Even as voters rage and candidates put up ads against government bailouts, the reviled mother of them all — the $700 billion lifeline to banks, insurance and auto companies — will expire after Sunday at a fraction of that cost, and could conceivably earn taxpayers a profit. (From the New York Times)
If the economy produces jobs over the next eight months at the same pace as it did over the past four months, the nation, under the Obama administration, will have created more jobs in 2010 alone than it did over the entire eight years of George W. Bush’s presidency.
Finally capitulating to voter outrage, and the very kind of “Change” he campaigned on last year, President Obama proposed tough new financial industry restrictions under what he called “the Volcker Rule” – named after Paul Volcker, the former Fed Chair.
A Year-end Round-up of major events and happenings in the Global Markets, Global Economy & International Trade arena, naming the Global Markets & Foreign Policy blog’s Person-of-the-Year, and our outlook for 2010.
The Federal Reserve chairman, Ben S. Bernanke, speaking at a Brookings Institute Conference, said Tuesday that it was “very likely” that the recession had ended although he cautioned that it could be months before unemployment rates dropped significantly.
Mon, 14 Sept – President Obama reinvigorated his administration’s effort to reform the financial regulatory system by taking his bare knuckled message directly to Wall Street. Speaking at Federal Hall and using the one year anniversary of the Wall St. collapse the president reminded prominent financial industry executives of their role and risk-taking behavior that led to a global economic melt-down.
According to an article in today’s (2 Sept 2009) Wall Street Journal, Goldman Sachs’ Cheif U.S. Economist says that President Obama’s economic stimulus package is beginning to boost U.S. economic performance.
According to the most recent economic data released this week, the U.S. trade deficit in July hit the highest level in six months as a record rise in imports outpaced a third straight month’s increase in foreign demand for American products, according to government data released Thursday. This is a boon for the Obama recovery stimulus paln.
Though you haven’t started hearing much about it yet in the MSM, there really are ‘gilmmers of hope’ on the economic horizon as President Obama’s aggressive stimulus and economic recovery agenda kicks into gear. Recent economic data is beginning to paint a bright pciture for recovery end of 09, into 2010.
President Obama hosts British PM Gordon Brown at the White House. Brown wants to engage President Obama in a ‘gobal new deal’ era of coordinated economic policy at next month’s G-20 Summit in London, stating: ‘Globalisation is not an option, it is a fact.’