Reaction to Obama speech; Westchester 9/11 tribute; Weekly roundup

QUIET WEEK IN WESTCHESTER: Unexpectedly quiet week in the business world surprised us over at the Business Journal. Typically the week following Labor Day is abuzz with activity once everyone returns from summer vacations, but there was very little of that, leaving center stage for President Obama and the tenth anniversary of September 11th.

JOBS PLAN UNVEILED: I love watching the reactions to any speech, but particularly one by the President. Memo to everyone who was in the House chamber last night: remember that you are all on television. Millions of people see you snickering, they see you texting and tweeting, they see you rolling your eyes, and they see you fist-pumping (that means you, Joe Biden). We can see the discomfort and we can hear the muted chatter. Keep that in mind.

Republicans looked particularly uncomfortable last night, and Democrats looked a bit insincere in their frequent standing ovations. I take that as a good sign: it means that Obama is starting to get tough on both parties and that he is proposing things that neither party loves but that both parties recognize are necessary.

Here’s what Mark Zandi, chief economist at Moody’s, had to say:

  • “President Obama’s jobs proposal would help stabilize confidence and keep the U.S. from sliding back into recession. The plan would add 2 percentage points to GDP growth next year, add 1.9 million jobs, and cut the unemployment rate by a percentage point. The plan would cost about $450 billion, about $250 billion in tax cuts and $200 billion in spending increases. Many of the president’s proposals are unlikely to pass Congress, but the most important have a chance of winning bipartisan support. …

    “The risk of a new economic downturn is as high as it has been since the Great Recession ended more than two years ago. … The odds of a renewed recession over the next 12 months are 40%, and they could go higher given the current turmoil in financial markets. … Markets and the economy seem one shock away from dangerously unraveling. Policymakers must work quickly and decisively.”

WESTCHESTER REMEMBERS 9/11: On Sunday at 6 p.m. Westchester County will hold its tribute to the county’s 123 residents who perished in the September 11 terrorist attacks. The memorial ceremony will be held at The Rising, the county’s dedicated 9/11 memorial, which is located at the Kensico Dam Plaza in Valhalla. Click here for more details.

For the Westchester County Business Journal’s coverage of the tenth anniversary of 9/11, click here to read about a Yonkers contracting company that has been working around the clock at the World Trade Center since the attacks ten years ago, and here to read the reflections of local residents and what that day meant to them.

WEEKLY ROUNDUP: For more news, including updates on a planned 40-acre senior community to be built on the SUNY Purchase campus, local real estate deals, and major acquisitions by IBM, check back with Inside Track in just a bit.

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