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DJIA: +58.42 CLOSE 8555.60
S&P 500 +7.66 CLOSE 918.37
NASDAQ -0.34 CLOSE 1807.72 STOCKS CLIMB AFTER THREE-DAY DIVE
WALL STREET JOURNAL: Stocks rallied for the first time in three days, led by increases in banking and health care sectors. The Dow Jones Industrial Average closed up over 58 points after shedding 300 points over the last five sessions, a 0.7 percent gain. . . .READ MORE HERE ILLINOIS UNEMPLOYMENT
REACHES 25-YEAR HIGH
FORBES (AP): The May jobless rate in Illinois reached 10.1 percent, the highest for the state in 25 years. The state's Director of Employment Security expects the job losses to continue, though at a reduced rate. . . . READ MORE HERE
EMPLOYMENT PREDICTIONS A MIXED BAG
CNN MONEY: Though some data sets indicate that the historically-high U.S. unemployment rates have begun to slow, workers are not seeing signs that employers are ready to start hiring. The Labor Department says that 32% fewer jobs were lost in May than April but data from the Bureau of Labor Statistics indicates that the rate of new hires remains very low. . . .READ MORE HERE
CRITICS STRIKE AT THE HEART OF
PRESIDENT'S REGULATORY REFORMS
REUTERS: GOP Senators grilled Treasury Secretary Timothy Geithner over the particulars of President Obama's sweeping new financial regulatory reform plans. Senator Richard Shelby (R-AL) expressed doubt that the Federal Reserve was capable of the level of oversight the plan required. His concern was echoed by others, including Senator Christopher Dodd (D-Conn.), though Dodd remained generally supportive of Geithner. . . . READ MORE HERE
WHAT DOES SECRETARY GEITHNER WANT?
JAMES PETHOKOUKIS: Tim Geithner said, "You cannot convene a committee to put out a fire," then contradicted himself by suggesting to Congress that they convene a committee to put out regulatory fire. . . .READ MORE HERE
Thursday, June 18, 2009
MORE QUESTIONS ON OBAMA
AND INSPECTORS GENERAL
GRASSLEY'S I.G. PROBE WIDENS
CHICAGO TRIBUNE: Iowa Sen. Chuck Grassley questions Treasury dispute with bailout watchdog Neil Barofsky . . . Senator looking into the firings within last week of two other inspectors general . . . Both IGs had investigated sensitive subjects at the time of their firings. . . . READ MORE
BLOG REACTION: DAN RIEHL, SO IT GOES IN SHREVEPORT, FAUSTA WERTZ, POWERLINE, OBI'S SISTER, THE OTHER McCAIN, QUIN HILLYER, SISTER TOLDJAH, DAN COLLINS, FRUGAL CAFE, RICK MORAN, JIMMIE BISE JR., MOE LANE, HOT AIR, MEMEORANDUM
GRASSLEY: D.O.J. STONEWALL?
Iowa Senator at Committee Hearing: "I want to point out my serious concerns with the department's continued failure to respond in a prompt manner to letters and other inquiries from members of the Judiciary Committee. During the last three oversight hearings -- with the department and FBI -- I've started off my questions with a request for an explanation as to why I have not received answers . . . I asked FBI Director Mueller at the March FBI Oversight hearing why the FBI has questions outstanding from the March 2008 and September 2008 hearings. . . . READ MORE
WASHINGTON TIMES:
WITNESS DISPUTES WHITE HOUSE
WASHINGTON POST: Sen. Charles E. Grassley threatened to hold up the confirmations of Justice Department nominees if Attorney General Eric H. Holder Jr. does not provide an accounting of the department's role . . . Iowa Republican says "until we start getting some answers to these outstanding requests, I’m noticing my intention to hold certain Justice Department nominees." . . . READ MORE
ABC NEWS/JAKE TAPPER:
GEITHNER VS. INSPECTOR GENERAL
PREVIOUSLY:
CHICAGO TRIBUNE: Iowa Sen. Chuck Grassley questions Treasury dispute with bailout watchdog Neil Barofsky . . . Senator looking into the firings within last week of two other inspectors general . . . Both IGs had investigated sensitive subjects at the time of their firings. . . . READ MORE
BLOG REACTION: DAN RIEHL, SO IT GOES IN SHREVEPORT, FAUSTA WERTZ, POWERLINE, OBI'S SISTER, THE OTHER McCAIN, QUIN HILLYER, SISTER TOLDJAH, DAN COLLINS, FRUGAL CAFE, RICK MORAN, JIMMIE BISE JR., MOE LANE, HOT AIR, MEMEORANDUM
GRASSLEY: D.O.J. STONEWALL?
Iowa Senator at Committee Hearing: "I want to point out my serious concerns with the department's continued failure to respond in a prompt manner to letters and other inquiries from members of the Judiciary Committee. During the last three oversight hearings -- with the department and FBI -- I've started off my questions with a request for an explanation as to why I have not received answers . . . I asked FBI Director Mueller at the March FBI Oversight hearing why the FBI has questions outstanding from the March 2008 and September 2008 hearings. . . . READ MORE
WASHINGTON TIMES:
WITNESS DISPUTES WHITE HOUSE
WASHINGTON POST: Sen. Charles E. Grassley threatened to hold up the confirmations of Justice Department nominees if Attorney General Eric H. Holder Jr. does not provide an accounting of the department's role . . . Iowa Republican says "until we start getting some answers to these outstanding requests, I’m noticing my intention to hold certain Justice Department nominees." . . . READ MORE
ABC NEWS/JAKE TAPPER:
GEITHNER VS. INSPECTOR GENERAL
PREVIOUSLY:
POLL: AMERICANS WORRY
ABOUT OBAMA'S POLICIES
WALL STREET JOURNAL: President Barack Obama faces new concerns among the American public about the budget deficit and government intervention in the economy as he works to enact ambitious health and energy legislation, a new Wall Street Journal/NBC News poll finds . . . READ MORE
POLL: 80% WANT GOV'T TO
SELL AUTOMAKER STAKE
RASMUSSEN: Eighty percent (80%) of U.S. voters want the government to sell its stake in General Motors and Chrysler as soon as possible . . . READ MORE
POLL: 80% WANT GOV'T TO
SELL AUTOMAKER STAKE
RASMUSSEN: Eighty percent (80%) of U.S. voters want the government to sell its stake in General Motors and Chrysler as soon as possible . . . READ MORE
TOUGH FIGHT FOR OBAMA'S
FINANCIAL OVERHAUL PLAN
GEITHNER WILL TESTIFY TO SENATE
BLOOMBERG: The Obama administration's overhaul of financial-industry rules faces a lobbying assault on Capitol Hill, as lawmakers question the Federal Reserve's role and bankers say the plan may hinder economic growth . . . Treasury Secretary Timothy Geithner is scheduled to testify today to the Senate Banking Committee about the financial regulatory system . . . The financial, insurance and real estate industries contributed $39.7 million to Obama’s 2008 campaign . . . READ MORE
BLOOMBERG: The Obama administration's overhaul of financial-industry rules faces a lobbying assault on Capitol Hill, as lawmakers question the Federal Reserve's role and bankers say the plan may hinder economic growth . . . Treasury Secretary Timothy Geithner is scheduled to testify today to the Senate Banking Committee about the financial regulatory system . . . The financial, insurance and real estate industries contributed $39.7 million to Obama’s 2008 campaign . . . READ MORE
300 WORDS OR LESS: 06.18.09
Blowing the Whistle
If not for the turmoil in Iran, accounts of the firing of Gerald Walpin certainly would have gotten more news coverage this week. The Obama administration's dismissal of the inspector general for the AmeriCorps federal "volunteer" program has all the makings of a classic Beltway "cover-up" scandal. Not even the sycophantic White House press corps will be able to ignore this story for long.
Washington is a six-newspaper town nowadays -- in addition to The Washington Post and The Washington Times, there's also Roll Call, The Hill, Politico and the Washington Examiner. So far, the Examiner has done the most reporting on "IG-Gate," but the Times is racing to catch up, and Politico is on the story, too.
This old-fashioned newspaper war, where every outfit in town is vying for the latest scoop, will be amplified by the blogosphere.
IG-Gate got major coverage Wednesday when one journalist with multimedia clout, syndicated columnist/blogger/Fox News commentator Michelle Malkin, outlined the case to date. Another multimedia star, radio-talker/Fox News host Glenn Beck, scored the first exclusive TV interview with Walpin.
While ABC News was planning ObamaCare infomercials and MSNBC was airing its 24/7 paeans to the president, something unexpected happened -- real news. As the Sacramento Bee scores a scoop on the FBI investigation and Sen. Charles Grassley starts asking questions, any networks and other news organizations that try to ignore IG-Gate do so at their own peril.
The first major scandal of the Obama administration could blow the whistle that awakes a Washington press corps that's been asleep at the switch too long.
-- RSM
If not for the turmoil in Iran, accounts of the firing of Gerald Walpin certainly would have gotten more news coverage this week. The Obama administration's dismissal of the inspector general for the AmeriCorps federal "volunteer" program has all the makings of a classic Beltway "cover-up" scandal. Not even the sycophantic White House press corps will be able to ignore this story for long.
Washington is a six-newspaper town nowadays -- in addition to The Washington Post and The Washington Times, there's also Roll Call, The Hill, Politico and the Washington Examiner. So far, the Examiner has done the most reporting on "IG-Gate," but the Times is racing to catch up, and Politico is on the story, too.
This old-fashioned newspaper war, where every outfit in town is vying for the latest scoop, will be amplified by the blogosphere.
IG-Gate got major coverage Wednesday when one journalist with multimedia clout, syndicated columnist/blogger/Fox News commentator Michelle Malkin, outlined the case to date. Another multimedia star, radio-talker/Fox News host Glenn Beck, scored the first exclusive TV interview with Walpin.
While ABC News was planning ObamaCare infomercials and MSNBC was airing its 24/7 paeans to the president, something unexpected happened -- real news. As the Sacramento Bee scores a scoop on the FBI investigation and Sen. Charles Grassley starts asking questions, any networks and other news organizations that try to ignore IG-Gate do so at their own peril.
The first major scandal of the Obama administration could blow the whistle that awakes a Washington press corps that's been asleep at the switch too long.
-- RSM
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