Obama calls Buffett, Ford CEO for advice – The Hill’s On The Money

Obama calls Buffett, Ford CEO for advice – The Hill’s On The Money.

President Obama on Monday reached out to billionaire investor Warren Buffett and Ford CEO Alan Mulally for advice as he crafts a major jobs plan to be released after Labor Day.

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4 Responses to Obama calls Buffett, Ford CEO for advice – The Hill’s On The Money

  1. Administrator says:

    Tried to locate the report I was reading on the subject and don’t have a clue as to where I read it, or when, but it basically said bank rules are far more stringent than in the past and they’re just not parting with the funds. Obviously, there has to be a certain amount of caution on the part of borrowers also.

    The incredible nonsense over the debt limit, the subsequent S&P downgrade and the fact the market subsequently fell into a deep dark hole were certainly reasons to fall off a cliff in August, but the DJIA is back to 11,176.76 today so perhaps things will start looking up for us!

    PJ

  2. You bring up a good point: is it a case of lenders not lending or borrowers not taking on risk?

    My indicators are telling me that signs were positive through June then faltered in July and have fallen off a cliff in August.

  3. The problem Obama faces is that he needs people to have the confidence to BORROW more money to BUY more stuff.

    Problem is – confidence amongst the bottom 80% of people in America is effectively zilch.

    • Administrator says:

      Thank you for your comment. Your website is quite attractive, I’ll have to spend some time reading your tutor.

      You’re absolutely correct confidence is zilch, but it isn’t a question of confidence when it comes to borrowing money. The interest rate is extraordinarily low, yet the banks are simply not loaning money as they should be, just like big companies are not hiring as they should be, instead they are simply hoarding money.

      One of the reasons confidence is so low is due to the media continually finding fault with what President Obama does/say/doesn’t say/doesn’t do – it’s a no win situation for him. The press is on his every move finding fault. Heaven forbid we should get a low jobs report, or a low housing report – at that point in time ‘the sky is falling” and that sort of attitude by the U.S. press scares the people in this country as well as those around the world.

      One of the economic indicators that came out yesterday is the Chicago Fed National Activity Index (CFNAI) which looks at 85 monthly indicators to come up with an average value. In June the figure was -0.38 in July it went up to -0.6, which indicates the country is moving in the right direction economically.

      Pat Johnson

      CFNAI http://www.chicagofed.org/digital_assets/publications/cfnai/background/cfnai_indicators_list.pdf

      .

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