Although some members of his administration don't hold Fox News in too high of regard, President Barack Obama did sit down with the news outlet to discuss the economy. In the interview, President Obama offered what some are calling his "sternest warning" about containing deficits. President Obama believes that a further compilation of government debt could lead to a double-dip recession.

The president believes that his administration faces a "delicate balance of trying to boost the economy and spur job creation," but the administration has to set the economy on "a path toward long-term deficit reduction." He noted that it is important "to recognize ... that at some point, people could lose confidence in the U.S. economy in a way that could actually lead to a double-dip recession."

The housing bubble and subsequent "Great Recession" have tarnished the stars of a good many of the world's financial wizards, such as the former heads at Lehman Bros. and Merrill Lynch. But one respected image remains -- perhaps unsurprisingly -- on top: Warren Buffett, chairman and CEO at Berkshire Hathaway Inc. (NYSE: BRK.A).

That's according to a recent quarterly poll of investors, traders, and analysts who subscribe to Bloomberg terminals, those somewhat cryptic news and data computers that are ubiquitous on Wall Street. Buffett, who received favorable nods from 25% of those participating in the poll, walked away with a plurality of the vote, Bloomberg News reported.

When you spend $787 billion, there's a lot of pressure to show results. So, there's no surprise that success is being proclaimed across the country. States are saying that they've used the federal stimulus package money to create or save more than 388,000 jobs this year. Teachers, construction workers and other professions have realized the upside of stimulus cash according to reports from 33 states and Puerto Rico, with the remainder of the results being released on Friday.

Of course, the numbers "should be taken with a grain of salt," says Ethan Pollack of the Economic Policy Institute. The states were tasked to count the jobs created or protected, but the results have been of dubious accuracy. This doesn't mean the stats can't provide fodder to people on both sides of the aisle.

Columbia Business School's Frank Lichtenberg says the data shows a solid economic impact, and the Obama administration's Council of Economic Advisors believes the stimulus spending has taken care of between 600,000 and 1.1 million jobs.

And, there are those who disagree.

We're tired of bubbles, right? Anyone 30 or older has lived through two big ones so far, with a brief period of prosperity separating the decimation of dot-com largesse and mortgage-fueled paper wealth. It could take until 2014 for the jobs lost to be replenished, and there's little reason for optimism.

So, with the economy in the tank, we can focus elsewhere -- maybe on saving the planet. If we can't put green in our wallets, maybe we can add some to our lifestyles. Or, you could do both. Green technology could be the next boom in the United States, even if we do lag some parts of the world, and investing in clean solutions is really nothing other than investing in the next big thing. Even if you don't give a damn about climate change (or don't think it exists at all), the green market could likely become your employer -- or trigger the economic growth that will create your next job.

Some signs are visible already.

A new bill that would revamp student loan programs in the United States passed the House of Representatives. The proposed program, which would affect the largest change on college aid since they came into existence in the 1960s would push private lenders out of the business and put the U.S. government in control.

The new measure would end subsidies for private lenders, increase Pell Grants available for students in financial need, and create grants for community colleges. The proposal includes almost all of President Obama's key points on higher education from the campaign trail. It passed the House 253 – 171, with most representatives sticking to party lines.

As a Coca-Cola (NYSE: KO) shareholder, I was quite unnerved by recent talk centering on the issue of a soda tax. I'm sure PepsiCo (NYSE: PEP) shareholders were likewise frightened. According to Bloomberg, President Barack Obama is apparently open to the concept. In theory, funds generated from such a tax could be used to help defray the costs associated with a new health-care paradigm.

Besides raising money, what would be the justification behind such a governmental strategy? Well, excess sugar consumption can be dangerous. It can lead to all kinds of complications. You know the drill: obesity, diabetes, etc. When health issues like those rise, the cost of health care increases as well.

Amid the lamentable health care reform debate, one fact is incontrovertible: despite President Barack Obama's large 2008 presidential election victory, one in which the Democrats gained 21 seats (to 257-178) in the House and eight seats in the Senate (59-40, not counting the late Senator Edward M. Kennedy's seat), the Democratic Party's majority still is not large enough to pass progressive legislation.

The solution to this is obvious enough: win more seats in the 2010 off-year congressional election, and then in the 2012 presidential/congressional election. And how does a majority party accomplish the above? By solving the nation's problems. These days, that means: 1) getting the U.S. economy growing again with robust job growth, 2) keeping the U.S. safe against international terrorism, and 3) ending the Iraq War successfully and making substantial progress toward victory in the Afghanistan War.

Europeans and Asians have positive views of President Barack Obama, according to the latest Quarterly Bloomberg Global Poll of investors and analysts. Americans, on the other hand, are split down the middle.

According to the study, 87% of respondents in Asia and Europe rate Obama favorably. In the United States, only 49% share this perspective -- a number that drops to around 25% when only his economic policies are considered. Much of this difference comes from an overseas distaste for the previous White House resident, but it seems people in this country are less interested in distinctions: 43% of respondents favored Bush's policies to Obama's (compared to 80% overseas).

The players at the G-20 summit have opened the curtain on Act 1.

First we have Japanese Prime Minister Taro Aso. He holds the position that a strong stimulus program is the only means to pull Europe and the world out of the current crisis. He cited Japan's experience in the 1990s when Japan used a strong stimulus as a way to stimulate growth. He also cited Japan's current stimulus package, which amounts to $720 billion, and he even said that Japan would discuss further stimulus if the need arises.

Standing in opposition is German Chancellor Angela Merkel. She is firmly opposed to more stimulus and demands to know why it is needed. She believes that excessive public spending will not assure a vital recovery.

The newspapers are looking ahead to this Tuesday's G-20 summit in London. Since the leaders who show up there represent countries that control 80% of the world's economy, it could be an important meeting. If you live in the U.K. or U.S., your leaders will be attacked by those in other countries who believe that they should not be asked to bail out the errors of Anglo-American capitalism. Beyond that, little of substance is likely to be accomplished.

However, in an alternative universe, the G-20 meeting might actually accomplish something. Specifically, it could get agreement on six principles on which to rebuild American capitalism. Here's what I think those would be:

• Grow through technology-based innovation. The United States used to be admired around the world for its ability to create new industries. In the 1990s, an Asian government wanted to emulate our success and asked me to discuss how the United States turns innovation into economic growth. Unfortunately, since 2000 our ability to take brilliant ideas from our top universities and turn them into venture-backed companies that sell their shares to the public to fuel the creation of new industries has largely been broken. If there is to be growth, it should come from reviving this process.

Since Obama's inauguration, the market seems to have responded negatively to the president's rhetoric, and yesterday was no exception. Within seconds of a White House alert that the president and his chief economic advisers would make an important announcement, stocks headed south.

And by the time that President Obama -- flanked by his team -- began the address at 3:50 p.m. Eastern, the Dow had given up more than 100 points, with investors fearful that the team had decided on a major policy shift.

Despite the poor timing of the White House's news conference, which contained little new information and spooked traders into a flurry of profit-taking, Wednesday's small correction did little to change Tuesday's upside reversal and the probability of further buying.

Listening to President Obama's speech last night I was very impressed with his grasp of the vast number of difficult issues that face our nation. I support him in addressing these problems head on -- with optimism, energy and forthrightness. He said, "I get it" -- I believe him.

Now, having laid out a vision for all that ails us, I can't help but think that the president is going to be playing out a fantasy. His epic journey to the White House has reinforced the President's conviction that 'anything' is possible, but the real question this morning is whether 'everything' is possible.

Tomorrow morning before the bell, The Washington Post Company (NYSE: WPO) will have its chance to impress Wall Street when it reports its fourth quarter numbers.

Going into tomorrow's announcement, analysts are expecting the company to show earnings on the quarter of $8.17 per share. Should the company hit this estimate, it would be a decline of 16.5% from its reported $9.79 during its fourth quarter 2007.

The alarming rate at which foreclosures have been rising over the past year is definitely something to be concerned about. Today, some homeowners are getting a little breathing room as a couple of the biggest banks are granting a moratorium on foreclosures.

As Lita Epstein pointed out yesterday, last month was the tenth month in a row where foreclosures were in excess of 250,000 as 274,399 foreclosures were filed in January. The foreclosure epidemic has been a serious drain on the overall economy, and it is hoped that the Obama administration is going to be able to develop a plan to help keep homeowners in their homes.

Looking over the recent history of America's automakers, one theme seems to stand out. Regardless of their situation, the economy, or the issue at hand, the Big Three have an almost preternatural ability to determine the most foolish course of action and pursue it with amazing vigor.

Regardless of whether we're talking about the Ford Motor Company's (NYSE: F) decision to focus its attention on cars (to the detriment of its truck lines), Chrysler's decision to channel stuff its dealerships, or General Motors' (NYSE: GM) decision to sit on its fuel cell cars, Detroit seems determined to misjudge the economy and the customers.

At their best, the three have minimized innovation while milking their successes. At their worst, they have spent time and money on expensive acquisitions or dead-end technologies, to the detriment of their bottom line.