Bloomberg Businessweek’s cover story this week takes a direct approach to linking Hurricane Sandy and climate change.
As the storm approached the East Coast on Monday, many media outlets considered the link between the hurricane and climate change vital to its coverage. While the connection was broached on social media sites like Twitter, the discussion did not get noticeable attention on cable new networks that were continuously covering the storm.
Bloomberg Businessweek, however, made the connection loud and clear with its cover story. Above a photo of a flooded, powerless city street, the headline “IT’S GLOBAL WARMING, STUPID” appears in bold, underlined text.
Bloomberg Businessweek editor Josh Tyrangiel tweeted, “Our cover story this week may generate controversy, but only among the stupid.”
President Obama needs to shed his “bi-partisan” image and get into fighting mode these next two years. Between the GOP, Big Business, The Chamber of Congress and The Tea Party, he is literally caught between a rock and a hard place. Playing “nice” is not an option…
President Barack Obama’s apparent hopes to the contrary, the head of the nation’s flagship business lobby has made it clear that the corporate campaign against the White House’s agenda is far from over.
In a newly-published BusinessWeek cover story worth reading for the gloating alone, Devin Leonard reports that U.S. Chamber of Commerce President Tom Donohue is gearing up for more fights, and is more than willing to inject unprecedented amounts of Chamber money directly into electoral politics. Donohue’s priorities, as reported by Leonard, are unsurprising: tax cuts, deficit cuts, foreign trade pacts, and deregulation — meaning he wants to tear down the health care and financial reform laws passed earlier this year.
So while The New York Times suggested Thursday that corporate America may be softening its view of the Obama administration, Donohue finds that idea hilarious, according to BusinessWeek. “Oh, hell no,” he chuckles to Leonard, when asked if the battles between Obama and his organization have ended. “They are in the second inning.”
Solid returns on investments means taxpayers will be stuck for $70B — not $700B; ‘most useful federal program that has ever been despised by public’
Bailed-out banks, insurers, and automakers are a sore spot for millions of Americans hit hard by the financial crisis. Candidates running in November, especially those waving the Tea Party banner, are using “no more bailouts” as their mantra to attract voters. Yet there’s a disconnect between the political rhetoric and the facts on the ground.
The U.S. Treasury Department’s investments in banks through the Troubled Asset Relief Program have done surprisingly well, Bloomberg Businessweek reports in its Oct. 4 issue. Lower-than- expected losses on auto and insurance company rescues, as well as the financial markets’ return to strength, mean the $700 billion rescue plan launched in October 2008 will cost less than one-tenth its initial price tag.
“The TARP may well be the best and most useful federal program that has ever been despised by the public,” says Douglas J. Elliott, a fellow at the Brookings Institution and a former JPMorgan Chase managing director.
Image by afagen via Flickr
As Treasury gets ready to shut down the spending phase of the TARP program on Oct. 3, it now expects to turn a $16 billion profit on the $250 billion it plowed into banks in 2008 and 2009. And TARP’s final price tag is expected to be about $50 billion, according to an Obama Administration official.