CNN Financial News Producer
President Obama today promoted his plans to make the nation's economy more stable in the future by investing in education for high-tech industries. Speaking at Hudson Valley Community College in Troy, N.Y., the president emphasized the need to encourage entrepreneurship and international competition. He also reiterated his call for increased investment in green energy technology, electronic health records and manufacturing advanced vehicles.
"Our strategy begins where innovation so often does: in the classroom and in the laboratory - and in the networks that connect them to the broader economy," the president said in prepared remarks. "These are the building blocks of innovation: education, infrastructure, and research."
The Obama Administration says under its new innovation strategy $100 billion of economic stimulus funds will be used to support innovation, provide additional support for education, infrastructure and other investments. Along those lines, President Obama said over the weekend that despite signs of economic recovery, the country will not see large-scale job growth until next year.
In a wide-ranging interview broadcast Sunday on CNN's "State of the Union," Pres. Obama said reversing job losses from the recession will come at the end of the recovery period, not the start.
“I think we'll be adding jobs, but you need 150,000 additional jobs each month just to keep pace with a growing population,” Pres. Obama said. “So if we're only adding 50,000 jobs, that's a great reversal from losing 700,000 jobs early this year, but… it means that we've still got a ways to go.”
In many ways, Detroit is “ground zero” for this recession.
The city is facing 25% unemployment and much more severe underemployment. The city has been shedding jobs every month since October 2005. Detroit Mayor Dave Bing may even have to put the city in receivership by October 1st or lay off 1,000 city workers.
So how do people survive in this city, how is it trying to stage a turn around, how do businesses make it? CNNMoney.com’s Poppy Harlow is on assignment in Detroit for special new coverage dedicated to the city by CNNMoney.com and Time Inc.
Beware “living trusts” scams
There’s a new scam out there making the rounds that targets older folks. Shady companies are using fear-mongering tactics to sell people living trusts. A living trust is a way some people transfer assets to their children or grandchildren. But the problem - according to federal agencies and state attorneys general - is that these expensive living trust products are marketed to people who really don't need them.
To find out what to be on the lookout for, click here.
Wall Street wavers
Stocks slipped Monday as investors were cautious after the more than six-month long rally on Wall Street.
The major averages touched fresh 2009 highs on Friday and shook off pervasive calls for a September sell-off. Since bottoming at a 12-year low on March 9, 2008, the S&P 500 has gained 58% and the Dow has gained 50%, as of Friday's close. Since bottoming at a 6-year low, the Nasdaq has gained 68%.
But this week could get off to a slow start. On Tuesday, the Fed begins its two-day meeting on interest rates, with a decision and statement expected Wednesday afternoon. Many investors are likely to sit on the sidelines until they hear what the Fed has to say.
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