President-Elect Shows Economic Plan by Milota Sidorova
Personally, I have never had any doubts that Barack Obama would be one of those ‘weak presidents’. And despite the storming showmen labeling him ‘elitist’, he remained of a person with advanced listening ability. And now, two weeks after election boom, two weeks of silence, Obama steps out to set his economic recovery program and confirm his leadership. Desperate markets showed some relief on Friday when he announced new economic team going to ride America out of shadows. Timothy Geithner, man with more than 15 year treasury experiences will replace controversial current Treasury Secretary Henry Paulson. Lawrence Summers will be the Head of National Economic Council and New Mexico Gov. Bill Richardson will take place of Commerce Secretary. In fact, markets finally got theirs day and Dow Jones rallied almost 495 points.
There’s no time to loose!
Obama declared his 2 year spending and tax cutting recovery program on Sunday. He’s pointed out priorities which are in fact very social and public demanded. The new administration’s promised to create 2.5 million jobs in environmentally friendly technologies by the end of 2010. Nevertheless he’s opened tax cut issue, in fact the most troubled point among Congressional parties. Obama is intending to lower taxes to middle class and lower earning workers, but he didn’t mention how and when will be the expected rise coming. During the campaign he’s promised to raise taxes to group earning of $250,000 or more per year.
This all seems so good however we shouldn’t forget the plan will certainly overcome proposed $175 billion investment. It will overcome it several times. Some economists say the real amount is about $550 -$700 billion. Obama’s advisers told that this had to be done to power the economy. New coming President-Elect has step on the right side by not mentioning planned tax rise, in fact the major Republican objection to his proposal. He’s called on Congress to schedule hearings just after the New Year’s so he would be prepared to sign it down as soon as possible. David Axebrod has also warned begging automakers leaving White House with nothing but empty hands to propose relevant long term plan to rescue the industry if they wanted to get federal package.
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by kristina leskova for PocketNews (http://pocketnews.tv) translated by Zivka Deleva
PocketNews is a new real-time news broadcaster delivering the latest and hottest news right to your pocket ! With global clients who want to be kept up to date, PocketNews is everyone's way of keeping in touch with the World.
These news are original content from young talents around the world and are selected for you by Chris Cantell.
by kristina leskova for PocketNews (http://pocketnews.tv) translated by Zivka Deleva
PocketNews is a new real-time news broadcaster delivering the latest and hottest news right to your pocket ! With global clients who want to be kept up to date, PocketNews is everyone's way of keeping in touch with the World.
These news are original content from young talents around the world and are selected for you by Chris Cantell.
This should be breaking point for automakers that have taken their 15 minutes of fame this week. And despite of fierce Democratic efforts to convince Congress to pass half-backed legislation, we've seen some dramatic changes within this party on Thursday. Was it merely a result of huge republican critics or public respond? No one knows, but now it's a fact Democrats postponed this activity and cut off automakers' hopes in this form. 'Until they show us plan, we can't show them the money' said Democratic Speaker Nancy Pelosi. And that's the rough outline of whole discussion. Democratic party declared Congress wasn't going to pass neither hear about bailout, until it receives reasonable long-term to hold the companies. The possible funding shouldn't cover lobbying people, executives' pay packages neither dividends. The government should get the share on future earnings. Automakers immediately promised to submit the project as soon as possible. However, another delay will naturally sharp troubling emotions on markets, so there will be some inevitable economic drops and job cuts. Thursday always reports weekly unemployment. Actual numbers are, definitely desperate. More than 10 million of Americans are seeking job this week. To ease the situation, Congress approved extended unemployment's benefits during upcoming holidays and even White House was ready to confirm it. Let's go back to unemployment issue. If any of Big Three will collapse, the numbers will rise 2.5 million. Nevertheless, one should ask how much the number grows when required plans will pass through Congress. GM and Chrysler have already declared they are nearly bankruptcy and are hardly to survive the end of the year. So increasing unemployment seems to be highly possible reality. Democrats scheduled upcoming hearing on December 2 and the vote day might come week after.
Wall Street reported massive loss, after Democrats reported delay. Dow Jones failed to 7,552.29 points loosing more than 444.94 points on Thursday. Technologies went down in the same rhythm, loosing 5.07 percent and S&P 500index ended with zero gain zero loss.
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Chris Cantell Discusses Business: Enfermedad del Síndrome de Guerra del Golfo es real by Zuzana Zelenakova
Más de 175,000 veteranos de guerra de Estados Unidos que fueron afectados por toxinas químicas en la guerra del Golfo 1991 sufren del síndrome de Guerra del Golfo que es considerado una enfermedad legítima, según un informe liberado el lunes.
El informe podría ayudar a veteranos a ganar el apoyo del gobierno para el tratamiento de sus enfermedades neurológicas, desde cáncer cerebral hasta esclerosis múltiple.
El Síndrome de Guerra del Golfo afecta aproximadamente un cuarto de los 700,000 soldados americanos que que participaron en la contienda de 1991. Esto quiere decir aproximadamente a 175,000 veteranos. Pocos veteranos han declarado mejorar sus síntomas en los últimos 17 años.
Entre los síntomas se destacan jaquecas persistentes, dolor general, problemas cognitivos, fatiga inexplicable, erupciones en la piel, diarrea crónica y dificultades digestivas y respiratorias.
Hay dos causas posibles de la enfermedad. Puede ser o una sustancia, conocida como el bromuro del pyridostigmine, la cual dieron a los soldados como una protección contra el gas nervino, o unos pesticidas que se suaban mucho durante la guerra.
El gobierno americano ha gastado más de 440 millones de dólares para la investigación de salud de los soldados de guerra del Golfo desde 1994, pero los gastos se han disminuido en años pasados y a menudo no se usan para mejorar la salud de los veteranos.
by Zuzana Zelenakova for PocketNews (http://pocketnews.tv) translated by Veronika Pellerova
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Maybe they are facing a real crisis. It’s not just financial meltdown troubling sales, but one might say mistakes from the previous decades have resulted into desperate Congress lobbying. The largest American automakers are calling for help. Their efforts have found sympathy among Democrats, trying to pass legislation for governmental aid. According on-going efforts automakers would like to receive $25 billion from ‘rescue plan’ so far.
Al Gore said that American automakers including General Motors were at the bottom of prosperous and ecologically expanding list. American oil couldn’t fulfill even Chinese ecological norms so looking for other customers elsewhere would naturally lower rating and sales.
Personally I bless Republican Senator of Alabama, Richard Shelby for the comments on these ‘giants’. Shelby said they were not building right products and even if they had good workers, they missed good management. He also labeled them ‘dinosaur in a sense’. Generally one might say that except two or three Senators, Republican Party didn’t show any enthusiasm about financial support.
Well, fair enough. One should bear consequences if wants to trade without regulations. And it’s true, GM , Ford etc should finally turn for new way. Effective eco-technologies wouldn’t harm corrupted concerns. The progress is, literally more than necessary. But in the minute you open nation ‘bailout’ package for private companies you automatically cross the border of refuse. There are plenty of companies begging for help. Shelby made it clear enough. ‘Companies fail everyday and other take their place.’ However, there’s more in the game. It’s almost impossible separate political aspects of economical decision. Seen as ‘objector’ of the lifeline industry in many Midwest, traditionally Republican states might easily switch stubborn voters. Democratic Party would surely benefit from the situation.
The ‘auto crisis’ has become serious business among lawmakers so even soon ex-President Bush didn’t want to make it harder. His administration has proposed $25 billion from ‘separate’ fund to support energy effective projects. To sign down the bank cash he still needs Congressional allowance. And in case, Republican send down the plan on Wednesday’s hearing, it may be Barack Obama to say the final word. That won’t be sooner than in late January. But even if he would agree governmental interference which is likely to happen, GM representatives have announced they may not survive the end of 2008.
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by Zuzana Zelenakova for PocketNews (http://pocketnews.tv) translated by Veronika Pellerova
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Barrack Obama will be soon the president of United States of America. But the people, who voted him, believe that he is able to solve the biggest problems like financial crisis. His role is not easy, but it was his decision to candidate. Now the government tries to find some solutions how to improve the actual situation in the States. But the whole issue is waiting for Barrack Obama. In his campaign he gave some promise and people are curious if he is able to keep the promise. There was a meeting of G20 countries in the last week and they spoke about the financial crisis, too. But they will not admit new regulations. Next meeting will be four months later and they will form more accurate steps. At this time the president will be Obama. He has to solve the crisis so that something like this situation would never repeat. There is a need to change the financial system, but still respect free trade. Martin Feldstein who is an economist professor on Harvard University thinks that it is necessary to inject the money directly into the economy and not to depend on consumers. They need to increase the expenses of consumers which could help companies like Intel Corporation or Buy Co. as the largest electronics retailer. But the demand still decreases. And the consumers fear. USA has to be careful when they decide to easy up stimulus programs. They should moralize from other countries like Japan, because they experienced crisis like this one.
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Obama McCain no longer rivals by Zuzana Zelenakova
With the result of the elections resolved President-elect Barack Obama and his former rival Republican John McCain can now forget all the nasty things they said to each other during the heated campaign. They met on Monday at Obama´s transition headquarters in Chicago and discussed the possible ways of cooperation on several subjects including immigration, climate change and others. After 40-minute meeting they both issued a joint statement: "At this defining moment in history, we believe that Americans of all parties want and need their leaders to come together and change the bad habits of Washington so that we can solve the common and urgent challenges of our time." It was their first meeting since November 4 when Obama won his place in White House. Although Obama stated that he wants at least one Republican in his Cabinet, it certainly won´t be John McCain as they both confirmed. Before McCain also Hillary Rodham Clinton accepted an invitation to come to Chicago and talk quietly to President-elect. Clinton is now considered for the position of secretary of state. Clinton and McCain, both successful politicians of present day, only recently exchanged with Obama some harsh words. Now they are here to cooperate and Barack Obama obviously believes they could help him get new administration running smoothly. When it comes to the details of Obama-McCain session the two of them also talked about the Guantanamo Bay detention camp, which none of them approves of, and which Obama promised to close. Another discussed issue was a need to reduce the dependence of the United States on fossil fuels. "We hope to work together in the days and months ahead on critical challenges like solving our financial crisis, creating a new energy economy and protecting our nation's security," they further said in the joint statement.
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Holiday season is getting closer and people are already planning to buy gifts or at least to save up money to buy them. In most countries people actually pay in cash for the presents and that is a very good thing, however, in US the main problem is that they still use the credit cards not being aware of the money they will have to pay back and forgetting about the financial and economical crisis. According to BIGresearch (a poll conducted on 8758 people) and the National Retail Federation's 2008 Holiday Consumer Intentions and Actions Survey this year this year the number of U.S. shoppers that plan to use credit cards to buy gifts has decreased. At a closer look, you will notice that the figures are not that encouraging and not that many people will pay cash: 41.5 percent will pay with debit and check cards (last year- 40.1); 22.8 percent will pay cash (22.1 last year) and 31.5 percent will use credit cards (32.3 last year). Also I should mention that three-quarters of shoppers said they purchased less than 10 percent of the gifts for this holiday season. On the shoppers’ lists the top gifts were clothing, music, books and new video game systems. Then next on their lists came electronic items, toys, gift cards or gift certificates, jewelry and others. Retailers also have prepared holiday deals that are meant to lure in the shoppers and they already started to cut prices. The discounts could be irresistible to shoppers and the retailers are counting on that. Otherwise, this season could be the worst one in the last decades.
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Chris Cantell Discusses Business: Buš da predupredi od protekcionizam by Martina Janeckova
Vo četvrtok, od Wall Street vo Nju Jork, pretsedatelot Dzordz W. Buš planira da im kaže na svetskite lideri deka reformiranite finansiski pazari sami po sebe nema da pomognat ako tie ne go napuštat slobodniot pazar. Buš ke bide domakin na liderite na večerata vo Belata Kuka vo petok i ke gi razgledaat posledicite i rešenijata za finansiskata kriza vo sabota. Toj se srekava so pretstavnici na nekoi od najgolemite svetski industriski demokratii, nacii vo porast i megunarodni tela vo Vašington. Osven SAD, drugi državi pretstaveni ke bidat Argentina, Avstralija, Brazil, Britanija, Kanada, Kina, Francija, Germanija, Indija, Indonezija, Italija, Japonija, Meksiko, Rusija, Saudiska Arabija, Južna Afrika, Južna Koreja i Turcija. Ovie državi i Evropskata Unija ja sostavija takanarečenata G-20. Glavno na agendata e kako da se prevrti regulatorniot pogled na finansiskite pazari nasekade vo svetot, no Buš isto taka ke ja potencira važnosta od začuvuvanje na slobodnata trgovija i natprevar izjavi Den Prajs, zamenikot na glavniot sovetnik za bezbednost na Buš za megunarodni ekonomski raboti velejki: "Protekcionističkata retorika za urivanje na dzidovite na pazarite ili kompaniite ne pomaga da se stabiliziraat istite. Vsušnost vodi do pogolema nesigurnost." Kratko rečeno, svetskite lideri se očekuva da se fokusiraat na načini kako da se stimulira ekonomskata komsumpcija, da se oslobodat kreditite i da se osiguraat finansiskite institucii da imaat pari da odgovorat. Celite vklučuvaat sozdavanje na finansiski pazari pootvoreni i da pomalku rizični za milionite investitori. Samitot e prviot od serijata koi imaat namera da se soočat so ekonomskata recesija vo svetot, i sledniot nema da se oddrži se dodeka Buš ne ja napušti kancelarijata na 20ti januari. Obama nema da prisustvuva na samitot no ke ima nekolku pretstavnici koi ke bidat vo možnost da se sretnat so liderite vo negovo ime.
by Martina Janeckova for PocketNews (http://pocketnews.tv) translated by Zivka Deleva
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Bush to warn of protectionism by Martina Janeckova
On Thursday from Wall Street, New York, President George W. Bush plans to tell the world leaders that reforming financial markets alone won’t help if they abandon the free market. Bush will host leaders at a White House dinner on Friday and review causes and solutions for the financial crisis on Saturday. He is convening representatives of some of the world’s biggest industrial democracies, emerging nations and international bodies in Washington. Besides the United States, the countries represented will be Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea and Turkey. Those countries and the European Union make up the so-called G-20. The top agenda item is how to revise regulatory oversight of financial markets around the world, but Bush will also emphasize preservation of free trade and competition. Dan Price, Bush’s deputy national security adviser for international economic affairs said “Protectionist rhetoric about walling off markets or companies does not help stabilize markets. It in fact leads to greater uncertainty.” In the short term, the world leaders are expected to focus on ways to stimulate economic consumption, free up credit and ensure that international financial institutions have the money to respond. Goals include making financial markets more open and less risky for millions of investors. The summit is the first in a series intended to deal with the economic recession in the world, and the next meeting won’t be until after Bush leaves office on January 20. Obama is not coming to the summit but will have a couple of representatives available to meet with leaders on his behalf.
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by Zuzana Zelenakova for PocketNews (http://pocketnews.tv) translated by Zivka Deleva
PocketNews is a new real-time news broadcaster delivering the latest and hottest news right to your pocket ! With global clients who want to be kept up to date, PocketNews is everyone's way of keeping in touch with the World.
These news are original content from young talents around the world and are selected for you by Chris Cantell.
Who Is the Second Rescue Plan Really For? by Milota Sidorova
Surely you remember Democratic Speaker Nancy Pelosi calling for the second ‘rescue plan’. In fact, Congress even in its last days was possible to work it out. However…And here it starts back again. According original intensions was meant to ease troubled mortgages for millions. Mortgage Bankers Association declared there have been more than 9 percent of borrowers or literally 4 million of Americans behind their payments. And despite expected ‘strategy’ plan was been declared, more than good news it has attracted the critics. The proposal is pointless, doesn’t cover target group which put it into selective mood and negative impact in other economical branches. Definitely this isn’t a cure for people.
Government along with Freddie Mac and Fannie Mae said they were going to extend mortgage payments and lower rate cuts to separate group of their clients. And that’s where the problem is. Both nearly bankrupted mortgage giants cover almost 6 of 10 loans but barely 20 percent of it can be categorized as – troubled. But even if you ‘luckily’ belong to this group and you’re loosing your loan, Government will only help you if your house is in the game. Point three. But even if you fail to pay your house mortgage for more than three months – that is obligatory condition including your almost 90 percent ownership of the real-estate you will have to have separate mortgage payments. What I mean is there have been many multi-packages, including pension and health insurance which makes it almost impossible to calculate the new rate. And if you have such one, this plan is simply not helping at all.
But if you are the lucky one, you can get extension from standard 30 years period up to 40 years that naturally declines payments. Or you can get lower rates adjusted to your income so you’re not paying more than 38 percent of your house spending. There are also some exceptions when the payments can be rate-free.
Naturally let’s say controversial, selective plan has had its Wall Street response. Dow Jones and the broad indexes declined signing there has not been much trust to put into the rescue. And comparing to billions spent on banking sector, doesn’t it seem (with the best intension) like the rough outline for all mortgage companies which somehow react too slow to help their clients?
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