It's official: the Obama administration intends to nationalize the entire financial sector. If there were any lingering doubts as to the intentions of President Barack Obama and Treasury Secretary Timothy Geithner, they were dispelled by an announcement on March 26 detailing the Treasury Department's new "framework for regulatory reform."
The Obama administration is now in the business of subsidizing the auto parts industry. In yet another slug of taxpayer money intended to prevent the collapse of GM and Chrysler, the Treasury announced on April 8 it was making available $5 billion in short-term financing for auto parts suppliers. The money is intended to keep manufacturers and suppliers of parts to GM and Chrysler afloat while the beleaguered automotive giants struggle for survival.
The U.S. Citizenship and Immigration Services (USCIS) announced on April 8 it has received enough H-1B applications to meet the congressionally mandated cap of 85,000 H-1B visas for fiscal year 2009. The H-1B visas are given to foreign workers in “specialty occupations” (science, engineering, law, medicine, computer programming, etc.) where U.S. employers have filed petitions claiming there are not qualified U.S. applicants to fill the jobs.
“The U.S. may suffer further job losses in the coming months” began the April 3 Bloomberg.com story on federal government reports that the U.S. economy shed an estimated 633,000 jobs in March. The same federal report also revised upward the estimate of job losses for January by nearly 100,000, to 741,000 (the earlier estimate for January was 655,000 jobs lost). The unemployment rate now stands at 8.5 percent, the highest in more than 25 years.
In a move heralding the Obama administration’s most aggressive intervention in the business sector to date, the federal government has forced GM CEO Rick Wagoner to step down. The change in leadership was announced by GM in a statement released in Wagoner’s name on Monday. In it, the former CEO said the government asked him to leave. “On Friday I was in Washington for a meeting with administration officials,” Wagoner begins. “In the course of that meeting, they requested that I ‘step aside’ as CEO of GM, and so I have.”