Happy eve of Thanksgiving, and thank you very much for your support of this diary. I hope you all have a wonderful holiday.
Today's report features:
• POTUS & VPOTUS address auto workers: Chrysler announces an additional investment of more than $800 million in its Kokomo facilities.
• TARP News: The total amount of Troubled Asset Relief Program (TARP) funds returned to taxpayers now exceeds $250 billion. Center for Automotive Research: The bailout saved over 1.4 million jobs.
• Recovery Act News: An animated map from Recovery.gov shows where jobs have been created by the Recovery Act; a review of projects to create jobs and build the renewable energy economy.
• Response to North Korean attack: Statements from the White House and State Department.
• Health Care News: NIH: An oral antiretroviral drug reduces the risk of HIV infection; Nancy-Ann DeParle answers your questions on the implementation of reforms in the Affordable Care Act.
• The President test drives Japanese technology: After APEC meetings, President Obama was introduced to a robot that mimics humans, animatronic seal pups and a motorized personal vehicle.
• THE PRESIDENT AND VICE PRESIDENT SPEAK AT CHRYSLER PLANT IN KOKOMO•
From the White House, Nov. 23, 2010:
Standing Behind the American Auto Industry
President Obama and Vice President point to the resurgence of the American auto industry as an example of leading the country into economic recovery as they visit the Chrysler Indiana Transmission Plant in Kokomo. November 23, 2010.
Office of the Press Secretary, November 23, 2010:
Remarks by the President and Vice President to Chrysler Plant Workers
in Kokomo, Indiana
THE VICE PRESIDENT:
.... To bring Kokomo back, to bring the automobile industry back, we knew we had to change things.... We knew the auto industry had to get leaner, had to get tougher, had to be more competitive. And we insisted that they did. And now you see the result -- an old industry adapting to a whole new era, competing again, leading again, and most importantly, hiring again....
And then when you guys have jobs, guess what happens. The coffee shop stays open. The barbershop stays open. The restaurant stays open. People open new businesses downtown. People sell jackets and shoes and hats. People, in fact, have jobs. This has an effect all the way through the economy.....
The President did what every great President has done in the past. He’s looked to the future. We used the Recovery Act to provide seed money that sparked private investment -- private investment in new industries like solar and wind, advanced batteries, high-efficiency lighting, high-speed rail.
Folks, some of our friends forget, that's what all great Presidents did. Lincoln did it when he built the Transcontinental Railroad by putting down seed money to the railroads to go build it. That's -- we’re doing the same thing here again....
Look, nobody knows better than this man that our work certainly isn’t done yet. We're just starting. But it’s important we recognize success stories like Kokomo as signs that we are definitely moving in the right direction....
Kokomo is coming back. America is coming back. And it couldn't have happened without the vision of the man sitting behind me.
Ladies and gentlemen, the President of the United States, Barack Obama. (Applause.)
THE PRESIDENT:
.... There were those who were prepared to give up on Kokomo and our auto industry. There were those who said it was going to be too difficult, or that it was bad politics, or it was throwing good money after bad. You remember the voices arguing for us to do nothing. They were pretty loud, suggesting we should just step back and watch an entire sector of our economy fall apart....
We made the decision to stand with you because we had confidence in the American worker, more than anything. And today we know that was the right decision....
Today each of the Big Three automakers has increased their market share -- each of them. For the first time in over a decade, Americans are buying a larger share of Chryslers, Fords and G.M. cars, and a smaller share of their foreign counterparts -- for the first time in decades. (Applause.)....
So here’s the lesson: Don't bet against America. (Applause.) Don't bet against the American auto industry. Don't bet against American ingenuity. Don't bet against the American worker....
But it gets better. Sergio just told me today Chrysler is announcing an additional investment of more than $800 million in its Kokomo facilities -- $800 million.... Over the next few years, folks here expect to manufacture more transmissions than ever before. And as a result, hundreds of workers are back on the job. Jeremy said we’re going to be hiring more. (Applause.) ....
At a plant down the road, workers are manufacturing parts for hybrid vehicles. That’s already led to dozens of jobs, and will lead to nearly 200 jobs over the next few years. A few miles outside of Kokomo, in Tipton, a clean energy company called Abound is going to be able to hire 900 workers -– taking over a plant that had to shut down a few years ago....
If we don’t want to cede our economic leadership to nations like China, we’ve got to do the same today. We’ve got to make sure our workers have the skills and the training to compete with any workers in the world. We should give our businesses more incentive to invest in research and innovation that leads to new jobs and new products and new industries like the ones we’re seeing here in Kokomo. We should make it easier, not harder, for middle-class families to get ahead.
I'll give you an example -- on taxes. Next year, taxes are set to go up for middle-class families unless Congress acts. If we don’t act by the end of the year, a typical middle-class family will wake up on January 1st to a tax increase of $3,000 per year....
Now, this is actually an area where Democrats and Republicans agree. The only place where we disagree is whether we can afford to also borrow $700 billion to pay for an extra tax cut for the wealthiest Americans, for millionaires and billionaires. I don’t think we can afford it right now –- not when we are going to have to make some tough decisions to rein in our deficits. That's going to require sacrifice from all Americans, including those who can most afford it....
From the White House, July 3, 2010:
The President’s Weekly Address: Nearly $2 Billion in New Investments to Help Build a Clean Energy Economy
THE PRESIDENT:
.... we’re accelerating the transition to a clean energy economy and doubling our use of renewable energy sources like wind and solar power – steps that have the potential to create whole new industries and hundreds of thousands of new jobs in America.
In fact, today, I’m announcing that the Department of Energy is awarding nearly $2 billion in conditional commitments to two solar companies.
The first is Abengoa Solar, a company that has agreed to build one of the largest solar plants in the world right here in the United States. After years of watching companies build things and create jobs overseas, it’s good news that we’ve attracted a company to our shores to build a plant and create jobs right here in America. In the short term, construction will create approximately 1,600 jobs in Arizona. What’s more, over 70 percent of the components and products used in construction will be manufactured in the USA, boosting jobs and communities in states up and down the supply chain. Once completed, this plant will be the first large-scale solar plant in the U.S. to actually store the energy it generates for later use – even at night. And it will generate enough clean, renewable energy to power 70,000 homes.
The second company is Abound Solar Manufacturing, which will manufacture advanced solar panels at two new plants, creating more than 2,000 construction jobs and 1,500 permanent jobs. A Colorado plant is already underway, and an Indiana plant will be built in what’s now an empty Chrysler factory (The President refers to the Indiana plant in his remarks in Kokomo, above.). When fully operational, these plants will produce millions of state-of-the-art solar panels each year.
These are just two of the many clean energy investments in the Recovery Act. Already, I’ve seen the payoff from these investments. I’ve seen once-shuttered factories humming with new workers who are building solar panels and wind turbines; rolling up their sleeves to help America win the race for the clean energy economy....
• TARP NEWS•
From the Department of the Treasury, Nov. 23, 2010:
GM IPO Proceeds Take Total Tarp Funds Returned to Taxpayers Over $250 Billion Milestone
Treasury Announces Delivery Today of $11.7 Billion in GM IPO Proceeds
WASHINGTON – The U.S. Department of the Treasury announced that with the delivery today of $11.7 billion in proceeds from the initial public offering (IPO) of General Motors (GM), the total amount of Troubled Asset Relief Program (TARP) funds returned to taxpayers now exceeds $250 billion.
"Our temporary assistance for the U.S. auto industry saved more than one million jobs across the industrial heartland of America and – like the overall TARP program – is on track to cost far less than anyone had first anticipated," said Tim Massad, Acting Assistant Secretary for Financial Stability. "General Motors' successful initial public offering is another important milestone in our efforts to recover TARP funds on behalf of the American taxpayer." ....
Taxpayers will also continue to receive further repayments and profits from TARP investments going forward. The underwriters of the General Motors IPO have a 30-day option from the date of the original pricing on November 17 to purchase up to an additional 53,782,019 shares of GM common stock from Treasury. If the underwriters exercise that option in full, Treasury would receive further net proceeds of $1.8 billion. Additionally, in October, Treasury announced that it accepted an offer by General Motors (GM) to repurchase $2.1 billion of preferred stock issued under the Trouble Asset Relief Program – a transaction which is expected to occur in December 2010.
From DetNews.com, Nov. 17, 2010:
Report: Auto bailout saved more than 1.4 million jobs
by Christine Tierney, The Detroit News
The U.S. government bailout of General Motors, Chrysler and other automotive firms saved more than 1.4 million jobs, according to the Center for Automotive Research in Ann Arbor.
It estimated most of the jobs — 1.14 million — were saved in 2009 during the low point of the industry's severe downturn. But another 314,400 jobs were saved in 2010....
"The government intervention prevented additional personal income losses totaling $71.9 billion for 2009 and $24.6 billion for 2010," it said in a statement....
A failure of one or two of Detroit's Big Three might have driven many suppliers out of business, putting at risk healthier companies like Ford Motor Co. and the foreign transplants.
• RECOVERY ACT NEWS•
From Recovery.gov:
Lights-On Map
The Lights-On map, designed and created by Edward Tufte, gradually lights up to show the distribution of Recovery awards from February 17, 2009 to September 30, 2010. Each light represents an award.
Edward Tufte is a member of the Recovery Board's Advisory Panel and is Professor Emeritus of political science, statistics, and computer science at Yale University. He has been referred to as the "da Vinci of data."
From the White House Blog, Nov. 23, 2010:
Building the Clean Energy Economy
Posted by Chris Lu
Since taking office, President Obama and his Administration have taken unprecedented steps to build a clean energy economy in this country. You may have already read about the events and announcements across the Administration in October on this front. I wanted to highlight a few items from the last couple of weeks:
From PlanetForwardTV, Oct. 5, 2010:
Secretary Chu Announces Solar Panels on White House at GreenGov Symposium
At the GreenGov Symposium, hosted by The George Washington University, Energy Secretary Steven Chu announces the installation of solar panels on the White House roof. October 5, 2010.
Secretary Chu Announces Solar Panels on White House at GreenGov Symposium
From PlanetForward TV, October 22, 2010:
Secretary Chu at the GreenGov Opening Plenary
Secretary Chu's presentation at the White House's GreenGov Symposium. Also hear from Secretary Tom Vilsack and Janine Benyus, natural science writer and innovation consultant.
• Helping Middle Class Families Save on Energy Bills. As part of our efforts to remove barriers standing in the way of a strong and sustainable home energy-efficiency industry, the Vice President announced several new agency initiatives that will help middle-class families save money on their energy bills.
From the White House, Nov. 9, 2010:
Recovery Through Retrofit
Vice President Joe Biden announces three new initiatives that will help grow the energy-efficiency industry and help families make improvements that will help save money on their energy bills. November 9, 2010.
• Helping Farmers and Small Businesses Reduce Energy Costs. Secretary of Agriculture Tom Vilsack announced $30 million in loans and grants that will generate and save energy for our nation's farmers and rural small businesses for decades to come. The loans and grants will go to more than 500 farmers, ranchers, and rural businesses for renewable energy and energy efficiency projects across the country. In each case, the projects announced will cut energy costs by 25 to 65 percent, amounting to an estimated 2.9 million kilowatt hours of energy saved. Among other things, this funding will help replace outdated equipment, such as inefficient grain dryers, support energy production from anaerobic digesters, insulate buildings, and allow recipients to incorporate renewable energy technologies into their operations.
• Large Scale Solar Power on Public Lands. Secretary of the Interior Ken Salazar approved a large-scale solar energy project on U.S. public lands in Nevada – a 500-megawatt facility that will provide electricity to about 150,000 homes and create 1,300 construction jobs and up to 200 permanent operation jobs. Since early October, the Secretary has approved a total of eight large-scale solar energy projects that combined will generate 3,500 megawatts to power more than 1 million homes and create 6,000 construction jobs and 700 permanent plant operations jobs.
From AmonixSolar, Nov. 5, 2010:
Solar Power Creates Green Jobs: National Clean Energy Summit
See how Amonix is putting people to work in Nevada producing the most efficient solar systems on the market. Requiring no water, Amonix CPV solar systems are uniquely suited for dry climates. A 48-megawatt array of solar panels is made possible largely through tax credits and incentives in the American Recovery and Reinvestment Act.
• Cars that Will Run on Compressed Natural Gas. Secretary of Energy Steven Chu announced an offer of a nearly $50 million conditional loan commitment that will support the development of the six-passenger MV-1, a factory-built wheelchair accessible vehicle that will run on compressed natural gas. The Vehicle Production Group estimates that the project is expected to create over 900 jobs and that it will produce approximately 22,650 vehicles per year when at full capacity.
From Vehicle Production Group, April 13, 2010:
Green Option
The MV-1 has the option of a dedicated factory-installed Compressed Natural Gas fuel system.
• Greening the Federal Supply Chain. General Services Administrator Martha Johnson and White House Council on Environmental Quality Chair Nancy Sutley recently announced a collaboration between the federal government and vendors and suppliers to create a greener and more efficient supply chain.
• Modernizing Our Electric Grid and Powering Electric Cars. Cathy Zoi, the Assistant Secretary for Energy Efficiency and Renewable Energy at the Department of Energy, took part in a ribbon cutting at the first public curbside electric vehicle charging station here in the nation’s capital. The Department of Energy alsoawarded $19 million, as part of a public-private investment of more than $30 million, for five projects to increase reliability, efficiency and security of our nation’s electric grid.
• RESPONSE TO NORTH KOREAN ATTACK ON YEONPYEONG, SOUTH KOREA •
From the Department of Defense, Nov. 23, 2010:
North Korea Attack
White House officials say they are in close contact with the Republic of Korea after North Korea launched an artillery attack November 23 on an ROK island.
Office of the Press Secretary, November 23, 2010:
Statement by the Press Secretary on North Korean Shelling of South Korean island
Earlier today North Korea conducted an artillery attack against the South Korean island of Yeonpyeong. We are in close and continuing contact with our Korean allies.
The United States strongly condemns this attack and calls on North Korea to halt its belligerent action and to fully abide by the terms of the Armistice Agreement.
The United States is firmly committed to the defense of our ally, the Republic of Korea, and to the maintenance of regional peace and stability.
Readout of the President's Meeting with his National Security Team on the Situation on the Korean Peninsula
Upon his return to the White House, President Obama attended a meeting of his senior national security team on the situation on the Korean peninsula. The President was briefed by National Security Advisor Tom Donilon, Secretaries Clinton and Gates, Ambassador Rice, Admiral Mullen, and General Sharp, Commander of U.S. Forces Korea. The President reiterated the unshakeable support of the United States for our ally, the Republic of Korea, and discussed ways to advance peace and security on the Korean peninsula going forward.
From the Department of State, Nov. 23, 2010:
Special Representative Bosworth Comments on North Korea in Beijing
U.S. Special Representative for North Korea Policy Stephen Bosworth delivers remarks on North Korea in Beijing, China, November 23, 2010.
Ambassador Bosworth:
"The U.S. strongly condemns this aggression on the part of North Korea, and we stand firmly with our allies. This subject did of course come up in my meetings with the Chinese Ministry of Foreign Affairs, and I think we both share a view that such conflict is very undesirable, and I expressed to them the desire that restraint be exercised on all sides, and I think we agree on that.
We agree that a multilateral approach to the problems of North Korea remains central, and that we are both committed to the full implementation of the September 2005 joint statement, including in particular of course the denuclearisation of the Korean peninsula.
We strongly believe that a multilateral, diplomatic approach is the only way to realistically resolve these problems. We are very committed to continue to work at that in every way possible.
• HEALTH CARE NEWS •
From the Office of the Press Secretary, November 23, 2010:
President Obama Welcomes New HIV Prevention Research Results
WASHINGTON, D.C. – Today, the National Institutes of Health announced findings on recent HIV prevention research. The study finds that a daily dose of an oral antiretroviral drug taken by HIV-negative gay and bisexual men reduced the risk of acquiring HIV infection by 43.8 percent, and had even higher rates of effectiveness, up to 73 percent, among those participants who adhered most closely to the daily drug regimen.
"I am encouraged by this announcement of groundbreaking research on HIV prevention. While more work is needed, these kinds of studies could mark the beginning of a new era in HIV prevention. As this research continues, the importance of using proven HIV prevention methods cannot be overstated," said President Obama.
One of the President’s top HIV/AIDS policy priorities was the development and implementation of a National HIV/AIDS Strategy (NHAS), which was released in July 2010. As underlined in the NHAS, no HIV prevention method is 100 percent effective, and a combination of approaches including, among other steps, consistent condom use, will be necessary to prevent HIV infection. Nevertheless, the research results announced this past summer of an effective microbicide and today’s results fall directly in line with priority recommendations in the NHAS. Moreover, today’s study suggests that antiretroviral medication may serve as one more valuable tool as we seek to develop the best combinations of effective approaches to prevent HIV infection.
NIH-Funded Study Finds Daily Dose of Antiretroviral Drug Reduces Risk of HIV
Posted by Jeffrey S. Crowley, Director of the Office of National AIDS Policy
Today, the New England Journal of Medicine published research findings from the iPrEx study funded by the National Institutes of Health (NIH) and the Bill and Melinda Gates Foundation testing the efficacy of pre-exposure prophylaxis (PrEP). The study is a major step forward in our ability to prevent new HIV infections. The study found that a daily dose of an oral antiretroviral drug taken by HIV-negative gay and bisexual men and transgender women reduced the risk of acquiring HIV infection by 43.8 percent. The data showed even higher levels of protection from infection, up to 73 percent, among those participants who adhered most closely to the daily drug regimen.
This study is the first of its kind and we will need to validate these findings with other research, much of which is currently underway. There are still a lot of unanswered questions, such as whether this approach is effective in other populations. We also need to examine whether PrEP works effectively with other antiretroviral medications. There are also critical questions about when and for how long individuals need to take these medications and how to combine PrEP with other prevention tools to achieve maximum results. We also need to better understand how to exploit the promise of PrEP without sending signals that lead individuals to stop using condoms or taking other steps that may increase their risk of becoming infected with HIV.
Today, however, is a day to rejoice in these exciting results. What is particularly encouraging for many people is that this study was proven effective in gay and bisexual men - the group responsible for more than half of all new HIV infections in the United States and the only group where HIV incidence has been rising in recent years. We all hope that this will be shown to work for heterosexuals, people who inject drugs, and others. These results also compliment the promising study results announced at the International AIDS Conference in July from the CAPRISA study that demonstrated the efficacy of one of the two drugs used in the iPrEx study (tenofovir) when used as a vaginal microbicide. The findings from these two studies showing that antiretroviral therapy can prevent infection in HIV negative individuals is particularly encouraging given the President’s goal of lowering the annual number of new infections by 25% over the next five years. Although no single HIV prevention strategy is 100 percent effective, today’s findings suggests that antiretroviral medication may play an important role in developing the most effective combination of approaches to prevent HIV....
From the White House, Nov. 23, 2010:
Tuesday Talks: Health Care Reform Implementation
Nancy-Ann DeParle, Director of the White House Office of Health Reform, answers your questions on the implementation of health care reforms contained in the Affordable Care Act. November 23, 2010.
• JAPANESE TECHNOLOGY •
From CBSNews.com, Nov. 15, 2010:
President Obama Test Drives Japanese Technology (Video)
After a day of meetings during the APEC Summit in Japan, President Obama was able to take a small break and enjoy some of the nation's technology. Mr. Obama was introduced to a robot that mimics humans, animatronic seal pups and a motorized personal vehicle. (Video won't embed.)