Washington, D.C., United States (AHN) – President Barack Obama on Friday heads to Toledo to tour Chrysler’s Assembly Complex there to extract maximum political mileage from the fact that just over a week after Chrysler Group LLC paid off its federal bailout loan of $7.6 billion.

Paving the way to the visit is also a White House report released on Wednesday highlighting the resurgence of the American auto industry and emphasizing the turnaround of the companies that are now turning a profit after hanging on the borderline of collapse.

The report noted that the certain closures would have cost at least an additional one million jobs and devastated vast parts of our nation’s industrial heartland.

The presidential decision to “save GM (General Motors) and Chrysler was about more than those two companies,” said the report, adding, “It was about standing behind the countless workers, communities, and businesses – large and small – that depend on the automotive industry.”

The report cited the comeback shown by the American auto industry in last two years, with GM “expanding production and adding jobs,” while Chrysler repaying “its outstanding loans to the U.S. Treasury – six years ahead of schedule.”

“Since GM and Chrysler emerged from bankruptcy, the auto industry has created 115,000 jobs, its strongest period of job growth since the late 1990s. GM, Ford and Chrysler have all returned to profitability, and in 2010, the “Detroit three” gained market share for the first time since 1995,” the report highlighted.

Addressing journalists on Wednesday in the White House, Ron Bloom, Assistant to the President for Manufacturing Policy Ron Bloom said, “Now, the credit for that importantly goes to the men and women of those companies and their stakeholders, who all made very, very difficult decisions to come together.”

Bloom, however, added, “But we think that it is also worth noting that the courageous decision the President made to stand behind these companies.”

Asked to give a breakdown of the money involved in rejuvenating the American auto industry, Bloom told journalists, “The total funds invested, including the prior administration, into the industry is roughly $80 billion. Roughly $40 billion has been returned to date.”

“The remaining money is accounted for by stakes in General Motors — we’ve sold about half of what we own, but we still own the other half — a small equity stake in Chrysler; and a stake in Ally Financial, which is the old General Motors Acceptance Corporation,” Bloom added.

About the administration policy of selling the stakes, Bloom said, “I think it’s a question of a principle that we’ve adopted that we don’t think we should be a permanent or long-term player in the private economy, and we’re trying to be true to that principle.”

Bloom urged Congress to move ahead with pending law making process saying, “The actions taken by this Administration have laid the foundation for manufacturing’s quiet resurgence, but we cannot be complacent. That is why Congress must take action to build on our early momentum.”

On Friday around 1 p.m., the North Toledo plant of Chrysler where the company makes Jeep Wranglers, would be hosting President Obama as he is scheduled to arrive at Toledo Express Airport in the morning according to the White House sources.

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D.C., Washington, United States (AHN) – Washington has proposed a $5.50 fee for every Canadian who would visit the United States through air or sea. The levy is part of the $3.73 trillion 2012 budget proposal unveiled by U.S. President Barack Obama earlier this week.

Obama said the fee would raise $110 million yearly to help reduce the country’s budget deficit. The fee would also apply to air and sea travelers from Mexico and the Caribbean.

An average of 16 million Canadians fly to their North American neighbor yearly. The $5.50 fee, if approved by the U.S. Congress, would raise about $110 million and help defray the cost of beefed up boundary security.

The fee would not apply to land travelers. The U.S. has been charging that fee to other international passengers, except Canadians, Mexicans and Caribbean nationals who have been exempt from paying it since 1997. If implemented, the fee would likely be tacked in airline ticket prices.

The U.S. Department of Homeland Security proposed the $5.50 fee to Obama to help raise over $300 million hike the department asked in it 2012 budget.

In 2009, Washington required Canadians entering the U.S. to bring passports. Obama and Canadian Prime Minister Stephen Harper are meeting in Washington this month to discuss more details of a proposed U.S.-Canada border security agreement in a bid to ease movement of people and shipments between the two North American neighbors.

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Washington, D.C., United States (AHN) – President Barack Obama made a special appearance on Friday to bid farewell to teary-eyed Rahm Emanuel, the incumbent chief of staff, calling him “an incomparable leader.” Obama also announced his “wise, skillful, and longtime counselor, Pete Rouse,” as the new “interim chief of staff” for the “next phase of our administration.”

Emanuel, with his humor and candid speech, started with comments on the standing ovation he received, calling it “slightly different than the reception I got during my bar mitzvah.”

Although Emanuel did not announce his intentions to run for the mayor of Chicago, he told the president he’s “energized by the prospect of new challenges and eager to see,” what he can do to make “our hometown even greater.”

Emanuel was bear-hugged twice by Obama during the event in the East Room while the incoming interim chief of staff, Rouse, true to his reputation of being media-shy, maintained his silence while trying to slip out of the TV camera frames.

Even Obama noted in his speech about Rouse’s dislike for the limelight, saying, “Pete has never seen a microphone or a TV camera that he likes.”

Robert Gibbs, the White House spokesman later told journalists, “Pete enjoys complete trust of the president.”

On Emanuel’s contribution during his 20 month tenure at the White House, the president said, “We could not have accomplished what we’ve accomplished without Rahm’s leadership — from preventing a second depression to passing historic health care and financial reform legislation to restoring America’s leadership in the world.”

Calling it “the least suspenseful announcement of all time,” as the news of his departure had been already reported, Obama noted that the outgoing chief of staff had “exceeded all of my expectations.”

“He has been a great friend of mine, and will continue to be a great friend of mine,” the president added.

Obama admitted, “for nearly two years, I’ve begun my workday with Rahm. I’ve ended my workday with Rahm. Much to Amy’s chagrin, I’ve intruded on his life at almost any hour of the day, any day of the week, with just enormous challenges.”

Emanuel gave Obama the credit for saving the country from further sliding into depression saying, “You had the tough — you had the guts to make the tough calls that stopped the freefall and saved our country from a second Great Depression.”

“I thought I was tough. But as someone who saw firsthand how close our nation came to the brink and what you had to do to put America back on track, I want to thank you for being the toughest leader any country could ask for in the toughest times any President has ever faced,” Emanuel added amid applause from the audience.

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Washington, D.C., United States (AHN) – President Barack Obama on Friday appointed Elizabeth Warren giving her charge of the creative process involved in the floating of Consumer Financial Protection Bureau.

At the Rose Garden, the president noted in his remarks to the journalists, “The Consumer Financial Protection Bureau, which was one of the central aspects of financial reform, will empower all Americans with the clear and concise information they need to make the best choices, the best financial decisions, for them and their families.”

With the new agency coming into existence, Obama promised to the American people, “Never again will folks be confused or misled by the pages of barely understandable fine print that you find in agreements for credit cards or mortgages or student loans.”

Sen. Al Franken (D-Minn.) welcomed the appointment of Warren saying, “The President’s appointment of Elizabeth Warren to oversee the creation of the Consumer Financial Protection Bureau is a victory for America’s consumers.”

“Warren is one of the nation’s foremost experts on consumer protection and a fierce consumer advocate who will stand up to mortgage lenders, credit card companies and other financial institutions,” said the senator, cautioning, “This is big step forward, but the work is only beginning. We must ensure that the new Bureau is as strong as possible and that Warren receives a permanent appointment.” 


Earlier this year, Sen. Franken and 11 of his Senate colleagues had sent a letter to President Obama urging Warren’s appointment.

Later in the day, White House press secretary Robert Gibbs defended Obama’s decision to name Warren, arguing that the agency could have faced delays of months because Republicans would have put her nomination on the back-burner or outright rejected, if she had been nominated director of the agency.

Gibbs told journalists at the daily press briefing, “The president will nominate a director, and Elizabeth will be instrumental in helping the president fill that position,” but did not rule out her being one of the candidates for that position.

Gibbs, however added, “If she said she’s not interested in it, then there’s your answer,” when it was mentioned that she has expressed her unwillingness to take the job as a director.

On the question of the president bypassing rules, Gibbs said, “There’s no circumventing the law in any way of this,” explaining that, “the task of setting up and standing up that function rests in the law with the Treasury. Elizabeth Warren is an adviser to the secretary of Treasury to do exactly that.”

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photo credit: papalars

There are many reasons why I feel the merchant loan will be one of the most sought-out methods of business financing for 2009. Many of those reasons stem from our current economic situation.

Fact: “We are in the worst financial crisis since the Great Depression,” as stated many times by President Barack Obama. It is also a fact that the issues that tipped off the U.S.’s recession ultimately have a domino or ripple affect and in the worst cases can even result in a cycle of economic hardships that is difficult to break.

Example: Banks tighten their lending standards, making it more difficult for business owners to get loans. –> Business owners have to find other ways to finance, such as increasing prices. –> Higher prices cause consumers to tighten budgets, spend less and make fewer purchases .–> As consumers spend less and banks don’t lend, businesses lay off employees to off-set sales decreases. Some even go out of business, leaving countless other employees out of work. –> Dwindling incomes make it even harder for consumers to afford items, causing businesses to take an even bigger hit…and the cycle continues.

So why do I say that this could possibly cause a surge in merchant loan interest? One; as banks lend less, small business owners need an alternative method of business financing, one that relies less on collateral and credit scores and focuses more on promoting business sales. Two; as millions of Americans find themselves unemployed, many of them will view their layoffs as an opportunity to go into business for themselves.

As reported in an article titled “Laid of in 2008? Start a Business in 2009,” George Solomon, associate professor of management and director of the Center for Entrepreneurial Excellence at The George Washington University, “…saw the number of startups increase during the recessions of 1983 and 2001 and predicts they’ll increase in the current economy as well.” These new business owners will very likely need funds to help their businesses grow, funds that can be acquired through a merchant loan.

Small business owners can be eligible to receive a merchant loan when they have owned their businesses for at least six months and their businesses process a minimum of $5,000 in monthly credit card sales. Poor credit scores are not an obstacle when it comes to receiving a merchant loan. In fact, most lenders only require applicants to have a credit score of at least 550.

Maybe you are one of the many small business owners who could greatly benefit from a merchant loan in 2009. Do your business a favor and find out now.

Gaston C. writes articles about Merchant Loans for Merchant Resources International.