Did Obama Lie About Yellen?

Lying is a strong word. Perhaps Mr. Obama was referring to Fed transcripts from December 2007, where Yellen is on record to have said: The possibilities of a credit crunch developing and of the economy slipping into a recession seem all too real. At the time of our last meeting, I held out hope that the financial turmoil would gradually ebb and the economy might escape without serious damage. Subsequent developments have severely shaken that belief. So perhaps Yellen did see a degree of trouble in advance and President Obama is simply enhancing her credibility. It wouldnt be the first non 100% correct statement by a politician. Source: http://finance.yahoo.com/news/did-obama-lie-yellen-161750636.html





WRAPUP 5-Obama and Republicans search for a deal on U.S. fiscal impasse



12 (UPI) -- U.S. President Barack Obama said the politics involved in the government shutdown and the debt ceiling "isn't how our democracy works, and we have to stop it." In his weekly radio and Internet address Saturday, the president told listeners he had met in the past few days with members of both parties from both houses of Congress "in an effort to reopen your government and remove the dangers of default from our economy." "It's a positive development that House Republicans have agreed on the need to avoid the economic consequences of not meeting our country's commitments," he said. "Because once the debt ceiling is raised, and the shutdown is over, there's a lot we can accomplish together." However, he said "there is no good reason anyone should keep suffering through this shutdown." "I met with some really innovative small business owners on Friday who've already lost contracts, lost customers, and put hiring on hold -- because the pain of this Republican shutdown has trickled down to their bottom lines," Obama said. "It's hurting the very citizens that our government exists to serve. That's why a growing number of reasonable Republicans say it should end now." Obama -- who Republicans blame for the shutdown, saying he refuses to negotiate -- said a default would drive up interest rates for everyone, something he said would amount to "a Republican default tax." "It doesn't have to be this way," he said. Source: http://www.upi.com/Top_News/US/2013/10/12/Obama-Shutdown-politics-isnt-how-our-democracy-works/UPI-13401381572000/







Obama, NSA dissed by report as Edward Snowden reappears



An unlikely coalition of the heads of the U.S. Chamber of Commerce, AFL-CIO labor federation and United Way Worldwide joined together on Friday to warn about the dangers of a prolonged economic impasse. "While we may disagree on priorities for federal policies and we even have conflicting views about many issues, we are in complete agreement that the current shutdown is harmful and the risk of default is potentially catastrophic for our fragile economy," they wrote in a letter to Obama and members of Congress. Obama spoke by phone to a group of about 150 leaders of major businesses on Friday afternoon, the White House said. "The president reiterated that his first order of business is to urge Congress to reopen the government and remove the threat of default, and then he is willing to engage with Congress on a long-term budget," the White House said. Source: http://mobile.reuters.com/article/economicNews/idUSL1N0I10V720131012





'Obama Lied, My Heath Care Died'



But now I want to come back as the bond market, he told the Wall Street Journal at the time. You can intimidate everybody. Strategy Worked Under Clinton, the yield on the 30-year Treasury fell to a low of 4.7 percent in October 1998 from a peak of 8.2 percent in November 1994, while the budget deficit turned into a surplus. That strategy worked for Clinton, said Rob Shapiro, who helped draft the presidents economic plan and is now chairman of the Washington advisory firm Sonecon Inc. It produced the longest boom on record. As budget deficits exploded following the 2008 financial crisis, with the government recording its first trillion-dollar shortfalls in history for four years in a row, many Republicans said so-called bond market vigilantes would demand higher Treasury yields. That hasnt happened. Even amid the prospect of the U.S. Source: http://www.bloomberg.com/news/2013-10-11/obama-says-real-boss-in-default-showdown-means-bonds-call-shots.html





Obama signs bill to pay military death benefits



Republicans are poised to reject it amid talks among the group of rank-and-file senators talks monitored with the full attention of Senate leaders. More business news Wells Fargo touts strength despite flagging mortgage sales Dakin Campbell The bank cites the diversity of its 90 businesses as evidence it can overcome one units weakness. JPMorgan loss caps bad year for Jamie Dimon Danielle Douglas The CEO is steering the bank through probes and big settlements that has led to the banks first loss since 2004. Jia Lynn Yang and Tom Hamburger Businesses want the government reopened, the debt ceiling raised and tea party candidates defeated. More business news The groups focus is on a proposal by Sen. Source: http://www.washingtonpost.com/business/still-shut-down-obama-gop-try-to-negotiate-way-out-of-impasse-without-appearing-to-negotiate/2013/10/11/08481770-32d4-11e3-ad00-ec4c6b31cbed_story.html







From a political standpoint, it may not have been the best move. Nevertheless, the president's reaction to it, aided and abetted by Senate Democratic Leader Harry Reid, reveals a shameless inconsistency in his attitude toward the American system. He will wield it as a sword in defense of those causes he advocates, but will attack it with a vengeance when he disagrees with the result, as he is doing now and as he did when the United States Supreme Court issued its decision in the Citizens United case. That the ends justify the means may be a winning argument in the Saul Alinksy playbook, but it should not be the case in a democratic system where the power of the majority is tempered by consideration of the rights of the minority and the rule of law. Barack Obama, who fashions himself a constitutional scholar, is perhaps the most powerful advocate for the idea of the rule of men over the rule of law to ever occupy the White House. Source: http://www.usnews.com/opinion/blogs/peter-roff/2013/10/11/obama-lied-i-lost-my-health-insurance-plan-due-to-obamacare





Obama, Boehner agree all sides should keep talking



Hagel said the Pentagon would reimburse the foundation after the shutdown ends. The government could not actively solicit funds from private organizations but could accept an offer. "I am offended, outraged, and embarrassed that the government shutdown had prevented the Department of Defense from fulfilling this most sacred responsibility in a timely manner," Hagel had said in a statement . Members of Congress starting Tuesday started decrying the missed payments, and the House on Wednesday unanimously passed a bill to restore the death benefits. The administration said Thursday night that the Pentagon's agreement with Fisher House would remain intact to make sure the benefits are delivered without further interruption until officials can get the program up and running again. The bill is the second "piecemeal" measure Obama has signed to hold the military harmless during the shutdown. Source: http://www.cbsnews.com/8301-250_162-57607017/obama-signs-bill-to-pay-military-death-benefits/





Obama says that after impasse ends, Republicans and Democrats can accomplish a lot together



Meanwhile, Prism leaker Edward Snowden accepts an award in Moscow. In Paris this past July, demonstrators hold up posters of US President Barack Obama and NSA leaker Edward Snowden. (Credit: Kenzo Tribouillard/AFP/Getty Images) The National Security Agency's electronic surveillance programs are already having a chilling effect on free speech, at least according to a report by the former executive editor of The Washington Post. "The Obama Administration and the Press," penned by Leonard Downie Jr., whose career at the storied newspaper included time spent as an editor during the Watergate era, says sources for stories involving national security are far less likely to talk to reporters now that mass spying by the NSA has come to light. Downie -- also an executive with the Committee to Protect Journalists , the press-freedom nonprofit that published the report Thursday -- examined the Obama administration's aggressive policies toward leakers such as Edward Snowden and spoke with 30 experienced Washington journalists about the administration's dealings student loan consolidation with the press. The journalists included reporters from ABC, the Associated Press, CBS (parent of CNET), CNN, The New York Times, and the Post. Source: http://news.cnet.com/8301-13578_3-57607012-38/obama-nsa-dissed-by-report-as-edward-snowden-reappears/





Obama Says Real Boss in Default Showdown Means Bonds Call Shots



"There was an awful lot of talking but the president still says he won't negotiate," said Cruz, who spearheaded the attempt last month to add anti-Obamacare amendments to a spending plan needed to prevent the government shutdown. Source: Obama, Ryan exchange shifts tone Even as he has continued to firmly repeat his positions, President Obama has been reaching across the aisle this week. One potentially pivotal meeting came Thursday evening, when House GOP leaders went to the White House. The two sides went around and around for an hour, getting nowhere. Then -- as first reported by CNN's Deirdre Walsh and Dana Bash, citing multiple attendees -- an exchange between GOP Rep. Paul Ryan and Obama seemed to clear the air. Source: http://www.cnn.com/2013/10/11/politics/shutdown-showdown/index.html