Capitol Hill more trusted than Wall Street?
From CNN's Jack Cafferty:
Here's a sign of just how bad things are: when it comes to the economy, more Americans trust our politicians than our business leaders.
Traders on the floor of the New York Stock Exchange. More Americans trust politicians than business leaders on economic matters.
A new CNN/Opinion Research Corporation Poll asks people how confident they are that the following institutions will make the right economic decisions.
30% say they're confident in Wall Street, 28% feel that way about bankers and financial executives, and 26% are confident in the auto executives.
Compare that to a whopping 75% who express confidence in President Obama on economic issues, 66% who back Democrats in Congress to make the right calls, and 53% who feel the same about Congressional Republicans.
In light of that, it's no surprise that most people surveyed are opposed to government bailouts for banks and auto companies, while more actually favor government assistance to homeowners who can't pay their mortgages and government influence to lower health care costs.
This is probably uncharted territory for many of those in Washington. The fact that more Americans have confidence in government to get us out of our collective financial nightmare frightens me.
Here’s my question to you: What does it mean when politicians are more trusted than business leaders on economic matters?
Interested to know which ones made it on air?
What should Pres. Obama say tonight?
What should the president say before Congress? (PHOTO CREDIT: GETTY IMAGES)
From CNN's Jack Cafferty:
Most Americans are hungry to hear what President Barack Obama has to say about the economy when he addresses a joint session of Congress tonight.
A new USA Today/Gallup poll shows 74% of those surveyed are eager to hear the president talk about the economic challenges facing our country.
That includes 18% who want to hear about jobs, job creation or unemployment, 15% who want information about the banking crisis or bailout, 14% who want to hear more about the $787 billion stimulus package. 11% want the president to talk about the housing crisis and 10% who cite health care.
Outside of the economy, some other issues mentioned are the wars in Iraq and Afghanistan, education and illegal immigration.
The New York Times suggests that the president's challenge tonight is to declare that "out of ugly necessity" big government is back. But if done right, it won't last for long. The hardest part will be for the president to convince Americans they can't save themselves without first saving "the banks that let greed blot out prudence, the carmakers who ignored competitive reality for a quarter-century, and the homeowners who somehow persuaded themselves that housing prices only move up."
It's a tall order even for Mr. Obama – who's no slouch in the oratory department. Amidst all the rotten economic news – he will need to be at once reassuring and realistic.
Here’s my question to you: What do you want to hear from President Obama tonight?
Interested to know which ones made it on air?
What if China stops buying U.S. debt?
From CNN's Jack Cafferty:
Secretary of State Hillary Clinton is calling on China to keep buying U.S. debt.
Secretary Clinton urged the Chinese government to continue buying U.S. debt.
During her first overseas trip as the country's top diplomat, Clinton asked Beijing to keep purchasing U.S.Treasury bonds despite our deteriorating economic condition. She also talked about the importance of the administration's economic stimulus package. Clinton says because our economies are so intertwined, it could hurt China if the U.S. couldn't finance the nearly $790 billion stimulus plan.
"We are in the same boat. Thankfully, we are rowing in the same direction, toward landfall," said Clinton. She added that China and the United States "are truly going to rise or fall together."
But this call from the Obama administration shows just how the balance of power is shifting between the U.S. and China. If the Chinese decided to stop buying our debt, or if they decide tomorrow to cash out the more than $1 trillion they already own, we'd be in deep trouble.
The Chinese Foreign Minister didn't promise to keep buying our Treasuries. Instead he said his government would buy the bonds if they continue to represent the best investment when it comes to value, low risk and liquidity.
Meanwhile, although Clinton made clear her support for human rights, she didn't take any meetings with high-profile dissidents. Perhaps now is not the time to tick off the Chinese government- when we're asking for hundreds of billions of dollars.
Here’s my question to you: What would happen if China suddenly stopped buying U.S. Treasury bonds?
Interested to know which ones made it on air?
Worse than the Great Depression?
From CNN's Jack Cafferty:
The financial crisis that's consuming the U.S. along with the rest of the world is worse than the Great Depression, and more along the lines of the collapse of the Soviet Union.
Three boys play marbles in a dirt alley, 1930s. Financier George Soros says the current financial crisis is worse than the Great Depression.
That's according to renowned billionaire investor George Soros.
He points to the September collapse of Lehman Brothers as a turning point. Said Soros, "The economy went into freefall and is still falling and we don't know where the bottom will be until we get there and there's no sign that we are anywhere near a bottom."
Soros describes the collapsed financial system as still being on "life support" since that point. He says the current turmoil can be traced back to the financial deregulation of the 1980s, and that it marks the end of the free-market model.
There's more. Soros believes the Obama administration's plan to buy bad assets from banks won't be enough to get our financial institutions to start lending again. Instead – he suggests injecting capital directly into the banks.
Meanwhile – it looks like most Americans sense we're headed to a pretty dangerous place. A new CNN/Opinion Research Corporation poll shows that 73 percent of those surveyed are "scared" about the way things are going in the country today. That's up 6 points from October.
Here’s my question to you: What does it mean when one top investor says the economic crisis is worse than the Great Depression?
Interested to know which ones made it on air?
Realistic to halve the deficit by 2013?
From CNN's Jack Cafferty:
President Obama is vowing to cut the budget deficit in half by the end of his first term.
President Obama vowed to halve the deficit at the White House today.
The president says the deficit needs to be brought under control, adding that the country "cannot and will not sustain deficits like this without end."
The White House says it's inherited a $1.3 trillion dollar deficit, and that Mr. Obama's budget will bring the deficit to $533 billion by 2013. And the cow jumped over the moon.
Some private analysts estimate that this year's deficit could soar to more than $1.5 trillion when you take into account the cost of the recently-passed stimulus package.
Administration officials say they plan to cut the deficit by winding down the war in Iraq and by raising taxes on those who make more than $250,000 a year. The president also says he'd like to bring back a pay-as-you-go policy on federal spending programs, to get rid of programs that don't work and end tax breaks for companies that send jobs overseas.
Here's the problem - it's all well and good for President Obama to talk about reducing the deficit, but that money could end up being just a drop in the bucket compared to the trillions of taxpayer dollars we're spending on economic stimulus packages, bailing out the banks, auto companies, you name it.
Here’s my question to you: How realistic is it for President Obama to plan to halve the deficit by the end of his first term?
What are the signs of bailout fatigue?
From CNN's Jack Cafferty:
Have you noticed it's become nearly impossible to wake up in the morning without hearing about another big-time bailout by the federal government?
The stock market takes a hit every time the government announces a new initiative.
President Obama recently signed the almost $790 billion economic stimulus bill. His Treasury Secretary Tim Geithner unveiled the bank bailout plan that could mean another trillion dollars spent on bailing out our nation's drowning financial institutions. That's on top of the $700 billion financial bailout package from last fall.
Then there are the auto companies – they were back in Washington this week wanting another $21.6 billion of your money, on top of the more than $17 billion they got last fall. Then there's the administration's $275 billion plan to help up to 9 million struggling homeowners refinance or modify their mortgages so they don't lose their homes.
If these dizzying numbers aren't enough to give you a headache, how about the fact that the stock market keeps tanking every time the government announces a new initiative? Yesterday the Dow closed at its lowest level in more than 6 years and today it took another big hit. Investors are nervous that the government won't be able to right our economic ship, despite the trillions of dollars it's pouring in.
All of which has probably left millions of Americans either pulling their hair out or reaching for the Jack Daniels.
Here’s my question to you: What are the signs you’re suffering from bailout fatigue?
Interested to know which ones made it on air?
Will Dems self-destruct over ethics issues?
From CNN's Jack Cafferty:
The Democrats gained control of Congress in 2006 by effectively hammering Republicans over a "culture of corruption". But as the Associated Press points out - that very same theme may wind up now biting the Democrats in the you-know-what.
Burris, Blagojevich, and Daschle have all been entangled in ethics scandals in recent months.
When it comes to ethical behavior, it turns out Senator Roland Burris of Illinois is only the latest in a pretty long line of embarrassments. Burris now admits he tried to raise money for ousted Governor Rod Blagojevich - who allegedly tried to sell Obama's former Senate seat. Blagojevich was, of course, another black eye for the Democrats.
Then there's New York Congressman Charlie Rangel - he's the subject of a House ethics investigation for a couple of different issues.
And Pennsylvania Congressman Jack Murtha is under scrutiny, as well... since the feds raided two defense contractors that got millions of dollars in funding from Murtha.
Then come the Democrats with tax "issues". Both Tom Daschle and Nancy Killefer stepped down from potential posts in Pres. Obama's inner circle. And Treasury Secretary Timothy Geithner was confirmed only after it was revealed that he had failed to pay some of his taxes.
Another would-be cabinet member, Bill Richardson, didn't make the cut due to a grand jury investigation. And the president had to waive his own ethics regulations regarding lobbying ties in order to confirm William Lynn as Deputy Defense Secretary.
During the campaign last fall, Obama struck a chord with the American people when he vowed to clean up Washington and change the way business is done.
Here’s my question to you: Are the Democrats threatening to self-destruct over ethics issues?
Interested to know which ones made it on air?
How helpful is Bill Clinton’s advice to Pres. Obama?
Is Bill Clinton's advice helpful? (PHOTO CREDIT: EMMANUEL DUNAND/AFP/GETTY IMAGES)
From CNN's Jack Cafferty:
It didn't take long at all for Bill Clinton to get in on the act. A month after his wife was sworn in as Secretary of State, the former president is out with some advice on how President Obama should handle his job.
In an interview with ABC News Clinton gives the new president an "A" for his first month in office yet says he should put on a more positive face when talking about the economy. Clinton says he likes the fact that Mr. Obama didn't come out with a bunch of "happy talk" about the economic crisis. He added, "I just want the American people to know that he's confident that we are gonna get out of this and he feels good about the long run."
And he had more pearls of wisdom. Clinton went on to say that President Obama should talk to the public in greater depth about the economic crisis, saying he should lay out the full scope of what's going on but end by saying he's "hopeful and completely convinced" that we'll make it out okay.
Here's the issue: this is exactly what many Obama supporters feared would happen if he brought Hillary Clinton on board as vice president, or in any cabinet position for that matter. It's the old "two for the price of one", and it's probably just about the last thing Barack Obama needs right now.
Here’s my question to you: How helpful is it for Bill Clinton to publicly give President Obama advice on how to do his job?
Interested to know which ones made it on air?
Why has Congress’ approval rating improved?
From CNN's Jack Cafferty:
Congress' approval rating is higher than it's been in almost 2 years. It's not like they are suddenly loved, but they have managed to crawl out of the gutter, barely.
31% of Americans approve of the job Congress is doing.
The latest Gallup poll also shows Congress' rating jumping up 12 points from last month. 31% of Americans approve of the job Congress is doing now, compared to 19% who felt that way in January.
31% is a long way from stellar but Congress' approval ratings have pretty much hovered below 30% since late 2005. And recently, the ratings have been even more dismal - at around 20% and they hit an all-time low of 14% last summer under the astute leadership of Nancy Pelosi and Harry Reid.
Gallup suggests the increase this month is due to Democrats looking more favorably upon Congress since the inauguration of President Obama. Democrats' approval of Congress went from 18% in January to 43% this month. On the other hand, Republicans are now less likely to approve of Congress than last month.
It's possible that more Americans are giving a thumbs-up to Congress because they approve of the work their representatives are doing - namely passing that massive economic stimulus bill rather quickly through both houses.
Here’s my question to you: Why has Congress' approval rating suddenly improved?
Interested to know which ones made it on air?
U.S. a “nation of cowards” when it comes to race?
Nearly 46 years after the March on Washington, the Attorney General says Americans remain in their "race-protected cocoons." (PHOTO CREDIT: AFP/GETTY IMAGES)
From CNN's Jack Cafferty:
Some tough words from the nation's first African-American attorney general.
Eric Holder says the U.S. is "essentially a nation of cowards" when it comes to openly talking about race relations.
Holder was speaking to Justice Department employees celebrating Black History Month. He says that although the workplace has become mostly integrated, Americans still self-segregate themselves on the weekends and in their free time. "Though this nation has proudly thought of itself as an ethnic melting pot, in things racial we have always been and I believe continue to be, in too many ways, essentially a nation of cowards," said Holder.
Holder says race is often a political discussion, but not one among average Americans. He says he was motivated by President Barack Obama's speech on race last fall. At the time, then-
candidate Obama called on the nation to break "a racial stalemate we've been stuck in for years." He delivered that landmark speech to try to distance himself from the hateful sermons of his former pastor, the Reverend Jeremiah Wright.
Holder echoed Obama's words in saying there's still so much work to be done in this area. He called on people to be more honest with one another and open to criticism. The attorney general described Americans as being stuck in what he calls their "race-protected cocoons" and said that when it comes to how most of us spend our free time the country in some ways isn't so different from 50 years ago.
Here’s my question to you: Do you agree with Attorney General Eric Holder that the U.S. is a "nation of cowards" when it comes to race?
Interested to know which ones made it on air?
@jackcafferty on Twitter
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