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The Coming Middle-Class Anarchy

October 9, 2010 Leave a comment

Gonzalo Lira

Strolling along the shores of the mainstream . . .

Future Anarchists of America?


Update I, below.

True story: A retired couple I know, Brian and Ilsa, own a home in the Southwest. It’s a pretty house, right on the manicured golf course of their gated community (they’re crazy about golf).
 
The only problem is, they bought the house near the top of the market in 2005, and now find themselves underwater.
 
They’ve never missed a mortgage payment—Brian and Ilsa are the kind upright, not to say uptight 60-ish white semi-upper-middle-class couple who follow every rule, fill out every form, comply with every norm. In short, they are the backbone of America.
 
Even after the Global Financial Crisis had seriously hurt their retirement nest egg—and therefore their monthly income—and even fully aware that they would probably not live to see their house regain the value it has lost since they bought it, they kept up the mortgage payments. The idea of them strategically defaulting is as absurd as them sprouting wings.
 
When HAMP—the Home Affordable Modification Program—was unveiled, they applied, because they qualified: Every single one of the conditions applied to them, so there was no question that they would be approved—at least in theory.
 
Applying for HAMP was quite a struggle: Go here, go there, talk to this person, that person, et cetera, et cetera, et cetera. “It’s like they didn’t want us to qualify,” Ilsa told me, as she recounted their mind-numbing travails.
 
It was a months-long struggle—but finally, they were approved for HAMP: Their mortgage period was extended, and the interest rate was lowered. Even though their home was still underwater, and even though they still owed the same principal to their bank, Brian and Ilsa were very happy: Their mortgage payments had gone down by 40%. This was equivalent to about 15% of their retirement income. So of course they were happy.
 
However, three months later, out of the blue, they got a letter from their bank, Wells Fargo: It said that, after further review, Brian and Ilsa had in fact not qualified for HAMP. Therefore, their mortgage would go back to the old rate. Not only that, they now owed the difference for the three months when they had paid the lowered mortgage—and to add insult to injury, they were assessed a “penalty for non-payment”.
 
Brian and Ilsa were furious—a fury which soon turned to dour depression: They tried contacting Wells Fargo, to straighten this out. Of course, they were given the run-around once again.
 
They kept insisting that they qualified—they qualified! But of course, that didn’t help at all—like a football, they were punted around the inner working of the Mortgage Mess, with no answers and no accountability.
 
Finally, exhausted, Brian and Ilsa sat down, looked at the last letter—which had no signature, and no contact name or number—and wondered what to do.
 
On television, the news was talking about “robo-signatures” and “foreclosure mills”, and rank illegalities—illegalities which it seemed everyone was getting away with. To top it off, foreclosures have been suspended by the largest of the banks for 90 days—which to Brian and Ilsa meant that people who weren’t paying their mortgages got to live rent free for another quarter, while they were being squeezed out of a stimulus program that had been designed—tailor made—precisely for them.
 
Brian and Ilsa are salt-of-the-earth people: They put four kids through college, they always paid their taxes. The last time Brian broke the law was in 1998: An illegal U-turn on a suburban street.
 
“We’ve done everything right, we’ve always paid on time, and this program is supposed to help us,” said Brian. “We follow the rules—but people who bought homes they couldn’t afford get to squat in those McMansions rent free. It would have been smarter if we’d been crooks.”
 
Now, up to this point, this is just another sob story of the Mortgage Mess—and as sob stories go, up to this point, it’s no big deal.
 
But here’s where the story gets ominous—here’s where the Jaws soundtrack kicks in:
 
Brian and Ilsa—the nice upper-middle-class retired couple, who always follow the rules, and never ever break the law—who don’t even cheat on their golf scores—even when they’re playing alone (“Because if you cheat at golf, you’re only cheating yourself”)—have decided to give their bank the middle finger.
 
They have essentially said, F–kit.
 
They haven’t defaulted—not yet. They’re paying the lower mortgage rate. That they’re making payments is because of Brian: He is insisting that they pay something—Ilsa is of the opinion that they should forget about paying the mortgage at all.
 
“We follow the rules, and look where that’s gotten us?” she says, furious and depressed. “Nowhere. They run us around, like lab rats in a cage. This HAMP business was supposed to help us. I bet the bank went along with the program for three months, so that they could tell the government that they had complied—and when the government got off their backs, they turned around and raised the mortgage back up again!”
 
“And charged us a penalty,” Brian chimes in. The non-payment penalty was only $84—but it might as well been $84 million, for all the outrage they feel. “A penalty for non-payment!
 
Nevertheless, Brian is insisting that they continue paying the mortgage—albeit the lower monthly payment—because he’s still under the atavistic sway of his law-abiding-ness.
 
But Ilsa is quietly, constantly insisting that they stop paying the mortgage altogether: “Everybody else is doing it—so why shouldn’t we?”
 
A terrible sentence, when a law-abiding citizen speaks it: Everybody else is doing it—so why don’t we?

I’m like Wayne Gretsky: I don’t concern myself with where the puck has been—I look for where the puck is going to be.
Right now, people are having a little hissy-fit over the robo-signing scandal, and the double-booking scandal (where the same mortgage was signed over to two different bonds), and the little fights between junior tranches and senior tranches and the servicer, in the MBS mess.
 
But none of that shit is important.
What’s really important is Brian and Ilsa: What’s really important is that law-abiding middle-class citizens are deciding that playing by the rules is nothing but a sucker’s game.
 
Just like the poker player who’s been fleeced by all the other players, and gets one mean attitude once he finally wakes up to the con? I’m betting that more and more of the solid American middle-class will begin saying what Brian and Ilsa said: F–kit.
 
 
F—- the rules. F—- playing the game the banksters want you to play. F—- being the good citizen. F—- filling out every form, f—- paying every tax. F—- the government, f—- the banks who own them. F—- the free-loaders, living rent-free while we pay. F—– the legal process, a game which only works if you’ve got the money to pay for the parasite lawyers. F—- being a chump. F—- being a stooge. F—- trying to do the right thing—what good does that get you? What good is coming your way?
 
F—–kit.
When the backbone of a country starts thinking that laws and rules are not worth following, it’s just a hop, skip and a jump to anarchy.
 
TV has given us the illusion that anarchy is people rioting in the streets, smashing car windows and looting every store in sight. But there’s also the polite, quiet, far deadlier anarchy of the core citizenry—the upright citizenry—throwing in the towel and deciding it’s just not worth it anymore.
 
If a big enough proportion of the populace—not even a majority, just a largish chunk—decides that it’s just not worth following the rules anymore, then that society’s days are numbered: Not even a police-state with an armed Marine at every corner with Shoot-to-Kill orders can stop such middle-class anarchy.
 
Brian and Ilsa are such anarchists—grey-haired, well-dressed, golf-loving, well-to-do, exceedingly polite anarchists: But anarchists nevertheless. They are not important, or powerful, or influential: They are average—that’s why they’re so deadly: Their numbers are millions. And they are slowly, painfully coming to the conclusion that it’s just not worth it anymore.
 
Once enough of these J. Crew Anarchists decide they no longer give a f—-, it’s over for America—because they are America.
 
Update I:
 
The Center for Public Integrity has a story, written by Michael Hudson this past August 6, that shines a light on the issue of perverse incentives of the HAMP program. These perverse incentives came to light because of a whistleblower, a former employee of Fannie Mae, filing a lawsuit. Fannie Mae was so keen on being perceived as a money-maker, after the Federal government bailout, that the aid programs passed by the Congress and signed by the President were turned into profit centers.
 
The former executive, Caroline Herron, recounts:

“It appeared that Fannie Mae officers were focused on maximizing incentive payments available to Fannie Mae under various federal programs – even if this meant wasting taxpayer money and delaying the implementation of high-priority Treasury programs,” she claims in the lawsuit.

Herron alleges that Fannie Mae officials terminated her $200-an-hour consulting work in January because she raised questions about how it was administering the federal government’s push to help homeowners avoid foreclosure, known as the Home Affordable Modification Program, or HAMP.

Herron further alleged that “trial mods” were implemented regardless of eligibility of applicants, so that Fannie Mae would be eligible for Federal government bonuses.

 
Ms. Herron’s testimony in fact proves Ilsa’s suspicion that there was a scam at bottom. As Mr. Hudson writes, “Herron charges that Fannie Mae continued in headlong pursuit of ‘trial mods’ even though it knew that many had little chance of becoming permanent. [. . .] Fannie preferred doing trials, Herron alleges, because it was eligible to receive incentive payments from the Treasury Department.”
 
So in the pursuit of these perverse incentives, people who did not qualify for HAMP were enrolled in the program. And when their “trial mods” were up after 90 days, they would be notified that they didn’t qualify—regardless of whether they in fact did qualify, as in the case of Brian and Ilsa.
 
All so as to be perceived as a profitable operation, worth having been bailed out. All so as to be perceived as “returning America’s money”.
 
As of February, 2010, of the over one million homeowners’ mortgages under HAMP auspices, 83% were “trial mods”. One would assume that those 850,000 homeowners would also be assessed an $84 penalty for non-payment.
 
$84 times over 850,000? You do the math.
 
 

Source article

 
 

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World Economic Forum shows changes in competitive rankings

September 12, 2010 Leave a comment

Big News Network.com     Saturday 11th September, 2010

A new WEF survey ranking the world's economies by how competitive they are showed the US to have lost ground to comparatively socialist Sweden and Switzerland.

The World Economic Forum’s 2010-11 competitiveness survey placed the United States fourth after Switzerland, Sweden and Singapore, signaling a two place slip for the world’s largest economy.

The figures released Friday by the World Economic Forum revealed Switzerland to have kept its place in the top spot for the second year in a row, while the US lost ground to Singapore and Sweden.

Germany in fifth place was the highest rated Eurozone country with the UK coming in 12th place, a performance improvement of just one place.

The WEF’s survey rates countries according to how competitive their economies are overall, it has been carried out every year since 1979 and compiles its data using interviews with 13,500 in 139 countries, as well as public material.

The WEF has said the US may be losing ground due to a weakening of its public and private institutions and lingering public debt.

China also under-performed, ranking at 27th, an upward move of just two places, which is due in large part to heavy government influence in the economy.

 

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Apartment standards suffer as Dubai developers cut costs

September 6, 2010 Leave a comment

Building standards in Dubai are said to be getting worse with developers cutting jobs and other costs.
Building standards in Dubai are said to be getting worse with developers cutting jobs and other costs.

With construction projects worth more than $418 billion currently being built in the UAE, some buyers have been complaining about the quality of finishes.

Property valuation experts have said the quality of Dubai properties has dropped substantially since the economic downturn, partly due to job cuts but also because of rushed work.

Inspections on the quality of building work prior to a property being handed over have shown that some contractors working on upmarket complexes have disappointed customers by finishing work which left some penthouses where doors would not close properly and windows would not open.

Big News Network.com Monday 6th September, 2010

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Mississippi Shrimpers Refuse to Trawl, Fearing Oil, Dispersants

August 22, 2010 Leave a comment


Inter Press Service
By Dahr Jamail


The Mississippi Sound was recently reopened, but Mark Stewart and other commercial fisherman fear oil and dispersants, and refuse to fish.

Credit:Dahr Jamail

BILOXI, Mississippi  (IPS) – The U.S. state of Mississippi recently reopened all of its fishing areas. The problem is that commercial shrimpers refuse to trawl because they fear the toxicity of the waters and marine life due to the BP oil disaster.

On Aug. 6, Mississippi’s Department of Marine Resources (DMR) and the Mississippi Department of Environmental Quality, in coordination with the National Oceanic and Atmospheric Administration and the U.S. Food and Drug Administration, ordered the reopening of all Mississippi territorial waters to all commercial and recreational finfish and shrimp fishing activities that were part of the precautionary closures following the BP oil rig disaster in April. At least five million barrels flowed into the Gulf before the well was shut earlier this month.

But Miller, along with many other commercial shrimpers, refuses to trawl.

Miller took IPS out on his shrimp boat, along with commercial shrimper Mark Stewart, and Jonathan Henderson of the Gulf Restoration Network, an environmental group working to document and alleviate the effects of BP’s oil disaster.

The goal was to prove to the public that their fishing grounds are contaminated with both oil and dispersants. Their method was simple – they tied an absorbent rag to a weighted hook, dropped it overboard for a short duration of time, then pulled it up to find the results. The rags were covered in a brown oily substance that the fishermen identified as a mix of BP’s crude oil and toxic dispersants.

Miller and Stewart, who were both in BP’s Vessels of Opportunity programme and were trained in identifying oil and dispersants, have been accused by some members of Mississippi’s state government of lying about their findings.

“Why would we lie about oil and dispersant in our waters, when our livelihoods depend on our being able to fish here?” Miller asked IPS. “I want this to be cleaned up so we can get back to how we used to live. But it doesn’t make sense for us or anyone else to fish if our waters are toxified. I don’t know why people are angry at us for speaking the truth. We’re not the ones who put the oil in the water.”

IPS watched Miller and Stewart conduct eight tests in various places around Mississippi Sound. One of them was less than a quarter mile from the mouth of Pass Christian Harbor, and another was less than one mile from a public beach. Every single test found the absorbent rags stained with brown oil.

During an earlier test round, the two fishermen brought out scientist Dr. Ed Cake of Gulf Environmental Associates.

Dr. Cake wrote of the experience: “When the vessel was stopped for sampling, small, 0.5- to 1.0-inch-diameter bubbles would periodically rise to the surface and shortly thereafter they would pop leaving a small oil sheen. According to the fishermen, several of BP’s Vessels-of- Opportunity (Carolina Skiffs with tanks of dispersants [Corexit?]) were hand spraying in Mississippi Sound off the Pass Christian Harbor in prior days/nights. It appears to this observer that the dispersants are still in the area and are continuing to react with oil in the waters off Pass Christian Harbor.”

Shortly thereafter, Miller took the samples to a community meeting in nearby D’Iberville to show fishermen and families. At the meeting, fishermen unanimously supported a petition calling for the firing of Dr. Bill Walker, the head of Mississippi’s DMR, who is responsible for opening the fishing grounds.

On Monday, Aug. 9, Walker, despite ongoing reports of tar balls, oil, and dispersants being found in Mississippi waters, declared “there should be no new threats” and issued an order for all local coast governments to halt ongoing oil disaster work being funded by BP money that was granted to the state.

Recent days in Mississippi waters have found fishermen and scientists finding oil in Garden Pond on Horn Island, massive fish kills near Cat Island and Biloxi, “black water” in Mississippi Sound, oil inside Pass Christian Harbor, and submerged oil in Pass Christian, in addition to what Miller and Stewart showed IPS and others with their testing.

“We’ve sent samples to all the news media we know, here in Mississippi and in [Washington] D.C.,” Stewart, a third generation fisherman from Ocean Springs, told IPS. “We had Ray Mabus’s people on this boat, and we sent them away with contaminated samples they watched us take, and we haven’t heard back from them.”

Raymond Mabus is the United States secretary of the Navy and a former governor of Mississippi. President Barack Obama tasked him with developing “a long-term Gulf Coast Restoration Plan as soon as possible.”

Mabus has been accused by many Gulf Coast fishermen of not living up to his task.

Stewart told IPS, “Normally we have a lot of white shrimp in the Sound right now. You can catch 500 to 800 pounds a night, but right now, there are very few people shrimping, and those that are, are catching nothing or maybe 200 pounds per night. You can’t even pay your expenses on 200 pounds per night.”

“We think they opened shrimp season prematurely,” Miller told IPS, “How can we put our product back on the market when everybody in America knows what happened down here? I have seen so many dead animals in the last few months I can’t even keep count.”

On Thursday, several commercial shrimpers, including Miller and Stewart, held a press conference at the Biloxi Marina. Other fishermen there were not fishing because they feared making people sick with seafood they might catch.

“I don’t want people to get sick,” Danny Ross, a commercial fisherman from Biloxi told IPS, “We want the government and BP to have transparency with the Corexit dispersants.”

Ross said he has watched horseshoe crabs trying to crawl out of the water, and other marine life like stingrays and flounder trying to escape the water as well. He believes this is because the water is hypoxic due to the toxicity of the toxic dispersants, of which BP admits to using at least 1.9 million gallons.

“I will not wet a net and catch shrimp until I know it’s safe to do so,” Ross added. “I have no way of life now. I can’t shrimp and others are calling the shots. For the next 20 years, what am I supposed to do? Because that’s how long it’s going to take for our waters to be safe again.”

David Wallis, another fisherman from Biloxi, attended the press conference.

“We don’t feel our seafood is safe, and we demand more testing be done,” Wallis told IPS. “I’ve seen crabs crawling out of the water in the middle of the day. This is going to be affecting us far into the future.”

“A lot of fishermen feel as we do. Most of them I talk to don’t want the season opened, for our safety as well as others,” Wallis added, “Right now there’s barely any shrimp out there to catch. We should be overloaded with shrimp right now. That’s not normal. I won’t eat any seafood that comes out of these waters, because it’s not safe.”


** Dahr Jamail’s MidEast Dispatches **
** Visit Dahr Jamail’s website http://dahrjamailiraq.com **

Dahr Jamail’s new book, The Will to Resist: Soldiers Who Refuse to Fight in Iraq and Afghanistan, is now available.

Order the book here http://tinyurl.com/cnlgyu

As one of the first and few unembedded Western journalists to report the truth about how the United States has destroyed, not liberated, Iraqi society in his book Beyond the Green Zone, Jamail now investigates the under-reported but growing antiwar resistance of American GIs. Gathering the stories of these courageous men and women, Jamail shows us that far from “supporting our troops,” politicians have betrayed them at every turn. Finally, Jamail shows us that the true heroes of the criminal tragedy of the Iraq War are those brave enough to say no.

Order Beyond the Green Zone
http://dahrjamailiraq.com/bookpage

“International journalism at its best.” –Stephen Kinzer, former bureau chief, New York Times; author All the Shah’s Men

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Will China’s Water Shortages Drive the Price of Canadian Farmland?

August 19, 2010 Leave a comment

FSC / Press Release

Calgary, Alberta CANADA, August 19, 2010 /FSC/ – Enquirica Research Inc. (NQR – 0), recently published analysis of emerging market water demand reported that:

– China has only 8% of the world’s fresh water to meet the needs of 22% of the world’s people.
– In India, urban water demand is expected to double-and industrial demand to triple-by 2025.
–   To support the diets of the additional 1.7 billion people expected to join the human population by 2030 at today’s average water consumption would require 2,040 cubic kilometres of water per year-as much as the annual flow of 24 Nile Rivers.

Given growing overall demand combined with competition from domestic industry uses Enquirica concluded that “water issues in China and India will put greater demand on the world agriculture commodity markets, produce higher real commodity prices over time and create large demand for productive farmland in politically stable regions of the world with stable export capacity. Once such region which has all these characteristics is western Canada with its large farmland base, first world infrastructure, political stability and a huge exporting capacity.”

Enquirica Research is a Calgary based research firm focussing on independent analysis of alternative asset classes and investment opportunities, primarily in western Canada.   For full copy of the report register at http://www.enquirica.com.

DISCLAIMER:  The opinions, estimates, projections and other information which is contained herein and derived from or attributable to persons other than ENQUIRICA is neither endorsed nor adopted by ENQUIRICA – it is presented for informational purposes only.  Further, the opinions, estimates, projections and other information contained herein are not intended and are not to be construed as an offer to sell, or a solicitation to buy any securities, nor shall such opinions, estimates, projections and other information be considered as investment advice or as a recommendation to enter into any transaction.

FORWARD-LOOKING INFORMATION: This news release may contain certain information that is forward looking and, by its nature, such forward-looking information is subject to important risks and uncertainties. The words “anticipate”, “expect”, “may”, “should”, “estimate”, “project”, “outlook”, “forecast” or other similar words are used to identify such forward looking information. Those forward-looking statements herein made by ENQUIRICA, if any, reflect ENQUIRICA’s beliefs and assumptions based on information available at the time the statements were made.  Actual results or events may differ from those anticipated or predicted in these forward-looking statements, and the differences may be material.   Readers are cautioned not to place undue reliance on any forward-looking information contained in this news release (if any), which is given as of the date it is expressed herein. ENQUIRICA undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise.

For further information please contact:
Enquirica Research Inc.
Jim Faber
Tel:  1.403.438.9899
Email: jfaber@enquirica.com
Web:  www.enquirica.com

Source: Enquirica Research Inc. http://www.enquirica.com
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Forget a Double Dip. We’re Still in One Long Big Dipper.

August 15, 2010 Leave a comment

It’s nonsense to think of the economy heading downward again into a double dip when most Americans never emerged from the first dip. We’re still in one long Big Dipper.

More people are out of work today than they were last year, counting everyone too discouraged even to look for work. The number of workers filing new claims for jobless benefits rose last week to highest level since February. Not counting temporary census workers, a total of only 12,000 net new private and public jobs were created in July — when 125,000 are needed each month just to keep up with growth in the population of people who want and need to work.

Not since the government began to measure the ups and downs of the business cycle has such a deep recession been followed by such anemic job growth. Jobs came back at a faster pace even in March 1933 after the economy started to “recover” from the depths of the Great Depression. Of course, that job growth didn’t last long. That recovery wasn’t really a recovery at all. The Great Depression continued. And that’s exactly my point. The Great Recession continues.

Even investors are beginning to see reality. Starting in February the stock market rallied because corporate profits were rising briskly. Investors didn’t mind that profits were coming from payroll cuts, foreign sales, and gimmicks like share buy-backs — none of which could be sustained over the long term. But the rally died in April when investors began to see how paper-thin these profits actually were. And now the stock market is back to where it was at the start of the year.

What to do? First, don’t listen to Wall Street and the right.

Forget the Neo-Hoover deficit hawks who day we have to cut government spending and trim upcoming deficits. We didn’t get into this mess and aren’t remaining in it because of budget deficits. In fact, the only way to reduce long-term deficits is to restore jobs and growth so government revenues rise and expenses like unemployment insurance drop.

Ignore the government haters who say we have to void or delay upcoming regulations of Wall Street and big business. We got here because Wall Street went bonkers, the housing bubble burst, and the middle class couldn’t continue to spend because their health-care bills were soaring and their pay was stagnating. New regulations of Wall Street and big business are necessary to avoid a repeat.

And don’t believe the supply-siders who say we have to extend the Bush tax cuts for the wealthy. Because the wealthy save rather than spend most of their incomes, extending their tax cut won’t do squat. And restoring their marginal tax rate to what it was under Bill Clinton won’t harm the economy. The Clinton years had the best sustained economy in American history.

The central problem is lack of demand — and that’s what has to be tackled.

Three of the four sources of demand have stopped working. (1) Consumers can’t and won’t buy because they’re still under a huge debt load, can’t get more credit, are afraid of losing their jobs (or already have), depend on two wage earners at least one of whom is working part-time and pulling in less, or have to save. (2) Businesses won’t invest and spend on creating more jobs if they don’t see consumers willing to buy more. (3) Exports are stalled because the dollar is so high they cost too much, much of the rest of the world is still struggling with recession, and American firms can make things for sale abroad more cheaply abroad.

That leaves only one remaining source of demand — government. We need a giant jobs program to hire people and put money in their pockets that they’ll spend and thereby create more jobs. Put ideology aside and recognize this fact. If it makes you more comfortable call it the National Defense Jobs Act. Call it the WPA. Call it Chopped Liver. Whatever, we have to get the great army of the unemployed and underemployed working again.

Also: Put more money in consumer’s wallets by eliminating payroll taxes on the first $20K of income (and make it up by applying payroll taxes to incomes over $250K.)

Also: Get more hiring by giving the states and locales interest-free loans — so they can rehire all the teachers, fire fighters, police officers, and sanitation workers they’ve fired — to be repaid when their state employment rates hit 5 percent or below.

Also: Get more credit by having the Fed return to “quantitative easing” — expanding the money supply by purchasing mortgage-backed and other types of securities.

If we let the deficit hawks and government haters dominate this debate, as they have, the Big Dipper will continue for years. The Great Depression lasted twelve.

Robert Reich is Professor of Public Policy at the University of California at Berkeley. He has served in three national administrations, most recently as secretary of labor under President Bill Clinton. He has written twelve books, including The Work of Nations, Locked in the Cabinet, and his most recent book, Super capitalism. His “Marketplace” commentaries can be found on publicradio.com and iTunes.

Saturday, August 14, 2010

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Obama pushes bill to aid U.S. states

August 10, 2010 Leave a comment

WASHINGTON, Aug 10 (Reuters) – President Barack Obama on Tuesday made a last-minute push for passage of a $26 billion aid package to cash-strapped states as Democratic lawmakers were poised to give their final approval.
Appearing in the White House Rose Garden with teachers, Obama said the bill was crucial to avoid layoffs of school employees and other local workers.
“We can’t stand by and do nothing while pink slips are given to the men and women who educate our children or keep our communities safe,” he said.

10 Aug 2010 15:53:46 GMT

Source: Reuters
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