Earth Day 2009

NEWTON, Iowa (CNN) -- President Obama marked Earth Day Wednesday by announcing a new initiative to lease federal waters for the purpose of generating electricity from wind and ocean currents.

The president announced the initiative, to be administered by the Interior Department, while reiterating his pledge to push for a comprehensive energy plan that encourages the development of alternative fuel sources, cuts dependence on foreign oil, addresses climate change, and creates new jobs.

Wind power can generate 20 percent of the country's electricity by 2030 and support 250,000 jobs, Obama said during a visit to a wind turbine tower manufacturing plant.

It is part of "beginning a new era of energy exploration," he said.

Contrary to the assertion of some critics, the country does not have to choose between protecting the environment and expanding the economy, Obama said. The real choice is between "prosperity and decline."

The president said there is no "silver bullet" to solving the country's energy needs, and that a variety of energy sources will be required to reduce dependence on fossil fuels. The United States needs to boost domestic production of oil and natural gas in the short term before fully transitioning to alternative sources, Obama said.

But over the long term, new energy sources will be required both to address the issue of climate change and strengthen the economy, he said.

Meanwhile, Vice President Joe Biden said Wednesday that $300 million in stimulus money will be given to state and local governments to help expand the number of clean and sustainable vehicles in cities around the nation. The program is called the Clean Cities Alternative Fuel and Advanced Technology Vehicles Pilot Program.

"Every day is Earth Day," said Biden at a Washington Metropolitan Area Transit Authority training facility in Landover, Maryland, where he announced the program.

The plan, according to Biden, would help local governments and transportation authorities invest in clean vehicles and fund the fueling infrastructure to support them.


"From advanced battery cars to hybrid-electric city buses, we're going put Recovery Act dollars to work deploying cleaner, greener vehicles in cities and towns across the nation that will cut costs, reduce pollution and create the jobs that will drive our economic recovery," Biden said in a statement.

The funding adds to $11 billion already allocated to the Department of Energy to boost local energy efficiency programs and weatherize low-income homes. To participate, local governments have to apply to the Clean Cities Program for funding, and they can receive money for a variety of hybrid vehicles and alternative fuels.

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Read the CNN.com article about Obama on Earth Day.

Click here to sign the petition to support Al Gore (and Repower America) in support of clean energy legislation that is currently making its way through Congress.

Make yourself a green jobs icon here.

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MoveOn.org Power Up America Campaign

The MoveOn.org Power Up Campaign kicks off nationwide on Saturday, March 28, 2009. Our country faces daunting challenges and needs your help. Millions of Americans are losing their jobs and their homes. The country has relied on foreign oil and has an addiction to dirty and unsustainable energy.

There's a clear path forward to solve many of these problems: President Obama's plan to create millions of new green jobs and make a massive switch to a New Energy Economy. But the big oil and coal lobbies will fight tooth and nail to preserve the status quo.

Working on a grassroots level, MoveOn.org will support President Obama's plan and pressure members of Congress to support this initiative. In the coming months, MoveOn.org will do the following:

• Get Congress to support New Energy Economy
• Promote New Energy Economy through media and coalition efforts
• Support the Obama Plan to invest $150 billion in the New Energy Economy

The following video highlights the Call to Action called the Power Up America Campaign:

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plez sez: i have been invited to speak at the local MoveOn.org Power Up America campaign kick-off in Stone Mountain, Georgia at 1:00 pm on saturday. plezWorld will be speaking on how we can become green and how the new green economy will spur job growth in our region as it has done in other parts of the country.

i'm looking forward to helping President Obama stimulate the economy by bringing "green" jobs to DeKalb County, Georgia and helping to create the New Energy Economy.

if you are in the area and would like to attend, send me an e-mail message and i'll send you an invite.

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The PickensPlan site supports the Power Up America in Dallas, TX.

The St. Louis Design Community Connections site supports the Power Up America campaign in St. Louis, MO.

The Patriotic Resistance blog has a post about MoveOn.org's grassroots campaign for the New Energy Economy.

Check out the Green for All site for more information about the Green Economy.

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About MoveOn.org: MoveOn.org Political Action, one of the largest Political Action Committees in the country, brings real Americans into politics to fight for a more progressive America and elect progressive candidates. It conducts major campaigns, from its work to protect the Supreme Court from a hard-right justice to its campaign to defeat the right wing and elect moderates and progressives in 2008. But in contrast to most PACs, which funnel industry contributions to candidates in exchange for access, MoveOn.org Political Action brings hundreds of thousands of small donors together to elect candidates who will represent the American people. With one secure online credit card transaction, you can immediately make contributions to several campaigns. All contributions go to the individual campaigns in the amounts you specify. MoveOn.org Political Action takes care of all the required FEC paperwork by transmitting necessary contributor information to each campaign.

Because it’s a federal PAC, MoveOn.org Political Action can’t accept donations greater than $5,000. And in fact, MoveOn.org Political Action is mostly funded by people who give less than $100 – folks who don’t have a lot of money but want to see a change. Through 2004, MoveOn.org Political Action raised approximately $11 million for 81 candidates from over 300,000 donors. In 2005, MoveOn.org Political Action grew to 3.2 million members and 125,000 members contributed $9 million to progressive candidates and campaigns (average donation: $45).

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Why the Dow Jumped 497 Points on Monday

The Dow Jones average took a leap that hasn't been seen in quite some time. Wall Street literally got high, on the news of the Treasury secretary's plan to buy up bad bank assets. Here are excerpts from the CNN Money article about the Dow increase:

NEW YORK (CNNMoney.com) -- Stocks surged Monday, recharging the rally, after Treasury's plan to buy up billions in bad bank assets and a better-than-expected existing home sales report raised hopes that the economy is stabilizing.

The Dow Jones industrial average (INDU) gained 497 points, seeing its biggest one-day point gain since Nov. 21. The gain was equivalent to 6.8%, which was the biggest one-day percentage gain since Oct. 28.

The S&P 500 (SPX) index rose 54 points, its best one-day point gain since Nov. 13. The percentage gain of 7.1% was the best since Oct. 28.

The Nasdaq composite (COMP) added 99 points or 6.8% for the best one-day point and percentage gain since Oct. 28.

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plez sez: consumer confidence is still in the crapper, but it is a good sign when wall street can begin to see light at the end of the tunnel. with the Obama administration's plan to buy close to $1 trillion in bad bank assets and housing starts up for the first time in close to a year, there are hopes that a recovery is in the offing.

unfortunately, wall street will reap the rewards of a recovery long before main street begins to feel it.

in other good news, it appears that a majority (15 of the 20 top executives) of the bonus money will be returned to a.i.g. coffers... the outstanding bonus money went to overseas executives.

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Read the CNN Money article about how the Dow jumped almost 500 points on Monday.

Read the CNN.com article about how congressional Republicans don't like Tim Geithner's plan to buy up toxic assets from banks.

Read the CNN.com article about David Gergen's take on Geithner's plan for the banks.

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Obama Moves to Stop AIG Bonuses

CNN.com reports that President Barack Obama is outraged by the $163 million in bonus money that is earmarked for distribution to AIG executives as bonus money:

WASHINGTON (CNN) -- President Obama said Monday he will attempt to block bonuses to executives at ailing insurance giant AIG, payments he described as an "outrage."

"This is a corporation that finds itself in financial distress due to recklessness and greed," Obama told politicians and reporters in the Roosevelt Room of the White House, where he and Treasury Secretary Tim Geithner were unveiling a package to aid the nation's small businesses.

The president expressed dismay and anger over the bonuses to executives at AIG, which has received $173 billion in U.S. government bailouts over the past six months.

"Under these circumstances, it's hard to understand how derivative traders at AIG warranted any bonuses, much less $165 million in extra pay. I mean, how do they justify this outrage to the taxpayers who are keeping the company afloat?"

Obama was referring to the bonuses paid to traders in AIG's financial products division, the tiny group of people who crafted complicated deals that wound up shaking the world's economic foundations.

The president said he has asked Geithner to "pursue every single legal avenue to block these bonuses and make the American taxpayers whole."

Obama spared AIG's new CEO, Edward Liddy, from criticism, saying he got the job "after the contracts that led to these bonuses were agreed to last year."

But he said the impropriety of the bonuses goes beyond economics. "It's about our fundamental values," he said.

"All across the country, there are people who are working hard and meeting their responsibilities every single day, without the benefit of government bailouts or multimillion-dollar bonuses. You've got a bunch of small-business people here who are struggling just to keep their credit line open," Obama said.

"And all they ask is that everyone, from Main Street to Wall Street to Washington, play by the same rules. That is an ethic that we have to demand."

Obama said he would work with Congress to change the laws so that such a situation cannot happen again.

Then, coughing, he added in jest, "I'm choked up with anger here."

Under pressure from the Treasury, AIG scaled back the bonus plans and pledged to reduce 2009 bonuses -- or "retention payments" -- by at least 30 percent. That has did little to temper outrage over the initial plan, however.

Obama received support from fellow Democrats, including Sen. Christopher Dodd, chairman of the Committee on Banking, Housing and Urban Affairs. "This is another outrageous example of executives -- including those whose decisions were responsible for the problems that caused AIG's collapse -- enriching themselves at the expense of taxpayers," the Democrat from Connecticut said.

He noted in a written statement that executives at other companies that received bailout funds have volunteered to forgo bonuses. "There's no reason why those at AIG shouldn't do the same," he said.

Later, Dodd told CNN he is considering an unusual approach to get the bonus money back.

"One idea we're kind of thinking about is a tax provision," the Connecticut Democrat said. "We have a right to tax. You could write a tax provision that's narrowly crafted only to the people receiving bonuses. That's a way maybe to deal with it."

Dodd said the notion is in the "earliest of thinking" and has not been settled on as a way to resolve the issue that has set off outrage in Washington and across the country.

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plez sez: while taking taking taxpayer money with one hand, these guys are enriching their pockets with the other... this type of behavior is reprehensible.

if AIG is in such horrible shape financially, then how in the heck is anyone there eligible for a bonus? every bonus plan i have been involved with has been tied to individual and company performance. the company performance obviously trumps any individual gains by $173 billion!!!

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Read the New York Times article about how Obama tells Geithner to go after AIG bonuses.

Read the Washington Post article about how President Obama is pissed off about the AIG bonuses.

Read the CNN.com article about Obama's outrage about AIG bonuses.

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Forbes List of World's Billionaires

Excerpts for the Forbes.com article about the world's billionaires:

The richest people in the world have gotten poorer, just like the rest of us. This year the world's billionaires have an average net worth of $3 billion, down 23% in 12 months. The world now has 793 billionaires, down from 1,125 a year ago.

After slipping in recent years, the U.S. is regaining its dominance as a repository of wealth. Americans account for 44% of the money and 45% of the list's slots, up seven and three percentage points from last year, respectively. Bill Gates lost $18 billion but regained his title as the world's richest man. Warren Buffett, last year's No. 1, saw his fortune decline $25 billion as shares of Berkshire Hathaway fell nearly 50% in 12 months. Mexican telecom titan Carlos Slim Helú maintains his spot in the top three but lost $25 billion.

The world has become a wealth wasteland. Like the rest of us, the richest people in the world have endured a financial disaster over the past year. Today there are 793 people on our list of the World's Billionaires, a 30% decline from a year ago.

Of the 1,125 billionaires who made last year's ranking, 373 fell off the list--355 from declining fortunes and 18 who died. There are 38 newcomers, plus three moguls who returned to the list after regaining their 10-figure fortunes. It is the first time since 2003 that the world has had a net loss in the number of billionaires.

Bill Gates lost $18 billion but regained his title as the world's richest man. Warren Buffett, last year's No. 1, saw his fortune decline $25 billion as shares of Berkshire Hathaway (nyse: BRK.A - news - people ) fell nearly 50% in 12 months, but he still managed to slip just one spot to No. 2. Mexican telecom titan Carlos Slim Helú also lost $25 billion and dropped one spot to No. 3.

It was hard to avoid the carnage, whether you were in stocks, commodities, real estate or technology. Even people running profitable businesses were hammered by frozen credit markets, weak consumer spending or declining currencies.

The biggest loser in the world this year, by dollars, was last year's biggest gainer. India's Anil Ambani lost $32 billion--76% of his fortune--as shares of his Reliance Communications, Reliance Power and Reliance Capital all collapsed.

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plez sez: the rich get richer... but i ain't drinking the haterade. one of these days, you might see ole plezWorld on the list!

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Read the Forbes.com article about the slipping riches of the world's riches people.

Read the Forbes.com article with the complete list of the world's billionaires.

Read the Forbes.com article about the new billionaires.

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IBM Appears Upbeat in Faltering Economy

In a move that appears to run counter to the way things are going in the economy, the CEO of IBM issued an optimistic, forward looking statement about IBM's plans for the future. They plan to engage in with governments in those areas that are soon to be enriched by President Obama's stimulus package.

What follows is the entire New York Times article:

By now, much of corporate America is humbled and hunkered down, hoping to survive an economic crisis that seems to get worse day by day. That is certainly not the posture at I.B.M.’s headquarters in Armonk, N.Y.

In a spirited message in the annual report sent to shareholders on Monday, Samuel J. Palmisano, I.B.M.’s chief executive, writes, “We entered this turbulent period strong, and we expect to exit it stronger.” Later, Mr. Palmisano adds, “We will simply not ride out the storm. Rather, we will take a long-term view, and go on offense.”

Mr. Palmisano struck a similar tone when the company reported its strong quarterly results in late January. And certainly history could prove Big Blue’s against-the-grain confidence to be short-lived and misplaced. But in his lengthy “letter from the chairman,” Mr. Palmisano presents a detailed case for I.B.M.’s comparative optimism. It centers in good part on the assumption that countries — and large corporations — around the world are going to make investments in so-called smart infrastructure projects in transportation, electrical grids, health care information technology, telecommunications, food distribution and water systems.

And, in I.B.M.’s view, its portfolio of technology services, software and research make it ideally positioned to be the general contract of choice for such projects.

Two things lend support to the I.B.M. strategy. First, governments around the world are putting such projects in their stimulus packages as they try to stabilize their economies. In the United States, the Obama administration included big investments in smart electric grids and health technology, for example.

Second, we do appear to be entering a corporatist era in which big government and the big corporations who are still healthy are looked to as engines of recovery. Large corporations and governments are I.B.M.’s prime clients.

In this environment, the strong, big corporations seem to be positioned to be the consolidators in their industries. Wal-Mart, which raised its dividend last week, amid the carnage in the retailing sector, is one. And in technology, I.B.M. clearly hopes to be another.

“The coming era will not be kind to enterprises or institutions that have failed to step up to unresolved issues in their core models, strategies or operations,” Mr. Palmisano writes. “In our view, this is not simply a cyclical downturn, but a major shift in the global economy and society.”

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plez sez: IBM had a strong january despite estimates, but they've also gone through massive layoffs and have exported tens of thousands of jobs overseas (the day after the january earnings report, they laid off 1,400 workers around the country). if there are no "american-only jobs" provision in the stimulus package, then the stimulus package will turn out to be a big mistake.

i used to work for big blue as a consultant, they will squeeze profits from government contracts and send jobs overseas without blinking!

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Read the New York Times article about IBM promises contracts with governments.

Read the New York Times article about IBM lays off thousands after a strong January 2009.

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Obama Submits First Budget to Congress

President Obama Submits His First Budget to Congress

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For years, congressional Democrats tried to avoid anything that would let Republicans slap the tax-and-spend label on them. But on Friday, they cautiously embraced President Barack Obama's budget, with its ambitious blend of new spending and tax increases, calculating that they can turn the old attack line to their benefit.

As they began to digest the administration's fiscal blueprint, even Democrats with reservations hailed it as a long-overdue example of honesty in federal budgeting after years of what one lawmaker called "fudgeting."

Several said they saw the tax increases as reasonable ones that could be sold to the public in difficult economic times, especially because middle-class taxes would be cut under the president's plan.

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Read or download a pdf of President Obama's first budget.

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plez sez: there's no such thing as a free lunch. you have to pay the cost to be the boss... i think there's at least one more cliche' in there, but i'm not up to ferreting it out at this time!

at least the republicans can trot out there "tax & spend liberal" moniker... even though, it took the country almost 30 years to figure out that reaganomics would never work!

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Read the San Jose Mercuty News article about support amongst Democrats is tenuous for Obama's budget.

Read the CNN.com article about key budget figures, by department (must read).

Read the CNN.com article about Obama's $3 trillion budget.

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Recession Worsens in Georgia

I read a report last week that said Atlanta is third in the nation behind Las Vegas and Detroit in vacant houses! USA Today reports that a record 1 in 9 US homes are vacant, a glut created by the housing boom and subsequent collapse.

Yesterday's AJC.com reported that there are over 6,000 unsold NEW condos in Atlanta! That doesn't count the hundreds of foreclosed and abandoned units in the metro area. There is a glut of housing in the Atlanta area, as the recession and foreclosures and unsold units push the market values south along with the rest of the economy.

On Saturday, 40 condos in plush Atlantic Station are going on the auction block. Element at Atlantic Station was said to be sold out three years ago... the place is half-empty today! Some Atlantic Station residents fear the Element auction will further depress values. Homeowners across the country are making mortgages payments higher than what their dwellings are worth today because of plummeting values. That’s led to property abandonment.

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The jobless rate in Georgia hit a record high in January, jumping to 8.6 percent, the state’s Labor Department announced Thursday. The rate the previous month was 8.1 percent, but the layoffs have continued across broad segments of the economy.

“We are officially sailing in uncharted economic waters,” said Michael Thurmond, state labor commissioner.

The jobless rate has climbed 65 percent from its level a year ago. The previous record was 8.3 percent in 1983, as the economy was emerging from what had been at the time, the longest recession since the Great Depression.

The current recession began at the end of 2007 and is widely projected to continue at least until late this year. Pessimists say it will linger into next year or even beyond. Unemployment typically crests near the end of a downturn or after the expansion has begun.

Nearly 413,000 Georgians were looking for work, an increase of 62.9 percent over the year, according to the Labor Department. Fewer than half of those people are receiving unemployment insurance benefits.

The current rate is the highest since the U.S. Labor Department standardized jobless numbers among the states in 1976.

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State coffers have confirmed what the rest of the data have said: The recession in Georgia has deepened. Revenue from tax collections in January came up $262 million short of the amount received during the same month a year earlier — a 14.3 percent decrease, the Georgia Department of Revenue announced Friday.

The shortfall provides a look in the rearview mirror, reflecting what has been a contracting economy — the cutbacks of profit-squeezed companies and debt-laden, paycheck-challenged consumers.

For tax collection, the economic currents have nearly all been head winds. On the corporate side, company spending is down, with many businesses nervous about the future and others coping now with falling sales. The result is fewer purchases, which means lower tax revenue.

But lower corporate profits also mean lower tax payments, and a series of companies in recent weeks have announced lower earnings, including metro Atlanta companies such as Rubbermaid and Equifax. Company cost cutting also translates into insecurity at best and hardship at worst for Atlanta workers. And that translates into less consumer spending on taxable items.

It has been a painful spiral: As jobs were lost, spending retreated, which meant companies cut and more jobs were lost. Unemployment in Georgia has jumped from 4.5 percent to 8.1 percent in the past year — climbing even faster than the national numbers. About 400,000 Georgians are officially jobless, according to the state Labor Department. If workers worried about layoffs tend to spend less on taxable items, those without a job are likely to be even more frugal. All of that’s bad for tax revenue.

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plez sez: the picture above shows the more than 3,000 people who were lined up for a job fair in atlanta... there were 3,000 people in line at 7:00 am waiting for the 10:00 am opening!

the economic prognosis is bleak... at best. there are no signs that the recession is letting up in georgia. we'll keep plugging away in hopes that the stimulus plan signed into law by PRESIDENT OBAMA will loosen things up just alittle. times are really tight in plezWorld... i'm ready for the recovery... NOW!

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Read the USA Today article about the record number of vacant homes in the US.

Read the AJC.com article about vacant condo auction in Atlanta.

Read the AJC.com article about record unemployment in Georgia.

Read the AJC.com article about the big drop in tax revenue in Georgia.

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Dow Down to 12 Year Lows

The Dow slipped to near 7,100 points... it hasn't been this low since mid-1997!

Excerpts from CNN Money story:

The Dow and S&P 500 tumbled to levels not seen in nearly 12 years Monday, as investors continue to worry that the government's efforts to slow the recession won't be sufficient.

The Dow Jones industrial average (INDU) lost 250 points, or 3.4%, ending at the lowest point since May 7, 1997.

The S&P 500 (SPX) index lost 26 points, or 3.5%, ending at the lowest point since April 11, 1997.

The Nasdaq composite (COMP) lost 53 points, or 3.7%. The tech-fueled index has held up better than the rest of the market so far this year, closing at the lowest points since Nov. 20, 2008.

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plez sez: the remnants of my 401(k) are just that: remnants. my wife's 401(k) losses were in the 5-digit range... yeah, that bad!

i can't even imagine what has happened with people who are on fixed incomes or living off of 401(k) money that loses value by the hour.

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Read the New York Times article about the shrinking Dow.

Read the CNN Money article about how all markets continue to lose value.

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Grandstanding GOP Governors

The Sunday morning political talk shows were littered with GOP governors, some of whom made a show of turning down stimulus money. Well, in reality, appearing to turn down stimulus money for the cameras.

Republican Gov. Bobby Jindal of Louisiana said, "The $100 million we turned down was temporary federal dollars that would require us to change our unemployment laws. That would have actually raised taxes on Louisiana businesses. We as a state would have been responsible for paying for those benefits after the federal money disappeared."

Republican Gov. Haley Barbour of Mississippi said, "If we were to take the unemployment reform package that they have, it would cause us to raise taxes on employment when the money runs out -- and the money will run out in a couple of years."

Even Georgia's red state governor, Sonny Perdue, made a point of saying that he may not accept all of the stimulus money, saying that "it might not be in the state’s long-term interest to accept it."

The Republican governors of Idaho, Alaska, Texas, South Carolina and Louisiana expressed similar concerns... except ALL of them plan to accept a bulk of the stimulus package money that comes to their states. The amount that Jindal is "turning down" amounts to about 2 percent of the stimulus money that is slated to go to Louisiana. And similarly with Mississippi, that governor isn't turning down all of the money coming to his state.

And California Gov. Arnold Schwarzenegger said his state is almost broke, so he's going to take whatever is offered.

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plez sez: petty politics, as usual. those governors found the area with the least amount of money and then acted like they were doing something big, by turning it down.

plezWorld laughs!

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Read the New York Times article about the disagreement amongst GOP governors over the stimulus money.

Read the AJC.com article about the Georgia's Republican Governor Sonny Perdue thinking about turning stimulus money down.

Read the CNN.com article about the grandstanding GOP governors.

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The Stimulus... and Billions More

On Tuesday afternoon, President Barack Obama signed his first bill into law. And it was a hefty, too! The Stimulus Package became the law of the land with the stroke of his pen and over $787 billion is now ready to stimulate our lagging economy back to life.

There is a little problem, though, how will we know that the stimulus is working?

Mr. Obama didn't go as far to guarantee a win with this thing, as I'm sure he knows that there'll probably be a request for more stimulus money in the coming months. He said, "Today does not mark the end of our economic troubles. But it does mark the beginning of the end - the beginning of what we need to do to create jobs for Americans scrambling in the wake of layoffs; to provide relief for families worried they won't be able to pay next month's bills; and to set our economy on a firmer foundation."

The signing ceremony was held at the Denver Museum of Nature and Science in Colorado.

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The request for more billions didn't take long. General Motors Corp (GM) and Chrysler LLC requested nearly $22 billion in additional U.S. government loans and said they had reached tentative deals with the United Auto Workers union to reduce labour costs. It is estimated that they will trim close to 50,000 jobs... in exchange for the money. They claim that they need the funds to stave off bankruptcy.

The two automakers, which have so far received $17.4 billion in loans from the U.S. Treasury, also detailed plans to cut jobs and idle plants as part of sweeping restructuring plans submitted under the terms of their federal bailout.

GM is seeking an additional $16.6 billion from the U.S. Treasury -- for a total of up to $30 billion in loans -- and said it would run out of cash as soon as March without new federal funding. In addition, GM said it expected to be able to borrow up to $6 billion from foreign governments and nearly $8 billion from the U.S. Department of Energy. It warned that without $1.5 billion from asset sales in 2009 it would need even more cash.

GM also accelerated its job cut plans, saying that it would eliminate 47,000 jobs over the course of 2009. The company said it would cut about 20,000 jobs in the United States, or about 22% of its remaining U.S. staff. Previously, GM called for U.S. job cuts of between 20,000 to 30,000 workers, but it had stretched out those reductions through 2012. The company said it plans to close five additional U.S. plants by 2012 --in addition to the 12 planned closings announced in December.

GM added it plans to phase out the Saturn brand by the middle of 2011 if it is unable to sell or spin-off the brand. GM is also looking to sell its Saab brand, and will look for help from the Swedish government to support Saab until a buyer is found. There will be fewer Pontiac models, with a plan to reduce GM to four brands: Chevrolet, Cadillac, Buick, and GMC (trucks).

Chrysler said it plans to cut about 3,000 jobs, or 6% of its workforce, and reduce capacity by another 100,000 vehicles this year as it tries to adjust to reduced demand. It also said it has won the concessions from the United Auto Workers union and its creditors that were demanded under terms of the loan from the Treasury Department.

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Obama's pen could not keep world markets from continuing their downward spiral... this economic crisis is global and it ain't getting better: Japan is suffering its worst downturn in 35 years, England has had its worst decline in 30 years, Germany's decline is the worst in 20 years! And the US job market is the worst in over 20 years. The Dow Jones industrial average declined nearly 300 points on Tuesday to finish close to its lowest level of the financial crisis. Even China is feeling the pinch with unemployment growing over there.

Japan's economy, the world's second-biggest, after only the United States, shrank at an annual rate of 12.7 percent during the last three months of 2008 -- the biggest contraction since the oil crisis of the mid-1970s. The British economy, damaged by the credit crisis, will contract at 3.3 percent, almost twice as much as predicted three months ago, according to the country's biggest business lobbying organization. Those two pieces of data, released Monday, came on the heels of a report Friday showing that the German economy, Europe's largest, shrank by 2.1 percent, the steepest drop since the country's reunification in 1990. Some economists had argued that countries like Japan and Germany were better equipped to weather the downturn. Germany has little consumer debt, and Japan's banks are in better shape after the banking crisis of the 1990s. But their economies rely heavily on exports, and global demand for items such as Japanese and German cars has evaporated.

And emerging markets, the world's fastest-growing economies, whose demand for goods and services is considered key to a global recovery, showed signs of intensifying weakness. Russia's state-owned news agency said Tuesday that lower commodity prices and the financial crisis are expected to cause the economy to shrink by more than 2 percent this year. In Brazil, where commodity exports have fallen sharply, retail sales in December fell for the third straight month, marking the longest period of declines in six years. Taiwan said exports plunged by record levels. In Mexico, the government was forced to intervene in the foreign exchange market after the peso reached an all-time low against the dollar. In China, slumping demand for exports has trimmed the growth of its powerful economy to nearly half its 13 percent pace in 2007.

Good news on the economic front is nowhere to be found!

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plez sez: i held out such hope that this stimulus package would actually make a difference, but something tells me that the global economy is so eff'd up, that $787 billion will be like "spit in the wind!" i'm not sure the US mint will be able to print enough $100's to keep this ship afloat. consumer confidence is so low, orders for goods are at record lows, global markets continue to fall... i don't know if the US economy (which has been mortgaged to china and saudi arabia) has enough gas in the tank to save the rest of the world.

i said it before... i think we're going to have to witness one of the automaker's demise before anything substantial will change. i am not sure what propping them up with cash while they are slashing payroll will do... when NO ONE is buying the product!

plezWorld believes the answer lies in the mortgage crisis and the credit crunch. maybe things would loosen up a bit if ALL of those risky loans heading to foreclosure were renegotiated at bargain basement rates, and then if credit card companies would be compensated for working to drastically lower (or even eliminate) the interest rate or balances on outstanding accounts that are headed toward default. to my way of thinking, both of those acts would serve as a necessary catalyst to get consumers back into the malls, realtor offices, and auto showrooms.

and since our economy is such a leading market for the global economy, US companies should be incented to begin bringing the jobs that have been offshored to china and india BACK to the US. put americans back to work... and the rest of the world will soon follow. put money and credit back in the pockets of americans... and we will start buying the world's goods.

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Read the CNN Money article about measuring the success of Obama's stimulus package.

Read the AJC.com article about Obama signing the stimulus plan into law.

Read the Washington Post article about the downturn in global economies.

Read the CNN Money article about US automakers wanting more bailout money.

Read the Reuters article about US automakers needing additional bailout money.

Read the New York Times article about how GM plans to trim brands from their line-up.

Read the New York Times article about the big loss of white collar jobs in Detroit.

~ ~ ~ ~ ~ ~

Wall Street Snubs Treasury Plan

President Obama was tight-lipped about Treasury Secretary Tim Geithner's bailout plan during last night's press conference, deferring to Tuesday's unveiling of a plan that would resurrect the failing U.S. financial markets. Well, Wall Street took one whiff of Geithner's plan and then covered their noses... it was that bad! By the end of the day, the Dow Jones Average had tumbled more than $380 and the Nasdaq lost over 4 percent.

Geithner outlined the administration's plan to restart frozen credit markets and bolster the health of troubled banks. He said the economy will recover from its swoon only with the help of healthy financial institutions. But critics said the Obama administration's plan is neither well-funded enough to recapitalize troubled banks, nor detailed enough to assure investors that the government can solve the toxic asset problem plaguing banks. They say a key a key shortcoming of the Geithner plan is that it lacks the funding necessary to fully recapitalize troubled banks. The Treasury has $320 billion available under the Troubled Asset Relief Program, but the administration said it won't ask Congress for additional money at the current time.

What's more, the four-point plan Geithner rolled out Tuesday earmarks $50 billion for foreclosure relief, $50 billion for a private-public toxic asset-removal partnership and grants as much as $100 billion to a plan to restart markets for securities backed by consumer loans.

That leaves around $120 billion in the Treasury kitty for bolstering the capital of banks - which, observers say, would barely be enough to recapitalize one troubled giant institution, let alone a roomful.

One chief economist said, "$120 billion isn't even walking-around money in a financial crisis."

He said the government should be prepared to spend at least $1 trillion to recapitalize troubled financial institutions - and that it should demand that the recipients take appropriate action in return, such as changing management, reconstituting their boards and selling assets. The Paulson Treasury didn't exact any action from the banks, and the Geithner Plan doesn't include any either... it's like the bankers are untouchable.

~ ~ ~

plez sez: this isn't a good showing from the Obama Administration. everyday people are not going to feel better about the bailouts and the stimulus packages until those who are responsible for this mess are held accountable. the TARP fund needs to be increased and access to those funds must come with serious strings attached.

we are watching as wall street slowly pisses away one trillion dollars while snubbing its collective noses at Obama... he inherited a mess and unfortunately, it's his responsibility to fix it!

~ ~ Citations ~ ~

Read the CNN Money article about Wall Street's reaction to Geithner's Plan.

Read the Forbes article about Wall Street woes over Geithner's plan.

Read the New York Times article about some banks are planning to give the bailout money back.

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Quote of the Day - February 4, 2009

"I’ve got to own up to my mistake, which is that ultimately it’s important for this administration to send a message that there aren’t two sets of rules. You know, one for prominent people and one for ordinary folks who have to pay their taxes."
- President Barack Obama explaining how he "screwed up" the handling of the nomination of Tom Daschle as the Health and Human Services secretary in an interview with CNN's Anderson Cooper

President Barack Obama on Tuesday admitted he made a mistake in handling the nomination of Tom Daschle as his health and human services secretary, saying Daschle's tax problems sent a message that the politically powerful are treated differently from average people.

Daschle, the former Democratic leader in the U.S. Senate, withdrew earlier Tuesday as news that he failed to pay some taxes in the past continued to stir opposition on Capitol Hill.

In an interview with CNN newsman Anderson Cooper, Mr. Obama said, "...I screwed up. And I take responsibility for it and we're going to make sure we fix it so it doesn't happen again."

Daschle had apologized Monday for what he said were honest mistakes, calling them an embarrassment. The series of errors included improperly reporting $15,000 in charitable donations, failing to list $80,000 in lobbying income due to what Daschle said was a paperwork error, and not reporting as income a car and driver loaned to him by a friend and business associate.

Later in the interview, Mr. Obama said, "Ultimately, I campaigned on changing Washington and bottom-up politics. And I don't want to send a message to the American people that there are two sets of standards -- one for powerful people and one for ordinary folks who are working every day and paying their taxes."

Daschle was the second Obama appointee to resign due to income tax-related issues. Earlier in the day, Nancy Killefer, who was Mr. Obama’s nominee for chief White House performance officer, withdrew her name from consideration after it was revealed that she had a nanny tax problem. And even though he was confirmed for the Treasury post, Tim Geithner also had his share of income tax woes.

~ ~ ~

plez sez: daschle's tax problem was more egregious than the other nominees and i personally feel that President Obama took too long to remove his name from consideration.

i love the fact that the president is confident enough to admit to his mistake and take responsibility for his error (george bush and hillary clinton are you listening?), instead of going into spin mode and rationalizing his decision to stick with daschle.

president obama is going to be a good one!

~ ~ Citations ~ ~

Read the New York Times article about how to avoid tax problems.

Read the CNN.com article about Obama's CNN interview about Tom Daschle.

~ ~ ~ ~ ~ ~

House Votes Along Party Lines for Obama's $819 Billion Plan

Washington, DC returned to partisan politics as the House of Representatives passed an $819 billion economic stimulus package Wednesday on a party-line vote, despite President Obama's efforts to achieve bipartisan support for the bill. The final vote was 244 to 188; no Republicans voted for the bill, while only 11 Democrats voted against it. The Senate is likely to take up the bill next week.

One week ago, President Obama spoke of moving forward in a bipartisan manner, especially in healing the ailing economy, but the Republicans balked at signing on to the bill because they claim it lacks enough tax relief. House Minority Leader John Boehner (R - OH) said, "The underlying bill, while it has some good provisions, has a lot of wasteful provisions and slow-moving spending in it. We have to act -- we have to heal the ailing economy. The question is how to do it best; we think that fast-acting tax relief is the way to get it done."

President Obama has not given up on garnering more support before the Senate passes the bill, "I hope that we can continue to strengthen this plan before it gets to my desk. We must move swiftly and boldly to put Americans back to work, and that is exactly what this plan begins to do."

~ ~ ~

The bill has five main components:

1. Infrastructure
   Fund the rebuilding of crumbling roads and bridges, water and sewer initiatives, and mass transit systems ($90 billion); rebuild and modernize public schools ($142 billion); weatherize low-income homes, modernize federal buildings, update the nation's electrical grid to a "smart" grid, and double production of alternative energy sources ($54 billion); modernize the health care system ($20 billion); and invest in upgraded science facilities and expand broadband Internet access in rural and underserved areas ($16 billion).
   
   plez sez: This was probably the area of biggest of concern to Republicans, as it may lead to large deficits and there is little or no tax benefit to businesses in this area. My concern is the length of time for these initiatives to actually begin to spur job growth around the country.
   
   
2. Relief to States
   Increase Federal Medicaid Assistance Percentage so states don't have to cut Medicaid due to budget shortfalls ($87 billion); and provide funding for law enforcement to states and municipalities ($4 billion).
   
   plez sez: With the number of Americans unemployed or underemployed, it is a good idea to address healthcare for them. This provision of the bill doesn't do much to spur job growth.
   
   
3. A Safety Net
   Temporary programs to help the majority of Americans who will be devastated by the ongoing effects of the recession with an increase in unemployment insurance assistance to the states ($43 billion); Cobra tax credit to help pay for discounted health care ($39 billion); and an increase in food stamp benefits, and support for food banks, school lunch programs and WIC ($20 billion).
   
   plez sez: Very few people get laid off with golden parachutes and large caches of savings, this will help stem the tide of rising healthcare costs and put food on the table for millions.
   
   
4. Tax Cuts for Individuals
   Middle-class tax cut of $500 a year for individuals and $1,000 for couples ($145 billion); low-income tax cut in the form of expanded Earned Income Tax Credit provisions ($5 billion); and an increase in the child tax credit ($18 billion).
   
   plez sez: For some strange reason, plezWorld never gets to take advantage of these tax cuts! I would love it if this tax cut went higher up the wage scale and increased the amount of the tax cut. And honestly, $1,000 ain't gonna go far in this economy!
   
   
5. Tax Cuts for Businesses
   Increased small business write-offs from $125,000 to $250,000 and up to $17 billion in tax cuts (over 10 years) for businesses that lose money.
   
   plez sez: There isn't much in this stimulus package for businesses (only 2.7 percent of total package is allocated to business). The size of this package needs to be increased significantly to provide relief to struggling businesses. I would love to see the issue of the credit crunch and the mortgage companies addressed, as well... until the banking industry is righted (i.e., they start loaning money to individuals and businesses) this economy will continue to falter.

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In Other News: Girl Scout cookies are dealing with the fallout of the recession. It won't be your imagination that it was easier to go through a box of Girl Scout cookies at one setting. The Girl Scouts of the USA confirmed Wednesday that it has reduced the number of cookies per box to save money because of rising transportation and baking costs.

The combined cost increase prompted the organization to "lower the net weight of our cookie boxes slightly rather than ask our customers to pay a higher per-package price during these difficult times," Michelle Tompkins, a national Girl Scout spokeswoman said in a written statement.

There will be two to four fewer cookies in boxes of Thin Mints, Peanut Butter Sandwiches, Shortbread Cookies, DoSiDos and Trefoils. The Girl Scouts also reduced the size of some cookies, but Thin Mint lovers shouldn't worry that their sweet snacks will get any slimmer: Only the Lemon Chalet Cremes will change shape.

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plez sez: i agree that something must be done quickly, but the bank bailout hasn't done much for the economy, i'm skeptical about the effectiveness of an infrastructure and roads program to jumpstart the economy.

this recession may have to run its course and congress will only be able to soften the effects of the bad economy.

~ ~ ~

i had hoped that the republicans would get on-board to make this a more bipartisan effort. the democrats will have to be very careful going forward about moving their agenda, any big gaffes will make it relatively easy for the republicans to re-take both houses in mid-term elections in two years.

~ ~ Citations ~ ~

Read the Newsday article about House stimulus bill.

Read the New York Times article about partisan voting for House stimulus bill.

Read the CNN Money article about House vote on the Obama stimulus package.

Read the CNN Money article about what's in the stimulus package.

Read the CNN.com article about the recession's effect on Girl Scout cookies.

~ ~ ~ ~ ~ ~

Big Job Cuts Announced on Bloody Monday

As the day continued on Monday, more and more U.S. companies announced job cuts. On the heels of their acquisition of Wyeth, Pfizer announced that 20,000 jobs will be shed in the deal (in yesterday's post about the acquisition, plezWorld predicted job cuts).

Last Friday, I was speaking with one of my fraternity brothers who works for Home Depot. He spoke of the axe falling on them on Monday morning. Well, as he predicted, Home Depot announced the loss of 7,000 jobs, mainly with the closure of their EXPO Design Centers - high-end decor stores. Home Depot's losses are a direct result of the catastrophic mortgage mess and depressed housing market - no new homes means no shopping for home improvement.

All told, over 70,000 job cuts were announced on Monday, with over 200,000 jobs lost in the first month of 2009.

Announced Job Loss Count in 2009

Circuit City	30,000
Pfizer	26,000
Caterpillar	20,000
Alcoa	13,500
Sprint Nextel	8,000
TDK Corporation	8,000
Home Depot	7,000
ING	7,000
Intel	6,000
Microsoft	5,000
Boeing	4,500
Motorola	4,500
Hertz	4,000
Texas Instruments	3,400
Barclay's	2,100
Williams-Sonoma	1,400
ConocoPhillips	1,300
Advanced Micro Devices	1,100
Saks Fifth Avenue	1,100
Blue Cross Blue Shield	1,000
Walgreens	1,000
Macy's	900
Google	100

~ ~ ~

plez sez: when will the bloodbath end?!? this recession feels a lot worse than the internet bubble burst in 2000 (i lost my job back then, too, but it didn't seem to be this wide ranging and all-encompassing).

later this week, plezWorld will take a look at the proposed Obama Stimulus Plan to see how he plans to put me back to work! *smile*

~ ~ Citations ~ ~

Read the AJC.com article about Atlanta-based Home Depot job cuts.

Read the New York Times article about job cuts in the US and abroad.

Read the Financial Times article about over 76,000 announced job cuts on Monday.

Read the CNN Money article about Bloody Monday with massive job cuts announced.

Read the CNN Money article about American Express earnings dropped by 79 percent.

Read the CNN.com article about the state of Obama's economic plan in Congress.

~ ~ ~ ~ ~ ~

Pfizer To Acquire Wyeth in $68 Billion Blockbuster Deal

Negotiations continued into Sunday night, with an anticipated announcement on Monday that Pfizer, the world’s largest drug maker of products like Lipitor and Viagra, agreed in principle to acquire a rival, Wyeth, for $68 billion. The deal would create the largest pharmaceutical company in the world and it would be the first big acquisition that is not a desperate merger of two banks orchestrated by the government in over six months. It would be the biggest merger in three years, since AT&T acquired BellSouth.

Five banks have agreed to lend Pfizer more than $25 billion to pay for the deal, four of which received bailout money: Goldman Sachs, JPMorgan Chase, Citigroup and Bank of America. In addition, Barclays, which acquired Lehman Brothers out of bankruptcy in the fall, is also providing financing. Pfizer, which has $26 billion in cash and equivalents, would finance the remainder through a combination of cash and stock.

~ ~ ~

plez sez: have you tried to get a loan in the last four months? will your bank lend you $680,000, $68,000, or even $680?!?

this acquisition - which sickens plezWorld - that the bailout was a remnant of reaganomics... that failed trickle down economics b.s.! pfizer will fire sales reps and feather their bottom-line until they shore up their drug pipeline and their fat cat CEO will continue to smell like a rose... and the wyeth CEO will get the most golden of parachutes!

there is a joke in this deal about viagra and pfizer having a hard-on for wyeth for more than four hours, but this is no laughing matter! i'm going to have to go have a long hard look at Obama's stimulus package to see if it is something that plezWorld can continue to support... where you at, RawDawg?

~ ~ Citations ~ ~

Read the New York Times article about Pfizer acquisition of Wyeth.

Read the CNN Money article about Pfizer's $68 billion deal for Wyeth.

~ ~ ~ ~ ~ ~

Obama Lobbies for Stimulus Package in Radio Address

In the first weekly address of his administration, President Obama asked for swift action on his economic stimulus plan.

plez sez: unemployment rates have soared to unprecedented levels as the economy has continued to falter. i hate to watch another stimulus plan, as the wall street bailout and the auto bailout and the mortgage bailout has failed to move the needle on the current recession. i am afraid of throwing another trillion dollars on untrackable and unnecessary measures that will never touch everyday americans.

but it appears that by doing nothing, the economy will continue to get worse before it shows any improvement.

President Obama's plan "promises" an investment in job growth that touches many areas of the economy: infrastructure, schools, local government, etc. for that reason, and that reason alone, i will support the Obama Plan and hope that my congressmen (senators and representative) sign on their support.

~ ~ Citations ~ ~

Read the Washington Post article about Obama's stimulus plan.

Read the CNN.com article about Obama's first weekly address.

~ ~ ~ ~ ~ ~

Limbaugh on Obama: "I hope he fails"

Speaking on the policies and tactics that President Barack Obama plans to use as he attempts to set this country on the right track -- on the day of his inauguration -- Rush Limbaugh hopes that Obama fails!

~ ~ ~

plez sez: rush must still be popping those pain pills. he blathers on like a complete idiot, completely oblivious to the mess that de-regulation and a lax bush administration has done to the world economy.

limbaugh (and his "right wing wacko" thought process) is a cancer upon this land... he should be cut away and left to rot in a trash heap! if you are still listening to this *ISH* on daily basis, i implore you to turn your radio OFF!

~ ~ ~ ~ ~ ~

plezWorld Obama Inauguration Watch - 8 Days

President-elect Barack Obama was discussed on "Meet the Press"

The first segment of Sunday's broadcast of NBC's "Meet the Press" discussed Obama's stimulus plan that is currently being created.

Visit msnbc.com for Breaking News, World News, and News about the Economy

The second segment of Sunday's broadcast of NBC's "Meet the Press" was a discussion of race and how Obama's presidency will change the dynamics and dialogue around race in the U.S.

Visit msnbc.com for Breaking News, World News, and News about the Economy

~ ~ ~

In other news: A woman has been selected to give the inaugural sermon... a first. The Rev. Sharon Watkins will deliver the sermon at the traditional National Prayer Service on January 21, the day after Barack Obama is sworn in as president, the Presidential Inaugural Committee announced Sunday. Watkins is the general minister and president of the 700,000-member church Disciples of Christ. The sermon will take place at the National Cathedral in northwest Washington.

~ ~ ~

plez sez: this stimulus plan is a scary proposition... i'm glad that we'll have Obama at the helm while it is being worked out. we are looking at adding one to two trillion dollars to the deficit. this thing will not work if it is assembled and slammed down the throats of the US if done in a similar manner of

my oldest and dearest aunt passed away on sunday morning, my mother called alittle after 6:30 AM with the news. my mother's family grew up on a small 100-acre farm in the heart of tobacco country in north carolina. my aunt was the third oldest of 11 children, my mother was the youngest. my aunt was born in 1914 and made her way up to new york city in the early 1930's to get married. after her husband retired, they moved back down to north carolina and built a modest brick home on a tract of land on that same farm where she grew up.

she saw more than most people would like: depression, racism, despair, and loneliness (her husband departed this life back in the mid-1980's).

she was my favorite aunt. while growing up in new york, we would frequently go to her house in queens for dinner after attending church on sunday. she was at all of our birthday parties, family reunions, church events, and anything else that involved our family.

my last conversation with my aunt was just before the general election. i called her on the phone and we talked about voting for BARACK OBAMA. in her 90-plus years, she was still awe-struck that we could be so close to electing the first Black president. she couldn't get around too good, but she assured me that wild horses couldn't keep her from having her nurse take her down to the polls to vote (as she had done during the primaries).

the rest is history. sadly, a chapter in the colorful history of plezWorld closed on sunday morning... but we'll all look to the heavens on next tuesday and thank the Lord for the opportunity to witness the inauguration of our nation's promise.

~ ~ Citations ~ ~

Read the CNN.com article about first inaugural sermon delivered by a woman.

~ ~ ~ ~ ~ ~

Snatched from the Headlines II

Obama warns of TRILLION-DOLLAR deficits

New York Times -- Yeah, trillion with a "t"!

President-elect Barack Obama on Tuesday braced Americans for the unparalleled prospect of “trillion-dollar deficits for years to come,” a stark assessment of the budgetary outlook that he said would force his administration to impose tighter fiscal discipline on the government. In his most explicit language on the subject since winning the election, Mr. Obama sought to reassure lawmakers and the financial markets that he was aware of the long-term dangers of running huge deficits and would take steps to limit and eventually reduce them.

Big deficits force the government to borrow more money, saddling future generations with large financial burdens and leaving the nation reliant on foreign governments and other big investors to lend cash. The problem is even more acute now because credit markets, which in recent months have made it much harder and more expensive for businesses and individuals to borrow, could be further strained by financing a huge government deficit.

plez sez: george w. bush has left the u.s. (yeah, i meant to use him in the past tense) in a pinch!


~ ~ ~

No earmarks in Obama stimulus package

CNN.com -- Members of Congress won't be allowed to slip earmarks into the economic recovery package that will be making its way to Capitol Hill. Obama said that getting a handle on the country's skyrocketing budget deficit must begin with the economic stimulus plan, and that the plan must include changes in the way Congress does business. Obama said:

"We're going to be investing an extraordinary amount of money to jump-start our economy, save or create 3 million new jobs, mostly in the private sector, and lay a solid foundation for future growth. But we're not going to be able to expect the American people to support this critical effort unless we take extraordinary steps to ensure that the investments are made wisely and managed well."


plez sez: this is a theme that echoes back to his days on the campaign trail. it is refreshing to see a politician who lives by the high standards that he has set for himself. the departure from the way bush ran the country is already a stark contrast weeks before Obama takes office.


~ ~ ~

Sen. Feinstein supports seating Roland Burris

CNN.com -- Outgoing Senate Rules Committee Chairman Dianne Feinstein said Tuesday she disagrees with her Democratic leadership's move to block Roland Burris from being seated in the U.S. Senate. She is quoted as saying:

"Does [Gov. Blagojevich] have the power, under law, to make the appointment? And the answer is yes. Is the governor discredited? The answer is yes. Does that affect his appointment power? The answer is no, until certain things happen. [Failure to seat Burris] ramifications for gubernatorial appointments all over America."


plez sez: as if plezWorld didn't tell you so... keeping this guy out of the senate is petty and small-minded; and it does NOTHING to diminish or weaken blago! but it does weaken and diminish the democrats in the senate who have taken this course of action. this is an issue for the state of illinois and the constitution is on the side of the burris appointment.


~ ~ ~

CNN's Sanjay Gupta fingered for surgeon general?

CNN.com reports that the Obama transition team approached Dr. Sanjay Gupta, CNN's chief medical correspondent, about becoming U.S. surgeon general. Gupta apparently went to Chicago in November to meet with President-elect Barack Obama on the matter. The President-elect is reported impressed with Gupta's credentials: past government experience, as a White House fellow in 1997 and a special adviser to then-first lady Hillary Clinton, along with his medical career as a neurosurgeon and his communication skills. Gupta is a member of the staff and faculty of the Department of Neurosurgery at Emory University School of Medicine in Atlanta, Georgia. He regularly performs surgery at Emory University Hospital and at Grady Memorial Hospital, where he serves as associate chief of neurosurgery.

plez sez: another clintonista in Obama's cabinet? even though, i'm generally impressed with the way that Obama has handled his transition and cabinet selections, i'm reserving judgement on his apparent need to stock his cabinet with people who had close ties to the clinton administration.


~ ~ ~

DeKalb County, Georgia cuts back on school buses

AJC.com -- Georgia rang in the new year in a recession, and DeKalb County public school students and parents will be among the first to feel the effects. Starting on January 6 — the first day back from winter break — fewer buses will be taking kids to school, one of several cost-cutting measures expected in DeKalb schools this year. Most students who attend schools outside their neighborhood face the busing cutbacks. The change affects about 5,600 of the district’s 99,600 students, including those in magnet schools, charter schools and academic theme schools or who transferred from lower-performing campuses. DeKalb has designated some schools as transportation hubs. Parents must drop off their children at these campuses to be picked up by school buses and taken to school. Parents are responsible for picking up the children at the same hubs after school. This is a change from the system’s former policy, which bused many students almost door to door.

plez sez: my nephew lives in south dekalb and is in the magnet school program at a middle school in north dekalb. instead of his bus showing up in front of his house in the mornings, one of his parents must take him to a nearby middle school (hub) where he catches the bus for the one hour ride to the other side of the county. plezWorld predicts that by next year, the county will do away with cross county school buses, in most cases, kids' parents will have to provide transportation for kids out of their home district.


~ ~ ~

Georgia Tech Football has highest SAT scores

AJC.com -- As if having a successful fall campaign, ACC Coach of the Year, ACC Player of the Year, the most All ACC players on the roster, and having a gorgeous campus in the glory of downtown Atlanta weren't enough... Georgia Tech’s football players had the nation’s best average SAT score, 1028 of a possible 1600, and best average high school GPA, 3.39 of a possible 4.0 in the core curriculum. Non-athletes at Georgia Tech average 1350 on the SAT.

The biggest gap between football players and students as a whole occurred at the University of Florida, where players (average score: 890) scored 346 points lower than the school’s overall student body, that’s larger than the difference in scores between typical students at the University of Georgia and Harvard University.


College Football SAT Scores:
THE TOP 10
School, Average
Georgia Tech, 1028
Oregon State, 997
Michigan, 997
Virginia, 993
Purdue, 974
Indiana, 973
Hawaii, 968
California, 967
Colorado, 966
Iowa, 964

THE BOTTOM 10
School, Average
Oklahoma State, 878
Louisville, 878
Memphis, 890

Florida, 890
[University of Floriday is playing for National Championship on Thursday evening]

Texas Tech, 901
Arkansas, 910
Texas A&M, 911
Mississippi State, 911
Washington State, 916
Michigan State, 917

plez sez: *brushing the dirt off my shoulder*

i didn't go to GEORGIA TECH on an athletic scholarship; it was a full scholarship from NASA. i was one of the students that scored around 1350 on my SAT!


~ ~ ~

The Hazards of "Third-Hand Smoke"

New York Times -- Parents who smoke often open a window or turn on a fan to clear the air for their children, but experts now have identified a related threat to children’s health that isn’t as easy to get rid of: third-hand smoke. That’s the term being used to describe the invisible yet toxic brew of gases and particles clinging to smokers’ hair and clothing, not to mention cushions and carpeting, that lingers long after second-hand smoke has cleared from a room. The residue includes heavy metals, carcinogens and even radioactive materials that young children can get on their hands and ingest, especially if they’re crawling or playing on the floor.

Third-hand smoke is what one smells when a smoker gets in an elevator after going outside for a cigarette, he said, or in a hotel room where people were smoking. A researcher said, “Your nose isn’t lying. The stuff is so toxic that your brain is telling you: ’Get away.’”

plez sez: have you stopped smoking yet, barack obama?!?

~ ~ ~ ~ ~ ~