Shorter Bush on the Economic Meltdown
By John Amato Thursday Sep 25, 2008 11:50am
If you don't give me da' money then Saddam will nuke us.
Further stress on our financial markets would cause massive job losses, devastate retirement accounts, further erode housing values,.
And my administration did nothing wrong.
Well, most economists agree that the problems we are witnessing today developed over a long period of time
No sir. As a matter of fact we are saving you all from disaster. Is there anyway Halliburton can get a chunk of the pie too? (hehehehe) Cheney made me say that.
Thank you for listening. May God bless you.
When Henry Paulson was the CEO of Goldman Sachs and if they had ran into a financial crisis, like Bush says we are facing now. If he asked a valued employee to submit the ultimate blue print for the salvation of the corporation and he came in with a three page proposal---he would have been fired on the spot. I'm just saying. This bail out is a sham on the American people.
(Here's some FDR)
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Sounds like Bush understands the economy as well as McCain does.
Four more years! Four more years! Four more years!
George Bush...the gift that keeps on giving. Hmmm...let's see...illegal war, incompetent responses to natural disasters, two drowned American cities, foreign policy a shambles, financial crisis...geez...he's running out of things to fuck up.
LOL. Ya know...I'm looking at that picture. If that fucking moron pulled the trigger...he'd probably miss.
No worse...he'd kill an innocent bystander....and then his minions would blame the victim. Hmmm...that sounds familiar....where'd I hear that befo...oh...yeah...ooops.
Well, 8 years is a long period of time. It's certainly long enough to spot a worrisome trend and act to stem it.
Note to the Chimp...
HEY STUPID...if you're really intending on blowing your brains out. Ya got the gun pointed in the wrong direction.
Isn't there at least one responsible ADULT around who can show this MORON PREZNUT the door? Put him out of his misery already...the country and the world would thank that person for it. He's killin' us here!
Over the past couple days, I have started to think the Wall Street bailout is
a bad idea. The financial sector is probably 4 or 5 times bigger than it
needs to be (just ask Kevin Phillips.) Why not let it burn down to a more
practical size.
Use the $700B to replace bridges, lay track, and drop public fiber optic. Use
domestic content provisions and prevailing wage laws to ensure that the work
employs US workers. Medicare for everyone would be a godsend to American
manufacturing (already more competitive thanks to the weak dollar.) Provide
latitude to bankruptcy judges to keep people from losing their homes. Bring
back usury laws and declare some debts odious. Provide capital to the SBA so
that ordinary people can get unsecured small business loans. Increase SS
benefits and get rid of the contribution cap. And, ensure that FDIC can
protect small depositors.
The current proposal feeds the parasite to protect the host. Why not just
save the host. With a top tax bracket at 60-80% we could do even more.
I know that all the experts are saying that a bailout is necessary to maintain
liquidity and ensure that loans get made to businesses and people in the real
economy. But if the govt. is in the business of loaning/giving money anyhow,
then why not cut out the middleman?
God blessing us is truly the only prayer we have, Chimboy.
And He didn't need to hear you taking His name in vain.
It's a travesty of a mockery of a sham of a mockery of a travesty of two mockeries of a sham.
Where are the accounting firms in all of this. The financial statements of these firms were audited. Quarterly financials were reported to the SEC with the blessing of the accounting firms. Why were these assets not written down to fair market value earlier. Who allowed these overstatements. Sarbannes-Oxley did not go far enough and that was Bush's solution to the Enron debacle.
Boehner is on CNBC. I need a nap; I've been watching these guys all morning and I can't take anymore. See you all here for the debate. I hope there will be an open thread for it.
to think that people voted for BUSH in 2000 instead
of mcLiar........who now has all the answer all of
a sudden.
Senator Feinstein just said that she has received 50,ooo emails and phone calls this week who stand against the bailout.
http://www.c-span.org/watch/cs.....8;Code=CS2
Senator Feinstein is giving a great rap on the Senate floor “funding should come in phases, transparency is critical, oversight, accountability, taxpayers protected, weekly oversight” “no hidden deals, close the loop holes, comprehensive oversight”
IT IS JUST TOO BAD FEINSTEIN DID NOT DEMAND THOSE SAME ACCOUNTABILITY AND TRANSPARENCY STANDARDS IN REGARD TO PRIVATE IRAQ WAR CONTRACTS. What a hypocrite
Feinstein's family war profiteering
http://www.informationclearinghouse.info/article12106.htm
Sarah Palin, from the Couric/Palin interview, in response to a question about the bail-out:
Reducing taxes ... has got to accompany tax reductions?
Amazing.
.
By the way, is anyone else climbing the wall on listening to the Moron-in-Chief's diatribe this morning? Honestly, he sounded more like a 6th grader struggling to pronounce words being read aloud from a book! This is sadly hillarious. And this folks, incredible as it is, is the pResident of the great USA? Wow. Just...wow.
GWB sounds a lot like a used car salesman. The man has skills, no problem him getting a job after he leaves the WH.
Limited-Time Offer: This is one of the most common sales tricks, by far, as commercials and ads play on this heavily. This is meant to put pressure on the customer by creating a sense of urgency that the deal is only available right now. This forces the customer to make up his or her mind on the spot, rather than take the time to shop around and make an informed choice.
Sound familiar?
Try fitting these classic gems into Bush’s bogyman speech last night, first one is done for you:
1) “I don’t know if I can do that it, but if I could, would you buy this
carbailout package today?”2) “What’s it going to take to put this car in your garage today?”
3) “We knew it had that problem. That’s why it’s priced so low.”
4) “I’ll even throw in the floor mats.”
5) “The price doesn’t matter. It’s all about the payments. It wouldn’t matter if mine was priced $5,000 less than the other guys if the payments were $1000 per month!”
6) “I’ll even throw in a tank of gas.”
7) “It’s not just leather, it’s Corinthian Leather.”
8) “I need a sale today to get my kids some clothes for school.”
9) “Tell your friends where you got it, just don’t tell them what you paid for it.”
10) “I’ll even throw in a free detail.”
Bonus: “I didn’t think you were an idiot, but if you were, I didn’t want to miss you.”
I’m betting we’re going to get the special undercoating with this deal.
You guys should put up John Stewart's version of this. Heh!
WE WOULD LIKE TO OUTSOURCE this financial meltdown to BLACKWATER
Anonymous Hussein @ 11:
I too could use a nap. Boehner would do it for me, but, alas, no cable.
Maybe soaps are on regular TV?
JGabriel @ 14:
The Chimp is a fucking valedictorian compared to this moron.
Liberal AND Proud @ 20:
What demographic was she brought onto this ticket to appeal to?
Mutant illiterates?
JGabriel @ 14:
The Rich will be twice as happy.
Well, he eroded the value of the White House ... thats fer shure ...
Worst. President. Ever.
Of course John McSame and, shortly thereafter, Sarah Palin might have something to say about that.
I do hope that Gov. Palin doesn't visit any atomic energy facilities.
Then she'll be qualified to be a nuclear physicist, we'll really be in trouble.
g w bush
hero of the stupid
Bank Crisis 101 - The simplest explanation you will find
They try to hide what it is using fancy words like credit derivatives. Over and over again they tell you it is too complicated for the average person to understand. They are lying to you. You can easily understand this if you read these pieces together. They keep talking about mortgages but they are the smallest part of this entire "shitpile." It is a scam and the bushies have been waiting for months to unleash this "crisis" as an election issue.
Liberal AND Proud @ 21:
they ALREADY had Republicans on their side.
BUSH administration always putting out fires that they
started.
8 Years is a long period of time. Asshole.
constituent @ 29:
They haven't put anything out.
tws @ 26:
Hero? He's their fucking patron saint.
"It's only money
It's only money
It's only money
Ain't it funny when you want it you ain't got it.".....Argent, circa 1971
Filthy Harry @ 30:
"long period of time" is GOP code for "Clinton's cock."
Yes Bush is an idiot and McCain got the topic changed .. and derailed progress . . . MEANWHILE
That's a bank run, which means t means that the confidence the American people have had is gone. They don't believe Washington will save them, their deposits (even with insurance) or the money they need to live!
What if 1 or 2 more monolithic banks have runs? And why aren't progressive bloggers posting about this?
McCain is fiddling, derailing, grandstanding, being a drama queen, and Bush is an idiot and takes no responsibility, (what's new?), mean while America burns.
Where are the accounting firms in all of this?
The ones that audited Enron, Global Crossing, Tyco etc.? They were 'on it', to the same extent they were 'on it' with their other clients.
The thing is this in any field of endeavour only a tiny percentage of the population is truly outstanding at what they do. Think of business like the NBA...lots of people play basketball, and looking at all the college teams a lot of them play it very well, but only 450 people make it to the NBA.
Business is the same thing. There are a lot of people in business. Some are very good. Very few are NBA-level business people. Complex financial instruments used to be a small subset of the financial market, and there were enough brains to go around to understand what they meant and how to manage them. But then through deregulation these financial instruments became commonplace, but the number of NBA-level business people didn't increase. So, these complex financial instruments were purchased and sold by people who quite simply didn't grasp them. They went along with the tide with their eyes on their next bonus and hoped that somewhere an NBA-level business person was minding the shop.
But there was no NBA level business person...there wasn't even a shop.
connecticut man1 @ 27:
that's pretty good with humor thrown in. i noticed they
same thing. the media especially the financial talking
heads telling us it's very complicated. it's called the
'shadow financial system' there are essentially 'betting'
on the different loans. yesterday there was an interview with a multi-millionaire on (cnbc) he made his money betting on what the subprime loans would
do in the market. he made money betting subprime
loans would not be paid on.....many others 'bet' the
other way and lost. palyers were able to insure these
bets also.....they're NOT telling the whole story. it's
basically a sophisticated electronic 'betting' casino.
I liken Bush to Nero. Remember Nero fiddled while Rome burned.
There's already a model for a successful turnaround, it's called the NEW DEAL. The WPA and the CCC made all the difference throughout America's heartland during the Great Depression. Where's the sense of history when these slimeballs keep quacking about how "unprecedented" the current situation is?
I'm glad the financial system is failing. The system is designed to channel money to the wealthy. The system that is collapsing is the reason that our standard of living has fallen every year since 1972. It is a welfare system for the rich.
Why are Dems taking the lead on pushing this scam through Congress? This is a lame-duck REPUBLICAN president asking for a trillian-dollar giveaway...if his own party isn't going to back it, walk away. It's a trap, period.
Clytemenstra @ 35:
I truly think that the average American is a couple of IQ points sort of retardation. The populace here does not quite get it...
We have no leadership, period... we haven't had it for over 8 years. It is actually a miracle we did not collapse earlier.
It is also for the American citizens to actually take responsibility...
for gods sake squeez one off man! people will bless you for it!
Looks like Tex has had a bit too much Red Eye.
Good thing they had those 10-gallon hats then.
But mind yours
Or you'll get a nasty surprise as you hitch up your britches and saunter out the saloon.
P.D. @ 38:
Well, while America burns, I play air-guitar.
constituent @ 37:
At its simplest, Capitalism is a pyramidal scheme. Period.
Time to evolve...
It used to be that the "average" IQ was 100. I think it's hovering around 90 or so now. So goes the dollar..
Paulson was at Goldman for almost 20 years.
He made BILLIONS off the crisis-in-waiting.
This is from The Daily Show...
-DT
this is a one page read that explains the financial
crisis and how phil gramm was a major player. my
opinion beyond this article is this is more than foreclosures.
the media is trying to put a lot of blame on foreclosures and the public when there really is much more to it than that.
http://www.motherjones.com/news/feature/2008/07/foreclosure-phil.html
Uppity Blue Lensman @ 47:
I think it was George Carlin who said that "the IQ and life expectancy of the average American just passed each other by in the opposite direction."
constituent @ 29:
http://www.youtube.com/watch?v=golEvRaaKYo
Tyler Durden @ 46:
At its most complex, too.
Capitalism is a complete, total, enormous scam.
"Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone." --John Maynard Keynes
Why aren't people talking about the Barry and Levon Pudding Plan? Under their plan every American gets a check for $240 and is required to use the cash to buy pudding. Before sending out the checks, the government nationalizes the pudding industry. Government should be able to pay for everything through pudding sales alone. People don't need to worry their pretty little heads about the rest. See the plan in action below --
http://www.youtube.com/watch?v=3XhS80rwjIg
constituent @ 50:
"Blame the victim" is on the first page of the Conservative Movement manual...
It is also a pretty neat way of divide and conquer.
Extra points to FOX news very own Neil Cavuto (sp?), who tried to blame "minority" mortgage holders for the meltdown. Ironically most mortgages given to minorities were the few who were actually performed.
I truly think that the average American is a couple of IQ points sort of retardation. The populace here does not quite get it…
While true, it's kinda like blaming a crack baby for its momma's addiction.
The US Schools de-emphasized civics and US history beginnning in about 1972, when the "Crook" and his criminal cronies observed that a LOT of the students in the streets demonstrating against and demanding an end to the indiscriminate slaughter of brown people in Indo-China--in addition to the millions of civil-rights demonstrators of the previous decade--had been pretty well schooled in and were well-versed in civics, the rule of law, etc., and were using that knowledge to attack the Regime's criminal war.
Civics has not been a priority in USer schools since at LEAST 1980. So at least two generations of USer school kids are, in fact, abysmally--but intentionally--ill-informed on the structures and workings of the institutions and instruments of self-government.
Which is probably okay--at least with the Elitocrats--since those institutions and instruments have, themselves, been the targets of the relentless onslaught of fascistic practices wrought by EVERY SINGLE US Presidency since Nixon's to quell and suppress them, and are today comatose at best...
i recommend this interview in npr 'fresh air'. it's an interview with michael greenberger an expert on
subprime loans,credit defaults. he explains the 'betting'
system that has been going on at wall street.
http://www.npr.org/templates/story/story.php?storyId=89338743
Tyler Durden @ 51:
You guys always blame it on the ignorance of the American people. I blame it on the MSM propaganda that is the major source of news.
McCain Blinks... heads off to the debate. Of course, he'll be exhausted from his exhaustive efforts, and that will be his excuse for doing poorly. I hope Obama can rile him up enough to make McCain look like the wretched fool he is.
On another note, I happen to know a Fortune 100 CPA (repub) through an acquaintance. His take on all this - the $700B bailout is all whooey. The market needs a little tweaking, it needs to make an adjustment, and everything else is a scare tactic and load of crap. He is buying right now. This guy always comes up smelling like roses... hmmm.
We The People
Land o'goshen, Slim, ain't'cha supposed to hold the burnt match and throw the dynamite?
constituent @ 29:
Actually, they scream at the top of their lungs: "FIRE...FIRE...DEATH...FEAR..." then they look to everyone else to help them put it out.
Tyler Durden @ 42:
Maybe it's because Ronnie Raygun had history textbooks changed so they dealt with less of the causes and mind set of what happened in the great depression (changes were made as to the important role of unions to create the middle class too).
It may be that my mother and father lived through the great depression (I'm 46 ) and I grew up hearing about the horrors and privation of the time, about why they put their money in several different banks, etc. etc.
And kids in their 20 and 30s today don't have parents who lived through that time.
I have also found it disturbing that we seem to glory stupidity and mediocrity and demonize intelligence and education. My Republican Kansas farmer grandparents were never that way. They valued education and being smart.
But why aren't progressive blogs leading the charge here by pointing out what happened this week and what it means when a bank like WaMU has customers withdraw $16.7 billion in one week.
This isn't some local bank.
Ron @ 58:
Hand and glove..
56 woody, tokin librul
They won't tell a person his IQ but I understand mine is at least 120.
I was reading college level in Junior Highschool.
Ron @ 58:
Hand and glove..
_____________________________________________
Sniff the Glove.
Liberal AND Proud @ 21:
If I was a Republican and McFinance trotted this bozo out and told me that this is who he thinks will run the country the best when McMelanoma has his heart attack I would be very very angry. This is a farce. A crazy joke. Right? Now is the time for the Republicans to listen to George Will.
Just saying.
Ron @ 58:
Even in the darkest periods of the USSR for example, most people knew enough to take Pravda for what it was: propaganda. I was told by a friend who grew during communist rule in Poland, that they way they read the newspaper is by assuming the opposite of the "facts and opinions" which were printed.
As much as it would be easy to leave the American populace off the hook, by blaming it on "ignorance." I reckon that the average American is too fucking lazy to take the time to seek information and/or education. It takes two to tango, and if the American M$M can push such an egregious and boldfaced propaganda is due to the complacency of the American populace.
wow.. cnbc has played that couric palin interview bit
about alaska and neighboring russia three times today...listening to republican strategist expalin is funny as hell.
62 IdiotShrub Says: constituent @ 29:
BUSH administration always putting out fires that they
started.
Actually, they scream at the top of their lungs: “FIRE…FIRE…DEATH…FEAR…” then they look to everyone else to help them put it out.
____________________________________________________________________
http://www.youtube.com/watch?v=cw2IIU0a9qw
constituent @ 37:
rdf did a great job of putting it in terms that Joe and Suzy Sixpack can and will understand. It is an explanation that needs to go viral. Then when people read about the real scope of the bank failures they will begin to understand what it is all about.
A scam of epic proportions.
Add to that the fact that the bushies tried dresperately to keep this scam under wraps back when Spitzer and the 49 other AGs were dogging the mortgage problem that nearly exposed the entire scam... They have been holding on to this issue and chose to announce it now. Right before the elections.
We have been in a recession for a while now... Paying off these criminals gambling debts will not change that fact, nor will it make things better for the USA.
Ron @ 58:
http://www.youtube.com/watch?v=e22hdJ1wwKg
woody, tokin librul @ 48:
And he stands to make a whole hell of a lot more when he returns if this extortion of our tax dollars goes through.
CMINCA @ 10:
The accounting firms are probably a bit nervous at this point in time. Some may disappear in the end. The Sarbanne-Oxley Act is there to deal with problems like this but it cannot stop people from playing games with a companies financial statements. Every thing is OK until you are caught , and then lawyers show up.
connecticut man1 @ 71:
very good point eliot Spitzer was pointing his finger at BUSH who put
the finishing touches on State/Fed. regulations that protected the public.
Specifically the Office of the Comptroller of the Currency. this would too
much for people to handle.
constituent @ 50:
This is not really much more than foreclosures. Make no mistake however, this is also about Bush administration letting this happen and even encouraging to continue. Bush needed people to be able to spend money because of the recession after the dot com bust. The easiest place for people to get money was to borrow on their house. But the houses had to be bought and sold and refinanced over and over for the scam to work. When a $100,000 house cost $350,000 and people could not afford to pay the monthly payment on that $350,000 house the shit had to it the fan. The question is: Did these asshole see this coming hoping that the next administration was going to have to take care of it or did they just not care?
And of course Gramm and McMelonoma greased the wheels with deregulation. McShame is so stupid though, he probably didn't even see it coming. Gramm probably used his like Gramm uses everybody.
Tyler Durden @ 68:
I don't think you understand how the propaganda works. It's brainwashing. If you see and read that everything is okay except for O.J. Simpson, Paris Hilton and all the other celebrity antics that happen, it is not hard to understand why they don't think they have to research anything else. This has been a long range plan to dumb down the populace. Even the educational system has been changed to make people less awre of what's happening. Look at the news organizations and the educational systems in the rest of the world. Their citizens are getting better educations and better news reports.
We the People
must vote for change
ysbaddaden @ 65:
They lied to you: they will tell you your IQ.
Also there are multiple IQ scales...
Captain Bitter Angry Kangaroo @ 76:
i'll agree to disagree....it was the betting on the on the subprime loans.
Candy-gram for Mongo!