Showing posts from March 10, 2009

When will Obama's political bubble burst?

Business Times - 11 Mar 2009 When will Obama's political bubble burst? New US leader unable to mobilise the Congressional support he needs to bail out Wall St By LEON HADAR WASHINGTON CORRESPONDENT ON the same day that the US government announced the February unemployment rate of 8.1 per cent - the highest in more than 25 years - President Barack Obama was insisting that his US$787 billion economic stimulus plan would help reverse the depressing economic downturn. On Friday, a few hours after the Labor Department released figures showing the economy shedding 651,000 jobs last month, Mr Obama was addressing a graduation ceremony in Columbus, Ohio for 25 police recruits who had their jobs saved with the help of US$1.2 million from the stimulus package. 'For those who still doubt the wisdom of our recovery plan, I ask them to talk to the teachers who are still able to teach our children because we passed this plan,' Mr Obama said, challenging those on Capitol Hill and Wall Str