Ants Win Non-Binding Vote on Behavior of Anteaters

Today the Obama Administration said it's business as usual for financial institutions, gave a preposterous defense of the bailouts, and a made a nonsensical proposals for ants.

Please consider Obama Adviser Romer Says U.S. May Soon Add Jobs.

The government may need to continue �targeted� programs to stimulate the U.S. economy even as growth over the first half of this year likely will be enough to create jobs, President Barack Obama�s chief economist said.

�We are getting closer to stability in employment. The next step is to finally start adding jobs,� Christina Romer, the head of the White House Council of Economic Advisers, said today on ABC News�s �This Week� program. �I think we are on the path of steady progress.�

Romer said the administration will continue pursuing measures such as tax credits for businesses to expand and hire and spending on infrastructure, though not on the scale of the $787 billion stimulus enacted last year.

Obama announced Jan. 8 the awarding of $2.3 billion in tax credits intended to reward companies that expand manufacturing of alternative energy technology, such as Vestas Wind Systems A/S and First Solar Inc. The credit was part of the stimulus and the administration forecasts it will create 17,000 jobs.

The administration last month announced its support for a $5 billion expansion of the tax credit to cover more companies that made a bid for the program.

Romer also said she hopes banks and other companies that received federal bailout money will show restraint on bonuses for their executives.

The bailout �was the right thing to do for the American people because we know that when credit stops, the economy stops,� Romer said. �But we�ve provided extraordinary aid and the idea that as the financial system heals they just go back to business as usual is simply outrageous.�

The administration is going to �redouble our efforts� on overhauling financial regulations, she said.

Obama supports giving shareholders a non-binding vote on executive compensation.

In related news, president Obama proposed giving ants a non-binding vote on the behavior of anteaters while asking anteaters everywhere to show restraint.

"It's a tremendous victory for ants" Obama said.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List