'Support'에 해당되는 글 5건

  1. 2009.02.10 Obama's Dilema by CEOinIRVINE
  2. 2008.12.15 McCain: I can't promise to support Palin for president by CEOinIRVINE
  3. 2008.11.27 China Takes An Ax To Rates by CEOinIRVINE
  4. 2008.11.12 Pelosi supports new help for ailing US automakers by CEOinIRVINE
  5. 2008.10.14 European Banks to Get Billions from Governments by CEOinIRVINE

Obama's Dilema

Politics 2009. 2. 10. 11:31

When President Obama takes to the airwaves Monday evening to rally support for his $800 billion-plus stimulus plan, he'll find himself in the tricky position of simultaneously needing to inspire confidence in the long-term strength of the economy while also dramatizing the current crisis as so dire that immediate action by Congress is necessary.

It's part of a White House publicity blitz to sell his strategy to the public, and it'll be in press conference format so the president can defend criticism of his plan rather than just laying out the details.

Earlier Monday, the president made a targeted pitch at a town hall meeting in Elkhart, Ind., where unemployment reached 15.3% in December. Tuesday, Obama takes the same message on the road to Florida. Meanwhile, Congress is struggling to come up with a bill to send to the president's desk.

Lately, he's done little to balance these competing positions. In Indiana Monday, Obama warned that delay would mean that "millions of jobs will be lost, and national unemployment rates will approach double digits," also adding that no matter what is done "recovery will likely be measured in years, not weeks or months."

It wasn't exactly a fireside chat. Don't expect one tonight, either. Here's what you're likely to see in Monday's press conference:

The selling points

Expect Obama's remarks Monday to be directed at individuals, just as they were during his Indiana speech. He'll point out that the plan will provide extended unemployment benefits, tax credits of up to $1,000 for families, partially refundable student tax credits and that more than 90% of the jobs created will be in the private sector.

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(CNN) -- Sen. John McCain said Sunday he would not necessarily support his former running mate if she chose to run for president.

Sen. John McCain and Gov. Sarah Palin embrace after election results were in November 4.

Sen. John McCain and Gov. Sarah Palin embrace after election results were in November 4.

Speaking to ABC's "This Week," McCain was asked whether Alaska Gov. Sarah Palin could count on his support.

"I can't say something like that. We've got some great other young governors. I think you're going to see the governors assume a greater leadership role in our Republican Party," he said.

He then mentioned governors Tim Pawlenty of Minnesota and Jon Huntsman of Utah.

McCain said he has "the greatest appreciation for Gov. Palin and her family, and it was a great joy to know them."

"She invigorated our campaign" against Barack Obama for the presidency, he said.

McCain was pressed on why he can't promise support for the woman who, just months ago, he named as the second best person to lead the nation.

"Have no doubt of my admiration and respect for her and my view of her viability, but at this stage, again ... my corpse is still warm, you know?" he replied.

In his first Sunday political TV appearance since November 4, McCain also promised to work to build consensus in tackling America's challenges, and criticized his own party for its latest attack on Obama.

McCain rejected complaints from the Republican National Committee that Obama has not been transparent about his contacts with Illinois Gov. Rod Blagojevich.

"I think that the Obama campaign should and will give all information necessary," McCain told ABC's "This Week."

"You know, in all due respect to the Republican National Committee and anybody -- right now, I think we should try to be working constructively together, not only on an issue such as this, but on the economy, stimulus package, reforms that are necessary."

McCain's answer came in response to a question about comments from RNC Chairman Mike Duncan. The RNC also released an Internet ad last week, titled "Questions Remain," suggesting Obama is failing to provide important information about potential links between his associates and Blagojevich.

Blagojevich was arrested Tuesday and charged with trying to trade Obama's Senate seat for campaign contributions and other favors.

"I don't know all the details of the relationship between President-elect Obama's campaign or his people and the governor of Illinois," McCain told ABC. "But I have some confidence that all the information will come out. It always does, it seems to me."

McCain said he, like Obama and many other lawmakers, believes Blagojevich should resign.

Despite the heated nature of the race and attacks both former candidates lobbed at each other, McCain emphasized that he plans to focus on pushing lawmakers past partisan politics.

"I think my job is, of course, to be a part of, and hopefully exert some leadership, in the loyal opposition. But I emphasize the word loyal," McCain said.

"We haven't seen economic times like this in my lifetime. We haven't seen challenges abroad at the level that we are experiencing, certainly since the end of the Cold War, and you could argue in some respects that they're certainly more complex, many of these challenges. So let's have our first priority where we can work together...

"Will there be areas of disagreement? Of course. We are different parties and different philosophy. But the nation wants us to unite and work together."

McCain said he wouldn't comment on whether he thought he had a good chance of winning the presidency, given the Bush administration and the GOP were perceived to be responsible for the economy's problems. McCain said he would "leave that question" for others "to make that kind of judgment."

He pointed out that his poll numbers dropped along with the Dow.

"That would sound like I am detracting from President-elect Obama's campaign. I don't want to do that... Nobody likes a sore loser."

The key to moving past the stinging defeat, he said, is to, "Get busy and move on. That's the best cure for it. I spent a period of time feeling sorry for myself. It's wonderful. It's one of the most enjoyable experiences that you can have.

"But the point is: You've got to move on... I'm still a senator from the state of Arizona. I still have the privilege and honor of serving this country, which I've done all my life, and it's a great honor to do so."



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China Takes An Ax To Rates

Business 2008. 11. 27. 04:15

Beijing enacts the largest cut in more than a decade to support the country's faltering economy.

China continues to make bold moves to boost its faltering economy. The People's Bank of China made a 108-basis-point cut to interest rates on Wednesday following the markets' close as it continued its recent policy of monetary loosening in the face of slowing growth, export and industrial production figures.

Though a rate cut was expected by the central bank, its magnitude--the largest since the Asian financial crisis in October 1997--was surprising. "Bottom line is the Chinese authorities think the economy is slowing down fast," said Nigel Rendell, a senior emerging market strategist at RBC Capital Markets.

Earlier this week, the World Bank cut its forecast for economic growth in China to 7.5%, from 9.2%, though many economists expect an even slower rate of expansion, of anywhere between 2.0% and 7.0%.

This is the fourth time in three months that Beijing has reduced Chinese interest rates, but the several prior reductions, in October and August, were by just 27 basis points each time. China's benchmark rate now stands at 2.52%. The central bank also lowered its reserve requirements by 200 basis points for large banks and by 100 basis points for smaller banks on Wednesday.

The government has meanwhile been shifting fiscal gears as well, announcing on Nov. 9 a $586.0 billion fiscal stimulus plan. China is keenly monitoring the economic moves made by its key export partner, the United States, where consumer spending has recently slowed. (See "Americans Earn More, Spend Less.") Exports represented 37.1% of China's nominal gross domestic product in 2007.

China's economy is still feeling the impact of previous measures that Beijing made to cool the economy and keep a lid on inflation; it was tightening monetary policy in the first half of this year, when the economy appeared to be growing too quickly. But in October, a lower than expected level of imports for the month showed that China was not picking up the slack from slowing economies elsewhere. (See "China's Disquieting Trade Surplus.")

China's currency actually strengthened slightly after the rate cut: the U.S. dollar bought 6.82 yuan late Wednesday in Beijing, down from the 6.83 yuan it bought on Thursday. Commodities were firmer, though, with spot oil futures up 89 cents, at $51.66 a barrel on the Nymex, and copper futures up 5 cents, at $1.7090 a pound.

Rendell expects the currency to stay between 6.80 and 6.90 against the dollar, which is the range around which it has hovered since June. If exports suffered more markedly, the analyst said Beijing might let the yuan weaken further in 2009. But, given that China still has a notable current account deficit, there would undoubtedly be strong international pressure to keep it from going down that route any time soon, which would put struggling exporters in the West at a disadvantage.


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WASHINGTON -

House Speaker Nancy Pelosi called for "emergency and limited financial assistance" for the battered auto industry on Tuesday and urged the outgoing Bush administration to join lawmakers in reaching a quick compromise.

Four days after dismal financial reports from General Motors Corp. (nyse: GM - news - people ) and Ford Motor Co. (nyse: F - news - people ), Pelosi backed legislation to make the automakers eligible for help under the $700 billion bailout measure that cleared Congress in October.

In a written statement, the California Democrat said the aid was needed "in order to prevent the failure of one or more of the major American automobile manufacturers, which would have a devastating impact on our economy, particularly on the men and women who work in that industry."

"Congress and the Bush administration must take immediate action," she added. Administration officials have concluded that the bailout bill that passed earlier does not permit loans to the auto industry, but lawmakers are expected to return to the Capitol for a brief postelection session beginning next week.

Senate Majority Leader Harry Reid, D-Nev., also supports help for the industry, and he issued a statement saying Democrats were "determined to pass legislation that will save the jobs of millions" as part of a postelection session.

"This will only get done if President Bush and Senate Republicans work with us in a bipartisan fashion, and I am confident they will do what is right for our economy," he said.

The plight of the industry has drawn attention from the White House and the incoming Obama administration in recent days, as well as among lawmakers.

Last week, President-elect Obama prodded the Bush administration to do more to help the industry, and on Monday, aides said he raised the issue with President Bush in an Oval Office conversation meant to underscore a smooth transition of power.

Officials familiar with the conversation said the president replied he was open to the idea.

Before adjourning for the elections, Congress passed legislation providing for $25 billion in government-backed loans to the automakers to prod them to retool their factories to make more efficient vehicles.

Since then, executives from GM, Ford and Chrysler LLC and officials in the United Autoworkers union have called for more than that to avert a possible collapse of one of the nation's most basic industries, including a $25 billion loan to help keep the companies afloat and $25 billion more to help cover future health care payments for about 780,000 retirees and their dependents.

GM and Ford reported last week that they spent down their cash reserves by a combined $14.6 billion in the past three months. Ford said it would slash more than 2,000 white collar jobs.

Pelosi's statement did not specify how large an aid package she prefers.

Instead, she said she had asked Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, to draft legislation.

A companion effort is under way in the Senate.

The Senate is scheduled to meet next week in a postelection session, but until Pelosi issued her statement, it was not clear the House would follow suit.

The House already has passed legislation to provide additional unemployment insurance benefits for some of the growing ranks of the nation's jobless, as well as a separate measure to stimulate the economy.

That meant the Senate could have passed either or both bills and sent them to the White House for Bush's signature without further action by the House.

Pelosi's announcement changed that, and raised the possibility of a postelection session that covers more areas.

The Bush administration, for example, has said that enactment of a free trade agreement with Colombia is its top priority in Congress.

Many Democrats oppose the proposed agreement as written. But it is unclear what, if any, compromise might be possible that would allow auto assistance and a trade agreement to be the last major measures signed into law by the outgoing president.

In her statement, Pelosi said any assistance to the industry should include limits on executive compensation, rigorous government review authority and other taxpayer protections.

Copyright 2008 Associated Press. All rights reserved. This material may not be published broadcast, rewritten, or redistributed

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The British government said Monday it would provide up to 37 billion pounds in government money to boost the balance sheets of three of Britain's largest banks.
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LONDON, Oct. 13 -- European governments put hundreds of billions of dollars into their banking systems Monday and the U.S. Federal Reserve announced it would back up their effort by making U.S. currency available in unlimited amounts, as efforts continued to strengthen the foundations of the world financial system.

After a weekend of coordinated action among world financial officials, U.S., European and Asian stock markets rose sharply as details of bank rescue plans were unveiled in Europe, and the Fed said it would support the European effort with a steady flow of dollars to support short-term loans of from one to six weeks.

On Wall Street, the Dow Jones industrial average jumped more than 400 points in the first minutes of trading.

The London stock exchange rose more than 5 percent in early morning trading, and French and German stock markets each soared nearly 7 percent. The Japanese stock market was closed today, but other Asian indexes had gains of anywhere from 3 percent to more than 10 percent in Hong Kong.

In London on Monday morning, the British government said it would partially take over several major banks, providing $34 billion to the Royal Bank of Scotland and another $29 billion to Lloyds TSB and HBOS, two banks that are in the process of merging. The move would give the British government about a 60 percent stake in RBS and a 40 percent stake in the bank created by the Lloyds-HBOS merger.

Separately, the cabinet in Germany okayed a plan to guarantee about $500 billion in bank loans and provide about $136 billion in goverment capital to Germany banks. In Paris, French President Nicolas Sarkozy said the French government will make about $54 billion availble to bolster bank capital and offer guarantees to about $436 billion in bank loans.

Details of other government actions are expected later Monday. The moves followed a deal reached Sunday in Paris by European governments who agreed to provide capital for banks and take other steps to restart credit markets so that financial firms will begin lending again to businesses, consumers and one another. Credit markets in recent months have virtually stopped functioning, depriving the world economy of a major source of operating cash.

To undergird the European effort, the U.S. Federal Reserve announced that it would provide dollars "in quantities sufficient to meet demand" for the Bank of England, the European Central Bank and the Swiss National Bank. Currency "swap lines" among the central banks have been expanded in recent weeks to ensure an adequate supply of dollars in Europe but were still subject to limits.

But with key central banks there hoping to boost interbank and other lending, the Fed suspended those limits for at least six months.

"Reciprocal currency arrangements . . . will be increased to accommodate whatever quantity of U.S. dollar funding is demanded," the Fed said. The money is put in circulation through short-term loans. The European banks said future dollar loans would be made at a fixed interest rate, rather than auctioned.

The British bank rescue plan announced Monday was the first step in implementing a broad strategy set out last week by Prime Minister Gordon Brown that would provide at least 400 billion pounds, or nearly $690 billion at current exchange rates, in capital and loan guarantees to jump-start bank lending that had all but stopped.

Brown, in an early morning news conference just before financial markets opened in London, said the "unprecedented but essential" measures would ensure that Britain would be the "rock of stability" in the financial crisis sweeping the globe.


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