This Tuesday the Senate Finance Committee passed its version of health care legislation without a public option. Only one Republican, Sen. Cynthia Snow of Maine, joined the committee’s 13 Democrats to pass the legislation in a 14-9 vote. Andre Koop, a biology junior, wasn’t supportive of the committee’s bill, but it didn’t include a public option.

“I’m against the public option because it would take away freedom from the doctors,” Koop said.

Health care reform now falls into the hands of Majority Leader Harry Reid, D-Nev., who will merge the Finance Committee’s bill with the Health, Education, Labor and Pension Committee’s proposal, which includes a public option. The bill would also establish a mandate for most legal residents to obtain health insurance and significantly expand eligibility for Medicaid. Read more…

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Last week there has been upheaval after Obama’s Nobel Peace Prize. He doesn’t deserve it. He shouldn’t accept the award. He hasn’t achieved anything. What’s the man done? Peace, what peace?

Well, today may mark the first major achievement of the Obama administration – at least a key step in his attempt to repair the health care system. . The Senate Finance Committee, in America, voted in favor of legislation that could reshape the health care system.

Watch the video “Obama: Health Care Bill “Not Perfect”, Significant Work“

Interestingly, Senator Olympia Snowe became the first Republican in Congress to back a healthcare reform bill – she voted with the 13 Democrats in favor of the bill. 9 Republicans voted against it. Read more…

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After the selection of Bernanke as a Fed chairman things are going better and now the President Obama is getting support from the G20 countries and this was seen in the Pittsburgh summit. The US President Barack Obama opened the G20 leaders’ summit Thursday by calling for agreement on a framework to rebalance the global economy, hoping to shift the responsibility for prolonged economic recovery off the American consumers and the heavily indebted the US government. The US president is arguing the world can no longer rely on American consumer and government spending to drive economic growth.

In this summit G-20 counties leaders agree to fully support the US president to rebalance their economy. Timothy Geithner who is the US Treasury Secretary told reporters in an interview that “It’s very important that, as we lay a foundation for recovery, we don’t sow the seeds for future crises,” “In the run-up to this crisis, many of the world’s largest economies depended on the American consumer to buy their exports to drive growth, and we made it easy. For too long, Americans were buying too much and saving too little. And that’s no longer an option for us, or for the rest of the world.”

Despite Merkel’s reservations, Geithner told reporters “there’s very strong support” for Obama’s rebalancing proposal. “Certainly, for the first time in a year, we’re seeing the first signs of optimism about prospects for global recovery,” he said. “This is encouraging, but we have ways to go.”

The prime minister gave an important message which is showing a good hope for the economical rebalancing was “their good progress has been made, but it is going to be very important that we don’t lose the momentum, going forward,” the official said. So, we can hope well that now America will now get rid from his financial problems.

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Mr. Obama hailed the outcome of the Pittsburgh summit as an outstanding success. The US President Barack Obama has said that, world leaders had signed up to significant steps to secure the continuing global economic recovery. The US economical situation is now getting better and this is just because of president Obama and his administration policies. Mr. Obama, who made the comments at the end of the G20 Summit in Pittsburgh last night, said it was important that the world did not slide into the economic cycle of boom followed by bust.

The US president Obama said that the G20 leaders had agreed to launch a new framework to generate strong sustainable and balanced global growth. The President added that ordinary people around the world would not tolerate going back to a boom and bust global economy. In answer to a question on Iran’s nuclear program, he said the Iranians were on notice to come clean on what exactly they were doing at their second, secret nuclear facility.

The US President Obama said about a military option that “he was not ruling anything in or out, but added his preferred solution was a diplomatic one”. So, these conferences and the agreement of balancing the world economical recovery is a positive sign for the world that these steps can save the world’s destabilized economical conditions.

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US economical decline was started when the banks went in worst situation and announced the US worst banking sector got collapsed and then a chain of banks failure started. If a bank goes bad, its chartering institution turns it over to the Federal Deposit Insurance Corp. The FDIC follows an orderly process for putting the bank in receivership, then liquidating its assets or selling it off to a healthy institution. Deposits are guaranteed, and there’s no threat to the overall financial system.

The most important part of President Obama’s remarks on financial reform dealt with the need for a policy to deal with firms deemed “too big to fail” — enterprises so large and interconnected that a collapse would pose a threat to the entire system.

No similar process exists for a highly diverse financial supermarket like Citigroup or Bank of America, or Lehman Brothers, which collapsed a year ago and triggered the financial crisis. As Obama noted, proper resolution authority is needed to put an end to the notion of “too big to fail.” Officials shouldn’t face the stark choice of letting a large firm fail or bailing it out with public money.

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