As Obama starts to take questions, the first concern reporters bring up is what to do about banks, and especially insurance company AIG, and their bonuses and corrupt lending. The president advises Americans to be patient with restructuring and assures them that lending practices will get strict requirements.
"Folks are sacrificing left and right. Workers cut an entire days' worth of pay so that an employee doesn't get laid off," Obama said to a reporter who asked why Americans haven't been asked to make sacrifices.
Our economy's growth comes mostly from the financial sector. If the risks investors take are in products that are useful and relevant to the American people, then this is the model the government will want to follow. Obama adds that the steps they are taking "will stabilize the economy and get it moving again." He asks that families continue with their normal routines, but also that they contribute to their communities and stay up-to-date on what is going on in Washington.
Tuesday, March 31, 2009
Live blog: Obama's 3/24 press conference
At his second press conference as President, Barack Obama addresses the nation and the pressing issue of the current economic crisis. He stresses that "there is no quick fix, no silver bullets." The economic recovery plan aims to created more jobs in construction, teaching, and other valuable areas. Additionally, Obama says that home ownership will likely rise because of lower current housing prices and mortages.
"It is my goal to cut the deficit in half by the end of my term," Obama said.
According to Obama, clean energy jobs and efficient health care are vital to the budget and recovery plan because they will set up the country better for the future. Though the banks and lenders give out bonus and continue practicing the habits that "brought this economy to its knees," Obama does not advise "demonizing" them.
"We will recover from this recession. But it will take time, it will take patience, and we will all need to work together," Obama said.
"It is my goal to cut the deficit in half by the end of my term," Obama said.
According to Obama, clean energy jobs and efficient health care are vital to the budget and recovery plan because they will set up the country better for the future. Though the banks and lenders give out bonus and continue practicing the habits that "brought this economy to its knees," Obama does not advise "demonizing" them.
"We will recover from this recession. But it will take time, it will take patience, and we will all need to work together," Obama said.
Wednesday, March 18, 2009
Santi Nallapaneni and Indian Immigration
YOUNGSTOWN, Ohio—Santi Nallapaneni rushed into the lobby of Jamie’s Dance Force, her shiny black hair thrown into a loose ponytail, dressed in a casual black track suit, just in time to get her daughters from hip-hop class.
“I meant to be here sooner, but I had to pick up paperwork from a client for Monday,” she said apologetically as she collapsed into a chair, her dark brown eyes gleaming.
Nallapaneni, a 34-year-old first-generation American of Indian descent who recently switched companies and now works as a financial adviser for J.P. Morgan Chase, described her schedule as “hectic.”
However, a strong work ethic is one of the foundations of Indian families that parents pass down to their children, among other values such as religion, strong educational value, and respect for family members.
The 2000 U.S. Census reported that Indian-American men earned the highest full-time, year round median incomes, nearly double the rest of the American population.
Additionally, Indian-Americans make up a disproportionately high number of physicians, lawyers and engineers, among other professions, according to statistics provided by the U.S. India Political Action Committee.
Nallapaneni’s father, Anil Nalluri, came to America in 1975 with his wife, Parvati, and their two young sons from Guntur, A.P., India, to pursue a medical career.
“There was a shortage of physicians in the United States, and the opportunity just presented itself,” Nallapaneni said about her father’s decision to move.
Nalluri joined some Indian friends in Akron, Ohio, and completed both medical school and his residency in the city, before moving Youngstown, Ohio. These friends prompted the Nalluris’ decision to move, and the friends later founded the India Association of Greater Youngstown.
Adjusting to life in America, even with friends, still proved difficult. In addition to being homesick and dealing with cultural differences, the Nalluris were unprepared for the change in weather.
“The cold was a shock,” Nallapaneni said. “India was very warm.”
Nallapaneni, who lives in the Youngstown suburb of Canfield with her husband, by arranged marriage, and three young children, was born in the U.S. and had no issues adjusting.
“God, look at me, I’m so American!” she said. “I don’t even think of myself as different, but I know I am.”
Because of their dark skin, hair and eye color, the Nallapanenis are easy to recognize, especially in a community of few minority families. Nallapaneni even wears a silver aum charm, a religious Hindu symbol, on a necklace.
“Today when I met a client, she immediately goes, ‘You’re Sachin’s mom!’” Nallapaneni said. “My daughters look different onstage when they dance. You know which kids are ours.”
Though Indians are minorities in the U.S., they don’t face widespread racism or discrimination. Some setbacks have included 1980s Indian American intimidation group Dotbusters, in New Jersey, and the more recent “Indophobia,” discrimination because of outsourcing, according to a Columbia University report.
However, that is not the most severe of Indian-American discrimination. In 1917, the Barred Zone Act prohibited Asians, including Indians, from immigrating to the U.S. In 1923, Indians became ineligible for citizenship. But eventually, President Truman returned the right to immigrate and naturalize to Indians with the Luce-Celler Act of 1946.
Most recently, the government has been cracking down on illegal aliens in the U.S., a practice Nallapaneni thinks is “smart.”
“People shouldn’t freely be able to come into this country. It affects our tax dollars,” she said.
Though Nallapaneni generally supports immigration, she said she believes the government should be stringent.
“There’s a process, and there’s a reason for [immigration laws],” she said. “People need to follow the proper process if they want to come here.”
“I meant to be here sooner, but I had to pick up paperwork from a client for Monday,” she said apologetically as she collapsed into a chair, her dark brown eyes gleaming.
Nallapaneni, a 34-year-old first-generation American of Indian descent who recently switched companies and now works as a financial adviser for J.P. Morgan Chase, described her schedule as “hectic.”
However, a strong work ethic is one of the foundations of Indian families that parents pass down to their children, among other values such as religion, strong educational value, and respect for family members.
The 2000 U.S. Census reported that Indian-American men earned the highest full-time, year round median incomes, nearly double the rest of the American population.
Additionally, Indian-Americans make up a disproportionately high number of physicians, lawyers and engineers, among other professions, according to statistics provided by the U.S. India Political Action Committee.
Nallapaneni’s father, Anil Nalluri, came to America in 1975 with his wife, Parvati, and their two young sons from Guntur, A.P., India, to pursue a medical career.
“There was a shortage of physicians in the United States, and the opportunity just presented itself,” Nallapaneni said about her father’s decision to move.
Nalluri joined some Indian friends in Akron, Ohio, and completed both medical school and his residency in the city, before moving Youngstown, Ohio. These friends prompted the Nalluris’ decision to move, and the friends later founded the India Association of Greater Youngstown.
Adjusting to life in America, even with friends, still proved difficult. In addition to being homesick and dealing with cultural differences, the Nalluris were unprepared for the change in weather.
“The cold was a shock,” Nallapaneni said. “India was very warm.”
Nallapaneni, who lives in the Youngstown suburb of Canfield with her husband, by arranged marriage, and three young children, was born in the U.S. and had no issues adjusting.
“God, look at me, I’m so American!” she said. “I don’t even think of myself as different, but I know I am.”
Because of their dark skin, hair and eye color, the Nallapanenis are easy to recognize, especially in a community of few minority families. Nallapaneni even wears a silver aum charm, a religious Hindu symbol, on a necklace.
“Today when I met a client, she immediately goes, ‘You’re Sachin’s mom!’” Nallapaneni said. “My daughters look different onstage when they dance. You know which kids are ours.”
Though Indians are minorities in the U.S., they don’t face widespread racism or discrimination. Some setbacks have included 1980s Indian American intimidation group Dotbusters, in New Jersey, and the more recent “Indophobia,” discrimination because of outsourcing, according to a Columbia University report.
However, that is not the most severe of Indian-American discrimination. In 1917, the Barred Zone Act prohibited Asians, including Indians, from immigrating to the U.S. In 1923, Indians became ineligible for citizenship. But eventually, President Truman returned the right to immigrate and naturalize to Indians with the Luce-Celler Act of 1946.
Most recently, the government has been cracking down on illegal aliens in the U.S., a practice Nallapaneni thinks is “smart.”
“People shouldn’t freely be able to come into this country. It affects our tax dollars,” she said.
Though Nallapaneni generally supports immigration, she said she believes the government should be stringent.
“There’s a process, and there’s a reason for [immigration laws],” she said. “People need to follow the proper process if they want to come here.”
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