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Friday, July 9, 2010

Big Business Discovers Obama is Anti-Business & the NY Times wacks the Ruthless Rich

Items of Interest:

The Wall Street Journal:
The Roundtable's Great Awakening -- Big business discovers President Obama's 'hostile environment.'

Among the ironies of President Obama's style is that he regularly denounces big business even as big business has been one of his closest allies. But that may change, at least judging by the Business Roundtable's high-profile second thoughts on Tuesday.

"We see a host of laws, regulations and other policies being enacted that impose a government prescription of how individual industries ought to be structured," said Verizon CEO Ivan Seidenberg, also chairman of the Roundtable, the association of chief executives of the largest U.S. companies. In a remarkable speech at the Economic Club of Washington, he even added that this agenda is creating "an increasingly hostile environment for investment and job creation here in this country."

Over the last year under president John Castellani, the Roundtable has largely supported the White House-Democratic program of advancing the power of the state over business. BRT favored the stimulus, ObamaCare, cap and trade and other Washington Inc. programs. Mr. Seidenberg semi-recanted Tuesday, saying that "By reaching into virtually every sector of economic life, government is injecting uncertainty into the marketplace and making it harder to raise capital and create new businesses." ...

Obama loves Business according to Rahm Emanuel

Mike Allen / The Politico: 
Emanuel: Business should be thanking this president - RAHM EMANUEL told POLITICO’s Ben White yesterday that rather than recoiling against Obama, business leaders should be grateful for his support on at least a half dozen counts: his advocacy of greater international trade and education reform open markets despite union skepticism; his rejection of calls from some quarters to nationalize banks during the financial meltdown; the rescue of the automobile industry; the fact that the overhaul of health care preserved the private delivery system; the fact that billions in the stimulus package benefited business with lucrative new contracts, and that financial regulation reform will take away the uncertainty that existed with a broken, pre-crash regulatory apparatus. But, in the White House view, some business leaders listen only to Obama speeches being tough on BP or on the excesses of Wall Street and assume Obama is hostile to business across the board. “Rather than respond to atmospherics, they should look at policies where we have been supportive,” Emanuel said.”…

Politico:  White House works to flip anti-business rep
Carol E. Lee / The Politico:  President Obama's new slogan: ‘Yes we did!’
Taegan Goddard's Political Wire:   Orszag Will Head to Think Tank

Shane D'Aprile / Ballot Box:   GOP: Obama Missouri trip helps them
Ron Chusid / Liberal Values:   The Patients' Bill of Rights (Yes We Did)

“The rich are different: they are more ruthless”

David Streitfeld / New York Times:
Walking Away From Million-Dollar Mortgages — No need for tears, but the well-off are losing their master suites and saying goodbye to their wine cellars.  —  The housing bust that began among the working class in remote subdivisions and quickly progressed to the suburban middle class is striking the upper class in privileged enclaves like this one in Silicon Valley.…
Yves Smith / naked capitalism: Rich Defaulting on Mortgages At Highest Rate
Felix Salmon: Jingle mail datapoint of the day
Calculated Risk: Foreclosures: Movin' on Up!  —  From David Streitfeld at the NY Times …
Atrios / Eschaton: We're All Subprime Now And Forever  —  It's a bit hard …
Realty Check: Rich are Defaulting on Loans at Higher Rate? Not So Fast...

Calculated Risk

MishTalk - Mike Shedlock

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

Pragmatic Capitalism

Washington's Blog

Safe Haven

Paper Economy

The Daily Reckoning - Australia