Today a conference call was held by President Obama and Gene Sperling, Director of the National Economic Council, and Valerie Jarrett, Senior Advisor to the President, to discuss the American Jobs Act and next steps to put Americans back to work. The invitation stated, “This call is off the record and not for press purposes”.

Right.

Much of the call went over the same old Disney Tale of what the President wanted to accomplish with the Jobs Act, so color me bored. Participants were generally the chorus so there was a lot of cheering going on. But then towards the end of the call Sperling stated that they would begin “working” with banks to ask them to restructure loans for distressed homeowners. However he added they would do this instead of legislating (read compel) banks to do so. While not saying it precisely you go the feeling that what was meant was that “If they won’t work with us we will make them do what is necessary through legislation”.

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