In 2000 there was a government-wide implementation of the restricted competition (set aside) program for women-owned small businesses authorized by Congress that stated that women-owned small businesses would get 5% of all government contracts. Currently women-owned small businesses only get 2.9% of all government contracts - 7 years later. Obviously the program was never followed through. Our current government is not supporting any change in this to help women-owned small businesses and thinks that there needs to be further study on the matter. Barack Obama has stated that he will make sure that Congress and the SBA see this set aside through just as quickly as they saw it through for veterans - their set aside for 5% was passed in 2004 and achieved in less then 2 years.
Women own 45% of all businesses in the US. Why do women only get 2.9% of all government contracts??? Something is obviously wrong.
Furthermore, small business owners cannot afford healtcare for their employees or for themselves. 40% of small business owners have no health insurance. This needs to be a top issue for our Congress and all national leaders.
Let's get Barack Obama elected. With him in office, women business owners have a hope in business to overcome the obstacles that face us now.
And if you can, please send a donation to Barack Obama through the link on the web page - whatever you can give to give hope to women-owned small busineses.
Also be sure to send this to your friends ... even if they are not in business and are not women. They need to know about what our current government has not done. Your vote and your donation can help to make things right - not just for women business owners, but also for so many other things that just are not right in our country currently.
Thanks for listening and for any help you can give!
I've been in a financial hardship for the past several months due to a major job loss. In this time, I have consistently put in resumes, conducted follow-up calls, and made in-person visits hoping to land a stable position. Unfortunately, the economy is not cooperating with me; nor are prospective employers, who can't afford to take on more workers. So here I am...I'm hanging on by a thread but I still believe that our President, for whom I voted, is still going to turn this country around in a positive way.
That's why it's so critical that even if you're not in the best financial shape, healthy constitution, or otherwise, we must ALL do our part by participating in EVENTS that make a statement and create a buzz to generate REAL support for the issues in which we believe. My primary goal is to get a universal health care program installed in our governmental system -- if all else fails, I'll opt for the public option -- meanwhile, some politicians and media talking heads are trying to say that it can't be done.
They're trying to say that we "can't" have it.
They're trying to say that they don't care about us.
They're trying to say that we don't matter.
Well, we DO MATTER. And God willing, if we put our hearts, minds, and spirits together, we CAN get this thing off the ground. Sittting at home yelling at the news channel is not going to accomplish anything. Sitting at our desks, keying rants and raves about how we feel is not going to get it done.
The ONLY WAY we CAN GET REAL HEALTH CARE REFORM is if we PUT OUR THOUGHTS and WORDS to ACTION. Participate in events, organize events, help orchestrate a candlelight vigil, a rally, a sit-in, a march...DO WHATEVER IT TAKES to MAKE THEM LISTEN.
We will not go gently into the night. We will not fade into the sunset...TODAY IS OUR TIME. WE ARE THE ONES WE'VE BEEN WAITING FOR!! LET'S GET GOING!!!
Peace!!!
http://www.huffingtonpost.com/ben-wyskida/why-im-done-with-whole-fo_b_259716.html
I will be literally putting my money where my mouth is...no more whole foods for me. Check out this link.
Click here to sign up for an Office Visit for Health Reform.
From OFA Director Mitch Stewart:
All throughout August, our members of Congress are back in town. Insurance companies and partisan attack groups are stirring up fear with false rumors about the President's plan, and it's extremely important that folks like you speak up now.So we've cooked up an easy, powerful way for you to make a big impression: Office Visits for Health Reform.All this week, OFA members like you will be stopping by local congressional offices to show our support for insurance reform. You can have a quick conversation with the local staff, tell your personal story, or even just drop off a customized flyer and say that reform matters to you.We'll provide everything you need: the address, phone number, and open hours for the office, information about how the health care crisis affects your state for you to drop off (with the option of adding your personal story), and a step-by-step guide for your visit. Click here to find your representatives' local offices.As you've probably seen in the news, special interest attack groups are stirring up partisan mobs with lies about health reform, and it's getting ugly. Across the country, members of Congress who support reform are being shouted down, physically assaulted, hung in effigy, and receiving death threats. We can't let extremists hijack this debate, or confuse Congress about where the people stand.Office Visits for Health Reform are our chance to show that the vast majority of American voters know that the cost of inaction is too high to bear, and strongly support passing health reform in 2009.Don't worry if you've never done anything like this before. The congressional staff is there to listen, and your opinion as a constituent matters a lot. And if you bring a friend, you'll have more fun and make an even greater impact.Click here to sign up for an Office Visit for Health Reform.Wherever you live, these visits matter: Many representatives are pushing hard toward reform, and they are taking a lot of heat from special interests. They deserve our thanks and need our support to continue the fight. But those who are still putting insurance companies and partisan point-scoring ahead of their constituents must know that voters are watching -- and that we expect better.Earlier this week, the President wrote that "this is the moment our movement was built for" and asked us all to commit to join at least one event this month. This is the way to answer that call, and rise to the challenge of this moment together.Thank you for going the extra mile when it matters the most,MitchMitch StewartDirectorOrganizing for America
All throughout August, our members of Congress are back in town. Insurance companies and partisan attack groups are stirring up fear with false rumors about the President's plan, and it's extremely important that folks like you speak up now.So we've cooked up an easy, powerful way for you to make a big impression: Office Visits for Health Reform.All this week, OFA members like you will be stopping by local congressional offices to show our support for insurance reform. You can have a quick conversation with the local staff, tell your personal story, or even just drop off a customized flyer and say that reform matters to you.We'll provide everything you need: the address, phone number, and open hours for the office, information about how the health care crisis affects your state for you to drop off (with the option of adding your personal story), and a step-by-step guide for your visit. Click here to find your representatives' local offices.
As you've probably seen in the news, special interest attack groups are stirring up partisan mobs with lies about health reform, and it's getting ugly. Across the country, members of Congress who support reform are being shouted down, physically assaulted, hung in effigy, and receiving death threats. We can't let extremists hijack this debate, or confuse Congress about where the people stand.Office Visits for Health Reform are our chance to show that the vast majority of American voters know that the cost of inaction is too high to bear, and strongly support passing health reform in 2009.Don't worry if you've never done anything like this before. The congressional staff is there to listen, and your opinion as a constituent matters a lot. And if you bring a friend, you'll have more fun and make an even greater impact.Click here to sign up for an Office Visit for Health Reform.Wherever you live, these visits matter: Many representatives are pushing hard toward reform, and they are taking a lot of heat from special interests. They deserve our thanks and need our support to continue the fight. But those who are still putting insurance companies and partisan point-scoring ahead of their constituents must know that voters are watching -- and that we expect better.Earlier this week, the President wrote that "this is the moment our movement was built for" and asked us all to commit to join at least one event this month. This is the way to answer that call, and rise to the challenge of this moment together.Thank you for going the extra mile when it matters the most,MitchMitch StewartDirectorOrganizing for America
http://www.whitehouse.gov/blog/Spurring-Innovation-Creating-Jobs/
THURSDAY, AUGUST 6TH, 2009 AT 9:54 AM
The Past and Future in Elkhart
Posted by Jason Djang
Driving down State Route 19 through the endless corn fields and silos, one might think that Elkhart County in Indiana is a purely agricultural community. But the landscape is dotted with numerous manufacturing plants--places that have made the region the "RV Capital of the World."The RV industry has been hit hard by the recession. As a result, the area has experienced a 10% increase in unemployment over the last year, the second highest jump in the country. But behind such figures are the lives of real people. We got to spend some time with people like Herman and Pam, faithful employees of Monaco Coachin, in advance of President Obama's announcement at their plant yesterday of billions of dollars in funds for advanced battery and electric drive projects. At its prime, Monaco employed some 1,200 staff; today, they're down to about 100, though the hope is these projects will help bring hundreds of jobs back to town. Herman and Pam told us the story of their embattled community, as they face this more than challenging economic climate together.
download .mp4 (159.8 MB) | read the transcript
The President spoke directly and personally to the audience in Elkhart County, Indiana today:"For as the world grows more competitive, we can't afford to run the race at half-strength or half-speed. If we hope to lead this century like we did the last century, we have to create the conditions and the opportunities for places like Elkhart to succeed. We have to harness the potential –- the innovative and creative spirit –- that's waiting to be awakened all across America." Continuing his effort to establish a 21st century clean energy economy, the President announced an unprecedented $2.4 billion investment in 48 new advanced battery and electric drive projects, funded through the Recovery Act. The projects were selected through a highly competitive process by the Department of Energy, and these innovative ideas will help propel America forward as we work to establish the next generation of advanced vehicles.
The $2.4 billion is the single largest investment ever in advanced battery technology for hybrid and electric drive vehicles, and coupled with another $2.4 billion in cost share from the award winners, it will result in the creation of tens of thousands of manufacturing jobs that are much needed in places like Elkhart. Places like Elkhart have been hit particularly hard as manufacturing jobs have disappeared, but this new investment provides $39 million for Navistar to create or save hundreds of jobs in Elkhart.
~ President Barack Obama ~
* Note Exchange the term "INSURANCE" instead of "care".
http://www.whitehouse.gov/health-insurance-consumer-protections/
THE SECURITY YOU GET from health insurance reform:
The biggest untold story in politics is the movement you're buildingThe rallies, phone banks, door-to-door canvasses, and town hall meetings you're organizing around the country -- and the movement they represent -- are the reason the defenders of the status quo can't stop change this time around.
In just three short months, more than 1 million people have taken part in our campaign for health insurance reform. But the stories behind that number are even more amazing.
Send your stories and photos to mybarackobama@barackobama.com
http://www.whitehouse.gov/blog/Reforming-Health-Insurance-Reforming-Washington/
WEDNESDAY, JULY 22ND, 2009 AT 2:24 PM
Tonight's Press Conference - Tune in at 8pm ET
Posted by Cammie Croft
We're hearing a lot of back and forth about health insurance reform. And it's hard to decipher myth from fact -- especially as Washington heats up with its usual political games and 'who's up', 'who's down' rhetoric.So, tonight, President Obama is holding a primetime press conference to address the nation about health insurance reform. He will lay out where we are, where we're going, and why health insurance reform matters. Check back later for advance excerpts of tonight's address. And at 8pm ET, tune in to watch the press conference live at Whitehouse.gov/Live and participate in the live chat on Facebook.As the President has said, we are closer than ever before to accomplishing comprehensive health insurance reform. And now is not the time to slow down or lose sight of the finish line. Spread the word:
The President spoke in the Rose Garden today on health insurance reform, but began his remarks by praising the Senate vote on F-22 funding. The President is committed to changing the way we do business in Washington, whether that means finding common ground on health care or eliminating waste and inefficiency in our defense projects.
The consensus that we've forged is not limited to Congress. Indeed, we've forged a level of consensus on health care that has never been reached in the history of this country. Health care providers have agreed to do their part to reduce the rate of growth in health care spending. The pharmaceutical industry has agreed to spending reductions that will make prescription drugs more affordable for seniors. Hospitals have agreed to bring down costs. The American Nurses Association and the American Medical Association, who represent millions of nurses and doctors who know our health care system best, have announced their support for reform.
Even as consensus builds on these critical issues, the President knows the road ahead will not be easy. Those who are committed to the status quo will fight to delay and defeat reform, as they’ve done before. But the President is committed to bringing change to Washington, and he knows that this isn’t about political games, it is about the American people.
http://stories.barackobama.com/healthcare
We’ve hit the midway point in OFA’s Health Care Week of Action: a coordinated effort from Monday, July 20th to Monday, July 27th during which OFA’s supporters and volunteers are participating in thousands of events in all 50 states -- including door-to-door canvasses, phone banks, roundtables and community gatherings – to build grassroots support for reform and show their representatives that there is broad desire for Congress to take action on health care in their communities.
Over the last 10 days in Ohio, OFA has held over 150 neighbor-to-neighbor events. Elected officials including Mayor Rhine Mclin in Dayton and Mayor Jay Williams in Youngstown are working with OFA to urge Congress to pass health care reform this year.
In advance of the President’s visit to Shaker Heights, OH today (for a health care town hall), OFA held a press conference call yesterday. Ohio State Director Greg Schultz joined U.S. Senator Sherrod Brown (D-OH), Christina Barke, a nurse at Lorain’s Community Health Partners Regional Medical Center, and Elizabeth Lessner, a small business owner in Columbus, to talk about the urgent need for reform and the grassroots effort underway to make it happen this year.
You can listen to the full audio here, and the Middletown Journal did a nice round up of the call. A few highlights below:
U.S. Senator Sherrod Brown (D-OH):
“If Americans like the plan they’re in, they can keep it. If they don’t like their plan, or if they’re uninsured or have inadequate insurance, they’ll have new choices including a public health insurance option that will compete on a level playing field with private plans and will keep those private insurers honest.”
Elizabeth Lessner, Small Business Owner and Resident of Columbus, OH:
“My problem right now is the increase in cost. I am just going through an insurance renewal now. My health insurance went up 40 percent. That’s something that, in these economic times, I can’t afford. I have to make some tough choices.”
Christina Barker, Community Health Partners Regional Medical Center in Lorain, OH:
“[Patients] can’t afford the medications we fix them. We get them on a medication regiment, they get home, they don’t have the means to provide for their medication - it’s food and their rent, or their medication. And what, in turn, happens to them is they end up back in the hospital very quickly. Probably within a day or two. Most of them are back in the same boat they were in a few days ago when we fixed them the last time.”
http://kennedy.senate.gov/
HYANNIS PORT — Senator Edward M. Kennedy, Chairman of the Health, Education, Labor, and Pensions (HELP) Committee, today released the following statement regarding the Affordable Health Choices Act:
“This room is a special place. In this room, my two brothers declared their candidacy for the presidency. Today, the nation takes another major step toward reaching the goals to which they dedicated their careers, and for which they gave their lives. They strived, as I have tried to do, for a fairer and more just America – a nation where every American could share fully in the promise of quality health care.
As you vote today, know that I am with you in heart and mind and soul, and I wish very much that I could be with you in person.
I could not be prouder of our committee. We have done the hard work that the American people sent us here to do. We have considered hundreds of proposals. Where we have been able to reach principled compromise, we have done so. Where we have not been able to resolve our differences, we have treated those with whom we disagree with respect and patience. I thank all the members of our committee – Republicans, Democrats and Independents alike – for their dedication and devotion to the great cause of quality, affordable health care for all our people.
Extraordinary thanks go to Chris Dodd. No man has ever had a truer or more generous friend than he has been to me, and no cause has ever had a more able leader than he has been in the great effort to enact health reform.
It is a cause that knows no boundary of party, region, or philosophy. It is a cause that can and should unite us all as Americans. We know, however, that our work is not over – far from it. As we move from our committee room to the Senate floor, we must continue the search for solutions that unite us, so that the great promise of quality affordable health care for all can be fulfilled.
As I said, this room is a special place – and I believe our committee’s actions have added a glorious chapter to the honor roll of history that has been made here.
Americans are an extraordinary people. We have created a nation of liberty and justice. We have defeated forces of oppression, and we have spread prosperity and progress across the globe. When the American people are on the march, there is no barrier that can resist them, no obstacle that can block their path.
The American people are on the march once more, and they will not stop until quality, affordable health care is the birthright of every American. And we are with them every step of the way.”
###
Anthony Coley/ Melissa Wagoner (202) 224-2633
S. CON. RES. 26
Apologizing for the enslavement and racial segregation of African-Americans.
IN THE SENATE OF THE UNITED STATES
Mr. HARKIN (for himself, Mr. BROWNBACK, Mr. LEVIN, Mr. DURBIN, Mr. KENNEDY, Mr. LAUTENBERG, Ms. STABENOW, Mr. BOND, and Mr. COCHRAN) submitted the following concurrent resolution; which was ordered held at the desk.
One Question: Why Now??????????
Senate Democrats, Why are You not following the President's Agenda?.
President Barack Obama asked the Senate for Health Care/Public Option and etc., Yet the Senate refused.
Please go back and study and learn President Obama Race Speech and then MOVE ON...
The American People Are on the same page, and We all want better lives, healthcare, peace prosperity, and security. The American people are unified and are walking in complete solidarity when it comes to the Great People of the United States of America Advancing to greatness and prominence.
This waterdowned resolution is unwarrented and unnesessary.
To the Writers of this resoultion:You are out of Touch with the American People.
The Resounding answer and reaction to this resolution(in my community) has been Noooo and No Thank You!!!!!
Shocker: Even President Bush gets a shot out in this one.
What in the World Is going on With The Senate.
The Senate Democrats can't even close gitmo and yet they have the audacity to gloss over and gitmo the African-American People ith three measly little paragraphs.
Please drop this motion and please take up the President's Mandate and Call and stop disrespecting him by watering down his plans for The American People, and Stop voting against His Agenda. He Won and You Didn't. The American People trust Him and want his Policies and Resolutions, Not Yours!!!!!!
Senate Deomcrats, In Your Own Minds, You may be sincere, but you are sincerly WRONG.
Thank You President Barack Obama for being a beacon set alight on a Hill!!!
Thank You President Obama for teaching principles and wisdom!!!!
Thank You President Barack Obama for not marginalizing the black and white community!!!
Thank You President Barack Obama for finding your purpose and destiny in life!!!!
Thank You President Barack Obama for not using us (black, white, asian, hispanic, jewish, christian, muslim, hindu, believers, non-believers), nor allowing any of us to be used as bargining chips by the Senate and Congress.
May God Continue to Bless America and May He Continue to Always Bless the United States of America.
http://www.whitehouse.gov/blog/TARP-Funds-Returned-Spending-Reigned-In/
PAYGO TARP Good News for the TaxpayerThe President announces that 10 banks will repay their Troubled Asset Relief funds, and commits to new legislation codifying the Pay-As-You-Go principle.
White House Photo, 6/8/09, Pete SouzaRoadmap to Recovery 600,000 JobsThe President announces his plan tosave or create 600,000 jobs thissummer through an accelerated"Roadmap to Recovery." White House Photo, 6/4/09, Pete SouzaThe President in the Middle EastThe President spoke in Cairo on America's relationship with Muslim communities around the world, watch the video or read his remarks in a dozen languages. CEA Chair Christina Romer presents the report. Photo Credit: J. Scott WilleyThe Economic Case for Health Care ReformThe President writes to Congress spelling out what he wants, and the CEA issues a pivotal report entitled “The Economic Case for Health Care Reform.” White House Photo, 6/9/09. Chuck KennedyPAYGO TARP Good News for the TaxpayerThe President announces that 10 banks will repay their Troubled Asset Relief funds, and commits to new legislation codifying the Pay-As-You-Go principle. RECENT FEATURESA NEW FOUNDATION1234
www.whitehouse.gov
This past weekend, grassroots supporters gathered at thousands of meetings across the country to kickoff a summer long campaign for health care reform. For Organizing for America, it was the largest post-campaign effort yet, but the timing and the issue couldn't be more urgent.
From the Boston Globe:
Barack Obama became president thanks to house parties like the thousands across the county this weekend, and thanks to activists who wrote checks and blogged and made phone calls to neighbors for the campaign. The agenda then was clear: Win the election.Now Obama is reactivating his grass-roots political machine for a new purpose: Pass major legislation overhauling the nation's healthcare system.
From Reuters:
From a living room in Kansas to a bagel shop in New York to an Alabama church, Democrats have started mobilizing support for President Barack Obama's healthcare reform plans.Suburban housewives and social workers mixed with Baptist ministers, college students, retirees and many others at grassroots gatherings over the weekend. Spurred by the Democratic National Committee's burgeoning political machine dubbed "Organizing for America," thousands of such meetings had been planned for Friday through Monday.Those attending the scripted two-hour events viewed a videotaped message from Obama, shared personal stories and made local battle plans to counter the expected stiff opposition."It's going to be a vicious fight," said 76-year-old Hank Putsch who attended an organizing meeting on Saturday at a Kansas City restaurant. "The insurance companies and healthcare companies are gearing up to oppose this. We've got to get our voices heard."Obama has declared this summer "make-or-break" time for healthcare reform and has called on Congress to pass comprehensive legislation by the end of the year, saying America can no longer afford the costs of a system dominated by profit-driven insurance and healthcare companies which leaves 46 million people uninsured.Though he is leaving the details to Congress, Obama has said reform must ensure a public health insurance option operating alongside private plans, a reduction in basic costs, and assurance that no one is denied insurance."This is why we elected him," said Sarah Starnes, a hospital social worker who has volunteered to help campaign for the Obama plan in Missouri. "It used to be that we'd elect a president and then the lobbyists would determine what happened. This time it is going to be us who determine what happens."
A great many women laid the foundation for this noteworthy event. I'm inspired to add my brick to the structure of a new America, a new world where women bring their brilliance, their issues, their needs adn their solutions as leaders of companies, households, and much more to the world stage :)))
The mortgage bailout still continues to fail. Copyrighted 2009, Andrew Liput. Andrew Liput is managing attorney at Liput Law Offices PC in NJ and is a consultant to the banking industry on legal and compliance issues. His website is at www.liputgroup.com
See the blog post below.
http://www.mortgageindustrytrends.net/bailout_helping_wall_street_not_main_street
For further information on financial matters for small business and consumers see my blog at
http://my.barackobama.com/page/community/blog/FinanceMatters
The Democrats.org blog highlights a recent article on one of the everyday Americans featured on our Foundation for Change page . . .
President Obama announced a new program today, designed to help unemployed Americans who want to go back to school. The president explained:
In a 21st century economy where the most valuable skill you can sell is your knowledge, education is the single best bet we can make -- not just for our individual success, but for the success of the nation as a whole. The average college graduate earns 80 percent more than those who stopped after high school. So if we want to help people not only get back on their feet today but prosper tomorrow, we need to take a rigorous new approach to higher education and technical training. And that starts by changing senseless rules that discourage displaced workers from getting the education and training they need to find and fill the jobs of the future. So today I'm announcing new steps we are taking to do exactly that -- to give people across America who have lost their jobs the chance to go back to school today to get retrained for the jobs and industries of tomorrow.
Under President Obama's plan, colleges will be encouraged to increase financial aid packages for the unemployed so they can enroll in educational and training programs while keeping their unemployment benefits. CNN reported:
Under Obama's initiative, colleges would consider a person's current financial situation to make it possible for them to receive Pell grants, which are available for low-income students. The unemployed person would not lose any unemployment benefits and the maximum Pell grant would be increased in July by $500 to $5,350.Current unemployment rules create a Catch-22: In most cases, if you are receiving unemployment compensation, you have to be actively looking for a job.If you want to get more education or training, you have to give up unemployment benefits. But if you return to school, you don't qualify for federal education grants since, in most cases, your qualification is based on the previous year's income.
Friday, 27th March 2009
Washington, D.C.
March 27 (Bloomberg) -- President Barack Obama will seek support today from executives of the nation’s largest banks for his plan to stabilize the financial system and try to get beyond the furor over bailouts and bonuses.
The White House meeting at noon Washington time is scheduled to include chief executive officers Vikram Pandit of Citigroup Inc., Jamie Dimon of JPMorgan Chase & Co. and Lloyd Blankfein of Goldman Sachs Group Inc., all headquartered in New York. They are among as many as 15 banking executives expected to attend.
Lawrence Summers, Obama’s top economic adviser, said the meeting was a measure of the ties between the government and banking industry at a time of economic crisis.
“This is about our duty to do everything we can to support a robust and sustained economic expansion and the reality that the country’s major financial institutions have a major role to play,” Summers said.
White House advisers said the meeting will focus on stabilizing financial markets, boosting lending to businesses and consumers, reducing foreclosures and imposing regulatory overhaul rather than specific issues at individual institutions.
With the U.S. economic recovery tethered to the health of the financial industry, Obama has proposed a public-private partnership to soak up the banks’ toxic assets and help unlock credit, as well as new regulations on banks, hedge funds, private-equity firms and derivatives markets.
“It’s terribly important that an environment of consensus replace the polarization of recent weeks,” said former U.S. Securities and Exchange Commission Chairman Arthur Levitt, now a senior adviser to The Carlyle Group based in Washington and a board member of Bloomberg LP, the parent of Bloomberg News. “It’s essential to the business community that they be very much part of this process.”
Continuing Engagement
The gathering is the latest in a continuing engagement with the business community, advisers said. Obama has held meetings with Dimon and Kenneth Chenault, the CEO of New York- based American Express Co., as well as Redmond, Washington- based Microsoft Corp. Chairman Bill Gates, over the last couple of months, they said.
Industry representatives said they will underscore the connection between the success of the financial-services industry and the broader economic recovery.
“For the economy to recover, for the stimulus to work, Main Street and Wall Street have to work hand in hand,” said Rob Nichols, a former Treasury official and now president of the Financial Services Forum in Washington.
‘Pick Their Brains’
After weeks in which the White House was often sharply critical of excesses at financial companies, the president wants to adopt a more collaborative approach.
“We’re reliant upon them to help rebuild our economy,” said senior adviser Valerie Jarrett. “It would be very unnatural if we didn’t engage them and have a direct opportunity to pick their brains and look to the future.”
Along with Obama, Treasury Secretary Timothy Geithner and Jarrett and Summers will meet with the chief executive officers, also including Kenneth Lewis of Charlotte, North Carolina-based Bank of America Corp., John Mack of New York- based Morgan Stanley, John Stumpf of San Francisco-based Wells Fargo & Co., Ronald Logue of Boston-based State Street Corp. and Robert Kelly of New York-based Bank of New York Mellon Corp.
Other participants are scheduled to include American Express’s Chenault, Herbert Allison, president and CEO of Washington-based Fannie Mae; Frederick Waddell, CEO of Chicago- based Northern Trust Corp., James Rohr, CEO of Pittsburgh-based PNC Financial Services Group, and Richard Davis, CEO of Minneapolis-based US Bancorp.
‘Lots of Details’
“There are just lots of details, that’s one of the things I know that is very much on the minds of some of these folks, they need to know more,” said Bert Ely chief executive officer of Ely & Co., a financial institution and monetary policy consultant in Alexandria, Virginia. They can then “provide input into how these issues are addressed legislatively.”
The administration’s plan is dependent in part on the financial companies being willing to sell distressed assets at prices attractive enough to create a new market and enable banks to start lending, which they have been reluctant to do.
The plan would remove banks’ distressed assets from the lenders’ balance sheets though a public-private investment program, with Treasury providing $75 billion to $100 billion to finance investors’ purchases of devalued loans and securities.
“A recovery based on a public-private partnership will depend, to a large extent, on the business community believing that they are in a partnership rather than enthralled to politicians and a punishing public that wants to extract the last ounce of blood,” Levitt said.
Meeting With Geithner
A number of the CEOs met with Geithner last night at a dinner sponsored by the Financial Services Roundtable.
Popular anger erupted this month after the Treasury said it couldn’t stop $165 million in bonuses to American International Group Inc. employees, after the New York-based insurer received $182.5 billion in taxpayer bailout funds.
Administration officials downplayed the need to strengthen ties that may have been frayed over the fallout from AIG.
Several executives have criticized the administration’s anti-Wall Street rhetoric, its stress-tests to monitor banks’ health and restrictions imposed by the Troubled Asset Relief Program affecting lending, foreclosures, pay and perks.
Capital Injection
The U.S. Treasury in October injected more than $120 billion from the TARP program into nine of the biggest U.S. banks. More than 500 banks, insurers and credit-card companies applied for capital, and the government has distributed almost $300 billion. Lenders including Bank of America, U.S. Bancorp and New York-based Goldman Sachs have said they want to give back the TARP money.
Dimon of New York-based JPMorgan this month called on government officials to stop demonizing Wall Street, saying “it’s just hurting our country at this point.”
“When I hear the constant vilification of corporate America, I personally don’t understand it,” Dimon said in a speech earlier this month hosted by the U.S. Chamber of Commerce in Washington.
US Bancorp’s Davis called TARP a “lousy program” last month during a speech in Minneapolis, and Wells Fargo Chairman Richard Kovachevich said the stress-test policy is “asinine.”
“The atmospherics have to improve,” said Ely. Today’s meeting signals that “the policy makers are listening and trying to deal with this in a positive constructive manner and moving past all the blaming and finger pointing and demonizing.”
To contact the reporter on this story: Julianna Goldman in Washington at jgoldman6@bloomberg.net
Last Updated: March 27, 2009 00:38 EDT
http://www.bloomberg.com/apps/news?pid=20601070&sid=aLhW6WphVhAk&refer=politics
Reposted from Dianne's Post:
Time for everyone to call or email or both: KENT CONRAD, Senate Budget Committee Chairman Washington: (202) 224-2043 email: conrad.senate.gov/contact This guy is bragging about all the millions he's secured for military spending through ARRA. And, is lobbying congress for more spending, but a Chairman of the Budget Committee joins the BLUE DOGS? He's also behind the militarization of the Canada/USA border with predator drones. He's not only a DOG, he's a HAWK!
Also from Dianne's Post:
EVAN BAYH GANG OF 16 Leaders: Evan Bayh IN Blanche Lincoln AK Tom Carper DE Kent Conrad ND, Senate Budget Commitee Chairman Michael Bennett, CO Mark Begich, AK Kay Hagan, NC Herb Kohl, WI Mary Landrieu, LA Joe Lieberman, CT Claire McCaskill, MO Ben Nelson, NE Bill Nelson, FL Jeanne Shaheen, NH Mark Udall, CO Mark Warner, VA
Please email, call and write to these Trojan horses and tell them to support Our President.
