White House Photography by Pete Souza, November 4, 2010.
President Barack Obama and Vice President Joe Biden attend a Cabinet meeting in the Cabinet Room of the White House.
The Federal Reserve's "Hall Mary Pass"
THEWHITEHOUSESPIN.COM
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WASHINGTON, DC
THURSDAY, NOVEMBER 4, 2010
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"THE FEDERAL RESERVE'S "Hall Mary Pass"
WRITTEN AND POSTED BY KAREN ANN CARR
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WASHINGTON, DC- The Federal Reserve plans to spend $75 Billion dollars per month buying U.S. Government debt for the next eight months. The Wall Street Journal sees the FED's decision as a "Hall Mary pass" to further stimulate the U.S. economy. The total commitment to purchase U.S. Government bonds will be $800 billion dollars over the next eight month period.
The latest simulative move by The Federal Reserve may amount to putting a bandage on a gun wound. The U.S. financial system is still bleeding value, despite the infusion of cash and policy changes. Nothing has been done to adequately heal the real estate markets in the United States of America and abroad.Cash U.S. dollars are King, even in its weakened state. The weaknesses of the 10 year notes and the limitation of the Federal Reserves mortgage bonds may up-end what Chairman Ben Bernanke and the FED hope to accomplish, but the Fed has to do what the Fed must do.
Another load of real estate that has dwindled in value will possibly hit the market this year, and when stack does no one really knows what is going to happen. In some cases, one piece of property has multiple mortgages attached to its value. And to make matters worse, some property values have fallen below outstanding liens.
It is very telling to hear that the Federal Reserve Bank is considering acting in this manner, with property values and the value of the U.S. dollar being as they are. The American markets have not responded enthusiastically to former efforts by the Federal Reserve, in part because of the pre-existing conditions of real property and the dreadful debts attached to real property. The Federal Reserve might be hoping that small businesses play a significant role in growing the economy. However it is much more likely that those earning $250,000.00 or more will be needed to purchase mortgage bonds in the FED's portfolio as they are being retired. Time will tell.These proposed moves and future moves by the Federal Reserve Bank will likely force the Republicans to work with President Barack Obama and the Democratic Party to reduce the deficit. In the case of monetary stability and economic growth all political leaders have an invested interest in sustaining wealth in order to receive campaign donation. But if the U.S. markets continue to falter President Obama is most likely to have the best opportunity to raise campaign money because the character of his constituency.
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President Obama After Cabinet Meeting
November 4, 2010
THEWHITEHOUSESPIN.COM
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WASHINGTON, DC
WEDNESDAY, NOVEMBER 3, 2010
White House Photography By Chuck Kennedy, November 3, 2010
U. S. President Barack Obama, in a news conference in the White House East Room, President Obama speaks openly about the lessons of the November 2010 elections, and his hope for working with the new U.S. Congress going forward on the economy and other issues.
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"AMERICA SENDS MESSAGE TO THE WHITE HOUSE"
WRITTEN AND POSTED BY KAREN ANN CARR
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WASHINGTON, DC- Painfully honest and accepting of the role that his administration may have played in unseating a host of Democrats from the U.S. House of Representatives and Senate, U.S. President Barack Obama spoke as he reflected on the future of the United States of America.
But even with that being said President Obama was assertively defiant in regards to the state of the economy being ”in free-fall” when he began serving as the President of the United States of America. The pressure to do the right thing, in terms of policy, outweighed doing the politically correct thing in terms of what he had promised his constituency.
Nevertheless, Independents, Democrats and Republican voters believed the Obama administration would change the manner in which things got done in the U.S. Senate and the U.S. Congress. But what the Obama constituency seems to have received was more of the same stereotypical Capitol Hill partisian processing of legislation. The difference was Democrats were controlling what got enacted into law.
It got deep down and dirty when Congresswoman Nancy Pelosi dug in her heels through the making of the TARP bill and the Health Care bill, while being glaringly caught in a possible untruth about being briefed about security issues. During the same period of time Rep. Pelosi was following the called plays of President Obama to close the deals concerning bailing out banks foreclosing on Americans out of work and requiring struggling small businesses to cover workers who were barely being paid.
The Obama constituency may have hardly believed their eyes and much worse their ears. Not so suddenly, the constituency became daunted by the possibility that they had been trick into trusting more of the same. The pressure to do the politically-correct thing that is linked to the right thing for people could not be more critical. To better guarantee the electability of a politician, the electorate is looking for empathy, appropriate behavior and common decency in their political leaders.
But what really happened that may have contributed to the election outcomes throughout America? The outcomes might be an indication that the Obama administration loss much of his very mixed constituency when he and the U.S. Congress bailed out trillion dollar banking and financial businesses, who have been less than honest in its dealings with the public. The Obama administrations and the Democratic Party utilized much of its political value by bailing out less than fair financial institutions, banks and brokers. And to be fair, the Obama administration may not be accurately realizing that there is a very ethical and moral shift toward holiness and caring for fellowman that is taking place among its voting constituency.
Every mature adult in America knew it was unfair for the government to support banks or financial institutions, which were throwing people out of homes while receiving the U.S. Government support. The U.S. Government did not bail out the average home owner who needed cash to pay the lending institution. And what made things worse some of the financial institutions had gambled its assets away while operating within a context of almost legalized-theft and/or public trickery. Obama inherited an untenable situation.The primary point is that Global economy was, indeed, in free-fall, because of the shenanigans of U.S. financial institutions and banks who had gambled with assets and loss money.
For a period of time the Obama may be facing a seemingly jobless economic recovery. But, because the average small business owner will eventually be willing to expand within assurances that the money can be repaid. Things will get better.
It was telling to hear that President Obama thought the public may have reacted most to the manner in which the recent bills had been enacted, rather than the end results of the bills. The American public has not responded excitingly about being able to receive care for pre-existing conditions. Additionally, it was interesting to hear President Obama say that the burdens placed on small businesses to pay for health-care coverage might need to be corrected.
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White House Photography by Pete Souza, November 3, 2010.
President Barack Obama makes an election night phone call to Rep. John Boehner (R-Ohio) from his Treaty Room office in the White House residence a couple of minutes after midnight.
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27CDB6E-AE6D-11cf-96B8-444553540000">Presidential Press Conference
November 03, 2010 | 56:24 | Public Domain
President Obama pledges to work with a new Congress on the economy and takes questions from the media about the 2010 midterm elections.
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http://www.whitehouse.gov/videos/2010/November/110410_CabinetMeeting.mp3
President Obama After Cabinet Meeting
November 04, 2010 | 08:08 | Public Domain
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White House Photography by Pete Souza, November 4, 2010.
U.S. President Barack Obama talks with Treasury Secretary Timothy F. Geithner at the conclusion of a Cabinet meeting in the Cabinet Room of the White House.
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White House Photography by Pete Souza, November 3, 2010.
President Barack talks with Vice President Joe Biden in the Outer Oval Office.
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