VIDEO- President Obama: Largest Monthly Job Increase In 4 years

By GottaLaff

If you missed this earlier, here you go:

Dow down about 350 points at close

By GottaLaff

Here's the latest from the L.A. Times, via an e-mail alert:

The stock market briefly went crazy Thursday, with the Dow Jones industrials plunging nearly 1,000 points before quickly recovering most of that loss.

Most traders were unable to explain the sudden decline, which came amid continued worries about Greece's debt problems and another day of unrest in that southern European country. Rumors abounded that the fall was triggered by a trading error, compounded by computerized trading.

Preliminary figures show the Dow finished down about 347 points, or 3.2%, at about 10,520. Its low for the day, at 11:46 a.m. PDT, was at 9,872 points, down about 995 points from Wednesday's close.

More soon at: http://www.latimes.com/

U.S. employment grew slowly in April

Three months adding jobs is a helluva lot better than the alternative. Krugman says we need 127k jobs a month, so at least we're on our way?

ROSELAND, N.J., May 5 (UPI) -- Payroll firm Automatic Data Processing said Wednesday U.S. private sector jobs have made gains for three months, albeit very modestly.

ADP said 32,000 jobs were added to the economy March to April, using seasonally adjusted figures. In addition, ADP revised the previous month's estimate from a loss of 23,000 to a gain of 19,000. On top of that, a revision of January to February shows an increase of 3,000 jobs, ADP said.

ADP said to expect "stronger" numbers on Friday, when the Labor Department releases its estimate of the employment picture, which includes federal jobs that are not counted in the ADP report.

Auto sales remain revved up in 2010

Sing it from the rooftops!

Auto sales continued their 2010 climb in April, the fourth month in a row that the industry has shown significant increases over the previous year, and Franklin-based Nissan led the charge with a gain of 35.1 percent over the same month last year.

Ford and Chrysler each posted surprising 25 percent increases, and even recall-plagued Toyota showed a 24.4 percent rise, aided by hefty incentives on vehicles that in the past have generally sold well without such help.

The entire industry was up 20 percent over April 2009, but slipped 8 percent from March — a month that was aided by the start of Toyota's big incentives, lots of tax-refund checks and a break in the weather from a long, hard winter.

Poll: Public's View of the Economy is Improving

Note that the President's approval is up, especially with independents. Nice.

Americans are more optimistic about the future of the economy than they were last month, according to a new CBS News/ New York Times poll. Forty-one percent of Americans now say the economy is improving, up eight points from April and more than at any time during this recession. Just 15 percent think the economy is getting worse, according to the poll, conducted April 28 - May 2.

There has also been a small bump in President Obama's approval rating on the economy. In a five-point increase from last month, 48 percent now approve of the job he's doing on the economy.

(snip)

Most Democrats (77 percent) approve of the president's handling the economy, while most Republicans disapprove (86 percent). Independents are divided: 46 percent approve, while 45 percent disapprove. Last month, more independents disapproved than approved of how Mr. Obama was handling the economy.

Video- President Obama Makes Statement on Economy and Oil Spill

I hope this gets out, the intertubes keep on going in and out.

Live Streaming Video- President Obama comments on data showing economic growth

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

He's set to speak about quarter til, but he's always late.

Solid Majority Backs Financial Reform Bill

Run with it then beat the Republicans over the head with it. Actually, they're so tone deaf on this they'll probably do it to themselves. Via Taegan-

The Senate is expected to hold a test vote on a financial regulation reform bill later today, but it appears Democrats do not yet have the 60 votes needed. However, Roll Call notes that rarely have Senate Democrats "been so calm about losing a vote."

The reason? Democrats are prepared to excoriate Republicans for blocking very popular Wall Street reforms.

A new Washington Post/ABC News Poll finds approximately two-thirds of Americans support stricter regulations on the way banks and other financial institutions conduct their business.

"Majorities also back two main components of legislation congressional Democrats plan to bring to a vote in the Senate this week: greater federal oversight of consumer loans and a company-paid fund that would cover the costs of dismantling failed firms that put the broader economy at risk."

Goldman Sachs Messages Show It Thrived as Economy Fell

By GottaLaff

Via an e-mail, a New York Times news alert... while we pull TPC back up from the dead:

In late 2007 as the mortgage crisis gained momentum and many
banks were suffering losses, Goldman Sachs executives traded e-mail messages saying that they were making "some serious money" betting against the housing markets.

The e-mails, released Saturday morning by the Senate
Permanent Subcommittee on Investigations, appear to contradict some of Goldman's previous statements that left the impression that the firm lost money on mortgage-related investments.

Just keep siding with these guys, Rushpublics, please. That should work out quite well for you.

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.

Headline of the Day

Unemployment claims drop as home sales rise

Poll-itics: Latinos more upbeat about economy

By GottaLaff

The Party of No better take note, President Obama is getting a big "si se puede" from a voting block that can make a difference:

MIAMI, April 21 (UPI) -- A Florida-based poll Wednesday indicated Hispanic Americans are more optimistic about the future of the U.S. economy than the general population.

The Telemundo poll in Miami reported that almost four out of five Hispanics think the economy has stabilized or that it has already begun to improve.

I'm sure that spiffy new racial profiling immigration legislation in Arizona is going over well, too.

The Tea Baggers are getting nervous

By GottaLaff

Hey chums! Want to join me in some fun? Check out how jittery the Tea Tantrumers are getting.

Via an e-mail, with the subject line: Urgent! Bailout Bob is at it again.

A message to all members of Tea Party Nation

Bailout Bob Corker, (RINO-TN) is at it again

The liberals have three major agendas they want passed this year. The first was health care, the second is financial overhaul and the third is cap and tax.

While the liberals were able to take over 1/6 of the economy with healthcare, they are now trying to take over the remaining 5/6 with "financial reform" legislation.

This bill, written by Chris "Countrywide" Dodd, is a permanent bail out of the financial sector. It provides for advance funding for government take overs of banks. Although Corker denies this, it is a permanent bailout.

Until now, all 41 Republican Senators had stood firm, providing a filibuster that the liberals could not break. Now, that is changing. Corker has been signaling his willingness to work with Chris Dodd. This bill does nothing for the American people. It will only allow the government to control even more of our economy.

Corker needs to hear from all of us, regardless of whether you live in Tennessee. Call his offices as soon as you can and tell him not to compromise with Chris Dodd, and not to support this "financial reform."

Nashville 615-279-8125

Knoxville 865-637-4180

Memphis 901-683-1910

Chattanooga 423-756-2757

Tri-Cities 423-323-1252

Jackson 731-424-9655

Washington DC 202-224-3344

Send this email to your friends and encourage them to call Corker's offices. The Obama/Pelosi/Reid axis of fiscal evil are on the move again and Bailout Bob Corker is the one vote that could stop this.

Call him today!

Quickie: How to eat well on a food stamp budget: $68.88

By GottaLaff

Today's Quickie:

A sign of the times:

To find out how well you can eat on food stamps, the AP asked two chefs and a magazine food editor to plan out seven days of meals for a family of four using that budget: $68.88.

I wonder how much it cost to figure that out.

That was today's Quickie. Will you still respect me in the morning?

Deficit THIS

By GottaLaff

See how liberally biased Reuters is? At least that's what we should soon be hearing from those pesky Rushpublics once they get an eyeful of this:


No matter how they try to deny it, this is what the Obama administration got stuck with. And digging ourselves out of this won't happen overnight.

Clear? Clear.

H/t: Memaloose

Dow closes above 11,000 for first time since ’08

By GottaLaff

You realize what this means, don't you? President Obama is a socialist!

A loan agreement for Greece and a handful of corporate takeover announcements nudged the stock market higher. The Dow Jones Industrial Average closed about 11,000. [...]

Meanwhile, the latest round of corporate dealmaking signaled that business leaders are more confident about a recovery. [...]

The Dow is coming off its sixth straight weekly gain.

The Nasdaq composite index rose 3.82, or 0.16 percent, to 2,457.87.

What a shame big corporations are suffering under this president. And that Recovery Act, what a bomb!

Follow the link for details.

Summers: 5 steps to more jobs... unless GOP blocks

By GottaLaff

Lawrence Summers, Director of the White House National Economic Council, was on CNN’s State of the Union today. He explained how we inherited a terrible situation, have "a long way to go", and reminded Candy Crowley that the president has had to get around the roadblocks the Rushpublics have consistently put up.

He went on to say the "trend has turned", despite what we got stuck with. He laid out what the Obama administration has planned:

In order to try to bring the unemployment rate down, Summers said the administration is taking five steps: (1) continuing to implement the approximately $800 billion stimulus package passed soon after President Obama took office, (2) implementing new measures including tax credits intended to encourage businesses to hire the unemployed, (3) additional support to protect workers in state and local government like teachers and firemen, (4) providing incentives for small businesses to expand, and (5) providing incentives to create “the new energy economy” that includes a focus on energy efficiency and renewable sources of energy.

He said number four was "critical".

He also said Congress needs to act on these provisions so that we can build a foundation for the future.

However (Yes, the H Word is back):

Asked why the administration did not seem to be pointing to any new proposals intended to battle unemployment, Summers suggested that some of the White House’s economic agenda was being held hostage by Republicans in Congress.

Gee, ya think?

Sidebar: Candy Crowley started the segment by emphasizing Obama's dip in the polls over the last year, failing to put it into proper context. As my Twitter pal Degringolade said, "Worst. Easter Candy. Ever."

Kyl Says Republicans Ready to Cooperate on Financial Reform

By GottaLaff

Wait, what? Why, I had my eyes opened today! It turns out the GOP actually does know the word "cooperate". Who tutored them while we weren't looking? All that surreptitious home schooling may have actually paid off:

Senate Minority Whip Jon Kyl (R-Ariz.) on Sunday said Republicans are eager to cooperate with Democrats on financial regulatory reform legislation, the next major item on the Senate agenda.

Apparently, they also learned the words "poll numbers", "consequences", "elections", and "fail".

They have yet, however, to fully comprehend the meaning of the words "hypocrite" and "disingenuous".

VIDEO: Rachel Maddow and her Amazing Bikini Graph

By GottaLaff

Lerve, lerve, lerve this segment:

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

Itsy bitsy teenie weenie economic graph bikini....