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Wednesday, April 01, 2009
Colbert on Glenn Beck
Don't drink while you're watching this one.
Tuesday, March 31, 2009
Obama Picked a Women's Bracket
Maybe he read my email? The Hartford Courant reports that the President's media team contacted them to let them know that he did pick a women's bracket as well, and that he picked UConn to win it all.
I emailed the Prez on whitehouse.gov and asked him to fill out a women's bracket. And I gave him some bad advice (don't pick as many upsets when filling out a women's bracket, which is so WRONG this year) and some good advice (pick Connecticut to win it all, because otherwise you will look stupid.) So maybe he took my advice.
Hartford Courant: Obama Picks UConn Women To Win
I emailed the Prez on whitehouse.gov and asked him to fill out a women's bracket. And I gave him some bad advice (don't pick as many upsets when filling out a women's bracket, which is so WRONG this year) and some good advice (pick Connecticut to win it all, because otherwise you will look stupid.) So maybe he took my advice.
Hartford Courant: Obama Picks UConn Women To Win
President Barack Obama's media people contacted The Courant today to let them know he had also filled out a women's NCAA tournament basketball bracket - to go with his more publicized men's bracket. His pick to win? UConn.
"The president believes the University of Connecticut is a fine institution with a wonderful basketball program," Moira Muntz, a spokesman for the president, said. She did not know who Obama's other Final Four picks were.
Muntz told The Courant Tuesday that the president had filled out a women's bracket, in addition to a men's bracket that was done for ESPN, and that No.1 UConn was his choice to win the title.
Monday, March 30, 2009
Let the Booing Begin
Who will measure the decibels? I would wear earplugs if I were going to this game.
ESPN:
ARLINGTON, Texas -- Former President George W. Bush will throw out the ceremonial first pitch on Opening Day for the Texas Rangers.
Friday, March 20, 2009
White House Garden
Excellent news: The Obamas have announced that they will be planting an organic garden at the White House.
WaPo: Shovel-Ready Project: A White House Garden
Today, first lady Michelle Obama will host a groundbreaking for a White House kitchen garden on the South Lawn. She will be joined by students from Bancroft Elementary in Northwest Washington, , whose participation in the project will continue past today, as they help with planting in the coming weeks and harvesting later this year.
The 1,100-square-foot garden will include 55 kinds of vegetables, including peppers, spinach and, yes, arugula. (The selection is a wish list put together by White House chefs.) There will also be berries, herbs and two hives for honey that will be tended by a White House carpenter who is also a beekeeper. The chefs will use the produce to feed the first family, as well as for state dinners and other official events.
The White House will use organic seedlings, as well as organic fertilizers and organic insect repellents. The garden will be near the tennis courts and be visible to passersby on the street. The whole Obama family will be involved in tending the garden, White House spokeswoman Katie McCormick Lelyveld said.
WaPo: Shovel-Ready Project: A White House Garden
Obama on Leno Last Night
Video:
Transcript:
Q The 44th President of the United States, please welcome President Barack Obama. (Applause.)
THE PRESIDENT: Thank you. (Applause.)
Q Good to see you.
THE PRESIDENT: It is good to see you and -- (applause.) Thank you. Let me just say, I think Kevin looks good in a suit. (Laughter.)
Q Thank you, sir.
THE PRESIDENT: He looks a little like Secret Service. (Laughter.)
Q He does, doesn't he? Yes. And you're the only guy who can get him to wear it. (Laughter.)
Now, you know, it's funny, because the last time you were here, you walked in, you had your jacket on your finger and you had the two guys with you.
THE PRESIDENT: Right.
Q And that was it. Big change?
THE PRESIDENT: You know, I was mentioning earlier, we landed yesterday and then -- this is an example of life in the bubble. We landed at the fairground down in Costa Mesa. And I see the fairground where I think we're having this town hall and I said, well, why don't we walk over there? Secret Service says, no, sir, it's 750 yards. (Laughter.)
So I was trying to calculate -- well, that's like a five-minute walk? "Yes, sir. Sorry." (Laughter.)
Now, they let me walk on the way back. But, you know, the doctor is behind me with the defibrillator. (Laughter.)
Q Wow.
THE PRESIDENT: Michelle jokes about how our motorcade -- you know, we've got the ambulance and then the caboose and then the dog sled. (Laughter.) The submarine. (Laughter.) There's a whole bunch of stuff going on.
Q Now it's only, what, 59 days now, right?
THE PRESIDENT: Yes, 59 days.
Q And so much scrutiny. Is it fair to judge so quickly? I mean --
THE PRESIDENT: Well, look, we are going through a difficult time. I welcome the challenge. You know, I ran for President because I thought we needed big changes. I do think in Washington it's a little bit like "American Idol," except everybody is Simon Cowell. (Laughter.)
Q Wow. Wow. That's rough. (Applause.)
THE PRESIDENT: Everybody's got an opinion. But that's part of what makes for a democracy. You know, it's contentious and people are hitting back.
I do think, though, that the American people are all in a place where they understand it took us a while to get into this mess, it's going to take a while for us to get out of it. And if they have confidence that I'm making steps to deal with issues like health care and energy and education, that matter deeply to their daily lives, then I think they're going to give us some time. (Applause.)
Q Let me ask you about this. I know you are angry -- because, you know, doing what I do, you kind of study body language a little bit. And you looked very angry about these bonuses. Actually, stunned.
THE PRESIDENT: Stunned. "Stunned" is the word.
Q Tell people what happened. I know people have been over it, just --
THE PRESIDENT: Well, look, here's what happened. You've got a company, AIG, which used to be just a regular, old insurance company. Then they insured a whole bunch of stuff and they were very profitable and it was a good, solid company.
Then they decided -- some smart person decided, let's put a hedge fund on top of the insurance company and let's sell these derivative products to banks all around the world -- which are basically guarantees or insurance policies on all these sub-prime mortgages.
And this smart person said, you know, none of these things are going to go bust; this sub-prime thing, it's a great deal, you can make a lot of profit. So they sold a whole bunch of them -- billions and billions of dollars. And what happened is, is that when people started going bust on sub-prime mortgages you had $30 worth of debt on every dollar worth of mortgage -- and the whole house of cards just started falling down.
So the problem with AIG was that it owed so much and was tangled up with so many banks and institutions that if you had allowed it to just liquidate, to go into bankruptcy, it could have brought the whole financial system down. So it was the right thing to do to intervene in AIG.
Now, the question is, who in their right mind, when your company is going bust, decides we're going to be paying a whole bunch of bonuses to people? And that, I think, speaks to a broader culture that existed on Wall Street, where I think people just had this general attitude of entitlement, where, we must be the best and the brightest, we deserve $10 million or $50 million or $100 million dollar payouts --
Q Right.
THE PRESIDENT: And, you know, the immediate bonuses that went to AIG are a problem. But the larger problem is we've got to get back to an attitude where people know enough is enough, and people have a sense of responsibility and they understand that their actions are going to have an impact on everybody. And if we can get back to those values that built America, then I think we're going to be okay. (Applause.)
Q Well, you know, it's interesting, when you said -- it's, like, I had to laugh the other day when the CEO of AIG said, okay, I've asked them to give half the bonuses back. Now, if you rob a bank and you go into court -- (laughter) -- and you go, Your Honor, I'm going to give you half the money back. (Laughter.) And they seem stunned that we're not jumping at this wonderful offer.
THE PRESIDENT: Well, you know, the only place I think that might work is in Hollywood. (Laughter.)
Q Let me ask you this. Now, I heard them say, well, one of the problems is it's contractual and if we don't pay these bonuses, well, they can sue us. All the time people say, so sue me.
THE PRESIDENT: So sue me, right.
Q I mean, the federal government is in debt a trillion dollars. We're broke -- sue us. Sue me. (Laughter and applause.)
THE PRESIDENT: In fairness, I think that part of the calculation they were making was the way the contracts were written said, if you don't pay us immediately, then we can claim three times as much as we were owed under the bonuses. And so they were making a legal calculation, and their legal judgment was not necessarily wrong.
But there's a moral and an ethical aspect to this, as well. And I think that's what has gotten everybody so fired up. The main thing -- we're going to do everything we can to see if we can get these bonuses back. But I think the most important thing that we can do is make sure that we put in a bunch of financial regulatory mechanisms to prevent companies like an AIG holding the rest of us hostage. Because that's -- that's the real problem.
The problem is not just what's happened over the last six months. The problem is what was happening for years, where people were able to take huge, excessive risks with other people's money, putting the entire financial system at risk -- and there were no checks, there were no balances, there was nobody overseeing the process.
And so what we're going to be moving very aggressively on -- even as we try to fix the current mess -- is make sure that before somebody makes a bad bet you say, hold on, you can't do that.
Q Well, here's something that kind of scared me. Today they passed this thing that says we're going to tax 90 percent of these bonuses. And the part that scares me is, I mean, you're a good guy -- if the government decides they don't like a guy, all of a sudden, hey, we're going to tax you and then, boom, and it passes. I mean, that seems a little scary as a taxpayer, they can just decide -- you want to take a break and answer that when we come back? Okay, hold that answer.
THE PRESIDENT: I will. I've got a good answer, too. (Applause.)
* * * * *
Q Welcome back. We are talking with President Barack Obama.
Before the break I mentioned that they had just passed this new bill which will tax them 90 percent -- and I said it was frightening to me as an American that Congress, whoever, could decide, I don't like that group, let's pass a law and tax them at 90 percent.
THE PRESIDENT: Well, look, I understand Congress' frustrations, and they're responding to, I think, everybody's anger. But I think that the best way to handle this is to make sure that you've closed the door before the horse gets out of the barn. And what happened here was the money has already gone out and people are scrambling to try to find ways to get back at them.
The change I'd like to see in terms of tax policy is that we have a system, going back to where we were back in the 1990s, where you and I who are doing pretty well pay a little bit more to pay for health care, to pay for energy, to make sure that kids can go to college who aren't as fortunate as our -- as my kids might be. Those are the kinds of measured steps that we can take. But the important thing over the next several months is making sure that we don't lurch from thing to thing, but we try to make steady progress, build a foundation for long-term economic growth. That's what I think the American people expect. (Applause.)
Q I just read today about Merrill Lynch. They handed out $3.6 billion -- it's not even million anymore, it's billions in bonuses. I know it would make me feel good -- shouldn't somebody go to jail? (Laughter and applause.) I say that because I watch those people in New York, even people who had lost everything -- when Bernard Madoff went to jail, at least they felt they got something.
THE PRESIDENT: Right. They got some satisfaction. Here's the dirty little secret, though. Most of the stuff that got us into trouble was perfectly legal. And that is a sign of how much we've got to change our laws -- right? We were talking earlier about credit cards, and it's legal to charge somebody 30 percent on their credit card, and charge fees and so forth that people don't always know what they're getting into. So the answer is to deal with those laws in a way that gives the average consumer a break.
When you buy a toaster, if it explodes in your face there's a law that says your toasters need to be safe. But when you get a credit card, or you get a mortgage, there's no law on the books that says if that explodes in your face financially, somehow you're going to be protected.
So this is -- the need for getting back to some common sense regulations -- there's nothing wrong with innovation in the financial markets. We want people to be successful; we want people to be able to make a profit. Banks are critical to our economy and we want credit to flow again. But we just want to make sure that there's enough regulatory common sense in place that ordinary Americans aren't taken advantage of, and taxpayers, after the fact, aren't taken advantage of. (Applause.)
Q Yes -- because when I was a kid, we would -- banks or credit cards would lend you money so you would pay it back. Now they lend you money so you can't pay it back. (Laughter.) It's like we were talking before, I mentioned we all saw A Wonderful Life -- Mr. Potter, the meanest man -- remember he owned the whole town? You know what he charged on a mortgage? Two percent. (Laughter.)
THE PRESIDENT: He's like Mother Teresa now. (Laughter.)
Q Like Mother Teresa now. (Laughter.) He makes VISA look like ohhhh --
THE PRESIDENT: Well, and part of what happened over the last 15, 20 years is that so much money was made in finance that about 40 percent, I think, of our overall growth, our overall economic growth was in the financial sector. Well, now what we're finding out is a lot of that growth wasn't real. It was paper money, paper profits on the books, but it could be easily wiped out.
And what we need is steady growth; we need young people, instead of -- a smart kid coming out of school, instead of wanting to be an investment banker, we need them to decide they want to be an engineer, they want to be a scientist, they want to be a doctor or a teacher. And if we're rewarding those kinds of things that actually contribute to making things and making people's lives better, that's going to put our economy on solid footing. We won't have this kind of bubble-and-bust economy that we've gotten so caught up in for the last several years.
Q Now, Treasury Secretary Geithner, he seems to be taking a little bit of heat here. How is he holding up with this? He seems like a smart guy --
THE PRESIDENT: He is a smart guy and he's a calm and steady guy. I don't think people fully appreciate the plate that was handed him. This guy has not just a banking crisis; he's got the worst recession since the Great Depression, he's got an auto industry on -- that has been on the verge of collapse. We've got to figure out how to coordinate with other countries internationally. He's got to deal with me; he's got to deal with Congress. And he's doing it with grace and good humor. And he understands that he's on the hot seat, but I actually think that he is taking the right steps, and we're going to have our economy back on the move.
Q Now, see, I love that it's all his problem. (Laughter.)
THE PRESIDENT: No, no, no --
Q -- I mean, when he came in you probably said, hey, this is not a problem. Now, it's, hey, you got this, you got that, hey, good luck. (Laughter.)
THE PRESIDENT: No, no, but this is the point that I made, I think two days ago, when somebody asked, well, do you have confidence in Tim Geithner. I said, look, I'm the President, so ultimately all this stuff is my responsibility. If I'm not giving him the tools that he needs to make sure that we're moving things forward, then people need to look at me.
On the AIG thing, all these contracts were written well before I took office, but ultimately I'm now the guy who's responsible to fix it. And one of the things that I'm trying to break is a pattern in Washington where everybody is always looking for somebody else to blame. And I think Geithner is doing an outstanding job. I think that we have a big mess on our hands. It's not going to be solved immediately, but it is going to get solved. And the key thing is for everybody just to stay focused on doing the job instead of trying to figure out who you can pass blame on to.
Q Well, when will the money -- this money was given out to the banks. I would have thought by this time it would have sort of trickled down to Main Street, to people wanting to get loans -- I mean, it all went out there months and months ago. Where is it?
THE PRESIDENT: Well, what's happening is a lot of these banks are keeping it in the bank because their balance sheets had gotten so bad that they decided, you know what, for us to stay solvent we need to maintain certain capital ratios; we've got to have a certain amount of capital in the bank -- and they haven't started lending it yet. And that's why what we've got to do -- right now what we're doing is essentially doing a diagnostic test -- trying to use some auto language here so you -- (laughter) -- we're doing a diagnostic on each of the banks, figuring out what are their capital levels? Can they sustain lending? And then I think we're going to separate out -- those banks that are in good shape, we're going to say to them, all right, you're on your own; go start lending again. Those banks that still have problems, we'll do a little more intervention to try to clean some of those toxic assets off their books.
But I actually have confidence that we'll get that done. In the meantime, we're taking a lot of steps to, for example, opening up -- open up separate credit lines outside of banks for small businesses so that they can get credit -- because there are a lot of small businesses out here who are just barely hanging on. Their credit lines are starting to be cut. We're trying to set up a securitized market for student loans and auto loans outside of the banking system. So there are other ways of getting credit flowing again.
But that's why we've got to solve the banking problem and we've got to solve issues like health care, energy, and education that will put us on a pathway for long-term economic growth.
Q We're going to take a break. When we come back I want to ask you what we can do -- (applause) -- all right, we'll take a break. We'll be right back.
* * * * *
Q Welcome back. Talking with President Barack Obama. So I was going to ask you before we went to the break. So you have -- obviously we have a lot of people with a few dollars -- couple of hundred, couple of thousand -- but there's millions of them. Okay, obviously that's a tremendous financial forest. What should they do? Put their money in the bank? Should they be spending money? Should they hide it under their mattress?
THE PRESIDENT: Look, first of all, everybody should have complete confidence in the banks. They're deposits are protected. They shouldn't be putting it in their mattresses. I will leave it up to others to provide individual, personal financial advice.
But I will say this, that if you're working right now, obviously you've got to be prudent and you've got to recognize that the economy has been in a tough way. But, you know, we've still got kids who are going to need a coat for winter or a computer for school. You know, that young family is still going to at some point need to buy a house. And right now cars, for example, we know that typically you need about 14 million cars for this population -- and right now only 9 million are being sold every year. So at some point those inventories are going to run down and people are going to start buying cars again.
So, you know, what people should not do is forget that what has built America has always been a faith and a confidence in the future. And our future is bright if we take some smart steps right now. And that's what we're working on in Washington. And I think if everybody stays focused on getting through these tough times, the future is going to be very bright for all of us.
Q Now, you mentioned cars a minute ago. You went to the electric car, you went to look at some batteries today.
THE PRESIDENT: I did. It's spectacular what is being down now with plug-in hybrids, where not only are you getting the hybrid technology, but now you can plug it in at home in your garage. And potentially we could see cars getting 150 miles to a gallon of gas.
And when you get home you could potentially sell the energy in your car back into the grid, back to your utility and get money.
So we're going to be investing billions of dollars in research and development around these technologies. I know that you were mentioning you've got a hydrogen car --
Q I've got the GM hydrogen car. That's a whole new --
THE PRESIDENT: That's a whole new level of technology. That's what's going to create the auto industry of the future. That's where we're going to win back manufacturing. But right now we're behind. These batteries are being made in Japan -- just like wind power is being made in Europe. We need to bring that here, and that's part of what my budget and part of what our Recovery Act is all about.
Q Let me ask you some personal things. Now, how cool is it to fly in Air Force One? (Laughter.)
THE PRESIDENT: Now, let me tell you, I personally think it's pretty cool. Especially because they give you, you know, the jacket with the seal on it. (Laughter.)
Q Oh, yeah. See, I still get the little wings when I fly.
THE PRESIDENT: So you have the jacket. I will tell you, though, Malia and Sasha, my daughters, they're just not as impressed. The first time we went on Marine One -- right, you've got the Marines in front and they're saluting you. And we go up and we're passing the Washington Monument, circling around on the way to Camp David -- and Sasha looks over and she says, "Are those Starbursts?" (Laughter.) There's, like, the candy in the little canister. (Laughter.) That's -- "Can we have some?" (Laughter.)
So they're splitting up the Starbursts and we're flying over the Lincoln Memorial. So they got a whole 'nother level of cool. (Laughter.)
Q Now, are they going to put a basketball -- I imagine the bowling alley has been just burned and closed down.
THE PRESIDENT: No, no. I have been practicing all -- (laughter.)
Q Really? Really?
THE PRESIDENT: I bowled a 129. (Laughter and applause.)
Q No, that's very good. Yes. That's very good, Mr. President.
THE PRESIDENT: It's like -- it was like Special Olympics, or something. (Laughter.)
Q No, that's very good.
THE PRESIDENT: No, listen, I'm making progress on the bowling, yes.
Q And how about, are you going to put in a basketball court?
THE PRESIDENT: Oh, yes. Yes. Well, we have a basketball court already at Camp David. We just had a little rim that was inadequate -- (laughter) -- at the White House. But there are tennis courts, so we're going to just get those -- you know, those rims that you can roll in and out. And then we'll just put them on either --
Q Let me ask you, when people -- Mr. President, would you like to play? Yes, I would. Do they throw the game? Come on. (Laughter and applause.)
THE PRESIDENT: I don't see why they would throw the game -- except for all those Secret Service guys with guns around. (Laughter.)
Q Yes, exactly.
THE PRESIDENT: I will say that I don't think I get the hard fouls that I used to. Usually I don't --
Q Yes, Reggie goes, ohhh, I missed, ohhh. (Laughter.)
THE PRESIDENT: Reggie doesn't do that. This is Reggie Love, my assistant. He played for Duke, very competitive guy. He doesn't let me win because, as he pointed out, if you lose to Obama you never hear the end of it. (Laughter.)
Q See, there you go. Now, have you picked a final four?
THE PRESIDENT: I did.
Q Okay. How about your final one, who do you got?
THE PRESIDENT: I got North Carolina Tar Heels. (Applause.)
Q North Carolina.
THE PRESIDENT: I think I got -- I got a hard time from Reggie, because he played at Duke, and you know, Coach K, being competitive, I think was a little -- you know, pushed back a little bit today. And I understand that. That's what you want. You want everybody to be competitive. I think these are all great teams.
Q Like, do you look at the whole picture when you do that? For example, isn't that a swing state? (Laughter and applause.) I'm just saying, are you looking at the whole picture when you pick?
THE PRESIDENT: I mean, the fact that teams from North Carolina, Indiana, Iowa, all seem to do well in my bracket -- (laughter) -- I think is a complete coincidence. Absolutely.
Q All right, one last question. Now, when is the dog coming? I keep hearing about the dog. It seems to me -- when was the dog supposed to be there by? I thought it was, like, as soon as --
THE PRESIDENT: Listen, this is Washington -- (laughter) -- that was a campaign promise. (Laughter.)
Q Oh, wow. Wow. Man. (Laughter and applause.)
THE PRESIDENT: I'm teasing. The dog will be there shortly. (Laughter.)
Q How soon?
THE PRESIDENT: We have actually sort of been laying the groundwork here. We've got a trip, I've got to go to the NATO summit. When we get back, dog will be in place.
Q Wow. And it's, what, a Portuguese water head? (Laughter.) What is it, what kind of dog is it?
THE PRESIDENT: It's not that. (Laughter.)
Q It's not that.
THE PRESIDENT: It's not a "water head." (Laughter.)
Q Whatever they are, I don't know what they are.
THE PRESIDENT: That sounds like a scary dog. (Laughter.) Sort of dripping around the house. (Laughter.)
Q I don't know what it is.
THE PRESIDENT: No, no. We're going to get a dog that is -- that I think the girls will have a great time -- I think I'm going to have a lot of fun with it. You know, they say if you want a friend in Washington, get a dog. (Laughter.)
Q Exactly. Mr. President, I must say, this has been one of the best nights of my life. Thank you very much, sir.
The President of the United States. (Applause.)
Transcript:
Q The 44th President of the United States, please welcome President Barack Obama. (Applause.)
THE PRESIDENT: Thank you. (Applause.)
Q Good to see you.
THE PRESIDENT: It is good to see you and -- (applause.) Thank you. Let me just say, I think Kevin looks good in a suit. (Laughter.)
Q Thank you, sir.
THE PRESIDENT: He looks a little like Secret Service. (Laughter.)
Q He does, doesn't he? Yes. And you're the only guy who can get him to wear it. (Laughter.)
Now, you know, it's funny, because the last time you were here, you walked in, you had your jacket on your finger and you had the two guys with you.
THE PRESIDENT: Right.
Q And that was it. Big change?
THE PRESIDENT: You know, I was mentioning earlier, we landed yesterday and then -- this is an example of life in the bubble. We landed at the fairground down in Costa Mesa. And I see the fairground where I think we're having this town hall and I said, well, why don't we walk over there? Secret Service says, no, sir, it's 750 yards. (Laughter.)
So I was trying to calculate -- well, that's like a five-minute walk? "Yes, sir. Sorry." (Laughter.)
Now, they let me walk on the way back. But, you know, the doctor is behind me with the defibrillator. (Laughter.)
Q Wow.
THE PRESIDENT: Michelle jokes about how our motorcade -- you know, we've got the ambulance and then the caboose and then the dog sled. (Laughter.) The submarine. (Laughter.) There's a whole bunch of stuff going on.
Q Now it's only, what, 59 days now, right?
THE PRESIDENT: Yes, 59 days.
Q And so much scrutiny. Is it fair to judge so quickly? I mean --
THE PRESIDENT: Well, look, we are going through a difficult time. I welcome the challenge. You know, I ran for President because I thought we needed big changes. I do think in Washington it's a little bit like "American Idol," except everybody is Simon Cowell. (Laughter.)
Q Wow. Wow. That's rough. (Applause.)
THE PRESIDENT: Everybody's got an opinion. But that's part of what makes for a democracy. You know, it's contentious and people are hitting back.
I do think, though, that the American people are all in a place where they understand it took us a while to get into this mess, it's going to take a while for us to get out of it. And if they have confidence that I'm making steps to deal with issues like health care and energy and education, that matter deeply to their daily lives, then I think they're going to give us some time. (Applause.)
Q Let me ask you about this. I know you are angry -- because, you know, doing what I do, you kind of study body language a little bit. And you looked very angry about these bonuses. Actually, stunned.
THE PRESIDENT: Stunned. "Stunned" is the word.
Q Tell people what happened. I know people have been over it, just --
THE PRESIDENT: Well, look, here's what happened. You've got a company, AIG, which used to be just a regular, old insurance company. Then they insured a whole bunch of stuff and they were very profitable and it was a good, solid company.
Then they decided -- some smart person decided, let's put a hedge fund on top of the insurance company and let's sell these derivative products to banks all around the world -- which are basically guarantees or insurance policies on all these sub-prime mortgages.
And this smart person said, you know, none of these things are going to go bust; this sub-prime thing, it's a great deal, you can make a lot of profit. So they sold a whole bunch of them -- billions and billions of dollars. And what happened is, is that when people started going bust on sub-prime mortgages you had $30 worth of debt on every dollar worth of mortgage -- and the whole house of cards just started falling down.
So the problem with AIG was that it owed so much and was tangled up with so many banks and institutions that if you had allowed it to just liquidate, to go into bankruptcy, it could have brought the whole financial system down. So it was the right thing to do to intervene in AIG.
Now, the question is, who in their right mind, when your company is going bust, decides we're going to be paying a whole bunch of bonuses to people? And that, I think, speaks to a broader culture that existed on Wall Street, where I think people just had this general attitude of entitlement, where, we must be the best and the brightest, we deserve $10 million or $50 million or $100 million dollar payouts --
Q Right.
THE PRESIDENT: And, you know, the immediate bonuses that went to AIG are a problem. But the larger problem is we've got to get back to an attitude where people know enough is enough, and people have a sense of responsibility and they understand that their actions are going to have an impact on everybody. And if we can get back to those values that built America, then I think we're going to be okay. (Applause.)
Q Well, you know, it's interesting, when you said -- it's, like, I had to laugh the other day when the CEO of AIG said, okay, I've asked them to give half the bonuses back. Now, if you rob a bank and you go into court -- (laughter) -- and you go, Your Honor, I'm going to give you half the money back. (Laughter.) And they seem stunned that we're not jumping at this wonderful offer.
THE PRESIDENT: Well, you know, the only place I think that might work is in Hollywood. (Laughter.)
Q Let me ask you this. Now, I heard them say, well, one of the problems is it's contractual and if we don't pay these bonuses, well, they can sue us. All the time people say, so sue me.
THE PRESIDENT: So sue me, right.
Q I mean, the federal government is in debt a trillion dollars. We're broke -- sue us. Sue me. (Laughter and applause.)
THE PRESIDENT: In fairness, I think that part of the calculation they were making was the way the contracts were written said, if you don't pay us immediately, then we can claim three times as much as we were owed under the bonuses. And so they were making a legal calculation, and their legal judgment was not necessarily wrong.
But there's a moral and an ethical aspect to this, as well. And I think that's what has gotten everybody so fired up. The main thing -- we're going to do everything we can to see if we can get these bonuses back. But I think the most important thing that we can do is make sure that we put in a bunch of financial regulatory mechanisms to prevent companies like an AIG holding the rest of us hostage. Because that's -- that's the real problem.
The problem is not just what's happened over the last six months. The problem is what was happening for years, where people were able to take huge, excessive risks with other people's money, putting the entire financial system at risk -- and there were no checks, there were no balances, there was nobody overseeing the process.
And so what we're going to be moving very aggressively on -- even as we try to fix the current mess -- is make sure that before somebody makes a bad bet you say, hold on, you can't do that.
Q Well, here's something that kind of scared me. Today they passed this thing that says we're going to tax 90 percent of these bonuses. And the part that scares me is, I mean, you're a good guy -- if the government decides they don't like a guy, all of a sudden, hey, we're going to tax you and then, boom, and it passes. I mean, that seems a little scary as a taxpayer, they can just decide -- you want to take a break and answer that when we come back? Okay, hold that answer.
THE PRESIDENT: I will. I've got a good answer, too. (Applause.)
* * * * *
Q Welcome back. We are talking with President Barack Obama.
Before the break I mentioned that they had just passed this new bill which will tax them 90 percent -- and I said it was frightening to me as an American that Congress, whoever, could decide, I don't like that group, let's pass a law and tax them at 90 percent.
THE PRESIDENT: Well, look, I understand Congress' frustrations, and they're responding to, I think, everybody's anger. But I think that the best way to handle this is to make sure that you've closed the door before the horse gets out of the barn. And what happened here was the money has already gone out and people are scrambling to try to find ways to get back at them.
The change I'd like to see in terms of tax policy is that we have a system, going back to where we were back in the 1990s, where you and I who are doing pretty well pay a little bit more to pay for health care, to pay for energy, to make sure that kids can go to college who aren't as fortunate as our -- as my kids might be. Those are the kinds of measured steps that we can take. But the important thing over the next several months is making sure that we don't lurch from thing to thing, but we try to make steady progress, build a foundation for long-term economic growth. That's what I think the American people expect. (Applause.)
Q I just read today about Merrill Lynch. They handed out $3.6 billion -- it's not even million anymore, it's billions in bonuses. I know it would make me feel good -- shouldn't somebody go to jail? (Laughter and applause.) I say that because I watch those people in New York, even people who had lost everything -- when Bernard Madoff went to jail, at least they felt they got something.
THE PRESIDENT: Right. They got some satisfaction. Here's the dirty little secret, though. Most of the stuff that got us into trouble was perfectly legal. And that is a sign of how much we've got to change our laws -- right? We were talking earlier about credit cards, and it's legal to charge somebody 30 percent on their credit card, and charge fees and so forth that people don't always know what they're getting into. So the answer is to deal with those laws in a way that gives the average consumer a break.
When you buy a toaster, if it explodes in your face there's a law that says your toasters need to be safe. But when you get a credit card, or you get a mortgage, there's no law on the books that says if that explodes in your face financially, somehow you're going to be protected.
So this is -- the need for getting back to some common sense regulations -- there's nothing wrong with innovation in the financial markets. We want people to be successful; we want people to be able to make a profit. Banks are critical to our economy and we want credit to flow again. But we just want to make sure that there's enough regulatory common sense in place that ordinary Americans aren't taken advantage of, and taxpayers, after the fact, aren't taken advantage of. (Applause.)
Q Yes -- because when I was a kid, we would -- banks or credit cards would lend you money so you would pay it back. Now they lend you money so you can't pay it back. (Laughter.) It's like we were talking before, I mentioned we all saw A Wonderful Life -- Mr. Potter, the meanest man -- remember he owned the whole town? You know what he charged on a mortgage? Two percent. (Laughter.)
THE PRESIDENT: He's like Mother Teresa now. (Laughter.)
Q Like Mother Teresa now. (Laughter.) He makes VISA look like ohhhh --
THE PRESIDENT: Well, and part of what happened over the last 15, 20 years is that so much money was made in finance that about 40 percent, I think, of our overall growth, our overall economic growth was in the financial sector. Well, now what we're finding out is a lot of that growth wasn't real. It was paper money, paper profits on the books, but it could be easily wiped out.
And what we need is steady growth; we need young people, instead of -- a smart kid coming out of school, instead of wanting to be an investment banker, we need them to decide they want to be an engineer, they want to be a scientist, they want to be a doctor or a teacher. And if we're rewarding those kinds of things that actually contribute to making things and making people's lives better, that's going to put our economy on solid footing. We won't have this kind of bubble-and-bust economy that we've gotten so caught up in for the last several years.
Q Now, Treasury Secretary Geithner, he seems to be taking a little bit of heat here. How is he holding up with this? He seems like a smart guy --
THE PRESIDENT: He is a smart guy and he's a calm and steady guy. I don't think people fully appreciate the plate that was handed him. This guy has not just a banking crisis; he's got the worst recession since the Great Depression, he's got an auto industry on -- that has been on the verge of collapse. We've got to figure out how to coordinate with other countries internationally. He's got to deal with me; he's got to deal with Congress. And he's doing it with grace and good humor. And he understands that he's on the hot seat, but I actually think that he is taking the right steps, and we're going to have our economy back on the move.
Q Now, see, I love that it's all his problem. (Laughter.)
THE PRESIDENT: No, no, no --
Q -- I mean, when he came in you probably said, hey, this is not a problem. Now, it's, hey, you got this, you got that, hey, good luck. (Laughter.)
THE PRESIDENT: No, no, but this is the point that I made, I think two days ago, when somebody asked, well, do you have confidence in Tim Geithner. I said, look, I'm the President, so ultimately all this stuff is my responsibility. If I'm not giving him the tools that he needs to make sure that we're moving things forward, then people need to look at me.
On the AIG thing, all these contracts were written well before I took office, but ultimately I'm now the guy who's responsible to fix it. And one of the things that I'm trying to break is a pattern in Washington where everybody is always looking for somebody else to blame. And I think Geithner is doing an outstanding job. I think that we have a big mess on our hands. It's not going to be solved immediately, but it is going to get solved. And the key thing is for everybody just to stay focused on doing the job instead of trying to figure out who you can pass blame on to.
Q Well, when will the money -- this money was given out to the banks. I would have thought by this time it would have sort of trickled down to Main Street, to people wanting to get loans -- I mean, it all went out there months and months ago. Where is it?
THE PRESIDENT: Well, what's happening is a lot of these banks are keeping it in the bank because their balance sheets had gotten so bad that they decided, you know what, for us to stay solvent we need to maintain certain capital ratios; we've got to have a certain amount of capital in the bank -- and they haven't started lending it yet. And that's why what we've got to do -- right now what we're doing is essentially doing a diagnostic test -- trying to use some auto language here so you -- (laughter) -- we're doing a diagnostic on each of the banks, figuring out what are their capital levels? Can they sustain lending? And then I think we're going to separate out -- those banks that are in good shape, we're going to say to them, all right, you're on your own; go start lending again. Those banks that still have problems, we'll do a little more intervention to try to clean some of those toxic assets off their books.
But I actually have confidence that we'll get that done. In the meantime, we're taking a lot of steps to, for example, opening up -- open up separate credit lines outside of banks for small businesses so that they can get credit -- because there are a lot of small businesses out here who are just barely hanging on. Their credit lines are starting to be cut. We're trying to set up a securitized market for student loans and auto loans outside of the banking system. So there are other ways of getting credit flowing again.
But that's why we've got to solve the banking problem and we've got to solve issues like health care, energy, and education that will put us on a pathway for long-term economic growth.
Q We're going to take a break. When we come back I want to ask you what we can do -- (applause) -- all right, we'll take a break. We'll be right back.
* * * * *
Q Welcome back. Talking with President Barack Obama. So I was going to ask you before we went to the break. So you have -- obviously we have a lot of people with a few dollars -- couple of hundred, couple of thousand -- but there's millions of them. Okay, obviously that's a tremendous financial forest. What should they do? Put their money in the bank? Should they be spending money? Should they hide it under their mattress?
THE PRESIDENT: Look, first of all, everybody should have complete confidence in the banks. They're deposits are protected. They shouldn't be putting it in their mattresses. I will leave it up to others to provide individual, personal financial advice.
But I will say this, that if you're working right now, obviously you've got to be prudent and you've got to recognize that the economy has been in a tough way. But, you know, we've still got kids who are going to need a coat for winter or a computer for school. You know, that young family is still going to at some point need to buy a house. And right now cars, for example, we know that typically you need about 14 million cars for this population -- and right now only 9 million are being sold every year. So at some point those inventories are going to run down and people are going to start buying cars again.
So, you know, what people should not do is forget that what has built America has always been a faith and a confidence in the future. And our future is bright if we take some smart steps right now. And that's what we're working on in Washington. And I think if everybody stays focused on getting through these tough times, the future is going to be very bright for all of us.
Q Now, you mentioned cars a minute ago. You went to the electric car, you went to look at some batteries today.
THE PRESIDENT: I did. It's spectacular what is being down now with plug-in hybrids, where not only are you getting the hybrid technology, but now you can plug it in at home in your garage. And potentially we could see cars getting 150 miles to a gallon of gas.
And when you get home you could potentially sell the energy in your car back into the grid, back to your utility and get money.
So we're going to be investing billions of dollars in research and development around these technologies. I know that you were mentioning you've got a hydrogen car --
Q I've got the GM hydrogen car. That's a whole new --
THE PRESIDENT: That's a whole new level of technology. That's what's going to create the auto industry of the future. That's where we're going to win back manufacturing. But right now we're behind. These batteries are being made in Japan -- just like wind power is being made in Europe. We need to bring that here, and that's part of what my budget and part of what our Recovery Act is all about.
Q Let me ask you some personal things. Now, how cool is it to fly in Air Force One? (Laughter.)
THE PRESIDENT: Now, let me tell you, I personally think it's pretty cool. Especially because they give you, you know, the jacket with the seal on it. (Laughter.)
Q Oh, yeah. See, I still get the little wings when I fly.
THE PRESIDENT: So you have the jacket. I will tell you, though, Malia and Sasha, my daughters, they're just not as impressed. The first time we went on Marine One -- right, you've got the Marines in front and they're saluting you. And we go up and we're passing the Washington Monument, circling around on the way to Camp David -- and Sasha looks over and she says, "Are those Starbursts?" (Laughter.) There's, like, the candy in the little canister. (Laughter.) That's -- "Can we have some?" (Laughter.)
So they're splitting up the Starbursts and we're flying over the Lincoln Memorial. So they got a whole 'nother level of cool. (Laughter.)
Q Now, are they going to put a basketball -- I imagine the bowling alley has been just burned and closed down.
THE PRESIDENT: No, no. I have been practicing all -- (laughter.)
Q Really? Really?
THE PRESIDENT: I bowled a 129. (Laughter and applause.)
Q No, that's very good. Yes. That's very good, Mr. President.
THE PRESIDENT: It's like -- it was like Special Olympics, or something. (Laughter.)
Q No, that's very good.
THE PRESIDENT: No, listen, I'm making progress on the bowling, yes.
Q And how about, are you going to put in a basketball court?
THE PRESIDENT: Oh, yes. Yes. Well, we have a basketball court already at Camp David. We just had a little rim that was inadequate -- (laughter) -- at the White House. But there are tennis courts, so we're going to just get those -- you know, those rims that you can roll in and out. And then we'll just put them on either --
Q Let me ask you, when people -- Mr. President, would you like to play? Yes, I would. Do they throw the game? Come on. (Laughter and applause.)
THE PRESIDENT: I don't see why they would throw the game -- except for all those Secret Service guys with guns around. (Laughter.)
Q Yes, exactly.
THE PRESIDENT: I will say that I don't think I get the hard fouls that I used to. Usually I don't --
Q Yes, Reggie goes, ohhh, I missed, ohhh. (Laughter.)
THE PRESIDENT: Reggie doesn't do that. This is Reggie Love, my assistant. He played for Duke, very competitive guy. He doesn't let me win because, as he pointed out, if you lose to Obama you never hear the end of it. (Laughter.)
Q See, there you go. Now, have you picked a final four?
THE PRESIDENT: I did.
Q Okay. How about your final one, who do you got?
THE PRESIDENT: I got North Carolina Tar Heels. (Applause.)
Q North Carolina.
THE PRESIDENT: I think I got -- I got a hard time from Reggie, because he played at Duke, and you know, Coach K, being competitive, I think was a little -- you know, pushed back a little bit today. And I understand that. That's what you want. You want everybody to be competitive. I think these are all great teams.
Q Like, do you look at the whole picture when you do that? For example, isn't that a swing state? (Laughter and applause.) I'm just saying, are you looking at the whole picture when you pick?
THE PRESIDENT: I mean, the fact that teams from North Carolina, Indiana, Iowa, all seem to do well in my bracket -- (laughter) -- I think is a complete coincidence. Absolutely.
Q All right, one last question. Now, when is the dog coming? I keep hearing about the dog. It seems to me -- when was the dog supposed to be there by? I thought it was, like, as soon as --
THE PRESIDENT: Listen, this is Washington -- (laughter) -- that was a campaign promise. (Laughter.)
Q Oh, wow. Wow. Man. (Laughter and applause.)
THE PRESIDENT: I'm teasing. The dog will be there shortly. (Laughter.)
Q How soon?
THE PRESIDENT: We have actually sort of been laying the groundwork here. We've got a trip, I've got to go to the NATO summit. When we get back, dog will be in place.
Q Wow. And it's, what, a Portuguese water head? (Laughter.) What is it, what kind of dog is it?
THE PRESIDENT: It's not that. (Laughter.)
Q It's not that.
THE PRESIDENT: It's not a "water head." (Laughter.)
Q Whatever they are, I don't know what they are.
THE PRESIDENT: That sounds like a scary dog. (Laughter.) Sort of dripping around the house. (Laughter.)
Q I don't know what it is.
THE PRESIDENT: No, no. We're going to get a dog that is -- that I think the girls will have a great time -- I think I'm going to have a lot of fun with it. You know, they say if you want a friend in Washington, get a dog. (Laughter.)
Q Exactly. Mr. President, I must say, this has been one of the best nights of my life. Thank you very much, sir.
The President of the United States. (Applause.)
Wednesday, March 18, 2009
Fuck AIG
Another headline that will get me banned by nanny software in airports and libraries everywhere. Fuck 'em. This is one funny song.
FREE MONEY IN THE USA
I cant pay my bills, my cards are maxxed
but the same old greedy banker hacks
are taking million dollar bonuses from my tax
Busting laws and breaking backs
AIGee your dumb said the man in the suit
With his bonuses and his sack of loot
The same guys who caused the train to crash
Are the only people still making cash
AIG I'm dumb FDIC my thumb
Shoved up my BofA
Free money in the USA
I got no place to stay
I lost my 401k
Now it's all gone away
Free money in the USA
Binding legal obligations
In a broke and worthless paper nation
one six five million in bonus pay
Free money in the USA
The first banker to press that case
may win in court but will one day face
an angry mob that he will meet
coming through the gates of easy street
Cancel all bonus's or put them in jail
We're all to goddamn big to fail
With so many people out of work
I hear some wealthy banker jerk
Say they can't attract the brightest and best
Like the ones who got us into this mess
Without hundreds of millions in retention pay
Free money in the USA
Go down to the unemployment line
There's a lot of people who'd do just fine
To right this ship and fix your bank
For a decent wage and a hearty thanks
for some honest pay for an honest day
Fuck aig fuck BofA-holes
© Paul Hipp 2009
Tuesday, March 17, 2009
Irish Wish for AIG
Irish Wish for AIG
.
St. Paddy's Day wish for AIG and the rest of the vandals and berserkers and barbarians still holding sway from the era o'Bushie...a curse still in play.
.
To the vandals of AIG and their minions near and far,
May the spirit of the Irish come crap upon your car.
You destroyed the American economy and now you whine
Oooh, oooh, them bonuses must be mine.
Yet while your eyes widen and your conniving brains spin
We've people living in tents and praying for regular meals ag'in.
'Tis a good time to be Irish or living with one, too.
'cause then I can take this moment to send this wish to you...
All of you, you know who you are.
Your craven greed and recklessness and avarice runs beyond the bar
of human decency and there should be just reward.
Not bonuses and big bucks lives, but a coat of feathers, richly tarred.
Yes, on this day of St. Paddy's here is my wish for the likes of you.
An indictment from Fitzgerald and the sting of his shillelagh, too.
hat tip to Prairie Sun Rising.
Monday, March 16, 2009
The NCAA Tournament: From a Political Perspective
Political Base: A Different Look At The NCAA Tournament...
Go read the whole thing; he divides the pool up by Congressional Representative.
[] I thought it would be fun to take a different at the NCAA Tournament. Of the 65 schools in this year's tournament, 42 are located in congressional districts represented by Democrats, while just 23 by Republicans.
Some highlights:
* All four #1 seeds are represented by Democrats;
* Only three first-round games have GOP versus GOP;
* Only two members have more than one school in the tournament -- David Price (D-NC) who claims both UNC and Duke -- and, obscurely, Maurice Hinchey (D-NY) whose district includes Cornell and Binghampton;
* There are a number of opening round games with vast philosophical contrasts, but my favorite is probably Tom Cole (R-OK) versus Elijah Cummings (D-MD). Though, Lamar Smith (R-TX) versus Keith Ellison (D-MN) and John Shadegg (R-AZ) versus Chaka Fattah (D-MD) are strong as well;
* Of the three Kentucky districts in the tournament, missing for the first time since 1991 is the state's basketball capital, the 6th Congressional District, represented by Ben Chandler (D-KY), a district which includes Univ. of Kentucky which broke an 17 year streak of tournament appearances.
Instead, John Yarmuth (D-KY) -- whose district is separated from Chandler's by only one county (Shelby), is the tournament's overall top seed.
Go read the whole thing; he divides the pool up by Congressional Representative.
Saturday, March 14, 2009
President Obama's Weekly Web Address
THE WHITE HOUSE
Office of the Press Secretary
_______________________________________________________________________________
EMBARGOED UNTIL 6:00 AM ET SATURDAY, March 14, 2009
WEEKLY ADDRESS: President Barack Obama Announces Key FDA Appointments and Tougher Food Safety Measures
WASHINGTON – In his weekly address, President Barack Obama announced the appointments of Dr. Margaret Hamburg as Commissioner of the Food and Drug Administration, and Dr. Joshua Sharfstein as the Principal Deputy Commissioner, as well as the creation of a new Food Safety Working Group. This Food Safety Working Group will be chaired by the Secretaries of Health and Human Services and the Department of Agriculture and it will coordinate with other agencies and senior officials to advise the President on improving coordination throughout the government, examining and upgrading food safety laws, and enforcing laws that will keep the American people safe.
In addition, the President also announced two other measures to protect the American people. The Department of Agriculture will close a loophole to prevent diseased cows from entering the food supply. And, the government will invest in the FDA to substantially increase the number of food inspectors and modernize food safety labs.
President Obama announced his appointments of the following individuals today:
Margaret "Peggy" Hamburg
Dr. Hamburg is a nationally and internationally recognized leader in public health and medicine, and an authority on global health, public health systems, infectious disease, bioterrorism and emergency preparedness. She served as the Nuclear Threat Initiative's founding Vice President for the Biological Program. Before joining NTI, she was the Assistant Secretary for Planning and Evaluation, U.S. Department of Health and Human Services. Prior to this, she served for six years as the Commissioner of Health for the City of New York and as the Assistant Director of the National Institute of Allergy and Infectious Diseases of the National Institutes of Health.
Joshua "Josh" Sharfstein
Dr. Joshua M. Sharfstein is Commissioner of Health for the City of Baltimore. He also serves as chair of the board of four affiliated nonprofit agencies. He has been recognized as a national leader for his efforts to protect children from unsafe jewelry and over-the-counter medication, and ensuring Americans with disabilities have access to prescription drugs. He is a member of the Board on Population Health and Public Health Practice of the Institute of Medicine.
The full audio of the address is HERE. The video can be viewed online at www.whitehouse.gov.
Remarks of President Barack Obama
Weekly Address
Saturday, March 14, 2009
Washington, DC
I’ve often said that I don’t believe government has the answer to every problem or that it can do all things for all people. We are a nation built on the strength of individual initiative. But there are certain things that we can’t do on our own. There are certain things only a government can do. And one of those things is ensuring that the foods we eat, and the medicines we take, are safe and don’t cause us harm. That is the mission of our Food and Drug Administration and it is a mission shared by our Department of Agriculture, and a variety of other agencies and offices at just about every level of government.
The men and women who inspect our foods and test the safety of our medicines are chemists and physicians, veterinarians and pharmacists. It is because of the work they do each and every day that the United States is one of the safest places in the world to buy groceries at a supermarket or pills at a drugstore. Unlike citizens of so many other countries, Americans can trust that there is a strong system in place to ensure that the medications we give our children will help them get better, not make them sick; and that a family dinner won’t end in a trip to the doctor’s office.
But in recent years, we’ve seen a number of problems with the food making its way to our kitchen tables. In 2006, it was contaminated spinach. In 2008, it was salmonella in peppers and possibly tomatoes. And just this year, bad peanut products led to hundreds of illnesses and cost nine people their lives – a painful reminder of how tragic the consequences can be when food producers act irresponsibly and government is unable to do its job. Worse, these incidents reflect a troubling trend that’s seen the average number of outbreaks from contaminated produce and other foods grow to nearly 350 a year – up from 100 a year in the early 1990s.
Part of the reason is that many of the laws and regulations governing food safety in America have not been updated since they were written in the time of Teddy Roosevelt. It’s also because our system of inspection and enforcement is spread out so widely among so many people that it’s difficult for different parts of our government to share information, work together, and solve problems. And it’s also because the FDA has been underfunded and understaffed in recent years, leaving the agency with the resources to inspect just 7,000 of our 150,000 food processing plants and warehouses each year. That means roughly 95% of them go uninspected.
That is a hazard to public health. It is unacceptable. And it will change under the leadership of Dr. Margaret Hamburg, whom I am appointing today as Commissioner of the Food and Drug Administration. From her research on infectious disease at the National Institutes of Health to her work on public health at the Department of Health and Human Services to her leadership on biodefense at the Nuclear Threat Initiative, Dr. Hamburg brings to this vital position not only a reputation of integrity but a record of achievement in making Americans safer and more secure. Dr. Hamburg was one of the youngest people ever elected to the National Academy of Sciences’ Institute of Medicine. And her two children have a unique distinction of their own. Their birth certificates feature her name twice – once as their mother, and once as New York City Health Commissioner. In that role, Dr. Hamburg brought a new life to a demoralized agency, leading an internationally-recognized initiative that cut the tuberculosis rate by nearly half, and overseeing food safety in our nation’s largest city.
Joining her as Principal Deputy Commissioner will be Dr. Joshua Sharfstein. As Baltimore’s Health Commissioner, Dr. Sharfstein has been recognized as a national leader for his efforts to protect children from unsafe over-the-counter cough and cold medications. And he’s designed an award-winning program to ensure that Americans with disabilities had access to prescription drugs.
Their critical work – and the critical work of the FDA they lead – will be part of a larger effort taken up by a new Food Safety Working Group I am creating. This Working Group will bring together cabinet secretaries and senior officials to advise me on how we can upgrade our food safety laws for the 21st century; foster coordination throughout government; and ensure that we are not just designing laws that will keep the American people safe, but enforcing them. And I expect this group to report back to me with recommendations as soon as possible.
As part of our commitment to public health, our Agriculture Department is closing a loophole in the system to ensure that diseased cows don’t find their way into the food supply. And we are also strengthening our food safety system and modernizing our labs with a billion dollar investment, a portion of which will go toward significantly increasing the number of food inspectors, helping ensure that the FDA has the staff and support they need to protect the food we eat.
In the end, food safety is something I take seriously, not just as your President, but as a parent. When I heard peanut products were being contaminated earlier this year, I immediately thought of my 7-year old daughter, Sasha, who has peanut butter sandwiches for lunch probably three times a week. No parent should have to worry that their child is going to get sick from their lunch. Just as no family should have to worry that the medicines they buy will cause them harm. Protecting the safety of our food and drugs is one of the most fundamental responsibilities government has, and, with the outstanding team I am announcing today, it is a responsibility that I intend to uphold in the months and years to come.
Thank you.
Friday, March 13, 2009
Clintons Buying a Home in Woodstock???
Bill & Hillary Clinton are rumored to be looking for a house in Woodstock, New York. Since you are a hip reader of mine you realize that the Woodstock Festival wasn't held in Woodstock in 1969; it was on Max Yasgur's farm in nearby Bethel. Woodstock is a charming little town and I'd hate to see it inundated with Secret Service and Clinton watchers.
Kingston Daily Freeman: Clintons to Woodstock? Rumors are swirling
I Like My Jim Cramer Fire Roasted on a Spit with a Side of False Penitence
The skewering continues:
"Destroy Enough Dough?":
"Maybe You Could Cut Down On That?":
"But You Are Pretending That You Are a Dew-Eyed Innocent....It's Not a Fucking Game":
The not-so-funny last segment:
"Destroy Enough Dough?":
"Maybe You Could Cut Down On That?":
"But You Are Pretending That You Are a Dew-Eyed Innocent....It's Not a Fucking Game":
The not-so-funny last segment:
Thursday, March 12, 2009
Stewart Crushes Cramer in Round 3
I'll be watching the Daily Show tonight as Jim "Fuck You!" Cramer is appearing.
Tuesday, March 10, 2009
Sunday, March 08, 2009
President Obama's Weekly Web Address
"Toward a Better Day" is how whitehouse.gov headlines this week's address.
THE WHITE HOUSE
Office of the Press Secretary
______________________________________________________________________________
SATURDAY, March 7, 2009
WEEKLY ADDRESS: President Obama Presses the Case for Bold Action to Address the Economic Crisis
WASHINGTON – President Barack Obama used his weekly address to detail his plans to fix our ailing economy, noting that reforming healthcare is necessary to ensure our long term fiscal health. While ending this crisis will not be quick or easy, the President’s plans will take the swift, bold, and responsible actions needed for the United States to emerge stronger and more prosperous than before. And that is why reforming healthcare, jumpstarting job creation, restoring lending, relieving responsible homeowners, and making hard choices are all so critically important right now.
The full audio of the address is HERE. The video can be viewed online at www.whitehouse.gov.
Remarks of President Barack Obama
Weekly Address
Saturday, March 7, 2009
Washington, DC
Yesterday, we learned that the economy lost another 651,000 jobs in the month of February, which brings the total number of jobs lost in this recession to 4.4 million. The unemployment rate has now surpassed 8 percent, the highest rate in a quarter century.
These aren't just statistics, but hardships experienced personally by millions of Americans who no longer know how they'll pay their bills, or make their mortgage, or raise their families.
From the day I took office, I knew that solving this crisis would not be easy, nor would it happen overnight. And we will continue to face difficult days in the months ahead. But I also believe that we will get through this -- that if we act swiftly and boldly and responsibly, the United States of America will emerge stronger and more prosperous than it was before.
That's why my administration is committed to doing all that's necessary to address this crisis and lead us to a better day. That's why we're moving forward with an economic agenda that will jumpstart job creation, restart lending, relieve responsible homeowners, and address the long-term economic challenges of our time: the cost of health care, our dependence on oil, and the state of our schools.
To prevent foreclosures for as many as 4 million homeowners -- and lower interest rates and lift home values for millions more -- we are implementing a plan to allow lenders to work with borrowers to refinance or restructure their mortgages. On Wednesday, the Department of Treasury and Housing and Urban Development released the guidelines that lenders will use for lowering mortgage payments. This plan is now at work.
To restore the availability of affordable loans for families and businesses -- not just banks -- we are taking steps to restart the flow of credit and stabilize the financial markets. On Thursday, the Treasury Department and the Federal Reserve launched the Consumer and Business Lending Initiative -- a plan that will generate up to a trillion dollars of new lending so that families can finance a car or college education -- and small businesses can raise the capital that will create jobs.
And we've already begun to implement the American Recovery and Reinvestment Act -- a plan that will save and create over 3.5 million jobs over the next two years -- jobs rebuilding our roads and bridges, constructing wind turbines and solar panels, expanding broadband and mass transit. And because of this plan, those who have lost their job in this recession will be able to receive extended unemployment benefits and continued health care coverage, while 95 percent of working Americans will receive a tax break beginning April 1st.
Of course, like every family going through hard times, our country must make tough choices. In order to pay for the things we need -- we cannot waste money on the things we don't.
My administration inherited a $1.3 trillion budget deficit, the largest in history. And we've inherited a budgeting process as irresponsible as it is unsustainable. For years, as Wall Street used accounting tricks to conceal costs and avoid responsibility, Washington did, too.
These kinds of irresponsible budgets -- and inexcusable practices -- are now in the past. For the first time in many years, my administration has produced a budget that represents an honest reckoning of where we are and where we need to go.
It's also a budget that begins to make the hard choices that we've avoided for far too long -- a strategy that cuts where we must and invests where we need. That's why it includes $2 trillion in deficit reduction, while making historic investments in America's future. That's why it reduces discretionary spending for non-defense programs as a share of the economy by more than 10 percent over the next decade -- to the lowest level since they began keeping these records nearly half a century ago. And that's why on Wednesday, I signed a presidential memorandum to end unnecessary no-bid contracts and dramatically reform the way contracts are awarded -- reforms that will save the American people up to $40 billion each year.
Finally, because we cannot bring our deficit down or grow our economy without tackling the skyrocketing cost of health care, I held a health care summit on Thursday to begin the long-overdue process of reform. Our ideas and opinions about how to achieve this reform will vary, but our goal must be the same: quality, affordable health care for every American that no longer overwhelms the budgets of families, businesses, and our government.
Yes, this is a moment of challenge for our country. But we've experienced great trials before. And with every test, each generation has found the capacity to not only endure, but to prosper -- to discover great opportunity in the midst of great crisis. That is what we can and must do today. And I am absolutely confident that is what we will do. I'm confident that at this defining moment, we will prove ourselves worthy of the sacrifice of those who came before us, and the promise of those who will come after.
Saturday, March 07, 2009
Tasha v. Iceland
Natasha Kai scored a pretty goal in the last minute of regulation to lead the US to a 1-0 victory over Iceland in the Algarve Cup, propelling them into the final.
hat tip to JordanCornblog who is keeping me up with the women's soccer scene.
hat tip to JordanCornblog who is keeping me up with the women's soccer scene.
Friday, March 06, 2009
Top 10 Reasons to Watch the WBC
The World Baseball Classic, if you were wondering if I was becoming a boxing fan. Just an excuse to point out that Dustin Pedroia is the American League MVP. And Dustin: Keep the day job.
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