From The Washington Post:
President Obama‘s top economic adviser, Lawrence H. Summers, will step down as director of the National Economic Council after the November elections and return to a teaching post at Harvard University, the White House announced Tuesday.
The departure of Summers, 55, will complete the turnover of three of Obama’s four top economic advisers as the administration struggles with the political fallout of a stubbornly weak economy.
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Filed under Barack Obama, Ben Bernanke, Bill Clinton, Congress, humor, John Boehner, movies, parody, politics, Republicans, Senate, snark, State Department, Wordpress Political Blogs
(Reuters) – Goldman Sachs Group Inc was charged with fraud by the U.S. Securities and Exchange Commission over its marketing of a subprime mortgage product, igniting a battle between Wall Street’s most powerful bank and the nation’s top securities regulator.
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Filed under Barack Obama, Bill Clinton, Carl Levin, Congress, Democrats, humor, Justice Department, parody, politics, Senate, snark, Wordpress Political Blogs
From Think Progress:
Earlier this week, right-wing fanatic Rep. Michele Bachmann (R-MN) started peddling false conspiracy theories that the world was moving toward a unified global currency — and that the U.S. might join in as early as next week’s G-20 conference. The myth was started when China’s central bank governor suggested replacing the dollar as the world’s reserve currency. Though the suggestion has nothing to do with a unified global currency, Fox News’ Major Garrett decided to ask President Obama whether he supported the fictional prospect of such a move. (Obama, for the record, does not.)
Today on Glenn Beck’s radio show, Bachmann declared that the U.S. will soon be moving to “give up the dollar as our currency and we would just go with a One World currency.” Such action, she warned, would mean the U.S. as a country would be “no more”…
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Filed under Barack Obama, Ben Bernanke, China, Congress, Fox News, Glenn Beck, humor, movies, parody, politics, Republicans, Rush Limbaugh, snark, Wordpress Political Blogs
SAN FRANCISCO (MarketWatch) — Top Wall Street executives reacted harshly on Friday to proposed legislation that would punitively tax bonuses awarded to employees at firms receiving federal assistance.
Citigroup Inc. Chief Executive Vikram Pandit and Bank of America Corp. Chief Executive Ken Lewis issued strongly worded internal memos about the proposed tax legislation, according to the online edition of The Wall Street Journal, while J.P. Morgan Chase & Co. Chief Executive Jamie Dimon sought to reassure his top executives that the firm is engaging with lawmakers on the matter.
The legislation, passed by the House on Thursday, would impose a 90% tax on bonuses for employees making over $250,000 a year at companies receiving at least $5 billion in federal aid under the Troubled Asset Relief Program, or TARP.
Citi’s Pandit criticized the proposed legislation in a memo to employees on Friday, arguing that it could result in the firm losing top talent.
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Filed under Barack Obama, Ben Bernanke, Chimpy, Christopher Dodd, Chuck Grassley, Constitution, Democrats, George W. Bush, Harry Reid, humor, Jon Kyl, movies, Olympia Snowe, parody, politics, Republicans, Senate Finance Committee, snark, Wordpress Political Blogs
Noon tomorrow, kids. The Chimpy Preznitzy officially ends at noon tomorrow. Can you believe it’s almost over?
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Filed under 2008 election, Andrew Card, Barack Obama, Chimpy, Condoleezza Rice, Congress, Dana Perino, George W. Bush, humor, movies, parody, politics, Republicans, snark, Wordpress Political Blogs
(CNN) — Senate Democrats and the White House failed to find 60 votes to end debate on a $14 billion auto bailout bill and bring it to a vote Thursday night, killing the measure for the year.
The 52-35 vote followed the collapse of negotiations between Senate Democrats and Republicans seeking a compromise.
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Filed under 2008 election, Chimpy, Democrats, George W. Bush, Harry Reid, humor, Michigan, Mitch McConnell, movies, parody, politics, Republicans, Senate, snark, Wordpress Political Blogs