Some progress...

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NEW YORK - More plans to build homes, higher stock prices and fewer people filing first-time claims for jobless aid sent a private-sector forecast of U.S. economic activity higher than expected in June.

It was the third straight monthly increase for the New York-based Conference Board's index of leading economic indicators, and another sign pointing toward the recession ending later this year.

The index rose 0.7 percent last month. Wall Street analysts polled by Thomson Reuters expected a gain of 0.4 percent. May's reading was revised up to a gain of 1.3 percent from 1.2 percent, while April was scaled back to 1 percent growth from 1.1 percent.
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The group also said activity in the six-month period through June rose 2 percent, with an annual growth rate of 4.1 percent. That's the strongest rate since the first quarter of 2006.

The index is meant to project economic activity in the next three to six months.

If these conditions continue, "expect a slow recovery this autumn," said Conference Board economist Ken Goldstein.

The Conference Board's leading indicators index bottomed in March after peaking in July 2007. The decline accelerated last fall after investment bank Lehman Brothers collapsed and credit markets froze.

"We're now getting data which points to stabilization," said Josh Shapiro, chief U.S. economist at research firm MFR Inc. "The overall signal they're sending is the slide in economic activity is poised to end. The jury is still very much out in terms of what happens after that."

Many analysts expect modest economic growth in the fourth quarter after the gross domestic product posted the worst six-month performance in about 50 years at the end of 2008 and beginning of this year.

Stocks rose modestly on Wall Street. The Dow Jones industrial average added about 40 points in midday trading, and broader indices also edged up.

Economic forecast rises more than expected - Stocks & economy- msnbc.com

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CNN Political Ticker: All politics, all the time Blog Archive - Senate rejects concealed weapons bill - Blogs from CNN.com

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OAKLAND, California (CNN) -- Oakland's bid to become the first U.S. city to tax proceeds on medical marijuana passed Tuesday by a landslide vote.

About 80 percent of voters chose to impose the tax on Oakland's medical marijuana facilities, according to the Alameda County Registrar of Voters.

Some celebrated the news at Oaksterdam University by hand-rolling large marijuana cigarettes or stuffing cannabis into pipes. The school trains students for work in the medical marijuana industry.

"It is important because the city of Oakland is facing a massive deficit like many jurisdictions in California," said Steve DeAngelo, a leader of one of the city's cannabis clubs. "And we decided to step up to the plate and make a contribution to the city in a time of need."


http://edition.cnn.com/2009/POLITICS/07/22/california.p... /

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NEW YORK ? The Dow Jones industrials are back above 9,000 for the first time since the beginning of January.

Investors snapped up stocks across the market Thursday, sending major indexes up more than 2 percent, after a report showed existing home sales jumped for the third straight month in June.

The 3.6-percent increase in home sales has investors excited that the hard-hit housing market might be improving. The National Association of Realtors said sales came in at 4.89 million, above the 4.84 million analysts had been expecting.

Several better-than-expected earnings reports also helped boost investor sentiment. Ford Motor Co. surprised the market with a second-quarter profit of $2.3 billion due mainly to a huge gain for debt reduction, while drug maker Wyeth, cigarette maker Philip Morris International Inc. and candy maker Hershey Co. raised their profit forecasts for the year.

Outlooks are especially important, said John Merrill, chief investment officer of Tanglewood Wealth Management in Houston. Merrill said companies have done well to cut costs during the recession to help profits, but now investors will be focusing on revenue growth as a driver of earnings.

"If the outlook is at all positive, it means revenue will increase," Merrill said. With costs already trimmed, revenue will quickly boost profits, he said. It would also indicate economic activity is picking back up.

Investors were able to look past a government report showing a bigger-than-expected rise in new jobless claims. The Labor Department said the number of new claims for unemployment benefits rose by 30,000 last week to 554,000, slightly above analysts' estimates. However, a Labor Department analyst said the report was distorted by the timing of auto plant shutdowns.

Also, total unemployment benefit rolls fell to the lowest level since mid-April.

After a month of wayward trading, stocks restarted the market's spring rally early last week after companies like Goldman Sachs Group Inc. and Intel Corp. got earnings season off to a good start with solid reports.

"Things are getting much better and the market is pricing it in," said Phil Orlando, chief equity market strategist at Federated Investors.

In early afternoon trading, the Dow rose 190.60, or 2.2 percent, to 9,071.86. The blue chips last traded and closed above 9,000 on Jan. 6.

The Standard & Poor's 500 index rose 23.13, or 2.4 percent, to 977.20, while the Nasdaq composite index rose 47.04, or 2.4 percent, to 1,973.42.

Dow tops 9,000 as home sales rise for 3rd month - Yahoo! News

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WASHINGTON ? House Democrats announced agreement Friday on far-reaching steps designed to rein in the relentless growth of Medicare, part of a concerted effort to counter the impression that President Barack Obama's health care legislation is in deep trouble.

Speaker Nancy Pelosi hailed the agreement as a "giant step forward" for the bill that Obama has made a test of his leadership. Advocates said it eventually would turn Medicare toward a program that rewards quality, rather than volume, as well as alter a system that pays doctors and other providers more in some regions of the country than others.

Yet the leadership all but abandoned a pledge to approve legislation before a monthlong vacation scheduled to begin at the end of next week. Maryland Rep. Steny Hoyer, the majority leader, left open the possibility that lawmakers would be held in session a day or more longer than scheduled to allow time for a vote. If not, "We have every intention of passing it by the fall," he said.

Separately, talks between the leadership and rebellious conservative and moderate Democrats demanding changes in the bill collapsed in acrimony during the day, then were revived with a handshake a few hours later.

In a further attempt to blunt criticism, Democrats circulated a breakdown claiming to show the benefits of the legislation in each of the nation's 435 congressional districts.

The maneuvering in Congress came as Obama met at the White House with Senate Majority Leader Harry Reid, D-Nev., and Sen. Max Baucus, D-Mont., the chairman of the Finance Committee, who has been trying for months to produce a bipartisan agreement.

"I said to him (Obama) what I say to everybody. We are ready when we are ready," Baucus later told The Associated Press in an interview.

Obama has worked energetically in public appearances, interviews, meetings with lawmakers and a prime-time news conference this week to advance legislation he wants to expand coverage to millions without insurance at the same time it restraints the growth of health care generally.

"I'm fully committed to making that happen," Obama said in an interview with The Associated Press and other reporters Friday on health care.

Despite his efforts, Republicans have grown more emboldened as efforts in Congress stall, and some have suggested that defeat of the drive to remake health care could cripple his presidency, now in its sixth month.

Reid announced on Thursday that he was abandoning his timetable of passing legislation in the Senate before lawmakers begin their vacation, saying Republicans involved in the bipartisan negotiations had asked for more time. He said he expects Baucus to produce a bill within the next two weeks, though, and that the Finance Committee will vote on it in early August.

Across the Capitol, Pelosi virtually ordered a small group of Democrats from rural and urban areas to thrash out their differences Thursday night on Medicare issues that sound arcane, but matter enormously to individual lawmakers and likely will also lead to cuts in spending growth.

"This is just one piece of the puzzle, but we think it's an important piece," said Rep. Xavier Becerra, a Californian who played a key role in the discussions.

Lawmakers said the agreement would lead to changes in Medicare to try and reward doctors, hospitals and other providers for high-quality care. Critics argue the current system simply pays by volume ? compensating providers regardless of whether additional medical procedures contribute to better health care.

Under the agreement, the Institute of Medicine would complete a study by September 2011 recommending changes in the current structure for determining reimbursement. The administration would have 45 days to submit the report to Congress, and it would go into effect unless Congress blocked it by the end of February 2012.

Separately, lawmakers agreed to call for a second study by the Institute of Medicine to investigate regional differences in payments to Medicare providers, to be implemented in 2014.



House Dems clear one health obstacle, others loom - Yahoo! News

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President Barack Obama?s administration is discussing ?some possibility? of Obama doing an event in Southwest Virginia, most likely to promote his health care reform plan, Tennessee Democratic Party Chairman Chip Forrester said Saturday.

Former Sullivan County Democratic Party Chairman Larry Hall said law enforcement and Secret Service officials recently held a meeting in Blountville to discuss security for the event.

During his successful 2008 election, Obama held campaign events in Lebanon and Bristol, Va. At the Bristol event, held at Virginia High School, Obama pitched his health care reform plan.

U.S. Rep. Phil Roe, Northeast Tennessee?s Republican congressman, has expressed opposition to Obama?s health care reform plan, which has stalled in the Senate. But U.S. Rep. Rick Boucher, Southwest Virginia?s Democratic congressman, has initially expressed support for the reform plan moving through House committees. ?But the bill before us is a long way from where I think it needs to be,? Boucher said in a statement on his House Web site.

President Obama could make stop in SW Va. - Kingsport Times-News Online


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He'll be in Bristol tomorrow around 4, not a town-hall thing like it was in Lebanon...only Kroger employees there are supposed to have tickets.

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Sotomayor approved, every republican except one voted against. Surprise, surprise.

Judiciary Committee OKs Sotomayor for high court - Yahoo! News



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For the 'ones' who think he wasn't born here. lmao

Hawaii: Obama Birth Certificate is Real - ABC News

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Deal with 'Blue Dogs' sets up health care vote - Yahoo! News

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CNN Political Ticker: All politics, all the time Blog Archive - Obama, veterans celebrate expansion of G.I. bill - Blogs from CNN.com


Wish they would extend the 2 billion to keep it going.
Clunker car deals could end by Friday - Autos- msnbc.com


Reiterates no middle-class tax hike.
White House says no tax hike for middle class - White House- msnbc.com

[1inStripes]

I have a feeling Obama is painting himself into the same corner as GHW Bush with the tax talk. Too many strong rumblings from those within IMO for it not to happen.

[R13]

I'd say they'll have to eventually impose some kind of value-added tax to raise revenue.