Daily Political Wire 4-22-2010

George Wenschhof

Today, President Obama heads to New York to deliver speech on financial reform - with Republicans currently expressing optimism about passing a bill, expect the President to take a more conciliatory tone at Cooper Union.

The need for financial reform was a concern for Obama dating back three years. The NY Times has more here.

Shortly after returning to D.C., President Obama will also give remarks pertaining to the 40th anniversary of Earth Day. It is hard to believe 40 years have passed since the first Earth Day celebration.

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Senate Majority Leader Harry Reid (D-Nev.) gets boost in Nevada Senate race from GOP candidate - Republican senate candidate Sue Lowden who had been leading in the early polls, made a ridiculous statement concerning health care that could come back to bite her. TPM.com has more here.

She was speaking on how people could keep heath costs down by bartering with their doctors - and gave the example of giving their doctor a chicken for health care services. The Democratic Senatorial Campaign Committee already has a web page up "Chickens For Health Care".

Reid is hardly the most charismatic or dynamic speaker and leader, but he has served in a dignified manner as Senate Majority Leader during one of the more difficult periods in Congressional history. He deserves to be reelected.

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GM early repayment of 6.7 billion loan sign that government intervention is working - the huge bail out bill, followed by government ownership of auto manufacturers had some nay sayer's going a year ago. Today, GM is moving toward a public offering of stock as early as the end of this year, at which time the overall 50 billion investment by the government would be repaid. Perhaps, this will show how government intervention can help in the restructure and saving of a failing large business. TheHill.com has more here.

In addition, 12 federal reserve banks reported a 2009 income of 53.4 billion, up 17.9 billion from the previous year. This, primarily due to mortgage backed securities held as a result of the bailout bill (TARP). CNN.com has more here.

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Initial Unemployment claims drop 24,000 - for the week ending April 17. Bloomberg.com has more here. Keep an eye on these figures as the drop in initial claims should continue from this date through the summer as seasonal employment opportunities become available to job seekers.

A drop in the overall 9.7% unemployment rate by September would be an added boost for the Obama administration and Democratic candidates in the mid term elections this Fall.

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