“Home prices in 20 U.S. cities fell 19 percent in January from a year earlier, the fastest drop on record, as demand plummeted and foreclosures rose.” Enough said.
According to a new Washington Post-ABC News poll, the “number of Americans who believe that the nation is headed in the right direction has roughly tripled since Barack Obama’s election, and the public overwhelmingly blames the excesses of the financial industry, rather than the new president, for turmoil in the economy.” At this early stage in his presidency, Obama continues to benefit from a broadly held perception that others should bear the bulk of responsibility for the severe economic problems that confront his administration. Americans see plenty of offenders, but only about a quarter blame the president and his team for an economy that’s in the ditch. Although there maybe some “increasing optimism about the future, the nation’s overall mood … Continue reading
Via The Blotter… According to GM’s financial filings, Rick Wagoner “will leave his post as CEO of bailed-out General Motors with a $20 million retirement package.” Although the Treasury Department has barred GM from paying severance to Wagoner or any other senior executive, Wagoner is eligible to collect millions in retirement benefits from his former employer, according to the documents reviewed by ABC News. Yep… Under his leadership, “GM lost tens of billions of dollars, took billions in taxpayer-financed aid, and cut tens of thousands of jobs, including announced plans to cut 47,000 employees by the end of 2009,” and the guy gets to “drive away” with $20 million! What a sad sorry mess this country is in thanks to … Continue reading
Just a reminder to readers… In the midst of the economic mess America is in, I find myself reaching out to readers to ask something I rarely ask for here: Donations to keep us afloat. Ad revenue has dropped considerably due to the economy and our web hosting yearly bill is due in a few days. If you are regular reader here, or just passing through please consider donating to support The Dem Daily and the efforts here to bring readers independent opinions and journalism. Every little bit helps… and right now The Democratic Daily and it’s owner are in dire need of some economic stimulus to stay online and afloat. Thank you for your consideration and your readership – Pamela
The Obama Administration has decided to play hardball with the auto industry. In a White House speech just a short time ago, President Obama unveiled a new plan to help the auto industry, and he said that the auto industry failure “is not the fault of its workers but a “failure of leadership” in Washington and Detroit.” Obama rejected “requests for almost $22 billion in new taxpayer bailout money for General Motors Corp. and Chrysler, saying the car makers have failed to take steps to ensure their viability.” The rejection of bailout funds came in the wake of the Obama Administration forcing out the longtime head of GM, and some are already questioning why Wall Street has not gotten the same … Continue reading
Via a tip sent to me by email… Just another reason why we need universal healthcare: Insurers shun those taking certain meds. Trying to buy health insurance on your own and have gallstones? You’ll automatically be denied coverage. Rheumatoid arthritis? Automatic denial. Severe acne? Probably denied. Do you take metformin, a popular drug for diabetes? Denied. Use the anti-clotting drug Plavix or Seroquel, prescribed for anti-psychotic or sleep problems? Forget about it. It is critical we keep the pressure on Congress and the Obama administration to put through a good healthcare bill that will stop this practice: ”This is absolutely the standard way of doing business,” said Santiago Leon, a health insurance broker in Miami. Being denied for preexisting conditions … Continue reading
The WaPo has a 4 page expose today on the fact that the waterboarding and “rough interrogation of Abu Zubaida produced false leads.” It’s really quite a read: When CIA officials subjected their first high-value captive, Abu Zubaida, to waterboarding and other harsh interrogation methods, they were convinced that they had in their custody an al-Qaeda leader who knew details of operations yet to be unleashed, and they were facing increasing pressure from the White House to get those secrets out of him. The methods succeeded in breaking him, and the stories he told of al-Qaeda terrorism plots sent CIA officers around the globe chasing leads. In the end, though, not a single significant plot was foiled as a result of … Continue reading
Treasury Secretary Tim Geithner made the Sunday talk show rounds this morning discussing the economic “mess”, the AIG bonus debacle and “his plan to involve private investors in the government’s effort to help banks clean up their “toxic assets.”’ Geithner had been under fire of late and had become the Obama administration’s “whipping boy,” but he’s now bouncing back to be the “comeback kid,” as ABC’s “This Week” host George Stephanopoulos noted this morning. Geithner told Stephanopoulos, “We’re facing, still, a lot of challenges. You can’t judge a plan on the reaction one day, one week. But we’ve done a lot in these eight weeks.” Geithner stressed that “he sees permanent changes ahead for the economy.”