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At a Joint Session of Congress, the president’s speech last night outlined his health care reform plan and addressed controversies and misunderstandings that have surrounded it.The series of videos at the end of this post shows his full speech, but if you don’t have time to watch it, here are some highlights.

The president’s speech last night started off nice and friendly as he spoke about the things Congress and regular Americans generally agree on. He opened by talking abou the economy and acknowledging that we are still deep in the midst of a recession.

President’s speech last night well received

President Barack Obama got his first standing ovation about a minute into his speech when he said “I will not let up until those Americans who seek jobs can find them.” This is great news for people who want to get payday advances, because you need paydays to get payday cash advances.

A hard-hitting moment came in the president’s speech last night when Obama, referring to health care, said “I am not the first president to take up this cause, but I am determined to be the last.” Very loud cheering followed, and it seemed he had his audience in the palm of his hand.

President’s speech last night part one

The first item on Obama’s agenda last night was outlining and explaining the health care bill currently making its way through Congress. The plan has two main parts, he said. The first part “makes what you already have work better for you,” he said.

In the president’s speech last night, he emphasized that nothing in the plan requires people to change the health care coverage they already have. What it does do to existing health insurance is make it illegal for insurance companies to deny coverage because of pre-existing conditions or drop coverage when people get sick. It also gets rid of caps on coverage and adds caps on out-of-pocket expenses.

“In America, no on should go broke because they get sick,” Obama said.

President’s speech last night part two

Obama explained that the second major part of the health care plan provides a way for people without coverage to get it. The health care plan offers a public option for people who cannot get private insurance through their employer or afford to pay for private insurance.

The public option will be self-supporting, paid for by the premiums it collects. It won’t be paid for by taxes. People will be required to carry some type of basic health insurance — who they get it from is their choice — just as people are now required to have car insurance.

“Improving our health care system only works if everybody does their part,” Obama said.

And the evening takes a turn

Up until this point, the president’s speech was punctuated only by cheering and standing ovations. However, it was time to deal with the rough stuff. The president addressed the controversies that have come up because of the health care plan, fabricated by people and “spread by those whose only agenda is to kill reform at any cost,” he said.

Joe Wilson became an instant celebrity — and in this case that is not a good thing — when he yelled “you lie!” after Obama said that the health care plan “will not cover those who are here illegally. You can see a short clip of that moment in my article about the web site called Joe Wilson is Your Pre-Existing Condition. To see the clip in its full context, check out the third video below. The moment of “truth” comes about two minutes in.

All kinds of good stuff

Luckily, that was the only disturbance that distracted from the president’s speech last night. He addressed concerns about how the public health care option will work, which will be similar to Medicare and Medicaid. He emphasized that it won’t put private health insurance companies out of business, much like public universities haven’t driven private colleges out of business. In fact, he believes only about 5 percent of Americans will sign up for the public health care option.

He said it will hold private insurance companies accountable and create competition that will drive prices down and quality up. He explains that the health care reform bill will not add  to the deficit and will mostly be paid for by finding savings within the existing health care system.

Watch the president’s speech last night

If you didn’t watch the president’s speech last night, I highly recommend that you check it out for yourself, as it definitely clears up a lot of confusion and gives you the information you need to form your own opinion about the health care reform bill.

President Barack Obama and a group of several different types of health care providers have joined forces and promised to stem the increase in spending on health care in the United States.

Both the health industry leaders and the White House administration intend for this move to bring the country closer to having comprehensive health care for everyone in the United States.

A common goal

Obama ultimately strives to make health care more readily available and affordable for Americans. Hospital representatives, doctors, insurance companies and drug makers were all present at the announcement made at the White House today.

These health-care industry representatives pledged to sharply reduce the growth the country has seen over the years in spending on health care. Perhaps now fewer Americans will have to weigh the options of whether to get personal loans to cover health care costs or skip preventative procedures.

Slow going

The New York Times explains that this move does not mean the health-care industry has promised to reduce costs:

The pledge, if kept, would not reduce overall health spending but merely slow its growth. Still, White House officials said the plan could save $2,500 a year for a family of four in the fifth year, and a total of $2 trillion for the country over 10 years.

The hope is to make a move to comprehensive health insurance less expensive to the federal government.

Changing times

An article in the New York Times compares today’s announcement with Bill Clinton’s efforts to reform health care during his presidency in the ’90s:

The pledge from some of the very groups that helped block President Bill Clinton’s efforts at health-care overhaul in 1993-94 — crippling any chance of such change for years — appeared to bolster Mr. Obama’s hopes. … The seeming inevitability of some sort of major overhaul appears to be driving the hospitals, insurers and drug makers to seek a larger role than they had in the ’90s in shaping the legislation.

Obama said the change is due to the widespread recognition that more and more United States citizens every day are in need of aid with the cost of health care. Also, so many other developed countries have universal health care, and that has made the system more appealing and palatable to those who once opposed health care reform.

Provider pledge

The written pledge from six industry leaders reads:

“We will do our part to achieve your administration’s goal of decreasing by 1.5 percentage points the annual health care spending growth rate, saving $2 trillion or more. This represents more than a 20 percent reduction in the projected rate of growth.”

Keep moving. This Rick Sanchez train is bound for glory and funded by personal loans. If you missed the last train to Clarksville, CLICK HERE.

The failing economy; the election of Barack Obama, the nation’s first minority president; and then there’s the garden-variety fear and hate mongering provided compliments of Fox News night in and night out. That’s where Glenn Beck is seen night after night, talking about doomsday, about the country coming apart, while his counterpart Sean Hannity calls the president a socialist, and worse, implying day in and night out that he’s trying to destroy America. Here’s an apparent result. Americans are scarfing up guns and ammunition at an alarming rate. Growing numbers of people appear to believe that the government wants their weapons.

Still my Glenn Beck gently weeps

After trying to prove his point by attacking all of the experts he rolls out there, Sanchez introduces left-wing non-profit research group Media Matters’ Eric Boehlert for a debate. Boehlert brought the kettle to a boil:

Glenn Beck yesterday on his radio show said Barack Obama will take away your gun any way — one way or another — he’s going to take away your gun. This message has been on Fox News for weeks and months, and it’s not just the gun control issue. They are painting, as you mentioned, sort of this doomsday scenario, almost mainstreaming this militia idea of tyranny and, you know, totalitarian state in America. It’s incredibly irresponsible to be doing.

Doomsday, you say?

Please. Don’t encourage “Left Behind” lovers. Speculative fiction does not a sturdy ideology make.

Sanchez and Boehlert had Alan Gottlieb of the Second Amendment Foundation as their right-wing stoning target during this fiasco (SEE THE FULL INTERVIEW BELOW!). Fortunately, Gottlieb was able to call their bluff once they started to draw the gun owners/militia connection:

I like how you’re using the word militia. I mean, you’re trying to label everybody as militia, as being, you know, evil, crazy people out there. You know, there are 90 million gun owners in America and they’re not members of militias. The bottom line is, the Pew Research Center just did a survey that shows that Barack Obama is the most polarizing president we have had in four decades… The reason why people are buying guns is [that] he’s polarizing them.

America is truly at a turning point. It’s important that people understand what’s going on, which makes it all the more important that we turn off our televisions and set ourselves to doing the proper research. Does anyone honestly view Rick Sanchez, Lou Dobbs, Rush Limbaugh, Sean Hannity or Glenn Beck as seers? Or Kirk Cameron? They’re entertainers, nothing more, nothing less. We lay waste our powers by giving them too much of our time.

Related Video:

The early months of Barack Obama’s presidency have had everything to do with budgeting and spending. From delegating cash advance loans for troubled corporations to making the national budget, there’s never a dull moment.  Now comes the budget for America’s defense, and it’s a doozy.

Christopher Hinton reports for Marketwatch that Defense Secretary Robert Gates has announced huge changes across the board, reflecting a greater priority towards the type of fighting used in Iraq and Afghanistan.

Cutbacks

Gates has revealed that America will stop buying F-22 Raptors and C-17 Globemasters by year’s end. We will also end the TSAT satellite program and the use of the CSAR-X. Orders for new presidential helicopters will be delayed and the number of contractors working for the Pentagon will be reduced significantly.

But the contractors will be replaced. “Our goal is to hire as many as 13,000 new civil servants in fiscal 2010 to replace contractors and up to 30,000 new civil servants in place of contractors over the next five years,” Gates said.

Increases

The Pentagon plans to increase its budget for the F-35 fighter jet to $11.2 billion (from $6.8 billion), which will translate to 30 jets in fiscal 2010. That’s up from 14 the Pentagon bought over the past year. And over the next five years, they’d like 513 more F-35s, leading to a fleet that’s 2,443-strong.

The Pentagon will also increase spending to improve our cyberspace defenses and bring up the numbers of the country’s terminal high altitude area defense (THAAD (see http://www.army-technology.com/projects/thaad/)) short-to-medium range missile defense systems. Six more Aegis ships will provide “Star Wars” style ballistic missile defense. In the way of personnel, the Army will grow by 547,400 and the Marines 202,000.

America’s defense spending since 9/11 has nearly doubled. Since 2001, the total U.S. federal budget has grown nearly 90 percent. Under President Obama, 2010 will clock in at $3.55 trillion.

Gates’ thoughts

“My recommendations represent the cumulative outcome of a lifetime spent in the national security arena… and lessons learned from over two years of leading this department and in particular, from our experience in Iraq and Afghanistan,” he said at a press conference. In spite of this, Wall Street took a sour view of Gates’ announcement, as Standard & Poor maintained their negative view of the defense sector.

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The 2008 election of Barack Obama to the presidency of the United States of America inspired people across the globe. It was billed as the election of “hope” and “change.”

Artist Shepard Fairey was inspired by the man and the message, so much so that he created a piece of art that represented the hope that he felt for Obama’s America. Now that the afterglow of victory has subsided and America is staring a depression in the face, hope is more difficult to come by. In fact, it is hope that has exposed Fairey to a lawsuit. Will a cash advance cover the perceived damages?

The AP claims he stole the image from a photograph

Erik Larson reports for Bloomberg that Fairey has “been sued by the Associated Press over claims the stylized portrait copied a 2006 AP photograph.”

Here’s the AP’s complaint:

Fairey’s willful pattern and practice is to repeatedly copy the works of other artists and photographers. While plaintiffs have attempted to cloak their actions in the guise of politics and art, there is no doubt that they are profiting handsomely from their misappropriation.

Call them the Associated Killjoys

Fairey saw this coming, however. His company (Obey Giant Art, Inc.) filed a preemptive lawsuit that made the claim that the photograph was used “as a visual reference for a highly transformative purpose.”

In their counterclaim, the AP pointed to Fairey’s “willful disregard” for property rights that has led to numerous graffiti, vandalism and related arrests.

Question authority

You know Shepard Fairey from this ubiquitous sticker than finds its way onto street signs and other public surfaces

Fairey is a public artist along the lines of Christo, as I see it. His emblems take on more of an urban edge and are artistically provocative. The underlying message in his work – that we should question authority and be aware of the propaganda that is thrown our way every minute of every day – is particularly useful in this age of total media saturation. His work has appeared in the Smithsonian and the Institute for Contemporary Art in Boston, as well as on a street sign or corner near you.

The AP objects to Fairey not having retained permission to use the original photo (and his not giving credit to the original photographer). However, is Fairey’s work the original photo, or inspired by that photo and his own imagination? I would side with the latter, but black and white corporate/legal thinking may not agree. Fairey claims his work is protected by the Fair Use statute, which “allows for limited use of copyrighted material to make original works of art,” writes Larson.

“Protecting” Content

Fairey’s lawsuit filed in February seeks a court order that the image, created in January 2008, doesn’t violate AP’s copyright. According to his complaint, Fairey’s work is protected by the Fair Use statute, which allows limited use of copyrighted material to make original works of art.

I find it ironic that the Associated Press wishes to press this issue. A beacon of world journalism – of free speech rights – is looking to curb an artist’s right to express his view of the world. The Associated Press is proving that they belong in the great reservoir of mass media Fairey criticizes… along with all the seagulls and garbage.

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When President Barack Obama announced his budgets for the remainder 2009 and 2010, he promised he would cut wasteful spending inherent in the previous budgets.

Today he gave a speech focusing on the specifics of those cuts. He also promised the government will be “more efficient, more accountable and more responsible.”

Contract spending reform

Government auditors have said there was $295 billion in wasteful spending on defense-related contracts last year. To eliminate this waste, Obama has ordered “dramatic” reform in the way contracts are awarded.

“We are spending money on things we don’t need and we are paying more than we need to pay,” Obama said.

Obama promises better discretion

In his speech, Obama emphasized that his budgets drastically cut non-defense discretionary spending as well.

According to a fact sheet the White House released:

“The President today signed a Presidential Memorandum that reforms how the government does business and that will save taxpayers billions of dollars each year.”

Details on contract spending reform

The Presidential Memorandum addresses outsourcing and awarding no-bid and cost-plus contracts. It also vows to “end the long delays and extra costs common to defense contracting.” The government won’t hand over cash advances to contractors without rigorous scrutiny.

Republican Sen. John McCain and Democratic Sen. Carl Levin designed the new goals for reforming the way the government secures contracts for defense.

All the gory details

The fact sheet addressing Obama’s contract reform plan specifies that government spending on contracting more than doubled during the eight years the Bush administration was in control of the White House.

From 2000 to 2008, government spending on goods and services increased from $200 billion in 2000 to more than $500 billion.

Contracts inherited from previous administration

The Office of Management and budget has been directed to issue guidelines for how agencies must review existing contracts and identify waste and inefficiency. Those guidelines must be completed by July 1.

I am certainly not the only one concerned over ACORN and its role in razing America’s economy to the ground. Michael Gaynor writes that Anita MonCrief, who has testified in court against the community organization group, is eager to expose the group’s connection to Herbert Sandler. She’s writing a four-part series entitled “ACORN and the Sandlers.” Like everyone else who cares about eliminating government corruption, I’d love to see what she comes up with.

Why didn’t ACORN go after “one of the worst predatory lenders in the country?” What is its relationship with the Center For Responsible Lending (take a look; new information is always good, however)? What should we know about ACORN’s housing projects like Desert Rose in Arizona and the Glenn Subdivision in Texas? I look forward to Ms. MonCrief’s analysis.

President Obama’s connection

There are many people who are up in arms over Barack Obama ascending to the presidency when it is considered that he may have been closely involved with ACORN. You did know that ACORN has been accused of voter fraud by MonCrief and others, right?

ACORN is known to have had allies among Congressional Democrats. Senator Obama of Illinois was allegedly one of those. Where were they when ACORN was extorting banks into making bad loans and preventing the Treasury Department from overseeing what was going on with Fannie Mae and Freddie Mac? President George W. Bush, Senator John McCain and other Congressional Republicans were crying for that oversight to occur. Instead, the giant lenders melted down and the volcano that is the American economy blew its top.

Getting their cut

MonCrief continues to probe at ACORN:

Their latest endeavor illustrates that ACORN may not have its fingers around Obama’s throat quite as tightly as they would like. So, why not do a little street theater, it’s always worked before. They will cower him into submission the way they have everyone else with few exceptions. Secondly, like most of its campaigns, there can be no bailout for the homeowners without the “ACORN off the top cut.” America’s taxpayers are now part of one of the biggest schemes in the country, our money is being used to position ACORN for the 2010 and 2012 elections. As evidence has shown, Washington needs less ACORN cronies, not more.

Gaynor wonders what hold ACORN may have on President Obama. The president claims he represented them in a lawsuit involving a motor voter law where the Clinton Administration Justice Department sided with ACORN. Yet Gaynor cries foul against what he considers “liberal media” distortion of the facts. He accuses the New York Times of unfairly targeting conservative Republicans like John McCain (well, relatively conservative, in a liberal kind of way). Most importantly, Gaynor insists that the newspaper failed to report accurately about ACORN due to its liberal Democratic bias.

America should know the truth about ACORN and Obama, or at least more than a token comment by country’s Orator-in-Chief. Perhaps MonCrief has access to untold information. Or perhaps it will just be another version of that great subjective notion of truth that exists in the Information Age.

And that’s only from Part I of MonCrief’s series!

In Part II, she digs deeper for gold:

While Obama is touting a $65 a month increase for America’s workers, ACORN is priming the pump for federal “black gold.” ACORN appears to be challenging Obama for their piece of the pie, either through the stimulus or the foreclosure package. Either way it is now up to the Administration to stand up to a bunch of thugs who are currently under criminal investigation in almost 15 states.

Gaynor asks an obvious question. If President Obama is truly “in the pocket” with easy loans from ACORN, will he actually stand up to them and make current criminal prosecution count? In that scenario, it would appear that the answer would be a resounding “no.” In light of the near trillion-dollar stimulus spending bill – which Gaynor likes to point out was called “pork-free” by the current administration – what is truly being done? Is ACORN being put in its place or rewarded? More on this as information becomes available…

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It’s interesting that 12 people took the time to vent their “moral outrage” over changes in the Ohio payday loans industry. Interesting, in that it wasn’t until the 13th person commented on Sheryl Harris’ Cleveland Plain Dealer editorial that they noticed something wacky.

Here it is. The numbers have been left the same to preserve the editorial integrity of the source material:

So when payday lending was legal last year, CheckSmart customers paid $575 to walk out the door with $500 in cash.

Under the new licensing scheme, CheckSmart customers pay $575 to walk out the door with $500 in cash.

Shocker!

Sure, it must be a typo, but let’s move on.

If you didn’t already know, payday loans have been banned in Ohio. This ban came not only during a recession, but during a time when Ohio’s state of budget affairs was among the worst in the nation. Unemployment is high; kicking out legitimate businesses is a bad idea.

Harris draws our attention to House Bill 545, which she says was “supposed to help consumers by creating a Short-Term Loan Act that gave borrowers at least a month to pay off loans. More importantly, the new law was supposed to drive down the costs.” The crux of the argument Harris and people like her use against the payday loan industry is that the APR for a loan would be a “jaw-dropping” 391 percent.

But that’s not what’s really jaw-dropping!

What’s truly jaw dropping is that we’re expected to eat and like the spoon-fed rhetoric that payday loans are annual loans! Right-thinking people must stand up for the intellectual honest and stamp out these deceptively mild distortions of the truth. Sure, if a payday loan could be extrapolated out over an entire year, 391 percent in annual interest is possible. However, since they are two-week loans that charge $15 in many locations, You’re looking at 15 percent paid in interest, on top of the principal. For a short-term loan that is often given to clients with less than perfect credit, that is both a bargain and a price point that helps shelter lenders from risk.

What does Harris coo about, in honor of the misguided law? She yearns for a 28 percent APR, which would even one-up the supposed cap President Obama wants to put on payday loans at 36 percent APR. With Obama’s APR, the lender profits to the tune of $4.14 for a $300 loan made to a consumer. How is that anything other than insanity for a business? Furthermore, what kind of insanity afflicts people who think that today there are religious reasons for not charging interests on loans (they essentially coined the term “usury” and gave it boogieman status… similar to what was done to hide the original meaning of the word pagan… now it’s considered evil in the public eye, goat horns and all… it originally meant “country dweller” or “rustic”).

Facts are simple here. Payday loans help all sorts of consumers, particularly those who need emergency cash that can’t wait until their next payday. Few banks or credit unions offer micro loans, particularly for customers with less than perfect credit. Thus, the loans fill a need in society.

Denver Museum of Nature and Science

President Barack Obama has signed the $787 billion economic stimulus package, and cash advances should start flowing into state budgets soon.

Obama signed the bill today in Denver at the Museum of Nature and Science. The bill will give tax breaks to individuals and businesses and send cash advances to states to fill budget gaps.

Why Denver?

Colorado Governor Bill Ritter said it was an honor for the president to sign the bill in his state. He also indicated that Denver’s Museum of Nature and Science was an ideal place to highlight what he calls the “New Energy Economy.”

Obama’s visit acknowledged “what we have accomplished and what we must continue achieving when it comes to creating jobs in the New Energy Economy. With President Obama coming here to highlight the New Energy Economy, we believe more than ever that Colorado can serve as a model for the rest of the country.

Words from the vice president

Before the president signed the bill that will send cash advances to several programs and projects, Vice President Joe Biden spoke. He drew focus to the portions of the bill that will create jobs for Americans.

“You don’t need to be an economist to know that jobs are the engine of this economy. We’re not going to just help the economy start to recover. We’re going to build the economy of the future,” Biden said.

President speaks

Obama says the economic stimulus plan is not the end of the road. The plan is merely the beginning of the work that needs to be done.

“This legislation represents only the first part of the broad strategy we need to address our economic crisis. In the coming days and weeks, I will be launching other aspects of the plan,” Obama said.

Obama spoke about the banking system and indicated more cash advances will be needed to get credit flowing again.

Cash advances should be headed to states and programs soon. The only signature still needed on the economic stimulus package is the president’s.

The House of Representatives approved the bill with a 246-183 vote. At 10:48 ET, the Senate voted 60-38, barely passing the bill.

Cost cutting

The bill in its final form has been pared down to$787.2 billion. When the bill passed in the House the first time it carried a price tag of $819 billion. The Senate passed a version that would have cost $838 billion.

After the Senate approved its version, negotiators and lawmakers got together to reconcile the two versions, and the bill got smaller in the process. More than half the cost of the bill will go toward health care, infrastructure and infusing cash advances into state budgets.

Big ticket items

One of the main goals of the economic stimulus package is to create jobs. Obama says the bill will create or save 3.5 million jobs. He also said 90 percent of those jobs would be in the private sector.

Another big chunk of the bill will go toward tax cuts. About 35 percent of the total cost of the bill will be in the form of tax cuts. This includes individual tax cuts, business tax cuts and stimulus checks for people who don’t work.

Partisanship

Not a single Republican in the House voted for the bill. Eight House Democrats also voted against it. In the Senate, no Democrats voted against the bill, and three Republicans and two Independents voted for it.

The Senate had to put the vote on hold while a Democratic senator flew in from Ohio to cast his “yes” vote, bringing the total to 60, which was the exact number required for the bill to pass.

Obama campaigns for stimulus

While Congress hammered out the details, President Barack Obama visited cities such as Denver, Peoria, Ill., and Springfield, Va. He strongly urged Congress to pass the bill quickly.

It’s a pretty safe bet that the president will review the bill this weekend and sign it into law Monday, on President’s Day. Individuals, states and businesses should start seeing their cash advances soon.

Two companies are working on making these signs less common.

Homeowners considering getting instant payday loans to cover their mortgage so they don’t get evicted might be able to hold off.

Moratorium on foreclosures

Payday loans are great for keeping your credit in good standing if you use them to make mortgage payments on time. However, if you are facing foreclosure, it’s probably too late to be worrying about your credit.

If your mortgage is held by either JPMorgan or Citigroup, you don’t have to worry about foreclosure, either. At least not for a month. So instead of getting instant payday loans, start saving now to make sure you have the money to keep your house next month.

Banks wait for word from Obama

JPMorgan Chief Executive Jamie Dimon says the company will not foreclose any owner-occupied homes before March 6. Citigroup won’t foreclose mortgage loans on homes that are the borrower’s primary residence.

Citigroup’s moratorium will last through March 12 or until the White House has finalized the loan modification program, whichever comes first.

Making an example

Fannie Mae and Freddie Mac, which are government-controlled, have already stopped evicting homeowners from foreclosed homes. The companies will continue to hold off through the end of this month.

Government intervention

Barack Obama’s administration is currently considering working on the loan modification deal. The program would use taxpayer money to lower monthly payments for homeowners facing foreclosure. However, that group of people is still growing.

More than 274,000 U.S. households received at least one foreclosure-related notice last month, according to RealtyTrac Inc.

Not everyone will be able to receive help, and it will be tough to decide who qualifies.

Stay off the street

For homeowners who are facing foreclosure, instant payday loans can keep you from becoming homeless, and there are usually no credit checks.

Related articles

• U.S. home foreclosure notices hit 274,000 in January (cbc.ca)
• Fannie and Freddie suspend foreclosures (money.cnn.com)
• Foreclosures Fall From December To January (huffingtonpost.com)
• White House may move to buy mortgages (msnbc.msn.com)
• Streamlined Loan Modification Now Available (azmortgageguru.com)
• Mortgage Modification Program (kristalsellsdenver.com)

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Executives in Kazakhstan probably will be able to get by without payday loans, but many of them are facing a big pay cut.

Prime Minister Karim Masimov has said that salaries for executives at state-run firms and banks should not be paid more than him. Masimov says he makes $4,700 a month, in U.S. dollars, or 700,000 tenge.

Following a leader’s lead

The move is similar to the one U.S. President Barack Obama made last week when he capped salaries for Wall Street executives. Obama said any executives at banks who get bailout money should not get  more than $500,000  per year in total compensation. Obama’s annual salary is $400,000.

However, Kazakhs affected by Masimov’s edict will take home far less than American executives. The new rule means Kazakh executives’ salaries will be capped at $56,400 a year. Still, probably the only executives who will need payday loans are those who want to make payments on their private jets on time. The new executive salaries in Kazakhstan are 12 times the average wage.

American comparison

Kazakhstan's flag

Masimov

The average wage in Kazakhstan is about $392. That’s close to the average amount for most payday loans in the U.S.

Median income in the United States was $50,233 in 2007, or about $4,186 a month. The executive salary cap of $500,000 is  about 10 times the country’s median income, and Obama’s salary is about eight times the average.

No questions asked

Criticizing the government is rare in Kazakhstan. Reuter’s writes that the Prime Minister’s orders will be carried out swiftly.

His decision is likely to be implemented immediately because state companies follow government orders. -Reuters

Kazakhstan is facing a major economic crisis, much like the one in the U.S. The financial crisis we are facing quickly became a global phenomenon when the U.S. economy began to fail. Unfortunately, most Kazakhs struggling with finances don’t have the same options we have in the United States, like payday loans.

Senator Judd Gregg

If the payday loan industry operated like the political nomination process, lenders and borrowers would both be in trouble.

Payday loans can be approved in two hours and are usually paid back in two weeks. However, more than three weeks into his presidency, Barack Obama still doesn’t have a Secretary of Commerce.

Senator Gregg steps down

Obama’s nominee for the position, Senator Judd Gregg, withdrew his name from consideration today. Gregg cited “irresolvable conflicts” with Obama’s handling of the stimulus package.

If Obama had applied for a payday loan his first day in office, he likely would have had to pay it back 10 days ago. However, picking the right cabinet members is a much more complicated process than getting a payday loan.

Conflict of interest

The Secretary of Commerce heads a department in charge of overseeing business and industry in the United States as well as abroad. So it makes sense — if Obama and Gregg couldn’t agree on how to handle money, they’d be looking at a very tumultuous professional relationship.

Rough road

Governor Bill Richardson

Before Gregg was considered for the position, Obama nominated New Mexico Governor Bill Richardson. At the time, a grand jury was investigating how state contracts were issued to political donors. Though Richardson wasn’t personally implicated in the case, he thought his appointment would complicate matters.

Seems it’s tough to find someone willing to manage business and industry right now on a national and global scale. Odd.

Quick payday loans

Well, if you like lengthy decision-making processes, maybe you should throw your name into the ring for the Secretary of Commerce job. If you like things to go a little quicker and you need extra cash, you can apply for an instant payday loan right here.

More people are discovering payday loans can help in tough economic times. As more consumers from different demographics are exercising their financial options, the retail market took an unexpected turn in January.

Sliding sales pattern broken

For the first time in six months, the downward spiral that has been plaguing U.S. retail sales came to a stop. In fact, retail sales rose 1 percent after six straight months of decline. Sales had fallen 3 percent in December.

But not for long

Of course, economists and other market analysts warn that this seems too good to be true. Jobs are still being lost every day, and that means this increase in spending will not last long, according to Tom Porcelli, a senior economist at Castlestone Management Ltd.

Payday loans and spending linked?

Economists do not draw any parallels between payday loans and increased spending. Instead, they say the higher sales are because of higher gas prices and post-holiday sales.

Economists see no sea change

Market analysts are quick to say that this does not signal a change in the economy.

Economists anticipate household purchases will tumble further in the first half of the year, underscoring the case for the $789 billion stimulus package under debate in Congress, according to Bloomberg.com.

About that stimulus package

Congress has resolved a disagreement regarding spending on education in the stimulus package. It is expected that lawmakers will hold a final vote on the bill before the weekend, and the bill will be on President Barack Obama’s desk before Monday.

If the bill passes, implementation will begin immediately. This could potentially throw off the economists’ doom and gloom predictions. The bill is designed to create 3.5 million jobs.

For those who might be the lucky recipients of those jobs, check out this article on how payday loans can help when you are starting a new job.

Related articles

• U.S. employers cut 598,000 jobs in January (cbc.ca)
• The Country with the Best Bailout Is… (time.com)

On handling the stimulus: 67% approval vs. 31% approval (americablog.com)

Senate Majority Leader Harry Reid

States facing budget shortfalls could get big cash advances when President Barack Obama signs the economic stimulus bill.

The U.S. Senate and House of Representatives reached a consensus today on the stimulus package. The two houses are expected to hold final votes on the package before the end of the week, then the bill heads to Obama’s desk.

Earlier versions

Last week the House passed its version of the bill. Its total price tag was $819 billion. The Senate passed an even more pricey version of the bill yesterday that cost $838 billion. But when lawmakers met today to negotiate and reconcile the two bills, a lot of spending was cut.

This final version of the bill, which is expected to be approved by Obama in a few days, costs $789 billion. The bill gives cash advances to states and creates 3.5 million jobs, according to Senate Majority Leader Harry Reid.

Cost-saving compromise

“The middle ground we’ve reached creates more jobs than the original Senate bill and costs less than the original House bill,” said Reid.

Apparently things cost less in the “middle ground.” According to Senator Susan Collins they “tightened and scrubbed” the bill.

The final version

Senator Susan Collins

Gone from the bill are tax breaks for home buyers. Also spending for school construction was slashed significantly.

Many of the original goals sought in drafting the original stimulus package are still intact. The final bill still provides tax cuts to workers and invests in infrastructure. It also dedicates $44 billion to giving cash advances to states that are facing budget shortfalls.

President Obama

The stimulus bill fails bring in a payday for those who need to be bailed out. The bill failed to pull the two halves of the senate together in a shocking defeat of President Barack Obama’s promise of bipartisan cooperation.

The Senate is debating the stimulus bill in a heated fashion that has forced parties to vote down party lines. The Senate’s failure to come together in an unprecedented manner is not shocking for those who have participated in politics for any number of years.

US Senators fight over tax cuts

Republican Senators argue that more tax cuts need to be added to the bill and big business does not need a unwarranted payday at tax payers expense. Republicans claim that cutting payroll taxes is the fastest way to stimulate the economy and not giving billions to failing financial institutions. Republican Senators are trying to convince Democrats that making the task of hiring employees cheaper for businesses will save jobs and create new jobs.

Congress likely to bail out worthless debts

Billions of dollars are going to practically disappear when they go to pay debt holdings that do not directly connect with the American economy. Many debts are owed to people, businesses, and countries that are not located in the United States. Once the money is given to the elusive financial institutions likely non-US debt holders will cash in their financial instruments and use the money for alternate interests. This will be the biggest payday ever at the expense of taxpayers.

78 Billion dollars have been lost

The US Government has allegedly lost 78 billion dollars by over paying for financial instruments and bad debt. On average the US Treasury received only $0.66 cents on the dollar for these bad debts without ever informing the US public. This is the biggest payday ever for the financial institutions who knowingly risked the stability of the economy for personal financial gain.

Stimulus deal not likely going to make a difference

Many economists debate whether the stimulus bill will make a significant difference in the US economy. Many think that the problem is a global issue and that the stimulus bill borders on the line of US protectionism. When other countries follow the US example and appear to be subsidizing their own businesses, they may take similar actions whether warranted or not.

Proposed 42 percent tax cut

Unemployment is at 7.6%  and in the last 3 month 1.8 million jobs lost. These are shocking statistics. Many are hoping for a 42-50% tax cut as a way to stimulate the economy. The average job search takes 19.6 weeks. That is a long time to wait for you next payday. It is not surprising that many are turning to payday loans and short term installment loans to make ends meat between paydays.

Payday loans and installment loans are getting people through hard times

Although there are huge misconceptions when it comes to the payday loan and installment loan industries, many Americans are thankful that they have access to instant cash when they can’t easily pay the bills. Many spouses are now having to cover the bills with payday loans and cash advances while their significant other looks for work or waits for their unemployment income.

The banks that are failing paid for payday loan smear campaigns

Big banks and financial institutions that are at the source of the US economic problems have tough competitors in the short term loan industry. Some financial institutions depend on hidden fees for their existence to the tune of 60% of their revenues being derived from these types of fees.

Financial institutions rip off Americans who are now turning to payday loans

Have you ever calculated the interest rates for financial institution fees like: overdraft fees, mortgage late fees, utility bill late fees, etc. and shockingly increased credit card rates? You would be surprised. Here is our loan calculator that you can use to compare the APR on these common types of fees and the fees of the payday loan industry.

The Senate debate fails to reign in out of control financial institutions. The stimulus income will mainly go to bail out those who are lying to the public about the payday loan industry. It will be known in the next week, possibly by Sunday whether the stimulus bill will pass in its current form.

NOTE: Influential participants in the debate over the Senate bailout deal to stimulate the US economy.

Steve Chu
Panetta
Daschle
Voinovich
Senator Collins
Senator Kennedy
Senator Thad Cochran
Senator Kent Conrad
Senator Dick Durbin
Senator Ted Kennedy
Senator Jon Kyl
Senator Carl Levin
Senator Richard Lugar
Senator John McCain
Senator Olympia J. Snowe
Senator Arlen Specter

More kids will get health insurance thanks to a new bill.

Responsible borrowers only use payday loans for absolute necessities, and what is more essential than medical care? Sure, it’s easy to ignore those bills when they come in the mail, but take it from me, those bills will be turned over to a collections agency and your credit score will plummet real fast.

Health insurance for kids

However, thanks to a bill that President Barack Obama intends to sign today, fewer families will be needing payday loans to make sure their medical bills don’t end up being black marks on their credit reports. The bill extends children’s health insurance and “will enable states to cover more than 4 million uninsured children by 2013,” according to the New York Times.

Who gets health insurance help

The House gave the bill final approval today in a vote of 290 to 135. The program helps families who earn too much to qualify for Medicaid but still can’t afford private health insurance.

Future plans for health care

Michael Moore advocated for universal health care in his movie "Sicko."

Obama said today that he hopes this bill is the first step toward guaranteeing all Americans health coverage. Republicans, of course, are throwing around the word “socialism” like a hot potato. It will probably be quite some time before Obama’s health care dreams are realized, but until then payday loans are there to help when the government can’t.

Related articles

• Health Care vs. Health Insurance…words matter (healthyconcerns.com)
• Children’s Health Insurance Bill (SCHIP) To Be Signed Today (dailykos.com)
• Children’s Healthcare Bill Passes Senate (cbsnews.com)
• Keeping health insurance easier with stimulus (msnbc.msn.com)

I wonder how much money Wall Street executives made during the Great Depression.

OK, truth is, Wall Street executives will not need payday loans. But they might feel like they’re scrambling for extra cash now that President Barack Obama has put a limit on bonuses and salaries at banks that receive bailout money. Don’t worry, they won’t starve. They are allowed to take home $500,000 a year.

Kudos to good sense

So, the president is saying that the government can’t use the hard-earned money of middle- and low-income families who do need payday loans to support millionaire and billionaire bank executives. Is it just me, or is someone making sense around here?

Not-quite-so-high life

Top dogs whose banks get bailed out will still be making more money than I’ll ever see. In fact, they’ll still make more than the president, whose salary is $400,000 per year. But they’ll still be cutting corners like us “regular people” because for many it will be a huge pay cut. For instance, Bank of America head Kenneth Lewis made $20 million in 2007. In 2008 his bank borrowed $45 billion from the Bush administration. If his bank gets more bailout money this year, he’ll have to settle for a piddly half a million.

Banker pay versus payday loans

Just a quick comparison on “how the other half lives.” The average amount people borrow for payday loans is about $500. That is .001 percent of $500,000. It’s only slightly comforting to know that total includes bonuses.

“If the taxpayers are helping you, then you’ve got certain responsibilities to not be living high on the hog,” Obama said Tuesday.

Ah, there’s the catch

I was a little dismayed to learn that these rules only apply to banks who take bailout money from the Obama administration. The banks who already got hundreds of billions of dollars from the Bush administration don’t have to follow the rules unless they come back for more bailout money from Obama. So it’s possible that Kenneth Lewis could still take home another $20 million while those of us who are, um, “living low on the hog?” are contemplating payday loans.

Related articles

• Obama Looks To Boost Middle Class (cbsnews.com)
• Wall Street Execs Defend Bonuses (gothamist.com)
• Obama calls on banks to lend (telegraph.co.uk)
• The GOP Grapples with Obama’s Charm Offensive (time.com)
• Some Banks Say `No Thanks’ to Bailout (abcnews.go.com)

The United States Treasury is busy bailing out banks with TARP funds.

The Treasury seems to be determined to make good on its promise to report all the cash advances it gives to banks using bailout money. Today it reported that it has dispersed $1.15 billion between 42 banks within the United States.

Biggest cash advances

Banks in 25 different states got a piece of the Troubled Asset Relief Program funds. Flagstar Bancorp of Michigan received $266 million. The Treasury gave PrivateBancorp of Illinois $243 million. W.T.B. Financial Corp. of Washington and Anchor BanCorp of Wisconsin each benefited from the TARP money to the tune of $110 million.

Grand total

The Treasury started out with $700 billion in TARP money, which was approved last fall. Initially $350 billion was released to help stabilize the financial system, stimulate the housing market and encourage banks to start lending again. Congress granted President Barack Obama access to the remaining $350 billion last month.

“The Treasury said it has now invested $195.3 billion in 359 institutions in 45 states and Puerto Rico,” according to CNN Money.

New states take cash advances

Banks in two new states joined the ranks of financial institutions taking advantage of cash advances from the TARP funds. Nebraska threw its hat in the ring with Farmers and Merchants Bank. The Nebraska bank’s customers are mostly farms and rural businesses.

Wisconsin also made its first appearance on the bailout list with two local banks. Anchor BanCorp and Legacy Bancorp both received cash advances through TARP investment funds.

Related articles

• Review Board For Massive Financial Bailout Program Promised By Obama (huffingtonpost.com)
• The Bank Bailout is Broken (businessweek.com)
• New Bank Bailout Could Cost $2 Trillion (huffingtonpost.com)

Tom Daschle

Quick payday loans can help consumers with financial emergencies, but I don’t think they’ll be much help for Tom Daschle.

Senator Jim DeMint told President Barack Obama he shouldn’t hire Daschle to be health and human services secretary. Daschle made a $134,000 income tax error. Though he has paid back the money, plus interest, DeMint contended Daschle is unfit for the position. Daschle has since withdrawn his name from consideration.

Quick payday loans no help

While most Americans’ problems could be solved with some extra cash,  Daschle needs help in the credibility department — not the credit department. DeMint says Daschle knew about his tax errors long before his nomination, before he reported them and before he paid them back. According to DeMint, this constitutes a “problem with integrity.”

More tax troubles?

The White House has run into trouble with another nominee, who withdrew her own name from consideration today. Nancy Killefer, nominated for Chief Performance Officer, has decided not to accept her nomination.

Killefer withdrew her name because she failed to pay unemployment taxes for her household help.

“I have … come to realize in the current environment that my personal tax issue of D.C. unemployment tax could be used to create exactly the kind of distraction and delay those duties must avoid. Because of this I must reluctantly ask you to withdraw my name from consideration,” Killefer wrote in a letter to Obama.

Two for the money

Nancy Killefer

Daschle’s decision to withdraw his name from consideration came so closely after Killefer’s that the two appear to be linked. This morning, it looked as though Daschle  would be nominated “barring some other major revelation.” Hours later, after Killefer withdrew her name, Daschle did the same.

More than quick payday loans

Critics have been quick to point out that already-appointed Treasury Secretary Timothy Geithner also had tax troubles. However, Geithner’s mistakes amounted to about $34,000, which pales in comparison to Daschle’s $134,000 error. Considering Americans are taking out quick payday loans of $500 to $1,500 in order to make ends meet, $134,000 is a pretty big chunk of change.