Obama

Obama Releasing Trade Policy - Push for Panama?

Supposedly today the USTR office of the Obama administration is releasing a new trade policy agenda. Bloomberg is reporting:

President Barack Obama plans to ask Congress to approve a long-delayed free-trade agreement with Panama and establish “benchmarks” so that accords with South Korea and Colombia can be ratified in the future, a report said.

In its first annual report on trade policy, the Obama administration also said that it plans to ask Mexico and Canada to rework provisions of the North American Free Trade Agreement.

“If we work together, free and fair trade with a proper regard for social and environmental goals and appropriate political accountability will be a powerful contributor to the national and global well being,” said the report, which was released by the U.S. Trade Representative’s office.

The Obama administration wants to cut the budget deficit in half

This is a news report by the New York Times

In parsing the article, a host of good things emerge that the Obama administration wants to look into to cut the deficit.

  • Repeal Bush Tax Cuts
  • Examine Privatization of Military, Contractors
  • Withdraw from Iraq
  • tax private equity and hedge funds at income level rates
  • cutting out private health insurers government subsidies when seniors would already by covered by Medicare
  • create revenue from permits for excessive greenhouse gas emissions

Lookin' good, trimming the fat and no privatization of social security mentioned or reduction of social safety nets.

I would suggest the Obama administration examine corporate offshore tax havens as well as incorporation offshore for tax purposes. Let's call it the global corporate tax shell game.

On NAFTA - I told ya so gives me no joy

Well today Obama went to Canada and of course said nothing about our massive trade deficits with Canada or Mexico, instead saying we don't want to be that canard protectionist word.

Reuters:

"Now is a time where we have to be very careful about any signals of protectionism," Obama told a joint news conference after several hours of talks with Harper on his one-day visit to Ottawa.

"And as obviously one of the largest economies in the world, it's important for us to make sure that we are showing leadership in the belief that trade ultimately is beneficial to all countries," he said.

He stressed the United States would meet its international trade obligations and told Harper he wanted to "grow trade not contract it."

$275 Billion on Foreclosures

The Obama administration today released a plan to stem foreclosures.

Bloomberg:

U.S. President Barack Obama pledged $275 billion to a program that includes cutting mortgage payments for as many as 9 million struggling homeowners and expanding the role of Fannie Mae and Freddie Mac in curbing foreclosures.

The plan will help as many as 5 million homeowners refinance loans owned or guaranteed by Fannie and Freddie, the president said. Treasury will buy as much as $200 billion of preferred stock in the two mortgage companies, twice as much as previously promised, he said.

CBS Market Watch:

U.S. Chamber of Commerce Lobbyist to Be Justice Department

This is just sickening. Mark Gitenstein, a lobbyist for the U.S. Chamber of Commerce, to be nominated to head the Justice Department.

The leading candidate to head the Justice Department office that oversees legal policy and judicial nominations recently has been a lobbyist for several business clients, including the U.S. Chamber of Commerce, and would require a waiver from the Obama administration's recently imposed ethics rules

David Sirota has a piece up on Open Left.

Volcker Gets An Economics Panel - Yes, a Spanish Newspaper Publisher will be an Economic Adviser

Today Paul Volcker got an outsider economic advisory panel. Just yesterday there were reports Larry Summers was holding it up.

So, who are these great outsiders who need a voice in D.C.? Any working class Americans? How about some more economists?

Oops!

We have

  • former Securities and Exchange Commission Chairman William Donaldson
  • former Fed Vice Chairman Roger Ferguson
  • UBS Americas Chairman and Chief Executive Officer Robert Wolf
  • General Electric Co. CEO Jeffrey Immelt
  • Service Employees International Union Secretary-Treasurer Anna Burger
  • David Swensen, chief investment officer at Yale University
  • Mark Gallogly, founder and managing partner of Centerbridge Partners L.P.

Is Obama the Offshore Outsourcing President?

Yesterday Obama nominated the most notorious offshore outsourcing Senate advocate, Judd Gregg, for Commerce Secretary.

Today global labor arbitrage and offshore outsourcing expert, expert, Dr. Ron Hira, spells out the hidden multinational corporate offshore outsourcing agenda in an op-ed, The Obama administration promotes outsourcing:

We know from a recent EE Times survey that offshoring is the No. 1 career concern for EEs. The Obama Administration has been in office just a few weeks now, but we already know how it will address the offshoring of engineering jobs.

It will promote it.

Why Did Obama Just Nominate a Notorious Outsoucer for Commerce Secretary?

America is screaming for change. They voted for change, they voted for no more offshore outsourcing, displace of U.S. workers with foreign guest workers, modification of trade agreements, improvement for labor, more unions, and to stop the never ending shrinking middle class.

So, what did Obama just nominate one of the most notorious offshore outsourcers in the Senate to be Commerce Secretary?

Alan Tonelson says it best, The Secretary of Outsourcing:

knew that Senator Judd Gregg, the New Hampshire Republican widely reported to be President Obama's leading candidate to head the Commerce Department, was a staunch supporter of outsourcing-focused trade policies. But until I checked his record, I had no idea how staunch. And for how long!

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