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Bush To Leave Office With Record Deficit

September 24, 2008

Economy Takes More Bad Turns

Is someone offering him a drink?! Oh that’s all America needs now (not).

Proving he is one of the worst financial minds of our time, George Bush, is to leave office with a record $500 billion dollar deficit. The U.S. economy’s numbers across the board are bad.

Oil has risen once again, the dollar devalued some more, foreclosures doubled and the stock market dropped 240 points. But his attitude is, never mind all that, as all he can talk about is the war.

The government may want to hold some type of symposium with the, I don’t know, smart people in the country, who aren’t so steeped in partisan politics, and try to solve this economic crisis.

The White House is in the red (no, not communism, in national financial straits)

Bush is not doing it. Just like I wrote a year ago he wouldn’t. He’s more concerned with faking the record in an attempt to leave office with good numbers, albeit fake, than admitting things are very bad and his administration needs help correcting it.

Just last week it was announced another 2.8 million homes are in danger of foreclosure. Those numbers are completely unacceptable.

It is my personal view that if government employees in senatorial and parliamentary posts made less money in salary, they would be more compassionate, empathetic and in tune with what happens in their respective nations, and improve the standard of living for their countrymen, as they’d be in the same proverbial boat (and in coach, not business or first class).

US deficit zooming to half-trillion as Bush leaves

WASHINGTON (AP) — The government’s budget deficit will surge past a half-trillion dollars next year, according to gloomy new estimates, a record flood of red ink that promises to force the winner of the presidential race to dramatically alter his economic agenda.

The deficit will hit $482 billion in the 2009 budget year that will be inherited by Democrat Barack Obama or Republican John McCain, the White House estimated Monday. That figure is sure to rise after adding the tens of billions of dollars in additional Iraq war funding it doesn’t include, and the total could be higher yet if the economy fails to recover as the administration predicts.


Stocks slide as financials again pull back

Monday July 28, 5:56 pm ET – Wall Street slides on renewed concerns about health of financials; Dow back in bear territory

NEW YORK (AP) — Wall Street again surrendered to investors’ anxiety about the financial sector Monday, sending the Dow Jones industrials down 240 points and back into bear market territory. The flight from equities sent investors into safe-haven bets like Treasury bonds.


Stocks Tumble on Oil, Deficit News

July 28, 2008, 4:50PM EST – Financial stocks gave up recent gains as a rise in oil prices and word of a record U.S. budget gap weighed on the market Monday.

Major U.S. stock indexes skidded Monday as a recent rebound for financial stocks faltered, oil prices rose and a report said the U.S. budget deficit could swell to a record. Traders also weighed news that private equity firm Kohlberg Kravis Roberts & Co. plans to go public.


Dollar falls vs. euro, pound, yen as record US deficit looms, Fed official warns on economy

NEW YORK: The dollar slipped against the euro and other major currencies on Monday as a Federal Reserve official sounded a warning on inflation and the U.S. government said its budget deficit was on pace to set a dollar record in 2008.

The 15-nation euro rose to $1.5752 from $1.5696 late Friday. Britain’s pound edged up to $1.9984 from $1.9893, while the dollar slipped to 107.41 Japanese yen from 107.90 yen.


NY Governor Paterson

To make his concern even clearer, Paterson will hold a private meeting today with Columbia University’s Nobel prize-winning economist Joseph Stiglitz, the former head of the World Bank, who has called the current worldwide financial crisis the worst since the Great Depression.


U.S. Foreclosures Double as House Prices Decline (Update2)

July 25 (Bloomberg) — U.S. foreclosure filings more than doubled in the second quarter from a year earlier as falling home prices left borrowers owing more on mortgages than their properties were worth.

One in every 171 households was foreclosed on, received a default notice or was warned of a pending auction. That was an increase of 121 percent from a year earlier and 14 percent from the first quarter, RealtyTrac Inc. said today in a statement. Almost 740,000 properties were in some stage of foreclosure, the most since the Irvine, California-based data company began reporting in January 2005.


California foreclosures up 261% from ’07 levels

Breaking: DataQuick reports today that foreclosures in California soared 33% from the first quarter to the second quarter of 2008, and are running 261% ahead of year-ago levels.


Merrill sets $5.7 billion write-down, to sell stock

Mon Jul 28, 2008 7:41pm EDT – NEW YORK (Reuters) – Merrill Lynch & Co (MER.N: Quote, Profile, Research, Stock Buzz) said on Monday it will take a $5.7 billion third-quarter write- down as it unloads huge amounts of risky debt, and raise $8.5 billion by selling new stock.


Wachovia loses $8.9B, cuts 6,350 workers, dividend

Wachovia slashes dividend, jobs, to shut mortgage unit after $8.86B loss in second quarter

CHARLOTTE, N.C. (AP) — Wachovia Corp. reported a surprisingly large second-quarter loss Tuesday, deflating Wall Street’s hopes that the nation’s big banks are weathering the credit crisis well. The bank said it lost $8.86 billion, is slashing its dividend and eliminating 10,750 positions after losses tied to mortgages soared.

Even excluding one-time items, the results substantially missed analysts’ estimates.


WAMU Shares Way Down

Washington Mutual led a slide in home lenders after IndyMac Bancorp Inc. was taken over last week in the second-biggest seizure of a financial company by U.S. regulators. Lehman Brothers Holdings Inc. predicted today that Washington Mutual’s cumulative losses this year will reach $26 billion as the mortgage crisis worsens.

Washington Mutual rose 10 percent to $3.54 in extended trading after tumbling 35 percent at 4 p.m. on the New York Stock Exchange. The shares have lost 76 percent of their value this year, the second-biggest decline in the 24-member KBW Bank Index. National City Corp. has dropped 77 percent.



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