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Organizing for America: Obama makes his budget appeal directly to the public
Obama: A New Foundation for Growth ... and 'Knock on Some Doors this Saturday'
On Mar. 18, 2009, President Obama issued a YouTube video, entitled "A New Foundation for Growth" to encourage his supporters to go "block by block" and to "knock on some doors this Saturday" to promote his economic plan and promote the passage of his newly proposed federal budget. Obama needs Congress, but it's proof he needs Americans to apply pressure on Congress to pass his new budget. Obama said his budget is designed to put money back into the pockets of middle class Americans. "We must rebuild our economy on a foundation that lasts," he said, adding that his budget invests in "an affordable college education for anyone who wants to go." He also said that the budget invests in renewable energy and will provide "millions of jobs that can't be outsourced." For Obama's four-minute video, Click Here>
Fed Chairman Sees Recession End in Sight
On Mar. 15, 2009, Jeffry Bartash of Marketwatch.com wrote: "The chairman of the Federal Reserve said in a rare interview televised Sunday that the U.S. recession will come to an end 'probably this year,' but he also warned that the nation's 8.1% unemployment rate will continue to rise. Appearing on the CBS network's '60 Minutes,' Fed Chairman Ben Bernanke told correspondent Scott Pelley that concerted efforts by the government likely averted a depression similar to the 1930s. He also said the nation's largest banks are solvent and that he doesn't expect any of them to fail." | For the whole story, Click Here>
Beware of Stimulus Scams
On Mar. 12, 2009, Money Magazine's Walter Updegrave cautioned citizens about the many financial scams that are circulating, such as having to pay money to receive federal stimulus money. Writes this money expert: "You likely have money coming to you from the stimulus bill, but you won't need to pay someone to get it." For example, by the end of May 2009, Social Security's one-time economic recovery payment of $250 will be made to those seniors who qualify. For details from Social Security, Click Here> | For the whole story posted on CNNmoney.com, Click Here>
FDIC's Bair Talks about Bank Failures
On Mar. 8, 2009, Sheila Bair, chairman of the FDIC, spoke to CBS's "60 Minutes" about the past and present situation with America's banks. NoQuarterUSA.net posted the video of that interview with Bair along with commentary and quotes. | For the complete blog by SusanUnPC, Click Here>
Obama Plans Major Changes in Spending
On Feb. 26, 2009, Jackie Calmes and Robert Pear of The New York Times wrote: "President Obama’s new budget blueprint estimates a stunning deficit of $1.75 trillion for the current fiscal year, which began five months ago, then lays out a wrenching change of course as he seeks to finance his own priorities while stanching the flow of red ink. By redirecting enormous streams of deficit spending toward programs like health care, education and energy, and paying for some of it through taxes on the rich, pollution surcharges, and cuts in such inviolable programs as farm subsidies, the $3.55 trillion spending plan Mr. Obama is undertaking signals a radical change of course that Congress has yet to endorse." | For the complete story, visit nytimes.com or Click Here>
Mortgage Applications Dip as Rates Rise
On Feb. 25, 2009, CNNmoney.com reported that the Mortgage Bankers Association reported there has been "a sharp drop in demand for refinancing has fallen as mortgage rates ticked higher." | For the Reuters written story, Click Here>
OBAMA ROLLS LAST NIGHT: Pres. Obama's first address to joint session of Congress * Photo: whitehouse.gov
Asheville Calls for Local Federal Recovery Project Proposals, Obama Calls for America to 'Rebuild'
On Feb. 24, 2009, President Barack Obama gave his first address to a joint session of Congress. He exhorted America to rebuild, re-energize and educate itself, Click Here> | EARLIER IN THE MONTH, THE CITY OF ASHEVILLE REQUESTED PROPOSALS from local organizations and agencies so it can present a community portfolio of projects to be considered for funds available through the American Recovery and Reinvestment Act of 2009. The local project portfolio will be available for public review. It will also be made available to state or federal agencies. The purpose: to demonstrate the community’s capacity to effectively use recovery funds. For details about how to submit a proposal, Click Here>
Some Homeowners Livid about Mortgage Bailout Plan
On Feb. 23, 2009, Jason Hidalgo of the Reno Gazette-Journal reported that some homeowners decried Pres. Obama's $75 billion plan to rescue those in danger of foreclosure. One homeowner said, "They're rewarding people who are living in homes they shouldn't be living in. ... All I want is the same rate that these people are going to get when they fall behind and their loans get modified." | For the complete report at RGJ.com, Click Here>
New Ideas for Helping Homeowners in Debt
On Feb. 22, 2009, Edmund Andrews and Louis Uchitelle of The New York Times.com wrote: "Washington is being forced to explore new ideas, among them the idea of a federal mortgage guarantee for troubled borrowers. And policy makers are listening to proposals from industry and community groups to use government funds to purchase and refinance billions of dollars in mortgages now in danger of default." | For the complete article posted on NYTimes.com, Click Here>
Housing Rescue Plan Called Unfair by Some
On Feb. 21, CapeCodTimes.com posted an AP report that explored why some struggling American homeowners are calling Pres. Obama's latest plan to help those who are falling behind on their mortgage payments unfair. While critics say "the Obama administration's latest housing rescue rewards people who bought homes they couldn't afford. Others counter that the taxpayer-financed plan will slow spiraling home prices and avert a deeper economic decline." | For the complete story, Click Here>
Analyzing the Homeowners' Rescue Plan
On Feb. 20, 2009, Eileen Appelbaum wrote in The American Prospect: "Of the 52 million U.S. homeowners with a mortgage, more than a quarter -- nearly 14 million -- are underwater. They owe more on their mortgage than their home is worth. The Homeowner Affordability and Stability Plan, announced by President Barack Obama on Feb. 18 is intended to help some of these families stay in their home." She went on to explain that although it's a mixed bag, the move is in the right direction. | For the complete commentary, Click Here>
Seed Sales Increase, More Vegetable Gardens
On Feb. 20, 2009, Bruce Horovitz of USA Today wrote that as the recession grows, so has the interest in Americans growing vegetable gardens: "the number of homes growing vegetables will jump more than 40% this year compared with just two years ago, projects the National Gardening Association, a non-profit organization for gardening education." | For the complete story, Click Here>
Some Say the Mortgage Rescue Plan is $275 Billion
On Feb. 19, AFP, a newswire, reported that in addition to Pres. Obama's announced $75 billion plan to help homeowners in trouble of losing their homes, "the government will also put up an additional 200 billion dollars to bolster efforts by federal lenders Freddie Mac and Fannie Mae to offer affordable mortgages and bring stability to the housing market." | For the complete AFP report, Click Here>
Is Obama's Mortgage Rescue Plan Fair?
On Feb. 19, Stephanie Armour of USA Today posted a report that stated all homeowners are not pleased with the effort to limit the number of foreclosures, and "they worry that the plan amounts to a handout to homeowners who stretched to afford more than they could, and that it isn't fair to mortgage holders who make payments on time." | For the complete USAToday.com article, Click Here>
Obama Housing Rescue Plan Pushes Refinancing
On Feb. 18, 2009, Reuters reported that a key element of Pres. Obama's newly announced aid to homeowners in trouble includes the enabling of refinancing for four to five million mortgage for those who have been "responsible." | For the complete report, Click Here>
Obama Throws $75 Billion Lifeline to Homeowners
On Feb. 18, 2009, Mark Smith and Alan Zibel of AP reported that Pres. Obama threw a $75 billion lifeline to prevent up to nine million American homeowners from falling into foreclosure and to stabilize the housing market. | For the complete article posted on Yahoo.com, Click Here>
H.R. 1: $787 Billion Stimulus Package
Obama Signs $787 Billion Stimulus into Law
On Feb. 17, 2008, President Obama signed the stimulus packae into law after he toured a solar panel installation project at the Denver Museum of Nature and Science. His intent was to highlight the importance of America investing in 'green' technology. Robert Schroeder of MarketWatch.com wrote: "President Barack Obama signed the sprawling $787 billion economic stimulus package into law on Tuesday, saying it will help the struggling U.S. economy but warning that the recovery process will be challenging. 'Today does not mark the end of our economic troubles,' Obama said before signing the bill in Denver, Colo. 'Nor does it constitute all of what we must do to turn our economy around.' But, said Obama 'it does mark the beginning of the end' of what the U.S. needs to do to create jobs, provide relief to families and pave the way for long-term growth." | For the complete article, Click Here>
White House Launches Recovery.gov
On Feb. 17, 2009, follow the money in the American Recovery and Reinvestment Act on recovery.gov, an official website launched by the Obama adminstration that went live today. Later today in Denver, CO, President Obama will sign the $787 billion dollar stimulus plan into law, and all taxpayers can track online how their money is being spent. In a nutshell, the economic stimulus program is sliced and diced eight major ways: (1) tax relief, $288 billion (2) state and local fiscal relief, $144 billion (3) infrastructure and science, $111 billion (4) protecting the vulnerable, $81 billion (5) health care, $59 billion (6) education and training, $53 billion (7) energy, $43 billion (8) other, $8 billion. The website promises "The American Recovery and Reinvestment Act will be carried out with full transparency and accountability -- and Recovery.gov is the centerpiece of that effort." Included is a one-minute video of President Obama explaining the act, which ends with his encouraging words to "come back often." | To witness where the billions are supposed to flow-- with federal agencies said to begin reporting by March 3, 2009, according to a detailed timeline -- visit recovery.gov or Click Here>
FOR PREVIOUS NEWS ABOUT THE FEDERAL STIMULUS PLAN, Click Here>
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