LA Times: Nationwide home prices shot up 3.8% in July, making their largest year-over-year leap since 2006…. The gain marks the fifth straight rise in the gauge, part of a positive swing following a year and a half of slumps. The last time prices rose so much was in August 2006, when they jumped 4.1%.
Prices in California bounded up 4.4%. Without distressed sales – including foreclosures and short sales – national prices were up 4.3% compared with last July.
The report, coming as a glut of house-hunters clamor after a shrinking inventory, suggests that the real estate market is “clearly seeing the light at the end of a very long tunnel,” said CoreLogic Chief Executive Anand Nallathambi in a statement.
The Oval: President Obama celebrated working people on this Labor Day, but also blitzed Mitt Romney’s economic plan with football metaphors.
“There’s a flag on the play,” Obama told crowd of auto workers in Toledo, Ohio, at one point.
Riffing on Romney’s weekend claim that the economy needs “a new coach” in the White House, Obama said that “the problem is that everybody’s already seen his economic playbook … we know what’s in it.”
The “first down” is tax cuts for the wealthy that will lead to tax hikes for the middle class, Obama said. “Second down” is an audible” ending financial and environmental regulations. Romney’s “third down” is a “Hail Mary” of cuts that would “end Medicare as we know it.”
Obama’s suggestion for the fourth down of the Romney plan: “Punt it away! … It won’t work! It won’t win the game!
“You don’t need that coach,” he said of Romney. “That’s a losing season!”
Msg from The Obama Diary: Genuine bloggers who create their own posts in support of PBO are welcome to use anything from TOD – rebloggers, who only copy others in an attempt to up their traffic, are not. eg the reblogger who treats women like this – explicit – while copying TOD posts on women’s rights. He belongs in the GOP.
Thanks again to Clint for the best ‘Four More Years!’ ad yet produced. The best bit? The last 10 seconds 😉
9:30: President Obama departs the White House
11:0: VP Biden travels to Lordstown, Ohio, to deliver remarks at a campaign event at UAW Local 1714
1:30: President Obama arrives in El Paso, Texas
2:15: Participates in a roundtable discussion with service-members and military families
3:00: Delivers remarks to troops
4:10: Departs El Paso en route Joint Base Andrews
President Barack Obama and Vice President Joe Biden talk before having lunch on the patio outside the Oval Office, Aug. 30, 2012. (Official White House Photo by Pete Souza)
Chat away everyone …. and to those who can stomach watching the Tampa hate-fest, I salute your courage!
SacBee: General Motors Co. says its U.S. sales rose 11 percent in May on strong sales of trucks and the new, pint-size Chevrolet Sonic.
GM sold 245,256 cars and trucks in May, its highest monthly total since the Cash for Clunkers deal in August 2009.
Sales of small cars rose 16 percent compared with last May thanks to the Sonic subcompact. Buick sales rose 19 percent due to demand for the new Verano small car.
Pickup truck sales were also strong as construction activity picks up. Chevrolet Silverado sales rose 22 percent.
Obama campaign co-chair and ex-Ohio Gov. Ted Strickland:
“Today’s report that the auto industry is surging ahead is good news for our state and the 1 in 8 Ohioans who depend on the auto industry for their livelihood. Despite what the polls, pundits, and prominent Republicans like Mitt Romney said, President Obama bet on the American worker to spur the comeback of the American auto industry. Now, we have a critical choice in this election between President Obama, who is fighting for us and working to create an economy built to last, and Mitt Romney who would have ‘Let Detroit go bankrupt,’ with devastating consequences for Ohio.”
President Obama and Freedom to Marry founder and president Evan Wolfson will both receive the Medal Of Distinction at Barnard College Monday:
“I am deeply moved to join with President Obama to celebrate the next generation of leaders coming up among Barnard women, and to share the Barnard Medal of Distinction with him,” said Wolfson. “And I will thank the President for doing what we elect presidents to do – showing moral leadership in standing up for freedom, fairness, and families – and for speaking in such personal terms about the journey he and so many Americans have made to understand who gay families are and why marriage matters. In explaining his change of heart, the President spoke in heartfelt words that rang true, because he described the very same journey that so many Americans – a majority now – have made.”
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.
Greg Sargent: The Romney campaign and some on the right are having a grand old time blasting Obama for supposedly saying late yesterday that he ”forgot” about the recession. Romney spokesperson Andrea Saul claims Obama has “now admitted that he’s forgotten about the recession.”
This is an absurd distortion. But it’s worth dwelling on, because it says an enormous amount about what this presidential camapign is all about.
Here’s Obama’s actual quote: “It was a house of cards, and it collapsed in the most destructive worst crisis that we’ve seen since the great depression. And sometimes people forget the magnitude of it , you know? And you saw some of that I think in the video that was shown. Sometimes I forget. In the last six months of 2008, while we were campaigning, nearly three million of our neighbors lost their jobs. Eight hundred thousand lost their jobs in the month that I took office. And it was tough. But the American people proved they were tougher.”
…. What Obama actually said, of course, is that sometimes he forgets about the magnitude of the crisis that hit before he took office and continued into the early months of his term. The irony here is really rich: It’s actually the Romney campaign that is heavily invested in getting voters to forget the magnitude of the crisis Obama inherited.
Glenn Kessler (The Fact Checker): Mitt Romney’s claim of credit for the auto industry turnaround…. What should we do when a politician keeps repeating a Pinocchio-laden claim — or even makes its worse?
….. Given the likelihood that discredited claims will be repeated — often — in this election cycle, we are going launch a new category called “repeat offender.” We still have to create a graphic, but in the meantime we are going to increase Romney’s Pinocchio rating for his auto bailout claims from Two to Three Pinocchios.
Romney has been consistent on his position that a managed bankruptcy was the best course of action. But he keeps digging a bigger hole for himself when he claims that the path he recommended — which included no public assistance — would have been successful from the start. Both Presidents Bush and Obama rejected that advice, and there is little evidence the industry would have survived without the breathing room provided by public funds.