The Associated Press
Obama signs two more jobs-related orders
President Obama signed two more executive memorandums today, saying they will help employment at a time when congressional Republicans are blocking his $447 billion jobs bill. "With too many families struggling and too many ...
Obama taking more steps on own to help businesses
Obama takes more steps on own to help businesses
Factbox: Obama rolls out more executive office job measures
Friday, October 28, 2011
By ADAM SCHUPAK
Golf officials this week amended nine principal rules of the game, revisions that came with a whiff of the revolutionary.
POWER PLAY: Obama tries to hold true to clean image by refusing donations from 'registered lobbyists'
British kings and queens will no longer be banned from marrying Roman Catholics — though the rule barring a Catholic from becoming king or queen will remain.
At least 15 of Mr. Obama’s “bundlers” — supporters who contribute their own money to his campaign and solicit it from others — are involved in lobbying for Washington consulting shops or private companies. They have raised more than $5 million so far for the campaign.
"But the key to Alinskyism is the whipsaw, a constantly shifting “moral center” that can argue both sides of an issue at the same time. Thus Alinsky’s love child, Barack Obama, can boast of being rich and siding with the “99%” simultaneously; attack him as one and he’ll say he’s “really” the other. Just look what the Obama administration is doing now, claiming to suspend the “CLASS” act of Obamacare while the president swears to defend it. Intellectually absurd — but emotionally pitch-perfect: Barry as the eternal outsider, battling dark forces inimical. For Alinsky always needs a villain, even if the villain is Alinskyism itself. But what do you expect from a political philosophy that claims up is really down, in is really out, and black is really white?"
Samsung shipped 27.8 million smartphones in the last quarter, taking 23.8 percent of the market, Milton Keynes, U.K.- based Strategy Analytics said in an e-mailed statement today. Apple’s 17.1 million shipments, comprising 14.6 percent of the market, pushed the Cupertino, California-based company to second place. Nokia Oyj (NOK1V) maintained its third position, it said.
The announcement, made in a press release, comes a little over a month after HP replaced former head Leo Apotheker with Meg Whitman, former chief executive at eBay.
Occupy Wall Street makes an economic critique that echoes the president's, though more bluntly: the rich are bad, down with the elites. It's all ad hoc, more poetry slam than platform. Too bad it's not serious in its substance.
There's a lot to rebel against, to want to throw off. If they want to make a serious economic and political critique, they should make the one Gretchen Morgenson and Joshua Rosner make in "Reckless Endangerment": that real elites in Washington rigged the system for themselves and their friends, became rich and powerful, caused the great catering, and then "slipped quietly from the scene."
It is a blow-by-blow recounting of how politicians—Democrats and Republicans—passed the laws that encouraged the banks to make the loans that would never be repaid, and that would result in your lost job. Specifically it is the story of Fannie Mae and Freddie Mac, the mortgage insurers, and how their politically connected CEOs, especially Fannie's Franklin Raines and James Johnson, took actions that tanked the American economy and walked away rich. It began in the early 1990s, in the Clinton administration, and continued under the Bush administration, with the help of an entrenched Congress that wanted only two things: to receive campaign contributions and to be re-elected.
Initial reaction to the package was favorable. American stocks soared after the announcement. But details are murky (regarding the bond insurance and the SPVs, for starters), and skeptics abound. “I’m surprised that the markets are so relaxed,” says economist Desmond Lachman of the American Enterprise Institute. Two large problems loom.
The first is the specter of default. Greece crosses a line, because many European leaders long maintained that no euro-using country would be permitted to default. Now that this has happened, some investors may sell other weak European bonds and set up the feared chain reaction. The extra bank capital may not provide much protection. Elliott fears the added 100 billion euros is too small to be reassuring.
The second problem is austerity. Like Americans, Europeans face a contradiction: To reduce budget deficits, they need to cut spending and raise taxes; but more taxes and less spending may depress their economies, increasing budget deficits. Higher bank capital ratios pose a similar problem. One way to increase those ratios is to raise capital from private investors or governments. Another way is to cut lending; the size of the existing capital increases in relation to loans. But less lending would hurt the economy. “They’re setting themselves up for a credit crunch,” says Lachman.
What Europe really needs is a massive, though temporary, global bailout that would give it time to adjust. Lacking that, it’s unclear whether the latest package is a genuine solution or just a stopgap.