Steny Hoyer: House to pass Jobs Bill by Dec 18th, to include further unemployment extension, COBRA addition and infrastructure & Is Obama planning a 3 trillion dollar tax increase?, plus the rationing begins, women first

(We are combining posts for time under the light blog schedule for the Holidays)

Job Creation Bill:

iMarketNews:

House Majority Leader Steny Hoyer Tuesday said that Democrats want to pass a jobs creation bill in the House by December 18, the day he hopes Congress will adjourn for the year.At his weekly briefing, Hoyer said House Democrats are now reviewing “a lot of options” to boost job creation, including infrastructure spending, a highway bill, business tax credits for job creation, another extension of unemployment insurance, an adjustment to COBRA and assistance to state governments.

Hoyer said he “would not characterize” the package that is being developed as the second stimulus bill of 2009. Congress passed a $787 billion fiscal stimulus bill in February. The measure, he said, would be “targeted on jobs.” “We’re moving ahead,” he said.

The House Majority Leader said the package will be devised to boost job creation in the short-term, suggesting that any offsets would occur later after the economy picks up speed. The bill, he said, would spend funds early and then “flatten out” our expenditures as the economy grows.

He said the overall size of the package has not been determined. “I don’t have a figure,” he said, when asked about the cost of the bill. Hoyer said that unless the American economy begins to create jobs “we will not have the kind of recovery we want.”…

Continues after the break:

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November 17, 2009. Tags: , , , , , , , , , , . Economy, Finance, Healthcare, Obama Administration, Politics, Taxes, Unemployment Statistics, Wall St. Comments off.

Update: Steny Hoyer (D-MD) gets booed at townhall…

Update from TheHill go read the whole thing! Steny tried to filibuster with a bunch of panelists and the crowd got mighty pixxed:

…at the conclusion of Hoyer’s planned speech, when five panelists were introduced and asked to give their own remarks, the crowd turned on its congressman, erupting angrily at having to continue to wait for their chance to ask questions.

“We don’t want to hear this!,” a man’s voice rose above the crowd “Get to the questions!” A chant of “We want questions! We want questions!” soon broke out

After a few questions about the cost of the healthcare overhaul, Hoyer repeated emphatically his pledge not to vote for a healthcare bill that wasn’t paid for, a statement that only drew a mix of boos and laughter….

…“A woman earlier asked who’s going to keep the health insurance companies honest. I’m concerned who’s going to keep the government honest,” an unidentified man asked Hoyer, prompting a roar from the crowd fit for a championship basketball game, as people in the packed bleacher seats stomped their feet, amplifying the noise….

He was rolling out the EEEEvil insurance company (TM) line when he got a round of boos…

A report from outside the townhall fromThe Sundries Shack via Instapundit:

Tonight, a standing room-only crowd of over 1500 people packed the gymnasium of North Point High School in my hometown of Waldorf, MD to attend a health care town hall meeting with Congressman Steny Hoyer….(go read the whole thing)

Here are some helpful facts as the new attack, this time ginning up class warfare HARD against insurance companies,  gets rolled out next week. Courtesy of a comment on TheAtlantic where Ambinder gently lays out all the approved journOlist talking points for Team TOTUS:

mfsheldon (Replying to: djaymick) September 1, 2009 4:58 PM:

Obama is not honest in his rhetoric.

– 61% of major health plans are non-profit. NON-PROFIT

– The other 39% earn a WHOPPING 3.2% profit margin, same as Wal-Mart. Google earns 25%. Google CEOs get invited to appear in Obama campaign ads. Insurance company CEOs, including non-profits, get villainized.

– 82% of hospitals are non-profit are government run. About half of nursing homes are as well.

Health care insurance and provision of services is one of the least profit-oriented sectors in the economy, given the widespread participation of non-profits.

Pharmaceutical and Medical Device Companies make 15% profit margins, roughly. That is real money. However, other innovation-oriented technology companies often make more. Apple earns 15%. Google earns 25%. Microsoft earns closer to 30%. Pharma is not out of line with other R&D lead industries.

As for the uninsured, it is actually 46 million PEOPLE.

– 9 million are illegal immigrants
– 2 million are legal residents who can return to their home country if they get too sick, so they do not insure themselves
– 12 million are actually covered by Medicaid but have not signed up because they are not sick
– 15 million are uninsured, yet make more than $75,000 and CHOOSE not to purchase coverage

When you get down to it, the number of people who fall through the cracks because of economic reasons amounts to…

8 million people.

That is about 3% of the population.

Keep in mind another important factor. This data is collected by the US Census every year and they ask the following question.

“In the last year, were you without health insurance coverage?”

What that means is that anyone who was between jobs or failed to re-up their policy for any reason gets included.

This probably overstates the actual level gap in coverage significantly because lots of people may go for a month without coverage between jobs, even in a good economy….

September 1, 2009. Tags: , , , , , . Healthcare, Obama Administration, Politics, Popular Culture. 1 comment.

News Wrap: FED announces MBS purchase details..guess who got tapped as asset managers?…Delay to Son of TARP?:Congress pushes PEBO for Stimulus details…Case Shiller Housing Index: Record Declines Increase…Hank Paulson is Jordy Verrill…

If you said Golden Slacks got tapped to handle the FEDs business, DING DING DING…give that taxpayer a cigar!

Well, we all knew it was coming, Bill Gross told us exactly what was coming. We love Bill Gross, the founder of PIMCO, who yes, also got tapped. We reported Bill’s very frank assessment of what was coming from the FED after their last meeting.

CNBC has the details, Steve Liesman broke the story on CNBC Reports this evening...

07-04-02_game_of_monopoly

Steve reports the FED will be purchasing 500 billion in Mortgage Backed Securities through the end of the second quarter of 2009. That is an aggressive pace says Steve. It will accept fixed rate agency MBS, Freddie Fannie, will buy 10 15 30 yr mortgages, funded by ‘creating money’, i.e. printing it.

The asset managers are required to put up “ethical walls” to separate the part of the company doing FED operations from those trading for profit, yeah good luck with that one, HA HA HAA!!  Blackrock, Goldman Sachs, PIMCO and Wellington Management will be the asset managers purchasing the MBS …

foxinhenhouseIt had to be done, it should’ve been done with TARP One, they said that was what they would do. Finally, question now is, can the people who created the excess risk and took the profits from the loss we are all suffering at the outset, now be trusted to manage our attempts to reverse the damage with taxpayer money? Not while getting these bonuses man. Let Barney Frank and Waxman and the CBC loose at hearings but we had BETTER see some SERIOUS strings on Son of TARP as Kudlow calls it.

This action by the FED is totally at their own discretion without oversight, as is everything they do, for more on that listen to any questions asked by Ron Paul of Greenspan or Bernanke at the Humphrey Hawkins testimony before Congress. We love it when Paul takes it to the man…

But guess who may ride to the rescue and act as a sort of check on the FEDs activities? FOX NEWS!!! YES! Interestingly, Fox Business is suing under the FOIA to get access to whom this FED and Treasury money is going and what collateral the Treasury and/or FED is getting in exchange, information they have refused to release…

…Kevin Magee, Executive Vice President, FOX News commented, “The Treasury has repeatedly ignored our requests for information on how the government is allocating money to these troubled institutions. In a critical time like this amidst mounting corruptions and an economic crisis, we as a news organization feel it’s more important than ever to hold the government accountable.”

Steven Mintz, Esq. of Mintz & Gold LLP, and legal counsel for the network added, “Despite the several requests for expedited information filed by FBN, it has become apparent that the Treasury will not cooperate without mounting legal pressure. Therefore, we have filed a complaint in the Federal Court in New York and ask the Court to make the Treasury provide the information sought by the journalists at FBN.”…

So to wrap, the FED is printing 500 million to try and get mortgages under control, something Paulson promised to do with the 350 billion he gave the banks. And ps, the Foxes are now officially guarding the Henhouse and actually collecting commission to do so, while getting access to basically controlling the debt markets with this power. Nice deal if you can get it eh?

I hear rumblings tonight that Congress may not open the ‘Son of TARP Stimulus’ for debate until late January now. I hope this does not mean they plan to wait LONGER on housing to see how this FED action goes. For Gawd’s sake ITS TEH HOUSING STOOPID!! Almost immediately we have a new spin on that report via WSJ which seems to have Congressional DEMS implying PEBO has failed to deliver on needed stimulus plans…

“The weak economy demands quick action, and that is our intention,” House Majority Leader Steny Hoyer (D., Md.) said in an interview Tuesday. “But significant work remains to be done. We need to do this right and make wise investments, plus members and the public need time to review it. So the timing very well may slip.”

Rep. David Obey (D., Wis.), chairman of the House Appropriations Committee, added, “I had been hoping that the timetable would be this week” for having a proposal in hand.

But Mr. Obey said Mr. Obama’s team, which recently met with congressional committee leaders, is still determining the details of the package it wants.

-snip-

“First we’ve got to have some signals called by Obama,” Mr. Obey said. “It’s hard to negotiate with somebody if the other party hasn’t decided what they want out of the negotiations.”

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December 30, 2008. Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , . Big 3, CITI, citigroup, Economy, Entertainment, Fantasy, FDIC, Film, Finance, Foreclosures, Horror, Housing, Labor Department, Obama Administration, Politics, Popular Culture, Sci Fi, TARP, Unemployment Statistics, Wall St. Comments off.

The New Stimulus: Inauguration Day…Economic Team:Melody Barnes to lead on policy…

melody-barnes-cap

UPDATE: 12:15PM EST: The President-Elect has named Melody Barnes, of the Center for American Progress, the head of his policy council (happy dance). Ms. Barnes did a column in WaPo 2 years ago reflecting upon what a truly progressive POTUS might say at a SOTU address, it is well worth a look for some insight into the future direction of our policy:

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November 24, 2008. Tags: , , , , , , , . Cabinet, Center for American Progress, citigroup, Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, TARP, Wall St. 1 comment.

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