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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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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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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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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As we know that U.S is in the Decade’s worst financial and economical crunch and Obama is giving his 100 % to resolve all these issues. Mr. Obama is trying to shape Fed policy. He has already appointed one Fed governor, Daniel Tarullo, and has an opportunity to fill two more vacancies in the months ahead. The reappointment of Ben Bernanke is a very good decision made by the President Obama. Mr. Bernanke’s to-do list is developing rules to close big, failing financial institutions like Bear Stearns Cos. and Lehman Brothers Holdings Inc. outside of bankruptcy court. It has been nearly 18 months since the failure of Bear Stearns, and Congress hasn’t passed legislation giving the Fed and Treasury the authority they are seeking to deal with institutions other than banks that they deem too big to fail. Bernanke is doing a fantastic job so, In the two years since the onset of the global financial crisis, Mr. Bernanke’s Fed has cut short-term interest rates nearly to zero, has initiated a slew of ways to bypass banks to keep credit flowing in the economy, and is on course to purchase up to $1.25 trillion in mortgage-backed securities and $300 billion in long-term U.S. Treasury.

Mr. Geithner gave a proposal to Mr. Bernanke and he has opposed to strip the Fed of its power to oversee consumer-finance protections. Lawmakers, including Senate Banking Chairman Christopher Dodd of Connecticut, are wary of giving the Fed more power to oversee large financial institutions after some big banks, like Citigroup Inc., teetered under its oversight. Earlier this month, Mr. Geithner lashed out at other financial regulators in a private meeting for not taking a unified stance with the Treasury on overhauls. So, Ben Bernanke’s to do list is long where he has to settle down the Mortgage crisis, renomination elation, Wall Street crisis, banking sector collapse and countries other problem and we are hoping that he will be successful in the future!

In nominating Bernanke last week, When president Obama nominating the 2^nd time Mr. Ben Bernanke as the Fed chairman he was so confident that he got the right man who can save our country form the financial disaster! President Barack Obama praised the Fed chairman for his “bold action and out-of-the-box thinking,” saying it had helped avoiding a repeat of the Great Depression, because the bold actions of Bernanke, lending hundreds of billions of dollars to banks and businesses, slashing overnight interest rates to nearly zero, having the Fed almost single-handedly finance the mortgage market will have to be reversed or rolled back over the next few years. There is a possibility that if the Fed shifts too quickly from the role of savior to that of strict disciplinarian, it risks aborting the recovery and tipping the nation back into a recession, essentially repeating mistakes made in 1937 when the economy had begun to rebound. If the Fed moves too slowly, it risks the kind of intractable inflation it experienced in the 1970s and fueling another bubble.

For the first time in almost 20 years, the Fed may soon have to make unpopular decisions like the decision to raise the cost of borrowing even when the economy still feels weak. It has already decided it must at some point next year, the Fed may well need to raise interest rates possibly rapidly and sharply, given how far it cut them last year and in the process raising the cost of things like’s credit cards, mortgages and business loans. Now, its Bernanke responsibility that how well he tackles with these problems and provides the nation, best possible and positive results!

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When the election was ready, Hatoyama drew attention with an interview in The New York Times that was critical of the US economic policy. He said Japan was “continually buffeted by the winds of market fundamentalism in a US-led movement that is more usually called globalization” and traced the origins of the global economic crisis to “American-style free market economics.” These all symptoms’ are showing that in future there must be a big change between the Japan and the US Financial sector.

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“His biggest legacy for sure will be having designed and implemented a policy for dealing with an intense financial crisis,” said former Fed governor Laurence Meyer, now vice chairman of St. Louis-based Macroeconomic Advisers LLC. “Here is what is amazing: It was ad hoc, yet it looks very good.”

Bernanke’s first test on inflation will be reversing the $1.2 trillion in additional Fed credit his policies created. The challenge will be to maintain the Fed’s credibility for keeping prices stable, while avoiding a premature increase in interest rates that may snuff out an emerging recovery. The chairman devoted a section of his semiannual testimony before Congress in July to his exit strategy, saying the Fed could neutralize money in the banking system through tools such as interest on reserves, reverse repurchase agreements, or outright sales of securities. As, president Obama is expecting high from the reappointment of the Bernanke. We are hopeful that he is the man who can lift up and save our current economical conditions form the further disaster!

Watch the video “Obama Keeps Bernanke at Fed”

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We know that, everyone loves a central banker when he’s doing best of flooding the economy with money. But Mr. Bernanke will sooner or later have to say no to the political class. This is something he has never done, and already there are signs in China and the edges of the dollar bloc of new asset bubbles. Mr. Bernanke has also tended to be a domestic central banker, ignoring the Fed’s larger role as steward of the world’s reserve currency.”His money-withdrawal task will only be harder because of the Fed’s extraordinary forays into fiscal policy and credit allocation since the crisis began. The Bernanke Fed has also become nearly an arm of the Treasury by endorsing a spendthrift stimulus and by directly buying federal debt for the first time in a half-century.”

All of these steps helped the country narrowly sidestep a much deeper financial panic than the one we had. Let’s recall that in July, analysts began issuing reports saying that the “recession is over.”I am hoping the best to see my country again on the top and economically strong so, Bernanke might be a right man to resolve the countries “financial bubble” which is very much important!