Barack Obama

Swine flu creates controversy on Twitter

2009-04-28T22:16:00.000-07:00

(CNN) -- The swine flu outbreak is spawning debate about how people get information during health emergencies -- especially at a time when news sources are becoming less centralized.

Buzz about swine flu on Twitter is stirring conversations about how people get health news.

Some observers say Twitter -- a micro-blogging site where users post 140-character messages -- has become a hotbed of unnecessary hype and misinformation about the outbreak, which is thought to have claimed more than 100 lives in Mexico.

"This is a good example of why [Twitter is] headed in that wrong direction, because it's just propagating fear amongst people as opposed to seeking actual solutions or key information," said Brennon Slattery, a contributing writer for PC World. "The swine flu thing came really at the crux of a media revolution."

Twitter's popularity has exploded in recent months, and Slattery said it's a new development that a wide number of people would turn to the site in search of information during an emergency.

A spokesman for the Centers for Disease Control and Prevention, however, said that the online buzz about swine flu is a good sign. It means people are talking about the issue, and that's the first step toward learning how to reasonably protect yourself.

Obama at 66 percent, Michelle at 76 percent

2009-04-01T13:19:00.001-07:00

President Barack Obama holds a healthy 66 percent job approval rating in the latest national ABC News/Washington Post poll, but the president's positives trail those of his better half by 10 percent.

Michelle Obama scored a 76 percent approval rating in the survey, up 28 percent from last summer.

Despite the continuing recession, 60 percent of those surveyed approve how Obama
is handling the economy. Fifty-two percent approved of the president's approach to the deficit.

"At this early stage in his presidency, Obama continues to benefit from a broadly held perception that others should bear the bulk of responsibility for the severe economic problems that confront his administration," the Post concluded.

As Obama Takes First Overseas Trip, More See U.S. Image Abroad Improving

2009-04-01T13:00:00.000-07:00

With Barack Obama on his first presidential trip overseas, far more Americans now say the United States' image abroad is improving rather than worsening, a sharp turnaround from views under George W. Bush. But significant international challenges face Obama – including skepticism at home about negotiations with Taliban elements in Afghanistan.

Obama gets 62 percent approval for handling international affairs overall, and just 14 percent say the United States' image is worsening under his presidency.

(ABC News Photo Illustration)

Obama gets 62 percent approval for handling international affairs overall, and just 14 percent say the United States' image is worsening under his presidency – down from 61 percent under Bush in late 2003. Instead 43 percent now say the United States' image is improving, up from 10 percent under Bush. The rest say it's staying the same.

GM's future at stake as Obama's team steps in

2009-04-01T12:57:00.000-07:00

President Obama left a big question mark over the future of the U.S. auto industry Monday when he made it clear he is willing to offer limited aid to General Motors and Chrysler but warned they must restructure much faster or end up in bankruptcy court.

Obama blamed a "failure of leadership, from Washington to Detroit" for bringing the automakers so close to collapse. But his auto task force, he said, had determined that turnaround plans laid out by GM and Chrysler had failed to prove they can turn the automakers around. And over the weekend, the administration signaled its willingness to have the government intervene more directly in their future when it forced out GM CEO Rick Wagoner.

READERS REACT: Shopper Panel weighs in on plan

The president's plan balances two competing forces that are swirling around Americans' economic anxieties: growing public outrage over corporate bailouts and fear that if the auto industry sinks, it will take millions of jobs and the fragile economy down with it.

The White House also has given different courses of action for the two automakers: It made clear it will try to save GM (GM), but Chrysler essentially is being cut loose.

Obama takes step over the line that separates government from private industry

2009-04-01T12:53:00.000-07:00

FACTBOX: Obama's presidential debut on world stage

Sun Mar 29, 2009 2:56am EDT

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WASHINGTON (Reuters) - U.S. President Barack Obama will make his debut on the world stage this week with his first major foreign trip since taking office on January 20.

Here are some details of his travels plus his objectives for each leg:

G20 SUMMIT - LONDON

Obama's first stop: an April 2 summit of the Group of 20 top economies, a follow-up to a meeting hosted by predecessor George W. Bush, to tackle the global economic crisis.

Obama, who has pledged to repair America's image abroad after eight contentious years under Bush, will set the tone for his administration's relations with the rest of the world even as he is tested in his first encounter with global summitry.

He "is going to listen in London, as well as to lead," said White House spokesman Robert Gibbs.

In the final run-up to the trip, Obama's aides seemed to back away from earlier calls for other G20 countries to act quickly to ramp up spending to match the United States. The White House said Obama would not seek specific commitments.

European leaders, reluctant to build up more debt, had already spurned the idea and made clear they wanted to make a top priority of overhauling global financial regulations.

Obama will meet British Prime Minister Gordon Brown and Queen Elizabeth on Wednesday before the summit. Talks with Chinese President Hu Jintao and Russian President Dmitry Medvedev will be watched for how he handles two world powers whose relations with Washington have often been tense.

Obama tells allies that public supports his agenda

2009-04-01T12:50:00.000-07:00

Obama tells allies that public supports his agenda

WASHINGTON (AP) — Reassuring House Democrats that "we are in this together," President Barack Obama predicted that unity will help their party maintain its high standing with the public as they pursue an ambitious agenda in the face of economic turmoil.

The House and Senate are set this week to take up companion budget outlines that constitute Congress' initial response to the $3.6 trillion fiscal plan for 2010 that Obama proposed last month.

On the eve of his first trip to Europe, the president rallied lawmakers Monday in a closed-door session in the Capitol. He said they must deal with education, health care and clean energy in spite of the weak economy.

Obama said the reason his budget predicts such large deficits is not because of new spending for those three top agenda items but because of structural deficits that he inherited.

Speaking to fiscal hawks in the House, Obama said he is "serious as a heart attack" about addressing the nation's long-term deficit problems, according to notes taken by a House aide who required anonymity to describe the private session.

"We are in this together," Obama said.

Rep. Chris Van Hollen, D-Md., said Obama said his administration remains focused primarily on the economy but added that "'we can do more than one thing at a time.'"

Obama appeared before Senate Democrats last week, where he received supportive questioning as moderates queasy over big deficits and rapidly rising debt held their tongues.

Barack Obama says No more tax sops for outsourcing firms – its significance

2009-02-26T19:22:00.000-08:00

A consultant specializing in services, products & marketing - Sabapathy is a rainmaker for technology and telecommunication start-ups. Sabapathy writes on software trends, issues, producteering and services.

US president Barack Obama has served notice that he would end the tax breaks for corporations that ship jobs abroad

I can understand Obama’s standpoint. It is the trade union folks who campaigned so very effectively for Obama and they are to be protected, but it goes against all the principles and policies that America has stood for all these years. America has always been a proponent of free enterprise and globalization. After all, it is a country built by immigrants by and large. All of this is changing because of the protectionist attitude showcased now.

Sample these comments from Marc Faber on the US economy.

“The federal government is sending each of us a $600 rebate.
If we spend that money at Wal-Mart, the money goes to China.
If we spend it on gasoline it goes to the Arabs.
If we buy a computer it will go to India.
If we purchase fruit and vegetables it will go to Mexico, Honduras and Guatemala.
If we purchase a good car it will go to Germany.
If we purchase useless crap it will go to Taiwan and none of it will help the American economy.
The only way to keep that money here at home is to spend it on prostitutes and beer, since these are the only products still produced in US.
I’ve been doing my part.”

These are really extraordinary times for the Americans as well as the President but these cutbacks on tax sops are an extreme step. This is more a populist move that we are used to in Indian politics. Let us dwell on how this affects Indian corporations. I would say that the effect will be huge, because close to 50% of the Indian service exporters revenue comes from the US and it is 50% of $100 billion economy that we are talking about and the impact necessarily will be huge.

Outsourcing in India may take a beating due to Obama's tax policies

2009-02-26T19:06:00.001-08:00

Outsourcing in India may take a beating due to Obama's tax policies

Zeenews Bureau

New Delhi, Feb 25: Outsourcing to India will take a beating as US President Barack Obama, while addressing the Joint Session of US Congress on Tuesday night, said in his maiden speech that the economic revival plan would translate to no tax breaks for American companies which offshore jobs.

India Inc is quite disappointed with the same as this package nips in the bud any potential plans for prospective US companies which might have thought of investing in India.

The reaction that emanated from India had a disappointing tone. Several noted industrialists condemned the speech and said that it could spell doom for the BPO industry here.

But the Secretary General of India’s apex industry chamber FICCI Amit Mitra added that Obama’s tax policy will also “hurt American companies”.

With Tuesday’s announcement America’s first Black President set to rest all speculation that he may soften his stand on the issue of outsourcing.

In his address, the President also remarked that he will also end tax breaks given to America’s wealthiest by the Bush government. However he clarified that this would not affect main street America and downwards.

"Let me (be) perfectly clear, because I know you'll hear the same old claims that rolling back these tax breaks mean a massive tax increase on the American people. If your family earns less than USD 250,000 a year, you will not see your taxes increased a single dime," he said.

Obama Troop Withdrawal Plan Expected Soon

2009-02-24T20:08:00.000-08:00

President Obama could outline his concrete plan for withdrawing troops from Iraq as early as this Friday, when he travels to North Carolina to give a speech, an administration official said Tuesday.

White House officials pushed back at reports that Obama had already decided to remove all combat troops by August of 2010, saying the president was still holding meetings with military leaders on the necessary strength of the U.S. forces. The Associated Press reported that Obama had decided to end the war 19 months into his administration, which would be three months later than he promised during the presidential campaign.

But administration officials -- while remaining noncommittal -- said Obama was getting close to making his final plans, and said the expected a decision and announcement in the next few days.

Posted at 7:34 PM ET on Feb 24, 2009 | Category: National Security
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Obama says all will have to sacrifice with budget

2009-02-24T20:02:00.000-08:00

WASHINGTON (AP) — President Barack Obama says his budget will not solve every problem, and Democrats and Republicans will have to make some sacrifices.

In excerpts of his speech to Congress on Tuesday, Obama said he will submit a budget this week that he sees as a vision for America and a blueprint for the future.

He says the budget will reflect the harsh reality of the worst economic crisis since the Great Depression, one that he inherited from his predecessor, Republican George W. Bush.

Faced with recession and a trillion-dollar deficit, members of both parties will have to sacrifice some worthy priority. He included himself in that group.

In a rebuke to Republican critics, Obama said he rejects the view that the nation's problems will take care of themselves, that government has no role in pursuing a common prosperity.

A Strong Preaction to Obama's Speech

2009-02-24T19:53:00.000-08:00

A Strong Preaction to Obama's Speech

President Obama has been known to fire up a crowd. But until yesterday, none of the places where he was speaking actually caught on fire.

This changed just before 5 p.m., when smoke began billowing out of an office just off the Senate chamber, down the hall from the House chamber where Obama was to give his first annual address to Congress. Lawmakers braving the smoky corridor to investigate learned that it was a problem with the fireplace in the minority whip's office.

"What's this all about?" Senate Majority Leader Harry Reid demanded as he passed through the haze.

Reid should have already known: Strange and magical things happen whenever Obama is around.

Of course, a president's appearance before a joint session of Congress is always a big deal; even President Bush, at 30 percent support in the polls, was mobbed by well-wishers when he walked onto the House floor.

But this time it's a new president, a highly popular one, and a former senator to boot. Lawmakers went gaga

Jindal to criticize stimulus in GOP response to Obama

2009-02-24T19:47:00.000-08:00

Tapped by the Republican party to deliver the GOP's response to President Barack Obama's congressional address Tuesday night, Louisiana Gov. Bobby Jindal plans to take on the massive stimulus package and emphasize that the U.S. economy can recover.

Louisiana Gov. Bobby Jindal will give the GOP response to President Obama's address Tuesday.

"To solve our current problems, Washington must lead," Jindal will say, according to excerpts of his speech released by the Republican National Committee. "But the way to lead is not to raise taxes and put more money and power in the hands of Washington politicians. The way to lead is by empowering you, the American people, because we believe that Americans can do anything."

Obama, in his first speech to a joint session of Congress, is expected to discuss the stimulus and lay out a plans to beat the financial crisis.

Presidential address

Join the best political team on TV as President Obama makes his first address to Congress.
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Jindal has been a vocal critic of the $787 stimulus package, highlighting what he says is waste at a White House meeting with governors on Monday. He spoke to a large group of reporters after the session Monday, noting items such as $1 billion in added spending for the national census and $50 million in federal spending for the arts.

Jindal, seen as a possible contender for the 2012 GOP presidential nomination, has announced plans to reject $100 million of stimulus funding for his state, saying it would require Louisiana to change its unemployment laws. Several other governors have expressed similar concerns.

9 Bailout Surprises From GM and Chrysle

2009-02-19T23:02:00.000-08:00

9 Bailout Surprises From GM and Chrysle

Back in December, economist Mark Zandi of Moody’s Economy.com told Congress that bailing out the Detroit automakers could ultimately cost $75 billion to $125 billion. So when GM and Chrysler asked for a mere $17.4 billion late last year, it seemed like a bargain.

Then GM got another billion or so as part of a bailout for its car-financing arm, GMAC. And now, GM and Chrysler have asked for almost $30 billion more from a variety of programs, pushing the total for just these two companies close to $50 billion. That doesn’t include Ford, which many analysts think will end up asking for nearly as much federal aid as GM.

[See why Ford is veering closer to a bailout.]

Surprised? Get used to it: Deepening gloom has become a recurring theme of Bailout Mania, as troubled firms dribble out their bad news in droplets and everything turns out worse than expected. Here are some of the major surprises contained in the “viability plans” submitted to the government by GM andChrysler:

Both need way more money than previously acknowledged. In its 117-page viability plan, GM says it expects to burn an astounding $18 billion in cash in 2009, one reason it may need a total of $30 billion from the government by 2011. Chrysler says it will have to declare bankruptcy by March 31 if it doesn’t get an extra $11 billion in government aid, for a total of more than $15 billion. At this point, it seems prudent to assume that they’ll need billions more after that.

College Is Possible for Students With Intellectual Disabilities

2009-02-19T23:00:00.000-08:00

College Is Possible for Students With Intellectual Disabilities

Unlike students who pull all-nighters and cram before exams, Mount Aloysius College student Katie Apostolides has been working diligently in preparation for midterms since her first day of class. She starts papers and projects the day they are assigned, meets weekly with a different peer tutor for each of her classes, and knows to take short breaks throughout her studying in an effort to stay focused and on task. These and other strategies help Apostolides learn at a collegiate level in spite of her Down syndrome, an intellectual disability.

If Apostolides passes her classes this semester, she will receive her associate's degree. But Apostolides's success in college is the exception rather than the rule for students with Down syndrome and other intellectual disabilities. According to preliminary results of an ongoing Department of Education study, fewer than one quarter of students with intellectual disabilities have participated in some type of postsecondary education. None has completed a degree. There is hope, however, that this will change. New initiatives started late last year will, for the first time, identify, fund, and disseminate information about programs nationwide that help intellectually disabled students gain access to college.

To date, leaders in the field know of about 150 programs, which vary significantly in rigor and structure. The ThinkCollege.net website provides basic information about each known program, but because of provisions in the Higher Education Opportunity Act (which was reauthorized by Congress last summer) and two multimillion-dollar federal grants awarded in December 2008, the number of known programs, the number of high-quality inclusive programs, and the depth of knowledge about both is set to expand dramatically. Not only does the HEOA allow students with intellectual disabilities to qualify for Pell Grants, Supplemental Educational Opportunity Grants, and the Federal Work Study Program for the first time, it also establishes a new grant program that will fund the development of programs tailored specifically to college students with intellectual disabilities across the country.

The Student's Guide to Beating the Recession

2009-02-19T22:59:00.001-08:00

How the Stimulus Helps You Pay for College

2009-02-19T22:57:00.001-08:00

How the Stimulus Helps You Pay for College

The government is poised to spend about $13 billion in stimulus funds on improvements to education tax credits that will offset up to $2,500 in college costs for millions of low- and middle-income families. But the changes probably won't immediately stimulate the economy or make much of a difference to the many families now living paycheck to paycheck, tax experts say.

Other education provisions in the stimulus bill, such as a several-hundred-dollar increase in the Pell grant, the biggest federal grant awarded to low-income students, have won bipartisan support. The education tax changes are more controversial, though, and have drawn criticism from some education organizations for their high costs and comparatively small impact.

Congressional Democrats defended all aspects of the stimulus bill, including the education tax breaks. "For the first time, Congress is making these tax cuts refundable, which means that even if people don't earn enough to pay taxes, they are still eligible for a refund. We also simplified the process by combining two existing tax credits, which will make the tax credit less confusing for eligible students. Both the tuition tax credit and the significant boost in the Pell grant scholarship will be a huge help for low-income and middle-class families struggling to pay for college," says Melissa Salmanowitz, press secretary for the House Education and Labor Committee.

And while the education tax break didn't quite match up to President Barack Obama's campaignpromise of a $4,000 credit payable when bills come due (instead of making students wait for tax refunds) in return for public service, the administration said it was happy with the provision. "This is a good step forward, and we will look at ways we can take the next step," said a spokesman for the Department of Education.

7 Steps to Finding the Right Credit Counselor

2009-02-19T22:54:00.000-08:00

7 Steps to Finding the Right Credit Counselor

I don't know about you, but the collapse of the economy and stock market has made my financial plan look a lot like a piece of Swiss cheese that has seen better days - yellowing, curling up at the edges, and definitely giving off a bad odor. Sadly, millions of us seem to be facing Swiss-cheese financial futures these days.

If you're in that camp, perhaps a trip to your friendly neighborhood consumer credit counselor would be a good idea. Having someone other than your Uncle Lou take a look at your finances could be a godsend. A good counselor has seen lots of people like you before, and has developed solid suggestions on how you can overcome your current problems - and perhaps a wee bit of financial paralysis. A counselor can help you build a new financial plan that reflects current economic realities and is right for you. Finding the right counselor may be far easier said than done. Here are some steps to help increase your odds of sitting across the table from someone who just might make your life a lot easier:

The Obama Housing Fix: 5 Things to Know

2009-02-19T22:51:00.001-08:00

The Obama Housing Fix: 5 Things to Know

A week after Treasury Secretary Timothy Geithner's plan to resurrect the financial system landed with a thud, President Barack Obama called his own number Wednesday to unveil the new administration's ambitious effort to rescue the housing market. In a speech in Arizona--a state that had the nation's third-highest foreclosure rate in January--Obama detailed a multipronged initiative that aims to enable up to nine million families avoid foreclosure, while halting the drop in home prices by as much as $6,000 a house. "In the end, all of us are paying a price for this home mortgage crisis. And all of us will pay an even steeper price if we allow this crisis to deepen," Obama told the audience. "But if we act boldly and swiftly to arrest this downward spiral, every American will benefit." Here are the five things you need to know about the Obama housing fix:

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1. Refinance mortgages: Here's a key obstacle to extricating the nation from the current mortgage mess: Although mortgage rates are near historic lows, the home owners with the greatest need to access the lower rates aren't able to benefit from them. One reason for this is that Fannie Mae and Freddie Mac--which own or guarantee a huge chunk of the mortgage pie--typically can't guarantee refinancing for home loans that are valued at more than 80 percent of the property's value. And with home prices plunging, an increasing number of homeowners fall outside these parameters. The Obama plan would scrap this restriction, enabling as many as five million people with mortgages owned or guaranteed by Fannie and Freddie to refinance into lower-cost loans, the president said.

India concerned by Pakistan's truce with militants

2009-02-19T22:48:00.001-08:00

India concerned by Pakistan's truce with militants

India fears militants will be emboldened by the pact to allow Sharia law in Pakistan's Swat region. Some fear a Hindu backlash against India's Muslim minority, or even the latter's radicalization.

By Mark Magnier
February 20, 2009

Reporting from New Delhi -- A decision by Pakistani authorities to allow imposition of Islamic law in a region a short distance from Islamabad is increasing India's fears that religious militancy is growing in its neighbor and traditional rival.

India's main Hindu nationalist group, the opposition Bharatiya Janata Party, said Wednesday that national security was at risk because of well-entrenched militants operating in Pakistan's Swat Valley, within a five-hour drive of Amritsar, an Indian city of 1.5 million people.

Foreign Minister Pranab Mukherjee joined other international leaders in condemning Pakistan's cease-fire deal Monday with the militants, characterizing it as a danger to "humanity and civilization."

"Taliban at India's Door," blared a sensational headline on the Times Now 24-hour, one of India's hyperactive TV news channels.

Accusations and mutual distrust have marked the India-Pakistan relationship for most of the six decades since the end of British colonial rule.

India's concern is that the latest deal further weakens a Pakistani civilian government not fully in control of its own territory and increases the risk that Pakistan will serve as a staging ground for terrorist attacks, such as occurred in Mumbai in late November. Islamabad acknowledged recently that the attack, which killed more than 160 people, was at least in part planned in Pakistan.

8 Safe Stocks to Buy Now

2009-02-16T22:05:00.000-08:00

8 Safe Stocks to Buy Now

General Dynamics (symbol GD)

The economic slowdown has yet to be reflected in the performance of General Dynamics, which gets about two-thirds of its revenues from the U.S. government. The world's sixth-largest defense contractor, which makes everything from tanks and submarines to electronics for the military and intelligence services, continues to see its backlog of business grow. For the quarter that ended September 30, the backlog was $60.5 billion, up from $55 billion the previous quarter. Better yet, profit margins rose in each of GD's four business segments.

Google (GOOG)

Once everybody's favorite glamour stock, Google is now available at half-price. That looks like a pretty good deal. Down from $742 in late 2007, you can buy shares of the leading Internet-search and advertising firm for just 14 times expected 2009 earnings of $22.64 per share.

Johnson & Johnson (JNJ)

Consumer-products firms are a natural refuge in turbulent times. That's why Johnson & Johnson is the right pick now. No matter how bad things get, people will still buy household essentials, such as Band-Aids, Listerine and Rolaids, and that means a steady stream of profits for the company, based in New Brunswick, N.J.

American Tower (AMT)

Fierce competition means that wireless-phone carriers will continue building their communications networks in any economic environment, and that's good news for American Tower. The Boston company owns or operates more than 23,000 wireless-phone and broadcast-communications towers. Major carriers, such as AT&T and Verizon, are willing to sign long-term contracts with built-in annual price increases to lease space on these towers so that they can provide voice and data services for their customers. Morningstar analyst Imari Love estimates that American Tower has more than six years' worth of revenue already locked into these noncancellable contracts.

Oracle (ORCL)

The company is the leading provider of database software, an essential underpinning for virtually every type of corporate software application. Oracle's 43% market share is more than double that of IBM, its nearest competitor. Working from that stronghold, the Silicon Valley-based firm has spent $28 billion over the past four years successfully extending its reach into enterprise software, programs that support or streamline business operations.

Accenture (ACN)

Although Accenture is not immune to a global economic downturn, it should survive relatively unscathed. The company, which is headquartered in Bermuda, provides management- and technology-consulting services to businesses and governments around the world. Plus, it provides services, such as computer-network management, customer help desks and back-office services, that businesses prefer to farm out.

Thermo Fisher Scientific (TMO)

This is a one-stop shop that equips research laboratories with everything from high-end analytical instruments to everyday supplies, such as chemicals and microscope slides. Based in Waltham, Mass., the company derives about half of its annual revenues from lab supplies that need to be restocked -- a steady business that's not particularly economically sensitive. That should cushion any drop-off from sales of costlier scientific instruments (31% of revenues). Customers range from pharmaceutical firms and hospitals to research labs and government agencies. (Other revenues come from sales of software and services.)

Automatic Date Processing (ADP)

Even though the near-term U.S. employment picture looks shaky, the business of processing corporate payrolls remains a good one. ADP boasts long-term contracts and high repeat business, and it gets to keep the interest it earns on billions of dollars in taxes deducted from workers' paychecks that are later turned over to the government. This profitable business model means that the Roseland, N.J., company generates a lot of cash. During the fiscal year that ended last June, ADP rewarded shareholders with dividends and buybacks worth $2 billion.

Obama Disappointed Cabinet Failed To Understand His Reference To 'Savage Sword Of Conan' #24

2009-02-16T17:54:00.000-08:00

WASHINGTON—President Barack Obama expressed frustration Wednesday after members of his cabinet failed to recognize his allusion to the 24th issue of the comic series Savage Sword Of Conan during their first major meeting together.

ENLARGE IMAGE

The 44th president settles into the Oval Office.

Obama, whose upcoming challenges include organizing a massive effort to rebuild the nation's infrastructure, was reportedly unprepared for the confused silence he received upon suggesting that his cabinet "team up with Taurus of Nemedia" to secure the necessary funding from Congress.

"If my inner circle of advisers can't even communicate about the most basic issues, how are we going to tackle the massive problems our nation faces?" Obama said during a press conference. "When I tell my cabinet that getting bipartisan support is exactly like the time Conan got Taurus to help him steal Yara's jewel, they need to understand what I mean."

After receiving no reaction from the assembled reporters, Obama added, "Because a giant spider is protecting this chamber full of precious jewels, just like Congress is protecting its…. God, how are you people not seeing this?"

ENLARGE IMAGE

The commander in chief's "doubles."

Obama, an avid collector of Conan The Barbarian and Spider-Man comic books since he was a child, was referencing the 1977 story "The Tower Of The Elephant," written by Roy Thomas. According to administration sources, no one in Obama's cabinet was familiar with the magazine-sized comic, though Labor Secretary Hilda Solis claimed to have once seenConan the Destroyer.

Aides also confirmed that Obama has refused to lend his copy of issue #24 to Transportation Secretary Ray LaHood, fearing the former Republican congressman will carelessly bend or rip the pages. The commander in chief is reportedly intent on keeping the comics in pristine condition for their eventual inclusion in his presidential library.

Obama On Republicans: 'I'm An Optimist, Not A Sap'

2009-02-16T17:45:00.000-08:00

Obama takes on credit rating agencies!

User Forum Topic

Submitted by TheBreeze on January 25, 2009 - 8:57am

Wow! This is awesome and something that Mish has been harping on for a while. Check it out:

Officials said they want rules to eliminate conflicts of interest at credit rating agencies that gave top investment grades to the exotic and ultimately shaky financial instruments that have been a source of market turmoil. The core problem, they said, is that the agencies are paid by companies to help them structure financial instruments, which the agencies then grade.
"Until we deal with the compensation model, we're not going to deal with the conflict of interest, and people are not going to have confidence that the ratings are worth relying on, worth the paper they're printed on," Mary Schapiro said in testimony earlier this month before being confirmed by the Senate to head the Securities and Exchange Commission.
Timothy Geithner, the nominee for Treasury secretary, made similar comments in written and oral testimony before the Senate Finance Committee.

They are also taking on mortgage brokers...

Aides said they would propose new federal standards for mortgage brokers who issued many unsuitable loans and are largely regulated by state officials. They are considering proposals to have the SEC become more involved in supervising the underwriting standards of securities that are backed by mortgages.

...and derivatives...

The administration is also preparing to require that derivatives like credit default swaps, a type of insurance against loan defaults that were at the center of the financial meltdown last year, be traded through a central clearinghouse and possibly on one or more exchanges. That would make it significantly easier for regulators to supervise their use.

...and continuing to rebuke Bush policies...

Officials have been grappling for nearly a year to figure out how to better oversee the financial system, particularly as a number of large and inadequately supervised companies have encountered problems. In a sweeping regulatory blueprint unveiled last March, Treasury Secretary Henry Paulson Jr. proposed a broad consolidation of banking and financial agencies, including merging the Securities and Exchange Commission and the Commodity Futures Trading Commission. That proposal is not included in the current plans.

...and hedge funds (with another rebuke of Bush)...

Other elements of the regulatory overhaul, such as the requirement that hedge funds register with and be more closely supervised by the SEC, would mark a sharp departure from the policies of the Bush administration.

...and executive pay...

For example, they are preparing proposals to limit executive pay at companies that receive money under the bank bailout program. In response to written questions by Senator John Kerry,

Obama takes on credit rating agencies!

2009-02-16T17:42:00.000-08:00

Obama takes on credit rating agencies!

Officials said they want rules to eliminate conflicts of interest at credit rating agencies that gave top investment grades to the exotic and ultimately shaky financial instruments that have been a source of market turmoil. The core problem, they said, is that the agencies are paid by companies to help them structure financial instruments, which the agencies then grade.
"Until we deal with the compensation model, we're not going to deal with the conflict of interest, and people are not going to have confidence that the ratings are worth relying on, worth the paper they're printed on," Mary Schapiro said in testimony earlier this month before being confirmed by the Senate to head the Securities and Exchange Commission.
Timothy Geithner, the nominee for Treasury secretary, made similar comments in written and oral testimony before the Senate Finance Committee.

They are also taking on mortgage brokers...

Aides said they would propose new federal standards for mortgage brokers who issued many unsuitable loans and are largely regulated by state officials. They are considering proposals to have the SEC become more involved in supervising the underwriting standards of securities that are backed by mortgages.

...and derivatives...

The administration is also preparing to require that derivatives like credit default swaps, a type of insurance against loan defaults that were at the center of the financial meltdown last year, be traded through a central clearinghouse and possibly on one or more exchanges. That would make it significantly easier for regulators to supervise their use.

...and continuing to rebuke Bush policies...

Officials have been grappling for nearly a year to figure out how to better oversee the financial system, particularly as a number of large and inadequately supervised companies have encountered problems. In a sweeping regulatory blueprint unveiled last March, Treasury Secretary Henry Paulson Jr. proposed a broad consolidation of banking and financial agencies, including merging the Securities and Exchange Commission and the Commodity Futures Trading Commission. That proposal is not included in the current plans.

...and hedge funds (with another rebuke of Bush)...

Other elements of the regulatory overhaul, such as the requirement that hedge funds register with and be more closely supervised by the SEC, would mark a sharp departure from the policies of the Bush administration.

OBAMA TALKS HOUSING POLICY

2009-02-16T17:40:00.000-08:00

SAN ANTONIO, Texas -- Obama hit the twin themes of mortgage fraud and special interests at a roundtable in San Antonio, at an event intended to make a play for working class and Latino voters.

Both Obama and Clinton released statements on mortgage fraud today, and Obama in his prepared remarks criticized Clinton's plans to freeze the monthly rate on existing adjustable mortgage rate for at least five years to help families hit by the crisis.

The Obama housing roundtable was part of a ramped up effort by the campaign to focus more on bread-and-butter issues. The roundtables, which have been a part of the campaign since Iowa, have increased in quantity, with the campaign usually holding at least two per week now as the try to increase their appeal and get an economic message out to working class voters.

"Senator Clinton's plan to freeze mortgage rates is not sufficiently targeted to struggling families who need help and would actually put more families at risk,” Obama’s statement reads. “In fact, one economic analyst called her plan 'disastrous.'"

Striking a populist tone, Obama said the cause of the subprime crisis was due to special interests in Washington and corporate greed. "The CEO of the largest subprime lender was promised $100 million severance package," Obama said.

He told the 20 cameras assembled before him that he had been ahead on this issue, having introduced a bill to protect consumers last year. He also criticized the deal reached in the Senate to freeze some foreclosures, saying the 30-day period wasn't long enough.

Sitting at a table with a married couple, a woman and a representative from ACORN (a housing advocacy group), Obama showed his wonkier side, going into policies of how lenders defraud voters and how lending practices hurt the entire community by reducing the power of loans.

"We need leadership from Washington," Obama said in response to a representative from ACORN, who told Obama that families like the ones assembled at the table were ready to fight in Austin, Texas, for better laws in Texas, which has the 12th-highest home foreclosure rate.

Barack Obama: Kissing on Valentine's Day

2009-02-15T23:21:00.000-08:00

Barack Obama: Kissing on Valentine's Day

Barack Obama: Major H-1B visa racket unearthed in US

2009-02-15T22:26:00.000-08:00

Barack Obama: Major H-1B visa racket unearthed in US

Major H-1B racket unearthed in US, 11 arrested

2009-02-14T23:39:00.000-08:00

Washington: US federal authorities have claimed to have unearthed a major H-1B visa racket with the arrest of at least 11 persons, most of them suspected to be of Indian origin.

Though the officials did not reveal the citizenship of those arrested, the names released indicated that almost all of them are either Indian or persons of Indian origin.

Vision Systems Group, an IT company headquartered in South Plainfield New Jersey, has been indicted on 10 federal counts including conspiracy and mail fraud charge. Viswa Mandalapu, is its CEO and President, according to the information available on the company's website.

US Attorney Matthew Whitker alleged that Vision Systems Group, with a branch office in Coon Rapids, Iowa, used fraudulent documents to bring H-1B visa workers into the country, he was addressing a press conference at Des Moines, Iowa.

The Government is seeking the forfeiture of USD 7.4 million in proceeds raised through the alleged offenses. "This is just the tip of the iceberg as far as this investigation goes," he said.

Besides Vision System Groups, at least five other companies are under investigations because of their alleged visa fraud. Two of them Worldwide Software Services and Sana Systems are based in Iowa.

H-1B visa racket busted in US, 11 Indians arrested

2009-02-14T23:35:00.000-08:00

New York: A Federal Grand Jury has indicted 11 people, all of them of Indian-origin, in six states on H-1B visa fraud charges, and an information technology company called Vision Systems Group.

Vision Systems Group is based in New Jersey, but it has an Iowa office in Coon Rapids.

Federal law enforcement accuses Vision Systems Group of defrauding the US government, and ultimately costing American workers computer jobs.

"What we found here is that some folks have found some ways to make misrepresentations to the government that disadvantage American workers who did not have the opportunity to apply for the real jobs that existed," says US Citizenship and Immigration Services official Michael Aytes.

The Fed say Vision Systems Group sponsored highly-skilled foreign computer workers through a temporary professional worker visa.

The US grants H-1B visas if companies meet stringent conditions. The companies must justify the need, disclose the job's exact location and pay a locally prevailing wage.

US Department of Labor records showed that in 2004, Vision Systems Group sought the government's permission to hire foreign workers as programmer analysts in Coon Rapids at a $38,000 starting salary.

The same job listing for the same company that same year in Somerset, New Jersey started from $40 to $47,000, which was $2,000 to $9,000 higher.

The indictment accuses Vision Systems of obtaining the government's permission to import I-T workers to Coon Rapids at a locally acceptable salary.

But the Fed said that in reality, Vision Systems sent those employees to California or New Jersey, paying them the lower salary tailored for Coon Rapids.

"I think it directly affects American workers. I think you could look at these locations where these workers were, and that they probably displaced qualified American workers because they were working at a lower wage than the prevailing wage of that location," said US Attorney Matthew Whitaker.

Obama promises to retain and create jobs

2009-02-14T23:31:00.000-08:00

Obama promises to retain and create jobs

US Presidential hopeful Barack Obama once again touched on the ticklish issue of outsourcing and while vowing to end tax breaks to companies that ship works overseas conceded that all lost jobs could not be redeemed.

Promising to retain as well as create more jobs for the Americans, the Democratic nominee said while all lost jobs cannot be redeemed, further movement can be halted by giving incentives to companies investing in the country.

"Not all jobs that have left are going to come back. We can stop some of them that are already leaving by stopping to give tax breaks to companies that are shipping jobs overseas and saving those tax breaks for investing in plants and equipment right here in the US," Obama said at a campaign stop in Ohio.

Maintaining that the issues of energy are going to be the "centrepiece of re-building manufacturing in the US", Obama said having energy as one of its main economic planks will ensure creation of millions of jobs as there are growing energy needs in emerging economies like India and China.

Can Obama create 2.5 million jobs?

2009-02-14T23:29:00.000-08:00

Can Obama create 2.5 million jobs?

Posted Nov 22nd 2008 11:10AM by Peter Cohan
Filed under: Employees, Economic data, Politics

President-elect Obama wants his economic team to develop a plan to create 2.5 million jobs by January 2011. Such a plan has the virtue of providing a specific goal -- and with 1.2 million jobs lost so far this year and more on the way, such a goal would more than offset the lost jobs.

But setting the goal and achieving it are two different things. In the next two months, Obama's economic team -- which will reportedly be announced on Monday -- will need to flesh out the details of a strategy to achieve this goal. And these details will involve using government money to rebuild roads and bridges, upgrade schools and build wind farms and alternative energy technologies.

If Obama is to achieve his goal, he will need to get legislation passed soon after he takes the oath of office. And the legislation will need to provide concrete answers to many questions: Which projects will the government invest in? How many jobs will the projects produce? How much money will be required to finance these projects? Where will the money come from? What profits will these projects generate? How soon will the government get its investment paid back? How much economic growth will these projects create?

Major H-1B visa racket unearthed in US

2009-02-14T23:23:00.000-08:00

Major H-1B visa racket unearthed in US

US federal authorities have unearthed a major H-1B visa racket with the arrest of at least 11 persons, most of them suspected to be of Indian origin.

Though the officials did not reveal the citizenship of those arrested, the names released indicated that almost all of them are either Indian or persons of Indian origin.

Vision Systems Group, an IT company headquartered in South Plainfield New Jersey, has been indicted on 10 federal counts including conspiracy and mail fraud charge. Viswa Mandalapu, is its CEO and president, according to the information available on the company's website.

US Attorney Matthew Whitker alleged that Vision Systems Group, with a branch office in Coon Rapids, Iowa, used fraudulent documents to bring H-1B visa workers into the country, he was addressing a press conference at Des Moines, Iowa.

The government is seeking the forfeiture of $7.4 million in proceeds raised through the alleged offenses. "This is just the tip of the iceberg as far as this investigation goes," he said.

Besides Vision System Groups, at least five other companies are under investigations because of their alleged visa fraud. Two of them Worldwide Software Services and Sana Systems are based in Iowa.

Kissing on Valentine's Day

2009-02-14T16:30:00.001-08:00

Happy Valentine's Day, America. Heart-shaped boxes filled with chocolates and red roses abound. But this year with the hardships faced by millions due to the failing economy, many of you will have to tighten your purse strings today.

Fear not, apparently the kiss should be on your list. That's because new studies suggest that kissing is key to a successful relationship.

According to Reuters Chicago, researchers say a kiss is what helps blossoming romances progress, and a poorly executed one could send a relationship down the tubes. No one knows this better than Helen Fisher, an anthropologist, of Rutgers University in New Jersey who claims "a kiss is a mechanism for mate assessment." She plans to present these findings later today at an American Association for the Advancement of Science meeting in Chicago.

Fisher explains that more than 90% of societies follow the practice of kissing. However, scientists are only beginning to understand the science of smooching which is known as philematology.

Another kiss expert, researcher Wendy Hill of Lafayette College in Pennsylvania, tested the theory that the intent of kissing is to promote bonding, on college students. A hormone called oxytocin is linked to feelings of sexual pleasure, bonding, and maternal care. She found that the feeling increased in the men which she studied and decreased in women, but that may have been due to the variable of birth control which creates high levels of the hormone in women.

Different research done by Fisher explores the brain activity connected to kissing. Fisher believes that kissing can be a gateway to the three primary brain systems used for mating and reproduction. These are sex drive (tied mostly with testosterone), romantic or passionate love (causes a focus on a singular mate), and attachment (keeps couples together at least through child rearing).

These three brain systems seem to follow a logical path: couples hooking up, mating, and eventually raising children. It's a sort of "chain of life" if you will. Unfortunately, this can't prevent a divorce.

Barack Obama: The Senate moves toward H-1B curbs

2009-02-12T22:11:00.000-08:00

Barack Obama: The Senate moves toward H-1B curbs

Barack Obama

2009-02-12T21:50:00.000-08:00

Barack Obama

Barack Obama: Politics and Economics of Offshore Outsourcing

2009-02-12T21:43:00.000-08:00

Barack Obama: Politics and Economics of Offshore Outsourcing

Barack Obama: The Senate moves toward H-1B curbs

2009-02-12T21:42:00.000-08:00

Barack Obama: The Senate moves toward H-1B curbs

Politics and Economics of Offshore Outsourcing

2009-02-12T18:57:00.000-08:00

Politics and Economics of Offshore Outsourcing

February 11, 2009 (CIO) There are two hot topics in the offshore outsourcing industry today-first, what the likely impact of the recession will be and second, what will be the likely impact of Barak Obama's presidency. While the former has attracted some good intellectual debate, with sound arguments and evidence to support both sides of the story, the latter has received pretty naive coverage, mostly from senior executives of offshore outsourcing or advisory firms desperate to allay their customer's concerns. One fundamental question that they fail to address is why Obama should care about offshore outsourcing. If it was so simple and so straightforward that offshore outsourcing is good for corporations, good for countries, good for economies, then why would Obama even consider doing anything about it?

The debate began when Obama campaigned, "I will stop giving tax breaks to companies that ship job overseas and I will start giving them to companies that create good jobs right here in America." This was subsequently detailed in October 2008 as a $3,000 tax credit for the next two years to businesses, for each new full-time employee they hire onshore. The general response to this scheme has been that it hardly matters and will not make any difference to companies engaged in offshoring. The credit amount will be made up by just one month due to the wage differentials. Some concerns also arose about whether Obama will cut the current H1B visa cap of 65,000. But this fear is largely unfounded-Obama in fact favors a temporary increase in limit and a permanent reform of the system, as stated in a pre-election interview.

Recently, as if to allay all concerns about potential adverse impact of his stance on outsourcing, Obama filled some of his top White House postswith people who not only support expanding the H-1B visa program, but see offshore outsourcing as a plus for the U.S. economy.

But is offshore outsourcing a plus for the U.S. economy? This is a question being asked increasingly not just by economists, but also by ordinary U.S. citizens impacted by the surge in unemployment .

When offshore outsourcing started, it was at a micro level. Companies were happy with this new supply of high quality, low cost labor, and no one was complaining. Then companies started offshoring in droves and it became a macro level phenomenon. McKinsey recognized this trend, built up a consulting practice around it and won many projects in advising governments on how to tap the global labor market using outsourcing, and advising companies on how to get their global sourcing strategies right. Offshore outsourcing works for all was the general perception.

Today's Top Stories

The doctor is ... YOU! Online medical symptom checkers examined

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New post-beta Windows 7 build leaks to Web

What People Are Saying

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Exposing Financial Corruption

Submitted by Anonymous on February 11, 2009 - 13:09.

2009-02-12T17:25:00.000-08:00

Obama's Skills Put to Test in Economic Stimulus Debate
By Jim Malone Washington 12 February 2009

The U.S. Congress is poised to give final approval to President Barack Obama's economic stimulus plan, handing the new president a major political victory in his first few weeks in office. Mr. Obama waged a two-front campaign on behalf of the bill.

President Barack Obama gestures during town hall meeting to discuss economy, at Harborside Event Center in Fort Myers, Florida, 10 Feb. 2009

In addition to persuading members of Congress, the president went back into campaign mode to win passage of the stimulus bill, reaching out for grassroots support.

During a town meeting in Florida, Mr. Obama took a question from a woman who turned out to be homeless.

"We need something more than a vehicle and parks to go to. We need our own kitchen and our own bathroom. Please help," said Henrietta Hughes.

"Okay, Miss Hughes, well, we are going to do everything we can to help you, but there are a lot of people like you," the president said.

President Barack Obama during his White House press conference, 09 Feb 2009

In addition to campaign-style events to build public support, Mr. Obama also went on the offensive during his first presidential news conference.

"With the private sector so weakened by this recession, the federal government is the only entity left with the resources to jolt our economy back to life," he said.

Some criticized the president for giving long answers, but University of Virginia political expert Larry Sabato says Mr. Obama continues to demonstrate political powers of persuasion.

"The answers were long, but Obama is still benefiting from the contrast with George W. Bush," said Sabato. "Presidents have a honeymoon not just with the public, but also with the press. The press' questions were respectful and gentle. That will not last. The press is a fair-weather friend. When the weather turns stormy, they will too."

President Obama has been able to unify congressional Democrats, but is having less success winning Republican support, including the Senate Republican leader, Mitch McConnell of Kentucky.

Senator Mitch McConnell talks to reporters about economic stimulus legislation on Capitol Hill, 05 Feb 2009

"This bill misses the mark," he said. "It is full of waste. We have no assurance it will create jobs or revive the economy."

From the beginning, Mr. Obama made it clear that passage of his stimulus plan was his top priority.

Experts say the new president used all the political tools at his disposal to make his case.

"It is really important, particularly for someone like Obama who is relatively new to Washington," said Stephen Farnsworth, presidential expert at George Mason University in Virginia. "He was only in the Senate for four years before becoming president. It is really important for Obama to have a clear line of what he needs to do and where he is going to go."

Afghanistan, Lost Weapons

Bobby Jindal-Louisiana governor to give high-profile GOP response to Obama

2009-02-12T14:44:00.000-08:00

WASHINGTON (CNN) -- Louisiana Gov. Bobby Jindal is set to deliver the Republican response to President Obama's upcoming joint address to Congress, a high-profile slot the party often gives to one of its rising stars.

Louisiana Gov. Bobby Jindal, 37, will give GOP response to President Obama's address to Congress this month.

"Gov. Jindal embodies what I have long said: The Republican Party must not be simply the party of 'opposition,' but the party of better solutions," House Minority Leader John Boehner said in a Wednesday statement.

Jindal, a former congressman in his first term as Louisiana's governor, was widely believed to be on Republican presidential nominee John McCain's short list for vice president, and he often served as a campaign surrogate on the Arizona senator's behalf.

The 37-year-old son of Indian immigrants also was given a prime-time speaking slot at the GOP convention last September, though he ultimately decided not to attend the four-day event as Hurricane Gustav headed for landfall in his state.

An Ivy League grad and Rhodes Scholar, and his state's first nonwhite governor, Jindal has long been on the GOP's radar screen as a potential future leader and likely presidential candidate. And as the GOP is launching full-scale efforts to appeal to nonwhite voters, Jindal has become one of the party's most high-profile minorities.

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"His stewardship of the state of Louisiana, dedication to reforming government and commitment to bringing forth new and innovative ideas make him a leader not just within the Republican Party, but in our nation as a whole," Boehner also said of Jindal on Wednesday.

Jindal, who became governor two years after Hurricane Katrina ravaged Louisiana, has drawn praise for spearheading the ongoing recovery efforts.

"When you look at major statewide offices Republicans have won over the past three years, there is one, Louisiana," said Alex Castellanos, a CNN contributor and Republican strategist. "In a state where we lost confidence in government, perhaps more than any other state, he restored it and cut taxes."

Though he is often mentioned as a likely contender for the 2012 Republican presidential race, Jindal has said his current focus is on winning reelection in 2011.

Jindal also said late last year that even if he were considering running for president, now is the time to support the sitting president.

"It doesn't matter whether you're Republican, Democrat or independent, it doesn't matter whether you voted for him or not, President-elect Barack Obama is our president," he said.

The White House announced on Tuesday that Obama will deliver the annual State of the Union address to both houses of Congress on February 24.

In 2008, Democrats tapped Kansas Gov. Kathleen Sebelius -- then considered to be a possible vice presidential candidate -- to give the rebuttal speech to former President Bush's final State of the Union address.

Other Democrats who delivered responses to Bush's State of the Unions include Virginia Sen. Jim Webb, Virginia Gov. Tim Kaine, and former Washington Gov. Gary Locke, the nation's first Chinese-American governor.

The last Republican to deliver a response to a State of the Union address was Maine Sen. Susan Collins in 2000.

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The Senate moves toward H-1B curbs

2009-02-12T11:47:00.000-08:00

The U.S. Senate, last Friday headed toward imposing restrictions on the hiring of H-1B workers by financial services firms that receive federal bailout funds, but the legislation fell short of what some opponents of hiring foreign workers had wanted.

The amendment, by Sens. Bernie Sanders (I-Vt.) and Chuck Grassley (R-Iowa), would require companies receiving bail out money, mostly financial services firms, to comply with hiring rules set for "H-1B dependent" firms. These rules subject employers to a number of provisions, including a good faith effort to hire U.S. workers first.

"Hiring American workers for limited available jobs should be a top priority for businesses taking taxpayer money through the TARP bailout program," Sen. Grassley said. "With the unemployment rate at 7.6 percent, there is no need for companies to hire foreign guest workers through the H1-B program when there are plenty of qualified Americans looking for jobs."

The fate of this H-1B amendment rests on the final outcome of the full stimulus package.

For more:
- see this Computerworld.com article

Related Articles:
H-1B visa news from FierceCIO

2009-02-11T12:11:00.001-08:00

Welcome Obama for America:

Obama
President elect, Barack Obama and his wife Michelle wave to supporters during his election night rally at Grant Park in downtown Chicago, Ill. on Tuesday, Nov. 4, 2008. (Michael Macor / The Chronicle)

3 yrs ? - circa 1964

10 yrs - 1971 (Dec)

Obama Sr. returned only once to visit his son in Indonesia. This visit, when the junior Barack Obama was 10, was the last time he saw his father.

circa 1945

This undated photo provided by the presidential campaign of Sen. Barack Obama, D-Ill., shows his maternal grandparents Stanley and Madelyn Dunham in Cambrige, Mass., during World War II

barack obama beach bay watch

Obama Family2

Malia, Michelle, Sasha, and Barack

The Obama Family

18 yrs - 1979

Barack Obama, then known as Barry, sits with the Ka Wai Ola literary magazine staff in the 1979 Punahou School yearbook

Hillack O'Clinton [hillary clinton and barack obama face]

President Obama packed symbolism, ceremony and action in a whirlwind first day in office that began with a prayer service at the National Cathedral and ended with a closed meeting with military commanders at which he directed a reassessment of U.S. strategy in Iraq and Afghanistan, a key campaign promise.

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Despite a round of 10 inaugural balls that had Obama and first lady Michelle Obama returning to the White House around 1 a.m., the new president was up at dawn, issuing executive orders, calling Middle East leaders, appearing at public events and retaking the oath that was flubbed at his inauguration.

He seemed intent on riding his soaring poll numbers and public hunger for change to get his presidency off to a fast start, knowing that the first few months of a new administration are historically its most productive.

He telegraphed sharp breaks in policy and style from the Bush administration. Many seemed aimed both at appeasing a liberal base that has grated at his centrist Cabinet choices and at setting new standards of ethics and transparency to thwart a return of cynicism among the public. He is expected to move today to begin closing the Guantanamo Bay prison for terror detainees.

In between, Obama held discussions with economic advisers on how to rework the $700 billion bank rescue program to address an alarming new outbreak of distress among some U.S. banks. It amounts to the equivalent of doing engine work on a plane in flight. Obama advisers have been looking at alternatives for how to use the $350 billion remaining of the bank rescue fund known as TARP that ultimately could require more infusions from Congress.

Many things at once

Through it all, Obama demonstrated that, as he once coolly admonished former rival Sen. John McCain, R-Ariz., during the campaign, a president can handle more than one issue at a time. He held an open house at his new residence, attended the swearing-in of White House staff and took 10 minutes alone to read a note left to him from former President George W. Bush at his desk in the Oval Office titled "From #43 to #44."

Washington has mostly returned to normal as maintenance crews worked through the night to remove road barriers and clear the heaps of trash that covered the downtown.

Lucky visitors to the open house included volunteers and people selected by Internet lottery to promote the theme of openness and accessibility.

Obama told one guest, "Enjoy yourself, roam around," adding, "Don't break anything." Vice President Joe Biden and his wife, Jill, held a similar open house at the vice presidential home at the Naval Observatory.

Obama signed two executive orders and three presidential memoranda focused on increasing openness and improving ethics in the executive branch. Those froze the pay of White House staff earning more than $100,000 a year, restricted lobbying by officials who leave the administration, broadened compliance with open-records rules and lifted Bush's restrictions on presidential records.

Obama said he aimed at "establishing firm rules of the road for my administration and all who serve in it and to help restore that faith in government." He said administration officials should "never forget we are here as public servants, and public service is a privilege."

Republicans engaged in early skirmishes over Cabinet nominees, but the pushback seemed more like efforts to demonstrate their relevance than any coherent strategy to respond to the new landscape.

Repudiated in back-to-back elections and facing a public, including many in their own party, that is coalescing around the new president, some Republicans are moving into a classic opposition mode, while others, like McCain, are clearly aiming to work with Obama to influence and shape legislation rather than block it.

A handful of Republican senators mounted impotent and admittedly symbolic offensives against three of his top Cabinet appointees, Treasury-secretary designate Timothy Geithner, Secretary of State-designate Hillary Rodham Clinton and Attorney General-designate Eric Holder. Clinton was confirmed 94-2 later in the day after Sen. John Cornyn, R-Texas, blocked a move to confirm her by unanimous consent. Cornyn voted for her after questioning conflicts of interest posed by foreign donations to the foundation run by her husband, former President Bill Clinton.

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Wall Street heads for lower opening - NewsFlash

2009-02-10T15:11:00.000-08:00

Wall Street heads for lower opening - NewsFlash

NEW YORK (AP) — Investors are waiting for Washington to make the next move. Stocks ended a quiet session with only modest changes Monday as Wall Street sought details of how the government will reshape a rescue plan for the financial industry. Investors are also watching as political leaders scramble to put together an economic stimulus program. The market is awaiting a Tuesday speech by Treasury Secretary Timothy Geithner outlining President Barack Obama's plan to overhaul the government's $700 billion financial bailout package. Congress passed the measure last fall as the credit markets began to seize up on fears about rising levels of bad debt. Geithner had been scheduled to announce the plan Monday, but the White House pushed back the speech to focus on the

The Senate is expected to pass an $827 billion stimulus bill on Tuesday. The government, however, still faces the challenge of reconciling the Senate bill with the House's $819 billion version that passed earlier. Republicans and Democrats have been at odds over the plan, which is designed to help pull the economy out of the worst recession in decades. The Obama administration is still pressing to have the stimulus measure on the president's desk for signing by the middle of this month. Federal Reserve Chairman Ben Bernanke is also expected to testify Tuesday at a House Financial Services Committee hearing on the central bank's efforts to revive lending during the financial crisis. Investors were hesitant to make big moves with so much news expected from Washington in the coming days. "We saw a lot of buying ahead of the announcements," said Chris Johnson, president of Johnson Research Group. "Investors are simply biding their time to see if those expectations are going to be met." The Dow Jones industrial average fell 9.72, or 0.12 percent, to 8,270.87. The blue chips fluctuated between gains and losses 49 times during the session. Broader stock indicators were mixed after a big rally last week. The Standard & Poor's 500 index rose 1.29, or 0.15 percent, to 869.89, and the Nasdaq composite index slipped 0.15, or 0.01 percent, to 1,591.56. The Russell 2000 index of smaller companies fell 2.76, or 0.59 percent, to 467.94.

New administration delays Bush move to expand offshore drilling

2009-02-10T14:16:00.000-08:00

WASHINGTON— Calling it a “headlong rush of the worst kind,” Interior Secretary Ken Salazar today scrapped a Bush administration proposal to open up as many as 300 million acres off the Atlantic and Pacific coasts to oil and gas drilling.

Salazar set aside a March 23 deadline for the public to weigh in on the Bush-era draft plan and said the Obama administration would instead wait until September to decide whether to expand U.S. offshore drilling.

“The additional time we are providing will give states, stakeholders, and affected communities the opportunity to provide input on the future of our offshore areas,” Salazar said in a news conference. “The additional time will allow us to restore an orderly process to our offshore energy planning.”

Salazar said he was launching a comprehensive review of offshore resources by the Interior Department, which oversees oil and gas drilling on public lands, including 1.7 billion acres on the outer continental shelf. He also promised to conduct four meetings with stakeholders in Alaska, on the Pacific Coast, the Atlantic Coast and the Gulf Coast before making a final decision on offshore drilling.

George W. Bush’s draft proposal, which would govern drilling on the outer continental shelf from 2010 to 2015, was unveiled Jan. 16, just days before Bush left the White House.

Salazar said the delay represented a “dramatic change from the last eight years, where you had a one-road highway to energy independence, which was drill, drill, drill.”

Salazar’s move drew quick criticism from oil and gas developers, who said it was unnecessary in the face of what they say is strong public support for expanded drilling in coastal waters.

“The American people understand the imperative of producing more of our energy resources right here at home,” said Barry Russell, president of the Independent Petroleum Association of America. “We need to act quickly and aggressively to develop domestic energy resources that could provide energy, jobs and needed revenues for states. This unnecessary delay will hold America back.”

Salazar sought to assuage oil and gas producers, pledging that the industry will be part of the debate over expanding offshore drilling.

“The oil and gas industry should not see the Obama administration as their enemy,” Salazar said.

“We need (their) expertise and resources as we move forward, but we need to be honest about our energy future,” he said. “A drill-only approach onshore and offshore is not enough. We need a comprehensive energy plan.”

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Stocks show moderate pullback after big rally

2009-02-10T14:11:00.000-08:00

Stocks show moderate pullback after big rally

NEW YORK (AP) - Wall Street gave back some of last week's big gains Monday as euphoria over the government's expected stimulus bill waned amid more grim corporate news.

Investors are also awaiting a Tuesday speech by Treasury Secretary Timothy Geithner outlining the Obama administration's plan to overhaul the government's $700 billion financial bailout package passed by Congress last fall. Geithner had been scheduled to announce the plan Monday, but the White House pushed back the speech to focus on the stimulus bill.

NYSE:BCS

Updated: 16:00 ET

6.21 -0.78

Other OTC:DPHIQ

Updated: 15:59 ET

0.069 +0.0015

``The delay in the Geithner announcement means the markets are going to have to wait another 24 hours, and markets don't wait very well,'' said Alan Gayle, senior investment strategist at RidgeWorth Investments. ``The delay only raises anxiety.''

Amid the anticipation over the government's plans there were stark reminders that an economic recovery is still far off.

Nissan Motor Co. said it will slash 20,000 jobs, or 8.5 percent of its global work force, over the next year to cope with what the Japanese automaker expects will be its first annual loss in nine years.

Wipro and others warn of H1-B visa cuts

2009-02-10T14:02:00.000-08:00

Several leading IT companies have warned investors of a cutback in H1-Bs. In their US Securities and Exchange Commission filings, these IT companies, which includes Indian IT major Wipro, have alerted investors that it may become more difficult to obtain these visas in the future, reports a leading technology site. Infosys Technologies also repeated warnings made in earlier filings that it’s "reliance on work visas for a significant number of technology professionals makes us particularly vulnerable" to changes in visa laws.

Infosys said that almost 7,000 of its employees held H1-B visas at the end of September. In addition, Infosys said that 1,500 of its workers held L-1 visas. L-1 visas are used by multinational firms to transfer employees. A year earlier, 7,700 Infosys employees had either an L-1 or H1-B visa, the company said. Incidentally, several small US IT firms too have expressed concerns that change in visa laws could hurt them.

Many companies are unsure if they will get adequate number of visas under President-elect Barack Obama. During the presidential campaign, Obama promised to "stop giving tax breaks to companies that ship jobs overseas" and to provide incentives that help companies keep jobs in the US. However, though Obama promised to stop tax breaks, he never linked the H1-B visa to this issue. And, since his election, Obama has not unveiled a detailed plan for H1-B visas.

Recently, Obama picked Janet Napolitano as secretary of the Department of Homeland Security (DHS). The Arizona Governor Napolitano is said to be a strong advocate of increasing H1-B visas. In testimony, speeches and a letter sent to congressional leaders, Napolitano, a two-term governor, has left a clear trail of support for increasing the H1-B visa cap to address what she has argued is a shortage of skilled workers. The new DHS secretary is said to be among the 12 governors who had sent a letter in September 2007 to congressional leaders in both parties urging a hike visa cap.

California budget deficit imperils 10,000 state workers' jobs

2009-02-10T13:27:00.000-08:00

Gov. Arnold Schwarzenegger's administration says it will issue pink slips Friday if a deal to close the nearly $42-billion gap is not reached by week's end. The cuts would save $150 million a year.

By Michael Rothfield reporting from sacramento
12:18 PM PST, February 10, 2009

Gov. Arnold Schwarzenegger will move to lay off as many as 10,000 state workers if lawmakers fail to pass a plan to close California's nearly $42-billion deficit by the end of the week, an administration spokesman said this morning.

Schwarzenegger's press secretary, Aaron McLear, said at a media briefing that the administration would send out pink slips Friday, absent a budget deal. The layoff process generally takes about six months for state employees due to union rules and other legal considerations, and bureaucratic procedures the state must follow. The move would save the state $150 million annually if the jobs are eliminated by July 1, according to McLear.

He said that about 20,000 workers could receive layoff notices, even though only half as many positions would ultimately be eliminated. Many of the job eliminations would happen with layoffs, but some could take place through attrition. Administration officials said the extra notices must be sent because the administration might not be able to legally lay off some of the workers who get them; other employees would be moved into other state jobs. The layoffs would affect mostly workers with the least seniority.

"This is not a [negotiating] tactic," McLear said. "This is simply out of necessity. The state is running out of money. The governor has very few options at his disposal that he can unilaterally use to cut back on state spending."

The layoff threat comes as the governor is forcing most state workers to take off two Fridays per month without pay -- the equivalent of an approximately 9% pay cut. The first mandatory day off for state workers was Friday.

Barack Obama: Brarack Obama with Parents

2009-02-10T12:06:00.000-08:00

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2009-02-09T21:39:00.000-08:00

Obama moves on H1b visa

2009-02-09T20:05:00.001-08:00

Barack Obama on H1B and Immigration

November 26th, 2007 · 117 Comments

Michael Arrington interviews democrat senator and presidential candidate Barack Obama.

MA: What is your position on H1B visas in general? Do you believe the number of H1B visas should be increased?

BO: Highly skilled immigrants have contributed significantly to our domestic technology industry. But we have a skills shortage, not a worker shortage. There are plenty of Americans who could be filling tech jobs given the proper training. I am committed to investing in communities and people who have not had an opportunity to work and participate in the Internet economy as anything other than consumers. Most H-1B new arrivals, for example, have earned a bachelor’s degree or its equivalent abroad (42.5%). They are not all PhDs. We can and should produce more Americans with bachelor’s degrees that lead to jobs in technology. A report of the National Science Foundation (NSF) reveals that blacks, Hispanics, and Native Americans as a whole comprise more that 25% of the population but earn, as a whole, 16% of the bachelor degrees, 11% of the master’s degrees, and 5% of the doctorate degrees in science and engineering. We can do better than that and go a long way toward meeting industry’s need for skilled workers with Americans. Until we have achieved that, I will support a temporary increase in the H-1B visa program as a stopgap measure until we can reform our immigration system comprehensively. I support comprehensive immigration reform that includes improvement in our visa programs, including our legal permanent resident visa programs and temporary programs including the H-1B program, to attract some of the world’s most talented people to America. We should allow immigrants who earn their degrees in the U.S. to stay, work, and become Americans over time. As part of our comprehensive reform, we should examine our ability to replace a stopgap increase in the number of H1B visas with an increase in the number of permanent visas we issue to foreign skilled workers. I will also work to ensure immigrant workers are less dependent on their employers for their right to stay in the country and would hold accountable employers who abuse the system and their workers.

Tags: H1B · Immigration

117 responses so far ↓

1 Unemployed IT Worker // Nov 28, 2007 at 12:07 pm

Why don’t we have a count of American unemployed IT people that are trained and qualified (BSCS), but looking for work? Many studies have shown that we, in fact, do NOT have a shortage of skilled workers in the US.
Isn’t that something we should have?

There are still many, many professionals out there that were laid off due to the H-1B surges in 200, 2001, and 2003, as well as the cumulative effects of outsourcing. They are underemployed, or have had to change fields and work multiple jobs to make ends meet. Do not forget that this visa is called the “outsourcing visa” because it accommodates and streamlines the ability to MOVE WORK OUT of the US.

Do we expect Americans to study hard, pay big tuition fees, preparing for a career - and become qualified (by BSCS degree) - only to find out that they are not first in line for jobs in their own country? (Think - What is wrong with this picture? Is this a Set-Up?)

The skills for IT jobs that you see in internet job postings are presented in very narrow specific terms with numerous listed skills - including even version numbers of products used. The chances of an individual having the exact mix of skills listed is improbable. And, any smart IT person would not be able to work locked into a specific, stagnant skill set. The nature of this work is to problem solve, to constantly learn and incorporate new skills into your skill set. This use of very specific skill sets in job postings is a means to disqualify American citizens on paper, so that less expensive foreign labor can be used.

Obama talks about a “bachelor’s degree or its equivalent” - the “or its equivalent” means what? a big loophole to bring in cheaper foreign workers without any rights.

Do not be fooled. Any well trained BSCS (Bachelor of Science in Computer Science) professional can easily and quickly learn new skills, and needs to, to keep an interest in work and to do a good job.

It sounds like Obama is trying to play both sides to me. I am hesitant to believe anyone that doesn’t talk about cleaning up all the well documented abuse in the H-1B and L-1 visa programs before they even mention ANYTHING about increases.

Haven’t we all heard about Lawrence Leibowitz, the Director of Marketing for Cohen & Grigsby now best known for teaching companies how to NOT HIRE AMERICAN WORKERS?

There are NOT enough new jobs in this field being generated right now to employ all the new graduates we have, forget about all the people that have been displaced by the previous serges in H-1B and L-1 visa use and the ongoing increase in outsourcing.

Increasing H-1B will promote and streamline more, faster outsourcing - that is NOT what Americans need. Women and minorities, as usual, are the hardest hit.

So when evaluating presidential candidates, we must really think about, who do they REALLY work for?

You can investigate this issue at: http://www.numbersusa.com/hottopic/H1B.html
2 Thomas E. Stoll // Dec 13, 2007 at 11:05 am

As A former tech worker who has seen many of his fellow Americans replaced by CHEAP H1B indentured servants this is my number one issue. I will not vote for any candidate who feels that the H1B program is nothing less that TREASON.
3 Voyeur Gals // Dec 13, 2007 at 11:10 am

10063 - good site. PeterPan
4 Unemployed whites // Jan 6, 2008 at 4:40 pm

you need to listen to the message again…you will learn if you pay attention…you are sounding like a cyclone hit you…go ask your parents who crossed the border when you were a baby. people like you are never going to float, whether there are immigrants or not
5 ABC // Jan 20, 2008 at 3:45 pm

LOL. The IT recruiters have been annoying me with tons and tons of job E-mails since 2004. There aren’t jobs? Something must be wrong with those unemployed folks.
6 Paul // Jan 27, 2008 at 11:54 am

I’m a software engineer. After I graduated college, it was very, very challenging to find a job, because none of them were entry level. Of course, all of the entry level jobs have been outsourced to foreign countries. Still, I managed to get a job at a start-up, where I worked 12 - 15 hours a day for much less than the typical salary in my region. While I was there, almost HALF the software engineers were foreign, India and Mexico to be specific. They were HB1 contractors with roughly 7 years of experience each. My company would pay the contracting company and the contracting company would pay the hb1 worker roughly 30% of that, it was highway robbery!

A HB1 visa increase will just reward companies that outsource entry level work to foreign countries as well as contractors that hire hb1 workers and then take 60%. I’m sorry, but $15 an hour is NOT prevailing wage for a software engineer with 7 years experience, which is what some of these hb1 visa employees were getting paid. You know what though, they were happy with $15 a hour, because that is a lot of money compared to what they would earn in their native countries. So what happens? Wages are kept down while inflation increases and Americans are out of jobs.

Fix the HB1 visa program before you increase the cap. Start by auctioning off HB1 visas to the highest bidder instead of just giving them away first come first serve to contracting companies. Don’t allow HB1 visa workers rights like in-state tuition or tax breaks. Then, funnel money into creating entry level jobs in the U.S. Force companies to hire entry level citizens and train them, if we have to.

The company with the highest number of HB1 visas? Infosys, a contracting company with it’s headquarters located in Bangalore, India.
7 neo // Jan 31, 2008 at 1:28 pm

The Only way to fix the H1B and L1 abuse is by strict regulations. First of all, third party H1B consulting should be banned. Also a person on H1B should be paid 10-20% more than what is the prevailing wage. After that, there would be no need to do anything, Sit back and watch the fun.
8 crystal // Feb 4, 2008 at 4:03 am

neo - you took the words right out of my mouth! When there is a shortage, you pay more, not less. H1B is very simply a scam to bring wages of Americans down.
9 jeff // Feb 5, 2008 at 3:10 pm

I’m an EMPLOYED IT manager. We can easily train high school people to do a lot of the IT jobs, they don’t need BS degrees, a microsoft cert is sufficient. Yet my own company drives down wages routinely by bringing in H1B people rather than trying to compete or train Americans. We routinely offshore development and then lay off our developers. H1B is a corporate scam and is directly responsible for some of the collapse of the middle class. Personally I will not vote for anyone that supports it as is. At the same time my job would be in jepordy for even mentioning this to managment.
10 Thomas // Feb 21, 2008 at 7:44 am

Guys… bashing H-1B people won’t do any good. Wanna bash someone? Bash the big companies that are going offshore to hire cheap labor just to make more money. If H-1B jobs are still inside of the U.S., even if they get lower salaries than most of you, the jobs are still in the country. If the government shuts off H-1Bs, don’t think you will get these jobs. These greedy companies will just close their plants here and go offshore.
11 Options? // Feb 23, 2008 at 6:32 am

Before I go too far I must say I have been on a H1B visa for the last few years… not a very enjoyable experience either from my side either. I work for a very big fortune 50 in my field of specialization (unfortunately,I would not have found work in this area in back home). The jobs good the pay is decent..and life is fine. It is however depressing to see entire divisions at other places, almost sweatshops, on H1 and L1. Where I agree with most of you is that we have been cornered by this corporate strategy. . my manager and HR seem to think they have thrown me a lifeline… to be honest its irritating and insulting.

I feel that we live in a complex world.. and no one gets chinese/indian/mexican comodities and services at cheap rates without paying a price. Someone somewhere in someway has to pay for it. For me, unfortunately, the other option is to go back home and carry with me a truck load of work with me when i leave
12 Thomas // Mar 10, 2008 at 9:41 am

Supply and demand, more supply and the price goes down.

H1B visa in a nutshell.

Go ahead tell me the law of supply and demand does not include local labor!

The “best and brightest” are replaced by the “cheap and desperate”
If your short of IT workers why do interviewers tell me I’m “Overqualified”
Why are there 25 different requirements including 3 years experience on an in-house system written in India?
Why have I trained H1B holders to take my job?

The abuse of our immigration laws to lower salaries of Americans goes back to before the Civil war when the SLAVES of the south were competing against the paid workers of the north.

The Irish were brought in to lower wages of the Germans, the Chinese were brought in to lower wages of the Irish and the H1B’s are being brought in to lower the wages of Americans.
This is nothing new it’s not race, gender etc it’s Price

US stocks fluctuate

2009-02-09T19:59:00.001-08:00

Stocks fluctuate as investors look to Washington

US stocks fluctuate as investors look to Washington, investors awaiting Geithner's speech

Sara Lepro and Tim Paradis, AP Business Writers
Monday February 9, 2009, 12:17 pm EST

NEW YORK (AP) -- Stock prices fluctuated Monday as investors waited for Washington to make the next move.

The market traded in a narrow range as investors sought details of how the government will reshape a rescue plan for the financial industry. They're also watching as political leaders scramble to put together an economic stimulus program.

Wall Street is awaiting a Tuesday speech by Treasury Secretary Timothy Geithner outlining President Barack Obama's plan to overhaul the government's $700 billion financial bailout package passed by Congress last fall. Geithner had been scheduled to announce the plan Monday, but the White House pushed back the speech to focus on the stimulus bill.

The Senate is expected to pass an $827 billion economic stimulus bill on Tuesday. The government, however, still faces the challenge of reconciling the Senate bill with the House's $819 billion version that passed earlier. Republicans and Democrats have been at odds over the plan, which is designed to help pull the economy out of the worst recession in decades. The Obama administration is still pressing to have the stimulus measure on the president's desk for signing by the middle of this month.

Markets showed little overall direction ahead of the details on the plans.

"The delay in the Geithner announcement means the markets are going to have to wait another 24 hours, and markets don't wait very well," said Alan Gayle, senior investment strategist at RidgeWorth Investments. "The delay only raises anxiety."

In midday trading, the Dow Jones industrial average fell 17.29, or 0.21 percent, to 8,263.50.

Broader stock indicators were mixed. The Standard & Poor's 500 index rose 0.10, or 0.01 percent, to 868.70, and the Nasdaq composite index fell 3.29, or 0.21 percent, to 1,588.42.

On Friday, the market largely overlooked a horrible jobs report and rallied in anticipation of the stimulus bill. The Labor Department said U.S. employers slashed 598,000 jobs in January. That left the unemployment rate at 7.6 percent, the highest level since late 1992.

The Dow industrials ended last week up 3.5 percent, the S&P 500 index rose 5.2 percent and the Nasdaq posted a huge 7.8 percent gain.

"Given that we had

waiting bailout package

2009-02-09T19:52:00.001-08:00

bailout package

2009-02-09T19:39:00.001-08:00

Bank bailout: What's in the plan

Treasury Secretary Tim Geithner unveiled Tuesday the eagerly-awaited details of the TARP overhaul. Here's what you need to know.

EMAIL | PRINT | SHARE | RSS

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2009-02-09T00:26:00.000-08:00

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2009-02-07T22:09:00.000-08:00

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