Obama On U.S. Trade And Jobs

U.S. President Obama is stressing job creation by the public and private sector as the way out of the current economic recession-turned depression.

U.S. President Obama

In a public address given this past weekend, the President stated, the United States is willing to trade with anyone. Does “anyone” as we know the term to mean, include Cuba and Iran?

In other news, Obama's job numbers are still being scrutinized by the press and economists as inaccurate and costly to the taxpayers. The housing and job markets are still very bad, as is the deficit and budget.

Obama: Private, public sectors must create jobs

President Barack Obama said Monday the public and private sectors must find more ways to create jobs to continue the nation's climb out of an economic recession...

The president said job losses would continue for weeks and months to come and called for bold, innovative action by his administration, Congress and the private sector to create more good-paying jobs.

He also said the U.S. must break out of a "debilitating gridlock on trade policy," by ending the false choice between a wide-open, free wheeling import policy or fearful, protectionist approach to trade. He called for a more balanced policy of letting the world know America wants to compete and trade — fairly — with anyone. He gave no specifics...

We've got a long way to go. We are still seeing production levels that are significantly below peak levels and most distressing is the fact that job growth continues to lag.

http://www.google.com

Obama tempers economic news with caution on jobs

WASHINGTON — ...The good news of the week: The economy is on the rise for the first time in more than a year. Fro m July through September the economy grew by 3.5 percent, the strongest uptick in two years. Obama called the development no cause for celebration, but a welcome sign after so many months of distressing news.

"While we have a long way to go before we return to prosperity, and there will undoubtedly be ups and downs along the road, it's also true that we've come a long way," Obama said in his weekly radio and Internet address. "It is easy to forget that it was only several months ago that the economy was shrinking rapidly and many economists feared another Great Depression."

Yet the economic indicator that matters most to the majority of families — stable, solid employment — is still lagging.

Unemployment hit a 26-year high of 9.8 percent in September, and the October report due in the coming week could show it topping 10 percent.

"Economic growth is no substitute for job growth," Obama said. "And we will likely see further job losses in the coming days, a fact that is both troubling for our economy and heartbreaking for the men and women who suddenly find themselves out of work. But we will not create the jobs we need unless the economy is growing."

He added, "Positive news today does not mean there won't be difficult days ahead."...

http://www.google.com

Dollar Homes Lack Buyers

Sat, Oct 31, 2009 - The housing market is so bad you can't even give away homes these days. Officials in suburban Barrington put three homes up for a sale at just a dollar a piece - a dollar! - and didn't get a single bidder...

http://www.nbcchicago.com

Obama Job Creation Numbers Disputed

CBS News, the Wall Street Journal, Politico and a number of other news sources are refuting the White House’s job creation numbers as grossly inaccurate and overstated. The fact of the matter is the U.S. economy is still in very bad shape and sugarcoating the problem is not going to solve it.

$160,000 Per Stimulus Job? White House Calls That 'Calculator Abuse'

October 30, 2009 7:12 PM - Posting its results late this afternoon at Recovery.gov, the White House claimed 640,329 jobs have been created or saved because of the $159 billion in stimulus funds allocated as of Sept. 30.

Officials acknowledged the numbers were not exact, saying that states and localities that reported the numbers have made mistakes...

Brian Schmidt, director of planning and programming for the commission said that his staff originally reported to the Obama administration that the stimulus money saved 250 jobs. Then, realizing they had mistakenly double credited, they later changed that to 125 jobs. Tuesday, they updated it again to 74 jobs...

So let's see. Assuming their number is right -- 160 billion divided by 1 million. Does that mean the stimulus costs taxpayers $160,000 per job?

Jared Bernstein, chief economist and senior economic advisor to the vice president, called that "calculator abuse."

He said the cost per job was actually $92,000 -- but acknowledged that estimate is for the whole stimulus package as of the end of 2010...

http://blogs.abcnews.com

‘Jobs Created or Saved’ Is White House Fantasy: Caroline Baum

Oct. 28 (Bloomberg) -- ...But the government has no money of its own to spend; only what it borrows or confiscates from us via taxation. Oops.

“Government job creation is an oxymoron,” said Bill Dunkelberg, chief economist at the National Federation of Independent Business. It is only by depriving the private sector of funds that government can hire or subsidize hiring.

That’s why “jobs created or saved” is such pure fiction. It ignores what’s unseen, as our old friend Frederic Bastiat explained so eloquently 160 years ago in an essay...

Fiction Lags Reality...

Only 30,383 jobs were created or saved by the American Recovery and Reinvestment Act, according to Recovery.gov, the government’s once-transparent Web site that has become a complex blur of numbers, graphs and pie charts. These are only the jobs reported by federal contract recipients. The Obama administration will report the larger universe of ARRA-related jobs on Oct. 30...

http://www.bloomberg.com

Consumers Aren't Buying Stimulus Jobs "Success"

I'm getting sick and tired of everyone talking about how much worse shape we would be in, but for (fill in the blank: TARP, stimulus, auto bail outs...) Even if it's true, it doesn't make anyone feel better. That's what I keep thinking when Obama Administration officials sound like cheerleaders claiming victory over job creation that occurred as a result of the $787 billion stimulus...

http://www.cbsnews.com

Stimulus Jobs Check: Are They for Real?

Oct. 30, 2009 - Where are all the jobs the White House is talking about? California got $18.5 billion in stimulus money, producing more than 110,000 jobs. Illinois got nearly $6.5 billion, and turned that into more than 24,000 jobs. CBS News correspondent Ben Tracy brings us the story from California, and CBS News correspondent Dean Reynolds reports from Illinois.

At Fairfax High School in Los Angeles, classrooms and budgets are tight despite the influx of stimulus dollars.

California received $7 billion for education. The government says that created or saved 62,000 jobs. But the teacher's union says California also made $6 billion in cuts to education resulting in 20,000 jobs lost. Friday, California's governor said that number could have been much worse...

http://www.cbsnews.com

Flat incomes, weak consumer spending raise concern

MARTIN CRUTSINGER, AP Economics Writer Martin Crutsinger, Ap Economics Writer – Fri Oct 30, 4:42 pm ET

WASHINGTON – Flat incomes suggest more weakness ahead in consumer spending, reinforcing concerns about a ho-hum holiday shopping season and a sluggish economic recovery.

"This recovery is going to be very weak. Consumers are in no position or mood to spend. Their wages are down and they can't get credit," said Sung Won Sohn, an economics professor at California State University's Smith School of Business...

http://news.yahoo.com

Artificial Growth

The Obama Administration used today's GDP numbers, which reflect small growth, to proclaim the "recession" over, but is it. The administration is in danger of falling into a false sense of security.

Unemployment continues to skyrocket, foreclosures still soar, corporate revenue declines are still massive and consumer spending is way down. The crisis continues to surpass the Great Depression in the areas of foreclosures and revenue declines, among other things.

The aforementioned growth is actually the many billions in stimulus money, the government doled out that certain businesses are claiming as revenue. Therefore, said growth is not the real deal. It is artificial growth.

The government cannot sustain this form of growth by spending one to two trillion per year, as it will wreak havoc on the national deficit. Corporate America needs to start cutting back on waste and creating actual products and real services again. No more ponzi schemes, rip-offs or gouging.

With big government boost, U.S. economy grew in 3rd quarter

The U.S. economy roared to life this summer, as an array of government actions led to the strongest quarter of growth in two years.

The Commerce Department reported Thursday that the nation's gross domestic product rose at a 3.5 percent annual rate in the July-through-September quarter, the clearest evidence yet that the country has begun to emerge from the deepest downturn in decades.

But there were few signs in the new data that the private sector will be able to sustain that growth once the government pulls back, or that the rise will soon translate into an improving job market.

The unemployment rate has continued rising in recent months, to 9.8 percent in September, as businesses remained reluctant to hire...

http://www.washingtonpost.com

The British Election

Gordon Brown

The Judiciary Report is looking forward to the next British election. The Labour Party, headed by Prime Minister, Gordon Brown, has fallen afoul of the British people, due to the wars in the Middle East and the current economic crisis, much of which he inherited from former PM Tony Blair, by way of allegiance to George "W stands for Wrongway" Bush.

David Cameron

Opposition leader, David Cameron, promises a better Britain and recently outlined his vision for the nation. In an attempt to counter Cameron's platform, Brown has proclaimed his plans for Britain as well. It shall be an interesting race. May the best man win.

Sarah Brown

The Judiciary Report has conservative leanings, but nonetheless, the site bears no ill-will towards liberal, Gordon Brown and wishes all of Britain the best. May the will of the people be voted and heard in large numbers.

David Cameron and wife Samantha

Effectiveness Of Stimulus Questioned

U.S. President Barack Obama

The effectiveness of the stimulus bills by former President George W. Bush and White House incumbent, Barack Obama, is being questioned, as the numbers are not adding up and equaling growth.

Certain companies such as AIG and a few automakers needed the assistance, to save a multitude of jobs, but the government lost its way in throwing billions at banks and numerous other financial entities and business enterprises, some of which have misused the funds, not producing anything of value for the American people. Some banks, such as Northern Trust, received massive sums of money they didn't even need.

I question the logic of having done this, rather than focusing on a few U.S. corporations that anchor the American economy.

Additionally, bailout money, by law, should have been stipulated as funds that must be repaid, as corporations improved their financial outlook.

As it stands, many business recipients have no intention of repaying a dime, as they are not legally compelled to do so. Christmas came early for the corporate sector courtesy of the American taxpayer.

Obama To Address U.S. Deficit

The Obamas

According to published reports, President Barack Obama, stated he is going to address the ever increasing, U.S. deficit. There are way too many zeros in the deficit.

In light of the massive spending that has transpired in the White House and Congress over the past few months, the Judiciary Report does not fathom how that is financially feasible at this particular juncture. The laws of mathematics say it is not. Cut back on the spending.

Obama Lays Plans to Tackle Deficit

OCTOBER 20, 2009 - This has been the year of coping with the economic mess. Next year will be the year of coping with the deficit mess that follows the economic mess.

The Obama White House has come to that conclusion, and is already starting to plan how to go about tackling the job. The effort is likely to start early next year and will include plenty of direct presidential engagement, with equal parts psychology and substance...

http://online.wsj.com

U.S. Economy Still In Free Fall

Foreclosures Spike Again, Deficit Higher Than Expected, Dollar Decimated

More proof illustrating the economy is still heading in the wrong direction, due to massive spending, surfaced this week, with the news the U.S. dollar is no longer the preferred world currency reserve. Now comes word, foreclosure filings in America have spiked yet again, reaching new record highs.

The U.S. deficit also set another record this week, matching and surpassing Great Depression levels, much like the astounding foreclosure rates.

Once again, the Judiciary Report, would like to emphasize, the solution to the crisis is the government saving money, not spending it.

Deficit Hits $1.4 Trillion, Complicating Stimulus Plans

Published: October 16, 2009 - WASHINGTON — The Obama administration said Friday that the federal budget deficit for the fiscal year that just ended was $1.4 trillion, nearly a trillion dollars greater than the year before and the largest shortfall relative to the size of the economy since 1945...

The shortfall for the fiscal year 2009, which ended Sept. 30, translates to 10 percent of the economy, according to a joint statement from the Treasury secretary, Timothy F. Geithner, and the director of the Office of Management and Budget, Peter R. Orszag. For the 2008 fiscal year, the deficit of $459 billion was 3.2 percent of the economy, as measured by the gross domestic product.

Economists generally agree that annual deficits should not exceed 3 percent of the G.D.P., and that is the level President Obama had vowed to reach by the end of his first term in 2013.

But subsequent spending and tax cuts to stimulate the economy, and lower-than-expected revenues as the recession deepened before bottoming out, combined to push the administration’s deficit forecast to 4.6 percent of G.D.P. for the fiscal year 2013.

At 10 percent of the gross domestic product, the 2009 deficit is the highest since the end of World War II, when it was 21.5 percent. At that level, it already has become a bigger economic and a political issue than any time since the late 1980s...

http://www.nytimes.com

Why Obama's Housing Rescue Hasn't Prevented Record Foreclosures

Fri Oct 16, 9:53 am ET - After taking withering criticism for the Department-of-Motor-Vehicles pace of its initial efforts to keep struggling borrowers out of foreclosure, the Obama administration proudly announced last week that it had hit its goal of 500,000 trial loan modifications almost a month ahead of schedule. But with the foreclosure rate hitting a new record in the third quarter, the government's ability to put a meaningful dent in the tally of housing-crisis victims faces renewed skepticism.

Foreclosure filings were reported on 937,840 homes in the three-month period, a 23 percent jump from a year earlier, according to a report real estate firm RealtyTrac released Thursday. Home foreclosures in September, meanwhile, decreased 4 percent from August but remained 29 percent higher than a year earlier...

http://news.yahoo.com

U.S. Dollar Out As World Reserve Currency

The Decimation Of The Dollar

The U.S. dollar deteriorated again this week, as banks worldwide reportedly opted to make the Euro and the Yen their reserve currency. The Judiciary Report has been warning for the better part of the year, about the dangers of the U.S. Treasury printing up excessive sums of money and the inflationary and budgetary risks it poses.

U.S. President Barack Obama

This was a time for the government to save, not spend. A tax increase of a few percent on the rich, would have brought in more government income, to balance things out. The government is piling up too much debt with too little income to compensate for the drastic spending.

Dollar loses reserve status to yen & euro

Last Updated: 3:16 AM, October 13, 2009 - Ben Bernanke's dollar crisis went into a wider mode yesterday as the greenback was shockingly upstaged by the euro and yen, both of which can lay claim to the world title as the currency favored by central banks as their reserve currency.

Over the last three months, banks put 63 percent of their new cash into euros and yen -- not the greenbacks -- a nearly complete reversal of the dollar's onetime dominance for reserves, according to Barclays Capital. The dollar's share of new cash in the central banks was down to 37 percent -- compared with two-thirds a decade ago.

Currently, dollars account for about 62 percent of the currency reserve at central banks -- the lowest on record, said the International Monetary Fund. Bernanke could go down in economic history as the man who killed the greenback on the operating table.

After printing up trillions of new dollars and new bonds to stimulate the US economy, the Federal Reserve chief is now boxed into a corner battling two separate monsters that could devour the economy -- ravenous inflation on one hand, and a perilous recession on the other.

"He's in a crisis worse than the meltdown ever was," said Peter Schiff, president of Euro Pacific Capital. "I fear that he could be the Fed chairman who brought down the whole thing."...

Ben Bernanke's dollar crisis went into a wider mode yesterday as the greenback was shockingly upstaged by the euro and yen, both of which can lay claim to the world title as the currency favored by central banks as their reserve currency...

http://www.nypost.com

Bush's Bailout Full Of Lies

The inspector general for the Troubled Asset Relief Program stated, via his investigation, which revealed, the Treasury officers of former President George W. Bush, lied to the nation and the world, regarding the condition of the U.S. banking system, painting a "rosy picture" that was a complete lie. From 2007 to the present, the Judiciary Report insisted in numerous articles that the U.S. economy, including the banking sector was in very bad condition, despite the government's proclamations declaring the opposite in 2008. In 2006, the Judiciary Report's sister site, The Sound Off Column, began declaring there is a problem with the economy. Therefore, if this site knew from then, so did they, but they were lying to you, as Bush hoped to leave office and let the house of cards collapse on the next President. However, it began collapsing on the non-math wiz, during his last year in office, where the dire monetary mess became so visibly apparent, he was rightfully slapped with the blame for the financial fiasco that was of his own making. U.S. Lost Credibility by Saying Banks Were Healthy, Audit Says Oct. 5 (Bloomberg) -- The Treasury Department “lost credibility” when it said its first capital injections from the $700 billion financial rescue were for healthy banks, the inspector general for the Troubled Asset Relief Program said... Barofsky said that the Treasury should have been more open about potential financial problems with the biggest banks when it began the TARP a year ago. “Treasury may have created unrealistic expectations about the institutions’ condition and their ability to increase lending,” he wrote. “Treasury and the TARP program lost credibility when lending at those institutions did not in fact increase and when subsequent events -- the further assistance needed by Citigroup and Bank of America being the most significant examples -- demonstrated that at least some of those institutions were not in fact healthy.” http://www.bloomberg.com Bailout cop: Treasury fibbed to save economy Last Updated: October 5, 2009: 4:31 AM ET - WASHINGTON - A government watchdog says federal officials weren't entirely honest with the public about the health of the first 9 financial firms that got federal bailouts, according to a report released Monday. Bailout special inspector general Neil Barofsky says in an audit that Treasury Department officials painted an overly rosy picture, creating "unrealistic expectations," when they called the first bailout banks "healthy" institutions that would be able to lend more with government help. "It is not our intent to suggest that government officials should make public their concerns over the financial health of individual institutions, but rather that government officials should be particularly careful, even in a time of crisis, of describing their actions (and the rationales for such actions) in an accurate manner," the report stated... http://money.cnn.com

Privacy Invading Patriot Act Up For Renewal

The thoroughly treacherous Robert S. Mueller, Director of the FBI

Former President George W. Bush's controversial Patriot Act is up for renewal and the Judiciary Report is against it. Not only is the Patriot Act being severely abused for political and governmental gain, it undermines the U.S. Constitution.

The FBI is using the provision to mine the phone calls, emails, mail and other communications of innocent people, searching for tips in cases and to create a political advantage in others instances.

The FBI is also illegally using it to commit corporate theft on behalf of certain conglomerates, which is a really dirty, dishonorable thing to do.

However, this is Robert S. Mueller's idea of innovation - blatant, outright grand theft larceny, conspiracy and fraud - as a means to unlawfully help specific corporations, executives and the famous - spitting on every standard of decency America (government) ever stated it stood for in the world.

He should be very ashamed of that, as it is disgracing him in the world. This madness helped to destroy the U.S. economy before and it is going to do it again.

Congress needs to rein in that loose cannon or face forthcoming international embarrassment that shall never be forgotten.

Side Bar: I hope Mueller knows his name is gone in the nation and the world, as government reps in several countries are taking extra precautions when it comes to dealing with him, due to the treachery he has displayed, which was too much for many to stomach.

Battle looms on renewing provisions of Patriot Act

Group of Democrats wants to rein in powers of surveillance with new privacy safeguards.

Posted: Sunday, Sep. 20, 2009 - WASHINGTON As Congress prepares to consider extending crucial provisions of the USA Patriot Act, civil liberties groups and some Democratic lawmakers are gearing up to press for sweeping changes to surveillance laws...

"We also are aware that members of Congress may propose modifications to provide additional protection for the privacy of law abiding Americans," Weich wrote, adding that "the administration is willing to consider such ideas, provided that they do not undermine the effectiveness of these important authorities."

The first such provision allows investigators to get "roving wiretap" court orders authorizing them to follow a target who switches phone numbers or phone companies, rather than having to apply for a new warrant each time.

From 2004 to 2009, the FBI applied for such an order about 140 times, Robert Mueller, the FBI director, said at a Senate Judiciary Committee hearing last week...

From 2004 to 2009, the bureau used that authority more than 250 times, Mueller said.

The final provision set to expire is called the "lone wolf" provision. It allows the FBI to get a court order to wiretap a terrorism suspect who is not connected to any foreign terrorist group or foreign government...

http://www.charlotteobserver.com

Obama’s Consumer Protection Plans

Obama Promotes Tougher Rules To Protect Consumers

Obama addressed the nation regarding his consumer protection plans, via a new agency launched through the government.

He spoke of the impact fraud is having on the economy and his attempts at reforming trouble spots causing the nation financial turmoil.

Bernake Thinks Recession Is Over

...I Beg To Differ

Fed Head, Ben Bernake, believes the U.S. recession/depression is over. I disagree. The word "recession" is defined as, "Going back or receding - a temporary falling off of business activity during a period when such activity has been generally increasing."

Where is the increase? How can the nation be out of the "recession" when there is a massive fall off in the number of employed people. That depletion is defined as recessing, as in the word "recession."

Even more painfully, the continued downward spiral in the sheer number of foreclosures that continue to pummel many innocent homeowners, who were victims of a banking system that sorely took advantage of them, for undue financial gain. Once again, that depletion is defined as recessing, as in the word "recession."

How can the nation be out of the "recession" - yet continue to shed jobs and homes at an unprecedented rate. Economically speaking, that is abnormal behavior.

Market factors and several other indicators reveal, the nation is still in the thick of it, with more trouble to come, due to inaction on crucial issues effecting the economy.

The Cash for Clunkers program gave the economy a costly, artificial, short term boost that is already spent and over.

Real growth is much deeper and more profound than a one time, expensive project, which ironically ended up benefiting foreign carmakers, more than domestic entities.

The financial data for the nation is not pleasant, but it must be addressed, lest it create worst problems for the economy in the long run.

The massive overspending and overly ambitious initiatives, bearing costly price tags, shall not help matters either, as recoupment for those funds must come from somewhere.

The government is falling into a pattern of making premature and unsubstantiated announcements of the "recession" weakening or ending, to create spending booms on the stock market that fizzle shortly after. This is not a financially health cycle and weakening the word of the Treasury.

As it stands, the government has failed to correct many of the financial difficulties that were left behind via the juggernaut of problems and issues, former President Bush, created out of sheer ignorance and lack of fore-planning.

I can understand wanting to be optimistic, but unethically wishing a problem away, pronouncing it gone, when it is still present, is not financially sound or helpful to the nation. The problems still need to be fixed.

It is the equivalent of one's mechanic stating they have fixed your automobile, but when you turn it on, it still will not start.

Bernanke: Recession 'Likely Over'

SEPTEMBER 16, 2009 - Fed Chief Doesn't Expect Many New Jobs to Appear Soon; Retail Sales Climb 2.7%

Federal Reserve Chairman Ben Bernanke said Tuesday that the recession was "very likely over," as consumers showed some of the first tangible signs of spending again.

Mr. Bernanke, who had become cautiously more upbeat in recent weeks amid signs of third-quarter growth, said for the first time that forecasters agree "at this point that we are in a recovery."...

http://online.wsj.com

U.S. Economy Worsening Again

U.S. First Family the Obamas

The U.S. economy is worsening again. According to reports, the economy continues to lose jobs at a rapid rate and the U.S. government continues to print up too much money, which threatens the value of the dollar, creating prime conditions for inflation.

Overspending has positioned the nation to face a longer economic downturn, as there is no such thing as free money when it comes to a world government. That money has to be recouped somehow or it will create serious problems on the national balance sheet.

The United Nations is also pondering the idea of a one world currency, which I dislike. It will not solve the world's financial woes, only devalue some nations' money.

UN wants new global currency to replace dollar

Published: 6:45PM BST 07 Sep 2009 - The dollar should be replaced with a global currency, the United Nations has said, proposing the biggest overhaul of the world's monetary system since the Second World War.

Crumpled dollar bill - UN wants new global currency to replace dollar
A number of countries, including China and Russia, have suggested replacing the dollar as the world's reserve currency

In a radical report, the UN Conference on Trade and Development (UNCTAD) has said the system of currencies and capital rules which binds the world economy is not working properly, and was largely responsible for the financial and economic crises.

It added that the present system, under which the dollar acts as the world's reserve currency , should be subject to a wholesale reconsideration.

Although a number of countries, including China and Russia, have suggested replacing the dollar as the world's reserve currency, the UNCTAD report is the first time a major multinational institution has posited such a suggestion...

http://www.telegraph.co.uk

Obama's Economy

The Wall Street Journal published a video, going over some of the talking points of the economic crisis, such as the role former President Bush played in creating it and the part President Obama currently holds.

The Journal expressed something I've asserted as well. The fact President Obama inherited an economy in severe decline, does not mean history will exempt him for blame, if he fails to curb its descent, by reining in spending.

As I've stated before, increased spending poses a threat to Obama's legacy, if his plans do not pan out. Reformation in the form of cost cuts, wherever they can be made, is critical to national recovery.

Dick Cheney v. George W. Bush

President Obama to VP Biden at the White House: Is that Dick Cheney trying to hop the fence again?

According to reports, former U.S. Vice President, Dick Cheney, is not happy with former President, George W. Bush, regarding his bitterness at the end result of the advice the once second in command gave during his tenure.

The Bush name is now in tatters, with many all over the nation and the world calling for his head, due to terrible choices made with the war in Iraq and economic matters, that plunged the world into a recession-turned-depression.

Dick Cheney

Due to the statute of limitations and the current President, Barack Obama, taking office and distancing himself from the former administration's misconduct, releasing documents previously hidden, so as not to tarnish his own name and legacy, in being wrongfully blamed for Bush and co.'s past missteps and crimes, Cheney's secrets are slipping out into the public domain, much to his anger.

Cheney is writing his memoirs, which gives him an opportunity to unleash his displeasure with current developments unmasking him.

Cheney Uncloaks His Frustration With Bush

'Statute of Limitations Has Expired' on Many Secrets, Former Vice President Says

Thursday, August 13, 2009 - In his first few months after stepping down, former vice president Richard B. Cheney threw himself into public combat against the "far left" agenda of the new commander in chief. More private reflections, as his memoir takes shape in slashing longhand on legal pads, have opened a second front against Cheney's White House partner of eight years, George W. Bush.

Cheney's disappointment with the former president surfaced recently in one of the informal conversations he is holding to discuss the book with authors, diplomats, policy experts and past colleagues. By habit, he listens more than he talks, but Cheney broke form when asked about his regrets.

"In the second term, he felt Bush was moving away from him," said a participant in the recent gathering, describing Cheney's reply. "He said Bush was shackled by the public reaction and the criticism he took. Bush was more malleable to that. The implication was that Bush had gone soft on him, or rather Bush had hardened against Cheney's advice. He'd showed an independence that Cheney didn't see coming. It was clear that Cheney's doctrine was cast-iron strength at all times -- never apologize, never explain -- and Bush moved toward the conciliatory."...

http://www.washingtonpost.com

Obama Encouraged By Jobs Report

No, Not Steve Jobs...The National Jobs Report

Today, U.S. President Barack Obama, holding a press conference at the White House, in Washington, D.C., expressed that he is heartened by the national jobs report, which reflected a decline in layoffs, for the month of July 2009, during the current economic crisis.

While the President did emphasize America is not out of the woods yet, he was nonetheless happy with the latest report.

Obama Approval Ratings Fall To 50 Percent

According to a Quinnipiac poll, President Barack Obama's approval ratings have fallen to 50 percent. Once again, it is the risky government spending driving the nervousness.

Respectfully, Obama, this is a time for the government to save in most sectors, not spend. Time to put the brakes on the national spending for a while.

Banks Still Not Helping Homeowners

The Economic Numbers Confirm It

As I have stated for months, banks are not doing enough to help distressed homeowners and it is driving up the foreclosure rate in America to record highs.

Government data released yesterday, affirms what I have been writing for months regarding the aforementioned matter, as it has been revealed this week, via national figures, only 9% of eligible homeowners have been helped by the billions in bank bailouts, funded by U.S. taxpayer money, which is a disgrace.

Banks are holding on to the money, investing it in other endeavors and not helping the American people, whose homes are at stake. Hence the higher foreclosure rates.

Had the banks held up their end of the bargain, in accepting enormous sums of taxpayer money and actually used it for what the funds where earmarked for, the economy would have experienced a better quarter.

As I have also stated for months, the government cannot play nice with a lot of these banks, as they do not understand that sort of language and conduct, interpreting it as weakness.

We see the end result of that this week, as the numbers confirm, banks have been audaciously hording taxpayer money. It is the equivalent of one's car breaking down, sending an assistant to buy a container of gas, they return with the gas purchased with your money and state, "I'm only going to give you 9% of the gas in this full container, bought with your money. It really won't get you very far, but that's your problem."

Side Bar: If I were head of state anywhere in this world and had to deal with an unruly banking sector, when I called them together in the aforementioned meeting Obama convened a few months ago, I would have let them talk their butts off then simply stated, "Thank you for coming here today. Let's cut to the chase. If I don't see a massive drop in fraud, a sizeable reduction in unjustifiable bonuses and more legitimate consumer loan modifications of a fair and sustainable nature, I'm going to start locking your employees up and I cannot guarantee it won't reach your personal executive office."

Then, I would offer them some coffee, as business people like that after they've been given soul shaking news. It aids in calming their nerves and temporarily helps them not to think about the human lion that's about to figuratively maul them, if they run amok at the taxpayers' expense (grin).

RELATED ARTICLES

The State Of The U.S. Housing Market

Obama Considering Homeowner Rental Plan

Obama To Address Foreclosures

U.S. Effort Aids Only 9% of Eligible Homeowners

Published: August 4, 2009 - WASHINGTON — The Treasury Department said on Tuesday that only a small number of homeowners — 235,247, or 9 percent of those eligible — had been helped by the latest government program created to modify home loans and prevent foreclosures.

A report released by Treasury officials identified lenders who had made slow progress in offering more affordable mortgages, naming Bank of America and Wells Fargo as among those failing to reach large numbers of eligible borrowers.

While 15 percent of eligible homeowners have been offered help through the mortgage modification program, the low rate of actual mortgage reductions has frustrated administration officials.

Michael S. Barr, the assistant secretary for financial institutions, said in a news conference that there were “significant variations” in performance and that some institutions had made “an infinitesimally small amount” of progress.

“I think it’s safe to say we’re disappointed in the performance of some of the servicers,” Mr. Barr said. “We expect them to do more.”

The release of data showing the progress of individual institutions is part of a Treasury effort to push banks to modify loans faster.

Under the $75 billion program, homeowners whose monthly mortgage payments are more than 31 percent of their gross income are eligible for modified loans, with interest rates as low as 2 percent.

Bank of America has modified only 4 percent of the eligible mortgages, and Wells Fargo has modified 6 percent.

Citimortgage, a unit of Citigroup, fared better at 15 percent, while JPMorgan Chase was among the most successful, modifying loans for 20 percent of eligible borrowers. All four institutions received federal bailout money...

http://www.nytimes.com

Stocks Slide on Worse-Than-Expected Jobs Report

On Wednesday the focus was on a report showing that the number of private-sector jobs fell by 371,000 in July, according to payroll company Automatic Data Processing and Macroeconomic Advisers. That was slightly worse than analysts were expecting and indicated that employers continue to slash jobs, though at a lower rate than earlier this year.

The data "suggest the unemployment rate continues to rocket and household cash flows continue to fall. Not a great outlook for spending, we'd say," said Ian Shepherdson, an economist for High Frequency Economics.

http://www.washingtonpost.com

Obama's Economic Numbers

President Barack Obama

President Barack Obama, seeks to extend jobless benefits, during the current economic crisis and is also mulling future tax increases.

I think at this point, it is inevitable that taxes need to be raised on the rich. America is so heavily in debt, there really is no other way to pay for it. Raising taxes is a common practice in nations all over the world, when a country becomes too debt laden.

The government needs to return to sensible financial practices, abandoning the illogical, nonsensical madness of the George W. Bush years, which he hid until he could flee office. Since his departure, a wave of data has surfaced, illustrating the 2008 financial crisis was far worse than people imagined.

George W. Bush based too much of America's financial plan on criminal activity, such as an illegal war to steal oil in Iraq, not banking on the fact it could all go awry, which is did.

He further wrongfully believed, allowing criminals like Madoff, Stanford and several dozen other fraudsters, to continue their highly dangerous financial escapades, rather than safely investing citizens' money, was the way to go.

Such unsound financial practices never worked anywhere in this world and it damaged the good America already had going for it, where upstanding companies were unfairly made to shoulder terrible losses, courtesy of a handful of useless corporate entities robbing people.

To honestly make money, one must use clean capital, make products and or render services that actually suit public interests, spurring creativity, production, job growth and well earned interest. Not unlawfully take other people's assets and hope no one finds out and justice eludes you.

Obama officials eye more jobless aid, weigh taxes

Sun Aug 2, 2009 5:36pm EDT - WASHINGTON (Reuters) - Top U.S. officials said on Sunday it may be necessary to extend jobless benefits to firm up an economic recovery unlikely to create jobs until next year and declined to rule out future tax increases to tame massive budget deficits.

Although output in the U.S. economy will begin to turn positive in the second half of this year, job growth will take longer, U.S. President Barack Obama's top economic officials told Sunday morning talk shows.

"Historically, increased hiring typically lags increases in output, so it's going to take time before you see it ... in the employment statistics," White House economic adviser Lawrence Summers told NBC's "Meet the Press."

The New York Times reported on Sunday that up to 1.5 million Americans will exhaust their unemployment benefits in coming months, pushing more into home foreclosures and destitution...

http://www.reuters.com

The price of U.S. recession is paid in jobs

Mon Aug 3, 2009 12:28pm EDT - WASHINGTON (Reuters) - Long after President Barack Obama's first term ends in 2013, millions of U.S. families will still be paying the price for the recession.

From auto workers in Detroit too old for retraining, to Hispanic migrants in Arizona with no homes to build, to new college graduates competing with experienced workers for scarce jobs, more and more people are facing long-lasting unemployment.

Since the recession began in December 2007, the jobless rate has climbed 4.6 percentage points to 9.5 percent, the biggest jump since the Great Depression. Worse, the mean duration of unemployment is now almost 6 months, the highest on record.

http://www.reuters.com

U.S. GDP Estimates

Video: Market Update 7/31/09: GDP Contracts 1% - Forbes

Many outlets are interpreting the latest financial data for the U.S. economy differently, but one thing is certain, the nation still sits in a serious financial rut that over-spending shall only exacerbate.

Obama's healthcare bill received a lot of press this week, but I am not convinced of its effectiveness, due to the fact, there are over 300,000,000 people in America and to provide healthcare for everyone, will accumulate a significant amount of debt that will not be offset, in the manner in which the initiative is being undertaken.

However, as they are responsible for the nation, it is the administration's prerogative to try, but this measure will break the bank in its current form.