AP: Bank Of America Agrees To Nearly $17B Settlement
The government has reached a $16.65 billion settlement with Bank of America over its role in the sale of mortgage-backed securities in the run-up to the financial crisis, the Justice Department announced Thursday. The deal calls for the bank, the second-largest in the U.S., to pay a $5 billion cash penalty, another $4.6 billion in remediation payments and provide about $7 billion in relief to struggling homeowners. The settlement is by far the largest deal the Justice Department has reached with a bank over the 2008 mortgage meltdown.
In the last year, JPMorgan Chase & Co. agreed to a $13 billion settlement while Citigroup reached a separate $7 billion deal. At a news conference, Attorney General Eric Holder said the bank and its Countrywide and Merrill Lynch subsidiaries had “engaged in pervasive schemes to defraud financial institutions and other investors” by misrepresenting the soundness of mortgage-backed securities. The penalties, Holder said, go “far beyond the cost of doing business.”
Bloomberg: Housing Starts Rebound In U.S. As Inflation Eases
Home construction rebounded in July and the cost of living rose at a slower pace, showing a strengthening U.S. economy has yet to generate a sustained pickup in inflation. A 15.7 percent jump took housing starts to a 1.09 million annualized rate, the strongest since November, and halted a two-month slide, the Commerce Department said in Washington. The consumer price index increased 0.1 percent after rising 0.3 percent in June, the Labor Department also reported. An improving job market and cheaper borrowing costs are helping revive residential real estate, helping boost sales at companies such as Home Depot Inc. (HD) As inflation continues to run below the Federal Reserve’s target, it gives the central bank room to keep interest rates low well after the projected end of its bond-buying program in October.
The pickup in housing starts in the U.S. exceeded all estimates in a Bloomberg survey of 75 economists. The median projection called for 965,000, within a range of 898,000 to 1.03 million. The Commerce Department also revised June’s reading up to a 945,000 pace from a previously reported 893,000. The report also indicated the building industry will probably consolidate gains in coming months as permits for future projects advanced 8.1 percent to a 1.05 million pace, about in line with the current level of starts. The gain reflected the most applications for single-family dwellings since November.
Bloomberg: Job Market Tilts Toward U.S. Workers In Virtuous Cycle
The balance of power in the job market is shifting slowly toward employees from employers. Bob Funk sees it firsthand from his position as chief executive officer of staffing agency Express Employment Professionals. “We’re short of people in a number of cities,” he said. So he’s changing the focus of his $2.5 billion, Oklahoma City-based business. Instead of concentrating on finding jobs for those who want them, Express Employment is putting more effort into finding workers for companies that need them. “We’re back in the recruiting market again,” Funk said. The 74-year-old industry veteran isn’t the only one to notice the change. Americans who have been hunting for employment for more than six months
are finding they’re having better luck landing a job, while people who had given up looking are returning to the labor force to resume their search. Companies, meanwhile, are beefing up their in-house recruiting teams and increasingly using complicated computer algorithms to scour the Web for prospective job candidates. This is all good news for the economy, according to Nariman Behravesh, the Lexington, Massachusetts-based chief economist for IHS Inc. He said the U.S. has entered a “virtuous cycle” where job gains are leading to increased household expenditures, encouraging employers to hire more workers. Consumer spending rose in June by the most in three months, according to Commerce Department data published Aug. 1.
On This Day: President Barack Obama gestures during a roundtable discussion with Hispanic print and web media in the Roosevelt Room of the White House, on Aug. 7, 2009 (Photo by Pete Souza)
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Today (All Times Eastern)
11:20: The President delivers remarks and signs H.R. 3230, the Veterans’ Access to Care through Choice, Accountability, and Transparency Act of 2014; Fort Belvoir, Virginia
12:15: White House press briefing
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Courant: Number Of Residents Without Health Insurance Drops 50%
The number of people in Connecticut without health insurance has dropped by 50 percent since 2012, according to research findings released Wednesday by the state’s health insurance exchange. Access Health CT, the state-run onlinehealth insurance marketplace created under the federal Affordable Care Act, has enrolled more than 256,000 state residents in private health plans or Medicaid since the website launched last fall.
CEO Kevin Counihan said at a press conference with the governor Wednesday that the percentage of state residents who lack health coverage dropped from 7.9 percent at the start of the open enrollment period to 4 percent now. About 286,000 residents did not have insurance before the launch of the marketplace. “Nobody expected us to be down to 4 percent,” said Counihan, who compared the figure to those of European countries with national health insurance, where uninsured rates hover around 2 percent to 3 percent.
Bank of America is nearing a $16 billion to $17 billion settlement to resolve an investigation into its role in the sale of mortgage-backed securities before the 2008 financial crisis, a person directly familiar with the matter said Wednesday. The deal with the bank, which must still be finalized, would be the largest Justice Department settlement by far arising from the economic meltdown in which millions of Americans lost their homes to foreclosure.
It would follow earlier multibillion-dollar agreements reached in the last year with Citigroup and JPMorgan Chase & Co. The deal would be the latest arising from the sale of toxic mortgage securities leading up to the recession. The Justice Department last year reached a $13 billion settlement with JPMorgan and in July announced a $7 billion settlement with Citigroup. Each of these deals is designed to offer some financial relief to homeowners, whose mortgages were bundled into securities by the banks in question and then sold to investors.
Somewhere between Seoul and Kuala Lumpur, with Air Force One cruising just shy of the speed of sound, Barack Obama decided to have a word with the press. It has been tradition for Obama to make a visit back to the press cabin during the last leg of exhausting presidential foreign trips – just a friendly off-the-record chat – but this junket, a barnburner taking the chief executive to Japan, South Korea, Malaysia and the Philippines this past April, wouldn’t be over for three days. The president’s blood was up over two analysis pieces in The New York Times. One, written by national security correspondent David Sanger and timed for Obama’s arrival in Seoul, accused the administration of dangerously underestimating Kim Jong-Un. A second story, splashed on the paper’s front page, had effectively declared the trip a failure while it was still in progress.
With the chat being off the record, a definitive accounting of what was said is hard to come by; it is clear, though, that the thrust of the president’s message was this: Foreign policy is hard, you guys are scoring it like a campaign debate, and moreover, you’re doing it inaccurately. He went further, telling the dozen or so reporters that what he favored was a judicious use of American power, and that his primary concern was not to get the country embroiled in situations from which it might take a decade to extract ourselves. He offered up an oddly sophomoric mantra for his foreign policy: “Don’t do stupid shit.”
Fewer Americans filed applications for unemployment benefits last week, sending the average over the past month to an eight-year low, a sign the labor market continues to gain momentum. Jobless claims decreased by 14,000 to 289,000 in the week ended Aug. 2 from 303,000 in the prior period, a Labor Department report showed today in Washington. The median forecast of 47 economists surveyed by Bloomberg called for an increase to 304,000. Companies are holding on to more workers in an effort to keep up with increased orders and stronger consumer demand, contributing to a virtuous cycle of growth as the economy accelerates. Fewer layoffs and more jobs
would support further gains in incomes and household spending, which accounts for 70 percent of the economy. “This is one of the early steps in the process of a really good run for the labor market,” said Thomas Simons, a money market economist at Jefferies LLC in New York, whose forecast for the drop in claims was the closest in the Bloomberg survey. “If we have fewer layoffs, it’s a necessary precondition for an acceleration in hiring, and as hiring increases and the slack in the labor force is taken up, that should put some upward pressure on wages as well.”
Fresh off his weeks-long stint flacking for Paul Ryan’s poverty plan, Vox publisher and All In fill-in host Ezra Klein further dabbled in Beltway view-from-nowhere dumbshittery Wednesday night when he declared, to MSNBC viewers, that President Obama broke politics. He promised to change politics, but instead, he broke them worse than they already were broken…
…. The theory is that despite all of his promises, Republicans were such pricks that Obama had no choice but to become a partisan ramrod, further dividing our country. Now, even if you accept that narrative, saying Obama broke politics is like saying Jesus sure stained the shit out of that cross… The truth is, it started within hours of President Obama’s inauguration. President Obama didn’t break politics, politics set out to break him…
Seventeen: Michelle Obama’s Open Letter To American Girls: Commit To Your Education & Get Involved In Others
Did you know that right now, 62 million girls around the world are not in school, and in some countries, fewer than ten percent of girls complete high school (as compared to 85 percent in the U.S.)? Did you know that when girls are educated, they go on to earn higher wages, get married later, and have healthier children who are more likely to attend school themselves? So you might be wondering: why on earth are so many girls worldwide not in school? There are many answers to this question. Sometimes, families simply can’t afford to send their daughters to school (some countries don’t have free public education, and families have to pay school fees); or girls live in rural areas, far from schools, and have no means of transportation; or girls can’t afford to buy sanitary pads, so they’re unable to attend school during their periods, and they wind up falling behind and dropping out.
But often, the problem isn’t just about resources, it’s also about attitudes and beliefs. In some places, girls are viewed as less worthy of an education than boys, so when a family has limited funds, they’ll educate their sons instead of their daughters. Knowing the heartbreaking challenges so many girls in the world are facing, think about all the girls you know who don’t take their education seriously – girls who skip class, or don’t do their homework, or even drop out because they don’t see the point of school. To any girl – or any young person – who might be thinking this way, I have a simple message: you can do better – for yourself, your family and your country.
President Barack Obama walks across the tarmac with Vice President Joe Biden prior to departure from Fort Campbell, Ky., May 6, 2011 (Photo by Pete Souza)
Today (All Times Eastern)
12:30: Jay Carney briefs the press
2:45: President Obama is interviewed by local and national meteorologists participating in “Weather from the White House”
4:15: Meets with Secretary of State Kerry
The Week Ahead
Wednesday: Travels to Los Angeles to participate in a joint DSCC/DCCC event. In the evening, the President will be honored at a dinner hosted by the USC Shoah Foundation. He will remain overnight in Los Angeles.
Thursday: Participates in a DNC roundtable in Los Angeles before traveling to San Diego to participate in a DCCC event. The President will then travel to San Jose where he will participate in two DNC events and remain overnight.
Friday: Participates in an event on energy in the San Jose area. Following the event the President will return to Washington, DC.
We can't get to the reckoning about America's racialized political economy when one of the parties suppresses vote/denies health insurance.
The number of New Jersey residents who enrolled in Affordable Care Act insurance plans more than doubled in the final month before the deadline, bringing the total who signed up from the Garden State to roughly 162,000. More than 80 percent received a federal subsidy to help pay for their policies, according to numbers released by the U.S. Department of Health and Human Services today.
Another 98,000 New Jersey residents selected coverage through the newly expanded state Medicaid program. One New Jersey health policy expert called the last-minute surge “nothing less than astounding.” It meant the state exceeded the goal set by public-health experts, said Jon Whiten, deputy director of New Jersey Policy Perspective, a think tank that supports health care reform.
The satellite images viewed by President Obama before a meeting with eight Western governors were stark, showing how snowpack in California’s mountains had shrunk by 86 percent in a single year. “It was a ‘Houston, we have a problem’ moment,” recalled White House counselor John D. Podesta, one of two aides who briefed the president that February day. Obama mentioned the images several times as he warned the governors that political leaders had no choice but to cope with global warming’s impact. He is regularly briefed on scientific reports on the issue, including a national climate assessment that he will help showcase Tuesday. He is using his executive authority to cut greenhouse gas emissions from power plants and other sources, and is moving ahead with stricter fuel-efficiency standards for the heaviest trucks. And while he routinely brings up climate change in closed-door meetings with world leaders, according to his aides, he also discusses it in his private life, talking about global warming’s implications with his teenage daughters. “This is really real for him, in terms of what he’s leaving,” said Cecilia Muñoz, who directs the White House Domestic Policy Council and has helped coordinate federal investment in climate-resilient infrastructure projects. “This is personal for him.”
As president, Obama enacted the first carbon limits for cars and light-duty trucks and helped push through a House bill that would have imposed a national limit on greenhouse gas emissions. Obama has remained wary of some of the risks stemming from hydraulic fracturing, including the release of methane, a potent greenhouse gas. When the subject of natural gas came up during a Nov. 30, 2012, meeting of the President’s Council of Advisors on Science and Technology, Obama turned to Holdren and his deputy assistant for energy and climate change, Heather Zichal. “Do we have an accurate accounting of methane emissions, and do we have a problem there?” Zichal recalled the president asking. The White House announced a new methane strategy — which will include additional federal regulations — in March. After his reelection, Obama told chief speechwriter Jon Favreau to make climate change “one of the big sections” in his second inaugural address, Favreau recalled. The move surprised even some of his closest aides.
The mortality rate in Massachusetts dropped significantly after the state enacted health care reform in 2006, according to a new study published this week in the Annals of Internal Medicine. Since Massachusetts’ health law relies on many of the same policies as the Affordable Care Act, the findings suggest that Obamacare could help save thousands of lives once it’s fully implemented. That suggests that for every 830 people who gained insurance, one death was prevented.
And perhaps unsurprisingly, the researchers found that that health reform had a particularly significant impact in the areas of Massachusetts with previously high rates of poverty and uninsurance; the mortality rate decline was steepest there. Although life expectancy for Americans as a whole has been on the rise, widening income inequality and deepening health disparities have ensured that poor people’s lives are actually getting shorter. This study suggests that Obamacare has the potential to help reverse that trend — but that’s only possible in the states that agree to fully implement the law.
Brian Beutler: The D.C. Press Corps Is Suffering From Benghazi Stockholm Syndrome
Last week, after Republicans pivoted to Benghazi in unison, The Huffington Post’s Sam Stein observed an interesting phenomenon. When it came time to put White House press secretary Jay Carney in the hot seat, reporters for smaller outlets—whose correspondents are consigned to the back rows of the briefing room—were interested in real, unfolding dramas: Ukraine, the Affordable Care Act, the Snowden disclosures, and so on. But when Carney moved to the big-name journalists at the front of the room, the only thing anyone seemed to care about was Benghazi And that raises an interesting question, because in covering the story as a political scandal, just as Republicans want them to, the only scalps the media has really collected are their own.
CBS suspended Lara Logan after “60 Minutes” aired, and later had to retract, her Benghazi feature; Sharyl Attkisson resigned from the same network, charging her former colleagues with liberal bias—reportedly because they didn’t adequately promote her Benghazi coverage; and ABC’s Jonathan Karl had to apologize last year after he passed along an inaccurate summation of then-unreleased White House Benghazi emails. The administration had granted members of Congress access to the emails in classified briefings, and the source who provided Karl the summary (presumably a Republican) had either taken poor notes, or intentionally misconstrued their contents, to make it appear as if the White House had thumbed the scales in the inter-agency dispute over how to address the attacks publicly.
Terence McCoy: The Man Behind The Nigerian Girls’ Kidnappings And His Death-Defying Mystique
No one knows how old he is. Some say 35. Some say 36. Others think he’s 44. Twice he was believed dead, and twice he reemerged to conduct an even broader campaign of killing and terror that made him one of the most wanted men in the world.
His name is Abubakar Shekau. He is the leader of Boko Haram. And he has your girls. “I abducted the girls at a Western education school,” Shekau proclaimed on Monday in a video, clutching a rifle among several masked men.
“And you are disturbed. I said Western education should end. … I abducted your girls. I will sell them in the market, by Allah. There is a market for selling humans. Allah says I should sell; he commands me to sell. I will sell women. I sell women.”
Shekau, who has a $7 million bounty on his head, grinned a mouth of white teeth.
The death rate in Massachusetts dropped significantly after it adopted mandatory health care coverage in 2006, a study released Monday found, offering evidence that the country’s first experiment with universal coverage — and the model for crucial parts of President Obama’s health care law — has saved lives, health economists say. The study tallied deaths in Massachusetts from 2001 to 2010 and found that the mortality rate — the number of deaths per 100,000 people —
fell by about 3 percent in the four years after the law went into effect. The decline was steepest in counties with the highest proportions of poor and previously uninsured people. In contrast, the mortality rate in a control group of counties similar to Massachusetts in other states was largely unchanged. A national 3 percent decline in mortality among adults under 65 would mean about 17,000 fewer deaths a year.
Attorney General Eric Holder said Monday he is personally overseeing investigations into major banks, and is working with regulators as those probes enter a “key” stage. The Obama administration’s top attorney emphasized that no institution or individual is powerful or influential enough to escape capture, and that the notion of “too big to jail” is a myth. “There is no such thing as ‘too big to jail,’” he said in a video message posted on the Justice Department’s website. “To be clear, no individual or company, no matter how large or how profitable, is above the law.” Holder said in his new message that his team is working closely with financial regulators to mitigate those potential risks, clearing the way for criminal charges if the case can be made.
Holder said Monday that there are times when an institution’s behavior was wrong, but not necessarily illegal. Furthermore, sometimes it can appear that a bank broke the law, but is not backed by evidence permissible in court. Nonetheless, Holder underlined that when banks do break the law, his department will not hesitate to bring forward the case. On that front, he said the Justice Department has made “great strides” in coordinating with financial regulators to address potential economic risks from criminal charges, including the revocation of a bank’s charter to do business in the United States. The Justice Department is reportedly examining BNP Paribas for evading U.S. sanctions, and Credit Suisse for helping Americans evade taxes.
Noam N. Levey: Health Insurance Reduces Deaths, New Massachusetts Study Shows
Giving more people health insurance could save tens of thousands of lives nationwide in the coming years, a new analysis of data from Massachusetts, whose trailblazing reforms became the model for President Obama’s health law, suggests. Throughout the national debate over the Affordable Care Act, critics of the law have questioned whether expanding coverage actually results in better health. The new analysis by researchers at the Harvard School of Public Health, Brigham and Women’s Hospital and the Urban Institute adds to the growing evidence that health coverage does make people healthier.
Mortality rates in Massachusetts measurably improved compared with similar places around the country after the state began guaranteeing its residents health coverage in 2006, the researchers found. A similar trend is emerging nationally, as surveys indicate millions have gained coverage since state marketplaces created by the federal law opened in October. A nationwide Gallup poll released Monday showed the percentage of working-age adults without coverage dropped from 18% last fall to 13.4% in April.
The White House is backing Veterans Affairs Secretary Eric Shinseki after he faced calls to resign Monday over allegations that veterans died waiting for care in Phoenix and other problems in his department. “As the President said last week, we take the allegations around the Phoenix situation very seriously,” said Shin Inouye, a White House spokesman. “That’s why he immediately directed Secretary Shinseki to investigate, and Secretary Shinseki has also invited the independent Veterans Affairs Office of Inspector General to conduct a comprehensive review,” he said.
“We must ensure that our nation’s veterans get the benefits and services that they deserve and have earned. The President remains confident in Secretary Shinseki’s ability to lead the Department and to take appropriate action based on the IG’s findings.” Earlier Monday, the American Legion called on Shinseki to resign, although the Veterans of Foreign Wars declined to do so. Rep. Mike Coffman, R-Colo., the chairman of the House Veterans’ Oversight and Investigations Subcommittee, called on Shinseki to resign “due to chronic mismanagement and systemic failures of the VA under his leadership, ranging from dramatic cost overruns in major construction projects to glaring patient safety problems,” according to a press release.
I know it’s cruel to pick on people who are ill, but in Ron Fournier’s case an exception must be made. Fournier is currently ailing from a condition known as bipartisanship (medical name: vacuousness), which manifests itself when another person expresses a thought that can be deemed partisan. For example, on Monday Paul Krugman wrote a column castigating Republicans for releasing a biased report on whether people were paying their Obamacare premiums. (TPM: “Nearly 40 percent of Obamacare enrollees signed up after March 15—which means their first premium wasn’t due until after the committee finished collecting its data.”) Krugman scolded the GOP and expressed outrage that the Party was so dishonest.
The effect of this was to trigger one of Fournier’s symptoms: writing silly responses to people like Krugman. Fournier begins by agreeing with Krugman’s contention that the GOP is dishonest. Fournier provides no evidence that the White House could get accurate figures, and in any case it’s failure to do so is not an example of “skewing the truth.” Moreover, there will presumably be accurate figures after the end of May, which is when people who enrolled will have to pay up
Danny Vinik: Republicans Still Don’t Have A Jobs Plan, But Americans Think They Do
A Pew Research-USA Today survey released on Monday finds that Americans’ number one priority remains jobs. And yet, while Democrats have fought for increased government spending to boost the recovery, Americans are planning to reward Republicans in November—even though they have still not offered a credible jobs plan. And while the recovery certainly could be much stronger, its weakness is the result of Republican obstruction, not the Democratic agenda.
In the debate over whether to apply fiscal or monetary stimulus, the GOP chooses neither. Facing a massive hole in aggregate demand, Republicans have offered the same supply-side agenda as always: tax cuts, spending cuts, and deregulation. These are not macroeconomic policies for filling a short-term hole in demand and spurring a recovery. Only after the economy returns to sustainable, full employment—something we haven’t achieved in nearly 20 years—should we look at supply-side policies to boost growth.
Jonathan Cohn: More Good News For Obamacare: It May Be Saving Lives After All
It also suggests the health care law, implemented effectively, could save thousands of lives a year. The subject of the new paper is the Massachusetts health care reform scheme, signed into law by then-Governor Mitt Romney, that took effect in 2007. It is an obvious subject for research, because it looks just like Obamacare and it succeeded in reducing the number of uninsured, just as Obamacare seems to be doing. The change made a big difference. Subsequent studies showed that, as more people got insurance, fewer people struggled with medical bills and more people got regular medical care. But while hospitalizations for preventable conditions came down and people reported that they felt better, those findings didn’t fully address the question of how insurance was affecting health. Enter three well-credentialed, well-respected health care economists—Benjamin Sommers (who’s also a physician) and Katherine Baicker, from the Harvard School of Public Health; and Sharon Long, a senior fellow at the Urban Institute.
The trio obtained figures on mortality and, better still, they were able to isolate causes of mortality “amenable to health care.” In other words, they were able to get data on cancers, various cardiac problems, and other conditions that, with better medical care, people should be more likely to survive. Then they compared how the people in Massachusetts fared relative to groups of people from around New England, who were similar in almost every meaningful way—age, income, and so on—except that they lived in states where similar expansions of health insurance were not underway. The results were clear. In those other places, outside of Massachusetts, the death rate from “amenable” causes went down by only a little bit and the overall death rate actually increased a tad. But in Massachusetts, deaths overall and deaths from “amenable” causes both went down—significantly. The authors calculated that, for every 830 people who got insurance in Massachusetts, about one person avoided a premature death.
Uninsured rate drops to 13.4% in April, new all-time low in Gallup Poll. Among blacks, 13.8% versus 20.9% before #Obamacare
That’s a big payoff and it suggests Obamacare might have one, too. If millions of additional Americans end up with health insurance because of the law, as now seems likely, it would mean that at least a few thousand are going to live longer. And the number could get pretty high. A story in the New York Times suggested 17,000 would be a good guess. Harold Pollack has done some back-of-the-envelope math for healthinsurance.org and concluded the number could be as high as 24,000.
Sen. Barack Obama and his wife Michelle wave to the crowd after Obama delivered election night remarks after winning the North Carolina Primary at a rally at the North Carolina State University in Raleigh on May 6, 2008
President Obama with Afghan President Karzai and Pakistan President Zardari walk along the Colonnade following a US-Afghan-PakistanTrilateral meeting in Cabinet Room May 6, 2009 (Photo by Pete Souza)
President Obama meets in the Rose Garden of the White House with, from left, Susan Davies, deputy counsel to the President, Phil Schiliro, assistant to the President for legislative affairs, Ron Klain, chief of staff to the Vice President, and Bob Bauer, counsel to the President, regarding the pending Supreme Court nomination, May 6, 2010 (Photo by Pete Souza)
Dr. Jill Biden walks down the Cross Hall en route to a Mother’s Day Tea in the East Room of the White House, May 6, 2011. First Lady Michelle Obama and Dr. Biden hosted the tea for military spouses, relatives, and friends (Photo by Lawrence Jackson)
President Obama and Vice President Biden shake hands with the troops following the President’s remarks at Fort Campbell, Ky., May 6, 2011 (Photo by Pete Souza)
President Obama disembarks Air Force One at Joint Base Andrews, Maryland, following his trip to Fort Campbell, Ky., May 6, 2011 (Photo by Pete Souza)
President Obama plays golf with Senator Bob Corker (R-TN) and Senator Saxby Chambliss (R-GA) at left at Joint Base Andrews in Maryland on May 6, 2013
NYT: Senator Barack Obama of Illinois, standing before the Old State Capitol where Abraham Lincoln began his political career, announced his candidacy for the White House on Saturday by presenting himself as an agent of generational change who could transform a government hobbled by cynicism, petty corruption and “a smallness of our politics.”
…. It was the latest step in a journey rich with historic possibilities and symbolism. Thousands of people packed the town square to witness it, shivering in the single-digit frostiness until Mr. Obama appeared, trailed by his wife, Michelle, and two young daughters….
…. The formal entry to the race framed a challenge that would seem daunting to even the most talented politician: whether Mr. Obama, with all his strengths and limitations, can win in a field dominated by Senator Hillary Rodham Clinton, who brings years of experience in presidential politics, a command of policy and political history, and an extraordinarily battle-tested network of fund-raisers and advisers.
…. “If a campaign is premised on personality, then no, I don’t think you can stay fresh for a year,” he said. “But if the campaign is built from the ground up and there is a sense of ownership among people who want to see significant change, then absolutely. It can build and grow.”
The White House announced Thursday afternoon that President Obama would not sign a bill that some consumer advocates worried would make it more difficult for homeowners to fight fraudulent foreclosures.
President Barack Obama and Vice President Joe Biden arrive to deliver remarks on financial reform on in the Diplomatic Reception Room on January 21, 2010 in Washington, DC. Obama announced measures to narrow the size and scope of banks and their investment activities.
President Barack Obama speaks about financial reform after his meeting with Presidential Economic Recovery Advisory Board Chair Paul Volcker at the White House in Washington January 21, 2010.
President Obama rolled out a new set of proposals Thursday to “protect American taxpayers and the American economy from future crises”.
“We simply cannot accept a system in which hedge funds or private-equity funds inside banks can place huge risky bets that are subsidized by taxpayers and could pose a conflict of interest,” he said.
“My message to members of Congress of both parties is we need to get this done. My message to leaders of the financial industry is to work with us,” Obama continued: “If these folks want a fight, it’s a fight I’m ready to have.”
This image released by People for the Ethical Treatment of Animals shows a new PETA ad that features Carrie Underwood, first lady Michelle Obama, Oprah Winfrey and Tyra Banks. All have shunned wearing fur. The White House says PETA is using Obama’s image without her permission. The ads are appearing in Washington’s Metro stations, magazines and PETA’s Web site.