Obama Lauds Week of "Enormous Progress"

President Barack Obama on Friday proclaimed a week of "enormous progress" in fixing economic problems and cracking down on Wall Street, prodding the Senate to do even more by passing tax credits for small businesses.

In the midst of a sleepy, steamy day in Washington, Obama went before the cameras to try to frame the state of the economy in his own terms.

He praised a trio of matters he signed into law this week - an overhaul of financial regulations, an effort to shrink wasteful government payments, and an extension of unemployment benefits for millions of jobless people - as the governing that people expect.

The president said fresh revelations of big bank bonuses underscore the need for the financial regulation bill he signed into law this week. Obama noted that the Treasury Department's pay czar reported 17 banks gave their top executives $1.6 billion in bonuses while receiving billions of dollars in bailout money.

Obama then pivoted to pressuring Congress to send him a bill to help struggling small businesses.

A measure emerging in the Senate would create a new lending fund to help community banks offer loans, help states encourage more private-sector lending and eliminate capital gains taxes for certain investments in small businesses, among other steps.

"Taken together, we made enormous progress this week on Wall Street reform, on making sure that we're eliminating waste and abuse in government and in providing immediate assistance to people who are out there looking for work," Obama said in a brief statement in the Roosevelt Room.

"But ultimately our goal is to make sure that people who are looking for a job can find a job," he said.

More than 14.6 million people were out of work in June. The economy is slowing as consumers cut back spending under the strains of 9.5 percent unemployment, lackluster wage gains and sagging home values. Businesses are wary of hiring because of uncertainty about the strength of the economic rebound.

A year and a half into his presidency, Obama is under mounting pressure to show more economic gains, particularly on the job front. The sour public mood about the economy is poised to be a major factor when voters go to the polls in the November midterm elections.

[deliciamo]

I've never seen people complain about the way our government dollars were being spent until now. We have been spending money for years on bs like $10,000 toilets. Are you people really serious? We should have said no to starting a war in Iraq. Thats money being spent senselessly and I hope Obama ends it.

It's hard out here for a black President. I'm just laughing at white people being upset about how American dollars are being spent. Unless you make over $200,000 dollars the amount you pay in taxes will not change. You will not feel the affect of the unemployment extention.
A time to be pissed was when they gave all that money to those damn banks, and spending all that money on this stupid war. That's when we should have been angry but we sat back and said nothing. Now we complain when we have to help the American people. Stop it please???
We can't really be that heartless.

These businesses need to start hiring instead of taking advantage of the poor economy and downsizing blaming the economy. It's these small businesses and big corporations that are laying off and not hiring. As far as business moving to other countries. When did that ever stop in America. I remember when I was a kid and they moved all the factory jobs to other countries for cheaper labor. I can't even call sprint and speak to an American, and this is when Bush was still in office. With all the ATM companies in America banks use NCR which is based in India. They have techs in America but to do anything with the machine we have to speak to the people in India. We the people are the reason the economy is bad. If we weren't so greedy always trying to save a dollar, the Americans would have decent paying jobs. Even Sean Puffy combs is guilty of having his clothing line made in another Country, then selling it to the American people for hundreds of dollars. Target is a French company. What happened to all the American department stores? We don't support our own growth so the government has to step in and balance everything out. This is our fault.

[RobAla]

This has absolutely nothing to do with race. I was ticked at President Bush for not moving to secure the border until just before leaving, and I am ticked at President Obama for stopping the little work the last President began (and also for suing Arizona Americans for attempting to protect themselves). I was ticked at Republican President Bush and the Democrat controlled Congress for running up the national debt, and I am even more ticked at Democrat President Obama and a Democrat controlled Congress for setting record breaking deficits ($1.47 trillion is insane).

Stop with the race crap. Americans elected a black man to be President, we have not all of a sudden become racists because we don't like what the man is doing.

Regarding helping the unemployed - it would have been far better to do what the Republicans demanded (pay for it with unspent stimulus money) than to continue to run up the national debt. This has to stop.

You are right about this being our fault. We elected an unproven and untested President, who has almost no practical experience. We keep electing corrupt jerks to represent us in Congress. We had better wake up.

[deliciamo]

65% percent of the white people that were asked feels that way. They never called me. hint..hint..

Let's start with Obama being a liar. I believe in the beginning that is how he really felt, but the economy is at a stand still right now. Times have changed so the rules have changed, and he had to do what he could to save the American people still in need of employment.

THANK YOU OBAMA AND THE DEMOCRAT PARTY FOR SAVING THESE PEOPLE AND THEIR CHILDREN FROM ANY MORE SHAME AND WORSE POVERTY.

Second, I have been on both sides of the fence. I worked for a company and was making good money and they closed their business down and moved it to another state laying off the majority of their employees. I didn't ask to be out of work, it was an unusual circumstance. I was on unemployment for a year. With all my years of experience I couldn't find a job to save my life. I was not sitting at home collecting a check. I was getting up everyday going to places dropping off resumes. I filled out aps on line and all, still not being able to find a job. With the help of my current government I was able to go back to school and they paid for it. Then against my unemployment I started volunteering my service to companies hoping to get a job. I was in the HR department for a few months at one of the sites I offered my services to. Let me tell you, I couldn't believe what I was seeing. People with Masters and Bachelors degrees with years of experience from all walks of life and all shades of color. I mean business owners, account executives, actually one was in my class, accountants, etc. You name it, they were all applying for housekeeping jobs, janitorial, collections, secretary, kitchen duty, whatever they could apply for. And the worst part is the jobs were paying less than $10 an hr. This is how desperate America has become when it comes to seeking employment. There were hundreds of applications for one job. People would even show up and pretend to have an interview trying to get lucky. Desperate to have a job in housekeeping with a Master's Degree. This is what it is like. I know several of these people have paid their fair share of taxes that went to other bs so now it's their time to be helped.

As far as the Bush Administration, they are some lying greedy bastards. When everyone in the world was at a financial stand still, everything Bush had his money tied into was making money. After 911 we began to struggle as a country but Bush was making mad mad money off the rise in the price of oil. Then to start a war in Iraq killing all those people and their children bombing the place when the Pakistanians were responsible for 911. After bombing them he spent billions of dollars feedin the people that didn't have a home to go back to because of him seeking revenge for something his father started years ago. Not to mention they never found those weapons of mas distruction because Bush is a LIAR!!! Big time! And we won't go there on all the tax cuts to the filthy rich that he gave. Even Bill Clinton said in an interview that he was receiving too mnay unneccessary tax cuts and he would rather that money be put back into the economy and not his pocket.

But hey, lets make the rich richer and hopefully it will trickle down on the rest of us right? As you can see it hasn't fallen down yet. We bail out the banks they don't give the American people loans but their execs get billions of dollars in bonuses. Everything needs balance and too much of something is not good. The rich has receive far too many breaks, cuts, and bailouts causing the American economy to be off balance. THIS IS THE RESULT OF PURE GREED.

Leave Obama alone and let him help these poor people regardless of how many times he changes his mind. As long as it is for the good of the American people. We have all changed our minds at one point in time. Some of you have probably been divorced, so did you lie to GOD, I'm just saying. Changing your mind is not a lie, it's called CHANGE and we all do it. Sometimes CHANGE is needed!!! Sometimes CHANGE is good.

[RobAla]

I am sure that the 9.5% (17% if you count those who have given up on finding employment) are thrilled with President Obama's week of "Enormous Progress". While the President pats himself on the back for a July 2010 week of so called accomplishments, the nation continues to suffer.

Let's take all three accomplishments:
1) an overhaul of financial regulations:
Wall Street Reform:
Associated Press on 07/16/10:
"We're going to be driving jobs and business overseas with this massive piece of legislation," said Sen. Saxby Chambliss, R-Ga.
And Sen. Richard Shelby, R-ala., who worked with Dodd on certain aspects of the bill, denounced it as a "legislative monster" and took special aim at the bill's creation of a new consumer financial protection bureau.
"While a consumer protection agency may sound like a good idea," Shelby said, "the way it is constructed in this bill will slow economic growth and kill jobs by imposing massive new regulatory burdens on businesses."

Birmingham News on 07/16/10:
On Thursday, Shelby ramped up his criticism of the final bill.
"This bill serves only to expand the federal bureaucracy and government control of private sector activities," Shelby said. "It will impose large costs on American taxpayers and businesses without creating one new private sector job. It will lower the availability of credit, raise its cost, and hinder economic growth."

As for Senator Dodd, who takes credit for this bill:
2009: Judicial Watch, the public interest group that investigates and prosecutes government corruption, today released its 2009 list of Washington?s ?Ten Most Wanted Corrupt Politicians.? The list, in alphabetical order, includes:
1. Senator Christopher Dodd (D-CT): This marks two years in a row for Senator Dodd, who made the 2008 ?Ten Most Corrupt? list for his corrupt relationship with Fannie Mae and Freddie Mac and for accepting preferential treatment and loan terms from Countrywide Financial, a scandal which still dogs him. In 2009, the scandals kept coming for the Connecticut Democrat. In 2009, Judicial Watch filed a Senate ethics complaint against Dodd for undervaluing a property he owns in Ireland on his Senate Financial Disclosure forms. Judicial Watch's complaint forced Dodd to amend the forms. However, press reports suggest the property to this day remains undervalued. Judicial Watch also alleges in the complaint that Dodd obtained a sweetheart deal for the property in exchange for his assistance in obtaining a presidential pardon (during the Clinton administration) and other favors for a long-time friend and business associate. The false financial disclosure forms were part of the cover-up. Dodd remains the head the Senate Banking Committee.
New York Times 01/17/10:
Connecticut Sen. Christopher J. Dodd (D) has announced that he won't run for reelection in 2010. Struggling poll numbers in his home state pointed to a difficult path to a sixth term in the U.S. Senate for Dodd, currently the chairman of the Senate Banking committee.
My comments:
Democrats hope to replace Dodd with Attorney General Richard Blumenthal, who has been found lying about serving in Viet Nam. Connecticut voters could do better, and the American public could do better than to allow corrupt politicians in Washington (who are fiscally incapable of balancing the nations checkbook) restructure Wall Street.

2) an effort to shrink wasteful government payments:
OK - somehow we the stupid federal government was spending $50 billion to payout to dead people and fugitives. I want to know a few more facts. When did this begin, and when did the federal government know about it? Did the President fire the person responsible? It is a good thing to stop this idiocy, but this administration has been the worst at wasting taxpayer money and running up the national debt. $50 billion is a drop in the bucket, compared to going $trillions more in the hole.

3)an extension of unemployment benefits for millions of jobless people: Now this will temporarily help those on unemployment, although it was done the wrong way. Instead of responsibly paying for the extension of benefits by using unspent stimulus money, the President and other Democrats decided to let this just add to the huge deficit of $1.47 trillion (record breaking). The President and Democrats are setting the stage for hyper-inflation, and they are leaving a worse mess for another President and another Congress to clean up. The President also announced this week that he expects unemployment to remain around 9% until 2012. This is unacceptable! Are we going to just keep extending unemployment benefits for 2 more years, instead of creating an environment where businesses can begin hiring again? This President is a disaster.

Washington is out of control, and these people need to be sent home for good. We need responsible adults in Washington who can make hard decisions.

[skeeterandbucky]

thy-only_king:Sorry I choose to not follow false prophets.

[thy-only_king]

Obama Lauds Week of "Enormous Progress"

What a sick joke. The country is on the edge of collaspe and this very sick person, not a man, thinks he is doing a great job. Thanks to Obama, we now have record debt, 17% of the American people are out of work,
Today thousands of acres of wildlife preserve in Arizona were closed to Americans. Why? Mexican drug smugglers had taken it over to the point where law enforcement deemed it too dangerous for American civilians to use. Now, we are being invaded and our land occupied by a foreign invasion force. I know of no other American president that has stood by and watch America be invaded by a foreign country. Now Obama come out and says he is doing a great job ?????

I hereby demand that Obama to be removed for office for the crime of treason against the United States of America.

[skeeterandbucky]

thy-only_king:

"I hereby demand that Obama to be removed for office for the crime of treason against the United States of America."


You forgot to click your heels together three times, idiot.

[thy-only_king]

skeeter, as your king, my word is beyond reproach.

[irongate60]

Obama Lauds Week of "Enormous Progress"....Just a nice way of saying more government growth and take overs while continually assaulting an already weakened economy while racking up another trillion dollars in debt.

[Mortar_29]

True.

[tiredofeverything]

by _One_American____ July 23, 2010
If you actually read the Constitution - the founding fathers give us instructions that if our government no longer carries out the will of the people, we have the right to cast that government out
-----------------------------
You're such a hypocritical moron, or just flat out mentally ill, that it's not even funny.
-
When asked how that assessment comports with recent polls that show about two-thirds of Americans say the fight in Iraq is not worth it, Cheney replied, "So?"

"You don't care what the American people think?" Raddatz asked the vice president.

"You can't be blown off course by polls," said Cheney
-
Where were your screams of treason then?

[Mortar_29]

Treason?

[tiredofeverything]

by Mortar_29 July 24, 2010 6:20 AM EDT
Treason?
----------
See his call to overthrow the gov't and his 'charge' of treason on the next page

[jxknowles]

When you look at the accomplishments of this administration and the current Congress over the last eighteen months, it's somewhat confounding that we are not in a better mood as a country. I suppose the previous eight years could sour an entire nation for years to come. I am stoked and ready to get on with a continued recovery and restoration of America for Americans, not big corporations, the filthy rich and foreign interests. My hat is off to the current President of the United States and his patriotic followers who continue in in the face of adversity and negativity from the far right wing of American politics. Yes, we can. Yes, we did.

[irongate60]

Oh yes, I see what you mean; 13 trillion in debt, unemployment at 10%, a heath care bill crammed down our throats and a trillion dollar stimulus that no one wanted and hasn't done crap! Oh yes, lets all crack open the champagne and get out our party hats and noise makers.

[Mortar_29]

Accomplishments?

[rationall7]

How about the INDEPENDENT report from the inspector generals office that the Obama regulators caused thousands of people to lose their jobs with car dealerships. Now that is thoughful of you to bring that up.

Obama saved the car manufacturers (remember Obama Motors) and without the auto makerss thru a process of elimanation there wouldn't be any dealerships period.

[cleantheDCcesspool]

qbamao [sic] is running this country into the ground with record debt, you cannot spell simple words nor form a coherent thought, and the only "hope" we have left is to empty the DC cesspool.

[Mortar_29]

So, rational believes the inspectopr general is lying.

[cleantheDCcesspool]

A week of enormous progress. I guess obamao is on his never ending campaign tour "summer of progress". To this president, who vowed to bring "fundamental change" to America, this has been a magnificent week, indeed. Racial divide, rising unemployment, crushed housing market, record deficit. Yep, we got "change" alright, just no hope whatsoever.