Today the Obama Administration said it’s business as usual for financial institutions, gave a preposterous defense of the bailouts, and a made a nonsensical proposals for ants.

Please consider Obama Adviser Romer Says U.S. May Soon Add Jobs.

The government may need to continue “targeted” programs to stimulate the U.S. economy even as growth over the first half of this year likely will be enough to create jobs, President Barack Obama’s chief economist said.

“We are getting closer to stability in employment. The next step is to finally start adding jobs,” Christina Romer, the head of the White House Council of Economic Advisers, said today on ABC News’s “This Week” program. “I think we are on the path of steady progress.”

Romer said the administration will continue pursuing measures such as tax credits for businesses to expand and hire and spending on infrastructure, though not on the scale of the $787 billion stimulus enacted last year.

Obama announced Jan. 8 the awarding of $2.3 billion in tax credits intended to reward companies that expand manufacturing of alternative energy technology, such as Vestas Wind Systems A/S and First Solar Inc. The credit was part of the stimulus and the administration forecasts it will create 17,000 jobs.

The administration last month announced its support for a $5 billion expansion of the tax credit to cover more companies that made a bid for the program.

Romer also said she hopes banks and other companies that received federal bailout money will show restraint on bonuses for their executives.

The bailout “was the right thing to do for the American people because we know that when credit stops, the economy stops,” Romer said. “But we’ve provided extraordinary aid and the idea that as the financial system heals they just go back to business as usual is simply outrageous.”

The administration is going to “redouble our efforts” on overhauling financial regulations, she said.

Obama supports giving shareholders a non-binding vote on executive compensation.

In related news, president Obama proposed giving ants a non-binding vote on the behavior of anteaters while asking anteaters everywhere to show restraint.

It’s a tremendous victory for ants” Obama said.

Mike “Mish” Shedlock
Click Here To Scroll Thru My Recent Post List