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The White House summit on employment was a sham. The only way to bring the jobs back is to get rid of Ben Bernanke.
The news cycle is fast, but political change is slow. Consequently, a president often faces the problem of how to create the appearance of action on a problem without actually doing anything. Hence such gambits as the idea of a White House “jobs summit” gathering together business and union figures, thought leaders, etc. It’s a way of showing that the president is concerned about the lousy labor market situation—that he hasn’t gotten so carried away with health-care reform, the Copenhagen summit, his imminent Nobel Peace Prize, etc. that he’s forgotten about the suffering taking place all across America. Obviously, though, White House jobs summits don’t create jobs.
The summit did set the stage for some decent ideas outlined by the president at speech yesterday including "additional resources, in areas like advanced manufacturing of wind turbines and solar panels" but the speech was heavy on tax subsidies to expanding small businesses—something that will only be useful if incomes are rising fast enough for business to have more customers, and they're not.
What’s not as well understood is that job creation isn’t primarily the job of the White House at all—it’s the job of the Federal Reserve system, especially its Open Market Committee, and, most of all, its chairman, Ben Bernanke.
Job creation is primarily the job of the Fed in two ways, neither of which are widely understood. The first: Creating jobs is part of the Fed’s explicit legal mandate. Many central banks are charged exclusively with maintaining price stability, but America’s central bank is supposed to pursue a dual mandate of price stability and the maximum feasible level of stable employment. In normal times, the Fed achieves this goal by moving interest rates around to try to achieve an implicit target of about 2 percent inflation. Crucially, in normal times it’s not only the Fed’s job to control the level of jobs, but the Fed’s decisions essentially trump those of the elected officials the public is more likely to hold responsible. Indeed, “normal” spikes in unemployment associated with “normal” recessions are deliberately caused by Fed policy. With inflation out of control, the Fed raises interest rates to spark a slowdown in economic activity and a weakening of the job market. That causes consumers to pull back and workers to moderate their wage demands, bringing inflation down.
This means that if Congress and the president want to boost employment, but the Fed doesn’t, the Fed almost always wins. If unemployment is rising because the Fed wants it to rise, then anything elected officials do to bring it down can and will be countered by additional Fed action.
• CEOs on what they told Obama about jobs Today, of course, we’re not in a “normal” recession. Instead of being caused by Fed policy, the downturn was driven by a collapse in home values and an associated plummet in demand, credit availability, and the soundness of banks. What’s more, the drop was so severe that the Fed swiftly exhausted its main conventional lever and brought interest rates down to essentially zero. That led, in the winter of 2008-2009, to extraordinary measures. On the fiscal policy side, Congress enacted the American Recovery and Reinvestment Act to stimulate the economy. And on the monetary policy side, the Fed engaged in temporary purchases of a wide array of monetary instruments, seeking to bring down long-term interest rates on mortgages and other aspects of credit. These emergency measures prevented the economy from entering a depression-like spiral from which there could be no return. But even though a moderate level of economic growth has returned and the situation is now improving, a year later the labor-market situation is very bleak.
The unemployment rate has risen sky-high—over 10 percent. And with more than 100,000 new people entering the labor market every month, it will take a sustained period of rapid growth to get the unemployment rate back down to an acceptable level.
View as Single Page 12 Back to Top December 8, 2009 | 10:48pm Facebook | Twitter | Digg | | Emails | print White House Jobs Summit, President Obama, Ben Bernanke, The Fed, American Recovery And Reinvestment Act., Job Creation, Blue Dogs, Brad Delong, Interest Rates, Recession, Congress (–) Show Replies Collapse Replies Sort Up Sort Down sort by date: yankeechamp2009
Hey genius. First of all the President does not create jobs. The Economy does. Before you do like all the idiotic republicans and blame everything on Obama, lets look at how Clinton left the Economy with no republican help [although there's always an idiot who'll say it was the republican congress, they forget that Clinton vetoed EVERYTHING the republicans tried passing]. Under President Clinton's leadership, almost 6 million new jobs were created in the first two years of his Administration -- an average of 250,000 new jobs every month. In 1994, the economy had the lowest combination of unemployment and inflation in 25 years. As part of the 1993 Economic Plan, President Clinton cut taxes on 15 million low-income families and made tax cuts available to 90 percent of small businesses, while raising taxes on just 1.2 percent of the wealthiest taxpayers. President Clinton signed into law the largest deficit reduction plan in history, resulting in over $600 billion in deficit reduction. The deficit went down for 3 years in a row for the first time since Harry Truman was president. Now lets look at how Bush destroyed all of this: Bush's tax cuts for the rich have reduced annual tax revenue available for public needs by $300 billion each year or $2.5 trillion. Bush/Cheney's occupation of Afghanistan and Iraq has cost $900 billion, according to the Congressional Research Service. In which Bush paid $0.00. Nobel Prizewinning economist Joseph Stiglitz says the tab is well over $3 trillion when you add rehabilitation for injured vets, replacement of military hardware, and the value of things we could have produced (but didn't) with that money over the past seven years. Bushites have finished off the deregulation of banking that began in earnest during Bill Clinton's presidency. This ideological madness has caused the collapse of investment funds, banks, and the stock value of corporations that depend on them (which is to say most of Wall Street and much of the financial world), as well as a steep decline in the value of most homes in America and a sharp rise in the cost of living in them. AND YOU WANNA COMPLAIN AND BLAME SLOW JOB CREATION ON OBAMA IN JUST 10 MONTHS WITH THE CRAP HE HAS TO DEAL WITH?? WE HAVE THE REPUBLICAN'S CONSTANTLY BASHING HIS HEALTHPLAN, WE HAVE 2 WARS, WE HAD A SOMALIAN HOSTAGE CRISIS WHICH OBAMA HANDLED PERFECTLY BUT OF COARSE THE CAPTAIN GOT ALL THE CREDIT LMAO. I TELL YOU ONE THING OBAMA IS GUILTY OF--> HE WANTS TO WORK BI-PARTISAN. BIG MISTAKE!! YOU CANNOT WORK WITH REPUBLICANS WHO ONLY F**K THINGS UP!! IF OBAMA HAD JUST SIGNED THAT DAMN HEALTH BILL MONTHS AGO, HE COULD'VE MOVED ON TO OTHER ISSUES INCLUDING JOBS. HELL, BUSH WENT THROUGH 8 YEARS OF NON-BIPARTISANSHIP AND LOOK AT THE WONDERFUL MESS HE LEFT US. CLINTON WENT 8 YEARS WITH NO BIPARTISANSHIP AND LOOK AT THE MIRACLE HE LEFT..REPUBLICANS CANT FUNCTION IN CONGRESS. THEY'RE TOO BUSY LOOKING OUT FOR THEMSELVES--AKA THE RICH!
Yankeechamp, hear hear, although I am a staunch Democrat, cheered the night we found out Obama was elected and still be believe in him, although my support has been waivering slightly. I like you will not forget the burning pile of cinders Bush left Obama and am incensed with the Rethuglicans, but almost more furious at anyone in this nation who either could care less or is too stupid to see the hypocrisy and worse the deviance of their leadership in just saying no to absolutely everything, no matter how much it could help our nation. I also agree 1000% that Obama's primary flaw is his desire to be bi-partisan but as he controls this desire, I am getting frustrated at how long he is playing this hand. I understand the tactic of " let them bury themselves " by exposing their dastardly ways, but again I am starting to get concerned about whether he might simply be using this as a cop out, when he could and should be ramming the most important issues of our time down this country's throat. We shall see, I am not nearly ready to give up on him yet and 90% of my anger is directed at Congress and the Senate, but that 10% share where I am softly blaming Obama, for not acting, could grow. To expect results after only a year with the mess he was left with is wrong, but no matter what he was left with he must take ownership of this country soon.
Frenchmanaz I too get aggravated and am not giving up. But you see what crap people try and hit me with??? This is why Obama needs to work non-partisan. The same idiots in the Republican Congress are the same people who think like ESCOMMENTS and OZONE69. How can u get things done with 200 guys as stupid as them?? Who the hell started this rumor that Clinton is responsible for NAFTA. They look for the most stupidest shit like gays in the army as if that had any impact on the 6 million jobs Clinton was able to create by boosting up our economy. He was the only president in U.S. history to leave a $5.6 trillion surplus and close down all our debts. And what do these republican a-hole moron racists come up with??? GAYS IN THE ARMY AND NAFTA (WHICH WAS BUSH SR NOT CLINTON) LMAO. I laugh but it's not funny. This is what Obama wants to work with because he feels that we can all get along like Little House on the Prarie holding hands running down a hill. He means well, but it can't happen. Not with these illiterate schmucks spreading all this false gossip to other stupid schmucks who get their information from FOX thinking that it's real news. Its so pathetic!
Hey Genius, way to revise the Clinton Years! If Clinton was doing such a bang up job with Gays in the Military, BTU tax, Universal Health Care, NO TAX CUT FOR the MIDDLE CLASS! "I WORKED AS HARD AS I COULD TO GIVE THE MIDDLE CLASS A TAX CUT BUT I JUST DON'T SEE A WAY I CAN DO IT!" Why did the country throw all the Democrats out in 1994? Hmmmm? Vetoed everything the Republicans gave him? How about "Ending Welfare as We Know It" How about NAFTA? I would add, repealing Glass Steagall which probably lead to this financial mess we are in but his own Treasury Secretary, Robert Rubin lobbied hard for it as well as the Republicans and HE SIGNED IT. No veto there. In order to save his own ass, he started Governing from the Center after the Democrats were so soundly defeated in 94 and made himself a two term President against all odds. Who would have thought? Democrats are history in 2010, now that the public has got a real look at the pieces of crap they are. No character, No morals, Lying, cheating pieces of excrement. They think people are stupid and can't see what they are doing with Cap and Tax and Health Care Reform. They should enjoy their time in power because it will be gone November 2010. Not that the Republicans are actually giving people anything to vote for. They will win on the shear hate people have for this administration at 47% approval and their cohorts in Congress. Have a nice day :-)
WTF ARE YOU TALKING ABOUT? GAYS IN THE MILITARY??? 6 MILLION JOBS IN CLINTON'S FIRST 2 YEARS AND THE FIRST WORDS THAT COME OUT OF YOUR MOUTH ARE GAYS IN THE MILITARY??? WELL WE ALL KNOW WHERE YOU HANG OUT ON FRIDAY NIGHTS...SAY HELLO TO THE VILLAGE PEOPLE. AND WHERE DO U GET YOUR BULLSHIT ABOUT NO TAX CUT FOR THE MIDDLE CLASS? DID YOU EVEN READ MY POST? I MADE MYSELF CLEAR "As part of the 1993 Economic Plan, President Clinton cut taxes on 15 million low-income families and made tax cuts available to 90 percent of small businesses, while raising taxes on just 1.2 percent of the wealthiest taxpayers." WHAT ABOUT NAFTA A$$HOLE??? NAFTA WAS NOT CLINTON IT WAS BUSH SENIOR MORON!!! WHY DONT U DO SOME RESEARCH BEFORE COMING INTO A PUBLIC FORUM LIKE THIS MAKING A COMPLETE ASS OF YOURSELF??!! "In 1988 Canada and the United States signed the Canada-United States Free Trade Agreement after the US Congress approved implementing legislation. The American government then entered into negotiations with the Mexican government for a similar treaty, and Canada asked to join the negotiations in order to preserve its perceived gains under the 1988 deal. Following diplomatic negotiations dating back to 1991 between the three nations, the leaders met in San Antonio, Texas, on December 17, 1992, to sign NAFTA. U.S. President George H.W. Bush, Canadian Prime Minister Brian Mulroney and Mexican President Carlos Salinas, each responsible for spearheading and promoting the agreement, ceremonially signed it. The agreement then needed to be ratified by each nation's legislative or parliamentary branch..... LMAO I SAID IT IN THE VERY BEGINNING OF MY POST THAT THERE IS ALWAYS ONE STUPID IDIOT THAT THINKS CLINTON HAD NOTHING TO DO WITH OUR SUCCESS BETWEEN 93-'02 AND YOU ARE THE FIRST ONE OF THE DAY.. CONGRATULATIONS. THEY'LL BE MORE SO DONT FEEL BAD...JUST STAY AWAY FROM FOXNEWS AND DO SOME RESEARCH BEFORE I MAKE A FOOL OUT OF YOU. THEN AGAIN U DID THAT ALL BY YOURSELF ROFLLMAO!!!
WHY IS IT REPUBLICANS WILL ALWAYS BLAME CLINTON FOR NAFTA??? IS THAT HOW STUPID ALL YOU REPUBLICANS ARE?? YOU DONT READ FOR CRAP. BUT YOU HAVE NO PROBLEM LISTENING TO THOSE LYING A$$HOLES ON FOXNEWS AND RUSH LIMBAUGH AND WALK AROUND THIS PLANET THINKING YOU KNOW WTF YOU'RE TALKING ABOUT. READ!!! LEARN SOMETHING TRUE!!!! CLINTON DID NOT SIGN NAFTA BUSH SENIOR DID!!! JESUS CHRIST YOU REPUBLICANS EMBARRASS THE INTELLIGENCE OF OUR COUNTRY PREACHING THE WORDS OF GLENN BECK AND RUSH LIMBAUGH HAVE SOME SHAME IN THAT FACE OF YOURS...
yankeechamp2009 Go Fuck Yourself, Dickhead! Clinton signed the NAFTA agreement into Law! Didn't need to watch Fox News for that. Simple Google Search, Ass Wipe, Liberal piece of shit! Plus, I remember when he did it. http://www.infoplease.com/ipa/A0104566.html http://www.history.com/this-day-in-history.do?action=Article&id=5584 http://www.freerepublic.com/focus/f-news/1750332/posts And that's just the first three references on the page! Just type in "Who Signed NAFTA INTO LAW" it works! And giving Earned Income Tax Credits or for you idiots on the left, welfare payments to the low income who already don't make enough to pay taxes isn't cutting taxes. As accurate as you were on "Who signed NAFTA" the rest of your data is also probably Bull Shit. What's with all the name calling anyway? Who's the asshole now? shit head! BTW, Gays in the military was just one of Clinton's bright idea, policy initiatives that was soundly rejected by nearly everyone which begot, "Don't Ask Don't Tell" Stupid. I never figured you would have a knee jerk reaction to that being as well informed and educated that you are. Guess I was wrong, your whole post is a knee jerk reaction. Nice having this civil conversation, hope we can talk more in the future.
yankeechamp2009 Go F**k Yourself, D**khead! Clinton signed the NAFTA agreement into Law! Didn't need to watch Fox News for that. Simple Google Search, A$$ Wipe, Liberal piece of sh!t! Plus, I remember when he did it. http://www.infoplease.com/ipa/A0104566.html http://www.history.com/this-day-in-history.do?action=Article&id=5584 http://www.freerepublic.com/focus/f-news/1750332/posts And that's just the first three references on the page! Just type in "Who Signed NAFTA INTO LAW" it works! And giving Earned Income Tax Credits or for you idiots on the left, welfare payments to the low income who already don't make enough to pay taxes isn't cutting taxes. As accurate as you were on "Who signed NAFTA" the rest of your data is also probably Bull Sh!t. What's with all the name calling anyway? Who's the a$$hole now? sh!t head! BTW, Gays in the military was just one of Clinton's bright idea, policy initiatives that was soundly rejected by nearly everyone which begot, "Don't Ask Don't Tell" Stupid. I never figured you would have a knee jerk reaction to that being as well informed and educated that you are. Guess I was wrong, your whole post is a knee jerk reaction. Nice having this civil conversation, hope we can talk more in the future.
yankeechamp2009 Clinton signed the NAFTA agreement into Law! Didn't need to watch Fox News for that. Simple Google Search, A$$Wipe, I remember when he did it. http://www.infoplease.com/ipa/A0104566.html http://www.history.com/this-day-in-history.do?action=Article&id=5584 http://www.freerepublic.com/focus/f-news/1750332/posts And that's just the first three references on the page! Just type in "Who Signed NAFTA INTO LAW" it works! And giving Earned Income Tax Credits or for you idiots on the left, welfare payments to the low income who already don't make enough to pay taxes isn't cutting taxes. As accurate as you were on "Who signed NAFTA" the rest of your data is also probably Bull $h!t. Who's the a$$hole now? BTW, Gays in the military was just one of Clinton's bright idea, policy initiatives that was soundly rejected by nearly everyone which begot, "Don't Ask Don't Tell" Stupid. I never figured you would have a knee jerk reaction to that being as well informed and educated that you are. Guess I was wrong, your whole post is a knee jerk reaction.
Didn't mean to post this many of these awful posts but yankeechamp2009 is a real sick pup! Sorry!
LMAO ESCOMMENTS YOU SEE WHAT HAPPENS WHEN YOU ARE DEAD BRAIN WASHED? YOU SHOULD BE FEELING LIKE THE MOST STUPIDEST PERSON ON THIS PLANET RIGHT NOW, BUT YET YOU escomments yankeechamp2009 Go Fuck Yourself, Dickhead! Clinton signed the NAFTA agreement into Law! STILL COME IN HERE THINKING THAT CLINTON SIGNED NAFTA LMAO. HE DID NOT IT WAS BUSH ON DECEMBER 17 1992 YOU PATHETIC BRAIN DEAD MORON. LOOK IT UP!! I KNOW ITS HARD FOR U MORONS TO DO. THEN YOU SHOW HOW THE WORLD HOW MUCH YOU READ BECAUSE THE FIRST LINK YOU POST AS SOME PROOF CLEARLY TELLS YOU THAT BUSH SIGNED IT LMAO!!!! THIS IS YOU---> Didn't need to watch Fox News for that. Simple Google Search, Ass Wipe, Liberal piece of shit! Plus, I remember when he did it. http://www.infoplease.com/ipa/A0104566.html LOOK WHAT IT SAYS : In three separate ceremonies in the three capitals on Dec. 17, 1992, President Bush, Mexican President Salinas, and Canadian Prime Minister Mulroney signed the historic North American Free Trade Agreement (NAFTA). WHAT YOU TRY AND MAKE IT LOOK LIKE IT WAS ALL CLINTON'S FAULT WAS THAT IT PASSED INTO LAW UNDER HIS WATCH. THERE WAS NOTHING HE CAN DO ABOUT THAT DICKHEAD IT WAS A DONE DEAL. CLINTON WAS NOT GOING TO STOP THE SUCCESS OF HIS PRESIDENCY OVER NAFTA. IT WASNT CLINTON'S IDEA. SO DONT EVEN GO THERE. AND TELL ME, WHAT IMPACT DID NAFTA HAVE ON OUR ECONOMY?? A $5.6 TRILLION SURPLUS, ALL OUR DEBTS PAID OFF, 6 MILLION JOBS CREATED. THAT WASNT ENOUGH FOR U IDIOTS??? MORE THAN ANY PRESIDENT EVER DID SO WTF IS YOUR PROBLEM??? GEORGE HW BUSH SIGNED IT. HE CREATED IT. FOR CLINTON TO DISPUTE IT WOULD ONLY BRING CONTROVERSY THE WAY YOU A$$HOLES ARE BLASTING OBAMA'S HEALTH PLAN. CLINTON DID NOTHING WRONG BUDDY!!!! NICE TRY A-HOLE!!!
YOU CAN POST YOUR CRAP AS MANY TIMES AS YOU WANT IT ONLY SHOWS HOW MUCH ATTENTION YOU WANT TO DRAW TO YOURSELF AS THE THE WORLD THINKS YOU KNOW WTF YOU;RE TALKING ABOUT...YOU WANNA TALK ABOUT WHO DOESNT PAY TAXES AND WELFARE MORON??? LOOK THIS UP: KatieCouric ... INTERESTING INFO ... INTERESTING INFO DURING BUSH'S TERM, The top ten non-tax paying citizens were in the following states: Mississippi 43% 1 Louisiana 40% 2 Arkansas 38% 3 New Mexico 38% 4 Alabama 38% 5 Texas 36% 6 Montana 36% 7 Oklahoma 36% 8 South Carolina 36% 9 Georgia 36% 10 As President Bush pushed through his two major tax bills in 2001 and 2003, opponents focused on the dollar amounts saved by high-income individuals. What many critics have ignored is the number of people who were removed from the tax rolls as a result of the expansion of the child tax credit, which was a key provision of the President's Economic Growth and Tax Relief Reconciliation Act of 2001. These findings raise serious questions about the future of the U.S. income tax system, and the possibility of base-broadening tax reform when the majority of the federal tax burden is borne by a shrinking pool of taxpayers. As Congress considers tax reform proposals during the coming year, this is an issue lawmakers should begin to debate. During 2006, Tax Foundation economists estimate that roughly 43.4 million tax returns, representing 91 million individuals, will face a zero or negative tax liability. That's out of a total of 136 million federal tax returns that will be filed. Adding to this figure the 15 million households and individuals who file no tax return at all, roughly 121 million Americans-or 41 percent of the U.S. population-will be completely outside the federal income tax system in 2006. This total includes those who pay no tax, and those who pay some tax upfront and are later refunded the full amount of the tax paid or more. BUSH'S TAX CUT FAVORS FOR THE REPUBLICAN STATES HAS COSTED US TRILLIONS. 121 MILLION AMERICANS OUTSIDE THE FEDERAL TAX SYSTEM. NICE HUH? MAYBE YOU'RE ONE OF THEM AND THATS WHY YOU'RE BITCHING. YOU KNOW THAT ONCE BUSH'S POLICIES EXPIRE IN 2010, YOU;'RE ALL GONNA HAVE TO PAY TAX AGAIN. LAZY ASS!! NICE HOW IN A TIME OF CRISIS BUSH STILL TAKES YOU TRAILER TRASH MORONS OFF THE TAX SYSTEM AND WE PAY YOUR WELFARE. THEN BUSH STICKS OBAMA WITH THE $2 TRILLION TAX CUT BILL? FOR OBAMA TO GET ABUSED AS IF HE'S THE CROOK? GOD LORD IF I HAD MY OWN SHOW.... LOL. IT AMAZES ME HOW FOX, ALTHOUGH THEY'RE A BUNCH OF EVIL RACIST BULLSHIT ARTISTS, THEY HAVE AN ORGANIZED SYSTEM. WE DONT HAVE ANYONE ON OUR SIDE TELLING IT LIKE IT REALLY IS. BILL MOYERS? HE'S ON SOMETIME ON SUNDAY MORNING ON PBS. C'MON ESCOMMENTS KEEP TRYING TO MAKE SOME POINT I'LL JUST KEEP KICKING Y OUR ASS TO READING SCHOOL CUZ THATS WHAT U NEED TO DO!! NEED TO CHECK MY SOURCE?? ---> http://www.taxfoundation.org/news/show/1410.html READ AND WEAP A$$HOLE!!! BUSH WRECKED IT ALL MORON!!! LMAO IDIOTO CABRON!
BUT I THINK I SEE WHY EVERY REPUBLICAN IDIOT TRIES TO MAKE A BIG THING OUT OF NAFTA. BECAUSE IT PUTS GEORGE BUSH SR IN THE CLEAR. IT WAS ALL HIS IDEA TO PUT THIS TOGETHER AND HAD ALREADY SIGNED IT WITH THE LEADERS OF TWO COUNTRIES. FOR CLINTON TO TRY AND VETO THIS OUT WOULD MAKE HIM THE VILLAIN. HE WAS THE NEW MAN ON CAMPUS. ONLY 7 MONTHS INTO HIS PRESIDENCY AND DIDNT WANNA GET OFF TO A BAD START WITH MEXICO AND CANADA HATING CLINTON. THATS WHY HE JUST SAID PUT HIS STAMP ON IT. I WOULD TOO. BECAUSE THEN IT WOULD'VE BEEN FOXNEWS ALL OVER THE PLACE SLAMMING CLINTON FOR BREAKING UP NAFTA...WHEN BUSH SIGNED IT, IT WAS THE GREATEST THING IN THE WORLD. EVERYONE WAS CONGRATULATING BUSH. WHEN IT FLOPPED, POINT THE FINGER AT CLINTON.... JUST LIKE TYPICAL REPUBLICAN PUKES. CANT ACCEPT RESPONSIBILITY FOR SHIT.!! THATS WHY BUSH VETO EVERYTHING THAT WAS PASSED ON HIS WATCH FROM YOU RETARDS. NEED A LIST?? President Clinton's Vetoes Mitchel A. Sollenberger Analyst in American National Government Government and Finance Division Summary President William Jefferson Clinton vetoed 17 bills during his first term in office (1993-1996) and 20 bills during his second term. All but one of President Clinton's 37 vetoes were regular or return vetoes; one was pocket vetoed. Congress attempted to override 13 of President Clinton's vetoes; two were overridden. Introduction When presented with legislation passed by both houses of Congress, the President may sign it into law within the 10-day period prescribed in the Constitution, let it become law without his signature, or veto it. All bills and joint resolutions, except those proposing amendments to the Constitution, must be presented to the President for his approval in order to become law. Amendments to the Constitution, which require a twothirds vote in each house, are sent directly to the states for approval. If Congress is in session when the President exercises his veto authority, the disapproved bill is returned to the house where it originated along with a presidential message explaining the reasons for its rejection. To sustain a veto, the President needs the vote of only one more than one-third of a quorum in either the House of Representatives or the Senate. If Congress has adjourned, preventing the return of a bill, the President may withhold his signature beyond the constitutionally prescribed 10-day action period and the bill neither becomes law nor is it returned to Congress for further action. This latter practice has been dubbed the "pocket veto." Unlike the procedure applied when a vetoed bill is returned to a house in session, Congress does not have an opportunity or constitutional authority to override a pocket veto. Congressional procedure for reconsidering vetoed legislation is similar in both the House and the Senate. Congressional action on a vetoed measure begins when the President returns the bill to the house of origin along with a veto message indicating his objections. Once the vetoed legislation has been received, the originating chamber is constitutionally required "to reconsider" the vetoed bill. The Constitution is silent, however, on the definition of "reconsideration." In lieu of constitutional direction, House CRS-2 and Senate procedures and tradition govern the treatment of vetoed bills returned by the President. Upon receiving a vetoed bill, the President's message is read into the journal of the house to which it was directed and the constitutional requirement "to reconsider" is realized by laying the measure on the table, referring the bill back to committee, postponing consideration to a certain day, or immediately voting on override. Congressional procedures, tradition, and judicial ruling (Missouri Pacific Ry. Co. v. Kansas, 248 U.S. 276 (1919)) have determined that the vote required to pass a bill over a veto means two-thirds of a quorum. If both chambers satisfy the two-thirds requirement, the bill becomes law over the President's objections. If either house does not vote on reconsideration, or fails to produce a two-thirds majority to override, the veto is sustained. When one house fails to override, the other house need not attempt to override, even if the votes are available to succeed. Table 1. President Clinton's Vetoes Bill Number Date of Veto Title Override Attempt H.R. 1158 06/07/95 Second Supplemental Appropriations and Rescissions Act for FY1995 No attempt. S. 21 08/11/95 Bosnia and Herzegovina Self-Defense Act of 1995 No attempt. H.R. 1854 10/03/95 Legislative Branch Appropriations for FY1996 No attempt. H.R. 2586 11/13/95 Increase in the Statutory Debt Limit No attempt. H.J.Res. 115 11/14/95 Second Continuing Resolution for FY1996 No attempt. H.R. 2491 12/06/95 Budget Reconciliation No attempt. H.R. 1977 12/18/95 Interior Appropriations for FY1996 House sustained 01/04/96 by 239-177. H.R. 2099 12/18/95 Veterans Affairs and Housing and Urban Development Appropriations for FY1996 No attempt. H.R. 2076 12/19/95 Commerce, Justice, and State Appropriations for FY1995 House sustained 01/03/96 by 240-159. CRS-3 Bill Number Date of Veto Title Override Attempt H.R. 1058 12/19/95 Securities Litigation Reform Act House overrode 12/20/95 by 319-100, Senate overrode 12/22/95 by 68- 30. P.L. 104-67. H.R. 1530 12/28/95 Defense Authorizations for FY1996 House sustained 01/03/96 by 240-156. H.R. 4 01/09/96 Welfare Reform Act No attempt. H.R. 1833 04/10/96 Partial-Birth Abortion Ban Act of 1995 House overrode 09/19/96 by 285-137. Senate sustained 09/26/96 by 57- 41. H.R. 1561 04/12/96 American Overseas Interest Act of 1996 House sustained 04/30/96 by 234-188. H.R. 956 05/02/96 Common Sense Product Liability Legal Reform Act of 1996 House sustained 05/09/96 by 258-163. H.R. 743 06/30/96 Teamwork for Employees and Managers Act of 1996 No attempt. H.R. 2909 10/02/96 Amends Silvio O. Conte National Fish and Wildlife Refuge Act No attempt. H.R. 1469 06/09/97 Flood Relief Bill No attempt. H.R. 1122 10/10/97 Partial Birth Abortion House overrode 07/23/98 by 296-132. Senate sustained 09/18/98 by 64- 36. H.R. 2631 11/13/97 Disapproving Cancellations House overrode 02/05/98 by 347-69. Senate overrode 02/25/98 by 78- 20. P.L. 105- 159. S. 1502 05/20/98 D.C. Student Vouchers No attempt. H.R. 2709 06/23/98 Iran Sanctions Bill No attempt CRS-4 Bill Number Date of Veto Title Override Attempt H.R. 2646 07/21/98 Education Savings Account No attempt. H.R. 4101 10/07/98 FY1999 Agriculture Appropriations No attempt. H.R. 1757 10/21/98 Foreign Affairs Reform No attempt. H.R. 2488 09/23/99 Tax Relief Bill No attempt. H.R. 2587 09/28/99 D.C. Appropriations, FY2000 No attempt. H.R. 2606 10/18/99 Foreign Operations Spending, FY2000 No attempt. H.R. 2670 10/26/99 Commerce, Justice, and State Appropriations, FY2000 No attempt. H.R. 3064 11/03/99 District of Columbia Appropriations, FY2000 and Education, Labor, and HHS Appropriations, FY2000 No attempt. S. 1287 04/25/00 Nuclear Waste Policy Amendments Act of 2000 Senate sustained 05/03/00 by 64- 35. H.R. 4810 08/05/00 Marriage Tax Relief Bill House sustained 09/13/00 by 270-158. H.R. 8 08/31/00 Estate Tax Elimination Act House sustained 09/07/00 by 274-157 H.R. 4733 10/07/00 Energy and Water Development House overrode 10/11/00 by 315-98. Senate referred veto to committee H.R. 4516 10/30/00 Legislative Branch and Treasury Appropriations No attempt. H.R. 4392 11/04/00 Intelligence Authorization Bill No attempt. H.R. 2415 12/19/00 Consumer Bankruptcy Overhaul Act Pocket veto.
AND WHAT'S WITH THE NAME CALLING?? WHAT DO YOU THINK??? ONLY A$$HOLES LIKE YOU OVER-LOOK ALL THE GOOD THAT CLINTON DID FOR THIS COUNTRY TO THROW IN SHIT LIKE NAFTA AND GAYS IN THE ARMY. WHERE IN THE CONSTITUTION DOES IT SAY THE PRESIDENT HAS TO BE PERFECT??? BUT IT DOESNT MEAN THAT YOU DESTROY THE ECONOMY AND PUT US IN A DEEP SHITHOLE EITHER. WHICH IS WHAT YOU TRY TO COVER UP BECAUSE YOU THINK PEOPLE WHO READ THE DAILY BEAST ARE F**KING MORONS LIKE YOU. TELL ME, SINCE YOU LIKE POSTING LINKS, SHOW ME SOME FINANCIAL REPORT THAT STATES NAFTA DESTROYED OUR ECONOMY. HOW COULD IT? IF NAFTA WAS THAT BAD THEN CLINTON WOULD HAVE LEFT OFFICE THE WAY BUSH LEFT IT. INSTEAD CLINTON LEFT THIS COUNTRY IN THE BEST SHAPE POSSIBLE. EVEN GEORGE BUSH HIMSELF, ON HIS 1ST ADDRESS TO CONGRESS ONE MONTH AFTER HIS VICTORY. HERE ARE A FEW OF HIS QUOTES ON FEBRUARY 27, 2001. 1) We have increased spending for discretionary programs by a very responsible 4 percent above the rate of inflation. 2) I hope America is noticing the difference, because we are making progress. Together we are changing the tone in the nation's capital. 3) We've increased funding to train and recruit teachers, because we know a good education starts with a good teacher. 4) We have increased our budget at a responsible 4 percent. We have funded our priorities. We paid down all the available debt. We have prepared for contingencies. And we still have money left over. *** LET ME ASK YOU MR EXCON OR ESCOMMENTS WHATEVER-- WHEN BUSH SAYS "WE", WHO'S WE??? BUSH HAD JUST WALKED INTO OFFICE ONE MONTH PRIOR TO THIS SPEECH. "WE" IS CLINTON!!! YOU DAMN F**KING PUKES LOVE TO STEAL EVERYONE'S CREDIT WHEN THE JOB IS GOOD, AND WHEN IT'S A F**K UP WE HAVE MORONS LIKE YOU SHOUTING NAFTA!!! THATS WHY THE NAME CALLING. AFTER A WHILE PEOPLE LIKE YOU BECOME A DAMN NUISANCE THAT THERE IS NO OTHER WORD FOR YOU OTHER THAN MORON, IDIOT, BRAIN-DEAD, VEGETABLE, YOU KNOW, EVERYTHING YOU'RE ALWAYS CALLED CUZ I KNOW I'M NOT THE ONLY ONE. AND I LOVE THESE TWO BELOW: 5) To make sure the retirement savings of America's seniors are not diverted to any other program, my budget protects all $2.6 trillion of the Social Security surplus for Social Security and for Social Security alone.****** COUGH COUGH WHAT DID BUSH DO? TAPPED INTO IT AND NEARLY BANKRUPTED IT...NAFTA DID IT??? MORON**** 6) I am requesting $5.7 billion in increased military pay and benefits and health care and housing. Our men and women in uniform give America their best, and we owe them our support.**** AND WHAT DID BUSH DO?? May 1, 2007: Vetoed H.R. 1591, U.S. Troop Readiness, Veterans' Care, Katrina Recovery, and Iraq Accountability Appropriations Act, 2007. Override attempt failed in House, 222-203 (284 needed). HE VETOED THE VERY SAME THING HE PROMISED...NAFTA???? ***** LMAO FOOL THAT YOU ARE. http://www.mishalov.com/Bush_Speech_Congress.html
yankeechamp2009 You are one psychotic son of a bitch. Aren't you? I'm lmao thinking of you in a strait jacket in a padded cell in some loony bin somewhere. But, by all means keep doing what you are doing! I'll bet you could get on Rachel Maddow's show just for the entertainment value. I'm with ozone69: Easy does it. There's a war on. We can't get spare parts for your head right now. But I have a nice little tin-foil hat that would sit nice on your pointy little pate. Take deep breaths and please get back on your meds. Couldn't have said it better. :-)
LOL YEA I'M PSYCHOTIC, UMM WHAT'S THE OTHER ONE?? ALWAYS BRINGING UP THE PAST?? YOU KNOW WHEN YOU HAVE NO MORE TO SAY CUZ YOU'RE SLAMMED TO A WALL WITH FACTS AND EVIDENCE THAT YOU NEVER KNEW ABOUT BECAUSE FOX WILL NEVER TELL U THIS...SO YEA I'M PSYCHOTIC. I SHOULD BE THINKING LIKE YOU...NAFTA RUINED THE ECONOMY LMAO!!
ESCOMMENTS, SINCE YOU JUMPED ON OZONE'S CO*K AND AGREED WITH HIM, I ASK YOU THE SAME THING..HOW ABOUT SOME FACTS??? WHY DO U MORONS RESORT TO STUPIDITY WHEN YOU HAVE NOTHING??? YOU'RE BETTER OFF JUST SHUTTING THE F**K UP. SPARE PARTS FOR MY HEAD?? OK EXPLAIN YOURSELF?? WHAT WAS I WRONG ABOUT?? CLINTON DID NOT LEAVE A $5.6 TRILLION SURPLUS? DIDN'T CREATE 6 MILLION JOBS WHILE YOU A$$HOLES SHOUT NAFTA LMAO!! DIDNT PAY OFF OUR DEBTS? BUSH SEEMED TO AGREE SO: "We have increased our budget at a responsible 4 percent. We have funded our priorities. We paid down all the available debt. We have prepared for contingencies. And we still have money left over." WHO WAS "WE" AGAIN? CLINTON!! WHO DO U THINK YOU'RE GOING TO RECRUIT IN THIS FACT-PROVIDED FORUM??? MAYBE STUPID PLANTAGENT AND THATS IT.
Joe Biden said that Obama's answer for the economy is a three letter word J-O-B-S. Is Yogi Berra now writing Biden's inane speeches. This Administration has failed horribly to create or save any job(s). Please review the data on Recovery.gov. The data is not only wrong its impossible. Jobs saved in congressional districts that don't exist, millions spent to save 30 jobs, etc. How about some transparency on this Mr. President. Where is our money going?
Ozone you dont read for sh*t dont you??? How about sinking your head in the toilet and get that racist attitude of your cleared. You have a brain? Use it. Read my first post on top. BUSH DESTROYED THE ECONOMY. IT TOOK HIM 8 YEARS TO DO IT. WHERE WAS YOUR MOUTH BACK THEN ASKING BUSH WHERE IS OUR MONEY GOING??? NOW U GIVE A RATS ASS?? U THINK IN 10 MONTHS BUSH'S 8 YEAR DISASTER CAN BE FIXED?? SLAVERY IS OVER BUDDY. THE BLACK MAN DOESNT WORK FOR YOU 24/7. HE'S ENTITLED TO SLEEP U PIECE OF CRAP BIGOT!
Easy does it. There's a war on. We can't get spare parts for your head right now. But I have a nice little tin-foil hat that would sit nice on your pointy little pate. Take deep breaths and please get back on your meds.
YEA OK I APOLOGIZE...ESCOMMENTS STARTED IT.
BESIDES OZONE, THE REASON WHY I DIDNT ATTACK U NEXT WAS BECAUSE I DRANK MY COFFEE... BUT INSTEAD OF WISE CRACKS, HOW ABOUT FACTS??? WHY DO U MORONS RESORT TO STUPIDITY WHEN YOU HAVE NOTHING??? YOU'RE BETTER OFF JUST SHUTTING THE F**K UP. SPARE PARTS FOR MY HEAD?? OK EXPLAIN YOURSELF?? WHAT WAS I WRONG ABOUT?? CLINTON DID NOT LEAVE A $5.6 TRILLION SURPLUS? DIDN'T CREATE 6 MILLION JOBS WHILE YOU A$$HOLES SHOUT NAFTA LMAO!! WHO DO U THINK YOU'RE GOING TO RECRUIT IN THIS FACT-PROVIDED FORUM???
HEY ESCOMMENTS, "WTF ARE YOU TALKING ABOUT? GAYS IN THE MILITARY??? 6 MILLION JOBS IN CLINTON'S FIRST 2 YEARS AND THE FIRST WORDS THAT COME OUT OF YOUR MOUTH ARE GAYS IN THE MILITARY??? WELL WE ALL KNOW WHERE YOU HANG OUT ON FRIDAY NIGHTS...SAY HELLO TO THE VILLAGE PEOPLE. AND WHERE DO U GET YOUR BULLSHIT ABOUT NO TAX CUT FOR THE MIDDLE CLASS? DID YOU EVEN READ MY POST? I MADE MYSELF CLEAR "As part of the 1993 Economic Plan, President Clinton cut taxes on 15 million low-income families and made tax cuts available to 90 percent of small businesses, while raising taxes on just 1.2 percent of the wealthiest taxpayers." WHAT ABOUT NAFTA A$$HOLE??? NAFTA WAS NOT CLINTON IT WAS BUSH SENIOR MORON!!! WHY DONT U DO SOME RESEARCH BEFORE COMING INTO A PUBLIC FORUM LIKE THIS MAKING A COMPLETE ASS OF YOURSELF??!! "In 1988 Canada and the United States signed the Canada-United States Free Trade Agreement after the US Congress approved implementing legislation. The American government then entered into negotiations with the Mexican government for a similar treaty, and Canada asked to join the negotiations in order to preserve its perceived gains under the 1988 deal. Following diplomatic negotiations dating back to 1991 between the three nations, the leaders met in San Antonio, Texas, on December 17, 1992, to sign NAFTA. U.S. President George H.W. Bush, Canadian Prime Minister Brian Mulroney and Mexican President Carlos Salinas, each responsible for spearheading and promoting the agreement, ceremonially signed it. The agreement then needed to be ratified by each nation's legislative or parliamentary branch..... LMAO I SAID IT IN THE VERY BEGINNING OF MY POST THAT THERE IS ALWAYS ONE STUPID IDIOT THAT THINKS CLINTON HAD NOTHING TO DO WITH OUR SUCCESS BETWEEN 93-'02 AND YOU ARE THE FIRST ONE OF THE DAY.. CONGRATULATIONS. THEY'LL BE MORE SO DONT FEEL BAD...JUST STAY AWAY FROM FOXNEWS AND DO SOME RESEARCH BEFORE I MAKE A FOOL OUT OF YOU. THEN AGAIN U DID THAT ALL BY YOURSELF ROFLLMAO!!!"
Yankee you're my hero. You ROCK!
DJ MOST OF HERE ON THE DAILY BEAST ARE HEROES. IT'S ALWAYS A HANDFUL OF IDIOTS THAT THINK THEY CAN BRAINWASH THE INTELLIGENT INTO THINKING LIKE THEM...HOW F**KING DUMB IS THAT?? YOU'D HAVE TO BE RECOVERING FROM A CLINICAL PSYCHOTIC REACTION TO FALL FOR THE BULLSHIT COMING OUT OF ESCOMMENT'S MOUTH... I'M STILL WAITING FOR PLANTAGENT, DIAMONDGIRL AND A FEW OTHER TO COME IN HERE AND TRY THE SAME CRAP. I JUMPED ON OZONE69 A BIT AND I SHOULDNT HAVE DONE THAT. HE'S RIGHT WE'RE IN 2 WARS AND WE DONT NEED ANYMORE TENSION. IT WAS THAT MORON ESCOMMENTS HE JUST TRIGGERED ME OFF...I HADNT DRUNK MY COFFEE YET.
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Tiger and Pills
Gerald Posner is The Daily Beast's Chief Investigative Reporter. He's the award-winning author of 10 investigative nonfiction bestsellers, ranging from political assassinations, to Nazi war criminals, to 9/11, to terrorism. His latest book, Miami Babylon: Crime, Wealth and Power—A Dispatch from the Beach, was published in October. He lives in Miami Beach with his wife, the author Trisha Posner.
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