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Obama Suffers Historic Drop in Approval Rating
Thursday, October 22, 2009 2:13 PM
By: Dan Weil Article Font Size
President Obama’s approval rating dropped to 53 percent in the third quarter from 62 percent in the second, according to Gallup.
The 9 percentage point decline is the largest for an elected president during that period of his first year in office that Gallup has ever recorded, going back to 1953.
President Truman suffered a 13 point slide in the third quarter of 1945, but of course he wasn’t elected to his first term in office.
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Obama’s 9 point slump was one of the steepest for a president during any portion of his first year in office. Bill Clinton topped the list for elected presidents with an 11 point dip between the first and second quarters of 1993.
Obama was hurt by Americans’ growing disenchantment with healthcare reform and an unemployment rate that rose to 9.8 percent in September.
Obama’s 53 percent rating puts him near the bottom of the list for presidents at the same time of their tenures. Only Clinton had a lower third-quarter average among elected presidents – 48 percent. Gerald Ford averaged 39 percent during his third quarter in office (1975).
Obama's third quarter rating also places him below average for any president in any quarter, going back to 1945. Out of 255 presidential quarters measured by Gallup since then, Obama’s 53 percent rating earns him 144th place.
To be sure, several polls, including Gallup, The Associated Press and ABC/The Washington Post, show Obama’s ratings rebounding this month.
http://www.newsmax.com/insidecover/obama_approval_drop/2009/10/22/275720.html
As far as I'm concerned, the recent run-up is the result of our management shakeup and what it means for our future going forward (all positive). I personally don't expect a profit until at least Q1 of 2010. I hope people don't expect to see much in our Q3 report. I will look for more cost containment in Q4 and then the eventual return to profitability and a much higher pps. We're just beginning a multi-year climb imo.
King Obama and troops at it again. If it wasn't bad enough that they've virtually taken over control of all businesses that took govt money, now they are planning to control thousands of others that never took govt money. Are people even paying attention? Scary, socialistic, government take over going on right under our eyes.
Treasury: Bailed-out firms to slash pay in Nov.
Treasury says big compensation cuts for executives take effect starting in November
* By Martin Crutsinger, AP Economics Writer
* On 4:07 pm EDT, Thursday October 22, 2009
WASHINGTON (AP) -- The Treasury Department on Thursday ordered seven companies that received billions of dollars in government bailouts to halve total compensation for their top executives. But the big reductions will not apply to pay earned before November.
Kenneth Feinberg, the Treasury official leading the pay review, told reporters that average salaries for the top 25 executives are being cut 90 percent starting next month.
The action will apply to the top executives at Bank of America Corp., American International Group Inc., Citigroup Inc., General Motors, GMAC, Chrysler and Chrysler Financial.
Meanwhile, the Federal Reserve unveiled a proposal Thursday that would police banks' pay policies to ensure they don't encourage employees to take reckless gambles like those that contributed to the financial crisis.
Unlike the Treasury plan, the Fed proposal would cover thousands of banks, including many that never received a bailout. But the central bank would not actually set compensation. Instead, the Fed would review -- and could veto -- pay policies that could cause too much risk-taking by executives, traders or loan officers.
The government did not want to make executives return compensation already received this year, but the reduced pay levels will be the base for making decisions on salary in 2010, Feinberg said.
The executives will still be subject to compensation limits as long as their companies are receiving support from the government's $700 billion bailout fund. Their total compensation was being cut in half, on average.
Cash salaries will be limited to $500,000 for more than 90 percent of affected employees. Personal expenses for such perks as company autos and corporate jets will be capped at $25,000 without approval from Feinberg's office for higher payments.
Feinberg got the job as pay czar earlier this year when Congress, responding to outrage about huge bonuses being paid to AIG, amended the bailout law to require that executive compensation at companies getting exceptional assistance be curbed.
He has been reviewing compensation packages since August and called many of the negotiations "intense."
Speaking earlier at the White House, President Barack Obama welcomed Treasury's decision and said Americans' values are offended by excessive paychecks for executives whose companies were bailed out by taxpayers. He urged Congress to pass legislation to give shareholders a voice in executive pay packages.
"It does offend our values when executives of big financial firms that are struggling pay themselves huge bonuses even as they rely on extraordinary assistance to stay afloat," Obama said.
Treasury Secretary Timothy Geithner also praised the outcome of Feinberg's deliberations.
"We gave him the difficult task of cutting excessive pay, striking a balance between compensation and risk taking and keeping strong management teams in place to help the economies recover -- all in the public interest," Geithner said in a statement.
Smaller companies and those that have repaid the bailout money, including Goldman Sachs Group Inc. and JPMorgan Chase & Co., are not affected by the plan.
GM said in a statement that it will adopt the compensation changes outlined by Feinberg by shifting its pay packages toward non-cash compensation that is tied to company performance.
"Along with restoring GM to profitability, a key priority is responsible stewardship of the public investment in our company and rapid repayment of that investment," the automaker said.
Bank of America declined to comment on Feinberg's plans, but a spokesman said the company was not worried about top executives leaving. "We're a strong company with a highly competitive platform and we believe people want to work here," said Scott Silvestri.
Chrysler Group LLC CEO Sergio Marchionne and other Fiat executives who work for both Chrysler and Fiat were exempted from the pay cuts as part of the agreement with the U.S. government for Fiat to take over management control of Chrysler and get a 20 percent stake in the company.
Executives who work solely for Chrysler could be affected, but many of the top earners under Chrysler's former owner have left the company including former CEO Robert Nardelli and former Vice Chairman Tom LaSorda. Deputy CEO Jim Press also is about to leave the company.
Under the Fed proposal, the 28 biggest banks would develop their own plans to make sure compensation doesn't spur undue risk taking. If the Fed approves, the plan would be adopted and bank supervisors would monitor compliance.
At smaller banks -- where compensation is typically less -- Fed supervisors will conduct reviews. Those banks don't have to submit plans.
The Fed refused to identify the 28 banks that will have to submit plans. But Citigroup, Bank of America and Wells Fargo & Co. are usually included on such lists. Nearly 6,000 banks regulated by the Fed would be covered.
"The Federal Reserve is working to ensure that compensation packages appropriately tie rewards to longer-term performance and do not create undue risk for the firm or the financial system," said Fed Chairman Ben Bernanke.
In the AIG trading division, the arm of the company whose risky trades caused its downfall, no top executive will receive more than $200,000 in total compensation for 2009. However, the issue of $198 million in bonuses that are to be paid to employees of the trading unit in 2010 still must be determined. The government has said it will push to see those bonuses reduced.
The giant insurance company has received taxpayer assistance valued at more than $180 billion. AIG representatives declined to comment Thursday.
The pay restrictions for all seven companies will require any executive seeking more than $25,000 in special benefits -- things such as country club memberships, private planes and company cars -- to get permission for those perks from the government.
Feinberg's decisions come days after administration officials voiced sharp criticism of plans by some firms, particularly those on Wall Street, to pay huge bonuses even as the country continues to struggle with rising unemployment and the effects of the recession.
Goldman Sachs, which has paid back its bailout money, has said it earmarked $16.7 billion for compensation so far this year, more than $500,000 per employee. Citigroup is paying $5.3 billion in bonuses to its employees and Bank of America $3.3 billion.
Elsewhere, Freddie Mac is giving its chief financial officer compensation worth as much as $5.5 million, including a $2 million signing bonus. The government-controlled mortgage finance company doesn't have to follow the executive compensation rules because it is being paid outside the TARP.
Congress passed legislation in February requiring Treasury to oversee pay at companies that took bailout money. Treasury created the pay czar's office in June as one means of implementing that law.
Treasury's rules require the special master to review pay for the 25 top earners at companies that received "exceptional assistance," examining overall pay structures and recapturing payouts that go against taxpayers' interests.
http://finance.yahoo.com/news/Treasury-bailedout-firms-to-apf-4150175260.html?x=0&sec=topStories&pos=2&asset=&ccode=
Another nice day whether we close flat or up. I counted roughly 155K in sells (edit another 17.5K near the close), 150K in between the bid and the ask and 550K+ that were at the ask or right below it. Definitely an accumulation day. Very nice!
Pretty thorough PR today with lots of info to digest. I like the fact that they say their are still 51 assays results pending.
The NI 43-101 due in the second quarter of 2010 (if it's on time) will be very interesting.
Very nice day! No selling like the last pop on Oct 2nd.
More tracks are coming online which should help if they can control expenses. They just need to show they can turn profit for a whole year and not just for a quarter here and there during the busy season. Even netting just 250K would be .01 eps. It's worth a try at a nickel for me, especially considering who is behind this. We'll see.
Lots of us still here. Still laughing at those selling in the single digits while some of use where buying.
Level 2 is all over the place today.
Picked up some shares on this sharp dip. Let's see if they put this company together. They just need to show they can make money doing this. GLTA!
EGMI:
Even though I was a late comer to EGMI, my spring purchases are already up 200%. I'll take that anytime.
DPDW:
Like I said in March, buy DPDW at these ridiculous prices under a dime as it will be an easy multi-bagger over the next 12-24 months. Well some of those purchases are already up over 100 percent! Nice!!!
Let's focus on EVG and not other posters. All of us know that we have absolutely zero effect on the price of EVG. We trade 1.5M shares a day not counting the pink sheet numbers. Big money controls this and the upcoming assay results will drive this one way or the other.
With all six of the Rattlesnake rigs shut down they're certainly not spending the money out there any more and haven't been for a couple weeks. I'm more concerned with what all these assay results will show and if it will be enough to prop up the price for the long winter.
Important read on the house's version of
healthcare reform. Scary stuff! We can't
let this ever pass. Check out Dr. Blaylock's
video interview through the link also.
Doctors Will be 'Drafted' Under Public Option
Monday, October 12, 2009 6:47 PM
By: Jim Meyers
A respected medical specialist has carefully reviewed the healthcare reform bill in the U.S. House, and he declares that it would amount to a virtual "draft" of doctors into the government's "public option" health insurance program.
Dr. Russell Blaylock, a renowned neurosurgeon, book author and editor of the Blaylock Wellness Report published by Newsmax, also warns that "death panels" could lead to the rationing of medical care to the elderly and a "violation of the Hippocratic Oath."
In an exclusive Newsmax interview, Dr. Blaylock points to other ominous provisions in the bill, HR 3200, which he says would:
# Severely discourage the readmission of patients to a hospital after they have been treated, and punish doctors and hospitals if they do readmit them.
# Require medical practitioners to document their dealings to the extent that they won't have enough time to adequately treat their patients.
# Jeopardize the confidentiality of patients' medical records, including psychiatric reports.
The Senate's version of healthcare reform is slated to be voted on by the Finance Committee on Tuesday. But the House bill has already been approved by several committees and is sure to play a major role in any conference by the House and Senate to reconcile the bills those bodies pass.
Newsmax.TV's Ashley Martella noted that under the House bill, physicians would be drafted into the public option, a provision Dr. Blaylock has earlier called "conscription."
This bill "is virtually a draft because it says all physicians are automatically in the public option unless they opt out, and the opt out mechanism will be later determined by the Secretary of Health and Human Services," Dr. Blaylock said.
"Well, we don't know how difficult it will be for physicians to opt out. Will there be penalties, fines, taxes, etc.? Because that's all left up to the Secretary."
He added on that score: "One of the things that concerns the legal minds of this country is that any bill that contains arbitrary language can be interpreted after it's passed any way they want to. And in this bill, virtually every page gives arbitrary powers to the Secretary of Health and Human Services."
Blaylock warned that under the House bill, hospital readmissions will be very restricted.
"One of the things they targeted to save money was to punish hospitals and physicians if they readmit a patient within a month of them being treated in an emergency room," he said.
"The effect of that is going to be that doctors are not going to want to treat these patients, hospitals are not going to want to treat these patients. It's going to cost hospitals a considerable amount of money as well as the physicians in fines if a patient comes back readmitted.
"Now the people who are going to be readmitted are people with chronic illnesses, the elderly, the disabled. Those are the people who are going to have complications occur within that month period. And why should hospitals and physicians be punished for that?
"They're not going to want to treat these patients. They're going to want to refer them quickly to another facility. And that's one of the biggest problems we have, patients being bounced around."
Martella asked about a controversial provision in the bill for so-called end of life counseling, which critics have charged would set up "death panels."
"This caused a lot of controversy, on so-called death panels and whether this advanced healthcare planning was actually required," Dr. Blaylock said.
"But it says very specifically on pages 424 through 428 that these sessions will be part of the normal medical practice. Therefore it's not voluntary.
"So every patient of a certain age will have to undergo this counseling. And further, in really frightening language, this bill [stipulates] that the people doing the counseling will be specially trained and approved by the federal government. They'll supply films, brochures, pamphlets — the data the patients are being exposed to.
"If you look at a lot of this literature now, what it says is that these patients will be encouraged to end their life early rather than take extraordinary medical treatments.
"For instance, if you're 65, 70 years old and you have congestive heart failure, in their view you really should make the decision that you don't want any further treatment, that it would be best for you and your family.
"And if you couch it that way you can convince a lot of patients through guilt that they really shouldn't be spending the money that it's going to cost their family as well as the country at large. So this is a very dangerous precedent. This is a violation of the Hippocratic Oath...
"But then the health czar, Ezekiel Emanuel, has said that physicians are too obsessed with this Hippocratic Oath. And if you read his papers on this subject, he clearly states that the elderly should just make the decision that they don't want any further treatment and go ahead and meet their end.
"The Hastings Center that he writes for, and that he's on the advisory panel for, clearly [states] that patients need to just reject any kind of extraordinary healthcare, or just ordinary healthcare, and accept that they're going to die. To me that is under the definition of a death panel.
"If you look at the socialist countries, for instance National Socialist Germany and the Soviet Union, they had very similar policies. They just didn't treat these people."
Dr. Blaylock is also concerned about the huge amount of paperwork the bill would require from medical practitioners.
"Those of us who have practiced medicine for a lot of years know that in the last 15 years, progressively, there's been so many requirements for the reporting of virtually everything," he said.
"This bill expands it enormously, so that physicians are not going to have time to do patient care to the extent that they should. They're not going to be able to follow up on their post-graduation education or attend seminars, because they're going to spend time documenting everything.
"They have to document any interaction with any federal bureaucracy or any other entity that they contract with. They have to determine whether there's a fraud risk. They're fined if fraud is found later, even though they're just referring a patient to an outpatient facility. They have to do quality assessments continuously.
"Now that's going to cause doctors to spend enormous amounts of time documenting all this and I don't see how they can even do it. The paperwork is absolutely enormous."
Martella asked if that record-keeping would encroach on doctor-patient confidentiality.
"Certainly. Whether you use patient code, patient names, all that is to be determined later. None of that is spelled out in this bill. So it has the potential, particularly in regard to the financial records that have to be supplied, of putting at risk your financial data, your medical data, if you've seen a psychiatrist, if you've had any kind of infectious disease that you don't want anyone to know about."
Under the bill, "all this information is available to a lot of eyes at every level and all sorts of bureaucracies, and it can leak out."
http://www.newsmax.com/headlines/blaylock_healthcare_draft/2009/10/12/271348.html
You might want to do a little more research
on that Inca Blog and this Otto character.
I'm not even a shareholder in ECU and this guy
seems pretty shady. You might not like some
of the financing deals they've had to do but
then again they have at least 431M oz of silver
in the ground and a couple million oz of gold
with production cranking up again. I'm still
looking at this one.
I sold this stock back in November of 2007 because of the money issue and also some of the things that IR (Barry) was saying. At the time it was .13 when I sold and everyone said it was going higher and good luck. Well it fell to a penny over the next year and hasn't done much better since. I took my profit and ran because of the money issue and the fact that the O/S at the time was already pushing 300M. Well now it's at least 438M (as of August 18th). Those two things have always been their trouble. Raising enough money to fly and too many outstanding shares to produce a decent valuation. I have to admit the chatter has been fun to read though lately. Typically penny play with all the characters starting to show up. GL to those still in this. Stranger things do happen.
common stock outstanding as of August 18, 2009: 438,260,159 shares of Common Stock
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=6763453-1084-46522&type=sect&dcn=0001165195-09-000010
Brutal day and week for EVG. Only thing positive is that it didn't take much to bounce off the .91 low...briefly popping back to 1.05 on fairly light volume. Might be a good time to add in the next week or two before the next round of assay results. Or ???
It's my understanding that this is the first time in U.S history that we've printed money to buy back our own debt. Yet I've heard this from none of the so called news outlets. Real investigative reporting is dead.
Our Founding Fathers would abhor our current state. Even those back then that argued for more federal power. It was nothing like what we've become. I think people should read through the Constitution and see how limited our federal govt is supposed to be.
The media will have a field day with this news the next few days. I'm hoping the American public will see through this and see it for what it's worth even with the unbelievably biased media. It's just so absurd. Good to hear from ya...
wow...big volume day...143 shares
And this is after he rescinded President Bush's ban on funding of overseas abortions and all other pro-life executive orders he could. He's also doing everything militarily to make the U.S. more vulnerable. I just don't get it. Is it 2012 yet?
What a joke. Obama wins the Nobel Peace Prize. Huh? Are you kiding??? For what? Total politics and now this organization carries even less weight with me than ever (and it was never much).
http://news.yahoo.com/s/ap/eu_nobel_peace
There may be more than 12-13 cores at the assayers. They couldn't seem to answer that question. But it's not possible that they got all their drilling in because they were hoping to run through November. I'm a little disappointed that the early weather shut them down so quickly. I'm going to try and find out more details on how much of the actual drilling they accomplished. The main point I wanted to get across is that drilling is done until next May.
I called/e-mailed EVG to get my info. They said drilling had stopped for the winter due to snowy weather. They could not give me an exact number on how many core samples were at the assayer. Only that the results were expected back in 2-4 weeks. It seems fairly obvious to me that this word got out and some traders are selling. Could be a good time to add if you believe these upcoming samples will fill in more of the big picture.
I can't speak for them but I know EVG is already in their 4th snowstorm as we speak. I couldn't a clear answer on how many cores assays are still pending. According to the Oct 6th update it looks like 12 or 13 but I'm not sure. They apparently did get anywhere near their goal of 60 holes this summer. The results are supposed to be in within 2 to 4 weeks.
My understanding is that all results will be in within 2 to 4 weeks. The weather shut them down a while back with the 4th snowstorm underway. They apparently did get anywhere near their goal of 60 holes this year. I couldn't find out if there was more than the 12 or 13 assays pending.
Word is out that the weather has shut them down for the winter. Still assays outstanding but drilling is done.
Word must be out that they are done drilling for the season. Hopefully some of these remaining results at the assay lab will be enough to keep the investors interested during the long off-season. I've only got a small position so I may just add during the winter if prices get too ridiculous.
Drilling update from October 6th:
http://evolvinggold.com/investors/drill-update-2009/
http://evolvinggold.com/drill-update-2009/DPRoct0609-lrg.PNG
Nice find basserdan! I also heard Representative David Miller (Wyoming congressman) mention the Rattlesnake gold find. He called it the Rattlesnake Project (not sure that he ever said Evolving) and he was quoted as follows:
"There is anywhere from 2 million to 10 million ounces of gold. The old-timers missed it" State Rep. David Miller
He also mentioned that 10 million ounces of gold would be worth $10 billion. He talked about 400-500 jobs for the next 20-30 years and of course the revenue stream.
I guess he said this at a local economic and community development meeting. The Wyoming community is buzzing. If I can find this speech I'll post it.
Another great DPDW rally ruined by the clueless. We had a shot to close at .16 or greater and turn towards the .20s in the next few weeks but not now. Every time we get a rally going the idiots sell.
If people wouldn't keep selling into these DPDW rallies we could actually pop into the 20s and 30s. Good riddins...
DPDW: Green baby! While other were selling the smart money was buying...LOL! This will be a lot bigger than the last 8-10 bagger here. Give it some time though. 2010-2013 timeframe. More patience.
During the three months ended July 31, 2009, the Company issued the following shares of stock.
Shares.....Amount
Common stock for cash at $0.50 per share (May 2009)
4,000 $ 2,000
Common stock for cash at $0.60 per share (May 2009)
35,000 $ 21,000
Common stock for cash at $0.65 per share (May 2009)
10,000 $ 6,500
Common stock for cash at $0.56 per share (June 2009)
45,000 $ 25,200
Common stock for cash at $0.65 per share (June 2009)
2,000 $ 1,300
Common stock for cash at $0.70 per share (June 2009)
81,728 $ 57,210
Common stock for cash at $0.60 per share (July 2009)
52,177 $ 31,306
Common stock for cash at $0.65 per share (July 2009)
10,000 $ 6,500
Common stock for cash at $0.70 per share (July 2009)
17,443 $ 12,210
Common stock for cash at $0.72 per share (July 2009)
14,000 $ 10,080
Common stock for cash at $0.75 per share (July 2009)
2,500 $ 1,875
Common stock for services at $1.37 per share (June 2009)
5,000 $ 6,850
Common stock for services at $1.10 per share (July 2009)
5,000 $ 5,500
Must be to their accredited investors.
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=6804846-1015-54484&type=sect&dcn=0001140361-09-021201
As of July 31, 2009, the Company had no employees. Jonathan Ricker is an executive officer, and is not considered an employee. The Company does hire consultants and other professionals including carpenters, ironworkers, electricians and computer programmers working directly on construction projects as necessary. During the three month period ended July 31, 2009, there were no employees hired directly by the Company. Mass Megawatts has retained other members of the management team as consultants. Mass Megawatts believes that there will be no significant changes in the number of employees. The Company does not have a collective bargaining agreement and Mass Megawatts does not have an employment contract with Mr. Ricker.
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=6804846-1015-54484&type=sect&dcn=0001140361-09-021201
Mass Megawatts Wind Power, Inc. (the "Company") cautions readers that in addition to important factors described elsewhere, the following important facts, among others, sometimes have affected, and in the future could affect, the Company's actual results, and could cause the Company's actual results during 2010 and beyond to differ materially from those expressed in any forward-looking statements made by, or on behalf of the Company.
The Company has not had significant revenues from operations since its inception, but has raised funds through other means to maintain liquidity. Specifically, the Company raised capital with a private placement memorandum under Regulation D, Rule 506, selling shares of its common stock to raise $175,000 for the three months ended July 31, 2009. The Company has dedicated approximately $75,000 of this money to be used to upgrade existing prototypes costs in excess of billings on current projects to be utilized for manufacturing. The Company has also spent approximately $100,000 for administration, working capital, marketing, and advertising.
There is substantial doubt that the Company will have sufficient cash flows from operations to fund its operations for a minimum of 12 months following April 30, 2009 and is therefore dependent on financing from issuing capital stock or debt. In July 2009, the shareholders approved an increase of its authorized common stock from 7,000,000 to 12,000,000 shares. Mass Megawatts plans to continue to pursue additional equity financing to provide funds for operations.
The Company also expects to generate sales in fiscal 2010 and expects to be able to fund its operations for an additional 12 months, but cannot predict with any certainty its ability to do so. In April of 2009 the Company entered into two separate agreements to sell wind power projects for a total of $2.1 million. Without additional future sales, there is substantial doubt about the Company’s ability to continue as a going concern.
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=6804846-1015-54484&type=sect&dcn=0001140361-09-021201