President Obama today: “The strength of our economy can be measured by the strength of our middle class. That is why I have signed a memorandum to create the Task Force on Middle-Class Working Families – and why I have asked my Vice President to lead it. This is a difficult moment. But I believe, if we act boldly and swiftly, it can be an American moment – when we work through our differences and overcome our divisions to face this crisis.”
Vice President Biden said: “America’s middle class is hurting. Trillions of dollars in home equity and retirement savings and college savings are gone. And every day, more and more Americans are losing their jobs. President Obama and I are determined to change this. Quite simply, a strong middle class equals a strong America. We can’t have one without the other. This Task Force will be an important vehicle to assess new and existing policies across the board and determine if they are helping or hurting the middle class. It is our charge to get the middle class – the backbone of this country – up and running again.”
The White House unveiled today the initial version of the Task Force’s new website: http://www.AStrongMiddleClass.gov. Transparency is a key priority for the taskforce and any materials from meetings or reports produced will be made available to the public and on the website. The website will be updated with additional content as the Task Force gets underway.
President Obama has set the following goals for the “middle class” task force: (goals?)
Expanding education and lifelong training opportunities
Improving work and family balance
Restoring labor standards, including workplace safety
Helping to protect middle-class and working-family incomes
And then there’s AIG, the bail-out Kings……in the news again, today!
American International Group Inc., said it is paying retention bonuses as planned to employees in the unit that sold credit default swaps, the risky contracts that caused massive losses at the insurer.
According to news reports, approximately $450 million is being offered to a group of about 400 employees in the financial products unit. That averages to about $1.13 million per employee.
AIG spokeswoman Christina Pretto would not confirm the dollar amount, but issued the following statement: “We adopted and disclosed this contractual retention program months before the government provided support to AIG. We did so because it was clear, given the market environment, that we would need to retain employees to manage the complex issues arising in our Financial Products business, which we are now unwinding.”
She added that the most senior employees at AIG’s financial products business will see total compensation that is “about 57 percent below historic levels.”
And here’s Obama & Geithner, using tough rhetoric to ease the anger and rage of the American People for giving $150 Billion to companies like AIG to go on retreats and reward Inept Executives with huge bonuses. Talk is cheap
All that bragging during the campaign about his “good judgment” & being a Harvard trained lawyer….yet he couldn’t figure out how to implement language into the first bail out bill that would have prevented Wallstreet from using the TARP money for executive bonuses and wine country retreats! Obama…..quit insulting our intelligence.