Wall Street drops 400 points when they realize Obama isn't providing an easy out

Paul Krugman gives some possible insight into the new bailout plan announced by Treasury Secretary Tim Geithner:

"So what is the plan? I really don’t know, at least based on what we’ve seen today. But maybe, maybe, it’s a Trojan horse that smuggles the right policy into place."

Obama adds a little more clarity and context, as usual (this is an excerpt from ABC Nightline to air tonight):

TERRY MORAN: So, Treasury Secretary Geithner today has laid out the plan for the banks, and judging by the reaction in the markets Wall Street really doesn't like it.

PRESIDENT OBAMA: [LAUGHS] Well, you know, Wall Street I think is hoping for an easy out on this thing and there is no easy out. Essentially what you've got are a set a banks that have not been as transparent as we need to be in terms of what their books look like.

It's obvious Geithner lacks the charisma of Obama, so the roll out today was awkward. In the coming days it will be clearer. In the meanwhile we just need to have a little faith in the administration. We have to unlearn what we were taught for 8 years.

Weekly President YouTube

Obama on attack to prevent swift-boating of recovery plan

Obama took advantage of the Democratic Party speech to add some heat to his argument for the bailout/stimulus/recovery/holyshit package. He gave this speech last night, which was technically meant for the Democratic caucus, but he decided to open it up for the media. It's part of the change in rhetoric Obama has taken to regain control of the conversation about the package, which has been dominated by GOP naysayers while the President spent time reaching out.

It seems like a smart tactic as the GOPs picking out of the bill which can be easily mocked as pork, even if there is some rationale behind it once you understand them. The GOP strategy has been eroding public confidence in Obama's plan, I think particularly with less informed voters who are all ready cynical after 8 years of spin.

Glad to see Obama not taking it on the chin.

President Obama on Economic Recovery

Utah is saved! Bush Drilling Leases Scrapped.

Hooray for Obama.  Hooray for us.

Interior Secretary Ken Salazar on Wednesday canceled leases to drill for gas and oil on 77 parcels of public land in Utah.

The leases, which cover more than 100,000 acres, including lands near Arches and Canyonlands National Parks, were auctioned in the last weeks of the Bush administration. They were among 11th-hour actions taken by the Bush Interior Department that have been criticized by environmental groups and are being reviewed by Obama officials.

In a news conference, Mr. Salazar said that after a review of the leases he concluded that the Bush administration had “rushed ahead to sell oil and gas leases at the doorstep of some of our greatest national icons, some of our nation’s most treasured landscapes” without proper scientific review or consultation.

READ ON...

Extraordinary...

"I made a mistake. I campaigned on change in Washington, bottom-up politics, and I don't want to send a message to the American people that there are two sets of standards, one for powerful people and one for ordinary folks who are working everyday and paying taxes."

– Barack Obama on the Daschle Problem

A GOOD SIGN: Obama reads to children in classroom... no planes slam into buildings.

Today somewhere in Obamerica.... I think the book is titled "Why Paying Your Taxes Is A Good Thing Becuase You Won't Embarrass Your Goddamn President and Don't You Know How Much Fucking Pressure I Am Under??!?!???"

Daschle Blows It... but what will this mean for Health Care?

Daschle really blew it. Because he didn't tell Obama's people about his tax problems when first approached months ago, he not only set Obama back, but also seriously puts the push for Universal Health Care in question. If he was "The Man" for the job, who can step up? Daschle was a major adviser to Obama during the campaign, so his loss may be a dramatic set back for Obama, who needs all hands on deck to push this critical health care agenda forward.

"I realized I can't pass Health Care if I am too much of a distraction," Daschle says.

I'm paying 1200 a month for some basic family insurance! America can't wait until you people get your acts together.

Does Obama have the political balls to nationalize the banks?

During the campaign, Sarah Palin scared legions of low-information voters with red baiting. The ominous words "Experimenting with Socialism" triggers mental images of Soviet style Communism, even in the minds of those who know better.

In reality, we do have some socialist practices right here in the States... Social Security, for example. Unfortunately years of cold-war propaganda programming may be shooting us in the foot. In essence, if John Wayne may have fought in a movie, it is out... WAY OUT. And it may just be required to do this stimulus right.

We have been seeing plenty about the banks lately we don't like. They don't seem to be able to keep themselves out of hot water, and every day it's keeps simmering, presenting the nation more examples of outrageous spending and poor judgement. Many voices, including Paul Krugman in his latest op-ed are screaming for nationalization of the banks for a limited amount of time.

And yet... Obama and his brain trust seems determined to avoid this. But why? Is it because it's the wrong thing to do, or because it's politically risky? Is he afraid the GOP will gain further traction by slamming nationalization as "experimenting with Socialism?"

Perhaps it is politically disasterous, but I agree with blogger Bob Cesca when he states "Nationalizing the banks would be an enormous political risk. However, if it's going to be done anyway, sooner is way, way, way better than later."

In reality, the more this debate goes on, the more the GOP will be able to spin it as socialist or unrestrained spending, and the stimulus will continue to get watered down. I hope Obama will get this under control and push it through soon, and have the political balls to do what he has to. He didn't ask for this when he ran, but the economy may be the make or break for his first year, if not his Presidency.

Interesting Obama Interview

This has some light moments, including a fairly accurate prediction of the outcome of the Superbowl, but also has some interesting observations on the economy and the Congressional back and forth on the bailout package. It's also strikingly odd how casual the interview is. He doesn't seem to be taking that "Presidential" posture you'd expect.

Visit msnbc.com for Breaking News, World News, and News about the Economy

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Weekly President YouTube

After billions of dollars in concessions to the GOP... a party line vote.

It still passed, yet not a single Republican voted for it.

Redonkulous.

Can we tell them to fuck off now? I hope Obama gets a shot at strengthening the package back to full strength before it gets signed into law, cause I don't buy that this watered-down bill would do jack.

OKAY.... I'm calming down...

Here is a great link to sooth my worry: "Obama Versus the Republicans: Chill Out, He's Got This" by Bob Cesca.

Here's a thought, Mr. President

Hey Mr. President... hell of a nice thing you did today, making nice with the GOP and all. Real bipartisan. Love that whole concept. It's clear you are trying.

That said, you'll have a better chance at getting North Korea to negotiate in earnest than getting these people to play ball. I realize that the GOP feels "out of the loop" in forming this package and all, but hey... they LOST. Since they obviously have no ideas besides "cut more taxes", and had just completed failed years of iron-fist rule, perhaps it's time for them to SIT-DOWN. Or be told to sit down. By you, the President.

The GOP with NEVER EVER want you to create a NEW New Deal, because they have spent the last 60 years trying to tear down the OLD Old Deal. They mean well, I'm sure. They are just unable to come up with anything new except contradict themselves, site reports that do not exist, or stonewall.

You must know this. You have clearly proven yourself a great strategist. I trust you on this. Most of the country does. As you can see by the image above, millions of people think you are the best thing since kittens and rainbows.

Now go get that thing passed, Mr. President. I'd love a real bipartisan moment too, but I don't think it's possible, and time is short. Despite some jugheads saying you can take your time on this, we may not have any jobs left next week.

But you know this all ready. You live in the real world, at least up until a week ago. But it's still here, and we're bleeding cash, but we believe in you.

Your friend in Democracy,
Jay

Oba-MAD

LOL

Conservative old guy, supposedly smart, appears to support Obama plan.

I don't read long articles — I'll wait for the movie thank you very much — but people I know do, and someone recently posted this on facebook. The guy that posted it seems smart, so I'll go with it. Here are some excerpts:

More to It Than Meets the Eye
The hidden coherence of Obama's recovery plan.
by Irwin M. Stelzer

"It grieves me to say so, but President Obama's conservative critics just don't get it. The new president has put forward a plan for economic recovery that is more coherent than they are willing to admit. Start with the stimulus package of some $825 billion. A lot of money, more even than George W. Bush's $700 billion Troubled Asset Relief Program, but not much more as money is counted these days, especially as Obama's will be spent over two or three years. Critics complain that stimulus spending will add to the swollen federal debt. True: President Bush did leave his successor a $1.2 trillion annual deficit. To which Obama will add about $400 billion per year. Query: What empirical evidence is there that deficits of $1.6 trillion are more harmful during a period of economic recession than deficits."

Read the whole thing... if your into that kind of time-sucking investment. I need to update my facebook status to "Jay is posting old guy economic crap."

Krugman's advice to Obama on opponents of stimulus package: Fuck 'em.

From the Huffington Post

Krugman: Obama Should Ignore "Huffing And Puffing" Stimulus Opponents

Economist Paul Krugman has been somewhat critical of President Obama's stimulus plan. But today in the New York Times he defends the proposal:

"As the debate over President Obama's economic stimulus plan gets under way, one thing is certain: many of the plan's opponents aren't arguing in good faith. Conservatives really, really don't want to see a second New Deal, and they certainly don't want to see government activism vindicated. So they are reaching for any stick they can find with which to beat proposals for increased government spending."

Krugman goes on to debunk some of the arguments against the plan -- particularly the idea that tax cuts are inherently superior to new spending. But, he concludes, the critics don't matter much: "Most Americans aren't listening. The most encouraging thing I've heard lately is Mr. Obama's reported response to Republican objections to a spending-oriented economic plan: "I won." Indeed he did -- and he should disregard the huffing and puffing of those who lost."

READ THE WHOLE COLUMN

On Environment: Ahhhnold and Obama and now officially BFFs

The New York TImes reports President Obama will direct federal regulators on Monday to move swiftly on an application by California and 13 other states to set strict automobile emission and fuel efficiency standards, two administration officials said Sunday evening.

You may remember last year that the Governator wanted to set higher standards for California, but the W Administration shot it down, but it appears that is yet another Bush reversal we can be thankful for. And Schwarzenegger, a Republican, continues to lead the country in environmental action. I hope he runs for Senate when his final term is up.

GOP big shots looking out for themselves, blocking Obama, and putting the country LAST.

For the past 8 years, the Republican Party got just about everything they ever wanted — and now are desperately trying to avoid taking the blame for it. Diplomatic, economic, and ethical disasters should fall soundly on those who caused them — yet rather than reform their party, they continue to turn to the same old "look out for Number One" agenda.

Here is the recap and related links to all things firmly rooted in the NOT HELPFUL category. Clockwise from the top left...

1. House Minority Leader John Boehner and other Republican leaders are attacking the stimulus package with while promoting their own version featuring their favorite fix all — tax-cuts. Maybe further stock market deregulation would help to!

Do these people still believe they have ANY expertise at fixing the economy? — READ AT Huffington Post.

2. Ken Blackwell, former Ohio Secretary of State (The one who helped Karl Rove steal the 2004 election results in Ohio) bluntly stated that conservatives should vote against the stimulus package, because the plans success would mean more people vote Democrat, thus making it harder for Republicans to retake the White House. — READ at Think Progress.

3. Rush Limbaugh decides to put country last and oppose the stimulus plan out of fear it's success will prevent GOP wins in future elections. — READ AT Think Progress.

4. Karl Rove, unable to admit defeat, takes his magical misery tour to a Miami university lecture hall and tells attendees that Obama won't be able to close Gitmo. But at least he did wish Obama success. — READ AT the Miami Hurricane website

5. John McCain, along with the other GOP leadership, has threatened to vote against it unless major changes are made (like adding those tax cuts the GOP loves). This is probably because the fundamentals of the economy are STILL strong. Senator I thought you were better than this... then I remember your presidential campaign. — READ AT Huffington Post.

6. Kathie Olsen,once at the forefront of Bush's systematic denial of the human causes of global warming, has "borrowed-in" to a protected job within the Obama government. And Obama may not be able to do much about it. Many such former Bushies have done so in recent weeks, but she is one of the more higher profile cases. — READ AT talkingpointsmemo.com.

Obama's Weely Message Topic: Stimulus Package

Transcript is here. You can read the stimulus plan here (and summaries).

The GOP response is here. I note some intentional inaccuracies, but read for yourself.

The website on the stimulus Obama speaks of is here. http://www.recovery.gov/. I'm loving this. He knows how to work the web.