Archive for the ‘Corker’ Category

Obama, Biden Chat Up Economy; Congress Talking “Stimulus II”

March 15, 2009

Here’s the President’s strategy: TALK the economy up.

President Barack Obama on Saturday downplayed divisions between the U.S. and Europe over how to tackle the world’s financial crisis and said China should have “absolute confidence” that its sizable investments in the United States are safe.

Larry Summer and Paul Volker added similar happy chit-chat.

Even Joe Biden, who has never been wrong on anything before, said a recent uptick in the stock markets is a result of the “Obama factor.”

We went from crisis to prosperity with the stroke of a pen and the use of a teleprompter!

Presto!  You’re now confident!

Problem is: China doesn’t believe it.  And they hold about one-quarter of the U.S. debt, about $1 trillion.  And we want them to buy a bunch more.

Wen Jiabao said this week he was worried about America’s ability to repay China.

He never said that before….

And Tim Geithner at least looks worried.

Sen. Sherrod Brown, D- Ohio, pauses in the elevator after arriving on Capitol

And people in Congress are already saying the $740 billion-plus stimulus is maybe not enough.

“Biden should stop talking the ‘Obama Factor’ and President Obama might not talk up the economy so much in case he needs to go to the Congress for hundreds of billions more in additional stimulus money,” said William Kristol of the Weekly Standard on the Fox News Sunday show with Chris Wallace.

On that same show Senator Bob Corker (R-Tenn.) said, “solve the credit problem and eliminate toxic assets before asking for another stimulus.”

Bob Corker

He seemed incredulous that Geithner had not yet addressed these problems.

“Move the second stimulus idea way to the side,” Corker said, “until we solve the credit problem.”

Obama Talks Up Economy:

Biden on the Economy:

Obama: Fire Geithner

 Pelosi’s Stimulus II? Lawmakers Propose No Cost, High Employment Energy Package

Obama, Geithner: recession requires global action 

Even Democrats Showing Signs Of Economic Despair, Worry at White House Inertia

Pelosi: Congress Needs to ‘Keep the Door Open’ to Second Stimulus Package
Speaker Nancy Pelosi, D-Calif. is kissed on the cheek by one ...


Auto Bailout: Not Monday: White House Mulls Option

December 15, 2008

The White House tossed out no lifeline for the teetering auto industry Sunday, although  President Bush reiterated that he was considering using money from the $700 billion financial bailout fund to provide loans to the carmakers.

“An abrupt bankruptcy for autos could be devastating for the economy,” Mr. Bush told reporters Monday aboard Air Force One during an unannounced trip to Iraq and Afghanistan. “We’re now in the process of working with the stakeholders on a way forward. We’re not quite ready to announce that yet.”

In a photo provided by the Ford Motor Co., the final Ford Expedition ...
In a photo provided by the Ford Motor Co., the final Ford Expedition is driven off the assembly line as production ends at Michigan Truck Plant in Wayne, Mich., Wednesday, Nov. 26, 2008. The move signals the beginning of the transformation of the auto plant to be retooled as a car plant to begin producing small, fuel-efficient vehicles in 2010. (AP Photo/Ford Motor Co., Sam VarnHagen)

Mr. Bush wouldn’t give a precise timetable but said, “This will not be a long process because of the economic fragility of the autos.”

White House officials said they did not expect to make an announcement Monday. The administration is considering ways to provide emergency aid to General Motors Corp. and Chrysler LLC, which have said they could run out of cash within weeks without federal aid.

Sen. Bob Corker, Tennessee Republican, who blocked legislation that would have provided $14 billion in loans to the automakers, said he had spoken with the White House early Sunday. “I don’t think they yet know what they’re going to do,” he said. Ron Gettelfinger, the president of the United Auto Workers, said the union had not held discussions with the White House.

CBS VIA ASSOCIATED PRESS Sen. Bob Corker spoke with White House officials and said, "I don't think they yet know what they're going to do."

Sen. Bob Corker

Associated Press

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