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alstry (35.42)

Are Bush and Paulson LYING through their teeth????

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August 30, 2008 – Comments (6)

Aug. 30 (Bloomberg) -- President George W. Bush said the U.S. economy is ``beginning to improve,'' and he credited the $168 billion stimulus this year with helping to ward off a recession.

vs.

Britain is facing "arguably the worst" economic downturn in 60 years which will be "more profound and long-lasting" than people had expected, Alistair Darling, the chancellor, tells the Guardian today.

In the government's gravest assessment of the economy, which follows a warning from a Bank of England policymaker that 2 million people could be out of work by Christmas, Darling admits he had no idea how serious the credit crunch would become.

http://www.guardian.co.uk/politics/2008/aug/30/economy.alistairdarling

Alistair Darling is Paulson's counter in England.  The problem England faces is similar to the problem we face except our is much BIGGER!!!!!

When you have too much debt and too little income, default/bankruptcy is the outcome.  Bush admitted in a hidden camera shot that Wall Street got "drunk" lending money. 

Once the bankruptcies start, they create more bankruptcies and the process gets bigger and faster.  Without a doubt, Darling is the most prominant official in the world to sound the warning bell.  From this perspective, based on the quantity and prevasiveness of debt supported by real estate that is defaulting and collapsing in value......this is could make The Great Depression look like a mild recession.

Our thoughts are with those feeling the brunt of the storm this weekend.

6 Comments – Post Your Own

#1) On August 30, 2008 at 9:24 PM, LordZ wrote:

2 straight quarters of proven growth.

Of course the stimulus checks helped, however if your not one of the unlucky people to have no asserts, have no savings, and unlucky to have no job or prospects, well than aside from the higher costs associated with all this free low cost money your doing fine.

Well than some can claim its starting to look up, its been over a year since this credit crunch has been recoginzed and felt and in some states like Michigan its been about 8 years into the statewide depression.

So no Bush isn't lying, there have been 2 straight quarters of GDP growth, so one could look at it as a sign that the economy is improving especially as the second straight growth  quarter was three times as high as the first quarter of GDP growth.

One bad part is that inflation is looking to grow and everything has become relatively way more expensive.

But I find it funny how people  can out of the blue claim worst economic downturn ? or its nots been this bad since 100 years ? 60 years or six seconds.

Bottom line is if you have managed your finances and if you have managed to avoid debt and if you have managed to accumulate assets as opposed to liabilities and debts, well your doing relatively much much better than the typical losers who are in debt to their ears, who have no assets, who have only debts and liabilities. We could have utter geniuses in office who do everything right, but if you still have idiots for consumers and citizens well than your still going to have many people crying thats its bad.

 

 

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#2) On August 30, 2008 at 10:01 PM, alstry (35.42) wrote:

Lordy,

Truly you can't be as ignorant and bigoted as the FOOL you come off as.....I simply refuse to believe it.

Two straight quarters of GDP growth????......you think there has been growth  in the  Airlines, Autos, Banks, Construction Companies, Mortgage Companies, Brokerage Firms, Real Estate Sales Offices, Retail, Restaurants, Starbucks, Land Developers, Shopping Center Owners, Office Building Owners, Investment Bankers, Private Equity Firms, Leveraged Buyout Firms, ect......

Sure, there has been growth in the last two quarters.....just not in America.

You probably think unemployment is under 6%

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#3) On August 30, 2008 at 10:24 PM, LordZ wrote:

No unemployment is much much higher.

Underemployment for many.

But bottom line is if you really really want to work, work is available, however many overweight, over intellectualized, over self overly prideful individuals would rather be unemployed than work for what they would perceive as unacceptable wages and conditions.

alstry  it doesn't really matter what I think, but the powers that be say there has been 2 straight quarters of GDP growth. So history will show 2 straight quarters of growth after one quarter of retraction.

This should be good news, except for Democrats who will not accept nor acknowledge any good news due to political pigheadedness and doomsayers such as yourself.

GDP stands for Gross domestic product which encompasses far more than just the health of select industries.

 

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#4) On August 30, 2008 at 10:43 PM, lquadland10 (< 20) wrote:

well this democracy just wanted war from 1900 to now when the bankers came into control with the fed. The powers that be wanted control of the universe?

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#5) On August 30, 2008 at 11:48 PM, daayoo (< 20) wrote:

Read "Confessions of an Economic Hit Man"

There is no Democracy only Coporatocracy.

Bush is simply trying to run out the clock and dump this huge sh!t sandwich in the next president's lap nothing more nothing less. Lord Z I take it you are long and strong since you believe so deeply in those numbers. Good luck with that.

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#6) On August 31, 2008 at 12:25 PM, LordZ wrote:

daayoo

So now in addition to your accredited awesome caps score of under 30, your also an expert in what the LORD z believes ?

Maybe you were joking ? maybe you jest ? or maybe your serious.

daayoo  I have no real world short positions.

But if I did, what does that matter ?

And yeah there is a bias to report good numbers to tell people things are better than maybe they are ~ theres plenty of good reasons, but as to George Bush junior being able to somehow fabricate false GDP data, whats the point, and thats beyond his scope.

Bush simply refers to the numbers and points that they are looking better, who wouldn't if Osama was the president he would do the same thing, if Clinton was the president ditto.

Could you imagine if Bush came on and told us we are all phucked like Alstry blogs. Although it might be funny, the consequences may or may not be dire as the mob is fickle, but imagine the PR nightmare if crazy people started acting more desperate and crazy.

We are a republic not a democracy.

 

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