Obama: 'Millions of jobs' in danger next year

President-elect Barack Obama's economic team on Saturday announced its goal for new jobs, upping the target to 3.5 million new positions to help boost a troubled economy that has dominated the incoming administration's agenda.

It appears, once again, that the government's inept approach to spending 'other people's money' has blown up in their face. As HotAir.com reports, newly obtained documents show the Obama administration was warned as early as 2010 that electric car maker Fisker Automotive Inc. was not meeting milestones set up for a half-billion dollar government loan, nearly a year before U.S. officials froze the loan.

ByDaniel Philip:It has been roughly five years since the crash of the United States (U.S) equity markets in 2008, as the economy suffered widespread losses. Millions of jobs were lost resulting in high unemployment, declining housing prices, and the American people suffering the worst recession since the Great Depression. America needed leadership that would provide a steady economic recovery; but stopping at par is not a part of the American dream.

EU Throws Spain Two Deathlines; Spanish 10-Year Yield Tops 6.7%; ECB Rejects Madrid Ponzi Refinancing Scheme The markets are reeling in the wake of rejection of Spain's Ponzi Recapitalization Scheme by the ECB according to the Financial Times.

Jordan's King Abdullah II on Wednesday urged "swift action" to help push forward the stalled Israeli-Palestinian peace talks, warning against wasting more time, a palace statement said."Efforts for having serious and effective peace talks should continue, based on a two-state solution, which is the only way to achieve regional stability and security," the statement quoted the king as telling Israeli Prime Minister Benjamin Netanyahu over the telephone."The deadlocked peace process threatens the entire region."

Now that he’s delivering the speech, I guess I can break the embargo on the prepared text. Read it below the fold: It’s good to be back in the Great Hall at Cooper Union, where generations of leaders and citizens have come to defend their ideas and contest their differences. It’s also good being back in Lower Manhattan, a few blocks from Wall Street, the heart of our nation’s financial sector.