Spending freezes historically worsen economic recessions rather than stimulate them, so what is Obama doing? Rachel gives a great argument. After watching the video read my rant below about why US taxpayers are subsidizing manufacturing jobs in China and how it is bad for the country.

Presently, China is the primary supplier of generators for traditional multi-megawatt wind farms. According to Rebecca Smith in the Wall Street Journal, October 30, 2009, a proposed 600MW wind farm in Texas relying heavily on federal subsidies, grants and tax credits for funding, is expected to create 2,800 jobs with only 15% of those jobs in the US and the rest flowing to China.
The Shepherd’s Flat Wind Farm slated for 2012 in Arlington, Oregon includes a $1.4B contract to General Electric for 338 turbines with the electricity destined for California. Oregon has the manufacturing infrastructure in place to produce the generators and create long-term family wage jobs right here at home.

Matt Taibbi, political writer for Rolling Stone has outdone himself again with this incredible, albeit devastating article about Goldman Sachs.

The first thing you need to know about Goldman Sachs is that it’s everywhere. The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.

Any attempt to construct a narrative around all the former Goldmanites in influential positions quickly becomes an absurd and pointless exercise, like trying to make a list of everything. What you need to know is the big picture: If America is circling the drain, Goldman Sachs has found a way to be that drain — an extremely unfortunate loophole in the system of Western democratic capitalism, which never foresaw that in a society governed passively by free markets and free elections, organized greed always defeats disorganized democracy.

Since the publication of this article the NYSE has veiled Goldman Sachs from public scrutiny.

The New York Stock Exchange LLC (“NYSE”) will be decommissioning the requirement to report program trading activity via the Daily Program Trading Report (“DPTR”), which was previously approved by the Securities and Exchange Commission (the “Commission”).1 The last trade date for which member organizations will be required to file the DPTR with the Exchange will be July 10, 2009 and therefore the last required date to submit the DPTR will be July 14, 2009.

In the 2007 rule filing, the Exchange proposed to eliminate DPTR. The 2007 filing noted that there was some duplication between the DPTR data and the audit trail information that member organizations provide to the Exchange via account-type indicators at the time that they submit program trades to the Exchange… [A]fter consulting with the SEC, the Exchange announced that it would delay implementation of the two redefined account type indicators, and pending such implementation, member organizations would be required to continue filing the DPTR with the Exchange. The current delayed implementation date of the redefined J and K account type indicators is June 30, 2009. Accordingly, the Exchange still requires member organizations to submit DPTR.

The Exchange has filed with the SEC to implement the decommissioning of the DPTRrequirement following the July 10, 2009 trade date. Accordingly, the last required submission of the DPTR will be on July 14, 2009, which is the second business day after the last trade date for which the DPTR is required.

Taibbi’s article list the Goldman Sachs alumni of top level administration positions…

The history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled-dry American empire, reads like a Who’s Who of Goldman Sachs graduates. By now, most of us know the major players. As George Bush’s last Treasury secretary, former Goldman CEO Henry Paulson was the architect of the bailout, a suspiciously self-serving plan to funnel trillions of Your Dollars to a handful of his old friends on Wall Street. Robert Rubin, Bill Clinton’s former Treasury secretary, spent 26 years at Goldman before becoming chairman of Citigroup — which in turn got a $300 billion taxpayer bailout from Paulson. There’s John Thain, the asshole chief of Merrill Lynch who bought an $87,000 area rug for his office as his company was imploding

… and lets not forget Tim Geithner. Read the article it is well worth it.

Leaving the nation’s Capitol this morning to head back to Coos County with good news in hand. Yes! There are some possible ways for us to tap into federal energy dollars for Coos County. It is convoluted but it can be done.

Obama hopes to rally support for a budget that is equal to the task ahead.

With the magnitude of the challenges we face, I don’t just view this budget as numbers on a page or a laundry list of programs. It’s an economic blueprint for our future – a vision of America where growth is not based on real estate bubbles or overleveraged banks, but on a firm foundation of investments in energy, education, and health care that will lead to a real and lasting prosperity.

These investments are not a wish list of priorities that I picked out of thin air – they are a central part of a comprehensive strategy to grow this economy by attacking the very problems that have dragged it down for too long: the high cost of health care and our dependence on foreign oil; our education deficit and our fiscal deficit.

Read the transcript here

Heaven forbid Boehnervilles be spoken phonetically… Republicans recommend a spending freeze just like Hoover did.

The Viking approach to leveraging, bank failures, credit crises and bailouts – hey, it worked for them.

To GOP governors refusing stimulus ‘money from democrats can still be exchanged for goods and services’.