Posts Tagged ‘gm

05
Feb
14

Rise and Shine

On This Day: President Obama greets a young visitor in the Oval Office, Feb. 5, 2010 (Photo by Pete Souza)

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Presidential Daily Schedule (All Times Eastern):

10:45: President Obama receives the Presidential Daily Briefing

11:30: Meets with senior advisors

1:45: Meets with Democratic Senators at the Senate Democratic Issues Conference; Washington Nationals Park

4:0: Meets with Treasury Secretary Lew

4:45: Meets with Secretary of State Kerry

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Michael Hiltzik: Why The New CBO Report On Obamacare Is Good News

The Congressional Budget Office is out with its latest report on the Affordable Care Act, and here are a few bottom lines:

— The ACA is cheaper than it expected.

— It will “markedly increase” the number of Americans with health insurance.

— The risk-adjustment provisions, which Congressional Republicans want to overturn as a “bailout” of the insurance industry, will actually turn a profit to the U.S. Treasury.

…. The ACA will increase the number of Americans with health insurance by 13 million this year, 20 million next year, and 25 million a year from then through 2024. Some 80% of those enrollees will be receiving federal subsidies to keep their coverage affordable.

There will be fewer uninsured people living in the United States, and most of those with individual coverage will be getting help to pay for it. Is there another other conclusion to draw from those statistics than the Affordable Care Act is working?

Full article here

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Washington Post: The media’s massive revisions on CBO-Obamacare story

The Post’s Glenn Kessler today published a fact-checking post breaking some news: No, he wrote, the Congressional Budget Office (CBO) never, ever reported that Obamacare would somehow or other kill more than 2 million U.S. jobs.

Okay, to say that Kessler broke this news is a rhetorical exaggeration to highlight the point that many-o-many media outlets misconstrued the CBO findings. For a while this morning, the Internet was hopping with job-killing hype, when in fact the truth was vastly different. Obamacare’s impact, the CBO concluded, would lessen the supply of labor by encouraging certain folks not to work: “The estimated reduction stems almost entirely from a net decline in the amount of labor that workers choose to supply, rather than from a net drop in businesses’ demand for labor, so it will appear almost entirely as a reduction in labor force participation and in hours worked. . . .”

For someone approaching retirement, notes Kessler, Obamacare could well mean that they needn’t hold onto a bad job just to keep health insurance. That’s a far different dynamic from job-killing.

More here

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Image: Supreme Court Upholds Obama's Affordable Care Act

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Steve Benen: CBO Delivers Welcome News To Obamacare Backers

If Republican press releases and reports from conservative and major media outlets are any indication, the Congressional Budget Office’s findings on the Affordable Care Act are simply brutal. National Review, which probably published its report before actually looking at the CBO’s findings, ran this headline: “The CBO Just Nuked Obamacare.”

As we discussed earlier, the coverage has been profoundly misleading. Despite what Americans are being told, the CBO did not find that the health care reform law would cost the nation over 2 million jobs. What it actually said is that the law will empower more than 2 million Americans to leave the workforce if they want to, no longer feeling forced to stay at a job in order to have benefits for them and their family.

Why “Obamacare” critics consider this a bad thing remains unclear….

More here

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ThinkProgress: Obamacare Finally Gives Workers The Freedom Conservatives Demanded

On Tuesday, the Congressional Budget Office projected that The Affordable Care Act will reduce the number of full-time workers by 2.3 million in 2021, leading critics to seize on the claim as evidence that the health care law is undermining job growth.

But that’s not what the CBO actually said. In fact, CBO economists write that “[t]he estimated reduction [in labor] stems almost entirely from a net decline in the amount of labor that workers choose to supply, rather than from a net drop in businesses’ demand for labor.” Americans won’t be losing their jobs, but people who are only working to maintain access to their employer sponsored health insurance plans will be able to leave the workforce or work fewer hours because they can obtain coverage elsewhere. That’s a goal that prominent Republicans, conservative think tanks and policy analysts have supported for years…..

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National Memo: Obamacare — The Greatest Pro-Life Victory Ever  

A new report finds that between 2008 and 2011, the abortion rate hit its lowest point since 1973, when Roe v. Wade declared access to the procedure a Constitutional right.

The rate fell 13 percent to 16.9 per 1,000 women in 2011, down from its peak of 29.3 per 1,000 in 1981.

While conservatives want to claim credit for the decline with onerous restrictions on a woman’s right to choose, the availability of contraception and family planning deserve most of the credit, according to the Guttmacher Institute’s Rachel Jones, the lead author of the study.

More here

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Yahoo: New Report: Budget Deficit To Drop To $514B

A new report released Tuesday says the government’s budget deficit is set to fall to $514 billion for the current year, down substantially from last year and the lowest by far since President Barack Obama took office five years ago. The Congressional Budget Office report credits higher tax revenues from the rebounding economy and sharp curbs on agency spending as the chief reason for the deficit’s short-term decline.

Last year’s deficit registered $680 billion. Obama inherited an economy in crisis and first-ever deficits exceeding $1 trillion. The 2009 deficit, swelled by the costs of the Wall Street bailout, hit a record $1.4 trillion, while the deficits of 2010 and 2011 both registered $1.3 trillion. The report predicted the economy will continue to rebound this year and grow at a 3.1 percent rate and by 3.4 percent next year. It foresees the jobless rate holding steady at 6.8 percent this year; the most recent nationwide unemployment rate registered 6.7 percent.

More here

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Tal Kopan: Emmitt Smith Gives Wendy Davis Committee $10K

Team Wendy just landed an all-star running back. Former Dallas Cowboys running back and NFL MVP Emmitt Smith donated $10,000 to the committee backing Wendy Davis’s campaign for Texas governor last month. According to campaign filings, the CEO of EJSmith Enterprises donated the money on Jan. 8 to Texas Victory Committee, a joint effort from Wendy Davis for Governor and Battleground Texas, a group that supports Democrats in the state.

More here

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Jonathan Chait: ‘Obamacare Bailout’ Does Not Exist, Confirms Government; House Republicans Demand Its Repeal Anyway

As of yesterday, House Republicans were torn, Sophie’s Choice-style, over what to demand in return for lifting the debt ceiling to accommodate the budget they passed. (Caveat: I’ve never seen Sophie’s Choice; I assume it’s a movie about a bungling kidnapper who has to choose what ransom she should demand.) One option was the Keystone XL pipeline. The other was the risk corridor provision in Obamacare, which they falsely call a “bailout.”

Here’s what happened next. First, the Congressional Budget Office released its annual budget report, and, among other things, it utterly annihilated the premise that there is any such thing as an “Obamacare bailout.” Having seen their imaginary claim conclusively debunked, Republicans are now leaning toward demanding its repeal anyway…

…. Today’s report projects that the bungled launch will mean enrollment in the exchanges will collapse all the way from seven million people to … six million people. Now, the number of people in the plan isn’t the only or best measure of its success, but it is a measure critics have seized upon. The existence of the nefarious Obamacare Bailout was a second reason – as the House Republican hearing asks, why the need for a bailout, if not to save a doomed law? There’s no reason why the lack of an Obamacare bailout should prevent conservatives from feeling anger at it anyway.

Full post here

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NYT: Karzai Arranged Secret Contacts With the Taliban

President Hamid Karzai of Afghanistan has been engaged in secret contacts with the Taliban about reaching a peace agreement without the involvement of his American and Western allies, further corroding already strained relations with the United States.

The secret contacts appear to help explain a string of actions by Mr. Karzai that seem intended to antagonize his American backers, Western and Afghan officials said. In recent weeks, Mr. Karzai has continued to refuse to sign a long-term security agreement with Washington that he negotiated, insisted on releasing hardened Taliban militants from prison and distributed distorted evidence of what he called American war crimes.

The clandestine contacts with the Taliban have borne little fruit, according to people who have been told about them. But they have helped undermine the remaining confidence between the United States and Mr. Karzai, making the already messy endgame of the Afghan conflict even more volatile. Support for the war effort in Congress has deteriorated sharply, and American officials say they are uncertain whether they can maintain even minimal security cooperation with Mr. Karzai’s government or its successor after coming elections.

More here

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Richard Sherman’s fantastic response

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DeadSpin: Now A Champion, Richard Sherman Deals With An Insult In The Best Way

Colin Kaepernick had an excellent method of dealing with people who hated him by favoriting their anger on Twitter. Seahawks corner Richard Sherman—now a Super Bowl champion—handled an angry Twitter person in a less passive but equally fantastic way.

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Bryce Covert: GM’s First Female CEO Will Make Half Of What Her Predecessor Made

In December, General Motors (GM) made headlines for picking Mary Barra to replace Dan Akerson as its new CEO. That meant she would not only be the first woman at the helm of the carmaker, but any global carmaker. But while she may have shattered that glass ceiling, her pay is another story. Looking at the company’s filings with the Securities and Exchange Commission, Elizabeth MacDonald notes that Barra will be paid $4.4 million in total compensation, which includes a base salary of $1.6 million.

Akerson, on the other hand, made an estimated $9 million, with a $1.7 million base salary and $7.3 million in stock. That means Barra will make less than half of what he made. In fact, Akerson will continue to make more as her, as GM will pay him $4.68 million as an outside senior adviser.Worse, Barra comes to the job with an outsized amount of previous experience. She’s been with the company since 1980 and was most recently serving as senior vice president of global product development. Akerson, on the other hand, came into the role without a background running a car company

More here

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Caitlin McNeal: WaPo Rebuts Its Own Columnist On Claim That Obamacare Is Killing Jobs

The Affordable Care Act is killing jobs, or not, depending on which portion of the Washington Post you read on Tuesday. The paper’s conservative columnist Jennifer Rubin wrote that Obamacare was “killing jobs and squelching growth” based on a newly released CBO report.

However, the report notes that the reduction in hours worked by Americans will “almost entirely” be due to workers’ choice to leave the work force – not because they lost their jobs or can’t find a full-time job. Glenn Kessler, the Post’s “Fact Checker,” followed up a few hours later giving the claim made by Rubin and other news organizations three Pinocchios out of four.

More here

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Josh Barro: The Buried Lede In The CBO Report: Obamacare Will Raise Wages

Obamacare will drive wages up. The price of labor, like any good or service, is determined by supply and demand. If producers of labor (workers) become less inclined to sell it, but consumers of labor (firms) are unchanged in their interest in buying, then the price of labor has to rise in order to bring the quantity supplied and the quantity demanded into line.  If (as CBO predicts) the decline in work is driven almost entirely by a decline in labor supply, the upshot will be very different. Employers will be left holding the bag economically. Workers will choose to work fewer hours; since firms won’t be any less interested in hiring, they’ll have to pay more per hour to get those workers in the door.

The positive wage effect should be concentrated among low-skill workers, who will face the greatest discouragement to work from Obamacare, and therefore will be able to command the greatest wage increases in order to keep working. More broadly, Obamacare alters the employer-employee relationship in a way that empowers employees. When an employee is dependent on his job not just for a wage but for health insurance, he is less able to threaten to leave if he doesn’t get a raise. Severing the work-insurance link strengthens the employee’s hand in bargaining — which is bad for employers and good for workers.

More here

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On This Day:

Sen. Barack Obama and Michelle Obama during a Super Tuesday primary campaign rally at the Hyatt Hotel in Chicago, February 5, 2008

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The President is applauded by House Democrats as he is introduced to speak at the House Democrats Issues Conference at the Kingsmill Resort in Williamsburg, Va, Feb. 5, 2009 (Photo by Pete Souza)

President Obama wears a AF1 jacket on his first flight aboard Air Force One from Andrews Air Force Base to Newport News, Va., Feb. 5. 2009 (Photo by Pete Souza)

President Obama talks with Chief of Staff Rahm Emanuel in the Oval Office, Feb. 5, 2009 (Photo by Pete Souza)

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President Obama shows Washington, D.C. area students, who were featured in the Washington Post, the valet button on his desk during their surprise visit to the Oval Office, Feb. 5, 2010 (Photo by Pete Souza)

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Feb. 5, 2011 – Pete Souza: “The two coaches for Sasha Obama’s basketball team couldn’t make it to one of her games, so the President and his then personal aide, Reggie Love, filled in as coaches for this game one Saturday. Here they along with Sasha’s teammates react during the game.”

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15
Dec
13

Rise and Shine

Pete Souza: “Interrupting a Christmas Holiday photo line, the President confers with Rob Nabors, Assistant to the President for Legislative Affairs, about the latest developments in the payroll tax cut extension as the First Lady waits in the background.” Dec. 15, 2011

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Today:

6:20 EST: The First Family attends Christmas in Washington, National Building Museum

The schedule for the week ahead has not yet been released, but the First Family will depart the White House en route Honolulu, Hawaii on Friday

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Katharine Haenschen: My $55,000 Migrane, Or Why Young Americans Should Enroll In Health Insurance

Many years ago when I was a 23-year-old working as a hostess-with-the-mostess at a fancy seafood restaurant, saving up money to go back to school. I was hanging out in my apartment one night when my vision suddenly tunneled, and an unbearable pain exploded in the left side of my head. I couldn’t make a fist with my right hand. It was super scary. I called my Dad, who said “Go to the hospital right now.” The doctors at the emergency room took great care of me, and determined that no, I was not having a stroke. They took a spinal tap, did some scans, and sent me home a few hours later with ample headache pills. But the headache kept coming back, unbearably painful such that I couldn’t function at work and spent as much time as possible lying down.

I eventually landed back in the ER and even had to be admitted over night, until the doctors figured out that my spinal tap never healed — as 10-20% don’t, causing a slow drip of brain juice out the bottom of your spinal column.   And then the hospital bills came. At first I was afraid to open them — and that’s even though I was thankfully still covered by my Mom’s health insurance plan through her job. After all, just walking into the ER cost me $100 in co-pays each time.

Finally, I opened the big envelopes from the hospital and found a bill for $55,000. The amount I owed? $0. That’s right. Zero dollars. Because when I got my freak $55,000 headache, I was covered. No one plans to have emergency medical care — but we can prepare for the possibility of it happening by signing up with healthcare.gov. Of course, now that migraine — and my later gap in health insurance coverage — can’t come back to bite me in the butt later, because thanks to the Affordable Care Act I can’t be denied coverage for “pre-existing conditions” and I can’t be screwed over for gaps in consistent insurance coverage.

More here

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Sun Sentinel: Affordable Care Act Really Does Work

I am one of the few people who has good things to say about Obamacare. You probably only hear from those who complain. My daughter has applied on the Internet for health insurance. She had no problem whatsoever linking to the site. Everything worked like a dream. My daughter is self-employed in a small business. She has been paying more than $2,800 every other month for her health insurance. Her entire yearly salary pays for the cost of her current insurance. She received a letter from her insurance company telling her that under Obamacare, this very same policy — without any change — will cost her $625 per month. This is less than half the price of what she is currently paying, which has been highway robbery.

More here

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Keith Naughton: How U.S. Workers Rebuilt An Industry

In June 2009, the last auto plant in Detroit was idle, mausoleum-quiet and a symbol of failure. Weeds had grown three-feet tall around Chrysler’s sprawling Jeep factory at the desolate crossroads of Jefferson and Conner as the company went dark during bankruptcy. Among the bills the near-dead automaker couldn’t afford to pay: lawn service. Yet on one Monday morning came the drone of lawn mowers and buzz of weed whackers — sounds of rebirth. Chrysler was emerging from Chapter 11 and something had to be done about the eyesore the plant had become. The Detroit Three also overhauled their lineups to field their best cars in a generation, which now command higher prices than formerly formidable foreign offerings. Ford’s fashionable Fusion, whose looks draw comparisons to Aston Martin, has an average price of $27,444, which exceeds the Toyota Camry by $3,251, according to researcher Kelley Blue Book.

“It’s flipped,” marveled Lutz, 81, who served as a senior executive at all three Detroit automakers over the last half-century before retiring in 2010. “All of a sudden, the Japanese are behind.” Detroit’s new strength is embodied in Chrysler’s reborn Jefferson North Assembly Plant. The Jeep factory has gone from barely breathing to bursting at the seams. Its future was in doubt when it closed during Chrysler’s 2009 bankruptcy. Since then, employment there has more than tripled to 4,500, from fewer than 1,400 when Chrysler went bankrupt, and production has more than quintupled to 325,000 models this year, from 60,584 four years ago. It spits out Jeeps 20 hours a day, seven days a week and still can’t keep up with demand for the Grand Cherokee. Sales soared 21 percent for the hot model last year and are up 15 percent more this year through November. Chrysler said it expects to make as much as $2.2 billion this year.

More here

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RH Reality Check: On Medicaid, Shame, And Not Being Silent

When the Obamacare exchanges became open for enrollment this fall, I eagerly went online to check out my options for affordable health care in my state. It was exciting to know that I could potentially afford health insurance. I considered how my life would be affected: doctors’ visits, blood tests, checkups, an eye exam,a teeth cleaning—all the things I’ve longed for as an uninsured adult. After wading through a sea of questions about my income and expenses to determine my eligibility, I discovered what I had not considered a possibility: I qualify for Medicaid. Wow. Am I that poor? For so long I made just enough money to not qualify for Medicaid. Now, I do qualify.

While I was relieved to know I wouldn’t need to pay out-of-pocket each month for health care, I felt uncomfortable. I had originally intended to write about my experiences navigating Obamacare, how I’m weighing the options or different health-care plans in my state. But how was I going to write about that now? I couldn’t possibly share my experiences navigating Medicaid in public. My initial thoughts and feelings were rooted in shame. I didn’t want people to know my income is so low that I qualify for Medicaid. Shame is a tool. It keeps people immobilized, silent, and afraid. It keeps people in closets, in hiding, invisible.

And I’m sure this is only one of the reasons why nearly 700,000 people nationwide who qualify for Medicaid haven’t enrolled in the program. Money and time is spent to keep the “welfare queen” mythology alive, not only informing budget cuts, but also the minds of people who qualify for public assistance but decide not to use it. Shame is ridiculous. It will have you believe you deserve nothing—that you don’t deserve the resources you qualify for, resources that can support your livelihood.

More here

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A Message From Isonprize

Hey my TOD pals, have you voted for PARENTS UNITED for PUBLIC EDUCATION today?

Parents United for “Non profit of the year” and Eileen Duffey, RN, for “Do gooder of the Year”, FIERCE advocates for public education in Philadelphia.

Please don’t let us lose to a skate park!! :lol:

And for good measure, scroll to the bottom and PLEASE VOTE to EXCOMMUNCATE Gov. Tom “Cut It” Corbett

Link

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Ari Berman: North Carolina Shows Why The Voting Rights Act Is Still Needed

A federal judge in Winston-Salem today set the schedule for a trial challenging North Carolina’s sweeping new voter restrictions. There will be a hearing on whether to grant a preliminary injunction in July 2014 and a full trial a year later, in July 2015. This gives the plaintiffs challenging the law, which includes the Department of Justice, the ACLU and the North Carolina NAACP, a chance to block the bill’s worst provisions before the 2014 election. Earlier this year, in July 2013, the North Carolina legislature passed the country’s worst voter suppression law, which included strict voter ID to cast a ballot, cuts to early voting, the elimination of same-day voter registration, the repeal of public financing of judicial elections and many more harsh and unnecessary anti-voting measures.

These restrictions will impact millions of voters in the state across all races and demographic groups: in 2012, for example, 2.5 million North Carolinians voted early, 152,000 used same-day voter registration, 138,000 voters lacked government-issued ID and 7,500 people cast an out-of-precinct provisional ballot. These four provisions alone will negatively affect nearly 3 million people who voted in 2012. Ironically, it took the North Carolina legislature less than a month to approve the law, but it will take a year before an initial hearing on it and two years before a full trial. That’s because in June 2013 the Supreme Court invalidated Section 4 of the Voting Rights Act, which meant that previously covered states like North Carolina, with the worst history of voting discrimination, no longer had to clear their voting changes with the federal government.

More here

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Ian Millhiser: Meet The Next Ruth Bader Ginsburg

With her confirmation to the second highest court in the nation very early Thursday morning, Judge Nina Pillard should immediately rocket to the top of the Democratic shortlist of potential nominees to the Supreme Court. Though there are a number ofDemocratic judges who possess the youth, brilliance and legal credentials required from a new Supreme Court justice, Pillard brings something to the bench that is quite rare among judges — she’s won two of the most important civil rights victories to reach the Supreme Court during her career.

Pillard was a member of the legal team in United States v. Virginia, which eliminated the Virginia Military Institute’s discriminatory policies against women and cemented the rule that no law may engage in gender discrimination unless there is an “exceedingly persuasive justification” for doing so. Seven years later, Pillard argued and won Nevada Department of Human Resources v. Hibbs, an important case helping women (and men) with families to have a fair opportunity to participate in the workplace.

More here

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Katya Gorchinskaya: EuroMaidan

No amount of live video feeds or news stories can convey the essence of EuroMaidan. The Dec. 11 massive attack by Berkut riot-control police, for example, took people by surprise. Although there was an alert from the leaders of the political opposition that there would be a police raid at 1 a.m., people simply dismissed as ludicrous the idea that a raid would happen that night. I left Maidan around 1 a.m., with no visible signs of an imminent attack, and with just a few handfuls of protesters shivering near the stage. I rushed back to find it completely transformed in a matter of 15 minutes after receiving a tip-off that Berkut is advancing.

When Berkut started crashing through the first barricade, it was truly scary. It was not clear what their plan was, and at that point it seemed that it would be a miracle if no blood got spilled. Now, when we know that only 20 people required hospital treatment after that night, it does seem nearly miraculous. It soon became clear that Berkut was acting under orders to go easy on the protesters, and the resulting scuffle looked like a practice session of police units, not real action. As police broke through the first barricade, the church bells of St. Michael’s started to ring – an ancient and powerful call for alarm and mobilization.

For hours that followed, those watching Maidan saw massive shoving between Berkut and demonstrators, and its footage was top news around the world. But what was even more striking is how quickly Kyiv mobilized and moved into the city center, turning a crowd of a few hundred into a mass of tens of thousands of people in a matter of several hours. There was a lot of dignity in it, and a lot of pride. This was the massive proof that EuroMaidan is not about its leaders, that it’s truly the will of the people.

More here

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Frank Schaeffer: The Slow Motion Lynching Of President Barack Obama

I’ve watched liberal and right wing commentators alike blame the president for being lynched. They say “he’s not reaching out enough” or “he’s too cold.” It’s the equivalent of assuming that the black man being beaten by a couple of thug cops must have “done something.” I am a white privileged well off sixty-one-year-old former Republican religious right wing activist who changed his mind about religion and politics long ago. Weirdly, I just realized that through all my writing, this has been the first time in my life I’ve personally gone to bat for a black man. It just happens that he’s a president. But my emotional stake in his life is now personal. So I’ve changed from a white guy who used to read news about some black man getting shot or beaten by cops or stand-you-ground types who assumed that the black man must have “done something,” to a white guy who figures that the black man was probably getting lynched. I’ve changed ideology but I’ve also changed my gut intuitive reactions.

I’ve changed because if this country will lynch a brilliant, civil, kind, humble, compassionate, moderate, articulate, black intellectual we’re lucky enough to have in the White house, we’ll lynch anyone. What chance does an anonymous black man pulled over in a traffic stop have of fair treatment when the former editor of the Harvard Law review is being lynched? One famous liberal commentator wrote a book on how Ronald Reagan and Tip O’Neil could disagree and still be friends. Why, he asked on many a TV show promoting his book, couldn’t President Obama be like that? Because, I yelled at the screen, those two men were white Irish Americans and part of a ruling white oligarchy.

Because, I yelled, you might as well ask why Nelson Mandela didn’t talk his jailers in South Africa into seeing reason. Because, I yelled, the president is black and anytime he’s reached out he’s pulled back a bloody stump. Because, I yelled, liberal white commentators have been as bothered by a black man in the White House, who’s smarter than they are as much as right wing bigots have been bothered. Because, I yelled, President Obama has been lied about, attacked, vilified, and disrespected since Day One. Because, I yelled, this country may have passed laws so blacks can vote and eat in a white man’s world, but in our hearts are stuck in a place more like 1952 than 2013.

More here

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On This Day:

First Lady Michelle Obama greets guests in the Grand Foyer of the White House during a holiday party, Dec. 15, 2009 (Photo by Lawrence Jackson)

President Barack Obama walks from the White House to Blair House in Washington, D.C., to attend a working meeting with business leaders, Dec. 15, 2010 (Photo by Pete Souza)

President Obama is joined by First Lady Michelle Obama and Bo, the Obama family dog, as he delivers remarks during a Christmas holiday reception in the Grand Foyer of the White House, Dec. 15, 2010 (Photo by Pete Souza)

President Obama and First Lady Michelle Obama descend the Grand Staircase to greet guests at a holiday reception in the Grand Foyer of the White House, Dec. 15, 2011 (Photo by Pete Souza)

09
Dec
13

Government Motors? Oh Really?

Statement by the President

When I took office, the American auto industry – the heartbeat of American manufacturing – was on the verge of collapse.  Two of the Big Three – GM and Chrysler – were on the brink of failure, threatening to take suppliers, distributors and entire communities down with them.  In the midst of what was already the worst recession since the Great Depression, another one million Americans were in danger of losing their jobs.

As President, I refused to let that happen.  I refused to walk away from American workers and an iconic American industry.  But in exchange for rescuing and retooling GM and Chrysler with taxpayer dollars, we demanded responsibility and results.  In 2011, we marked the end of an important chapter as Chrysler repaid every dime and more of what it owed the American taxpayers from the investment we made under my Administration’s watch.  Today, we’re closing the book by selling the remaining shares of the federal government’s investment in General Motors.  GM has now repaid every taxpayer dollar my Administration committed to its rescue, plus billions invested by the previous Administration.

Less than five years later, each of the Big Three automakers is now strong enough to stand on its own.  They’re profitable for the first time in nearly a decade.  The industry has added more than 372,000 new jobs – its strongest growth since the 1990s.  Thanks to the workers on our assembly lines, some of the most high-tech, fuel-efficient cars in the world are once again designed, engineered, and built right here in America – and the rest of the world is buying more of them than ever before.

When things looked darkest for our most iconic industry, we bet on what was true: the ingenuity and resilience of the proud, hardworking men and women who make this country strong.  Today, that bet has paid off.  The American auto industry is back.

For our autoworkers and the communities that depend on them, the road we’ve taken these past five years has been a long and difficult one.  But it’s one we’ve traveled together.  And as long as there’s more work to do to restore opportunity and broad-based growth for all Americans, that’s what we’ll keep doing to reach the brighter days ahead.

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NYT: U.S. Sells Remaining Stake in General Motors

The Treasury Department announced on Monday that the government had sold its remaining shares of General Motors stock.

The government has thus exited one of the most controversial investments made during the midst of the financial crisis, when it stepped in to rescue the Detroit automakers – a decision that as many as three in four Americans opposed at the time.

Taxpayers recouped about $39 billion on the investment, the Treasury Department said, having spent about $50 billion bailing out the automaker.

All in all, taxpayers have ended up in the black on the crisis-related bailouts, Treasury said: It has recovered $433 billion from the Troubled Asset Relief Program after initially investing about $422 billion.

More here

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12
May
12

Rise and Shine

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Today:

11:15 AM: President Obama and VP Biden honor the 2012 National Association of Police Organizations TOP COPS award winners

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Michelle Obama will deliver the commencement address for North Carolina A&T University’s graduation ceremony – not sure what time this is on. There’ll be live streaming here.

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Two supporters from Montana show their Obama 2012 pride at a base camp on Mt. Everest.

Flickr

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Robert Shrum: Obama’s gay-marriage endorsement is a moral and political win – Pundits are eager to pontificate on how supporting same-sex marriage will cost Obama in November. They couldn’t be more wrong

Forty-nine years ago this spring, as he proposed the landmark civil rights reforms of the 1960s, John F. Kennedy became the first president to declare that ending racial discrimination was a moral issue …. Now Barack Obama has taken the next step in the unfinished journey toward that ideal: He cut through a cacophony of political advice, the calculus of pre-election caution, to become the first president to endorse marriage equality – and thus to affirm that gay rights are fundamental human rights.

It was fitting that this historic moment came, as JFK’s did, from a president who himself had to overcome generations of prejudice to be in the White House in the first place.

…..this president, who has repealed Don’t Ask, Don’t Tell, pushed through a hate crimes law, and refused to defend the shameful Defense of Marriage Act has now sealed his legacy as the champion of a 21st century birth of freedom in America.

That should be rewarded, not punished, in November – and I think it will be. Americans are a decent people; sometimes it just takes time.

Full post here

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Cagle

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Morning everyone

05
Dec
11

evening all

Bloomberg: The U.S. auto industry is seeing demand recover faster than anticipated, with carmakers headed toward their best annual performance in three years at sales of 12.8 million vehicles.

Consumers entered this year’s final month demanding models ranging from big pickups to luxury sedans to fuel-sipping hybrids after pushing November’s sales to the fastest monthly pace since the government’s “cash for clunkers” trade-in program in August 2009….

…. Consumer confidence surged in November by the most in more than eight years, and the portion of consumers planning to buy a new vehicle within six months climbed to the highest since April, data from The Conference Board showed Nov. 29.

Full article here

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That’s a BFD of a breakfast!

Vice President Joe Biden has a breakfast meeting at the Turkish Parliament in Ankara

Vice President Joe Biden visits a shop in the Samatya Square neighborhood in Istanbul, Turkey, Dec. 4

Official White House Photos by David Lienemann

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Just when it looked like things couldn’t get worse for Willard:

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For Me4Obama:

;-)

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President Barack Obama meets with advisors in the Oval Office, Dec. 5, 2011. Pictured, from left, are: Gene Sperling, National Economic Council Director; Dan Pfeiffer, Director of Communications; Press Secretary Jay Carney; Cody Keenan, Deputy Director of Speechwriting; and Senior Advisor David Plouffe. (Official White House Photo by Pete Souza)

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$1,000 in 24 hours? You people are just fantastic – thank you so much ;-)

OFA

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Tuesday

9:35 The President departs the White House

12:25 Arrives Kansas City

1:55 Delivers remarks on the economy

4:25 Departs Kansas City en route to Andrews

26
Nov
10

comeback

(Thank you to Mike for the link to his wonderful video – this is his YouTube channel)

Love this too:

15
Nov
10

it’s all bad news! really?

MSNBC: A GM success story? The biggest political story that few are talking about right now? GM’s initial public stock offering, which is set for this Thursday. Looks like it’s going to be a big success and a case where the government may just make money on this deal. This has the potential of being a very good story for the Obama White House, as well as a success of government intervention. Where would the unemployment rate be in Michigan, Indiana, Illinois, Wisconsin and Ohio if GM not gotten major government assistance?

AFP: US retail sales rose faster than expected in October, official figures showed Monday, with the auto sector leading the way.
Retail and food services rose 1.2% from September … that was much better than the 0.7% increase expected by economists.

Auto and other motor vehicle dealers saw business grow 5.7%, more than any other sector. Top US carmakers had earlier reported strong sales in October.

GM, the nation’s largest automaker, said its sales in the United States in October were up 3.5% from a year ago.
Ford, the second-biggest automaker and the only one that did not take government aid during the 2008-2009 financial crisis, reported October sales were up 19%

Chrysler, which was also saved from ruin by a government bailout, said its car sales rose a strong 37% in October compared with a year earlier, marking the seventh consecutive month of increases.




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