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Posts Tagged ‘Bush’

Economy of Bush

Monday, July 28th, 2008

Here are the current top three stories in the NY Times Business Section as of 9:30pm ET, July 28th:

Record Deficit of $482 Billion Forecast

The White House predicted on Monday that the Bush administration would bequeath a record deficit of $482 billion to the next president.

Merrill Plans $5.7 Billion Write-Down

Merrill Lynch said it expected to take a $5.7 billion write-down because of losses on its mortgage assets and plans to raise at least $8.5 billion by selling new shares.

Stock Indexes Continue to Slip

Wall Street stocks headed steadily downward as shares of investment and commercial banks fell again, giving back some of their gains from last week.

At first glance they’re unrelated, but if you think about it a bit, you’ll realize that all three deal with the same subject - the fiscal disaster that President Bush has been to this country.

Stocks are sliding because earnings are dropping.  Earnings are dropping in large part because the financial institutions have leveraged cheap money from the government (the Federal Reserve) 20 to 40 times, and now they are in the painful “deleveraging” process.  Cheap money (expanding the supply of money) causes inflation, which leads to higher government spending - and deficits.

Please go away George - you’ve done enough.

gk

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WMD’s Found!

Monday, March 24th, 2008

Ok, so the headline is fake.  Sue me.  But I guarantee that there is nothing that would make King George happier. 

Unfortunately, after 5 years and 4000 American lives lost in Iraq, we can’t even find any spoiled camel piss.   Hillary is bitching that she was suckered into voting for the war, while refusing to admit that she made a mistake.  Cheney basically says “tough shit - they volunteered.”

Meanwhile, Bin Laden (anyone remember him?) is still out walking around, dragging a dialysis machine behind him while sending messages saying that we suck.  He’s never even been to Iraq, but that doesn’t seem to matter.  GW had to settle a family feud with Saddam, so we invaded Iraq.

Just think about how far along - and how much public support Bush would have today - we’d be in Afghanistan if Bush wouldn’t have lied about Iraq.  Think about how many freedoms we’ve lost because of Bush’s paranoia.  Anyone remember when you could fly somewhere faster than driving?  Ahh, the good old days….

Those were the days when you could go through security without undressing - when you had more than one security agent actually working at a time while 6 others stood around and did absolutely nothing like the average hour long security line today.

I don’t really have a point here, reading Cheney’s interview just me ticked off and I needed to vent.  I really need to take the time to revisit just how bad a job Bush has done, but it won’t be tonight.

gk

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He’ll Never Learn

Sunday, January 27th, 2008

Looks like Bush is looking for new ways to spend your money.  He’s already turned record surpluses into record deficits, he’s wasted billions on the “war against terror” on Iraq, and he’s stood by and done nothing while watching the biggest bubble in recent history grow to the bursting point.  Now this from:
http://money.cnn.com/2008/01/25/news/economy/preview_sotu/index.htm?postversion=2008012618

“Look for a pitch for tax-related provisions, such as opening the door for states to use tax-free bonds to help homeowners refinance out of unaffordable subprime [adjustable-rate mortgages],” said Jaret Seiberg, senior vice president at the Stanford Group, a Washington policy research firm.

So now Bush wants everyone to pay for the bad decisions of the idiots who bought more house than they could afford.  I guess he figures that if he can spend other people’s money (that he doesn’t have) why can’t everyone else? 

I’ve said it before, but you can’t borrow your way out of debt.  This plan would shift the existing debt burden to responsible taxpayers, which simply encourages more irresponsible behavior.  I think he’s just trying to postpone the inevitable crash until after he’s gone to protect his “legacy”- which will just make it that much worse.  

The same goes for his “stimulus” rebate package.  The only thing it’ll stimulate is more borrowing.  And I really want to know how it can be called a tax rebate plan if you give a rebate to people who don’t pay taxes….  Come again?

gk

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