FNS: Paulson Says The White House Is On Top Of The Economy Crisis...Since August
By Nicole Belle Saturday Mar 15, 2008 3:30pm
Download | play 
Download | play (h/t Heather)
Goodness, who put pepper in Chris Wallace's coffee this morning? If Treasury Secretary Henry Paulson thought that he was coming on to friendly territory by appearing on FOXNews Sunday to continue to spin that the economy will be fine, really, then someone forgot to give that memo to Wallace, who hasn't asked these kind of pointed questions since Bill Clinton appeared on the show. Definitely caught off guard, Paulson stammered through his insistence that the White House is on top of things:
WALLACE: You have been criticized and the President has been criticized for striking such positive notes. When you were last here on this program, seven weeks ago, you said, quote ‘the economy is going to continue to grow’ but by every measure, things have gotten worse since then, and I’d like you to…if I may, just take a look. The dollar closed at a record low this week against the Euro. Oil is at a record high. We’ve lost 85,000 jobs in the last two months and retail sales continue to drop. Mr. Secretary, don’t all signs point to the economy continuing to decline for months to come?
PAULSON: Uh, Chris, what I said is I believe that the economy is going to continue to grow but the risks are to the down side. The risks are housing, capital markets turmoil, the price of oil. We’re focused on it, we’re all over it. I think it’s much less important what you call this—economists will be debating that for months and months and months. It’s much less important what you call it than what you’re doing about it. And we’re working very hard. Working to prevent those foreclosures that are preventable, avoidable. Working to minimize the spillover from the capital markets turmoil on the real economy and I think the stimulus package is going to make a difference.
WALLACE: But but, let me ask about that. I think that the concern, whether it’s called a recession or not, we should point out that the Wall Street Journal had a survey of 51 top economists this week, 70% of them said the economy is already in a recession. But let’s not even play that semantics. I think the growing concern is that you, the President, keep saying ‘We’re all over this’ and then a few months down the road, things are worse and so they wonder are you out ahead of these things or are you always behind the curve?
PAULSON: Well, uh Chris, there’s…there’s a question what…when there are excesses. Excesses we’ve seen in the housing market, a correction there is…inevitable. You’re going to see a correction. I believe can we outlaw the uh forces of gravity? Can we…you know, how much can government do? But this…this administration has been focused on this…I think, very early involved…very early, beginning in August. Working very hard to avoid foreclosures that are preventable, putting in in in place programs that are making a difference, are working. Are they going to to prevent the inevitable correction in housing prices? No, but we’re working hard on that and again, I think we were early with the stimulus package.
All the way back in August??? Oooh, that is early. /snark I'm sure that $300-1200 "stimulus" check will stave off just tons of foreclosures. Let's be honest, the Bush adminstration's laissez-faire free market treatment of the sub-prime crisis (which started significantly before August) has wrought far more problems than Paulson is willing to admit. It's not hyperbole to say that in some areas of the country, we'll see McMansions turn into tenements. And that's just the tip of the iceberg. Just this week it was announced that the weak dollar has contributed to the GDP of the European Union surpassing the US GDP for the first time.
How are you going to fix that with bailouts to lenders who couldn't manage their money well in the first place and piddly checks to individuals, Paulson?
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Wow. I mean the economy is tanking hard and fast and they would ADMIT they have been on it since August? They are not just liars, they are fucking stupid. And if they ahve been on it that long . . . PLEASE stop.
Any relation to Pat?
Caught this joker on Late Edition.
It was clearly fear in his eyes.
We're f*(&-ed until November.
BEAR DOWN!
70% of Wall Street folks are now saying we are in a recession, yet this administration can't bring itself to do it. Brilliant!
He also stammered through Meet the Press. Nervous doesn't even describe his body language and mannerisms - leg shaking, his tie clearly just thrown on and a whole lot of stammering! Fun to watch tho!
I just finished listening to the segment. Then as I coughed I said, "Bullshit".
When he says they are "on-it," what he means is they will bail-out all the millionaires and billionaires on Wallstreet and make sure the aristocracy doesn't suffer in any way shape or form. As far as the rest of us go, well, ya gotta let the "free" market work itself out.
Those stimulus checks will do a whole heck of a lot of good.
If they get here soon enough they might even buy a tank of gas!
That will do the US economy an enormous amount of good. /end sarcasm
The correct and truthfull way to say this would be:
The White House Is
On Top OfThe Cause Of The Economy Crisis........but then again; We all know that, and it wouldn't be "news".
Its not Bush's or anyone else's job to correct the economy! we live in a MARKET ECONOMY, it can self correct.
Yup........ gonna pay off the 4 payments overdue on my house morgage with that big 600 dollar check I'm gonna get from georgie bush and his fucked up gummint, I am, I am.
The privileged shits in this sorry government, from those in the White House to those in the Capitol Building, do not give one damn about those who are struggling to keep their heads above water - those in the once strong middle class. They care even less about those at a lower level of income and wealth, and who need a hand every now and again.
Paulson should be ashamed of himself for being such a failure as a human being. Compassionate Conservatism of the repuke type is bullshit
chris @ 10:
Good one! :-)
pc @ 5:
They know the second REPUBLICAN GREAT DEPRESSION is on the way, and they are scared shitless the people will finally have figured out how toxic their economic policies are for 90% of this country. Their greedfest is over for another 70 year cycle!
No they are not on top of it, they are behind it, but they are beside them self to do anything about it!
chris @ 10:
It's not Chimpy and his pirates job to fuck up the economy either. But they sure as hell did just that.
Looks like I'm going to get the $600 or so in May. The Bush boys just made sure the top people at Bear Stearns will keep getting their millions.
They can't hide it anymore. It's impossible to hide the losses now. It's imploding and it's going to get worse.
I received a letter from the IRS yesterday (one of the $42 million worth of letters) telling me about the pay-off coming in May.
1) I'll believe it when I see it.
2) I'll pay off a bill or two with it and stash the rest under the mattress. As a matter of principle, I definitely will not spend it - boosh can kiss my left nut.
chris @ 10:
Say WHAT!!!?????
chris @ 10:
You're funny - but not "ha ha" funny...
CheneyIsADick @ 15:
They didn't "fuck it up" as you so put it, he does not control it!!! Leanders lent money to people they shouldn't have, people bought homes and did not have the money, now the problem can self correct if the idiot politicians can get out of the way..
Can't blame everything on the government..
Bud Osama Bin Laden Hussein @ 18:
In a year or so, that money isn't going to be wotrh the paper it's printed on anyway.
When chimpy was hopping around the country lying about how well the economy is doing people were suffering and he did NOTHING but laugh, smirk and lie.
When big government and/or big businesses run the country, we the average people will alway lose in the name of a recession and/or depression.
Now to fakeass wallace. I do believe this lily-livered would begin to ask relevant questions now that our country and the ME are all fucked-up and chimpy is skiddallion from office. What was this punk afraid of during the chimpy regime? Too little too late, I say. I feel he's getting all petered up for the dems. If he thinks he going to nicpick the dems to death, he has another thing coming.
chris @ 21:
Chris is a moron, he thinks the word “monopoly” is just a game!
mudshark @ 19:
Didn't they say that about the Titanic too?
CheneyIsADick @ 22:
You're probably right - maybe before it becomes completely worthless I should spend it all on a shotgun, ammo, and a generator. Anything left over will be spent on whiskey and Slim Jims. :)
After April 15th fasten your seat belts.
chris @ 10:
Too bad you can't.
lafin gas @ 24:
I love the way you guys can't respond intelligently, its always some insult or dumb remark, "Chimpy" ?? pathetic, take an econ class, the economy is directed by you and I
I am guessing Chris' stock portfolio has lost a lot of value, or he took a bath when he sold a house recently. Why else would he be inclined to call a spade a spade?
This administration is so financially inept, I doubt there is anyone who can balance a checkbook. This war is killing our economy and they refuse to admit it.
chris @ 21:
You're talking about the sub-prime crisis. I'm talking about how all the white house cronies are making millions, if not billions on no bid contracts that the US tax payers are going to have to pay for. The trade deficit is in the trillions (with a T), and that is nobody but the Chimpy White House's responsibility. So yes, Chimpy & Co did fuck up the US economy.
But what the hey. The Chinese are happy.
Big whoop, we'll all get a $300 dollar rebate in the mail. It's not going to really do much for the economy in the long term, but at least it's a tacit admission by the Bush regime and Conservatives that to stimulate the economy, you need to put money in the pockets of those on the lower end of the economy who'll spend it creating demand.
For a long term fix, we need to invest in developing infrastructure and delivering social services creating real jobs on the lower end of the economy which will in turn create demand and stimulate the economy from the bottom up. The only way to keep a capitalist economy functioning is to distribute accumulated wealth from the top (where it stagnates) into building long lasting social and civil infrastructure that business needs to function.
chris @ 30:
OK, explain monopoly to me smart guy!
Just a couple of thoughts ..
Did Secretary Paulson use the phrase "real economy"? If so, doesn't that beg the question what part of the economy is 'not real'.
Also, twice, it two paragraphs, Secretary Paulson tells us that the housing market "correction" is / was "inevitable". I just don't recall hearing anyone, from anywhere (the Administration, Congress, Banking ... anywhere) tell us that house prices were suffering from "irrational exhuberance" ~ or anything of the sort.
If housing prices were in need of correction (e.g. they were in error), then don't you think the Secretary should have been aware of that prior to "inevitable" "foreclosures"?
I'm sorry, Mr. Secretary, you statements make you sound as incompetent as the thrice failed businessman, now serving in the Oval Office.
300.00 rebate.Big whoop.
that'll get me 2 tanks of gas,a 12 pack of beer,and a dinner at a cheap rest.
+tip ofcourse.
chris @ 21:
Can you even begin to explain your argument? Seriously, you say it's not this adninistration's fault. Tell us all why? Yet, FOX News, claims President Reagan made the wonderful economy for President Clinton and he began to tank it at the end of his tenure. Explain that, please.
lafin gas @ 24:
Yes, morons like Chris too stupid to realize it was deregulation that got us in this mess... and with a straight face, they claim the cure for the deregulation induced woes is.... tadddaaaaa! more fucking deregulation.
No wonder we are in the shitter, with these fools and their money.
chris @ 30:
If you want to be taken seriously when you make serious arguments, you shouldn't come on so many threads and make unprovoked insults yourself. People here regard you as a troll. The lack of intelligent responses to you stems not from their inability to respond intelligently, but your self-imposed status as a pariah. People know it's not worth it to respond intelligently to you.
Bud Osama Bin Laden Hussein @ 26:
HAHAHAHA funny as hell because it's the truth. Don't forget to buy water, unless you want to get it from haliburton.
Nicole if I may -
At about the time of Nixon/Reagan sound political economic policy was replaced by corporate finance - that is policy intended to imbalance in favor of corporate profits and at the expense of workers - otherwise known as Reaganomics/neo-liberalism/chicago-school-of-economics etc (friedman/stigler and other criminals).
Since Reagan
Gas is up 1600 %
Homes and cars are up 800 %
CEO salaries are up 1800 %
Corporate profits are higher than ever
Public debt is higher than ever
The dollar is worthless
The trade imbalance appears unfixable (china wont give back those jobs without a fight)
and wages for the typical worker are up about 33 %
Is it any wonder that people are living on debt and have no savings?
This 'stimulous' package is a republicans idea of a wage increase - for one month. What is needed is for workers to have $300 extra EVERY month at the least. If workers wages had paced all the other increases listed above no stimulous would be needed as workers would have disposable income and less debt.
Greenspan is reported to have commented in Europe that one of his jobs was to maintain pressure on workers to keep labor cheap - corporate finance being used as a substitute for sound political economics - and the US worker has been eviscerated by its own government in the name of corporate profits.
Minimum wage should go to $12 per hour tomorrow.
Yes! "We're all over it" which can be read many ways:
1. We're all over it and we really don't give a shit!
2. We're all over it like Spitzer on a prostitute and we're not being too safe about it!
3. We're all over it...we're just not too sure what the hell "it" is we're over or where it's going! I guess it depends on what your definition of "it" is, and for that matter what your definition of we're and all and over is...
4. We're all over it like the IRS is on the Reverend Wrights church tax status but not on any white church tax status for political pandering!
5. We're all over it like we're on your phone!
6. We're all over it like Bush is on his medication!
7. We're all over itto stay on it. Stay the course! Much like the
waroccupation of Iraq... We're holding it off long enough so the next administration can get embroiled in the fucking mess!OR
8. We're all over it like it's already too late and we've moved on! Spilt milk! Water under the bridge! So get over it already! So you lost or will lose your home and car and job! Grow up! Move on! We have...
```
Ricky Bones @ 37:
Also, I guess FDR did nothing for the economy...it was just self healing...rrrrrriiiight!
This guy is in charge of the economy? No wonder we're screwed. "We're all over it." Who does he think he is, a college sports coach? Are you kididng me? He says that twice. Good lord.
Can we outlaw the forces of gravity?
Why not? Authoritarian Republicans try to outlaw the forces of evolution, and outlaw sexual activities all the time. Why should gravity be any different?
They only adopt libertarian standpoints vis-a-vis the economy, and then, only when the poor and middle class aren't doing so well on their watch.
TC @ 44:
He has done his job perfectly. The problem is you dont understand what his job is. His job is to server the corporations and the rich - both of which are in great shape. And those that arent are being bailed out by the government using your money.
You on the other hand can dangle - he doesnt work for you. If he is doing any job badly it is lying to you convincingly. He - unlike most of them - isnt doing that well.
chris @ 30:
Man you are stupid like they have said. What is greenspan's duty? Think hard.
lafin gas @ 24:
moe-ron...ha ha ha... high-fiver lafinG
chris @ 21:
Really, he (and Repug party) cut taxes and we borrowed trillions of dollars to run the gov and fight this war of oppertunity. If you can, draw the connection to the falling dollar. This is what happened after the guns and butter Vietnam war.
Karen @ 39:
Thank you for your brief and eloquent response, Karen.
chris @ 30:
No idiot, It wasn't I who decided to sink 1 trillion dollars that we did not have on a war of aggression. It wasn't I who decided to bail out sub prime lenders and inject billions of dollars out of thin air, thus making the dollar depreciate faster that a concrete block dropped from the sky. It wasn't I who decided the best economic policy was to ship all our jobs overseas. And on, and on...
It seems that the GOPers are quite selective about their "personal responsibility."
They are diehard capitalists when it comes to keep their money.
But they turn into socialist when we have to bail them out.
And when the shit hits the fun, they become communists... afterall we ALL are to blame, eh?
Ain't that a bitch.....
chris @ 10:
take a dollar out of your pocket, read the fine print, and try asserting that again with a straight face.
governments have a vested economic and moral interest in ensuring their citizens have a safe economic environment to live in. just as they have a vested and moral interest in ensuring their citizens have a safe physical environment. if the government model didn't require this kind of administration of services, the positions wouldn't exist.
Pat Paulson was hired to police our economy, and he's doing a lousy job of it. right-leaning apologists like yourself who assert the "market should take care of itself" with no external intervention or supervisory efforts... kind of remind me of loony left-leaning anarchists. I mean, I'm just sayin, Chris.
Karen @ 39:
I stated that we live in a market economy and the president does not control it, this is not only legitimate but TRUE. People here might think I'm a troll because I don't by the tax and spend blame bush thought like the rest of you. Sorry, just because its stated on a liberal blog does not make it true, wake up
Re: "h/t Heather".
While C&L likes to "hattip Heather" for things I brought up first, I hope Heather decides to "h/t" me someday. :(
(Nicole: No disrespect intended. Heather provided the videos, hence the hat tip. We do appreciate your comments very much.)
chris @ 21:
You're right about one thing, Chris: Can't blame everything on the government.
That is correct. Part of the blame falls on narrow minded, flag waving people like yourself, that probably voted for GWB twice.
In the past week, the FED added ANOTHER $200 billion to the system... letting flagging financial companies literally trade crap for treasuries.
In the past week, rumors abounded about Bear Stearns, while its stock continued to crater.
In the past week, the chairman of the SEC, Chris Cox, amazingly told reporters that Bear Stearns' liquidity was just fine. Chris Cox, the head regulator, should not be acting as a lawyer for a company the SEC regulates.
In the past week, the CEO of Bear Stearns, in an interview, stated liquidity was fine.
Friday morning, we find out Bear Stearns indeed does have a liquidity problem as JPMorgan Chase and the FEDERAL RESERVE BANK of NEW YORK moved to provide emergency financing to Bear Stearns.
It is obvious to me that the FED's move was for Bear Stearns and it is obvious to me that Chris Cox and the CEO of Bear Stearns may have, on purpose, sent suspect news into the market.
IS IT ASKING TOO MUCH for Congress to IMMEDIATELY bring Ben Bernanke, Chris Cox and the CEO of Bear Stearns up to the hill to answer questions?
IS IT ASKING TOO MUCH to ask the CEO of Bear Stearns why he told the world everything was fine?
IS IT ASKING TO MUCH to ask Chris Cox why he defended a company he regulates?
IS IT ASKING TOO MUCH to ask Ben Bernanke what he knew about Bear Stearns before adding $200 billion to the system?
IS IT ASKING TOO MUCH to ask all these people what they knew and at what time?
For years, there has been a lack of full and fair disclosure on Wall Street. The securities industry is based on trust. Where can there be trust when it seems the top regulator may have been part of this clear lack of disclosure? At this point, I couldn't care less if the market goes up or down. I am worried about who is in charge. The inmates are running the asylum.
chris @ 53:
You can't serious. Dude, give us a reason why it's NOT the current administration's fault. Come on. You make it sound as if there is no blame to be given to President Bush at all. Is that what you are saying.
Pretty lame response by the way.
Hey give the guy a break
He said he talked to people and made a phone call.
I didn't see this, but did he burst into flames after this?
Ricky Bones @ 57:
I give up, you guys, win, have your workers paradise with no high paying jobs or technological break through s and long lines.
The $200 billion bail-out for predator banks and Spitzer charges are intimately linked
...It was the night of February 13 when Spitzer made the bone-headed choice to order take-out in his Washington Hotel room. He had just finished signing these words for the Washington Post about predatory loans:
“Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye.”
Bush, Spitzer said right in the headline, was the “Predator Lenders’ Partner in Crime.” The President, said Spitzer, was a fugitive from justice. And Spitzer was in Washington to launch a campaign to take on the Bush regime and the biggest financial powers on the planet.
Spitzer wrote, “When history tells the story of the subprime lending crisis and recounts its devastating effects on the lives of so many innocent homeowners the Bush administration will not be judged favorably.”
But now, the Administration can rest assured that this love story – of Bush and his bankers - will not be told by history at all – now that the Sheriff of Wall Street has fallen on his own gun....
Spitzer: Fed Study Confirms Racial Lending Disparities
Calls on National Banks to Cooperate in Probe
...Although the banks initially cooperated in Spitzer�s investigation, they have since filed a lawsuit to halt Spitzer�s investigation. They were joined by their federal regulator, the Office of the Comptroller of the Currency, in asserting that only federal authorities can review whether banks have violated state statutes that protect consumers from racial discrimination in mortgage lending....
chris @ 60:
Wow, at least you didn't insult us with rude cut-downs, but you did chicken out of a legitimate debate. You had a chance to argue your point and you crumbled, come on man! I am honestly interested why you seem to take this so personal and won't at least defend your assertions with an argument that holds water. At least try.
The point isn't whether Bush controls the economy.
"I stated that we live in a market economy and the president does not control it, this is not only legitimate but TRUE. People here might think I’m a troll because I don’t by the tax and spend blame bush thought like the rest of you. Sorry, just because its stated on a liberal blog does not make it true, wake up" - Chris
Okay, so why did the Fed just bail out Bear Stern if the President doesn't control it? You think Bush is going to bail your ass out when you go bankrupt? You say you're not for tax and spend. Well, the jerkoff in the White House has just spent the whole country into bankruptcy with no taxes to cover the insane debt he's run up.
chris @ 60:
Good riddance to you, you and your brain washed right wing talking points will not be missed.
Ricky Bones @ 61:
chris @ 60:
Awwww. Pitiful, Chris. Take an objective look at whar's happened to/in the US the past ten years (Since the Lewinsky case broke). The US is no longer the wonderfull country I used to call home. That's not Clinton's fault, and the way he used his cigars in the Oval Office.
chris @ 10:
Yeah, privatize the profits, socialize the losses. Great plan...
chris @ 53:
Sadly, you cannot even discern that my response to you implicitly took your arguments seriously.
I explained to you why people don't take you seriously despite the nature of your argument, and you respond by telling me what I believe about the economy, and why it's wrong.
Chris, you enter myriad threads, and begin insulting people. When I tried to have a serious discussion with you, you called me a batshit lefty.
All I said to you was that if you want to be taken seriously when you do have serious arguments, then you ought to refrain from coming on here and insulting people. People do not regard you as a troll because you disagree with them. They regard you as a troll because of the way in which you disagree with them.
Are you interested in serious debate? If so, you have to show respect for your opposition. If you're not interested in serious debate, and only seek to provoke irate responses from people you regard as fools, stop complaining when that's what happens.
I see a medal of freedom coming his way.
slippy hussein toad @ 69:
There's some civilized discourse :-)
Oil will hit $120/barrel this week.
Anybody else notice this clown has an MBA from Harvard--just like Shrub?? Wonder what they teach those guys?? "We are the rich and privileged and pledge to remain that way, the country be damned."
And Chris, if you're going to advise others to take an economics course, you might want to study study some English grammar--"by you and I"--not exactly a shining example of an educated person speaking. Look in your reference books under "subjective" and "objective" cases.
Do you have an MBA from Harvard like your hero Shrub?
Grandma Jefferson @ 67:
LOL! That's it in a nutshell.
I think we have until the third quarter of this year to get things in order.
I have been a pessimist about the stock market and the economy for over a year now. The one thing I stupidly did not anticipate is that BushCo would bouy the mess by manipulating it this year, an election year.
I firmly feel that this is exactly what they're doing. The big boys know what's coming.
Come one: We have a $3 trillion Iraq bill, a Fed that is providing welfare to stinkingly inept, crooked corporations, and $110/barrel oil!
What do we think is going to happen?
Nothing?
And everything that comes out of Bush's mouth is a lie.
I believe the blame for the mortgage fiasco must be shared by 3 parties:
1. The lenders for lending more than 100% of the property value and not properly vetting prospective buyers.
2. The buyer who should have been more prudent and aware that he is buying with a variable rate mortgage financing.
3. The Feds, who raised interest rates from 4% to 8:25% from July 2003 to July 2006
But for this clown to come out and state that 92% of homeowners are making their payments on time is just another red herring they are throwing out to make things look better than reality.
I've been staying out of this one just, to read the comments.
And it appears to me that Chris thinks the 1% (uber rich) shouldn't have to pay taxes at all. So we all can have jobs.
twisted logic.
slippy hussein toad @ 69:
Maybe somebody should have told Bush that!
Tax Cuts, Rampant Borrowing, Printing Tons of money, Cutting interest rates.
Now it's caught up to him.
slippy hussein toad @ 69:
You know, I come here day after day, defending Capitalism and Freedom, now I know someone of you deplore those two thing but to use this type of language is just hurtful and disrespectful. We need to start coming together in a bipartisian way to solve our problems. I'm truly hurt by your use of the "F" word and hope you will ask yourself, "What would Ghandi do"
Lollimom @ 75:
Something drastic will happen before the election.
The Bush Administration and their sycophants run on a one-track mind. For the war in Iraq, no matter what happened, the mantra was to stay the course. At the Economy side, it is more tax cuts and make Bush's tax cuts permanent.
Without a doublt, to the average american taxpayer, tax cuts are second only to pay raises and lottery winnings, but someone must support the government and the programs necessary and desired to properly function.
The government, being non-profit (supposedly, except for the corruption) depends on revenue received from taxation, and the shortfall is borrowed from other entities, mostly other governments, prime among them are China and Saudi Arabia. But those borrowings in turn are nothing but future taxes to be paid by generations not yet born or even contemplated - with interest. This debt is referred to as 'The National Debt' currently stands at about $10,000,000,000,000.00. That is pronounced 'Ten Trillion Dollars' and is more that the average worker earns in a week.
Now the republicans will tell you that tax cuts help the economy, and that they actually increase revenues. If that were the case, then the top taxcutters should be able to proudly point to balanced budgets, or even surpluses, which is not the case. Reagan - tax cutter #1 set new records for deficit budgets, and raised the national debt to new hights prior to that only dreamed about. Bush #41 continued the trend but eventually had to cincede to economic pressure, and Mr. 'Read my lips, no new taxes' found that he needed to raise taxes to keep going. President Clinton succeeded Bush #41 and re-adjusted taxes, by lowering those of low and middle income workers, but raising those of the most fortunate, and budget deficits declined and he even managed a surplus in his final year. After Bush got appointed to the presidency in 2001, his first financial act was to return the surplus to the tax payers rather than doing the smart thing and pay down the National Debt. Every Financial consultant will always recommend that people in debt concentrate on paying down their debt, beginning with the one which has the highest interest rate attached to it. Bush then proceeded to cut taxes, and as I stated before, cutting taxes is always popular.
But if you cut taxes across the board, by, let's say 10% ,those workers at the bottom of the economic ladder do not get any benefits if they are already not paying taxes and barely getting along. Those at the upper middle class and beyond will get a generous cut of, in many cases, more than the annual income of some who do not benefit. But what will the result actually be? The lower income people will have a few more dollars to purchase goods that they actually need and could not afford. The richer beneficiaries will have more money to invest and get even richer, by earning Capital Gains and Interest, for which the tax liability has been cut even more. They will invest in the stock market and drive up share prices and get even richer. These rich people do not need the money, and they do not feed it into the economy. Can you see Bill Gates on his knees thanking god that he will now be able to buy a pair of shoes for his needy children?
But most telling of all, if tax cuts, as republicans want you to believe, actually increase revenue, would it not be logical to conclude that eliminating all taxes will balance the budget? Facts do not substantiate this, and spending has nothing to do with it, since there was not much difference in spending by Reagan, Bush #41, Clinton and Bush #43 - only taxes collected and not collected.
Republicans also claim that tax cuts to corporations will promote growth. Is that why some companies were so cash-rich that they re-purchased their own stock? Companies will only expand if demand for their products and services increase, and that will not happen if those who are most needy will be elevated to be able to live above the poverty line.
the thing about these bailouts thats most offensive is that there's no rules for proper/improper use. and its public money! I got props on that!
a section 8 mom gets a welfare check and some food stamps. she gets this resource from public funds. and there are laws detailing how the money is to be used. she can't use the money to buy booze, to buy drugs, she can't even use the food stamps to buy pre-cooked, pre-heated fast food. granted it still happens but its few and far between and incredibly complicated, because the funds in Mrs. Section 8 Mom's pocket are stored in such a manner that its damn near impossible for her to use her food stamps... for anything but raw food.
these bankers are getting $200 million of taxpayer money... MY MONEY!... to help "save the economy". does the check come to them with some pain in the ass restrictions that makes it impossible to spend it on foreign investments? does the check come with laws that say "This money is only to be spent within the domestic U.S., for the purpose of boosting your personal business profits. Any other transactions involving these funds will be prosecuted."
"What would Ghandi do”
Chris
Ghandi would strangle you and dump your lifeless body in the Ganges.
chris @ 78:
:) You're kidding, right?
chris @ 79:
(Enough with the name calling)
[Site Moniter]
Wait! You have not been completely respectful, nor have you once defended your assertions with facts of any kind, but you get back on to complain about the F-bomb being dropped. Ask yourself, "What would someone who truly believes in what they are saying do to defend their statement?" If you have an argument make it now and quit trying to take the moral high ground.
Explain your defense of capitalism and freedom.
Any attempts to "fix" the economy will have very dire unintended consequences.
Mostly we risk punishing those of us who play by the rules and live within our means -- you know, SAVE.
Best to let all these investment "vehicles" de-leverage like they should.
We shouldn't have let this all happen in the first place.
Everybody -- not just the Bush admin -- was happy to ignore market fundamentals when the rates were lowered to 1%, and the biggest Ponzi scheme in history (housing bubble) was allowed to continue.
Now the consequences of perpetual deficit financing of our so-called "lifestyles" are being manifest.
As a great man once said, "liquidate liquidate liquidate."
Ricky Bones @ 84:
Correction:
'....and that will not happen
ifunless those who are most needy...'. changechris @ 78:
Ghandi would definately not do what the White House has done the past eight years:
1. At best ignore a terrorist threat prior to 9/11, at worst organise it.
2. Pre-emptive strike on two sovreign countries.
3 Awww, forget it. I have no faith in your ability to grasp it anyway. But in case I'm mistaken, you can Google
Hugh's list of Bush Scandals.
It now numbers at 300 + and counting
Why does he want to outlaw gravity?
He reminded me of Porky Pig (one of my heroes) trying to spit an awkward word out.
Those cheques are in the mail: we're saved. (wink)
chris @ 78:
You DARE to use the word "bipartisan" after the rape and pillage that the GOP has conducted since at least 2001? HYPOCRITE!! People are being thrown into the snow because of the actions of the robber barons that you defend and you get upset over the "F" word?
Time for you to get a thicker skin asshole, you're gonna NEED it. Pejoratives don't EXIST to describe these ghouls from the pits of hell, but you side with them, so,you're one of them.
Shame on your Chris! You yank chains and take a hypocritical stance on debate, and never once defend your statements. I don't think you are a Republican, Democrat, or Independent. You go by what you hear people saying or they tell you and you run with it. Know the facts and understand history as well.
Why don't you re-visit the FDR administration and see what a president's responsibilities are and see the best example of that being carried out.
Grandma Jefferson @ 88:
Hurtful, cruel, petty, this is how I would describe these comments, I think I'm just going to have to leave the site, I can't deal with this. Good Luck
Grandma Jefferson @ 88:
Amen!
Ricky Bones @ 57:
said:
I have single-handedly turned around the economy. I got my $40 government coupon for a digital tv converter, ponied up another $10, and now have clear picture. I'm sure the trickle-up effect will cure all ills.
chris @ 90:
NO, you can't articulate a good argument, nor can you even explain yourself. I know you are reading this and I want you to know that you are a disgrace to all who are truly patriotic and really defend freedom. Chickens run when their feet are held to the fire.
"Patriotism is the last refuge of a scoundrel" ~Samuel Johnson
chris @ 90:
Despite your long-standing attitude, there are people who remain respectful toward you here. You seem far more interested in eliciting and exchanging insults than actually having a debate.
You've threatened to leave twice now. Are you confused about where the door is? Because I know some socialists who can get you a government-funded map.
chris @ 90:
Hurtful, cruel and a few other words is the way I would describe the actions of the people you defend. You are a pathetic excuse for a human being.
21 chris Says: CheneyIsADick @ 15:
chris @ 10:
Its not Bush’s or anyone else’s job to correct the economy! we live in a MARKET ECONOMY, it can self correct.
It’s not Chimpy and his pirates job to fuck up the economy either. But they sure as hell did just that.
They didn’t “fuck it up” as you so put it, he does not control it!!! Leanders lent money to people they shouldn’t have, people bought homes and did not have the money, now the problem can self correct if the idiot politicians can get out of the way..
Can’t blame everything on the government..
====>>Edwin Says: Chris. Move out of your parents' basement and stop repeating everything your idiot father says at the breakfast table. He doesn't know squat.
Ricky Bones @ 94:
I thought it was religion. (?)
chris @ 90:
One last thing, if you come back and post. Back up your original statement, or at least give an example of something in the past that might make your assertion seem somewhat plausible. I noticed you haven't once defended yourself to my comments.
CheneyIsADick @ 98:
Tom-ay-to Tom-ah-to. ;)
Ricky Bones @ 99:
Looks like he's gone. Too bad. He could have learned something about social skils and debating if he'd stuck around.
Bear Stearns is circling the drain. If they don't wrap up a sale today before the markets open, the deal and/or the firm might collapse. And who knows what else. Should be an interesting day tomorrow.
chris @ 90:
Your capitalist "heroes" have destroyed this country, bankrupted it, put hard working citizens out on the street, and now, because we're voicing our 'displeasure" you can't DEAL with it?
Go have a sob with John Boner, that'll garner sympathy, then, when you've dried your crocodile tears, find the nearest recruiting center and SHOW us your patriotism.
We won't be holding our breaths waiting for you.
chris @ 10:
Makes sense. When it's a reptile they have no control, when it's a democrat it's all their fault. Got it.
Ricky Bones @ 12:
Why in the heck is the government is financing all of these private banks then? Doesn't seem like the free markets are so free with Mr. Bush's friends in trouble. Huh?
anon @ 46:
Anon-that isn't his job. That is exactly why I, and so many, are so furious.
I got a letter this week telling me that I can expect a check shortly.
I wonder though, couldn't the government have saved the expense of the letter and just added more to the fund?
My cynic republican liveIn thinks they will have to send us yet another letter telling us again how 'the government understands our pain' and the 'check is now just days away from arriving' before the milk check arrives.
chris @ 78:
[deleted--Enough with the personal attacks. If you want to respond to Chris on the merits of his post, do so. But this thread is getting out of control with flame wars. Knock it off.]
chris @ 90:
Just like his heroes Cheney, Chimpy and the rest. They can dish it out but they can't take it.
chris @ 78:
Go away troll.
See, if Chris had come back and tried to defend his turf/quicksand, I would have pointed him to this article from 2002, where President Bush implied the economy's bad status was President Clinton's fault - http://money.cnn.com/2002/08/07/news/economy/bush_cheney/
Hmmmmmm, it can't their fault now, but it could be President Clinton's fault then. Odd.
chris @ 10:
We have a central bank so its not a free market!!!!!!!!
chris @ 10:
did it self correct after 1929?
take your head out of your ass
the bushies have allowed their buddies to rape and pillage anything they could get their hands on
and if it can self correct, why did the fed just bail out bear stearns
god, you are a dumbass
Something about fish and barrels comes to mind...
A nugget from the Freepers - http://www.freerepublic.com/focus/f-news/912636/posts
anon @ 46:
Well, not exactly.
Bear Stearns is on the ropes.
The Carlyle Group's mortgage-backed securities hedge fund is kaput.
Numerous other financial concerns are also in dire straits.
So much for being masters of the universe.
Um... how 'bout leaving Iraq and putting the billions, er trillions, wasted over there into our own economy? Can't wait for that stimulus check. Oh wait. I make just a little too much to see one in my mailbox. Guess I'll keep hoarding my income so I can support myself for about two months in case I lose my job. Bed Bath and Beyond will have to wait.
Karen @ 82:
me thinks he thinks he's here to unite right and left blogistan...
TC @ 106:
I agree, its not supposed to be - but I insist that it is.
Faith based initiative offices in every office of the executive are an example of what is but isnt supposed to be. No bid profiteers in a time of war ... was criminal at one point and is now standard operating proceedure. And more - you know the list.
It was mentioned that there are companies that are experiencing problems - and as I mentioned the government is going to use our money to bail them out. We can dangle.
You have every right to be furious - you should put this guys balls on a pole. But remember, the Bush family has a long history of looting and bank robbery. This is a thugocracy and our treasury is being looted.
What we need is oversight - congress - which we dont have. What we need is legal recourse - the courts - which I dont believe we have. What we need is fair elections - which we dont have. What we need is a miracle.
Do you even know what "laissez-faire" means?? What's happening now is very aggressive government intervention to monetize debt with tax payer money. This is not free-market, this is socialism.
In a self-correcting economy there is no need for the federal government to dole out $200 billion to bankers, is there, (Chris)? (One of the "stimulus" packages seen so far-- or, as I would call it, WELFARE FOR BANKERS; tax-payer expense.)
Just one more catastrophe caused by the Bush White House. And we all know that most of the money we receive from the stimulus check will be spent on the continuing high cost of gasoline (thanks again George!). Then Big Oil will give some of the $$$ back to Bush in the form of campaign contributions and various kickbacks so in reality Bush has just given himself a Big Fat Raise, while this terrible recession gets worse and hurts all of us more and more.
CheezeBox @ 119:
Sorry to butt in ... but I object a little. It really isnt socialism. It is government influenced/control. Socialism isnt about influence/control for the benefit of corporations or the rich - quite the contrary. Its a small point, but this sort of use of the term perpetuates this false notion.
In a fascist state, the state serves corporations while the people serve the state - that is Mussolini's stolen definition. This is fascism, and it is controlling and coercive.
chris @ 21:
I have sold houses for the past 22 years, and the government has plenty to do with this crisis. The allowed the lenders to lobbying them for more lax rules about who can get credit. That's because they make tons more money lending to people with bad credit because those folks pay higher interest rates. Those loans anre then discounted over and over and sold on secondary markets.
Now that they have made all that interest and buyers are defaulting they WANT the government to interfere by bailing them out. So, you are wrong on all counts.
anon @ 122:
Actually, no. To "socialize debt" is to pay for debt (i.e. of major banking institutions) by the people. How? Inflation.
The federal reserve (the chairman appointed by Bush) creates money to support failing banks. Monetary inflation *always* leads to inflation. Inflation is a redistribution of wealth from people who have savings to banks.
It's that simple. It's socialism. What you're seeing now is central planning (controlling interest rates) and socializing debt.
Paulson truely deserves the shit for brains award. The only thing he, Bernanke and the President were all over, were the bankers on Wall Street in finding more and more ways to fleece the American public. Where were the ferderal Reserve regulators for the last two years? Why is oil setting its sights on $120 a barrel? Why is the dollar falling off a cliff while gold and silver are breaking new highs every day? They were all over this?!?! I've seen fly's hovering over horse manure in greater numbers than these bozo's. They could care less what happens now as they only have a few more months to go to the finish line and then they can drop the entire mess in the laps of the Democrats.
The first thing the Dem president should do is to call in congress and repeal the 16th Amendment. It's only purpose was to create the Federal Reserve as well as the I.R.S. The US Constitution doesn'r call for either. They should be the first to go down the crapper.
A large determining factor in how the economy fairs is psychological, they call it "consumer confidence." Of course Paulson and Bush and others who care about the economy are going to downplay the negative and play up the positive. Unfortunately, if these guys have only seen problems with this economy since August I think they were buying into their own line of Bull Sh-t. Bush is a moron so I am not surprised he did not see the train reck coming. But these other guys like Paulson. What were they thinking? All of this was going to happen, it was just a matter of when. You cannot count on the greedy little pigs in the Financial industry to self regulate. Warren Buffet warned of dirivatives years ago. When the Japanese real estate market collapsed over a decade ago everyone said it could not happen here because we have the TRANSPARENCY in our accounting practices that Japan did not. CRAPOLA!! The Republicans always complain about regulation, deficit spending, immorality etc. Then they turn around and spend us into oblivion, grope bathroom undercover cops but follow through with the deregulation that is now making our financial institutions shake. Who is running this show? I view the Republicans as sucking the marrow out of the bones of this country. They are not patriots when they close ranks and sacrifice the good of our country for the good of their party (which they almost always do, nudge, nudge, wink wink). I won't vote for McCain but at least he calls them the way he sees them. And that is why many Republicans do not like him. At the same time, to jump on these financial guys for saying they have things under control is ludicrous. Would you rather they said, "We have lost control. Things are going to be really bad and never fully recover." ? WTF!! Talk about cutting off your nose despite your face.
"PAULSON: Uh, Chris, what I said is I believe that the economy is going to continue to grow....."
PAULSON: Uh, Chris, what I said is I believe that George Bush is a genius....
PAULSON: Uh, Chris, what I said is I believe that I have a family of pygmies living in my ass....
PAULSON: Uh, Chris, what I said is I believe that Condi Rice is a good looking woman....
No credibility what so ever
Idiotland @ 107:
For real.
Damn you go that right.
Working on the economy is hard work and Pauli's doing a heck of a job.
CheezeBox @ 127:
You are not describing socialism. You are connecting a phrase 'socialising debt' with government control. That isnt an equation for socialism.
Socialism's goal is the fair (not equal) distribution of property and wealth. This is enforced and unfair distribution of wealth - I would call it theft.
I see this as state influence for the purpose of protecting/benefiting corporations - which is fascism.
We have a difference of opinion.
Sure,, Bush is on top of this alright. Decider Bush is responsible for this disaster , which is a result of his war in Iraq and his tax welfare (tax breaks and shelters) for the oil companies , corporations and the wealthy elite, and his free gifts of our tax money to his friends and political supporters the "war contractors".
Why is Bush funded the non-federal banks with our tax money ,when they are the ones which have caused this housing disaster. By their choice of being non-federal funded gave them the choice to take these extra risk.
Is Bush Sr. and Saudi Arabia and some other foreign countries the beneficiary of Bush's decision again?
Looks like Bush goes that extra mile to protect the business and investments of his family members and Saudi Arabia.
This country has lost it jobs and our wages are to d... low for the cost of products they need to buy.
This recession which is a direct result of Bush's policies for the elite , and his illegal war , will be worst then the one of the 1920's because now more people are directly dependent on private corporations for all their needs.
Bush has shown just what happens when the wealthy elite do not pay their share of taxes , then given the power to cut the wages, benefits and ship our jobs overseas and hire illegal workers for greater profits..
Karen @ 39:
I disagree. I think most people are making a very sincere effort to talk to Chris using words he hears alot. Words he must truly understand Liie this for instance.
Chris, go tell your mom your pants need changing, again....
I watched him on CNNI with Wolf asking the same kinds of question. Wolf asked him four different ways the and he would never answer the question. It is so clear that HE is not allowed to talk except for GOP Talking points.
They may as well send a recording. It's pitiful and they expect us to believe in them. We've seen them be absolutely wrong for over seven years, why should we think they suddenly think they have a brain.
This aint OZ Hank.
esHUSSEINme @ 120:
Have you ever looks at the partisian voting record of your republicans for the past 15 years. Democrats have almost snaped their backs leaning over backwards trying to work bipartisan and they keep getting screwed.
hate to ruin everyone's sunday night but
$1 US= 1.5727 Euro
Pre market trading in the far east
fwacbar @ 135:
BS this is why the economy is failing Bush and his criminal mob are trying to control it. We are now seeing the same results he received with his other business events.
#138
Don''t you have that backwards?
Mike the Canuck @ 138:
Cheney , Bush Sr. , Rumsfeld , Halliburton and the persons receiving our wealth has their investment overseas. Why do you believe Bush has given so many of our government jobs and contracts overseas. That was Britain which our military gave to a Britain company. GM goes broke in American firing our workers while investing billion in foreign countries which gives them our jobs.
America, no longer is a country of American corporations,, they have join in partnership with foreign countries including those with terrorist ties. H... our CIA is connected with military contractors selling illegal military equipment to countries with ties with terrorist or terrorist supporters. Our government is no longer a government processing laws for the support and benefit of our citizens , but for the wealth , health and power for Global Corporations.
nsr @ 105:
looks like they wrapped up a humongous $236 million sale... of themselves.
http://www.msnbc.msn.com/id/23662433/
Here's the link to bloomberg.....looks like the fed is working on a sunday sticking fingers in the dike though
http://www.bloomberg.com/apps/news?pid=20601080&sid=a1Q3rZlkh_ag&refer=news
I prefer putting a fire out with gasoline though
jp morgan just bought bear stearns for $2 a share
NoGWBpolicyleftinplace @ 13:
EXACTLY! It's almost fodder for SNL
PARIS (Reuters) - The U.S. economy lost the title of "world's biggest" to the euro zone this week as the value of the dollar slumped in currency markets.
Taking the gross domestic product of both economies in 2007, the combined GDP of the 15 countries which use the euro overtook that of the United States when the European currency surged to a record high of more than $1.56 per euro.
"The curious outcome of breaching this latest milestone is that the size of the euro zone's annual output has now exceeded that of the U.S.," the economics department of Goldman Sachs, the Wall Street investment bank, said in a note to clients.
Taking official estimates of 2007 GDP -- $13,843,800 billion for the United States and 8,847,889.1 billion euros for the euro zone -- the economy of the latter passed the United States once converted into dollars, shortly after the euro topped $1.56.
The dollar sank to $1.5688 per euro late in European trading hours on Friday, at which rate the euro zone's 2007 GDP equates to $13,880,568.4 billion.
The 2007 GDP estimates are as published by the U.S. Commerce Department's Bureau of Economic Analysis and provided to Reuters on request for the euro zone by Eurostat, the European Union's statistics office.
Bud Osama Bin Laden Hussein @ 18:
You'll be lucky if you have one nut left.
Gold is crossing $1020/oz. It's a barometer of a sick dollar and even sicker financial system (frauds and scams).
It is now becoming the currency of choice. Why? Because there is no counter-party obligation with a gold coin. The dollar is a debt instrument. When confidence is lost -- i.e., now -- the dollar loses. The gold coin in your hand, however, is still a gold coin.
...
As in you're doing a heckuva job, Pauli?
Riley @ 132:
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