding millions of middle-income Americans from the so-called alternative minimum tax."

It's for this reason I continue to push for a targeted stimulus of $3,500 for every American under $100,000 in income, or an planned allocation capped at 100 million people. The total cost would be $350 billion, and worth every penny.




According to the Federal Reserve Board 2004 survey of consumer finances, the average balance for those carrying credit card balances was $2,200, but many American families do not carry a credit card balance, so the fear that this $3,500 would be used only to retire credit card debt is unfounded. Indeed, there's more evidence to support the observation that the money would be used -- especially by those in the lower income categories -- just to keep a roof over their heads.

US Sherriff's don't want people evicted as record home foreclosure rates are expected. This proposal, combined with relaxed mortgage rates and anticipated refinancing plans, could help to keep Americans in their homes for at least an additional two years. That buys enough time for the other job-producing aspects of the Economic Stimulus plan to take effect.

In closing, given the trillions of dollars sent directly to corporations, $350 billion to the Americans who need it the most is not too much to ask for.


news

Sen. John McCain Shows Economic Stupidity, Again!

More from “The Washington Monthly”: “THE 'OLD' MCCAIN ISN'T COMING BACK.... As much as I'd like to ignore John McCain's "analysis" of the economic stimulus plan, he's not making it easy. For the last couple of weeks, he's been on all the networks, undermining the administration's plan, questioning the president's integrity, and making strange policy arguments. With no obvious Republican leader on the national stage, the media is still turning to the GOP's defeated presidential nominee.”

-- I agree with this must-read post. Senator John McCain's back to showing why he didn't win the election in the first place: a total lack of understanding of the economy and a lack of willingness to explain that he's misinformed. Yet, he's out there making stupid statement after dumb comment. Saying he fears a deficit, yet supporting billions in tax cuts, just to name one example.

Michael Steele Is The New Chairman Of The Republican Party

Michael Steele just broke a barrier that I frankly thought I'd never see: he today became the first Black chairman of the Republican Party. That's amazing and it speaks to the better angels within the Republican National Committee and the totally watershed-level path of social change America is on, starting with the election of Barack Obama as the first African American president, then the stirring inauguration of President Obama, and now the selection of Michael Steele as RNC Chairman.

Who is Michael Steele?

Steele was Liutenant Governor of the State of Maryland from 2003 to 2007. Steele's also well-known as a regular contributor to several political news programs. And Steele ran for several offices, most notably for Senator of Maryland where he reportedly bussed in homeless people to distribute information flyers. Steele lost that race to Ben Cardin.

Steele has been a Republican since he was a small boy, and he's received backing from such conservatives as Karl Rove and former-VP Dick Cheney.

Steele has an uphill battle in repairing the Republican Party, but he's been able to destroy the idea that the RNC was the "White Southern" party just by his election. In my view his election actually makes the party more attractive to Women, who not only were his greatest supporters but who share the same "outsider" status in the RNC.

I think now the Republican Party has a split between the moderates, led by Steele and the wingnuts, led by Rush Limbaugh. It's going to be an interesting year.

Obama Security Poor, Alarms Some VIP Donors - washingtonpost.com

More at washingtonpost.com: “Downtown Washington resembled a militarized zone last week for the inauguration of President Barack Obama, but some major contributors who had direct contact with Obama said they were surprised to find what they viewed as porous security surrounding the president-elect and vice president-elect.”

-- This is an outrage, to say the least! For someone as important and as targeted by White Supremacist and some Black Nationalist groups and persons as Barack Obama to be the focus of poor security efforts is a scandal that should lead to someone's firing before its too late.

Obama White House Unbuttons Formal Dress Code

More at NYTimes.com: “WASHINGTON — The capital flew into a bit of a tizzy when, on his first full day in the White House, President Obama was photographed in the Oval Office without his suit jacket. There was, however, a logical explanation: Mr. Obama, who hates the cold, had cranked up the thermostat.

“He’s from Hawaii, O.K.?” said Mr. Obama’s senior adviser, David Axelrod, who occupies the small but strategically located office next door to his boss. “He likes it warm. You could grow orchids in there.”

-- When I first saw this, I thought they were referring to the shirt open at the neck, but to me, this is still formal. It's not business casual.

Black Juan Williams On Fox News Seen as "Black Basher" By Many - AlterNet

More at AlterNet: “"… The matter is that, when Bill O'Reilly gets Juan Williams, the eternal happy Negro, on his show to congratulate him on his racism, that's like Hugh Hefner getting a stripper to come on the show and tell him that he's not a sexist.” --Syracuse University Professor”

-- And he does it for money, which means in his case we do not know how he feels, but that he can't be trusted.

Obama Pick Eric Holder’s AG Nomination Approved, GOP Caves In: 17 to 2

Judiciary Panel Approves Holder’s Nomination - The Caucus Blog - NYTimes.com: “The Senate Judiciary Committee Wednesday overwhelmingly approved, and sent to the full Senate, the nomination of Eric Holder Jr. to be the nation’s 82nd attorney general.

The committee vote was 17 to 2, with most Republicans supporting the nomination of Mr. Holder to head the Department of Justice. The two Republicans who opposed the nomination were Senator John Cornyn of Texas and Senator Tom Coburn of Oklahoma.”

- YEAH! Now, Eric Holder and Tony West as Assistant AG for Civil Rights can get to work on making sure human rights laws are followed in America. Meanwhile the GOP has been swooned by Obama. I know their constituents are saying "Give Obama a chance" otherwise they would not have voted so overwhelmingly for Holder.

Some Democrats Among Stimulus Skeptics - Why?

More at washingtonpost.com: “President Obama, who promoted the $825 billion package at the Capitol yesterday, says the proposal serves two functions -- creating jobs and stimulating the economy in the short term, and laying the groundwork for overhauls in energy, health care and infrastructure that would be felt for decades. But some administration supporters say that while they appreciate Obama's intent, the two goals are competing with each other, and that the package could end up missing both targets.

In testimony before the House Budget Committee yesterday, Alice M. Rivlin, who was President Bill Clinton's budget director, suggested splitting the plan, implementing its immediate stimulus components now and taking more time to plan the longer-term transformative spending to make sure it is done right.”

-- What I don't get is why some Dems are waisting time in doing something to solve this problem. It's almost as if some officials are afraid to 1) take action because it 2) may work, making Obama 3) even more popular. I don't think it's just the GOP who has jealously regarding President Obama. Meanwhile the economy continues to tank.

Pakistan urges U.S. President Obama to halt missile attacks

More at Yahoo! News: “ISLAMABAD, Pakistan – Pakistan urged President Barack Obama to halt U.S. missile strikes on al-Qaida strongholds near the Afghan border, saying Saturday that civilians were killed the previous day in the first attacks since Obama's inauguration.
Pakistani security officials said eight suspected foreign militants, including an Egyptian al-Qaida operative, were among 22 people killed in Friday's twin strikes in the Waziristan region.
But the Foreign Ministry said that the attacks by unmanned aircraft also killed an unspecified number of civilians and that it had informed U.S. officials of its "great concern."
"With the advent of the new U.S. administration, it is Pakistan's sincere hope that the United States will review its policy and adopt a more holistic and integrated approach toward dealing with the issue of terrorism and extremism," a ministry statement said.”

Barack Oblogger: Cursed Purple Tickets (or, how I worked for two years to get Obama elected and then couldn't view the Inauguration)”

More at Barack Oblogger I can personally attest to the hard work and determination of Lonnee Hamilton, who's been a valued contributor to my blog network, and a tireless worker.

To learn that she was in the tunnel is saddening to me. Here's part of her account:

: “I'm one of those Obamaites some people hate. Since the day he announced his candidacy, I have been working full-bore to get this man elected. I've been a volunteer and a staff member. My family has been brought to the verge of economic collapse due to my dedication toward the campaign and its untold volunteer hours. Life has been put on hold, household repairs have gone undone, there has been tension in my relationship with an extremely supportive and patient spouse, who would have loved to see my passion for Obama put into a proper financial perspective. My two children have sold bumper stickers, buttons, and have put up with Mom blogging for Obama in her "spare time" for almost two years.

And you know what, there are thousands of people throughout the country who have worked as hard as I have, if not harder

And that's why my let-down about the Inauguration is that much greater. Because I was unlucky enough, along with thousands of other Obama volunteers, to have been given one of the "Purple Tickets of Doom."”

President Obama To Create Office Of Urban Policy

From President Barack Obama

The Obama White House website includes the following paragraph: “Create a White House Office on Urban Policy: President Obama and Vice President Biden will create a White House Office of Urban Policy to develop a strategy for metropolitan America and to ensure that all federal dollars targeted to urban areas are effectively spent on the highest-impact programs. The Director of Urban Policy will report directly to the president and coordinate all federal urban programs.”

As of this writing just who will serve is the role of The Director of Urban Policy is anyone's guess. I think Lennar's Director of Urban Land Kofi Bonner is the best choice to be President Barack Obama's Director of Urban Policy. He could hit the ground running.

Obama's inauguration: sharing it on Twitter, Facebook, other sites - Inside Bay Area

More at Inside Bay Area: “Obama on Tuesday will not simply take the oath to become the 44th president of the United States. He will serve as both emcee and epicenter of the most socially networked moment in political history.
"This is a historic event and the way we'll experience it will be just as historic," says Erica Schaefer. In perfect Generation Y style, the 20-year-old San Jose State University junior will watch the televised version of the ceremony at a local live screening — but she'll also be outfitted in full social-media regalia.
"I'll have my BlackBerry and my mini-laptop, which will allow me to share my status online, and I'll probably be on Twitter following @BarackObama, and on my Facebook chat section where I can talk about it live with hundreds of friends at the same time.”

Inauguration Is Climax to Two Years Of Increasing Security Around Obama - washingtonpost.com

More at washingtonpost.com: “As jubilant Democrats nominated Sen. Barack Obama (D-Ill.) for president in a Denver convention hall in late August, the U.S. Secret Service in Washington placed its largest ever order for bulletproof glass.

The service requested about 5 tons of "transparent armor," laminated with four layers of virtually unbreakable plastic to resist chemicals, flames and multiple gunshots. When Obama is sworn in as the nation's 44th president Tuesday, the ballistic shield will provide a final layer of safety in a massive exercise in presidential security, the culmination of two years of a steady ratcheting up of the protection around Obama to a level unseen for any of his predecessors.”