Pro-Business Obama

Obama's Approval Rating is Gaining

Who is this guy flying around in Marine One and giving speeches on podiums reserved for that liberal loose-canon the Republicans were getting ready to unseat in 2012? Oh hold on, that's pro-business Obama, the guy who is taking back opinion poll points like the Bush boys on Iraq.

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Pro-Business Obama

It looks as though the President scored pretty well last week, even by Wall Street investment banking standards. In fact, I suppose the President would be raking in a huge bonus in short time on his accomplishments, had he a VP position at Goldman Sachs (NYSE: GS) or Morgan Stanley (NYSE: MS). As farfetched as that is, he is still going to get some credit for the roughly 60 business deals secured in a whirlwind trip Chinese President Hu Jintao took through the Midwest; though those deals were clearly part of a pre-prepared effort, and the President's role was somewhat questionable. Still, it's his economic panel that his administration put together, and that he is making decisions with, that is helping make the inroads for American-made exports into China, India and beyond.

That's more than the GOP can say. Under the last Republican regime, our government was more focused on the cost saving, profit margin boosting opportunities American corporations could find via China, and let it be at the cost of American jobs.

The United States exports more than $100 billion in goods and services to China per year. According to the President, as a result of the deals completed this past week, US exports to China will increase by more than $45 billion and China's investment in America will grow by several billion dollars. More importantly to Midwesterners, who were very likely seething when they first heard Hu was coming, the deals will support some 235K American jobs, many of which will be in manufacturing. In related news, Mitt Romney had a bad day and Michigan ain't looking like a given no more (BTW: I supported Romney, and ended up voting for Obama).

His latest pre-stump speech has Obama talking also about his South Korean trade deal, which will support more than 70K new American jobs. Trade deals with India, including one arranged by GE (NYSE: GE), will generate $10 billion more for American businesses while creating more than 50K new American jobs. While the President was big in China, he hit Schenectady, NY too, visiting a GE plant there that is manufacturing steam turbines and generators for a project in India, which supports more than 1600 jobs in New York.

Obama's got a big goal too: he wants to double exports in five years time. He says, "China sells their stuff here, and that's alright, but we want them to buy our stuff too. We need two-way trade." He says, "We've got to sell outside of America, because that's where the customers are. It's that simple." And in the meantime, he is sneaking up on the GOP and taking away the big anti-business card that they had hoped to use against the President in 2012.

Now I know many of you small business chums will weigh in with your health care complaints, but somehow you get the feeling he might just find a way to help the small businessman in a bigger way too before he's through. So far, the tax incentive provided to firms for hiring guys, just isn't inspiring the hiring. I've been pointing out why over recent months, along with my old Dean from Temple University, Bill Dunkelberg, now Chief Economist of the National Federation of Independent Business (NFIB). No smart small businessman who wants to keep his shop operating is going to hire new help without the revenues to support them. In fact, in December, when the Small Business Optimism Index slipped, 33% of the small businessmen surveyed said sales were simply their greatest concern. Dunkelberg said that marked about the highest percentage the NFIB has ever measured. Thus, what the government has offered us up to now has come up just short of a solution to that key issue. But give the kid a minute, because he's focused now on his so-called weakness (business), and aiming for a vote of confidence in 2012.



Article should interest investors in Bank of America (NYSE: BAC), J.P. Morgan Chase (NYSE: JPM), Goldman Sachs (NYSE: GS), Citigroup (NYSE: C), Morgan Stanley (NYSE: MS), Wells Fargo (NYSE: WFC), TD Bank (NYSE: TD), PNC Bank (NYSE: PNC), State Street (NYSE: STT), Janus (NYSE: JNS), T. Rowe Price (Nasdaq: TROW), General Electric (NYSE: GE), Wal-Mart (NYSE: WMT), McDonald's (NYSE: MCD), Alcoa (NYSE: AA), American Express (NYSE: AXP), Boeing (NYSE: BA), Caterpillar (NYSE: CAT), Cisco Systems (Nasdaq: CSCO), Chevron (NYSE: CVX), DuPont (NYSE: DD), Walt Disney (NYSE: DIS), Home Depot (NYSE: HD), Hewlett-Packard (NYSE: HPQ), IBM (NYSE: IBM), Intel (Nasdaq: INTC), Johnson & Johnson (NYSE: JNJ), Kraft (NYSE: KFT), Coca-Cola (NYSE: KO), 3M (NYSE: MMM), Merck (NYSE: MRK), Microsoft (Nasdaq: MSFT), Pfizer (NYSE: PFE), Procter & Gamble (NYSE: PG), AT&T (NYSE: T), Travelers (NYSE: TRV), United Technologies (NYSE: UTX), Verizon (NYSE: VZ), Exxon Mobil (NYSE: XOM), Paychex (Nasdaq: PAYX), Manpower (NYSE: MAN), Robert Half International (NYSE: RHI), 51Job Inc. (Nasdaq: JOBS), Monster World Wide (NYSE: MWW), Korn/Ferry International (NYSE: KFY), Administaff (NYSE: ASF), Kforce (Nasdaq: KFRC), TrueBlue (NYSE: TBI), Dice Holdings (NYSE: DHX), Kelly Services (Nasdaq: KELYA), SFN Group (NYSE: SFN), CDI Corp. (NYSE: CDI), Cross Country Healthcare (Nasdaq: CCRN), On Assignment (Nasdaq: ASGN), AMN Healthcare Services (NYSE: AHS), Barrett Business Services (Nasdaq: BBSI), Hudson Highland Group (Nasdaq: HHGP), StarTek (NYSE: SRT), RCM Technologies (Nasdaq: RCMT), VirtualScopics (Nasdaq: VSCP), General Employment Enterprises (NYSE: JOB) and TeamStaff (Nasdaq: TSTF).

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