Archive for the ‘Obama’ Category

Former US President Barack Obama reveals all about White House parties where behaviour surprised him – Irish Mirror

Former President of the United States, Barack Obama, has revealed the details of his wild party days whilst living in the White House.

Tuning in via video call to the Graham Norton Show recently, Obama was joined by singer Bruce Springsteen to promote their new book Renegades: Born in the USA.

Host Norton asked the pair about the glory days of Obamas time as president, saying: It sounds like after the camera stopped rolling, the party continued at the White House.

Obama said: Well, what is true is we had some good parties at the White House.

Agreeing with him, Springsteen simply said, Woo while grinning.

Part of the reason for that, Obama said, was down to artists like Springsteen who were willing to play at the events.

It turns out, folks, if theyre at a good party, they dont want to go home, even when its the White House, he said.

As a result of this, their White House parties would continue until late.

People misbehaved in ways I wouldnt have expected under the portrait of George Washington and Martha Washington, the former president joked.

He clarified quickly with a big smile: Nothing illegal but yeah. Nothing that scandalous.

Norton then asked about guests, and whether anyone would ever turn down an invitation to party with the president.

Honestly no, Obama replied.

One of the most remarkable performances we had at the White House - he did technically turn us down the first time - and that was Prince.

Obama, who admitted that he got up on stage to dance with his daughter during the set, said that Stevie Wonder joined in too.

The former president also revealed that the party was merely two or three months before Prince passed away in April 2016, meaning that this performance at the White House was one of his last.

Upon hearing the story, Springsteen said: Thats incredible. That must have been unbelievable

Obama agreed, It was unbelievable. He could not have been better.

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Former US President Barack Obama reveals all about White House parties where behaviour surprised him - Irish Mirror

Fed ‘behind the curve’ on inflation, says former Obama economist Jason Furman – CNBC

Inflation was expected to be up in October, but the pace of inflation was worse than expected, hitting a level it has not seen since December 1990. The consumer price index rose 6.2% year over year and on a monthly basis, CPI increased 0.9%, both significantly above estimates.

There's no easy fix if the Federal Reserve is ultimately proven wrong about the inflation being "transitory," and the Fed's view is a concern, according to Harvard University professor Jason Furman, a former chairman of President Obama's Council of Economic Advisers.

The Fed's mandate includes maximum employment and inflation targeting, but Furman said in an interview with CNBC's "Squawk Box Europe" on Wednesday that the current bout of inflation is defying the expectations of many.

"What we are seeing is inflation before the unemployment rate gets all the way to where we want it to get," Furman said. "Some people didn't think we could have inflation before you have unemployment below 3.5%, or some number like that."

Last week's nonfarm payroll report for October showed the unemployment rate to be at 4.6%, a pandemic low.

"It turns out, in the short run, you try to push too hard, too fast, and the economy can't make the adjustment on the real production side, and you end up with more inflation and that's what we are seeing," Furman said.

"I think the Fed has been a little bit behind the curve and they are going to be tested next year," he added.

Furman is not the only former Obama economic adviser to doubt Fed policy, with Larry Summers, who served under both President Obama and President Clinton, being one of the early and most vocal critics of Fed policy and the danger of inflation.

Jason Furman, chairman of the U.S. Council of Economic Advisors, speaks during an interview outside the White House in Washington, D.C.

Andrew Harrer | Bloomberg | Getty Images

In recent months, Fed chair Jerome Powell has called inflation" frustrating" and has said it will last "well into next year," but he has stuck to his messaging about inflation being largely tied to the pandemic and supply chain issues that will pass.

Inflation has been expected to peak this quarter at 5.9%, with the 6.2% reported on Wednesday ratcheting up fears about a central bank that has lost control of the inflation argument.

At the Fed press conference last week timed to its tapering announcement, Powell countered claims the Fed has not moved fast enough. "I don't think that we're behind the curve. I actually believe that policy is well-positioned to address the range of plausible outcomes, and that's what we need to do," Powell said.

Furman noted in a tweet on Wednesday that he has been concerned since the summer that faster-than-expected inflation could only go two ways: either an upward or a downward revision of inflation in the future."

"The upward parts have happened more than the downward parts," he wrote on Wednesday.

Furman said that can still change, and as the Fed has argued, the inflation trend reverse, but he isn't betting on an easy time for the Fed next year.

In his interview with CNBC, the former Obama economic adviser said that if the Fed is correct, and inflation comes back down to 2.3% in 2022, which was the median forecast from its last FOMC meeting, "then they are fine."

By one economic indicator from the shipping market, inflation may be peaking.

But if inflation is closer to 3% next year, which Furman thinks is "more plausible," then the Fed will have a serious test.

"They will need to shift off their game plan and raise rates faster than they are currently telegraphing," he said.

Powell said last week that the current level of inflation is not consistent with price stability and that the central bank would "use our tools as appropriate to get inflation under control."

A Fed forced to act sooner could mean increasing the pace of its just-announced bond taper before making the more drastic move to raise rates, though on Wednesday the market was increasing bets that the Fed will have to raise rates sooner rather than later. Stocks dove on Wednesday after the hotter-than-anticipated inflation.

While he supported President Obama's Covid financial relief plan, Furman told CNBC the plan "was larger than it needed to be" and that has played a role in the inflation now being experienced in the economy.

While some economists also have worried about an era of stagflation, Furman said that shouldn't be a concern since the unemployment rate is coming down, and will continue to decline.

But to combat the inflation, at this point, "there's not a great playbook," Furman said.

Among options that the government can pursue in addition to a change in Fed policy would be a dramatic lowering of tariffs, especially on China, which would reduce inflationary pressures and help supply chains.

President Biden said in a statement on Wednesday about the rising prices that "reversing this trend is a top priority for me."

Current White House Council of Economic Advisers member Jared Bernstein told CNBC on Wednesday that administration efforts to fix the supply chain bottlenecks, and to vaccinate more Americans including children, will lead to an improving economy and he stressed Covid's role in the current inflationary pressures.

When Covid hit there was a massive shift from in-person services to goods demand, and savings went up as people stopped eating out and staying in hotels, and that combined with the financial relief provided by the government led to even greater savings and demand which have ultimately contributed to the issues at ports. "I just don't think there's a coherent story about inflation without recognizing Covid's role, and every forecast I've seen has it settling down in the second half of next year," Bernstein said.

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Fed 'behind the curve' on inflation, says former Obama economist Jason Furman - CNBC

The First Lady: What To Know About Showtime Series On Michelle Obama, Betty Ford, Eleanor Roosevelt – International Business Times

Showtime is gearing up to release a new series about some of the most important women who worked out of the East Wing of the White HousetitledThe First Lady.

Viola Davis, Gillian Anderson, and Michelle Pfeiffer, who will portray former first ladies Michelle Obama, Eleanor Roosevelt, and Betty Ford, respectively, will be the focus of Season 1 of the anthology series.

According to Showtime, the upcoming series is expected to peel back the curtain on the personal and political lives of three unique, enigmatic women, tracing their journeys to Washington through interweaving storylines with an enlightening intimacy.

To prepare for her role, Davis, who also serves as an executive producer on the series, spoke with Obama and read her memoir to get into character.

I feel very protective of Michelle, the actress previously told Entertainment Weekly. Its our job as actors not to judge whoever we are portraying, but I ended up thinking shes just dope.

Roosevelts storyline will focus on her time as the longest-serving first lady. It was later discovered that Roosevelt exchanged 3,000 letters with journalist Lorena Hick Hickock, which led to questions about the extent of their relationship.

Fords storyline will explore personal addictions of alcoholism and substance abuseas well asher outspoken liberal comments on social issues, which did not sit well with conservative Republicans.

When the show premieres, viewers can expect to see several other notable historic figures. O-T Fagbenle will portray former President Barack Obama, Kiefer Sutherland will play former President Franklin Delano Roosevelt, Aaron Eckhart will portray former President Gerald Ford, and Dakota Fanning will play Susan Elizabeth Ford.

An official release date for The First Lady Season 1 has yet to be released. However, the show is expected to premiere sometime during the spring of 2022.

US actress Viola Davis in a white Alexander McQueen gown with cutouts Photo: POOL / Chris Pizzello

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The First Lady: What To Know About Showtime Series On Michelle Obama, Betty Ford, Eleanor Roosevelt - International Business Times

Letter to the editor: What Sears and Obama have in common – The Winchester Star

In Cal Thomas' column, "Winsome Sears : It's not 1963," he asked the question: "When was the last time a modern Democrat talked like Winsome Sears."

Here is a Barack Obama quote from the 2016 Dallas Police Memorial: I'm here to say we must reject such despair. I'm here to insist that we are not as divided as we seem, and I know that because I know America. I know how far we've come against impossible odds. These are not the words of someone invoking victimhood, but rather someone invoking a positive view of America's potential. Obama's message from 2016 was on the same positive note as Sears' 2021 message.

It's time to revel in our collective positives and to work to make our great nation even better than it is today.

Patrick Kofalt

Winchester

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Letter to the editor: What Sears and Obama have in common - The Winchester Star

Obama defends $500 million ‘Presidential Center’ in Chicago

Former President Barack Obama has defended the location of his $500 million Presidential Center in Chicago, saying hes absolutely confident it will benefit the community amid complaints from locals that it will destroy a historic park and lead to gentrification.

Following five years of legal battles, a federal review and gentrification concerns, Barack and Michelle Obama are expected to attend a celebratory groundbreaking Tuesday at the construction site of the Obama Presidential Center in Jackson Park on Chicagos South Side.

In an interview with ABCs Good Morning America on the eve of the groundbreaking, Obama dismissed the criticism of his legacy project, including multiple legal attempts to block construction.

The overwhelming majority of the community has been not just okay with it, but are hugely enthusiastic about it, Obama said.

The truth is, any time you do a big project, unless youre in the middle of a field somewhere, you know, and its on private property, theres always going to be some people who say, Well, but we dont want change. Were worried about it. We dont know how its going to turn out,' Obama said.

Which is why weve gone through such an exhaustive process to encourage and elicit comments and concerns and criticism and suggestions from the community.

The former president decided back in 2016 that he wanted his presidential library to be located on Chicagos South Side where he previously worked as a community organizer. His wife Michelle also grew up in the neighborhood.

The young person whos growing up across the street or down the block or a few miles away, now suddenly have a place where concerts and speeches and debates and forums are taking place that they can access, Obama told the outlet.

If they want to bring about change in their neighborhoods, theyve got resources and people who can teach them how to do that effectively. And theyre going to be able to see themselves as part of that change in a way that, so often, they dont feel right now.

Construction on the legacy project began last month and is expected to take five years.

On the same day that construction started, the Supreme Court blocked an 11th hour plea from Chicago park advocacy group, Protect Our Parks, to halt the project.

The group has argued it will destroy significant parts of historic Jackson Park. The presidential center will sit on 19 acres of the 540-acre park.

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Obama defends $500 million 'Presidential Center' in Chicago