George Bush waving
The candidates in the 2008 U.S. presidential election may not agree on many things, but there is one thing they both see eye to eye on – the deterioration of the U.S. economy is President George Bush’s fault.
John McCain (Republican). Why is everybody waving? (just kidding)
I think that’s something most people can agree on. Ah, George Bush, bringing people together in blame.
Barack Obama (Democrat)
If someone did to George Bush’s family’s fortune and back accounts, what he did to America’s, he’d want that individual jailed on felony charges.
Candidates blame Bush for deficit
McCain blamed “wasteful” spending for the record deficit. The two main US presidential candidates have blamed George Bush and his administration for the country’s soaring budget deficit.
John McCain and Barack Obama said the Bush administration was to blame for the deficit that is projected to hit a record $428bn in the next fiscal year which begins on October 1.
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.
Republican presidential nominee John McCain has pledged his support for the upgraded Americans With Disabilities Act, which I find somewhat ironic and hope he keeps his word, as his comrade George W. Bush has slashed funding and assistance for the disabled.
And no I’m not guessing, nor did I read this somewhere. I know professionals who work in the field and disabled people as well, and they are all telling the same story, the government has cut their funding. This is creating problems for them in paying their bills and having the same active lives they use to enjoy.
John McCain: you’re not taking a picture of this, are you!
This move also cost the nation jobs in that many care providers for the disabled were forced to go out of business, closing their companies down, since Mr. Bush cut funding to buy more bombs to drop on men, women, children, babies, grandparents and ironically the disabled, in Iraq. In case you didn’t know, the body count is over 1 million dead in Iraq.
Not to mention, once again, George Bush’s Supreme Court made the wrong decision – this time regarding the disabled. History will not remember it well.
McCain vows to back changes to disabilities law
COTTONWOOD, Ariz. (AP) — Republican presidential candidate John McCain is pledging support for a proposal to expand protections for disabled people under an 18-year-old landmark civil rights law.
Supporters of the law say the Supreme Court has limited the law’s reach.
A month ago, the House passed a bill to extend protections to people who take medicine to control epilepsy, diabetes or cancer or use prosthetic limbs.
Obama Offers Words Of Support
British PM Gordon Brown
This is a follow up to the June 17, 2008 article Bush & Brown. Labour party leader, Gordon Brown, is learning a tough lesson, that publicly backing George Bush is a bad idea.
Bush’s visit to London last month, replete with government photo-ops, hurt the Labour party. It solidified Brown’s support of Bush, much to the ire of the British people, and as a result, last week, Brown’s party lost another round of elections in Glasgow, leading up to the general elections. The opposition Tory party must be ecstatic.
A perpetually lost looking George Bush stands with Gordon Brown in 10 Downing Street
Last month via this column I told you to fake the Bubonic Plague, Mr. Brown, but you didn’t listen and let Bush in Downing Street anyway. Even U.S. politicians are distancing themselves from Mr. Bush.
Seriously, the whole situation is rather regrettable, as you’ve inherited a massive problem, Mr. Brown. Somewhere in London, Mr. Blair is having tea, saying “Glad it’s not me.”
Obama encouraged Brown that incumbents become unpopular once in office. While, there is some truth to that, there’s a difference between becoming unpopular and being flat out loathed as Bush is in America and the world over.
Obama encourages embattled Brown
Sat Jul 26, 12:22 PM ET – As the media speculated he could be forced to quit following a third crushing by-election defeat in as many months, senior figures in Brown’s governing Labour Party ordered rebels to back down and get behind their leader.
And US presidential hopeful Obama, following talks with Brown in London, said that leaders were always more unpopular once elected — and he had been variously described as a “genius” or an “idiot”.
Labour saw the Scottish National Party overturn its 13,507 majority in the Glasgow East constituency in a vote Thursday — a huge blow indicating it is now haemorrhaging support in its heartland.
Labour lawmakers, fearful for their jobs at the next general election, were now urging senior ministers to tell Brown to step down or face being ousted after they return from holidays in September, newspapers said.
Republican presidential nominee John McCain stated Obama’s plan for U.S. troop withdrawal from Iraq in 18 months, would mean having to go back to the nation at a later date.
McCain stated, with his plan, “When I withdraw, we’re done. With Obama we might have to return.”
I don’t think the people of Iraq want the occupation now or a repeat visit for that matter. News outlets all over the world, both television and print, are covering stories of the Iraqi people wanting the war to end, as it’s killed 1,000,000 of their people, destroyed their nation’s infrastructure and their peace of mind.
Some reports state the Iraqi people are begging for the days of Saddam again, stating he was bad, but they would rather him, than living and dying in the manner they are now. There are photos all over the internet of school kids getting caught in war crossfire and being killed.
Men, women, children, babies and grandmothers are dying in huge numbers, while from the comfort of his office, where he is waited on hand and foot, the worst president in the history of the United States, protests leaving a country he has no right to be in – that the soldiers want out of.
Why should all these people die on both sides of the aisle, because of your greed for oil. It’s the wickedest thing I have ever seen in my life.
Please, be honest, Mr. President. The Bush administration grew very imperialistic in trying to seize an already settled foreign country, because of its vast oil resources. Greed got the best of Bush and Cheney and they lied to everyone to get a foot in the door over there, then did the unthinkable, in the name of oil.
Since you want Iraqi oil that badly, Mr. Bush, let the soldiers come back to their families, and you and Mr. Cheney can go illegally fight for the oil yourselves. I’ve heard Cheney is good with a gun.
You sorely neglected the U.S. economy in favor of stealing Iraqi oil, by any means necessary, causing a terrible economic meltdown in America.
Once again, I must point out, the neglected U.S. economy, which greatly devalued under your presidency, is worth more than the black gold you’re illegally after in the Middle East.
Fools gold indeed.
Had you invested the money you squandered on the war, into America, the nation would be way ahead of other countries financially and technologically. But you didn’t. You blew the lead. America has regressed under your presidency.
As a result, China, Russia, Dubai, Canada and the E.U. are financially, technologically and scientifically reaching new heights, while America falls behind, thanks to you. That’s because instead of spending their money funding a never ending war and bombs to drop in Iraqi, they dumped the cash into their nations.
Iraq’s PM Nouri al Maliki
Things have gotten so bad in America with Bush’s out of control spending on the war and other poor ideas, that he’s had to cut funding for the disabled and elderly. That was a new low, Mr. President, but that’s what your presidency has been about. Setting lows.
Imagine that, going down in history as Bush will. This is what the history books will reflect:
1. Cost over 3,000 U.S. soldiers their lives.
2. Cost over 1,000,000 Iraqis their lives.
3. Cost over 4 million Iraqis their homes, as they had to flee for their lives to Syria during the war.
4. Cost over 4 million Americans their homes, as he allowed his cronies in the banking industry to gouge and abuse citizens.
5. Spent over a trillion of U.S. taxpayer money on a war he lied about.
6. Stole Iraqi oil.
7. Squandered billions in U.S. taxpayer money that hasn’t all gone to rebuilding a country he illegally bombed. Rebuilding money is missing.
8. Caused the price of oil to skyrocket in several democratic countries.
9. Aided the family of the top terrorist in the world, Osama Bin Laden, with leaving America right after 9/11 happened.
10. Raised the price of many services Americans need (court, government and postal services).
11. Cut government funding and benefits for the disabled and elderly. Just shameful.
12. Maliciously outed a U.S. spy who could have gotten killed as a result.
13. Spied on American citizens and residents whenever he felt like, via illegal wiretapping, email snooping and scanning bank accounts (FBI).
14. Misused the U.S. Secret Service to threaten, bully and harass Americans that lawfully spoke out against his tyrannical conduct.
The beauty of influence or so-called high-powered jobs, is the character to have the grace, class, dignity and integrity, not to abuse one’s post or operate outside the law, but to selflessly serve. These are lessons George W. Bush clearly never learned.
McCain: When I Withdraw, We’re Done. With Obama, We Might Have To Return
23 Jul 2008 12:00 pm – WILKES-BARRE, PA — Barack Obama still won’t endorse the surge, and that, says John McCain, is evidence of collosal misjudgment McCain says Obama is reckless — committed to withdrawing troops even if doing so would set off a civil war If McCain is president and his strategy prevails, “We will come home. We will come home with victory and honor, but we will never have to go back,” he said.
“So, when Senator Obama says well if we don’t succeed, we may have to go back in, we might.”
Treasury Chief, Henry Paulson, today compared apples and oranges in stating the current U.S. economic crisis is nowhere near as bad as the Savings & Loan scandal of the 1980’s, which I previously wrote about on this site.
During the S&L crisis, an unprecedented number of Americans did not lose their homes, which is what happened with the current economic disaster. In addition, millions of other U.S. homes have been devalued, when property prices plummeted.
People that bought homes a couple years ago, are faced with the terrible conundrum of sticking with a mortgage and staying in a home that is now worth 40-60 percent less than what they bought it for.
You are now finding individuals walking away from their homes and mortgages, reasoning the payments have become too high or the house isn’t worth what they’d previously paid for it. The level to which this has now happened is unprecedented in U.S. history.
Therefore, how can Paulson compare the two or apply the same principles the government used to rebuild after the S&L crisis of the 1980’s. If you apply those principles, the problem will not be solved and restructuring the economy will be a pipe dream.
It is the equivalent of giving someone a shot for one disease when their medical tests say they have another.
This is not a problem the current administration will solve by the time Bush leaves office, as the damage is so far reaching. A follow up a few months from now by analysts and market speculators will reflect that.
Paulson says recovery to take months, not years
Treasury chief confident Congress will approve Fannie, Freddie aid plan
Paulson also voiced confidence on government’s ability to deal with the recent string of bank failures.
“Our regulators are on top of it. This is a very manageable situation,” he said.
He said 2008 has seen only five banks fail, compared with about 250 failures seen in a single year during the height of the savings-and-loan crisis of the late 1980s and early 1990s.
Speaking later on CNN’s Late Edition, he added that “99% of the banks with 99% of the assets” were in good shape in terms of capitalization.
The Democrats, presidential candidate Barack Obama and house speaker Nancy Pelosi, have been in talks with the Iraqi Prime Minister, Nouri al-Maliki, regarding ending the Iraq war, President Bush deceitfully got the nation involved in.
President Bush and his advisors are against ending it…but who cares. America cannot afford to continue spending massive sums of money per day on a fruitless war. That level of spending would break the strongest of nations, launching it into bankruptcy.
Pelosi calls for high-level meeting with Iraqis
Democratic presidential candidate Barack Obama now has a major ally in his push for a timetable for the withdrawal of U.S. troops from Iraq. Iraqi Prime Minister Nouri al-Maliki tells a German outlet that he’d like to see troops leave “as soon as possible, as far as we are concerned.” He then added: “U.S. presidential candidate Barack Obama is right when he talks about 16 months.”…
“So with the prime minister saying it’s time for you to go,” she told the crowd, “I think it’s time for our country to sit down with the Iraqis and work that plan out. [We need to be] respectful of what the prime minister says, and respectful of the will of the American people, who have been against this war for a long time…[We should] have a high-level meeting with the Iraqis to work out the terms of our deployment out of Iraq…So, the end could be in sight.”
Bush adviser says Iraq timeline “very dangerous”
Sun Jul 20, 2008 1:37pm EDT – WASHINGTON (Reuters) – President George W. Bush’s top military adviser said on Sunday setting an unconditional two-year timetable for getting U.S. troops out of Iraq in two years would be dangerous.