Sunday, August 14, 2011

Well That Was Awkward

Well That Was Awkward

Here are some of those awkward moments of the week. Let's start with President Obama. President Obama warmly embraced Mr. Boehner and then took the podium and said:

“Speaker Boehner and Senator McConnell, thank you for your commitment to act in our nation’s highest interests. Let me say publicly what I committed to you privately: I have asked Erskine Bowles and Alan Simpson to revive their deficit commission and to use their recommendations for how to cut spending and raise revenues as the starting point for our negotiations. But it will now be called ‘The National Commission for American Renewal.’ Because in addition to the original Bowles-Simpson members, it will include Senator McConnell, Speaker Boehner, Senator Reid and Congresswoman Pelosi, and its goal will indeed be a comprehensive plan for American renewal. Everything will be on the table — spending cuts, tax reform and increases, a framework for restructuring the debts of Americans whose homes are under water and the investments we need to renew the primary sources of our strength — infrastructure, education and scientific research. Each component will be integrated and timed to minimize pain and maximize job creation — and the entire package will be presented to Congress for an up-or-down vote. I am confident that real tax and entitlement reform will unleash billions of dollars in investments.

“But the most important thing that will be on the table will not just be a plan to make our country solvent. It will be a plan to make America great and guarantee that another generation will enjoy the American dream. Any fair-minded person who looks at all the stimulus investments I’ve made in education, clean energy, research and infrastructure can see that this has been my goal from the start. But I know those investments can’t be sustained without a new long-term budget deal. And I, too, have a confession: I’ve done a poor job integrating my nation-building ideas, including health care, into a single vision so people understood where I was going. I also let tactical political considerations — like abandoning the Bowles-Simpson commission — intervene, so Americans lost sight of my priorities. That will not happen again. No one loves this country more than I and my Democratic colleagues. While we will bring our traditional concerns for social justice and equality to these negotiations, we will not quit until a Grand Bargain to ensure American greatness is enacted into law.”

And then we move on to the whole finical sector. A couple of days ago there was this strange situation were Bank of America had issues in all of California. They couldn't give out any money. Seems odd that the ATM's weren't working or anything, but sure enough people were reporting that in..

Hmmm, Odd that it happened around the time of when BoA's stocks were taking a free fall in the market. Makes you wonder. But apparently the story behind BoA not having the cash you need? I got you covered.
A Bank of America mainframe computer malfunctioned, leaving an unspecified number of customers in the Los Angeles area temporarily unable to access account information online, by telephone, via ATM or at branches.

Bank of America spokeswoman Tara Burke said no personal financial information was compromised and the bank is fixing the problem. Online banking was restored shortly before noon Thursday, Burke said.

"There was no compromise to account security. This was not a hacking issue and we expect this to be resolved shortly. Customers still can get funds at a teller or ATM," Burke said.

Burke did not say what caused the computer to crash or why some accounts were affected while others weren’t. She said only customers "in and around Los Angeles" were affected.

In an email to The Times, one concerned Bank of America customer said: “Today, my online account says that 2 of my savings & checking accounts do not exist. Also, their phone line tells me that I don’t exist. The wait for a B of A phone representative is over 30 minutes.”

I'm more inclined to believe that they are out of money. Watch next the FDIC crashes.. So there you have it, some awkward moments of the week.

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