ENTIRE VIDEO: President Obama calls for Wall St. reform

By GottaLaff

Visit msnbc.com for breaking news, world news, and news about the economy

Voila.

President Obama: "We also need reform in Washington."

By GottaLaff

Here are a few excerpts from President Obama's financial regulation speech:

Now, there is a legitimate debate taking place about how best to ensure taxpayers are held harmless in this process. But what is not legitimate is to suggest that we’re enabling or encouraging future taxpayer bailouts, as some have claimed. That may make for a good sound bite, but it’s not factually accurate. In fact, the system as it stands is what led to a series of massive, costly taxpayer bailouts. Only with reform can we avoid a similar outcome in the future. A vote for reform is a vote to put a stop to taxpayer-funded bailouts. That’s the truth.[...]

I’ll close by saying this. I have laid out a set of Wall Street reforms. These are reforms that would put an end to taxpayer bailouts; that would bring complex financial dealings out of the shadows; that would protect consumers; and that would give shareholders more power in the financial system. But we also need reform in Washington. And the debate over these changes is a perfect example. [...]

But I believe we can and must put this kind of cynical politics aside. That’s why I am here today. We will not always see eye to eye. We will not always agree. But that does not mean we have to choose between two extremes. [...]

I read a report recently that I think fairly illustrates this point. It’s from Time Magazine. And I quote: “Through the great banking houses of Manhattan last week ran wild-eyed alarm. Big bankers stared at one another in anger and astonishment. A bill just passed … would rivet upon their institutions what they considered a monstrous system… Such a system, they felt, would not only rob them of their pride of profession but would reduce all U.S. banking to its lowest level.” That appeared in Time Magazine – in June of 1933. [applause, laughter] The system that caused so much concern and consternation? The Federal Deposit Insurance Corporation – the FDIC – an institution that has successfully secured the deposits of generations of Americans. [...]

Ultimately, there is no dividing line between Main Street and Wall Street. We rise or we fall together as one nation.

I'll post the video when it becomes available.

General Motors repays government loans, plans $120M investment in Detroit-area plant

KAPOW!!! Need some hot sauce to put on your "GM = GOVERNEMENT MOTORS**" signs you'll be eating, Tea Bagger Nation?

General Motors is investing $257 million at two of its factories that will build the next generation of the hot-selling midsize Chevrolet Malibu.

CEO Ed Whitacre was at the factory in Kansas City, Kan., on Wednesday to announce the investment and the company's early repayment of $6.7 billion in U.S. government loans.

GM's investment will be shared by the Fairfax Assembly Plant and the Detroit-Hamtramck plant, which is expected to see about $120 million. Fairfax makes the popular Buick LaCrosse and Chevrolet Malibu sedans. Both are selling well for GM and helping to generate cash.

The plant has been working around the clock to meet with demand. Meanwhile, a new Associated Press poll finds more Americans now say the U.S. makes better-quality vehicles than Asia does.

** Changed for Tea Bagger spelling

Treasury Projects Smaller Losses for TARP

By GottaLaff

The word "billions" is becoming nearly meaningless these days. It shouldn't, but it's thrown around so often and so freely, it's become the new "millions". And the number is so huge that it's nearly incomprehensible.

Additionally, the word "trillions" has made its way into daily convos lately. Now that's really incomprehensible.

So when I red the words "all but $42 billion", my first reaction is, "Oh wow, that's not so much!"... until I reset my relativity meter and realize that I'm happy if I have $20 in my wallet.

But in the scheme of things, this could at least end up in the I Think This is Positive News column:

The Treasury Department "expects to recover all but $42 billion of the $370 billion it has lent to ailing companies since the financial crisis began last year, with the portion lent to banks actually showing a slight profit," reports the New York Times.

"The report could tamp down some of the public anger directed against both parties over the bailouts. Congressional leaders are already planning to use some of the program's money for economic stimulus and job creation."

Obama open to newspaper bailout bill

By GottaLaff

You know what worries me a little? Here's what: When online news sources begin charging a fee, it will cut into TPC's access. If Paddy and I were to have to subscribe to each and every newspaper we can currently read regularly, we'd go broke in about 5 minutes.

Oh wait. We're already broke.

With a hard copy, one person can subscribe, then pass it on to a friend or family member. I suppose that could happen on line, too. For example, when the New York Times started charging for their op-eds, I remember digging around until I found a site or two that posted snippets of Frank Rich's or Maureen Dowd's or whomever's columns.

Eventually they stopped charging.

Anyway, sometimes these invaluable sources would go so far as to post the entire piece, which made me feel like I'd hit a gold mine. I'd often have to open a bottle of some exotic alcoholic beverage to celebrate such an occasion.

Actually, I'd do that anyway. In fact, I may do that right now. But I digress:

The president said he is "happy to look at" bills before Congress that would give struggling news organizations tax breaks if they were to restructure as nonprofit businesses.

"I haven't seen detailed proposals yet, but I'll be happy to look at them," Obama told the editors of the Pittsburgh Post-Gazette and Toledo Blade in an interview.

Sen. Ben Cardin (D-Md.) has introduced S. 673, the so-called "Newspaper Revitalization Act," that would give outlets tax deals if they were to restructure as 501(c)(3) corporations. That bill has so far attracted one cosponsor, Cardin's Maryland colleague Sen. Barbara Mikulski (D). [...]

Obama said that good journalism is "critical to the health of our democracy," but expressed concern toward growing tends in reporting -- especially on political blogs, from which a groundswell of support for his campaign emerged during the presidential election.

"I am concerned that if the direction of the news is all blogosphere, all opinions, with no serious fact-checking, no serious attempts to put stories in context, that what you will end up getting is people shouting at each other across the void but not a lot of mutual understanding," he said.

HEY! WHO'S SHOUTING!?

I'm not sure if a proposal like that would do much good, nor whether we'd still end up getting charged for use. I do know that I am saddened by what's happened to the news industry as a whole, and newspapers specifically.

Meanwhile, I guess I'll just KEEP SHOUTING and omit any serious fact-checking or context. After all, misinformation is our business, and here at TPC, we excel at it.

Cheney admits it: Bush bolstered GM so it would fail on Obama's watch, not his

By GottaLaff

Typically BushCo-ian:

During an interview on Fox News last Tuesday, Cheney revealed that during his presidency George W. Bush did not want to be the one who “pulled the plug” on GM.

Why not? They pulled the plug on everything else. The U.S. was circling the drain under their watch.

“I thought that, eventually, the right outcome was going to be bankruptcy,” Cheney said, referring to GM. “It had to go through such a dramatic restructuring to have any chance of survival that they had to be able to renegotiate labor contracts and so forth, and the president decided that he did not want to be the one who pulled the plug just before he left office.”

But by all means, Rushpublics, blame Obama. True to their usual M.O.

Cheney said that rather than acting on GM, the Bush administration “put together a package that tided GM over until the new administration had a chance to look at it.” This included the original $17.4 billion auto industry bailout package signed in by the Bush administration late last year, which was designed to give the incoming Obama administration some time to adjust and make preparations for the inevitable GM bankruptcy.

Aww, how thoughtful of them.