WASHINGTON – President Barack Obama is getting an update on the nation’s economy from former Federal Reserve Chairman Paul Volcker.
Volcker is chairman of Obama’s economic recovery advisory board. He is set Friday to brief the president and his economic team on how the $787 billion stimulus package is working. After the private meeting, the president plans to give brief remarks.
The economy has dominated Obama’s schedule since taking office.
On Thursday, Obama met with state officials about their plans to spend their economic stimulus dollars and then met with business leaders about their worries. Obama has been striking an optimistic tone despite the flailing economic indicators.
BEIJING – China’s premier didn’t say it in so many words, but the implied warning to Washington was blunt: Don’t devalue the dollar through reckless spending.
Premier Wen Jiabao’s message is unlikely to be misunderstood at the White House. It is counting on Beijing to help pay for its stimulus package by buying U.S. bonds. China already is Washington’s biggest foreign creditor, with an estimated $1 trillion in U.S. government debt. A weaker dollar would erode the value of those assets.
“Of course we are concerned about the safety of our assets. To be honest, I’m a little bit worried,” Wen said at a news conference Friday after the closing of China’s annual legislative session. “I would like to call on the United States to honor its words, stay a credible nation and ensure the safety of Chinese assets.”
The appeal suggested the outlines of Chinese President Hu Jintao’s stance when he meets with President Barack Obama at an April 2 summit in London of the Group of 20 major economies on possible remedies for the global crisis.
Wen gave no indication whether Beijing wants changes in U.S. policy. But economists said his comments reflect fears that higher U.S. budget deficits from Washington’s $787 billion stimulus package could drive down the dollar and the value of China’s Treasury notes.
“China is telling the U.S. to be careful, not to overspend and keep an eye on the dollar,” said Kelvin Lau, regional economist at Standard Chartered in Hong Kong. “There are risks that China cannot control, so they’re depending on the U.S. to maintain fiscal prudence and keep the dollar reasonably stable.”
Analysts estimate China keeps nearly half of its $2 trillion in foreign currency reserves in U.S. Treasuries and notes issued by other government-affiliated agencies.
“Inside China there has been a lot of debate about whether they should continue to buy Treasuries,” said Frank Gong, chief China economist for JP Morgan.
Beijing is trying to increase its leverage at the London G-20 meeting by reminding its partners of its role in financing U.S. spending, Gong said.
“Without China’s buying (Treasuries) and continuing to fund U.S. deficit spending, interest rates could have been much higher. That could be very destabilizing in this very recessionary environment,” he said. “By attracting a lot of attention to this issue, China is already increasing its influence ahead of the G-20 meeting.”
Finance officials from the G-20 meet this weekend. U.S. Treasury Secretary Timothy Geithner is pressing for a new coordinated global stimulus. Japan is supportive but European governments are reluctant to make expensive commitments before they see how current plans are working.
Wen also offered an unqualified defense Friday of his government’s policies in Tibet, ignoring questions about a massive security buildup in the Himalayan region.
Tensions have spiked ahead of two key anniversaries this week – the 50th anniversary of a failed Tibetan uprising that sent the Dalai Lama into exile and Saturday’s one-year anniversary of violent anti-Chinese riots in Lhasa that sparked the largest protests in decades.
Asked whether the massive security presence pointed to failings in Beijing’s policies, Wen said: “The situation in Tibet is on the whole peaceful and stable. The Tibetan people hope to work in peace and stability.
“Tibet’s continuous progress (has) proven the policies we have adopted are right,” he said.
Wen expressed confidence the world’s third-largest economy can meet its official growth target of 8 percent this year and emerge from the crisis “at an early date.” But he said Beijing is ready to expand its 4 trillion yuan ($586 billion) stimulus if needed.
“We already have our plans ready to tackle even more difficult times, and to do that we have reserved adequate ammunition,” he said. “That means that at any time we can introduce new stimulus policies.”
Communist leaders worry about rising job losses and possible unrest amid a trade slump that saw Chinese exports fall 25.7 percent in February from a year earlier. They have promised to spend heavily to create jobs and boost exports.
Chinese bank lending and power demand have risen, suggesting the stimulus is taking effect. But growth in retail sales is weakening, indicating it has yet to spur private sector spending and investment, which analysts say will be key to its success.
Private sector economists expect growth as low as 5 percent this year. That would be the strongest of any major country but could lead to more waves of job cuts.
“I really believe we will be able to walk out of the shadow of the financial crisis at an early date,” Wen said. “After this trial, I believe the Chinese economy will show greater vitality.”
Wen also said Beijing wants the G-20 summit in April focus on helping the poorest countries.
The premier said Beijing has met its own commitments to help developing countries by erasing a total of $40 billion in debt owed by 46 countries and giving out 200 billion yuan ($29 billion) of aid to developing countries.”
“We must see to it that we show concern for developing countries,” he said.
CHICAGO – The son of radio legend Paul Harvey used his father’s words for the eulogy Saturday at a public funeral service in Chicago, the city from which he launched his national news and commentary show.
“A great tree has fallen,” said Paul Harvey Jr., quoting his father’s send-off for President Franklin Roosevelt. “An empty place has opened up against the sky.”
The broadcaster died Feb. 28 in Phoenix, where he had a winter home, less than year after the death of his wife of nearly 68 years, Lynne Harvey. He was 90.
Their son recalled the couple’s long romance and his father’s start on radio for the 200 mourners at the Fourth Presbyterian Church on the city’s Magnificent Mile. When his father first applied for a job on radio, he was given a broom and told to sweep up, Harvey Jr. said.
The elder Harvey would have wanted to help mold reaction to the country’s current difficulties, his son said.
Harvey’s newsroom colleagues, ABC Radio Networks executives and Doug Limerick, one of two broadcasters chosen to fill Harvey’s time slots, attended the service.
“You can hear his father in his words,” Chicago Tribune media columnist Phil Rosenthal said of Harvey’s son. “I think people are starting to realize what we’ve lost.”
“It was a dignified eulogy delivered in a ‘rest of the story’-type style,” said Bruce DuMont, founder and president of the Museum of Broadcast Communications. “It exemplified the dignity of Paul Harvey.”
Standing outside the church in overcast weather, Chicago resident and businessman Gregory Fischer said he felt compelled to attend the service because he could remember listening to Harvey as a child.
Fischer said that as an adult, he’s realized that he was listening to a broadcasting trailblazer.
“He was a part of Americana,” he said. “It was like he was talking directly to you.”
Harvey had been heard nationally since 1951, when he began his “News and Comment” for ABC Radio Networks. He was credited with inventing or popularizing terms such as “skyjacker,” “Reaganomics” and “guesstimate.”
Staccato delivery, long pauses and phrases like “Stand by for news!” were Harvey’s hallmarks.
In 2005, Harvey received the presidential Medal of Freedom. He also was an inductee in the Radio Hall of Fame, as was his wife.
WASHINGTON – President Barack Obama was briefed Saturday by Joint Chiefs of Staff Chairman Adm. Mike Mullen about the drug wars in Mexico and wanted to know how the United States can help.
“Clearly one of the things the president was interested in was the U.S military capability that may or may not apply to our cooperation with the Mexicans,” said a U.S. military official who requested anonymity because the discussions were private. “He was very interested in what kind of military capabilities may be applied.”
Mullen briefed Obama Saturday morning about discussions with Mexican military leaders about the drug wars there.
Mullen, who was in Mexico on Friday, has referred to the recent spike in violence as a crisis. Mullen has said Mexico could borrow from U.S. tactics in the fight against terrorism as it battles a crisis of drug-related violence along the U.S.-Mexico border.
On Saturday, the military official said the additional U.S. help could come in the form of U.S. equipment and intelligence-sharing.
“We’re already sharing information with the Mexican military and have been looking for ways to expand that particularly in the realm of intelligence,” the official said.
More than 1,000 people have been killed in Mexico in drug-related violence this year. In 2008, the toll doubled from the previous year to 6,290. Both the U.S. and Canada have warned that murders related to drug activity in certain parts of Mexico, particularly along the border with the U.S., raised the level of risk in visiting the country.
There are signs the violent competition among Mexican drug and smuggling cartels is spilling across the border, as cities in Arizona report increases in such crimes as home invasions. More than 700 people were arrested as part of a wide-ranging crackdown on Mexican drug cartels operating inside the United States, the Justice Department said last month.
Last weekend, Defense Secretary Robert Gates said he also saw opportunities for the U.S. military to help with military training, resources and intelligence.
RAMALLAH, West Bank – The Western-backed Palestinian prime minister submitted his resignation Saturday, improving the odds of a possible unity government of Fatah moderates and Hamas militants, followed by new Palestinian elections.
Salam Fayyad announced that he will step down once a new government is formed, but no later than the end of March. Unity talks between the Islamic militant Hamas and the Fatah movement of moderate Palestinian President Mahmoud Abbas are to resume this week in Cairo. Abbas aides noted that if the negotiations fail, Abbas might reappoint Fayyad.
Fayyad, a respected economist, was appointed prime minister by Abbas in June 2007, following Hamas’ violent takeover of Gaza. The takeover led to a deep split between Fayyad’s internationally backed administration in the West Bank and the widely shunned Hamas government in Gaza whose borders were sealed by Israel and Egypt.
Still, both sides appeared optimistic Saturday about a power-sharing deal.
“Everyone needs a lifeline,” Ahmed Yousef, a Hamas official, said of the rivals. Previous unity accords collapsed in acrimony, but both sides seem to have stronger reasons now to compromise.
After Israel’s recent military offensive in Gaza, Hamas needs Fatah’s international respectability to help end the crippling border blockade and obtain foreign funding to rebuild Gaza. Last week, dozens of donor countries promised $5.2 billion for Gaza reconstruction and the Fayyad government at a pledging conference in Egypt.
Abbas, meanwhile, needs to find a way to blunt political challenges by Hamas, which maintains his four-year term expired in January. Abbas’ support at home has eroded steadily, both because of his perceived lack of decisiveness during the Gaza war and because his yearlong peace talks with Israel produced no results. Abbas is the leading Palestinian proponent of a peace deal with Israel, but with a right-wing government poised to take power in Israel, chances for new talks are slim.
Fayyad said Saturday he was resigning to “support the efforts being exerted to form a national consensus government that would reunite the homeland.”
Hamas has repeatedly demanded that Fayyad step down and officials of the militant Islamic group reacted dismissively.
“This government did not work for the sake of the Palestinians, it worked for its own agenda. This end was expected for a government that was illegal and unconstitutional,” said Fawzi Barhoum, a Hamas spokesman in Gaza.
Despite the sour note, preparations for Egyptian-brokered unity talks were moving forward.
Starting Tuesday, leading Hamas and Fatah officials will meet at an office of the Egyptian intelligence service in Cairo, said Nabil Shaath, a senior Fatah negotiator.
The officials will work in five committees to talk about forming a unity government, holding new elections, reforming the security services, carrying out confidence-building measures and finding a role for Hamas in the Palestine Liberation Organization.
Any agreement on forming a new government must be comprehensive, Shaath said. The talks are to go on for 10 days, but the two sides would keep going after that if there is no agreement, he added.
“We want the dialogue to succeed because we have no alternative,” he said.
A unity government could consist of Hamas and Fatah politicians or of independents nominated by the two movements. It would be asked to prepare for presidential and legislative elections in the West Bank and Gaza.
The next legislative elections are due in January 2010, but Hamas officials confirmed privately that they’ve raised the possibility of postponing the vote for several more months, arguing that both sides need time to improve their standing with the voters.
It was not clear how the international community would respond to a unity government and whether it would keep sending the foreign aid promised to Fayyad. In the past, the U.S. and most European countries rejected any governing role for Hamas.
However, positions appear to have softened among some European nations, particulary after Israel’s Gaza offensive which ended with a temporary cease-fire Jan. 18.
Hamas remains in control of Gaza, despite the Israeli military onslaught and the border blockade, underscoring the need for the international community to find a way to deal with the militants. Also, the war deepened the humanitarian crisis, with some 15,000 homes destroyed or damaged, and more than 900,000 of Gaza’s 1.4 million people receiving food aid.
In other developments, an internal report by European Union diplomats said Israel is undermining prospects for establishing a Palestinian capital in east Jerusalem because Israel keeps building homes for Jews there and demolishes Palestinian-owned homes.
“Long-standing Israeli plans for Jerusalem, now being implemented at an accelerated rate, are undermining prospects for a Palestinian capital in East Jerusalem and a sustainable two- state solution,” said the 20-page report, made available to journalists by the Israel Committee Against House Demolitions. An EU diplomat verified its authenticity.
Israeli government spokesman Mark Regev would not comment on the report, saying he had not seen it. However, he said Israel offered Palestinians in Jerusalem citizenship after capturing the sector in the 1967 Mideast war, and that Arab and Jewish residents of the city are treated the same. Palestinians complain of systematic discrimination by municipal authorities.
WASHINGTON – Trying to buck up a dispirited nation, President Barack Obama on Saturday promised that prosperous days will return and cast these bleak times as nothing less than a “great opportunity.” Packing some heft with his hope, he defended his fast-moving and expensive agenda.
“We will get through this,” Obama said in his weekly radio and video address, taped Friday after another week of downbeat news.
The unemployment rate climbed to 8.1 percent, the highest in more than 25 years. Stock values kept tumbling, down to their lowest levels since 1997. The latest Gallup polling finds that an anemic 20 percent of people in the United States are satisfied with the state of the nation. At least that’s an improvement from the 14 percent a month earlier.
Rather than pitch ahead to his next message, Obama devoted his address to recapping what his team did this past week to help get people working and spending.
The goal was to demonstrate that the administration is on the case and, more broadly, that history shows American resilience will win.
“We’ve experienced great trials before,” Obama said. “And with every test, each generation has found the capacity to not only endure, but to prosper – to discover great opportunity in the midst of great crisis. That is what we can and must do today. And I am absolutely confident that is what we will do.”
The echoes of history emerge often as Obama seeks a balance between the practical language of governing and the oratory meant to keep people inspired. Just a few days earlier, he promoted new transportation plans by saying the nation built itself up before, during the Civil War and the Great Depression.
Recent efforts include a more detailed plan to help struggling homeowners avoid foreclosure; another plan to spur lending for people and businesses; an overhaul of the way the government hands out private contracts to reduce waste; and a summit on how to overhaul health care.
He defended his budget proposal, whacked Wall Street “accounting tricks” and sent a message to Congress that it must make some tough choices.
Separately, the president offered advice to people struggling to pay their bills. He told The New York Times that people should be prudent and get back to fundamentals, with an eye on steady savings, reasonable returns and long-term investing.
“What I don’t think people should do is suddenly stuff money in their mattresses and pull back completely from spending,” Obama told the newspaper in an interview posted on its Web site Saturday. “I don’t think that people should be fearful about our future. I don’t think that people should suddenly mistrust all of our financial institutions because the overwhelming majority of them actually have managed things reasonably well.”
The president would not say whether the economy will be growing again by year’s end. He said that timing depends on several factors. Notable among them was his call for other countries to take actions to shore up their financial markets and coordinate those actions with the U.S.
Another busy week awaits Obama, who was at Camp David for the weekend with his family.
On Monday, he plans to reverse President George W. Bush’s restrictions on federal funding for stem cell research. On Tuesday, it is a push for education overhaul. Come Thursday, he will discuss the economic rescue with state officials.
“From the day I took office, I knew that solving this crisis would not be easy, nor would it happen overnight,” Obama said in the weekly address. “And we will continue to face difficult days in the months ahead. But I also believe that we will get through this – that if we act swiftly and boldly and responsibly, the United States of America will emerge stronger and more prosperous than it was before.”
More than 4 million jobs have disappeared since the recession began in December 2007. The rate of the job losses is only accelerating.
Obama says the country can’t afford to take on one big problem at a time. Politically, his strongest time to attack them all may be now.
In one of the biggest examples, he has set a goal of signing a bill this year that would fix the health care system, which leaves millions uninsured.
Obama says he is not wedded to a plan on how to fix the problem. But one proposal he has endorsed, giving people the option of buying medical coverage through a government plan, is drawing opposition from Republicans.
Rep. Roy Blunt, R-Mo., emphasized that point in the GOP’s weekly radio address. “I’m concerned that if the government steps in it will eventually push out the private health care plans millions of Americans enjoy today,” Blunt said.
The common perception is that part-time jobs have less to offer than full-time positions.
That may be true in terms of hours in the work week, but many part-time jobs pay just as well as a traditional 40-hour week ones and a number of positions come with health insurance coverage, paid vacation days and employee discounts.
Here is our list of some of the best part-time jobs:
1. Tax Preparer
Thousands of people need help every year to file their returns. Part-time tax preparers are often accountants who know their way around deductions and forms, and who want extra income. Though the job typically peaks in the spring, many clients choose to retain their tax professional as a year-round personal accountant and adviser.
Salary: Set your own fee. H&R Block typically charges anywhere from $100 to $200 for their services, so you can probably charge up to $80 and still offer a bargain.
2. Substitute Teacher
Many states offer substitute teaching positions without requiring a teaching degree. Often, anyone with a bachelor’s degree is eligible, provided they pass a background check and interview. The length of employment varies and you should be flexible for days when you get a frantic last-minute call at 6 a.m., but it’s a good way to put your education to use while aiding in the education of others.
Salary: Varies depending on the state. In Oregon, for example, substitutes get about $150 a day.
3. Private Tutor
Jeremiah LeBrash started tutoring in college as a way to make some extra income. He’s now making enough money for it to be his full-time job. “I started out teaching SAT prep for Kaplan, but I was only making $20 an hour,” he says. “I realized I could do it on my own, give my students one-on-one attention, and charge twice as much.” LeBrash now charges $80 an hour for test preparation and $60 for general math and science help.
Salary: Companies like Kaplan and The Princeton Review pay tutors anywhere from $20 to $60 an hour, depending on the test they teach and the size of the class. Private tutors, like LeBrash, can set their own fee.
4. Part-Time Receptionist
Answering telephones and receiving packages may not be the most glamorous job, but according to career counselor Judith Gerberg, it’s a great opportunity to network. Gerberg, president of the Career Counselors Consortium, knew a laid off radio DJ who ended up working as a receptionist for a law firm. She soon became acquainted with a filmmaker client who loved her music knowledge so much, he hired her as an associate producer. “Lawyers and small businesses always need administrative help,” says Gerberg. “You might be making minimum wage, but keep your ego under wraps. You never know who will walk through the door.”
Salary: Varies, but can be in the $20,000-a-year range.
5. Computer Technician
Gerberg says there is an increased need for tech support, as more people move their businesses home. Computer technicians make basic repairs, set up wi-fi and perform other jobs. Companies are also looking for individuals who can build websites, which makes this a no-brainer for anyone with a little creativity and HTML experience.
Salary: Set your own fee. Tech support rates vary according to the job, rates can be around $30 an hour or more.
6. Copy Editor
“Copy editing is proofreading,” says Rachel Goldman, who took her skills honed in her day job as an online news producer and used them to score part-time work as well. In addition to checking texts for spelling, punctuation, grammar and formatting errors, “I also help the person brainstorm and flesh out their work,” says Goldman. Although she started out editing essays for college students, Goldman is now working on documents such as patent applications and television scripts as well.
Salary: Goldman’s fees vary based on length and subject matter, but she estimates that she makes about $100 per document.
7. Direct Seller
Companies such as Amway and Avon allow people to make money on their own time, while offering incentive programs like discounted insurance. And while the recession may have curbed consumer spending, Avon recently reported earnings that were above expectations. “Our products are selling well because it’s affordable luxury,” says Lindsay Blaker, an Avon spokesperson.
Salary: Blaker says she’s seen reps make anywhere from a few hundred dollars a month to six-figure annual salaries. “I met someone who went from a corporate setting to becoming a full-time seller because she was making just as much money staying at home,” she says. “People love the flexibility of the job.”
SAN JOSE, Calif. (AP)-Marek Zidlicky’s teammates were glued to the television replays of his fluke goal from center ice, teasing the Minnesota defenseman about the serendipitous score that sparked the Wild’s biggest comeback victory in years.
“It’s a trick shot,” said left wing Dan Fritsche, laughing. “He works on it in practice all the time.”
Nobody in the opposite dressing room was joking around with San Jose goalie Brian Boucher, who might not live down this humiliating blunder for a good long while.
After Boucher allowed Zidlicky’s backhand from mid-ice to skitter between his legs for the tying goal and an instant blooper-reel lowlight, Mikko Koivu scored his second goal with 13.3 seconds left in overtime to finish the Wild’s 4-3 victory over the Sharks on Thursday night, snapping Minnesota’s four-game winless streak.
Zidlicky had no idea he was about to complete Minnesota’s comeback from a 3-0 deficit with 7:37 left in regulation when he dumped a backhand into San Jose’s zone from just past the center line. The puck somehow bounced sideways between the legs of Boucher, who whiffed with his glove like a nervous shortstop.
“I just threw the puck there,” said Zidlicky, who was just about to leave the ice when the Shark Tank crowd erupted in groans. “I was ready for a change, and I heard the bench saying we scored. It was a surprise for me.”
Boucher made 32 saves in his fourth straight start in place of Evgeni Nabokov, but the San Jose backup goalie couldn’t stop the night’s easiest shot. His mistake was the biggest factor in the Sharks’ fourth loss in five games, although San Jose still moved back into a tie for the overall NHL lead.
“The third one was a bad bounce, and it kicked to the side and snuck through my legs,” Boucher said. “I’m pretty upset about it. As much as the fans don’t like seeing that, you can bet I don’t want to let one like that in. That’s hockey sometimes, and it’s a bad break.”
Boucher, filling in while Nabokov is sidelined with a minor lower-body injury, got neither his pad nor his stick down to block the small space between his legs.
“That happens once a year, once every two years,” Sharks coach Todd McLellan said. “Tough one for the goalie.”
Joe Pavelski scored two goals, and Ryane Clowe had a goal and an assist for the Sharks, who tied Detroit with 94 points and two games in hand on the Red Wings-although San Jose sure doesn’t feel like the league’s best team.
Milan Michalek had three assists for the Sharks, who ruined the third penalty-free game in franchise history by blowing a three-goal lead at home. San Jose dropped to 26-3-4 at the Shark Tank and was outshot for just the fourth time in 28 games.
“We played very well for the first 38 minutes,” McLellan said. “I thought that’s as well as we’ve played in a long time. We executed, and then we let them back in the game, and right now we’re a little bit of a fragile team. You could see what happened after that.”
Pierre-Marc Bouchard also scored, and Niklas Backstrom made 32 saves for the Wild, who snapped their skid with a gritty comeback in the final 23 minutes of regulation. Minnesota hadn’t rallied from a three-goal deficit to win since Nov. 16, 2006, at Nashville.
“What I get from this is the guys never stop,” Minnesota coach Jacques Lemaire said. “They kept working and working. We got a break on that (third) goal, and we felt good about that. We just kept playing hard.”
Until Boucher’s mistake changed the game, San Jose controlled play on the strength of its dominant second line of Pavelski, Clowe and Michalek.
Pavelski, who was thrown out of Tuesday’s loss to Dallas for what a linesman thought was a head-butt on Darryl Sydor, scored the Sharks’ first goal midway through the first period. After stopping a Minnesota clearing attempt at the blue line, he circled back toward the net and expertly tipped home a pass from Clowe for his 19th goal of the season.
Clowe scored about 4 minutes later with a shot that hit the supporting post in the back of Backstrom’s net and ricocheted out so quickly that it fooled the goal judge and officials, who had to review it.
Pavelski then scored his 20th goal of the season on a rebound of Marc-Edouard Vlasic’s shot midway through the second period, but the Wild scored twice in the final 2:08 of the period, with Koivu and Bouchard beating Boucher in quick succession.
Notes
The Sharks welcomed Travis Moen and Kent Huskins to their locker room before the game, but neither newcomer suited up. Both were acquired Wednesday in a trade with Anaheim. “I was pretty excited to come here to a great team,” said Moen, who expects to play Saturday. … Longtime Sharks captain Owen Nolan played his second straight game for Minnesota after sitting out three with a broken toe. … The Sharks play five of their next six games on the road, including a visit to Minnesota on Tuesday night. … Clowe had just one goal and one assist in his previous 10 games.
Next Entries »