In case any small business owners have had any doubt about the president’s priorities when it comes to the economy, President Obama has stated that small businesses are essential the American economy and has noted the problem that small businesses have nowadays in getting credit.
Obama’s weekly radio and Internet address gave the President the opportunity to urge America’s banks to step up their lending to creditworthy small businesses, stating that it is the banks’ responsibility to finance the small business engine. He also announced several programs that would spur lending, such as capital injections into community banks that would allow …read more

In a move that is sure to raise some eyebrows, a group of activist tricksters sent out a fake press release and arranged a phony news conference to announce the U.S. Chamber of Commerce’s support of climate-change legislation. In reality, the Chamber of Commerce has remained opposed to such legislation, which led to a relatively brief bout of confusion caused by the fake press conference.
The press conference took place in the National Press Club and the group of pranksters were even able to secure a Chamber of Commerce logo to use on the lectern. However, the prank only lasted several minutes, …read more

The Obama administration has begun patting itself on the back for its progress in helping many troubled homeowners to avoid foreclosure due to its various federal programs. However, an oversight panel has released a statement criticizing President Obama’s program, warning that it will actually end up leaving millions of Americans vulnerable to losing their homes to foreclosure.
The Congressional Oversight Panel, a group created to keep an eye on taxpayer bailout funds, has said the administration’s predictions of how many homeowners the programs will save are vastly overstated. According to the COP, the program would most likely only prevent less than …read more

As part of the Obama administration’s commitment to helping every American find a place to live, the government has been offering what essentially boils down to up to $8,000 of free money. Buyers who close by November 30th are eligible for this tax credit, one that is worth up to 10 percent of the home’s purchase price.
 
Purchasing a home before Nov. 30 is not the only requirement, though. The home you are buying has to be your first home or the first home you have owned in three years. Single buyers must have a modified adjusted gross income (MADI) of …read more

The Obama administration has set aside more than $500 million for the economic stimulus of renewable energy development projects, and Spanish company Iberdrola SA will receive the largest portion of these funds. Iberdrola SA will receive $236 million to build wind farms throughout Texas, Oregon, and Minnesota, while a Pennsylvania wind project will receive $59 million.
 
In all, twelve different projects will receive a portion of the funds, with 59 percent of the money going to Iberdrola’s various projects throughout the three states. This money, which comes from a $3 billion fund that the Obama administration set aside for economic recovery, …read more

American International Group Inc., commonly known as AIG, is once again ready to start handing out bonuses. The last time they handed out bonuses, it didn’t go over too well with the American public. In fact, it prompted everything from boycotts to protests.
Prior to handing out bonuses this time, AIG is going to ask permission from Obama’s administration. Specifically, AIG will run their bonuses plan by Kenneth Feinberg — the person in charge of corporate compensation for those companies that have received bailout funding.
Even though AIG isn’t required by law to ask for permission regarding these bonuses since they were …read more

On Sunday, The White House announced three nominees for senior posts at the Treasury Department. Just days ago, two other contenders withdrew their names claiming concern that the team wasn’t being assembled quickly enough during the financial crisis.
Two months into the Obama presidency, only Treasury Secretary Timothy Geithner is in place in the Treasury.
The three new nominees are:

David Cohen – assistant Treasury secretary for terrorist financing
Alan Krueger – assistant secretary for economic policy
Kim Wallace – assistant secretary for legislative affairs

“Out of crisis arises opportunity,” President Obama said in a statement.
“With the leadership of these accomplished individuals and our whole …read more