Barack Obama today nominated the following individuals:
Timothy Geithner - Secretary of State
Larry (Lawrence) Summers - Nominated as Head of National Economic Council.
Christina Romer- Chair of the Council of Economic Advisors
Melody Barnes - Dir. of Domestic Policy Council
Obama addresses the ongoing financial crisis and his plans for moving forward.
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Key lawmakers have reported an agreement in principle on a bailout of the financial industry designed to avert a deeper economic crisis, reports the AP.
Emerging from a two-hour negotiating session, Sen. Chris Dodd said, “We are very confident that we can act expeditiously.”
The White House has conceded on certain points of the $700 billion financial bailout plan by limiting the pay packages of Wall Street executives whose companies would benefit from the proposed bailout.
“The American people are angry about executive compensation and rightfully so,” Paulson told the House Financial Services Committee.
Treasury Secretary Henry M. Paulson Jr. met with anger at today’s Senate Banking Committee where he tried to persuade Congress “to enact this bill quickly and cleanly, and avoid slowing it down with other provisions that are unrelated or don’t have broad support.”
But after hours of back-and-forth they rejected the administration’s plan. “What they have sent us is not acceptable,” the committee chairman, Senator Christopher J. Dodd, Democrat of Connecticut, told The Associated Press.
Wall Street bounced back today shooting the Dow Jones industrials up more than 400 points after a report that the federal government may create an entity that will take over banks’ bad debt, reports CNBC.
Treasury Secretary Henry Paulson is considering forming an entity like the one that was set up after the failure of savings and loan banks in the 1980s.
Barack Obama commented on the upheaval on Wall Street today saying it is ”the most serious financial crisis since the Great Depression.” He also links it to Bush.
“This country can’t afford another four years of this failed philosophy,” Obama said after the shock-wave announcements that financial giant Lehman Brothers was filing for Chapter 11 bankruptcy while titan Merrill Lynch was being bought by Bank of America for about $50 billion.
In response to Phil Gramm outrageous remarks regarding the country being in a mental recession, the Obama campaign issued this response:
Well, it’s about time.
Fortune Magazine features a big cover story featuring Barack Obama and John McCain.
And the editors couldn’t contain themselves.
Each candidate got their own cover.
So, if you’re at the newsstand and you like John McCain, you’ll buy that one and vice versa.
I’m a subscriber so unfortunately I received the John McCain cover and bought the Barack Obama cover on the newsstand.
To me, it looks like the editors are favoring John McCain. They make him look serious and thoughtful.
While, the Barack Obama cover makes the Democratic nominee look like he’s having a grand old time - while the country’s economy needs to be fixed!
What do you think?
