President Obama on April 10 emerged from a high-level meeting with his economic team and proclaimed there were “glimmers of hope across the economy.” He believed some of those “glimmers” included his stimulus program and infrastructure work that he labeled “progress toward getting the economy back on track.” Nevertheless, he was forced to admit that unemployment had hit a 25-year high of 8.5 percent in March, and many Americans are still losing their homes and jobs.
The hundreds of thousands of Americans who attended Tax Day Tea Parties on April 15 may now be asking themselves, "What's next?" After all, freedom from the unjust taxes of King George III did not end automatically after the original Boston Tea Party. The colonists had much hard work ahead of them.
Next up for the federal government: the credit card industry. Having already thrown trillions in taxpayer dollars at the banking sector, and having moved to nationalize several of the nation’s largest banks by buying up preferred shares of stock, the Obama Administration now has the credit card sector in its sights.
The Obama administration is still thinking bank nationalization. In the latest twist to the saga of troubled American megabanks, the New York Times reported on April 19 that administration officials are considering converting bailout loans to the 19 biggest U.S. banks into shares of common stock, allowing them to stretch further the estimated $134.5 billion remaining of the $700 billion bank bailout fund passed by Congress last October.
Speaking on April 20 in a conference call with reporters after returning from the Summit of the Americas, U.S. Trade Representative Ronald Kirk indicated that the administration has no plans to reopen negotiations on the North American Free Trade Agreement (NAFTA). But he also said that NAFTA could be strengthened with labor and environmental standards, without the need to reopen negotiations. During last year's presidential campaign, Barack Obama supported reforming NAFTA, but strengthening NAFTA was undoubtedly not the kind of reform many of his supporters had in mind, particularly those economically devastated by job losses caused by NAFTA.