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Some inauguration viewers were fascinated by the historical tidbit that President Barack Obama took the oath of office on Abraham Lincoln’s Bible.

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Others were more interested in the J. Crew sage green leather gloves that Michelle Obama wore to hold the Bible for her husband — not to mention the pale pink and royal blue wool coats the Obamas’ daughters wore, also from J. Crew.

Indeed, a lot of viewers apparently decided that they must own the gloves and coats themselves. In an interview with my colleague Liz Robbins at The Caucus blog, Jenna Lyons of J. Crew said, “It’s an incredible validation to have the First Family like what you’re doing.”

Jim Bourg/Reuters)

Michelle Obama. (Credit: Jim Bourg/Reuters)

Maybe too much of a validation.

By Tuesday afternoon, the Web page on J. Crew’s site that features women’s gloves had crashed. By Wednesday morning, the whole women’s section of the site had crashed. Later in the day, the entire site was down, with a note that said, “Stay tuned…Sorry, we’re experiencing some technical difficulties right now (even the best sites aren’t perfect). Check back with us in a little while.”

J. Crew’s Web site joins the many media sites that could not keep up with the surge of inauguration Web traffic. Many of the sites that promised to stream live video of the inauguration struggled or failed to provide a steady stream because of the influx of traffic.

Early Tuesday, J. Crew, which designed the children’s coats and velvet ribbon belts especially for the Obama girls, posted a note — “Congratulations to the first family” — on its home page.

Jim Young/Reuters)

Malia and Sasha Obama. (Credit: Jim Young/Reuters)

Later, the company added another note — “Yes, they wore Crewcuts” — with a link to shop the brand’s Crewcuts children’s collection.

The outfits were designed exclusively for the Obamas and are not available from J. Crew, though “highlights” from the inaugural outfits may appear in the fall 2009 collection, the company said. Still, all that promotion apparently swamped the site.

“It’s just the sheer number of users coming on,” said Matthew Poepsel, vice president of performance strategy at Gomez, a firm that tracks Web site performance. “It can swamp an application’s infrastructure and lead to poor user experience at exactly the wrong time.”

If a Web company expects a surge in traffic, it can prepare by building up capacity, Mr. Poepsel said. If the traffic is unexpected, though, it can be hard to fix the problem after the fact. More and more often, “with the pace of the Web and how information gets out, no one can predict when this will happen,” he said.

Of all the brands the Obamas wore, J. Crew’s site showed the most impact. But other brands also got some benefit.

Michelle Obama’s day and evening dresses were the talk of the town, and on Tuesday, the names of the designers of those dresses, Isabel Toledo and Jason Wu, were the 70th- and 11th-most-searched terms on Google, according to Google Trends. On Wednesday, though, Isabel Toledo fell off the list and Jason Wu had sunk to 55, while J. Crew came in at 33. (Mr. Wu’s Web site and the site of Ikram, the Chicago boutique where Mrs. Obama shops, appear to be having no troubles.)

Perhaps fans of the Obamas’ style are seeking a more affordable way to imitate the new first family. “Michelle Obama has proved that high fashion can be affordable,” J. Crew said in a statement.

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For decades, the success of NASCAR’s brand of high-octane, fender-banging stock-car racing has been intertwined with the fortunes of the U.S. automotive industry. NASCAR victories represented a nod to Detroit’s ingenuity. And showroom sales, in turn, were credited to the exploits on race day. As the marketing adage went: “What wins on Sunday, sells on Monday!”

But with the Big Three U.S. automakers struggling to survive, they have begun to dramatically scale back their financial involvement in NASCAR, threatening the economic model that has driven the sport’s popularity. Other corporate sponsors that helped transform stock-car racing from a workingman’s pastime into the country’s dominant form of auto racing also are scaling back their investment as a result of the sagging economy. Some companies may not renew their commitments — many of which run more than $10 million — when current contracts expire.

Source: HP

WASHINGTON — The number of homeowners ensnared in the foreclosure crisis grew by more than 70 percent in the third quarter of this year compared with the same period in 2007, according to data released Thursday.

Nationwide, nearly 766,000 homes received at least one foreclosure-related notice from July through September, up 71 percent from a year earlier, said foreclosure listing service RealtyTrac Inc.

By the end of the year, RealtyTrac expects more than a million bank-owned properties to have piled up on the market, representing around a third of all properties for sale in the U.S.

That’s bad news for anyone who lives nearby and wants to sell their home. While foreclosure sales are booming in many areas, those properties are commanding deep discounts and pulling down neighboring property values. “It has a pretty significant impact in terms of pricing,” said Rick Sharga, RealtyTrac’s vice president for marketing.

RealtyTrac monitors default notices, auction sale notices and bank repossessions. More than 250,000 properties were repossessed by lenders nationwide in the third quarter, 81,000 of which were taken back last month.

Six states _ California, Florida, Arizona, Ohio, Michigan and Nevada _ accounted for more than 60 percent of all foreclosure activity in the quarter, with California alone making up more than a quarter of all U.S. foreclosure filings.

Detroit and Atlanta were the only cities outside California, Florida, Nevada and Arizona to make RealtyTrac’s list of the 20 hardest-hit metropolitan areas.

The combination of sinking home values, tighter mortgage lending criteria and an economy that many economists think has already slipped into recession has left hundreds of thousands of homeowners with few options. Many can’t find buyers or owe more than their home is worth and can’t refinance into an affordable loan, with the global credit crisis making loans far less available.

Source: AP

 

John McCain and his wife – are in a unique group in America – their wealth means that they fall into the top 1% – 2% income gap. His big idea – is that the wealthiest should have more – in order – to in a father-like fashion – have some of their wealth trickle down – to all the social classes below.

It is with this thought that – John McCain believes that the 3% tax increase that Obama intends to put on earnings/profits over $250,000 – that existed during the Clinton era – the same era that saw the biggest economic expansion in US history – that is tax code is equivalent to socialism, welfare and a government hand out.

Even today as the U.S. Treasury is being pillaged by corporate America, there has been an absence of any significant economic middle class(*) backlash here in America. As the wealth gap between the middle class and upper class has increased more than any time in our history, Americans seem to be mostly helpless in stemming this trend toward inequality.

Will the tide finally turn during an Obama Presidency? After analyzing Obama’s economic positions (including health care, tax policies and budgeting), most economists say “yes!”

After eight years of the Bush Presidency, McCain style deregulation and tax policy that favors the rich, the American middle class has been taken hostage and told they will lose everything (trickle down financial ruin) if they do not bailout the big banks, investment firms and insurance companies. Bush & Cheney have perfected the panic mode wealth transfer that Naomi Klein describes so well in “The Shock Doctrine.” This multi-trillion-dollar parting gift is their payback to the upper class that helped orchestrate their election.

the wealth gap between the middle class and upper class has increased more than any time in our history

The U.S. Treasury gained support for the bailouts by promising stricter rules on grossly excessive executive compensation. But now we find out that financial workers at Wall Street’s top banks — the greedy ones that got us into this mess in the first place — are going to receive payouts worth more than $70 billion and, according to the Guardian, “… a substantial proportion of which is expected to be paid in discretionary bonuses, for their work so far this year – despite plunging the financial system into its worst crisis since the 1929 stock market crash.”

Last year, for instance, Merrill Lynch’s chairman Stan O’Neal took a golden parachute deal worth over $160 million, after announcing losses of nearly $8 billion at his firm. Did Mr. O’neal’s labor bankrupting Merrill Lynch really justify $159,935,000 more dollars from society than a teacher or fireman?

The politics of capitalism attempts to fool us into believing in extreme individualism –e.g., that every man is an island. But, the truth (starkly exposed by Mainstreet needing to bailout Wallstreet) is that we are closely interconnected even if worlds apart in wealth and influence. Mr. O’Neal taking $160 million out of the money system to spend on extravagances, does effect the teacher and fireman via the national debt they will incur to bailout Mr. O’Neal / Merrill Lynch.

we find out that financial workers at Wall Street’s top banks — the greedy ones that got us into this mess in the first place — are going to receive payouts worth more than $70 billion

Where did the billions of dollars lost by the banks go? Did the money just evaporate? No. Most of it went to these huge CEO and executive payouts to expand the obscene wealth of the upper class. Someone has to pay for the mega-yachts, extravagant parties, multiple mansions and other extravagances of the rich. If you want to see where your money is going, just tune into “Lifestyles of the Super Rich.”

Once again, responsible hard-working citizens are paying for the lavish lifestyles and reckless financial abandon of the upper class. How ironic that the same institutions that have been feeding off the middle class like leeches for decades (via unreasonable fees, large interest rate spreads, insurance rate hikes, hyped-up investment schemes, etc.), are now begging for more blood money.

The middle class and poor get crumbs from measly “bailouts” such as the lackluster sub-prime mortgage assistance program and a tax rebate check for $600; while the rich get more tangible bailouts to the tune of billions. Capitalism for the middle class, socialism for the rich, indeed! This is what you get when corrupt Republicans and the Corporate sociopathic personality rule the economy. One of the ways to change this dynamic is to remove corporation’s status as a separate entity unbound by individual consequences and place more responsibility on the executives that direct corporate actions.

though the “upper middle class,” “lower middle class,” “working class,” and “lower class,” combine to make up 99% of the United States population, the remaining 1% owns about one third of private wealth.

We need to end the the welfare era for the rich via tax cuts, Halliburton / war “no bid” handouts, oil company gouging and corporate bailouts. Instead, the American government needs to lift the middle class with investments in education, job training, energy independence (from domestic oil companies too!), health care and economic programs such as small business development and tangible mortgage assistance.

The only choice for fiscal conservatives in this election is Obama. By electing Obama POTUS and other fiscally sympathetic representatives, the middle class can then exercise its newfound power over insurance companies, corporations and bankers. You want us to bail you out? Here are some of our demands:

1) Corporations and the rich need to pay higher taxes, period. We are tired of hearing that higher corporate and upper class taxes will increase the jobless rate and slow the economy.

Even Warren Buffet (an Obama supporter) says that our current tax system unfairly puts more of the tax burden on the working class than the rich. The rich pay more taxes as a total collected, but much less of a percentage as the middle class.

Mr. Buffet goes on to say, “There’s class warfare, all right,” Mr. Buffett said, “but it’s my class, the rich class, that’s making war, and we’re winning.”

2) We want tougher consumer regulations on the insurance, credit card and banking industries along with fair mortgage lending practices. It’s time for Wallstreet, insurance company’s and banks to forgo some of the excessive profits we have seen in the past and pass savings along to their clients.

3) Middle class and small business tax cuts. It’s time for some “trickle up” economics.

When Obama becomes President of the United States with a Democratic Congress, the middle class will once again have a strong voice in national politics. If you were advising Obama as he begins his Presidency in 2009, what policies would you suggest he initiate to stimulate and strengthen the economy and middle class (instead of corporate bailouts)?

(*For this (HP) blog’s purpose I’m referring to the “middle class” as everyone who is not in the “upper class.” Even though the “upper middle class,” “lower middle class,” “working class,” and “lower class,” combine to make up 99% of the United States population, the remaining 1% owns about one third of private wealth.)

Source: HP