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DOTS DAILY ...
Connecting the Dots that Affect Americans Daily ...
$15 Per Glass Lemonade?
On March 9, 2009, one of FinancialWellnessForum.com's regular contributors, Pat Richards, forwarded a timely Calvin & Hobbes cartoon strip that gives a quick lesson on the financial state of affairs in the U.S. today. You've got to laugh otherwise you'll cry. 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>
For reactions to Pres. Obama's $75 billion mortgage bailout, Click Here>
Earlier in February...
Congress Nears Passage of $789 Billion Stimulus Plan
On Feb. 12, Brian Faler and Ryan J. Donmoyer of Bloomberg.com posted their fourth update of America's largest spending proposal to date. Faler and Donmoyer write: "The agreement was a product of intense negotiations... . Democrats who control the House and Senate had stressed that they wanted to hammer out an agreement before a week-long congressional recess starts on Presidents Day, Feb. 16. Obama also spent much of this week urging lawmakers to quickly send him a bill." For the complete update, Click Here>
Stimulus Deal Reached: $789
On Feb. 11, 2009, David Espo of the HuffingtonPost.com wrote: "Moving with lightning speed, the Democratic-controlled Congress and White House agreed Wednesday on a compromise $790 billion economic stimulus bill designed to create millions of jobs in a nation reeling from recession. President Barack Obama could sign the measure within days." For Espo's complete story, Click Here>
The Stimulus Bills: House vs. Senate
On Feb. 10, 2009, Michael Grabell of ProPublica.org, wrote: "...Before the package can go to President Obama’s desk, the Senate will have to resolve differences with the House and its $819 billion version. Most predict a bruising battle that won’t wrap up until week’s end, in part because of fiery differences over tax cuts and spending on food stamps and education, a critical issue for Democrats who control the House." For the long laundry list of similarities and differences between the House and Senate versions of H.R. 1, Click Here>
Senate Passes $838 Billion Stimulus Bill
On Feb. 10, 2009, by a roll call vote of 61 to 36 in the U.S. Senate, the $838 billion federal stimulus bill advanced one step closer to being signed into law by President Obama. The Senate vote fell along partisan lines. All 36 who voted against the measure were Republicans. Only three Republicans Senators (Susan Collins and Olympia Snowe of Maine and Arlen Specter of Pennsylvania) voted in favor of the bill, known as the American Recovery and Reinvestment Act of 2009. All Democrats voted for the bill, including Sen. Ted Kennedy. The final count was one vote more than needed to pass. The Senate version of H.R. 1 must now go back to the House to resolve differences. Writes Byron Belzak of MediaBear, "The involved taxpayer will find the Library of Congress' text of the Senate debate of H.R. 1 fascinating. Also, its summary details who will benefit from this massive spending and tax cut proposal, and who won't. For example, the bill prohibits the funding of casinos, aquariums, zoos, golf courses, and swimming pools. Fun is out -- at least for now." For the text as posted by The Library of Congress, Click Here>
Senators Work Towards Final Vote on Stimulus Bill
On Feb. 9, 2009, as President Obama took his message and sense of urgency for the passage of an $800 billion federal stimulus plan directly to the people of Elkhart, Indiana, one of America's hardest-hit cities, U.S. Senators were, reported Robert Schroeder of MarketWatch, "heading toward a 5:30 p.m. vote to cut off debate on the measure, a procedural step that would clear the way for a final vote. Democrats are confident they can take a vote as early as Tuesday on the revamped package of tax cuts and infrastructure spending." For the complete story, Click Here>
Where Will Stimulus Bring Jobs?
On Feb. 9, 2009, Andrea Coombes of the Wall Street Journal writes: "From upgrading the electricity grid to rebuilding bridges to computerizing medical records, there are plenty of ways the economic-stimulus bill aims to prop up the economy -- and create millions of jobs. But what kinds of jobs -- and who will qualify for them? For the timely article, Click Here>
Tough Math Ahead for Obama, Stimulus Plan
On Feb. 8, 2009, John Hendren of ABC News writes: "President Obama returned from his first getaway to Camp David on Sunday to face an urgent priority: pressuring Congress to avert a stimulus stalemate. The president prepares to cross country to speak in support of bill. The Senate is poised to pass a compromise $827 billion version as soon as Tuesday. The legislation would have to be reconciled with the very different $819 billion version already approved by the House. Some economists question whether either is enough." For the complete report, Click Here>
Lawmakers Tentatively Agree to Stimulus Bill
On Feb. 7, 2009, Senators continued to debate the mega-billiion federal stimulus package today and appear to have reached a tentative agreement as they recessed at 3 p.m. They are set to return on Monday and hammer out final details. "Senators had trimmed the plan to $780 billion in tax cuts and spending on infrastructure, housing and other programs that would create or save jobs," reported CNNmoney.com. For this updated report, Click Here>
Governors Send Letter to Obama about Stimulus Proposal
On Feb. 6, 2009, David Vock of Stateline.org reported: "Four Republican governors joined 14 of their Democratic peers in a letter to President Barack Obama supporting the package. 'As stewards of the economies of our respective states and regions, we urge the Congress to reach prompt resolution of all outstanding differences and for you to sign the bill when it reaches your desk,' the governors told Obama." For the complete story, Click Here>
Big Rally on Wall Street
On Feb. 6, 2009, anticipation on Wall Street was running high. Hopes that Congress would approve the newly proposed $800+ billion federal stimulus package sent stocks higher. For this CNNmoney.com report, Click Here>
Obama Calls Delays on Stimulus Bill 'Inexcusable and Irresponsible'
On Feb. 6, 2009, President Barack Obama pushed back hard against critics and naysayers on Capitol Hill who would torpedo his stimulus package. “This is not some abstract debate," said Obama. "It is an urgent and growing crisis that can only be fully understood through the unseen stories that lie underneath each and every one of those lost jobs. Somewhere in America, a small business has shut its doors; a family has said goodbye to their home; a young parent has lost their livelihood, and doesn’t know what’s going to take its place.” For the nytimes.com article, Click Here>
NC's Shuler and Other 'Blue Dogs' Vote Against Simulus Package
On Feb. 5, 2009, Asheville's bloggers at ScrutinyHooligans.us took to task their U.S. Rep. Heath Shuler, one of a handful of Democrats who spit on Obama's stimulus package. For the initial blog by Doug Gibson and reader comments, Click Here>
On the Front Lines of the Foreclosure Crisis
On Feb. 4, 2009, First Lady Michele Obama spoke to the staff of HUD. Said Ms. Obama: "It's of critical importance that we stem the tide of foreclosures and find a way to keep people in their homes." For her full remarks, Click Here>
We Can Do Better Than A 'Bad Bank'
On Feb. 4, 2009, George Soros provided his commentary in The Wall Street Journal about what the Obama Administration needs to do to shore up the financial system. "Treasury Secretary Henry Paulson has poisoned the well by the arbitrary and ill-considered way he implemented the $700 billion Troubled Asset Relief Program (TARP)," writes Soros. "As a result, the Obama administration feels it cannot ask Congress for more money at this time." Nonetheless, Soros contends that we already have the resources to recapitalize the banks. For his opinion, Click Here>
Bad Bank, Bad Idea
On Feb. 3, 2009, truthout.com put forward a hard-hitting assessment of what's wrong with the current bank bailout policy. Writes Gerald Epstein: "The 'good bank, bad bank' idea ('bad bank' for short) is to use U.S. taxpayers' money to buy the toxic assets bankers created, put them in a nationalized 'bad bank' and leave the bankers with the good assets to deploy as they wish, meanwhile, having to endure only a mild reprimand and quite modest face-saving restrictions on their pay and dividend payments... . A much better approach is to turn the formula on its head. Let the taxpayers keep the good banks and leave the bad ones for the bankers." For the complete original commentary, Click Here>
In Response to the Collapse of the Stock Market
On Feb. 3, 2009, Byron Belzak responded to an email from a friend who was lamenting the volatility of the stock market brought on in part by unscrupulous corporate behavior. Belzak wrote: "As my dad would say, even when he played the market, 'The New York Stock Exchange is the world's largest gambling hall.' That was when he was in his forties. Now, in his ninties, he still says the same thing. Through the years he has been more right than wrong on this matter." For the whole story, Click Here>
*Obama Rolls | At first joint Congressional speech on Feb. 24, 2009, President Barack Obama exhorts America to 'rebuild' and re-energize. Click Here>
FOR MORE CURRENT NEWS ABOUT THE FEDERAL STIMULUS PLAN, Click Here>
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