Through Bush-Colored Glasses......................

[nhboy]

"President Bush admitted on Friday that times are tough. So much for the straight talk.

Mr. Bush went on to paint a false picture of the economy. He dismissed virtually every proposal Congress is working on to alleviate the mortgage crisis, sticking to his administration’s inadequate ideas. And despite the rush of serious problems — frozen credit markets, millions of impending mortgage defaults, solvency issues at banks, a plunging dollar — he said that a major source of uncertainty today is whether his tax cuts, scheduled to expire in 2010, would be extended.

This was too far afield of reality to be dismissed as simple cheerleading. It points to the pressing need for a coherent plan to steer through what some economists are now predicting could be a severe downturn. Mr. Bush’s denial of the economic truth underscores the need for Congress to push forward with solutions to the mortgage crisis — especially bankruptcy reform to help defaulting homeowners. Lawmakers also must prepare to execute, in case it is needed, a government rescue of people whose homes are now worth less than they borrowed to buy them."

The New York Times > Log In

 

[PsyOps]

Does anyone remember the stock market crash of 87? How about the S&L crisis? We landed in a recession at the end of the Reagan admin. What about the dotcom bubble burst? It landed us in a recession at the end of the Clinton admin. Now we are suffering from another economic "crisis" at the end of the Bush admin. Is this really any different than any other?

This current situation really pales in comparison to the crash of 87 (which was a larger crash, % wise, than the crash of 29). We have had 21 recessions since the turn of the 20th century. Of those, nearly half (10) came at or near the end of a president's term. Is this a coincidence or is there a real connection between a departing president and the economy? Nevertheless, we have recovered every time. Why? Because we have a strong economic system based on the consumer.

Now, what do you want to hear Bush say.... "This economy has failed and we are doomed, so let's raise taxes." or "I am confident that we can recover if we continue let people keep more money in their pockets to put into the economy"? Everyone knows the democrats' only solution for anything is to raise our taxes. It has NEVER resulted in better economic growth; it has only resulted in larger and more controlling government.

Another fact folks are overlooking is the connection between our hurting economy/consumer confidence and a failed democrat controlled congress. As usual it's all about Bush.

 

[ylexot]

Now, what do you want to hear Bush say.... "This economy has failed and we are doomed, so let's raise taxes." or "I am confident that we can recover if we continue let people keep more money in their pockets to put into the economy"? Everyone knows the democrats' only solution for anything is to raise our taxes. It has NEVER resulted in better economic growth; it has only resulted in larger and more controlling government.

I'd like to hear that plus another call to cut earmarks and a call to massively cut federal spending.

 

[PatricksDad]

I hate when people with knowledge respond to these posts. It stops people with little intelligence from showing just how stupid they really are. Nice reply PsyOps

 

[PsyOps]

I'd like to hear that plus another call to cut earmarks and a call to massively cut federal spending.

McCain, for what he's worth is claiming he will do just that. We already know Obama and Clinton will do just the opposite.

 

[PsyOps]

I hate when people with knowledge respond to these posts. It stops people with little intelligence from showing just how stupid they really are. Nice reply PsyOps

Thanks Pat...

I think another point to make here is this is how we respond to, what we consider, uncertain times. We panic. For some reason, when tough times hit us, all we can see is doom and gloom. No matter what you think of this president, at least he is trying to portray a positive message. It's his job to do this. But, as typically predicted, the left will only propagate doom and gloom. We will survive this.

 

[soul4sale]

Nevertheless, we have recovered every time. Why? Because we have a strong economic system based on the consumer.

Yes, thank you, PsyOps, for showing us all that you know dogsh!t about economics. Tell me, when you were using the Dow as your metric for how bad economic crashes were, did you also look at the bond markets, exchange rates, personal savings rates and industrial production? Did you stop to consider that, in our shift to a service/data economy in the last 20 years, the Dow has just about become unhinged from the ground level economics that everyone except billionaires care about? The "crisis" this time around is that the consumers who usually rescue our economy are maxed out on credit and heavily exposed by their greatest assets - real property.

Time will tell if this storm will blow over as well. I think it will. But I also think we're going to see the return of renting as a more permenant option for those who weren't able to ride the FHA boom. And we might also be forced to re-import some of our industrial jobs if the dollar falls too far, which would be a good thing.