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More on Obama at the Oval
November 11, 2008 9:30 AM
More details are coming out about the meeting yesterday between President-elect Obama and President Bush.
Sources tell ABC News the general message Obama conveyed was: Let's not wait for a new president before action is taken on the economy.
Obama focused on three basic items:
1) Working with the Congress to pass an economic stimulus package during the lame-duck Congress;
2) Using existing presidential authority to help the Big Three automakers, who are all on the brink of bankruptcy.
There are two primary ways President Bush could provide aid, either through the recently passed $25 billion in federal loans to help automakers retool (though automakers might needs those funds simply to make payroll) OR through the $700 billion in TARP (Troubled Assets Relief Program) funds, less than $500 billion of which has been allocated.
The Big Three automakers have asked for an additional $25 billion to help prevent their going into bankruptcy. On Saturday, House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid asked Treasury Secretary Henry Paulson to consider using the TARP funds to help the automakers, though the White House seemed to reject that idea on Monday;
3) Stepping up on spending the TARP funds to help people survive the housing crisis.
Adjustable rate mortgages for a lot of people struggling to make mortgage payments are about to expire, and their interest rates will go up. Obama (and others) are concerned that will cause more defaults, creating even more instability in the housing and financial sectors. There's not enough action being taken on housing, Obama believes.
- jpt
November 11, 2008 | Permalink | Share | User Comments (149)
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to add to my last post! the republican party has catered to the wealthy for 8 years.... while i pay more taxes than a ceo and barely make ends meet.... AND I AM SUPPOSED TO VOTE FOR YOUR IDIOTS??
after seeing the circus of lies you called a "presidential campaign" and the phoney mantras that changed weekly... even the obama mantra "change" ripped off.... i heard a load of crap and lies and innuendos yet no real strategies or solutions from mclame... lets touch on failin palin.... i heard and saw nothing but a crackpot liar promoting her own ambitions and slandering yet cannot even name a newspaper she reads!!! come on.... WHO DO YA THINK YOUR TALKIN TO HERE???? if your party of failures are banking on sendin in your "loudmouth with lipstick" as your bid for our next president i would think america would laugh you out of what little business you have left here!!! she is incompetent and emptyheaded yet you look for any phoney to carry the (r) for you !!!! AT THE RISK OF OUR NATION!
Posted by: craig | Nov 11, 2008 2:10:00 PM
hhmmm i read here.. "impeach obama" i hear it is alll obamas fault and bush is a nice guy!!! i REALLY hear a load of whining republicans who will not accept that they have LOST!!! impeach obama??? FOR WHAT??? HE HAS NOT EVEN TAKEN OFFICE YET but your hero bush has taken our constitution and flushed it and has screwed us up so badly FOR 8 YEARS!!! i did not hear you calling for impeachment of bush! i really truly understand why your party has been purged and the american people have shunned you!
Posted by: craig | Nov 11, 2008 1:53:10 PM
supply and demand plays a role absolutely.
but the oil and gas industry profit and stock is dependent on us the consumer continuing to buy gas hogs.
by lowering the price of gas we are lured into buying gas hogs and getting back into debt.
that helps the credit industry and oil and gas stock but how about the consumer.
Posted by: nevada 2 | Nov 11, 2008 1:51:17 PM
"mike_c--have you lost your marbles? I never said that a HS graduate should make the same as a college grad. My point is that the auto industry needs to make a better product period. Why does Ford make a very fuel efficient vehicle in Brazil, but not the US? That's the point I'm making."
Their failure began with giving into the unions and allowing union workers to make outrageous amounts of money in comparison to what foreign auot makers were doing. Ask yourself this, why are foreign auto makers having better success making cars in America. One part of it is there are NOT unionized. There are paying good wages, but not wages out of line for the work being done.
Second, they are indeed making a superior product. Again, the US auto makers have not learned the lesson, and now they are about to collapse. As I stated, even the hybrids are pretty much a waste as far as appealing to the real US market.
The fuel cell technology is still a very long way form the every day person. Even Honda's is still astronomically expensive to build, and only available in exteremly limited quanity for lease...at $600/month for 3 years! And at that, Honda is hand picking who gets them. They are targeting families with an income of at least 150K.
Posted by: Mike_C | Nov 11, 2008 1:40:16 PM
any industry, business, corp that gets so big that its failure will cause our global economy to tank is a liability that we cannot afford.
that should be the lesson learned.
the auto industry for example is holding us hostage right now-it is either bail us out or else.
Posted by: nevada 2 | Nov 11, 2008 1:39:57 PM
nevada2- who is doing the artifcially lowering of gas prices? I thought it was tied to supply and demand, but silly me.
Posted by: jschmidt | Nov 11, 2008 1:39:28 PM
the price of gas is artificially being lowered to sucker us into purchasing gas hogs. once the auto industry gets back on its feet economically and we are tied into car loans then the price of gas goes back up.
Posted by: nevada 2 | Nov 11, 2008 1:31:20 PM
Bob- Bush's oil war- wow that is the biggest misconception. So Bush started the war to get Iraqi oil. There were a lot easier ways to get oil. And yes ant oget Halliburton rich- yes I guess if you do say something long enough people will believe it. The left has been publishing the oil and halliburton war for years now, so people are believing it. But of course it is all untrue just more propaganda from the left. Of course we'll never agree on this. I believe Bush has been tarred unjustly. After 9/11 and the tech bubble bursting he did his best to get the economy on track and that cost money. The tax cuts helped and along with the war on 2 fronts and creating Homeland security increased the deficit. We had prosperity with low unemployment, rising stock prices. The wars were not executed correctly with the worst thing being done was disbanding the Iraqi army. But that's another story. Then came the subprime crisis, the cause going back into history with the 70s when Dems forced banks to give loans to the unqualified if the banks were going to be allowed to expand. The mortgages were securitized in the 90;s with both parties and Clintons approval.In 2005 Democrat Frank said Fannie was a great company while taking Fannie campaign contributions. And this year, with Democrat Dodd getting a special mortgage from Countrywide, the Dems controlling Congress for 2 years,Murtha knowing about the crisis 6 months before it peaked, the subprime crisis peaked. Of course Pelosi denies that it is anyone elses fault but the Republicans. Now we have bailouts and another recession. Combine that with the worst hurricanes in years that forced evacuations of 3 states, and you have a lot of money spent and a deficit. Since the worse thing to do in a recession is to raise taxes on anyone, we will have more deficits. So Bush has been a target of the left but the very people who caused some of these issues like subprime such as Dodd, Frank, Pelosi are still in power to do more mischief. So now that Bush is not going to be President, who will the left target as the cause of everyones problems??? Probably the american people who are greedy, bitter and embrace guns and religion. Where did I hear that before?
Posted by: jschmidt | Nov 11, 2008 1:30:52 PM
"mike_c--I'm happy that Obama won, I voted for him. My point to you was that you can not compare his win to Bush's "win" in 2000. Bush was put in office after the Supreme Court stopped the re-count in Florida which Bush won by only 537 votes. Of course this was going to be controversial, all of the examples that you cited do not compare."
-------------------------------
He WON....plain and simple...and people like yourself are the PROBLEM!
You cant get over it. My examples are perfectly valid. When the diference in an election with 69 million votes cast is less than 0.2 %, obviously it was a closely contested race! The was no whining back then, there was no outrage. Nop cry to throw out the electoral college system. This possiblity ofr this has existed since the beginning, This was the way the founding fathers put it together!
Only in 2000, and oh by the way, if GOre had only carried his OWN state, he would have won!
Posted by: Mike_C | Nov 11, 2008 1:30:47 PM
mike_c--have you lost your marbles? I never said that a HS graduate should make the same as a college grad. My point is that the auto industry needs to make a better product period. Why does Ford make a very fuel efficient vehicle in Brazil, but not the US? That's the point I'm making.
Posted by: tj | Nov 11, 2008 1:24:29 PM
mike_c--I'm happy that Obama won, I voted for him. My point to you was that you can not compare his win to Bush's "win" in 2000. Bush was put in office after the Supreme Court stopped the re-count in Florida which Bush won by only 537 votes. Of course this was going to be controversial, all of the examples that you cited do not compare.
Posted by: tj | Nov 11, 2008 1:21:15 PM
mike_c--the auto industry is going out of business because they are not making fuel efficient cars, not because they are paying their workers 75-100K
Posted by: tj
-----------------------------
Hmm....sarcasm...study the concept!
th epoint is unless you want some version of a socialist society for everyone, there will always be some people who are making more than others.
What no one wants to stand up and admit here is the simple fact that you cant have a HS graduate who has is working an entry level positon in a company making the same amount of money as a college graduate who is working in a position demanding a higher skill set than the HS grad.
Scale it out any way you want to, the system will not work if those two individuals are making the same wage!
If you insist on maing the minmum wage say $25/hr, what do you think a loaf of bread or a gallon of milk is going to cost ?
The simple fact of life is the is no system of labor that works that in not some form of a pyramid.
Posted by: Mike_C | Nov 11, 2008 1:21:12 PM
Maybe what we are seeing is the end of the industrial age-style corporation. Maybe it's the business model that's out of date. Working for a large corporation used to be a good deal: great benefits, high paying jobs, decent pension, etc. All of that is going away. Maybe we'll see the return of the small business where the owner is more accountable. Sink or swim.
Posted by: tj | Nov 11, 2008 1:16:32 PM
mike_c--the reason there was so much "whining" about Bush after the 2000 election is because he did not win the popular vote. Not only did Obama win the popular vote, but he did so by a pretty wide margin.
TJ,
Again, liberals whining...the president is elected but the vote of the Electoral College. You dont have to like it, but it is the LAW. Kennedy only won the popular vote by a little over 100,000 out of a total vote of almost 69,000,000. And he did not get over %50 over the vote. Yet, he won huge in the electoral vote! No one was whining about it then!
In 1968, Nixon won with 43% of the vote, but again a big win in the electoral college. in 76, Carter got more than %50 of the vote, but won a close electoral college vote. In 92, Clinton only got %43 of the vote but had a landslide win in the electoral college. He did the same in 96 - landslide electoral win, but didnt get %50 of the vote.
I dont recall whining after those elections. No people screaming to overhaul the system because they lost! People stood up as Americans and supported the new president.
This syem has been in place with this kind of flaw for over 200 yrs. It works - get over it already!
Posted by: Mike_C | Nov 11, 2008 1:13:29 PM
The number one job facing the middle class, and it happens to be, as Barack says, a three-letter word: jobs. J-O-B-S.
Posted by: OBAMANATION [uh-bom-uh-NEY-shuhn] | Nov 11, 2008 1:13:15 PM
mike_c--the auto industry is going out of business because they are not making fuel efficient cars, not because they are paying their workers 75-100K
Posted by: tj | Nov 11, 2008 1:12:22 PM
people needs jobs.. and the auto industry is one of our largest employers.
This economy wil never get better until we re-establish and / or create high paying jobs with excellent benefits.
Obama is spot on in how he is going about things. bush and the conservatives are hell bent on putting this country in the toilet just to have an "I told you so" moment.
----------------------------------
So your in favor in taxing these companies then ? That is EXACTLY what Obama has promised! Much of the work on an American car is done outside of this country! He has promised to increase taxes on ANY business that does that!
You do not just CREATE high paying jobs! It really is incredible to me how nieve and foolish people are. They have no idea how a so-called high paying job comes about, or the very simple fact that everyone in this society CANNOT make 75K or 100K a year.
Many of us attempted to warn you what was coming if Obama was elected. Wait & see just how many more jobs go bye-bye as he tries to implement his promises.
It is because of this artificial high paying job creation, that the auto industry began to fall. You cannot compete with foreign auto makers when you pay someone nearly twice the wage to perform a task as your competitor does. It gets worse when you also turn out an inferior product! This has been the story of the american auto industry for years now.
Even now, with the unveiling of some of the new generation hybrids that you see are just expensive beasts that really offer nothing any better than what your driving now.
Simple example...the Escolade Hybrid????
Complete Joke!!! A hybrid that gets 20 MPG!!!! For OVER $70,000 !!!!Yep...going to be millions of those on the road!
My 4cyl minivan cost me 15K 4yrs ago and gets better than 26 MPG. Oh Yes, Im running right out to spend my kids college moeny on an Escolade that gets WORSE gas Mileage!
The future Fuel Cell based cars are still YEARS from hitting the roads for the common people.
Posted by: Mike_C | Nov 11, 2008 12:55:38 PM
But to say Bush mislead everyone even those intelligent Democrats who always touted Bush as stupid is unbelieveable. Doesnt say much for their intelligence.>>>> You tell a lie often enough and the public will begin to believe it. Before the invasion of Iraq, Saddam even pleaded with Bush not to invade and that he would go into exile if need be, but good ole Bushie wanted to have his way just like a rich spoiled rotten kid. Consumed by his greed, he couldn't get all that black gold off his mind. Most people didn't know how ignorant he was until he declared 'Mission Accomplished'!
Posted by: bob | Nov 11, 2008 12:55:17 PM
a cogent haiku for the rich elitists follows:
4/15 4/15 4/15 4/15
selfish egocentric republicans ,enjoy!
4/15 4/15 4/15 4/15
;)
Posted by: bah | Nov 11, 2008 12:54:19 PM
DebNStPaul- I would argue that any car that sells is good for the economy. Detroit built the big cars because they sold and the margins were higher. Unfortunately they were also gas guzzlers. In the small car business, Detroit can't be as competitive. What needs to be found is can the be competitive in the small car business or will they always lose out to the foreign makers.
Posted by: jschmidt | Nov 11, 2008 12:53:57 PM
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