Tag Archives: economy

28 January 2010

State of the Union

By Nicki

Last night I pulled parental rank.  I wanted to watch and listen and take notes on the State of the Union.  I asked that one of the two adult children living here at home pick up #6 from dress rehearsal.  He was to be done between 9:15 and 9:30 so prime speech time.

There was quite a bit of discussion between #1 and #3 but #3 stepped up as #1 fell asleep on the couch.  Thanks, Lei!!!

To start with, I panicked when CNN was saying the speech would run between 70 and 75 minutes with applause.  That is way past my bedtime.  If I want to watch something on television at 10 pm, I generally DVR it as I will never stay awake for the whole show.  Next, as I watch President Obama enter the joint session, I had the strangest thought.  I wanted to know where he had stuffed his hand sanitizer.  It cannot possibly be sanitary, especially in the middle of flu and cold season, to shake all those hands and not wash your hands or sanitize immediately.

The beginning and the end of the speech were pure Obama – lofty words from a great orator.  The president started the speech with history on the State of the Union speech itself.  This bit ended with  him saying, and I am paraphrasing, we are “again tested and must answer history’s call.”

President Obama also noted that the worst of the economic storm has passed but the devastation remains.  He punctuated this point with stories of people across the United States.

Probably the most annoying part of watching the speech was having Vice President Joe Biden in the camera’s view the entire time.  He was not quite as quick to jump up in applause as Speaker of the House Nancy Pelosi but seemed to sit and nod in agreement continually.

President Obama noted that we all hated the bank bailout, himself included.  Most of the money has been recovered.  To recover the remaining, he is proposing a fee on the biggest banks.  Hopefully, along with the Huffington Post Move Your Money grassroots effort, this does not cause these large institutions more misery.  Actually, I think a bit of misery in the large banking institutions – not misery like closings but more a thought-provoking misery – would be a good thing.

President Obama declared jobs the number one focus in 2010.  The true engine for job creation is America’s businesses.  Obama also introduced some new small business tax credits – for creating new jobs, for raising wages.  The House has passed a bill already and Obama urged the Senate to do the same.

The speech itself would lend to a very long post.  I am going to do, over the next few days, several on different areas of the speech.  I will close with some of my overview thoughts.

There was a lot of eight year bashing in this speech.  President Obama did not mention former President George W Bush but mentioned those previous eight years.  This truly put looks of consternation on the faces of GOP faithful in the chamber.  I, the registered Democrat who tends to vote Independent, was annoyed by it as I figure we all know what has happened in the past administration.  I really don’t need it pointed out to me.  I want to know what is going to be done to fix the issues that were created then, not who created them.  And while a person can blame the president, a good majority of those congressional representatives and senators were there helping with the creation of the last eight years – on both sides of the aisle.

25 comments   |  tags: , , , , | posted in Just my Thoughts, Politics

25 March 2009

Prime Time President

By Nicki

Yes, I was watching the presidential news conference last night.  Did I watch it with the same gusto I watched the first debate of the past election season?  Not a chance.  I have seen enough of President Obama for March.  I am not talking about enough clips on nightly news or cable news networks.  I am talking prime time.  I want to, by 8 or 9 at night, sit in front of the television with a good book and have mindless drivel on the tube.  This past week alone President Obama has interrupted my guilty pleasure of watching junk way too many times.  Yet, I watched the presidential news conference last night.

 

I was surprised that Obama, who in my mind was on prime time TV to help get what his Treasury Secretary had just asked for that morning in a Congressional hearing, wasn’t more emphatic in answering the opening question.  The Associated Press reporter wanted to know why the American citizens should trust the government with this new, sweeping powers.  While Obama did point out good reasons why the powers were needed, he was not emphatic enough.  He did not change my mind in thinking I do not trust Tim Geithner  enough to think these new powers are a good idea.

 

When Chuck Todd of NBC asked about individual sacrifice, Obama – who as a candidate, if I recall correctly, thought individual sacrifice would be necessary and would be asked for if he were to become president – mouthed the same general drivel about sacrifice that had come out of his predecessor’s mouth.  He did not say that the sacrifice needed was more spending.  He did not say that the sacrifice was to help your neighbor who may now be unemployed.  He did not even say wear a sweater and lower your thermostat.  He did not mention any sacrifice, just normal every day living.

 

While the press conference definitely focused on many of the recent days events – the Obama budget, AIG, new Treasury powers, the Mexican drug war in the US – there were a few oddball questions.  The funniest thing is I think that Obama, while he didn’t stumble, seemed less certain of his answers on these questions.  Obama took one question about race.  That answer seemed flippant to me but I am not black so maybe I was missing something.  

 

Obama took one question on embryonic stem cell research.  This was the question that I think he seemed most unready to answer.  He did answer it but his answer involved more pauses to be sure he was not saying something wrong and more ums.  To me, this shows he had prepared for certain questions – and who wouldn’t – and not for others.

 

The final question of the press conference came from a French correspondent – or should I say a correspondent from the French media.  It was about Israel and Palestine with the new Israel leadership.  While Obama answered the question, he tried hard to answer it without answering it.  That was a good move on his part, turning the question into a lesson on persistence instead of specifics about the Israel-Palestine issue.  For a president just a little over two months into his term, tackling this huge issue head on would probably have caused an international scene.

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9 March 2009

Living in Tough Economic Times

By Nicki

We all have come to the realization that times are tough.  Those of us who have previously studied economies and economics probably acknowledge times are going to get worse before they get better.  We are all cutting our expenses where we can.  The bigger question is, “are there places we shouldn’t cut costs?”

 

MarketWatch has an article on Yahoo! Finance that will give you all a few tips.  There are definite places where the cost of items is worth what you are paying.  In other words, don’t skimp on everything.

 

You need to continue to pay for the basics – food, shelter, and health care.  What other items should you be sure to pay for as they are worth their costs?

 

Especially in tough times, pay yourself.  Do not put off saving money.  Number one, you may need it in the future if the jobs picture gets worse.  Number two, you will need it in the future for retirement or for college.

 

The other big area is paying for advice in large transactions.  Should you be purchasing or selling a home, get the proper advice.  Do not let your neighbor be your sounding board.  Be aware of the adage “you get what you pay for” as you want the best advice you can get.

 

Be sure to read the entire article here.

1 comment   |  tags: , , | posted in Just my Thoughts

8 January 2009

Obama and the Economy

By Nicki

Granted, the economy is probably on more Americans’ minds than why Bill Richardson withdrew his name from Secretary of Commerce consideration.  Granted, the economy should be the number one issue on Capitol Hill and on the mind of the incoming president.  This is evident in the address President-elect Obama gave today at George Mason University in Fairfax, Virginia.

Unfortunately, the speech was long on rhetoric and short on details.  As Governor David A Patterson did yesterday in his State of the State speech in Albany, New York, Obama quoted figures at the beginning.  The problem is these figures were not dealing with his “Recovery and Reinvestment Plan.”  The figures were dealing with job loss in the US.  One figure that I had not heard before and am totally unsure where data such as this comes from is that 2.8 million Americans have settled for part-time jobs where they would prefer full-time jobs.  This is on top of the nearly 2 million job losses last year.

Obama, as was his habit in the primary and general election period, spoke in grand terms – “not too late to change course,” “extreme action,” “before a bad situation becomes dramatically worse” and more.  Obama discussed the loss of trust and loss of confidence in our economy, markets and government that we the American people have experienced.  He feels “we” can rebuild that lost trust and confidence.  Yet, he did not give any specifics as to what the rebuilding process will cost us.

President-elect Obama stated that his plan is a new policy, a new approach to end the crisis.  The cost is considerable – the only real nod to cost in the entire speech.  It will add to the deficit in the short term.

This plan, which Obama believes should begin today – but we all know Congress cannot, and should not, act that fast, will save or create 3 million jobs.  It will invest in energy, education, health care and infrastructure.  Hard to find fault as those are all areas that can use investment.  Obama insists the overwhelming majority of these jobs will be in the private sector.

A few of the details that were in the speech are below.  Unfortunately, there were no cost details associated with any of the few details.

  • We will double the production of alternative energy in this country in the next three years.
  • Within five years, all health care records will be computerized. 
  • We will update our electric grid to a new smart grid.
  • We will expand broadband lines to make rural businesses more competitive.
  • 95% of working families will see a $1000 tax cut.
  • We will continue the extension of unemployment coverage.
  • The federal government will help out struggling states.

Obama said some might be skeptical.  I fail to see what there is to be skeptical about.  The speech was all ideas.  There were no details so how can you be skeptical that the plan will work.  He said the federal government will not just throw money at problems but will invest it what works.  I didn’t see how that was presented.  Evidently, only his ideas are what works.

Good news for open government advocates!  Obama says the decision on where to invest will be transparent.  We still have yet to see that this will occur.  Any taxpayer will be able to go online – although not sure where online – to see how and where our tax money is spent.

This plan will not solve all the problems.  It should begin an open and honest discussion.  At this point, President-elect Obama urged Congress to act quickly.  He insists that we all should be asking “not what is good for me” but “what is good the country my children will inherit.”

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8 October 2008

Presidential Debate Number Two

By Nicki

I am going to be honest.  By about 10 pm, I was done.  Neither of these two were answering questions with any detail that had not been a sound bite for a week or more.  I could not believe they could look at the 80 undecided voters on that stage with them and think they were influencing anyone.  I am not even sure I can watch another debate where these two are both afraid to do anything.

John McCain tried to land some body blows – if I am to use a sports analogy which it seems is the “in” thing these days – to Barack Obama.  He did then half-heartedly and in such a manner that, even watching on television and not HDTV, I could tell he was uncomfortable with what he was saying.

I thought the format would lead to much more differences being pointed out between the two candidates.  Maybe, had moderator Tom Brokaw of NBC News actually required that the participants stick with the predetermined and pre-”agreed to” rules, the debate would have generated some campaign changing moments but it did not.

Were there moments or statements that caught my attention?  You betcha – sorry, couldn’t resist.  Obama lead with a statement that this is ”the worst financial crisis since the Great Depression.”  While we may be headed to that area, I do not believe, nor do most economists, that we are there yet.  McCain countered with Americans being angry, yet his tone – he is American, right? - didn’t sound angry.   McCain might have changed the entire feel of the debate right then if, first, he had sounded angry and, second, if when he introduced his new plan to have the federal government buy mortgages to help homeowners stay in their homes, he had actually put some teeth and details into this discussion.

When asked, in a follow up by Brokaw, who he would name as Treasury Secretary, McCain had two names to float – Warren Buffet, who is a natural nod to bipartisanship, and Meg Whitman, former CEO and founder of eBay.  Obama, while saying Buffet would be a good choice, did not truly answer the question.

Obama – along the lines of his running mate in last week’s vice presidential debate – stated his 95% of Americans would get a tax cut but the first time he mentioned this statement, he added the word working – 95% of working Americans.  The qualifiers keep coming for this tax cut statement and are different every time one of the ticket speaks.  We, as voters, need to know what is the truth about this issue.

When faced with the question about what in the recent bailout package helps the average American, McCain began his not answering of questions.  He did take the opportunity to blast Obama as the second highest recipient of campaign contributions from Fannie Mae and Freddie Mac in history.  Considering Obama has only been in the Senate since 2004, I find this a deeply disturbing comment.  Obama talked about how the frozen credit markets could trickle down – something he normally dislikes – to individuals, which I am sure it will.

In the follow up to this question, Brokaw asked if the economy was going to get much worse.  Neither candidate would admit to this one.  McCain knows better as he has been paying for some time for telling the truth to Michigan residents when, during the primaries, he said jobs that had left will not be coming back.  I find truth, even when bad news, a refreshing thing coming from a politician.

When Brokaw broached the subject of prioritizing what will be worked on, he asked in regards to energy independence, health care and entitlements.  McCain insisted that all three can be worked on together as there is some interdependence.  Obama ignored entitlements totally and prioritized this way:  energy, health care and education.

The real game changer was a soft pitch question from a woman who lived through the Great Depression and came via the internet.  The voter wanted to know what sacrifice the next president would ask of the American people.  Either candidate could have really made a big impression here and I don’t think either did.  Neither really talked about any sacrifice that would be asked of us.

When a specific question was asked about reforming entitlements – specifically, Medicare and Social Security – with a time frame of within the first two years of his term, Obama  wouldn’t guarantee anything.  He gave the question a glancing answer and then went back to follow up on tax credits for small businesses which was a previous question.  McCain indicated, at the beginning of his answer, that he would answer the question.  He did say it was not hard to fix Social Security.  It has been done before with Ronald Reagan and Tip O’Neill creating a fix in 1983.  The problem is it is tough decisions.  McCain was there for the first fix so may actually have a basis for being able to fix it again.  Medicare is a tougher issue.  McCain favors appointing a commission to get recommendations from and making Congress vote up or down on these.

When given the opportunity to outline how the next administration would encourage bipartisanship within Congress and how it would move Congress to move quickly on issues of great importance, neither candidate answered the question.

With about 30 minutes or so left in the debate timeframe, the format fell to pieces and Brokaw allowed it when Obama insisted he had to respond to something McCain had said.  The role of moderator is to enforce the rules which were pre-determined and that was not done.  You could have had me sitting there for all the good Brokaw did.  The debate went downhill quickly from this point on.  Candidates insisted they be given addition time for answers and to basically reiterate stump speech pieces as rebuttal to the opposition.  This portion of the debate was all about foreign policy and should have been more moderated.  It was not and the candidates might as well have been at individual campaign rallies for their time.

As I said at the beginning, I am not even sure I can watch a third debate.  I still have not made a decision regarding who to vote for and I don’t know that another “debate” will help.  Off to research.

1 comment   |  tags: , , , , , , , , , , | posted in Just my Thoughts, Politics

16 September 2008

The Economy and Politics

By Nicki

I know that the economy is in dire straights – a favorite band of my from my high school days.  There are times, though, when humor helps situations that are dire.

I laughed as GOP members passed out tire gauges after Barack Obama said that voters could save energy by properly inflating their tires.  My only regret in this laugh was that the GOP was not handing out the tire gauges where I live as my 17 year old just got his first car and needs one.

So, today I am reading an article by Mike Allen on Politico.com and I start laughing all over.  The economy is in even more of a black hole – maybe we can blame this on the large hadron collider that was tested last week by CERN (the European Center for Nuclear Research) in Geneva, Switzerland (sorry, once humor starts around here it is hard to stop) – now than when Obama made the wonderful tire pressure comment.  So, this morning on NBC’s Today Show  Joe Biden is quoted as saying, “ Our tax plan would take that tax cut of another $130 billion that John wants to give to people making over $250,000 next year, not let it go forward and give it to the middle class — the very people who desperately need it to stay in their homes, to buy food, to take care of the gas, to fill up their tank, to be able to go out and buy a toaster, to employ people.”  

My laughter was immediate.  Does that mean all these imperiled banking institutions are no longer handing out toasters with new accounts?

Please be sure you look at Mike Allen’s article as I am sure, as is he, that there is a list of economists coming that disagree with Biden.

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10 September 2008

A Sad Day in the Local Economy

By Nicki

For a long time, experts would even say that the New York State economy was not going the way of the US economy.  Now even NY is in trouble.  That trouble was brought even closer to home today when the local paper announced the closing of two local businesses.

First, about 1 pm, the city beat reporter covering the City of Binghamton – John Hill -  broke the story that had been floating around music circles for a while.  The Night Eagle – which had moved to downtown Binghamton to attract larger audiences and have a larger location – was closed for good.  The venue had been open in downtown Binghamton since January 2007, moving from the square in Oxford, New York.  The problem according to the owner – sagging economy and gas costs.

I am just about to close down my computer for the night and I go to check headlines on the same local paper’s website – pressconnects.com.  What do I see but one stating local restaurant – The Plantation House – is closed.  In this case, the owner cited struggling economy and competition from chain restaurants.  I have to say that those of you who were going to the chain restaurants around were missing out as none of them offered what The Plantation House did.  On top of that, it was just enough “upscale” that it could be a local before prom restaurant.

I know that buying locally farmed goods is a smart move but people, it can’t stop there.  While there is a reason – albeit sometimes an odd one – for the Pizzeria Unos and the WalMarts of the world.  Don’t make going to those places habit.  Expand your horizons and visit a local restaurant – for breakfast, lunch or dinner.

If you do not know a good one to go to, let me personally recommend a couple to you.  Hurricane Riley’s on Nanticoke Ave in the Union district is wonderful.  It has a great family atmosphere.  The food is spectacular.  If you go, try a baked potato as a meal.  Any of their burgers are great.  Also, tiki fries are spectacular.  If it is lunch time, try a wrap.

If you are looking for comfort food, the restaurant at the Our Country Hearts Log Cabin at the corner of 38B and 26 in Union Center has it.  The food there is good and solid.  Some of the dinner entrees are a bit more than just comfort food too.  The service and food are perfect here.

If you are looking for Italian, everyone says go to Tony’s on Main Street in Endwell or Nick’s on Main Street in the Union district.  If you are in Vestal or Binghamton, go to Grotta Azurawhich is on Main Street across from the Binghamton High School in Binghamton or at the Four Corners in Vestal in the old Little Leon’s building.

1 comment   |  tags: , , , , , , , , , | posted in Food and Recipes, Just my Thoughts

9 September 2008

Obama in the No-Spin Zone

By Nicki

While I am not a huge fan of Bill O’Reilly nor of Fox News, I am intrigued with O’Reilly’s recent interview with Democratic presidential candidate Barack Obama.  I do not find the interviewer rude when he tries to get answers to the question he has posted but he does do it a lot in the first two segments.  I also would love to see the interview in its entirety but in a savvy business move, Fox is airing it in four segments – a thirty minute nod to a right-wing media outlet in four pieces. 

Currently, there are two parts of the interview up on the internet.  I believe that everyone who votes should see as many different sides of each candidate as possible.  I am posting the two segments that are currently available below.  The first has a topic of national security – an area that Obama has consistently polled below McCain on.  The second has a topic of the economy – an area that Obama has consistently polled above McCain on.

 

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22 July 2008

What’s with our economy?

By Nicki

Back in the late 70′s, the last time our country experienced massive unrest in the Middle East and an energy crisis along with inflation and a possible recession – although in the late 70′s and early 80′s it was a definite recession, I can remember watching television.  The dollar and its standings against other global currencies was always followed by what an ounce of gold and an ounce of silver cost.  You could watch the dollar fluctuate with the gold price.

Nowadays, with inflation in progress and economic growth stagnant and a possible recession looming, you watch the television for economic news.  The dollar’s ups and downs are directly tied to the ups and downs of the cost of a barrel of oil which is a future delivery item.  Gold is an item that is here and now.  It has some basis – I would hope – in most economies.  Crude oil – traded on a mercantile trading basis and is a future delivery item – should not be the basis of a country’s economy.  Number one, it is not here and now.  It is a futures item.  Number two, our ecomomy is fluctuating on the price of crude oil but we import 70% of our crude oil so it is not “our” crude oil.  This puts our economy in the hands of others, not us.

Yet, on a sometimes daily and definitely weekly basis, the value of the dollar has plummeted as the price of future delivery of a barrel of crude oil has risen.

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22 February 2008

CNN/Univision Texas Democratic Debate

By Nicki

Yes, it seems like all I do these days is watch debates.  I got tired of them about August but am back with my pen and notebook taking notes.  And, yes, my sons look at me like I am nuts as I head to a television that won’t disturb them with a mug of hot tea or coffee, the notebook and pen.

Being a sports fan, I wondered at the opening statements.  Obama won “the toss” and elected to open second.  Was that a strategic move?  Did he have some clue who Clinton was going to mention in her opening?  It seems as if he did as he had a quote from Barbara Jordan to use in his opening after she was mentioned by Clinton.  That really points to his skills as an orator but does nothing to impress me on his skills as a leader.

Clinton opened with accomplishments and mention of important female Texans – Barbara Jordan and Ann Richards.  She talked of living in Texas 35 years ago.  She talked of her health care accomplishments (children’s health insurance plan) and her health care wants (no discrimination against the sick).  She closed her opening with a line I paraphrase as she has a “lifetime of experience and proven results” to bring to the White House.

Obama opened with the conditions in the country.  We are at war.  Our economy is in shambles.  He told, without the names that John Edwards would have used, stories of individuals that the things wrong in our country are hurting.  He again pointed out that the war should never have been authorized and never should have been waged.  He closed with the thought that Washington is not lacking good ideas but is the place they go to die.  He, then, quoted or paraphrased Barbara Jordan in that he wants to help make “America as good as its promise.”

I seriously think the most substantive, new information came when Jorge Ramos of Univision started the debate with a question on Cuba.  He wanted to know, as I am sure a lot of Cuban-Americans do, if, as president, the candidate would meet with Raul Castro or whomever the new Cuban leader would be to “get a measure of the man.” 

Clinton’s answer seemed the most direct and honest in my mind.  She stated clearly that she would need to see signs of change – the release of political prisoners, opening of the economy, lessening of oppression of the press and the Cuban people.  She would be open to diplomatic discussions once she saw these changes in Cuba.  She would need evidence of the changes and, she pointed out clearly, that diplomatic discussions would not involve the president at first.

Obama, I felt, hedged a bit on his answer.  He immediately said he, as president, would personally meet with the new Cuban leader.  He did say that this change in leadership is the starting point of liberty for the Cuban people and should be something the US encourages.  Then, he said his meeting would be without preconditions but would be with preparations such as the new Cuban leader’s stance on human rights and on a more open press.  These preparations will take time.  To me, this is symantics.  Preparations, preconditions.  The only real difference in this portion of the Cuba discussion is who would meet with the Cuban leader – diplomats or the president.

Obama was questioned by Campbell Brown, the CNN moderator, as to why the change in his opinion as he said in 2003 that he would normalize relations with Cuba.  Obama reiterated that the loosening of restrictions on family remittances and family travel to Cuba would be the start of normalization.  Obama quoted or paraphrased John F Kennedy in this exchange – which I find ironic due to the problems Kennedy had with Cuba – in that we should “never negotiate out of fear but should never fear to negotiate.”

In follow up on this issue, Clinton presented a plan for diplomatic relations with Cuba and other countries that would be bipartisan.  Obama stated he would, as the president, take a more active role in diplomacy so as to help undo the damage of the last seven years.

The next area of discussion was the economy.  Both candidates discussed no tax breaks for companies shipping jobs overseas.  Both candidates said that the Bush tax cuts would have to end for the higher level incomes.  Clinton did mention the income level of $200,000.  Obama did not mention a level.  Both quickly discussed ending loopholes. 

Obama mentioned tax credits for senior citizens making less than $50,000 and other citizens making less than $75,000.  He also said that the United states needed to set and keep high labor and environmental standards.  To get it done, he said there is the need for a working coalition for change.

Clinton, of course, said she was ready to help fix the US economy on Day One.  She made a well-accepted comment about the “wealthy and well-connected have had their president for the last seven years” and the rest of American needs a president now.  She says she would institute a “trade timeout” so that trade agreements could be reviewed and evaluated as to wehter they are working or not.  She pointed out that she has been calling for a foreclosure moratorium for 90 days and an interest rate freeze for five years.  While these issues are good vote getters, I am still waiting for someone to tell people that if you make $100,000 a year, you should understand that you cannot afford a $750,000 house.  Clinton also said three prong attact to get the economy back on track – clean, green jobs which she tried to get put into the Bush economic stimulus package; investment in our infrastructure; and end the George W Bush war on science.

Although I thought the debate took too many breaks, I am going to take one now and continue the remainder of my thoughts on the debate later.

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