Tuesday, July 31, 2012

Outspent By Hildy Kuryk

Why I support ObamaDemocrats
It's deadline day. We're down to the last few hours before we tally up our numbers -- and make some tough calls about what Democrats can do in August. This could be our most important deadline yet.

If you can, please support Democrats across the country with an urgent donation of $3 or more before midnight tonight.

We're getting drastically outspent in this election, and people keep asking me how we can step it up. But the reality is, we're playing a different game -- relying on people chipping in a little bit whenever they can -- and we need to do more with less. It's my job to pinch the pennies and make sure we're putting our resources where they'll do the most. That's a tight budget. And that's why I'm emailing you.

I don't think anyone makes a donation just because they're happy to hear from me again over email.

Everyone who supports Democrats is stepping up for a reason. Maybe it's because you believe in winning elections the right way, building something one person at a time, and working together toward a better future. Or because you don't want to see so much hard-fought progress erased, or a return to policies of the past that sent the country into a ditch, or maybe you're just fired up to re-elect this President and win a Democratic majority in both houses of Congress.

Think about your reason for supporting Democrats, and please give $3 or more today:

https://my.democrats.org/July-Deadline

I couldn't be prouder of what we've done together. Let's make sure we don't slip in the last few months.

No Time To Lose By Dan Sena




Maryland Governor Martin O'Malley, appears on CBS' "Face the Nation"
( Chris Usher, CBS News / February 26, 2012 )
Maryland Governor Martin O'Malley, appears on CBS' "Face the Nation"
Less than 100 days to reach voters and make a difference in key swing states like North Carolina, Missouri and New Hampshire – and we’re just $16,287 short of our July budget goal with 13 hours until the midnight deadline.
Groups backed by Rove and the Koch brothers are running misleading attack ads. Unanswered, they’ll take hold in voters’ minds. We have a plan to respond, and with less than 100 days to go we have to start executing it now. We need to get up ads of our own, open field offices and send out our volunteers. It’s only possible if we meet this goal. We’ll fall behind if we fall short.
That’s why you’ve got to give now, before tonight’s midnight deadline. We can win in November but it starts with doing everything possible from now until Election Day.
Click here to donate $3 or more before midnight to help the DGA reach its goal. It’s the only way to defend our candidates and ensure victory in November.
There are eight Democratic governorships up for grabs and we can’t spare to lose a single one. That’s because when Republicans win, they expand their voter suppression tactics, block health care reform and cut taxes for the wealthy at the expense of middle-class jobs – we must prevent it from spreading to even one more state.
We have to make our stand now. Otherwise, Republicans will go state-to-state chipping away at our values. And if Mitt Romney wins the White House, everything will be lost.
We have to meet our goal now to stop them. Give whatever you can spare before our deadline hits in 13 hours.
Less than 100 days. We have no time to lose.

Monday, July 30, 2012

This will be blunt By Joe Biden

Mr. PresidentThis isn't hyperbole or exaggeration:

If we don't win this election, it will be because we didn't close the spending gap when we could.

Because right now we're seeing that voters have a choice between two very different men.

And the only way someone like Mitt Romney -- who's asking Americans to put him in charge of their taxes while refusing to come clean about his own, who wants to repeal Obamacare, end Medicare as we know it and give more tax breaks to billionaires who don't need them -- defeats someone like Barack Obama, is if the other side spends us into oblivion.

Tomorrow is the most urgent fundraising deadline of this campaign so far. Will you make a donation of $7 or more today to make sure we can keep this close over the last 100 days?
It's already starting on TVs and radios in swing states, and it's not going to stop.

In the last two weeks of this month, Romney and his allies had an almost 2:1 spending advantage in Florida, Iowa, New Hampshire, North Carolina, and Virginia -- and that could be the election right there.

We've got more than 2.4 million grassroots donors building this the right way.

But we're running out of time to close the money gap when it really matters.

Please donate $7 today, and help make sure our message can get through to as many voters as Mitt Romney's does:

https://donate.barackobama.com/July-Deadline

Barack and I honestly wish we could thank everyone who contributes to this campaign personally. You're our second family, you know.

Sunday, July 29, 2012

The Billion-Dollar Mitt Machine

The Billion-Dollar Mitt Machine

POSTED: By Tim Dickinson

koch brothers
Charles and David Koch
John Chiasson/Liaison; Robin Platzer/FilmMagic

Read more: http://www.rollingstone.com/politics/blogs/national-affairs/the-billion-dollar-mitt-machine-20120530#ixzz22375b3AVIn my latest Rolling Stone piece I profile the 16 mega-rich donors who've ponied up at least $1 million each for the SuperPAC backing Mitt Romney. But even those giant checks may soon look like chump change, according to a new report in Politico.  Led by the billionaire Koch Brothers, forces allied with the GOP are now planning to spend a record-shattering $1 billion to put Romney in the White House.
The biggest news is that the Kochtopus — the shadowy network of political advocacy groups funded by industrialists Charles and David Koch — is alone planning to spend $395 million to defeat Obama. Take a second to let that sink in with the help of a tweet from former George W. Bush consultant Mark McKinnon this morning: 
"Think the $$ political system is screwed up? Koch brothers alone are planning to spend more $$ than McCain's entire 2008 presidential budget."
The Koch money — twice what the billionaire brothers had previously committed — will dwarf even the $300 million the American Crossroads network controlled by ex-Bushies Karl Rove and Ed Gillespie expects to spend.
The Romney-linked SuperPAC, Restore our Future, which raised $50 million for the primary says it now expects to spend another $100 million before election day.
Other megadollar players backing Mitt, according to Politico?
• U.S. Chamber of Commerce: $100 million
• YG Network (Eric Cantor's SuperPAC): $30 million
• American Action Network (led by former GOP Senator Norm Coleman): $30 million
• Freedom Works (Dick Armey's group that helped launch the Tea Party): $30 million
The spending seems sure to outpace the money raised by President Obama's SuperPAC — which hopes to raise just $100 million — and Big Labor, whose budget may be as small as $200 million.
The Big Money gap puts tremendous pressure on the Obama campaign to maximize returns from its vast network of small-dollar donors. And it makes even more pivotal the president's most powerful weapon, the intricate network of on-the-ground volunteer organizers the campaign has built out in the electoral battleground.

Florida GOP Takes Voter Suppression to a Brazen New Extreme

Florida GOP Takes Voter Suppression to a Brazen New Extreme

POSTED: By Ari Berman

vote aqui
Early voters wait in line to cast their ballots at Jupiter Community Center in Palm Beach County.

Read more: http://www.rollingstone.com/politics/blogs/national-affairs/florida-gop-takes-voter-supression-to-a-brazen-new-extreme-20120530#ixzz221oxEA3MImagine this: a Republican governor in a crucial battleground state instructs his secretary of state to purge the voting rolls of hundreds of thousands of allegedly ineligible voters. The move disenfranchises thousands of legally registered voters, who happen to be overwhelmingly black and Hispanic Democrats. The number of voters prevented from casting a ballot exceeds the margin of victory in the razor-thin election, which ends up determining the next President of the United States.
If this scenario sounds familiar, that’s because it happened in Florida in 2000. And twelve years later, just months before another presidential election, history is repeating itself.
Back in 2000, 12,000 eligible voters – a number twenty-two times larger than George W. Bush’s 537 vote triumph over Al Gore – were wrongly identified as convicted felons and purged from the voting rolls in Florida, according to the Brennan Center for Justice. African Americans, who favored Gore over Bush by 86 points, accounted for 11 percent of the state’s electorate but 41 percent of those purged. Jeb Bush attempted a repeat performance in 2004 to help his brother win reelection but was forced to back off in the face of a public outcry. Yet with another close election looming, Florida Republicans have returned to their voter-scrubbing ways.
The latest purge comes on the heels of a trio of new voting restrictions passed by Florida Republicans last year, disenfranchising 100,000 previously eligible ex-felons who'd been granted the right to vote under GOP Governor Charlie Crist in 2008; shutting down non-partisan voter registration drives; and cutting back on early voting. The measures, the effect of which will be to depress Democratic turnout in November, are similar to voting curbs passed by Republicans in more than a dozen states, on the bogus pretext of combating "voter fraud" but with the very deliberate goal of shaping the electorate to the GOP's advantage before a single vote has been cast.
Florida Republicans have taken voter suppression to a brazen extreme. After the 2010 election, Gov. Rick Scott, a Republican, instructed Secretary of State Ken Browning to compile a massive database of alleged "non-citizen" voters. Browning resigned in February rather than implement Scott’s plan, saying "we were not confident enough about the information for this secretary to hang his hat on it."
But in early May his successor, Kurt Detzner, a former beer-industry lobbyist, announced a list of 182,000 suspected non-citizens to be removed from the voting rolls, along with 50,000 apparently dead voters. (Seven thousand alleged felons had already been scrubbed from the rolls in the first four months of 2012). On May 8, the state mailed out a first batch of 2,600 letters to Florida residents informing them, "you are not a United States citizen; however you are registered to vote." If the recipients do not reply within thirty days and affirm their U.S. citizenship, they will be dropped from the voter rolls.
The first batch of names was riddled with inaccuracies. For example, as the progressive blog Think Progress noted, "an excess of 20 percent of the voters flagged as 'non-citizens' in Miami-Dade are, in fact, citizens. And the actual number may be much higher." If this ratio holds for the rest of the names on the non-citizens list, more than 35,000 eligible voters could be disenfranchised. Those alleged non-citizens have already included a 91-year-old World War II veteran who’s voted since he was 18 and a 60-year-old kennel owner who has voted in the state for four decades. It’s impossible to quantify how many eligible voters will be scrubbed from the rolls if they’ve moved, aren’t home, don’t have ready access to citizenship documents, or won’t bother to reply to the menacing letter.
"There are lots of things that can go wrong when you have these large-scale systematic purges," says Myrna Perez, senior counsel in the democracy program at the Brennan Center for Justice. "They need to be done really carefully, with a lot of transparency, well in advance of the election. And this is too close." Florida Republicans are following the lead of GOP secretaries of state in places like Colorado and New Mexico, who’ve made outlandish and unsubstantiated claims about non-citizens voting based on sketchy data, bad methodology, and anti-immigrant sentiment.
The purge has sparked a bipartisan outcry from local election officials in Florida. "The state’s supervisors of elections are very, very disturbed," says Ian Sancho, supervisor of elections in Leon County, which includes the state capital of Tallahassee. "This was dumped into our laps at the 11th hour. Those of us who have been here long enough get this eerie similarity to the flawed felon databases of 2000 in Florida."
Adds Deirdre Macnab, president of the Florida League of Women Voters: "We are very, very concerned about this news because of the track record in this state of purging thousands of voters who should not have been purged. We’re deeply troubled and appalled this is happening just months before a major national election."
As in 2000, the purge disproportionately targets Democratic voters. Two-thirds of the alleged non-citizens on the initial purge list reside in heavily Democratic Miami-Dade County, which supported Obama by 17 points over McCain in 2008. The county had the third highest number of naturalized citizens from 2009 to 2011, meaning that many new citizens could very likely be listed as non-citizens in the state databases. Florida Hispanics, who voted 57 percent for Obama in 2008, are only 13 percent of the state's electorate but make up 58 percent of the non-citizens list. Whites, by contrast, account for 68 percent of registered Florida voters but only 13 percent of alleged non-citizens. Democrats outnumber Republicans on the list by two to one. “Attempts to purge the voter roll so soon after signing one of the nation’s most controversial voting laws raises concern, especially among young and minority voters,” Florida Senator Bill Nelson wrote in a letter to Scott.
Minority voters also bore the brunt of the voting restrictions passed by the GOP last year. Hispanic and African-American voters were twice as likely as white voters to register to vote through non-partisan voter registration drives run by the likes of Rock the Vote and the League of Women Voters, which had to suspend their registration efforts in the state due to new onerous bureaucratic requirements, which threaten to turn civic-minded volunteers into criminals. As a result, black and Hispanic voter registration has declined 10 percent in Florida relative to 2008, according to the Washington Post, with 81,000 fewer voters registered during a comparable period in ’08, says the New York Times. African Americans also made up 54 percent of early voters in 2008; early voting has subsequently been cut from 14 to 8 days, with no voting on Sunday before the election, when black churches historically mobilize their constituents. (The Department of Justice has objected to the changes under Section 5 of the Voting Rights Act, which prohibits discrimination against minority voters.)
 The registration and early-voting restrictions took effect one day after the law passed, under an emergency statute designed for "an immediate danger to the public health, safety or welfare." Like the purge, the election changes were sold under the banner of "voting integrity," even though so-called voter fraud cases are virtually non-existent in Florida, as in the rest of the country. From 2008 to 2011, the Florida Department of Law Enforcement received just 31 complaints of suspected voter fraud, resulting in only three arrests statewide. "No one could give me an example of all this fraud they speak about," said Mike Fasano, a Republican state senator who opposed the new restrictions.
The state has already pledged that "several thousand" more alleged non-citizens will be targeted from the purge list. "The state told us we’re going to get names routinely," says Carolina Lopez, special project administrator for the Miami-Dade County Board of Elections. The purge is likely to be challenged by a host of voting rights groups under the National Voter Registration Act, which prohibits changes to the voter rolls ninety days before an election (Florida holds state and local primaries on August 14). The Justice Department could also intervene under the authority of the Voting Rights Act. But, despite widespread condemnation, there’s no sign that Gov. Scott is preparing to reverse course.
Following the 2000 election, a major report from the US Commission on Civil Rights found that "statistical data, reinforced by credible anecdotal evidence, point to the widespread denial of voting rights [in Florida]." Ian Sancho, the Leon County elections official, says the political climate surrounding voting in the state is even "more hyper-partisan than in 2000," which is hard to fathom. If the presidential election is once again decided in the Sunshine State, heaven help us all.
Update - Thursday, May 31: A Florida district court judge today issued a preliminary injunction against the state's crackdown on voter registration drives – which includes fines of up to $1,000 if forms are not turned in to the state within 48 hours and the threat of felony prosecution – based on a lawsuit brought by the League of Women Voters of Florida, Rock the Vote and the Florida Public Interest Research Group Education Fund. "When a plaintiff loses an opportunity to register a voter," wrote Judge Robert Hinkle, "the opportunity is gone forever." That same principle, incidentally, should apply to eligible voters wrongly purged of their right to vote by the state.
Update - Friday, June 1: In another victory for the cause of voting rights, the Justice Department yesterday told Florida that it needs to get approval for its voting purge under Section 5 of the Voting Right Act to make sure it does not discriminate against minority voters and that the timing of the purge violates the National Voter Registration Act.

What is a Constitutional Democracy?

What is a Constitutional Democracy?

The United States of America is a constitutional democracy.

What does that mean? Basically, the government is designed to uphold the will of majority, but, at the same time, protect minorities. These constitutional protections of the powerless are an extremely important point in maintaining a balanced and fair nation.
What will follow is the exact wording of the amendments, then the explanation of the amendment.
Fourteenth Amendment: Citizenship Rights: Ratified July 9, 1868
1. All persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside. No State shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States; nor shall any State deprive any person of life, liberty, or property, without due process of law; nor deny to any person within its jurisdiction the equal protection of the laws.
2. Representatives shall be apportioned among the several States according to their respective numbers, counting the whole number of persons in each State, excluding Indians not taxed. But when the right to vote at any election for the choice of electors for President and Vice-President of the United States, Representatives in Congress, the Executive and Judicial officers of a State, or the members of the Legislature thereof, is denied to any of the male inhabitants of such State, being twenty-one years of age, and citizens of the United States, or in any way abridged, except for participation in rebellion, or other crime, the basis of representation therein shall be reduced in the proportion which the number of such male citizens shall bear to the whole number of male citizens twenty-one years of age in such State.
3. No person shall be a Senator or Representative in Congress, or elector of President and Vice-President, or hold any office, civil or military, under the United States, or under any State, who, having previously taken an oath, as a member of Congress, or as an officer of the United States, or as a member of any State legislature, or as an executive or judicial officer of any State, to support the Constitution of the United States, shall have engaged in insurrection or rebellion against the same, or given aid or comfort to the enemies thereof. But Congress may by a vote of two-thirds of each House, remove such disability.
4. The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.
5. The Congress shall have power to enforce, by appropriate legislation, the provisions of this article.

This amendment was created following the Civil War, with the anticipation that the recently freed slaves would meet intense racial discrimination, particularly in Southern states. Note: “Nor shall any state deprive any person of life, liberty, or property, without due process of law; nor deny to any person within its jurisdiction the equal protection of the laws.”
Fifteenth Amendment: Race No Bar To Vote: Ratified February 3, 1870.
1. The right of citizens of the United States to vote shall not be denied or abridged by the United States or by any State on account of race, color, or previous condition of servitude.
2. The Congress shall have power to enforce this article by appropriate legislation.

This amendment ensures recently freed slaves (as this was immediately following the Civil War) the right to vote and be treated equally in the process.
Nineteenth Amendment: Women’s Suffrage: Ratified August 18, 1920
The right of citizens of the United States to vote shall not be denied or abridged by the United States or by any State on account of sex.
This amendment gave women the right to vote, thus eliminating inequality due to gender.
Congress shall have power to enforce this article by appropriate legislation.

Twenty-Fourth Amendment: Poll Tax Barred: Ratified January 23, 1964
1. The right of citizens of the United States to vote in any primary or other election for President or Vice President, for electors for President or Vice President, or for Senator or Representative in Congress, shall not be denied or abridged by the United States or any State by reason of failure to pay any poll tax or other tax.
2. The Congress shall have power to enforce this article by appropriate legislation.

This amendment was designed to treat African Americans as equals by eliminating the poll tax, which could be a financial barrier to minorities.

Saturday, July 28, 2012

I'm damn proud By David Axelrod

National Urban League convention in New OrleansYou know what's kind of amazing?

That we're not getting blown away in the face of unprecedented, unlimited spending from super PACs, Mitt Romney, and all the other shadowy groups trashing Barack Obama nonstop.

In June, nearly 80 percent of the money Romney and the Republicans raised came from just 6 percent of the donations they received -- and that's before we count the super PACs. The other side relies on fewer people giving more, and with this year's new rules, it's a lot more.

Even with all that, we're still in a position of strength heading into the final three months of this race, thanks to grassroots supporters like you. When I talk to a reporter or go on TV, I'm damn proud to tell people that.

The story we're telling is simple: We are a force to be reckoned with, one small donation at a time.

We're facing our next big fundraising deadline this Tuesday.

Help close the fundraising gap between us and them. Keep building our grassroots movement with a donation of $7 or more today.

  When Barack Obama ran for president in 2008, our campaign changed the way people get involved in elections.

He fundamentally believes that asking everyone to chip in whatever they can, and asking people to get personally involved -- to go and talk with their neighbors and friends about why they're a part of it -- is the right way to do this.

Today, in the age of super PACs and outside groups that can spend millions in anonymous money on misleading attack ads, proving the viability of that kind of politics is even more important.

I love talking about the way we've built this campaign. Just take a look at last month: more than 700,000 donors in June -- nearly 200,000 of whom had never donated before -- giving an average of over $50 each.

What we have in the bank at midnight on Tuesday will tell us how big we can go in these critical, final three months. As of tomorrow, there are 100 days left to make it happen.

If we keep up the momentum, I know we can make history again.

You just keep on doing what you do:

https://donate.barackobama.com/July-Deadline

Friday, July 27, 2012

Only in history books By Benjamin Jealous



NAACP
Obama executive order photo

"It's time to double down on what works."

That's what President Obama said yesterday when he launched the White House Initiative on Educational Excellence for African Americans. He understands that only a nation that is first in education will be first in job creation and economic growth. In a flat global economy our nation cannot afford for any of its children to be held back due to discrimination or lack of equal opportunity.

This initiative is a key step forward for our communities and our country -- and it's up to us to make the most of it. Share your ideas on our Facebook page: How would you improve schools in your community?

http://action.naacp.org/what-works


For far too long, in far too many of our schools, too many of our children have been getting a raw deal. Compared to other groups of students, black children have significantly less access to college preparatory and advanced placement courses or qualified teachers. Additionally, they are disciplined and labeled as special education students at disproportionally greater numbers.

The White House Initiative on Educational Excellence for African Americans program is a joint project between the Department of Education and the Administration -- it will be overseen by community leaders with a vested interest in improving education for African Americans. From pre-K to college campuses, the Obama Administration is taking a holistic approach to revamping our struggling schools.

This initiative will help ensure ongoing progress toward that day when all students have equal access to educational excellence and no student can find examples of racism anywhere in their schools except chronicled in their history books.

The NAACP is preparing an educational report with the theme of "finding our way back to first." We'll release the report this fall working in concert with the President's new initiative. But first we want to hear from you.

Join the conversation on Facebook by sharing your thoughts on how we can improve our schools:

http://action.naacp.org/what-works


We applaud President Obama's educational goals for the black community. The NAACP is committed to adding legions of African American college graduates to meet the President's goal of having the highest proportion of college graduates in the world by 2020.

White House surprisingly upbeat about economy

White House surprisingly upbeat about economy

July 27, 2012: 3:44 PM ET
The U.S. recovery has hit a speed bump this year, slowing significantly in the first half of 2012.
But that didn't seem to get the White House down. The Obama administration released surprisingly upbeat economic forecasts Friday, when it revised the President's budget to include recent data.
The White House expects the economy will grow 2.6% this year. While that is lower than its original forecast for 3% growth, it's still unbelievably strong considering the latest GDP data.
Earlier Friday, the Commerce Department reported the U.S. economy grew at a 1.5% rate in the second quarter, down from 2% in the first quarter.
So to get to the president's goal of 2.6% growth for the year, the economy would have to grow at a 3% pace or faster for the remainder of the year.
That's hardly likely given tepid hiring, slowdowns in Europe and China and uncertainty about tax policy heading into 2013.
That said, the White House points out that these forecasts are based on data collected in June, so they wouldn't have included today's GDP data.
The forecasts for the job market are a bit more realistic, predicting the unemployment rate will fall to 8% by the end of the year.  Considering it's currently at 8.2%, that goal seems well within reach.
In a White House blog post, Chairman of the Council of Economic Advisers Alan Krueger said "the economy continues to move in the right direction," but pointed out that we still need stronger growth to replace all the jobs lost in the recession.
The White House also forecasts the economy will grow 2.6% in 2013, but that's assuming we don't go over the fiscal cliff and Congress passes Obama's budget. That's hardly a foregone conclusion.
Track the Obama economy in charts

Dow hits 13,000 as stocks rally






Dow hits 13,000 as stocks rally

@CNNMoneyInvest July 27, 2012: 12:21 PM ET
u.s. stock marketClick for more market data.
NEW YORK (CNNMoney) -- Stocks rose Friday as investors welcomed a slightly better-than-expected reading on U.S. second-quarter GDP.
The Dow Jones industrial average was up 106 points, or 0.8%. The index briefly rose above 13,000, a psychologically important level it has not crossed since early May.
The S&P 500 added 15 points, or 1.1%, and the Nasdaq gained 37 points, or 1.3%.
The U.S. economy grew at a 1.5% annual rate in the second quarter of 2012, according to the government. That's down from a 2% rate in the first three months of the year, but it's slightly better than the predicted 1.4% annual pace.
While the report was slightly better than expected, the outlook for growth remains lackluster as the weak job market curtails consumer spending. Many traders expect the Federal Reserve, which meets next week, to take additional steps to stimulate growth.
"We've learned that you never fight the Fed when they want to get something done and have the ammunition to do it," said Anthony Conroy, head trader at BNY ConvergEx Group. "I'm not sure we'll close on the highs, but we've had a decent morning."
Stocks were also supported by hopes for a stronger response to the debt crisis in Europe.
European Central Bank president Mario Draghi said Thursday that the bank will do "whatever it takes" to preserve the euro. French President François Hollande and German Chancellor Angela Merkel said in a joint statement Friday that they are "committed to do everything to protect the eurozone."
A report in French newspaper Le Monde said the ECB, which also meets next week, is working with government leaders on a plan to buy Spanish and Italian bonds, under certain conditions. Borrowing costs for both countries rose to record highs earlier this week before falling back on the latest political rhetoric.
Investors also focused on quarterly earnings and sales reports from a host of leading corporations, including a disappointing performance by Facebook.
World markets: European markets closed higher. Britain's FTSE 100 rose nearly 1%, the DAX in Germany gained 1.6%, while France's CAC 40 surged 2.2%.
Asian markets ended higher. The Shanghai Composite ticked up 0.1%, the Hang Seng in Hong Kong gained 2% and Japan's Nikkei added 1.5%.
Economy: The Thomson Reuters/University of Michigan's final reading on the overall index on consumer sentiment fell to 72.3 in July from 73.2 in June. It was the lowest level since December.
Economists had expected the index to remain unchanged in July at 72, according to a survey of analysts by Briefing.com.
Companies: Facebook (FB) shares fell to an all-time low, after the social network company's first quarterly earnings release as a public company. Facebook beat analysts' revenue expectations slightly and earnings matched forecasts, but that was apparently not enough for Wall Street.
Starbucks (SBUX, Fortune 500) shares also tumbled after quarterly earnings that missed analysts' expectations.
Expedia (EXPE) shares surged after the online travel booking company reported strong quarterly results.
Despite reporting mixed quarterly results and a disappointing outlook, Amazon (AMZN, Fortune 500) shares moved higher as investors focused on the online retailer's long-term growth prospects.
Shares of Barclays (BCS) gained after the bank apologized for the Libor scandal while reporting a $6.3 billion profit for the second quarter.
Merck (MRK, Fortune 500) shares rose after the pharmaceutical company beat earnings and sales expectations and affirmed its outlook for the year.
Chevron (CVX, Fortune 500) reported a profit that slipped from a year ago due to weaker oil prices, but the company's earnings per share still topped expectations. Revenue, however, fell short of estimates.
Del Frisco's (DFRG), a high-end steakhouse chain, raised $75 million in its initial public offering late Thursday, as shares priced at $13, below the range of $14 to $16. Del Frisco's will list on the Nasdaq and begin trading under the ticker "DFRG" Friday.
Currencies and commodities: The dollar fell against the euro, the British pound and the Japanese yen.
Oil for September delivery rose 56 cents to $89.95 a barrel.
Gold futures for August delivery rose $2.20 to $1,617.30 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 1.51% from 1.43% late Thursday.  To top of page

Mark Zuckerberg's net worth falls by $7.2 billion

Mark Zuckerberg's net worth falls by $7.2 billion

@CNNMoneyTech July 27, 2012: 12:37 PM ET
Mark Zuckerberg's net worth has fallen by more than $7 billion since the Facebook IPO.Mark Zuckerberg's net worth has fallen by more than $7 billion since the Facebook IPO.
NEW YORK (CNNMoney) -- The value of Facebook CEO Mark Zuckerberg's stake in the company he founded has plunged $7.2 billion since its initial public offering.
Zuckerberg was worth $19.1 billion, based on the IPO price of $38 a share back in May. He sold 30 million shares on the stock's debut day in order to raise cash to pay taxes, but he still had 503 million shares at the conclusion of the IPO.
But as of midday Friday, Zuckerberg's stake is now worth $11.98 billion.
To put the $7 billion drop in context, the estimated net worth of Google (GOOG, Fortune 500) chairman Eric Schmidt, based on his ownership stake in the search giant, is $5.5 billion. So you could say that Zuckerberg has lost more than a Schmidt-load of money.
Still, nobody should shed any tears for Zuckerberg. Being worth just under $12 billion is still enough to make him among the 72 richest people in the world, according to the most recent rankings from Forbes.
Facebook shares closed barely above the IPO price the first day of trading and have steadily lost ground ever since. The company released its first earnings report since the IPO on Thursday and investors were disappointed. Facebook hit an all-time low Friday.
Of course Zuckerberg isn't the only one who has taken a hit from Facebook's fall. Sheryl Sandberg, the company's chief operating officer, had just under a $1.6 billion stake in the company at the time of the IPO, but has seen the value of that stake fall to $980 million with the latest slide.
Dustin Moskovitz, one of the co-founders of Facebook and the second largest individual shareholder after Zuckerberg, lost $1.9 billion of his $5.1 billion stake in the company. Another former executive from its early days, Sean Parker, the third largest individual shareholder, has lost nearly $1 billion of his $2.6 billion stake at the time of the IPO.
The CEOs of other social media companies have also watched their net worth plunge since their IPOs. Zynga (ZNGA) CEO Mark Pincus has seen the value of his stake fall by 70% since the online game developer's December IPO.
The slide in shares of online discount site Groupon (GRPN) have also hit CEO Andrew Mason's stake very hard. The stock is down 65% since its debut.
But neither Pincus or Mason had a net worth remotely approaching Zuckerberg's -- both had stakes in their companies worth just more than $900 million at the time their IPO's priced. That means that Mason's net worth has tumbled by $610.1 million, while Pincus has lost $650.9 million in Zynga's decline.
Pincus also had 4.3 million shares of Facebook after the IPO there, so he lost another $61.2 million in the Facebook stock slide since then, taking his Facebook holdings down to about $102.4 million.
But one social media CEO who has done well since his IPO is LinkedIn (LNKD)'s Jeffrey Weiner. Shares of the company have more than doubled since the May 2011 IPO, although they are off the highs they hit this past May during the hype surrounding the Facebook IPO.
-- Staff writer Ben Rooney contributed to this report To top of page

Stocks gain after GDP report





Stocks gain after GDP report

@CNNMoneyInvest July 27, 2012: 10:19 AM ET
u.s. stock marketClick for more market data.
NEW YORK (CNNMoney) -- Stocks rose early Friday as investors welcomed a slightly better-than-expected reading on U.S. second-quarter GDP.
The Dow Jones industrial average was up 86 points, or 0.7%. The S&P 500 added 11 points, or 0.8%, and the Nasdaq gained 20 points, or 0.7%.
The U.S. economy grew at a 1.5% annual rate in the second quarter of 2012, according to the government. That's down from a 2% rate in the first three months of the year, but it's slightly better than the predicted 1.4% annual pace.
While the U.S. economy has not completely fallen off a cliff, there is not much reason to expect a turnaround at this point, said Jim O'Sullivan, chief U.S. economist at High Frequency Economics in Valhalla, NY.
Yet analysts say the anemic pace of growth means the Federal Reserve is more likely to step up its efforts to stimulate activity. "Such sluggishness should be sufficient to trigger more Fed easing," said O'Sullivan.
Growing hopes of more help for Europe's troubled nations also lifted stocks. The European Central Bank and European governments are reportedly talking about taking coordinated steps to start buying Spanish and Italian debt, according to the French newspaper Le Monde.
Citing unnamed sources, the newspaper reported that the ECB was willing to buy the bonds if eurozone governments also agreed to tap the European bailout funds, the European Financial Stability Facility and the European Stability Mechanism.
This week, borrowing costs in Spain and Italy have risen to unsustainable levels as investors worry that Spain will need a full-blown bailout. That could leave Italy without a safety net.
Spain's 10-year yield soared to a high of 7.75% earlier this week, but has come down below 7% after ECB president Mario Draghi's comments that the central bank will do whatever it takes to preserve the euro. Italy's 10-year yield, which was above 6.5% earlier this week, has pulled back below 6%.
Thursday's stock market rally was fueled by Draghi's comments but analysts he didn't definitively outline new measures so the rally could be short-lived.
World markets: After spending most of the morning in the red, European were turned higher following the Le Monde report. Britain's FTSE 100 rose 0.4%, the DAX in Germany gained 0.8%, while France's CAC 40 gained 1%.
Asian markets ended higher. The Shanghai Composite ticked up 0.1%, the Hang Seng in Hong Kong gained 2% and Japan's Nikkei added 1.5%.
Economy: At 10 a.m. ET, the University of Michigan will release its Consumer Sentiment Index for July, which is expected to come in unchanged from last month at 72, according to a survey of analysts by Briefing.com.
Companies: Facebook (FB) shares fell to an all-time low, after the social network company's first quarterly earnings release as a public company. Facebook beat analysts' revenue expectations slightly and earnings matched forecasts, but that was apparently not enough for Wall Street.
Starbucks (SBUX, Fortune 500) shares also tumbled after quarterly earnings that missed analyst expectations.
Expedia (EXPE) shares surged after the online travel booking company reported strong quarterly results.
Despite reporting mixed quarterly results and a disappointing outlook, Amazon (AMZN, Fortune 500) shares moved higher as investors focused on the online retailer's long-term growth prospects.
Shares of Barclays (BCS) gained after the bank apologized for the Libor scandal while reporting a $6.3 billion profit for the second quarter.
Merck (MRK, Fortune 500) shares rose after the health care firm beat earnings and sales expectations and affirmed its outlook for the year.
Chevron (CVX, Fortune 500) reported a profit that slipped from a year ago due to weaker oil prices, but company's earnings per share still topped expectations. Revenue, however, fell short of estimates.
Del Frisco's (DFRG), a high-end steakhouse chain, raised $75 million in its initial public offering late Thursday, as shares priced at $13, below the range of $14 to $16. Del Frisco's will list on the Nasdaq and begin trading under the ticker "DFRG" Friday.
Currencies and commodities: The dollar fell against the euro, the British pound and the Japanese yen.
Oil for September delivery rose 30 cents to $89.69 a barrel.
Gold futures for August delivery rose $10.20 to $1,625.30 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 1.47% from 1.43% late Thursday.  To top of page

GDP Report: U.S. economy slowed in second quarter

GDP Report: U.S. economy slowed in second quarter

@CNNMoney July 27, 2012: 11:10 AM ET
The U.S. economy slowed in the second quarter.The U.S. economy slowed in the second quarter.
NEW YORK (CNNMoney) -- The United States economy slowed in the second quarter amid weak consumer spending, government cuts and a rise in imports from foreign countries.
Gross domestic product, the broadest measure of the nation's economic health, grew at an annual rate of 1.5% from April to June, the Commerce Department said Friday.
Obama's economy: A snapshot
A look at where the economy stood when Obama took office and what's changed since.
That's down significantly from a 2% rate in the first three months of the year.
The Commerce Department also released revisions going back to the start of 2009. While the revisions showed that growth in 2010 was weaker than previously thought, 2009 and 2011 were slightly stronger.
The second-quarter slowdown was not entirely surprising given consumer spending has been weak recently, the government has been cutting its spending and hiring has been tepid. Economists surveyed by CNNMoney were expecting to see 1.4% growth.
The economy needs to grow around 3% a year to bring the unemployment rate down significantly, and since consumer spending accounts for roughly two-thirds of the economy, it too needs to grow around 3%.
But spending slowed to 1.5%, down from 2.4% in the first quarter, showing that households are continuing to deleverage three years after the recession.
Shoppers cut back on buying big-ticket items like automobiles, as well as smaller items like clothing and groceries.
As usual, the U.S. also imported more goods and services from foreign countries than it exported, which subtracts from economic growth.
Government cuts, especially at the state and local level, also weighed on growth.
Spending by businesses remained a small strength. Businesses increased their purchases of equipment and software to a 7.2% annual rate.
Economists are hopeful the economy will grow slightly faster in the second half of the year. The housing market has recently shown signs of recovering, which could translate into more construction jobs and consumer spending.
But the effect is likely to be slow and hardly any forecasters are predicting GDP growth above 2% any time soon.
"I'm having a hard time seeing where growth drivers would come from," said Chris Jones, economist with TD Bank.
Uncertainty about Europe's debt crisis and the looming fiscal cliff give businesses little incentive to invest or hire new workers. Given the divisive political climate in Washington D.C., it's unlikely the government will agree on measures to boost the economy.
The Federal Reserve could consider further monetary stimulus at its meeting next week, but economists say that's hardly encouraging. Any efforts by the central bank are unlikely to make much difference at this point.
"Interest rates are not the issue.The problem right now isn't the supply of credit, it's the demand for it," Jones said.
What's left? "The weight of the recovery falls on consumers, but they're not able to spend their way to prosperity because they're still focused on deleveraging," he said.
The Commerce Department stressed that the numbers released Friday were based on incomplete data, and it plans to revise the GDP figures twice in the next few months. To top of page

Bailout cop Barofsky back in the spotlight






Bailout cop Barofsky back in the spotlight

@CNNMoneyInvest July 27, 2012: 6:45 AM ET
NEW YORK (CNNMoney) -- The Obama administration just can't get rid of Neil Barofsky.
From December 2008 to March 2011, Barofsky served as the official watchdog for the Treasury Department's financial crisis response. (His official title was Special Inspector General for the Troubled Asset Relief Program, or TARP). In that role, he made headlines with his scathing criticisms of the effort and its alleged deference to Wall Street interests.
Now, he's back with a new book on his experiences -- entitled Bailout -- and the criticisms are even louder.
"When providing the largest financial institutions with bailout money, Treasury made almost no effort to hold them accountable, and the bounteous terms delivered by the government seemed to border on being corrupt," Barofsky writes.
"Meanwhile, an entirely different set of rules applied for homeowners and businesses that were most assuredly small enough to fail."
Barofsky told CNNMoney that he's "not suggesting that protecting against the collapse of the financial system didn't benefit Main Street," but that there have been grave problems in the bailout's execution.
In the book, Barofsky documents his clashes with Treasury officials over the transparency of the effort, calling for controls to track the billions of dollars funneled to financial institutions and to ensure that the money was used as it had been intended by Congress.
He also rails against the generous terms of the bailout for insurance giant AIG (AIG, Fortune 500), to which the government at one point committed over $180 billion. He calls out the lavish bonuses AIG later paid to its staff and the government's failure to negotiate lower payouts to the company's megabank trading partners.
Federal Reserve chairman Ben Bernanke has called the AIG rescue "distasteful" but necessary. The government will ultimately make a $15.1 billion profit from the effort, the Government Accountability Office said in May.
Also a target of criticism from Barofsky is the government's $50 billion Home Affordable Modification Plan, or HAMP, intended to help eligible homeowners avoid foreclosure by facilitating mortgage modifications with loan servicers.
Barofsky charges that HAMP was badly mismanaged and was effectively controlled by the financial sector. As of January, it had helped just 910,000 homeowners -- a far cry from the promised 4 million.
Mixed in throughout the book are colorful anecdotes meant to support Barofsky's contention that officials in Washington are captured by Wall Street interests.
In an interview with CBS this week, Treasury Secretary Tim Geithner said he was "deeply offended" by this claim.
"[I]f you think that what we did was ineffective, were there better alternatives?" Geithner said.
"Look at what Europe's going through now and ask yourself, can you find an example of something as effective and powerful as the strategy we designed over that period of time? I don't believe you can find an example of that."
A Treasury spokesman declined to comment beyond Geithner's remarks.
Barofsky, now a senior fellow at the New York University School of Law, told CNNMoney that there is "no shortage of recommendations that I made, but the sad thing is, it never changes."
"There's this real sense of palpable anger out there about the bailout and about the financial system," Barofsky said. "This anger is sometimes mocked and sometimes marginalized, from the Tea Party to Occupy Wall Street, but with this book, I've tried to give those folks some ammunition."
As for his next move, he joked, "I'm going to work at Goldman Sachs (GS, Fortune 500)." To top of page

Facebook earnings: Good, but not good enough

Facebook earnings: Good, but not good enough

@CNNMoneyTech July 27, 2012: 6:55 AM ET
Since Facebook's May 18 debut, the company and its founder Mark Zuckerberg have failed to impress investors.Since Facebook's May 18 debut, the company and its founder Mark Zuckerberg have failed to impress investors.
NEW YORK (CNNMoney) -- Facebook's shares plummeted to all-time lows in after hours trading after the company's first quarterly earnings report failed to wow investors.
Shares of Facebook (FB) fell more than 10% to around $24 -- nearly 40% below the company's initial public offering price.
Facebook did beat analysts' revenues expectations slightly and earnings matched forecasts, but that was apparently not enough for Wall Street.
Behind the numbers: Facebook is still posting strong growth. It generated $1.18 billion in second quarter revenues, up 32% from a year ago.
And while Facebook reported a net loss of $157 million due mainly to $1.3 billion in compensation expenses tied to stock-based pay following the IPO, the company did generate a profit of 12 cents per share when excluding those costs.
Analysts were expecting sales of $1.15 billion and earnings (backing out the compensation charges) of 12 cents per share.
Zuckerberg addresses concerns: CEO Mark Zuckerberg highlighted the company's investment in research and development as a positive.
"Our goal is to help every person stay connected and every product they use be a great social experience," Zuckerberg said in a release. "That's why we're so focused on investing in our priorities of mobile, platform and social ads to help people have these experiences with their friends."
But with total expenses nearly quadrupling from a year ago, some investors may be worried that Facebook is spending too much -- even though the company finished the quarter with more than $10 billion in cash.
Since Facebook debuted on May 18, there have been many doubts about the company's ability to find new ways to generate more revenue from its 955 million users. There are also increasing concerns about competition from Google (GOOG, Fortune 500) and others.
Zuckerberg, who surprised some investors by showing up on the company's conference call with analysts Thursday, started the call by addressing how Facebook would build on its mobile platform.
The company has been criticized for not doing enough to adapt to the growing shift among its users. More are starting to access Facebook on their smartphones in addition to (and sometimes instead of) PCs.
Zuckerberg said mobile is among the company's top priorities. He said Facebook is starting to figure out how to generate revenue from mobile ads.
He also noted that by the end of June Facebook generated $1 million per day from its new sponsored stories from advertisers. And half of that, Zuckerberg said, came from mobile ads. "It's an encouraging start," he said.
Facebook chief operating officer Sheryl Sandberg added that sponsored stories were the "cornerstone of mobile monetization strategy" for the company.
But the company disappointed analysts by failing to give any revenue or earnings guidance for the next quarter or rest of the year.
During the conference call, Facebook chief financial officer David Ebersman said the big priority for the company is sponsored stories within Facebook's News Feed. Ebersman noted that it's "difficult" to forecast what Facebook could make from these ads since the company didn't really begin to aggressively use them until June.
Absent forecasts, investors didn't appear to buy into the bold promises both Sandberg and Zuckerberg repeatedly made for these news methods of advertising and associated revenue growth.
Sandberg admitted that Facebook could have a long road ahead of it in convincing advertisers how to sell products on its site. "We'll be able to educate the market over time. How quickly that will happen will depend," she said.
Meanwhile Zuckerberg said acquisitions going forward will be mainly to acquire new engineering talent, and repeated his earlier statement that Facebook is unlikely to make another big product acquisition similar to its $1 billion buyout of Instagram.
"We have this entrepreneurial culture where we want the type of people inside the company who take risks and be the type of people who build out companies on their own," Zuckerberg said on the call. Buying up startups makes it easier to acquire these type of employees, he said.
Tough times for social media: Investors had become more nervous about Facebook's results Wednesday night, after social gaming company Zynga (ZNGA), a source of 15% of Facebook's first quarter revenues, reported earnings that missed forecasts and lowered its outlook. Zynga's stock plunged nearly 40% Thursday and Facebook fell more than 8%.
It's been a rough few months for the most hyped social media companies. Shares of Pandora (P) and Groupon (GRPN) are down 41% and 67% since their IPOs.
But LinkedIn (LNKD), which preceded the others to the public markets, is one of the few social media companies that has been a hit on Wall Street. LinkedIn's stock has more than doubled since its IPO in May 2011.
Meanwhile, Apple's (AAPL, Fortune 500) results this week gave investors another reason to question whether even the best technology companies are starting to feel the effects of a sluggish global economy. Apple's earnings missed forecasts and the iPhone and iPad maker also issued guidance that was lower than expected. To top of page

Thursday, July 26, 2012

Corporate America rings alarm on global slump

Corporate America rings alarm on global slump

@CNNMoney July 26, 2012: 1:25 PM ET

Weak earnings reflect global slowdownCaterpillar's CEO is optimistic about future global growth.
NEW YORK (CNNMoney) -- Global growth worries hit Corporate America this week. Several bellwethers said that difficult overseas markets had affected their second quarter earnings, leading some to temper their outlooks.
UPS, DuPont (DD, Fortune 500) and Ford (F, Fortune 500), U.S.-based companies that rely heavily on overseas sales, all sounded very pessimistic about the global economy.
Citing "continuing weakness" in Asia and uncertainty over Europe's debt crisis, UPS said it now expects to bring in less revenue in the second half of the year.
DuPont cited difficulties in Europe. So did Ford. Exxon Mobil (XOM, Fortune 500) also pointed to "global economic uncertainty" in its earnings report Thursday.
And even Caterpillar (CAT, Fortune 500), which raised its earnings forecasts for the year Wednesday, still cut the top end of the range for its full-year sales expectations due to "weaker economic conditions in much of the world."
Caterpillar also suggested that it stands ready to slash jobs should the global economy deteriorate further. CEO Doug Oberhelman said that "we will not hesitate to act if we need to" before adding that he was hopeful the global economy was making a turn for the better.
"I am cautiously optimistic about the world economy in 2013, very positive on the long-term prospects for global growth and excited about the role Caterpillar will play in making that growth happen," Oberhelman said.
But when you dig deeper, Caterpillar's outlook isn't that cheerful. Oberhelman pointed to "U.S. construction activity that remains depressed" and worries about Europe.
So why did Caterpillar raise its earnings forecasts? Caterpillar is very active in Brazil and China -- two countries that have brighter growth prospects than most.
Oberhelman specifically cited interest rate cuts in Brazil and China as encouraging examples of "actions needed for better world economic growth.".
Caterpillar said business in Brazil has improved and that further easing by China should lift growth there as well.
Bill Adams, a senior international economist at PNC Financial Services Group, said it was reasonable to be guardedly optimistic about a possible upturn in areas of the world not named Europe.
"The earnings reports reveal a weak global economy, but outside of Europe, there are signs that the rest of the world will modestly accelerate in the second half of the year," Adams said.
Adams pointed to a Chinese manufacturing report that indicated improvement in the sector in July. While still technically contracting, the index is at its highest level in months.
Eric Lascelles, chief economist at RBC Global Asset Management, added that Caterpillar probably has a better feel than other companies about recovering economies due to the nature of their business. Construction is often considered a leading economic indicator.
"Caterpillar might have the earlier read of things, just because of the part of the business cycle they are in," Lascelles said. "And I am seeing evidence that both China and Brazil are bottoming out."
And even in Europe, Adams said, there are reasons for optimism -- despite Spanish 10-year bond yields being above 7% amid growing fears that Spain will need a full bailout like Greece, Portugal and Ireland.
"The European financial system looks very stressed, but we are in a fundamentally different place than last year," Adams said, citing the new aggressive stance of the continent's central bankers.
"We were worried about a meltdown or liquidity freeze last year, and those risks are vastly reduced today," he said. "The European Central Bank has demonstrated they are committed to keeping the system afloat."
Along those lines, stocks around the globe rallied Thursday after ECB president Mario Draghi hinted that the central bank will do all it can to save the euro.
Still, it's difficult to get too excited about the prospects of the global economy. Caterpillar may be a somewhat unique case.
In addition, the experience of both the U.S. and Europe shows that rate cuts are not a cure for slumping economies. It's unclear that Brazil and China will continue to rebound just because their central banks are taking action.
UPS (UPS, Fortune 500), for one, sounded a much more pessimistic note.
"Economies around the world are showing signs of weakening, and our customers are increasingly nervous," UPS CEO Scott Davis said during a conference call with analysts.
"Overall, GDP forecasts around the world are declining," he said.  To top of page

Wednesday, July 25, 2012

Obama campaign not worried over ‘you didn’t build that’ attacks—but fighting back anyway By Olivier Knox, Yahoo! News

President Barack Obama arrives at Boeing Field in Seattle on Tuesday (Elaine Thompson/AP)President Barack Obama is personally leading an all-out counterattack against the Republican assault over his "you didn't build that" remark, hitting back in his stump speech and in a new television ad as the Democratic National Committee launches a state-by-state response. But that's not because he's worried about the Republican offensive, top strategist David Axelrod insisted on Wednesday.Republicans have seized on Obama's comments at a Roanoke, Va., campaign event two weeks ago that "If you've got a business—you didn't build that." The context makes clear that the president was saying entrepreneurs need government infrastructure like roads and bridges, investments in education and what Obama called "this unbelievable American system that allowed you to thrive." But the core quote was heaven-sent for Republicans eager to portray the Democrat as hostile or ignorant when it comes to the top issue on voters' minds, the economy. And it quickly made its way into hard-hitting ads.

"I was concerned when I saw the initial ad that it might be impactful. I've concluded that it's not all that impactful," Axelrod said on MSNBC's "Morning Joe."
"But the ad that we did in response got a very good response in the kind of testing that we did," Axelrod said, stressing that Obama's response served to "brush them (Republicans) back" while making the case for his economic policies.
Time will tell. But if Team Obama is truly not worried about this new assault, is the president wasting precious time and money on what has clearly been an escalating response?
Raising funds late Tuesday at the Hunts Point, Wash., home of Costco co-founder Jim Sinegal, Obama took pains to defend himself and recast his comments from two weeks ago.
"I have to tell you, I generally have patience with what the other side says about me. That's the requirement of this job," he began. "And if you don't like folks talking about you, you probably shouldn't run for president."
"The one thing I do have no patience for is this argument that somehow what I'm criticizing is success. That's an argument you hear from the other side: 'Oh, he wants to punish success.' I want to promote success," he said.
On Wednesday morning, Republican National Committee Communications Director Sean Spicer diagnosed "a little bit of panic in Chicago right now."
"This comment has clearly struck a chord with the American people," Spicer said, describing Obama's remarks as "talking down the people that we need at this very time to be out there helping to turn this economy around."
And Spicer had a pointed rejoinder to the "out of context" criticisms of the Republican approach, telling CNN: "The context which you're alluding to is that we've got 8.2 percent unemployment, 23 million Americans out of work, and we should be right now encouraging that American spirit of entrepreneurship."