The New Rich: How Much Money Does It Take?
According to Obama if you’re making over $250,000 a year you’re rich.
Investopedia says different:
by Amy Fontinelle
Sunday, December 5, 2010
What does it take to be considered rich in 2010? The old million-dollar standard seems defunct now that this amount is often touted as a minimum that should be saved for a comfortable retirement. Let’s look at some recent attempts to pinpoint the new standard of wealth.
Movies
In the movie “Austin Powers,” Dr. Evil, the villain frozen in the 60s and thawed in modern times, tries to extort the world’s leaders. He demands $1 million, and they all laugh at him. Dr. Evil later figures out that he needs to ask for much more money — $1 million just isn’t a significant sum. The bad doctor later ups his demand to a suitably sinister $100 billion.
Books
A 2008 book titled “The Middle Class Millionaire” states that 8.4 million Americans have a net worth between $1 million and $10 million, including home equity. We can assume that many people have fallen out of this category with the decline in home values since the time the book was written, but the idea that you can be a millionaire, or even a multimillionaire, and still be middle class shows how times have changed.
Music
Travie McCoy’s hit song, “Billionaire,” describes what the singer would do if he had a billion dollars — adopt lots of children, give away several Mercedes, revitalize New Orleans, and fix the recession, among other feats. The song spent 20 weeks on Billboard’s Hot 100 chart, peaking at No. 4. Setting aside the fact that a billion dollars wouldn’t come close to cleaning up after a natural disaster or ending a recession, the song sends the message that it takes a billion dollars if you really want to make a big difference.
Housing
A million dollars might not even buy you a house in one of America’s top 10 most expensive cities for real estate, according to a September 22, 2010, MarketWatch article. The most expensive city on the list, Newport Beach, Calif., had an average list price of $1.83 million, while the least expensive on the list, Santa Barbara, Calif., had an average list price of $1.02 million for the period February to August 2010. And some surveys of wealth don’t even include home equity in assessing people’s net worth. The annual World Wealth Report defines high net worth individuals as “those having investable assets of U.S. $1 million or more, excluding primary residence, collectibles, consumables and consumer durables.”
READ THE WHOLE ARTICLE HERE
OK, so there’s this Democratic president who’s really good on spending. Meaning, he does it a lot. Among the most ever, in fact.
For more than 18 months he spent like there was no midterm.
He authorized the government takeover of a car company. When in doubt — or not — get the government involved. Something about saving jobs, union jobs.
But now the government’s getting out by selling stock. And it looks to be making money. Which is an unknown thing in government but in private business usually involves getting back more money than was put it. It’s called a profit. He couldn’t bring himself to say the word. But that’s what it is, a profit for taxpayers.
So do you think that profit will be returned to taxpaying shareholders whose money saved the day?
Here’s how that president put it:
THE PRESIDENT: Hello, everybody. Good afternoon. Today, one of the toughest tales of the recession took another big step towards becoming a success story.
General Motors relaunched itself as a public company, cutting the government’s stake in the company by nearly half. What’s more, American taxpayers are now positioned to recover more than my administration invested in GM.
And that’s a very good thing. Last year, we told GM’s management and workers that if they made the tough decisions necessary to make themselves more competitive in the 21st century — decisions requiring real leadership, fresh thinking and also some shared sacrifice –- then we would stand by them.
And because they did, the American auto industry -– an industry that’s been the proud symbol of America’s manufacturing might for a century; an industry that helped to build our middle class -– is once again on the rise.
Our automakers are in the midst of their strongest period of job growth in more than a decade. Since GM and Chrysler emerged from bankruptcy, the industry has created more than 75,000 new jobs. For the first time in six years, Ford, GM and Chrysler are all operating at a profit.
In fact, last week, GM announced its best quarter in over 11 years. And most importantly, American workers are back at the assembly line manufacturing the high-quality, fuel-efficient, American-made cars of tomorrow, capable of going toe to toe with any other manufacturer in the world.
Just two years ago, this seemed impossible. In fact, there were plenty of doubters and naysayers who said it couldn’t be done, who were prepared to throw in the towel and read the American auto industry last rites.
Independent estimates suggested, however, that had we taken that step, had we given up, we would have lost more than 1 million jobs across all 50 states. It would have also resulted in economic chaos, devastating communities across the country and costing governments tens of billions of dollars in additional social safety net benefits and lost revenue.
That wasn’t an acceptable option –- to throw up our hands and to quit. That’s not what we do. This is a country of optimistic and determined people who don’t give up when times are tough. We do what’s necessary to move forward.
So these last two years haven’t been easy on anybody. They haven’t been without pain or sacrifice, as the tough restructuring of GM reminds us.
And obviously we’ve still got a long road ahead and a lot of work to do -– to rebuild this economy, to put people back to work, to make America more competitive for the future and to secure the American Dream for our children and our grandchildren.
But we are finally beginning to see some of these tough decisions that we made in the midst of crisis pay off. And I’m absolutely confident that we’re going to keep on making progress. I believe we’re going to get through this tougher and stronger than we were before. Because just as I had faith in the ability of our autoworkers to persevere and succeed, I have faith in the American people’s ability to persevere and succeed. And I have faith that America’s best days and America’s — and American manufacturing’s best days are still ahead of us.
Finally, I just want to embarrass a couple of people. Ron Bloom and Brian Deese are key members of the team that helped to engineer this rescue of GM and Chrysler. So it had not been for these two gentlemen, a whole lot of people might be out of work right now. We are very proud of them and I figured that I’d go ahead — you can see they’re all looking sheepish — point them out to you. So thank you very much, everybody.
(Malcolm is the Top of the Ticket blogger at latimes.com/ticket )
Update (AP): Here’s the clip. The good news? We’ve only lost $4.5 billion on share sales thus far.
Visit msnbc.com for breaking news, world news, and news about the economy
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Google's New Smartphone is Not the Big <b>News</b> (GOOG, BBY, AAPL, RIMM <b>...</b>
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Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader: Adobe has released Photoshop Lightroom 3.3, Camera Raw 6.3 and DNG Converter 6.3. These are final versions of updates that were originally posted as 'release candidates' ...
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Lujiazui Breakfast: <b>News</b> And Views About China Stocks (Nov. 7 <b>...</b>
Investors and traders in China's main financial district are talking about the following before the start of trade today: Goldman Sachs yesterday denied that a fall in Chinese domestic stocks last month was linked to one of its research ...
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Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader: Adobe has released Photoshop Lightroom 3.3, Camera Raw 6.3 and DNG Converter 6.3. These are final versions of updates that were originally posted as 'release candidates' ...
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Google's New Smartphone is Not the Big <b>News</b> (GOOG, BBY, AAPL, RIMM <b>...</b>
It's probably an overstatement to say that we have now gotten our first look at the long-awaited Nexus S smartphone from Google Inc. (NASDAQ: GOOG). The new phone, introduced a mobile device conference in San Francisco, uses version 2.3 ...
Lujiazui Breakfast: <b>News</b> And Views About China Stocks (Nov. 7 <b>...</b>
Investors and traders in China's main financial district are talking about the following before the start of trade today: Goldman Sachs yesterday denied that a fall in Chinese domestic stocks last month was linked to one of its research ...
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader <b>...</b>
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader: Adobe has released Photoshop Lightroom 3.3, Camera Raw 6.3 and DNG Converter 6.3. These are final versions of updates that were originally posted as 'release candidates' ...
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Google's New Smartphone is Not the Big <b>News</b> (GOOG, BBY, AAPL, RIMM <b>...</b>
It's probably an overstatement to say that we have now gotten our first look at the long-awaited Nexus S smartphone from Google Inc. (NASDAQ: GOOG). The new phone, introduced a mobile device conference in San Francisco, uses version 2.3 ...
Lujiazui Breakfast: <b>News</b> And Views About China Stocks (Nov. 7 <b>...</b>
Investors and traders in China's main financial district are talking about the following before the start of trade today: Goldman Sachs yesterday denied that a fall in Chinese domestic stocks last month was linked to one of its research ...
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader <b>...</b>
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader: Adobe has released Photoshop Lightroom 3.3, Camera Raw 6.3 and DNG Converter 6.3. These are final versions of updates that were originally posted as 'release candidates' ...
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Google's New Smartphone is Not the Big <b>News</b> (GOOG, BBY, AAPL, RIMM <b>...</b>
It's probably an overstatement to say that we have now gotten our first look at the long-awaited Nexus S smartphone from Google Inc. (NASDAQ: GOOG). The new phone, introduced a mobile device conference in San Francisco, uses version 2.3 ...
Lujiazui Breakfast: <b>News</b> And Views About China Stocks (Nov. 7 <b>...</b>
Investors and traders in China's main financial district are talking about the following before the start of trade today: Goldman Sachs yesterday denied that a fall in Chinese domestic stocks last month was linked to one of its research ...
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader <b>...</b>
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader: Adobe has released Photoshop Lightroom 3.3, Camera Raw 6.3 and DNG Converter 6.3. These are final versions of updates that were originally posted as 'release candidates' ...
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The New Rich: How Much Money Does It Take?
According to Obama if you’re making over $250,000 a year you’re rich.
Investopedia says different:
by Amy Fontinelle
Sunday, December 5, 2010
What does it take to be considered rich in 2010? The old million-dollar standard seems defunct now that this amount is often touted as a minimum that should be saved for a comfortable retirement. Let’s look at some recent attempts to pinpoint the new standard of wealth.
Movies
In the movie “Austin Powers,” Dr. Evil, the villain frozen in the 60s and thawed in modern times, tries to extort the world’s leaders. He demands $1 million, and they all laugh at him. Dr. Evil later figures out that he needs to ask for much more money — $1 million just isn’t a significant sum. The bad doctor later ups his demand to a suitably sinister $100 billion.
Books
A 2008 book titled “The Middle Class Millionaire” states that 8.4 million Americans have a net worth between $1 million and $10 million, including home equity. We can assume that many people have fallen out of this category with the decline in home values since the time the book was written, but the idea that you can be a millionaire, or even a multimillionaire, and still be middle class shows how times have changed.
Music
Travie McCoy’s hit song, “Billionaire,” describes what the singer would do if he had a billion dollars — adopt lots of children, give away several Mercedes, revitalize New Orleans, and fix the recession, among other feats. The song spent 20 weeks on Billboard’s Hot 100 chart, peaking at No. 4. Setting aside the fact that a billion dollars wouldn’t come close to cleaning up after a natural disaster or ending a recession, the song sends the message that it takes a billion dollars if you really want to make a big difference.
Housing
A million dollars might not even buy you a house in one of America’s top 10 most expensive cities for real estate, according to a September 22, 2010, MarketWatch article. The most expensive city on the list, Newport Beach, Calif., had an average list price of $1.83 million, while the least expensive on the list, Santa Barbara, Calif., had an average list price of $1.02 million for the period February to August 2010. And some surveys of wealth don’t even include home equity in assessing people’s net worth. The annual World Wealth Report defines high net worth individuals as “those having investable assets of U.S. $1 million or more, excluding primary residence, collectibles, consumables and consumer durables.”
READ THE WHOLE ARTICLE HERE
OK, so there’s this Democratic president who’s really good on spending. Meaning, he does it a lot. Among the most ever, in fact.
For more than 18 months he spent like there was no midterm.
He authorized the government takeover of a car company. When in doubt — or not — get the government involved. Something about saving jobs, union jobs.
But now the government’s getting out by selling stock. And it looks to be making money. Which is an unknown thing in government but in private business usually involves getting back more money than was put it. It’s called a profit. He couldn’t bring himself to say the word. But that’s what it is, a profit for taxpayers.
So do you think that profit will be returned to taxpaying shareholders whose money saved the day?
Here’s how that president put it:
THE PRESIDENT: Hello, everybody. Good afternoon. Today, one of the toughest tales of the recession took another big step towards becoming a success story.
General Motors relaunched itself as a public company, cutting the government’s stake in the company by nearly half. What’s more, American taxpayers are now positioned to recover more than my administration invested in GM.
And that’s a very good thing. Last year, we told GM’s management and workers that if they made the tough decisions necessary to make themselves more competitive in the 21st century — decisions requiring real leadership, fresh thinking and also some shared sacrifice –- then we would stand by them.
And because they did, the American auto industry -– an industry that’s been the proud symbol of America’s manufacturing might for a century; an industry that helped to build our middle class -– is once again on the rise.
Our automakers are in the midst of their strongest period of job growth in more than a decade. Since GM and Chrysler emerged from bankruptcy, the industry has created more than 75,000 new jobs. For the first time in six years, Ford, GM and Chrysler are all operating at a profit.
In fact, last week, GM announced its best quarter in over 11 years. And most importantly, American workers are back at the assembly line manufacturing the high-quality, fuel-efficient, American-made cars of tomorrow, capable of going toe to toe with any other manufacturer in the world.
Just two years ago, this seemed impossible. In fact, there were plenty of doubters and naysayers who said it couldn’t be done, who were prepared to throw in the towel and read the American auto industry last rites.
Independent estimates suggested, however, that had we taken that step, had we given up, we would have lost more than 1 million jobs across all 50 states. It would have also resulted in economic chaos, devastating communities across the country and costing governments tens of billions of dollars in additional social safety net benefits and lost revenue.
That wasn’t an acceptable option –- to throw up our hands and to quit. That’s not what we do. This is a country of optimistic and determined people who don’t give up when times are tough. We do what’s necessary to move forward.
So these last two years haven’t been easy on anybody. They haven’t been without pain or sacrifice, as the tough restructuring of GM reminds us.
And obviously we’ve still got a long road ahead and a lot of work to do -– to rebuild this economy, to put people back to work, to make America more competitive for the future and to secure the American Dream for our children and our grandchildren.
But we are finally beginning to see some of these tough decisions that we made in the midst of crisis pay off. And I’m absolutely confident that we’re going to keep on making progress. I believe we’re going to get through this tougher and stronger than we were before. Because just as I had faith in the ability of our autoworkers to persevere and succeed, I have faith in the American people’s ability to persevere and succeed. And I have faith that America’s best days and America’s — and American manufacturing’s best days are still ahead of us.
Finally, I just want to embarrass a couple of people. Ron Bloom and Brian Deese are key members of the team that helped to engineer this rescue of GM and Chrysler. So it had not been for these two gentlemen, a whole lot of people might be out of work right now. We are very proud of them and I figured that I’d go ahead — you can see they’re all looking sheepish — point them out to you. So thank you very much, everybody.
(Malcolm is the Top of the Ticket blogger at latimes.com/ticket )
Update (AP): Here’s the clip. The good news? We’ve only lost $4.5 billion on share sales thus far.
Visit msnbc.com for breaking news, world news, and news about the economy
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Google's New Smartphone is Not the Big <b>News</b> (GOOG, BBY, AAPL, RIMM <b>...</b>
It's probably an overstatement to say that we have now gotten our first look at the long-awaited Nexus S smartphone from Google Inc. (NASDAQ: GOOG). The new phone, introduced a mobile device conference in San Francisco, uses version 2.3 ...
Lujiazui Breakfast: <b>News</b> And Views About China Stocks (Nov. 7 <b>...</b>
Investors and traders in China's main financial district are talking about the following before the start of trade today: Goldman Sachs yesterday denied that a fall in Chinese domestic stocks last month was linked to one of its research ...
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader <b>...</b>
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader: Adobe has released Photoshop Lightroom 3.3, Camera Raw 6.3 and DNG Converter 6.3. These are final versions of updates that were originally posted as 'release candidates' ...
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Google's New Smartphone is Not the Big <b>News</b> (GOOG, BBY, AAPL, RIMM <b>...</b>
It's probably an overstatement to say that we have now gotten our first look at the long-awaited Nexus S smartphone from Google Inc. (NASDAQ: GOOG). The new phone, introduced a mobile device conference in San Francisco, uses version 2.3 ...
Lujiazui Breakfast: <b>News</b> And Views About China Stocks (Nov. 7 <b>...</b>
Investors and traders in China's main financial district are talking about the following before the start of trade today: Goldman Sachs yesterday denied that a fall in Chinese domestic stocks last month was linked to one of its research ...
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader <b>...</b>
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader: Adobe has released Photoshop Lightroom 3.3, Camera Raw 6.3 and DNG Converter 6.3. These are final versions of updates that were originally posted as 'release candidates' ...
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Google's New Smartphone is Not the Big <b>News</b> (GOOG, BBY, AAPL, RIMM <b>...</b>
It's probably an overstatement to say that we have now gotten our first look at the long-awaited Nexus S smartphone from Google Inc. (NASDAQ: GOOG). The new phone, introduced a mobile device conference in San Francisco, uses version 2.3 ...
Lujiazui Breakfast: <b>News</b> And Views About China Stocks (Nov. 7 <b>...</b>
Investors and traders in China's main financial district are talking about the following before the start of trade today: Goldman Sachs yesterday denied that a fall in Chinese domestic stocks last month was linked to one of its research ...
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader <b>...</b>
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader: Adobe has released Photoshop Lightroom 3.3, Camera Raw 6.3 and DNG Converter 6.3. These are final versions of updates that were originally posted as 'release candidates' ...
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Google's New Smartphone is Not the Big <b>News</b> (GOOG, BBY, AAPL, RIMM <b>...</b>
It's probably an overstatement to say that we have now gotten our first look at the long-awaited Nexus S smartphone from Google Inc. (NASDAQ: GOOG). The new phone, introduced a mobile device conference in San Francisco, uses version 2.3 ...
Lujiazui Breakfast: <b>News</b> And Views About China Stocks (Nov. 7 <b>...</b>
Investors and traders in China's main financial district are talking about the following before the start of trade today: Goldman Sachs yesterday denied that a fall in Chinese domestic stocks last month was linked to one of its research ...
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader <b>...</b>
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader: Adobe has released Photoshop Lightroom 3.3, Camera Raw 6.3 and DNG Converter 6.3. These are final versions of updates that were originally posted as 'release candidates' ...
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Google's New Smartphone is Not the Big <b>News</b> (GOOG, BBY, AAPL, RIMM <b>...</b>
It's probably an overstatement to say that we have now gotten our first look at the long-awaited Nexus S smartphone from Google Inc. (NASDAQ: GOOG). The new phone, introduced a mobile device conference in San Francisco, uses version 2.3 ...
Lujiazui Breakfast: <b>News</b> And Views About China Stocks (Nov. 7 <b>...</b>
Investors and traders in China's main financial district are talking about the following before the start of trade today: Goldman Sachs yesterday denied that a fall in Chinese domestic stocks last month was linked to one of its research ...
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader <b>...</b>
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader: Adobe has released Photoshop Lightroom 3.3, Camera Raw 6.3 and DNG Converter 6.3. These are final versions of updates that were originally posted as 'release candidates' ...
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Google's New Smartphone is Not the Big <b>News</b> (GOOG, BBY, AAPL, RIMM <b>...</b>
It's probably an overstatement to say that we have now gotten our first look at the long-awaited Nexus S smartphone from Google Inc. (NASDAQ: GOOG). The new phone, introduced a mobile device conference in San Francisco, uses version 2.3 ...
Lujiazui Breakfast: <b>News</b> And Views About China Stocks (Nov. 7 <b>...</b>
Investors and traders in China's main financial district are talking about the following before the start of trade today: Goldman Sachs yesterday denied that a fall in Chinese domestic stocks last month was linked to one of its research ...
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader <b>...</b>
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader: Adobe has released Photoshop Lightroom 3.3, Camera Raw 6.3 and DNG Converter 6.3. These are final versions of updates that were originally posted as 'release candidates' ...
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The New Rich: How Much Money Does It Take?
According to Obama if you’re making over $250,000 a year you’re rich.
Investopedia says different:
by Amy Fontinelle
Sunday, December 5, 2010
What does it take to be considered rich in 2010? The old million-dollar standard seems defunct now that this amount is often touted as a minimum that should be saved for a comfortable retirement. Let’s look at some recent attempts to pinpoint the new standard of wealth.
Movies
In the movie “Austin Powers,” Dr. Evil, the villain frozen in the 60s and thawed in modern times, tries to extort the world’s leaders. He demands $1 million, and they all laugh at him. Dr. Evil later figures out that he needs to ask for much more money — $1 million just isn’t a significant sum. The bad doctor later ups his demand to a suitably sinister $100 billion.
Books
A 2008 book titled “The Middle Class Millionaire” states that 8.4 million Americans have a net worth between $1 million and $10 million, including home equity. We can assume that many people have fallen out of this category with the decline in home values since the time the book was written, but the idea that you can be a millionaire, or even a multimillionaire, and still be middle class shows how times have changed.
Music
Travie McCoy’s hit song, “Billionaire,” describes what the singer would do if he had a billion dollars — adopt lots of children, give away several Mercedes, revitalize New Orleans, and fix the recession, among other feats. The song spent 20 weeks on Billboard’s Hot 100 chart, peaking at No. 4. Setting aside the fact that a billion dollars wouldn’t come close to cleaning up after a natural disaster or ending a recession, the song sends the message that it takes a billion dollars if you really want to make a big difference.
Housing
A million dollars might not even buy you a house in one of America’s top 10 most expensive cities for real estate, according to a September 22, 2010, MarketWatch article. The most expensive city on the list, Newport Beach, Calif., had an average list price of $1.83 million, while the least expensive on the list, Santa Barbara, Calif., had an average list price of $1.02 million for the period February to August 2010. And some surveys of wealth don’t even include home equity in assessing people’s net worth. The annual World Wealth Report defines high net worth individuals as “those having investable assets of U.S. $1 million or more, excluding primary residence, collectibles, consumables and consumer durables.”
READ THE WHOLE ARTICLE HERE
OK, so there’s this Democratic president who’s really good on spending. Meaning, he does it a lot. Among the most ever, in fact.
For more than 18 months he spent like there was no midterm.
He authorized the government takeover of a car company. When in doubt — or not — get the government involved. Something about saving jobs, union jobs.
But now the government’s getting out by selling stock. And it looks to be making money. Which is an unknown thing in government but in private business usually involves getting back more money than was put it. It’s called a profit. He couldn’t bring himself to say the word. But that’s what it is, a profit for taxpayers.
So do you think that profit will be returned to taxpaying shareholders whose money saved the day?
Here’s how that president put it:
THE PRESIDENT: Hello, everybody. Good afternoon. Today, one of the toughest tales of the recession took another big step towards becoming a success story.
General Motors relaunched itself as a public company, cutting the government’s stake in the company by nearly half. What’s more, American taxpayers are now positioned to recover more than my administration invested in GM.
And that’s a very good thing. Last year, we told GM’s management and workers that if they made the tough decisions necessary to make themselves more competitive in the 21st century — decisions requiring real leadership, fresh thinking and also some shared sacrifice –- then we would stand by them.
And because they did, the American auto industry -– an industry that’s been the proud symbol of America’s manufacturing might for a century; an industry that helped to build our middle class -– is once again on the rise.
Our automakers are in the midst of their strongest period of job growth in more than a decade. Since GM and Chrysler emerged from bankruptcy, the industry has created more than 75,000 new jobs. For the first time in six years, Ford, GM and Chrysler are all operating at a profit.
In fact, last week, GM announced its best quarter in over 11 years. And most importantly, American workers are back at the assembly line manufacturing the high-quality, fuel-efficient, American-made cars of tomorrow, capable of going toe to toe with any other manufacturer in the world.
Just two years ago, this seemed impossible. In fact, there were plenty of doubters and naysayers who said it couldn’t be done, who were prepared to throw in the towel and read the American auto industry last rites.
Independent estimates suggested, however, that had we taken that step, had we given up, we would have lost more than 1 million jobs across all 50 states. It would have also resulted in economic chaos, devastating communities across the country and costing governments tens of billions of dollars in additional social safety net benefits and lost revenue.
That wasn’t an acceptable option –- to throw up our hands and to quit. That’s not what we do. This is a country of optimistic and determined people who don’t give up when times are tough. We do what’s necessary to move forward.
So these last two years haven’t been easy on anybody. They haven’t been without pain or sacrifice, as the tough restructuring of GM reminds us.
And obviously we’ve still got a long road ahead and a lot of work to do -– to rebuild this economy, to put people back to work, to make America more competitive for the future and to secure the American Dream for our children and our grandchildren.
But we are finally beginning to see some of these tough decisions that we made in the midst of crisis pay off. And I’m absolutely confident that we’re going to keep on making progress. I believe we’re going to get through this tougher and stronger than we were before. Because just as I had faith in the ability of our autoworkers to persevere and succeed, I have faith in the American people’s ability to persevere and succeed. And I have faith that America’s best days and America’s — and American manufacturing’s best days are still ahead of us.
Finally, I just want to embarrass a couple of people. Ron Bloom and Brian Deese are key members of the team that helped to engineer this rescue of GM and Chrysler. So it had not been for these two gentlemen, a whole lot of people might be out of work right now. We are very proud of them and I figured that I’d go ahead — you can see they’re all looking sheepish — point them out to you. So thank you very much, everybody.
(Malcolm is the Top of the Ticket blogger at latimes.com/ticket )
Update (AP): Here’s the clip. The good news? We’ve only lost $4.5 billion on share sales thus far.
Visit msnbc.com for breaking news, world news, and news about the economy
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Google's New Smartphone is Not the Big <b>News</b> (GOOG, BBY, AAPL, RIMM <b>...</b>
It's probably an overstatement to say that we have now gotten our first look at the long-awaited Nexus S smartphone from Google Inc. (NASDAQ: GOOG). The new phone, introduced a mobile device conference in San Francisco, uses version 2.3 ...
Lujiazui Breakfast: <b>News</b> And Views About China Stocks (Nov. 7 <b>...</b>
Investors and traders in China's main financial district are talking about the following before the start of trade today: Goldman Sachs yesterday denied that a fall in Chinese domestic stocks last month was linked to one of its research ...
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader <b>...</b>
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader: Adobe has released Photoshop Lightroom 3.3, Camera Raw 6.3 and DNG Converter 6.3. These are final versions of updates that were originally posted as 'release candidates' ...
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Google's New Smartphone is Not the Big <b>News</b> (GOOG, BBY, AAPL, RIMM <b>...</b>
It's probably an overstatement to say that we have now gotten our first look at the long-awaited Nexus S smartphone from Google Inc. (NASDAQ: GOOG). The new phone, introduced a mobile device conference in San Francisco, uses version 2.3 ...
Lujiazui Breakfast: <b>News</b> And Views About China Stocks (Nov. 7 <b>...</b>
Investors and traders in China's main financial district are talking about the following before the start of trade today: Goldman Sachs yesterday denied that a fall in Chinese domestic stocks last month was linked to one of its research ...
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader <b>...</b>
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader: Adobe has released Photoshop Lightroom 3.3, Camera Raw 6.3 and DNG Converter 6.3. These are final versions of updates that were originally posted as 'release candidates' ...
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Google's New Smartphone is Not the Big <b>News</b> (GOOG, BBY, AAPL, RIMM <b>...</b>
It's probably an overstatement to say that we have now gotten our first look at the long-awaited Nexus S smartphone from Google Inc. (NASDAQ: GOOG). The new phone, introduced a mobile device conference in San Francisco, uses version 2.3 ...
Lujiazui Breakfast: <b>News</b> And Views About China Stocks (Nov. 7 <b>...</b>
Investors and traders in China's main financial district are talking about the following before the start of trade today: Goldman Sachs yesterday denied that a fall in Chinese domestic stocks last month was linked to one of its research ...
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader <b>...</b>
Adobe releases Lightroom 3.3, ACR 6.3 & Lens Profile Downloader: Adobe has released Photoshop Lightroom 3.3, Camera Raw 6.3 and DNG Converter 6.3. These are final versions of updates that were originally posted as 'release candidates' ...
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