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Author Topic: Straight from the Shrub's mouth
YaYawoman

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Icon 1 posted December 20, 2006 09:00      Profile for YaYawoman     Send New Private Message       Edit/Delete Post   Reply With Quote 
So there I was, innocently sipping my coffee and enjoying the mornings comedy offerings from CNBC market cheerleaders and spin-meisters when who pops up? Yep. Good ol'lame-duck hisself President Bush.

I don't know if anyone else here caught it. I figure most people were likely at work. The Prez almost owed me a new keyboard, luckily I managed at the last moment to swallow instead of spit. My coffee, of course. [Wink]

Here comes my half-a$$ed synopsis of the bit I could stomach followed by my anguished soul-racking rant.

OOOHH. Reality has finally started to catch up with the Prez. It has been politely tapping on his shoulder and getting shrugged off. The claw hammer to the temple has finally been making a small dent in the great fortress of denial though.

He has admitted that we are not doing well in Iraq at all, in fact it seems we are losing.(wow, what a shocking revelation that was, eh?) We will need a permanently larger Army and Marine corps, and a report is being prepared on how to accomplish that.

Then he zooms into how we as American citizens can rise to the challenge of spreading liberty and democracy everywhere AND support our troops:

Go shopping.

Yep. Swear to whatever deity you wish, honest truth those words passed his lips.

We need a vibrant economy to help support and pay for our troops and to keep america competitive in the world. So, as good american citizens do your part and GO SHOPPING.

ok. That is where the coffee almost hit the keyboard.

I tuned the rest out, mostly. Then the question period started. I had to shut it off at that point. What is up with reporters these days? It is like they chose the fluffiest, happiest easiest questions and then wrapped them up real purty-like with a bow for a christmas present. Um, I realize the "news" is really a lagging indicator, but c'mon?

Rant follows.

Ok, permanently larger military? Where are they going to get the volunteers? They will need to sweeten the enlistment bonuses to get new ones and how in the world will they pay for that? And what happens when the invitations to the volunteer party go out and no one shows up? What is left, a new draft? Riiiiight. So here we are in the middle of a very expensive war, and what are the ways we are exhorted to show our support? Go shopping. No call to sacrifice money or bodies, no new taxes to pay for it, no squeeze on business, nothing. If we had to pay as we went, you betcha we would have just sent a strongly worded letter instead. If the american society faced shortages, and rationing and new taxes, we would have hauled butt by now. Ha, I can just see the ration coupons used in WWII going over real well.

And the economy? pah. Ladies and Gents, we are in the beginning of a recession. A very very big one. Historically, the grand poobahs and muckety mucks of the economist lalaworld tag a recession 2- 3 quarters into one.

The housing bubble has met the pin, MBS subprime loans are in the crapper, sub-prime loan originators are dropping like flies(ownit, merit the two most recent) buy backs are increasing, foreclosures are rising (rocketing up actually)many of the foreign countries that hold our debt are beginning to talk about diversifying out of the dollar, many of the countries that have large energy resources are hostile to the usa(hahaha)and the dollar is tanking, and the american consumer is tapped out and the MEW machine is closed. (except for the pod people in opposite world in finance. Have you seen the bonuses for Goldman Sachs/JPmorgan etc?)Boomers are nearing the golden age of the retirement years and god help them cuz if they are counting on their house/social sec/pension to see them through all I can say is welcome to the new world of alpo and wal-mart greeting until you keel over. oh, and pensions? hahahahahaha. if the company doesnt go BK route to ditch them, then they are chasing yield into truly stupid realms. Hedge fund, emerging markets and real estate. bhahahahaha.

But dont worry, GO SHOPPING!! It is your duty, responsibility and obligation as a patriotic american to go even further into debt/serfdom and spend spend spend!

Thank you for the opportunity to get this off my chest. Sorry for the rambling.

Posts: 765 | From: virginia | Registered: Oct 2005  |  IP: Logged
garlicguy

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Icon 1 posted December 20, 2006 09:08      Profile for garlicguy   Author's Homepage     Send New Private Message       Edit/Delete Post   Reply With Quote 
YaYa, does this mean that something's wrong with our country?

C'mon. Don't hold back. Give us details.

Just kidding of course. Nice post.

<prepares for major shopping spree, on credit, no less>

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I don't know what I was thinking... it seemed like a good idea at the time.

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The Famous Druid

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Icon 1 posted December 20, 2006 12:20      Profile for The Famous Druid     Send New Private Message       Edit/Delete Post   Reply With Quote 
Shop till you drop.
That's an order, soldier !

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If you watch 'The History Of NASA' backwards, it's about a space agency that has no manned spaceflight capability, then does low-orbit flights, then lands on the Moon.

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Captain Marvel
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Icon 1 posted December 20, 2006 12:36      Profile for Captain Marvel     Send New Private Message       Edit/Delete Post   Reply With Quote 
Thats an interesting story... Somtimes, I feel blessed to have Blair as a Prime Minister. [ohwell]
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TMBWITW,PB

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Icon 1 posted December 20, 2006 13:32      Profile for TMBWITW,PB     Send New Private Message       Edit/Delete Post   Reply With Quote 
I don't think I've ever felt more justified giving tins of home made cookies as gifts. *looks at checkbook* Okay, maybe once before. [blush]

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"Beauty is in the eye of the beholder and it may be necessary from time to time to give a stupid or misinformed beholder a black eye."
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Shadow
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Icon 1 posted December 20, 2006 14:15      Profile for Shadow     Send New Private Message       Edit/Delete Post   Reply With Quote 
Mmmmm, home made cookies... *drool* [hearts]

I suddenly have the urge to bake some here. [crazy]

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I do but keep the peace: put up thy sword,
Or manage it to part these men with me. - Benvolio (Romeo & Juliet)

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dragonman97

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Icon 1 posted December 20, 2006 14:34      Profile for dragonman97   Author's Homepage     Send New Private Message       Edit/Delete Post   Reply With Quote 
YaYa: Oh, I love that old line. That's something that's bothered me for awhile, but I mostly shrug off. The only alleged 'fix' to our economy is to 'spend, spend, spend!' Oh, and to enable this, he gives us 'tax cuts.' Isn't he so wonderful?! Nevermind the fact that we're in a trade deficit, and our products are made overseas... one needs to spend to grow the coffers of US businesses to invest overseas. That makes perfect sense!

*sigh*

P.S. Ironically enough, I still need to do a little Christmas shopping, as I've procrastinated quite a bit. I don't care a whole lot about it, but fairness dictates that I purchase a present...and mail out a thank you card or two. (Bloody hell, I hate using $0.39 stamps...viva la internet!)

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There are three things you can be sure of in life: Death, taxes, and reading about fake illnesses online...

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BooBooKitty

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Icon 1 posted December 20, 2006 15:07      Profile for BooBooKitty     Send New Private Message       Edit/Delete Post   Reply With Quote 
Cookies and cakes, oh my!

Yummmm

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Callipygous
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Icon 1 posted December 20, 2006 16:24      Profile for Callipygous     Send New Private Message       Edit/Delete Post   Reply With Quote 
You shouldn't underestimate the enormous sea change that this statement represents. Since he has taken office GWB has always been guided by what he feels and believes in his religious and political faith is right, rather than any conventional views of politics or history. At the beginning of this year he was visiting Afghanistan and telling President Karzai that he was a beacon of light in that area, when within Afghanistan he was known as the Mayor of Kabul, because that is as far as his writ runs. He then travelled to Pakistan, where he urged the dictator General Musharraf to introduce more democracy, forgetting that at that time fewer than 10% of Pakistanis supported the "war" on terror, and an (admittedly slim) majority thought the suppression of the Taliban wrong. He has always been proud that his is a faith based administration, so to admit that the US is not currently winning in Iraq is an enormous step for him, and a massive blow to his prestige.

Since he controls neither house, and 70% of the voters disapprove of his foreign policy, he is now in a terrible hole. So he may talk big, but the political reality is that from now on in he is a President who will have to listen, have to think creatively, and have to bring people together. The glory days of his post election euphoria, when I heard some of his supporters say that the Democrats would not have power for another generation, are long gone, and in retrospect how good it was that he won that election, and so had to clear up his own vomit.

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"Knowledge is Power. France is Bacon" - Milton

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GrumpySteen

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Icon 1 posted December 20, 2006 16:58      Profile for GrumpySteen     Send New Private Message       Edit/Delete Post   Reply With Quote 
Not to be cynical, but it sounds like Bush has decided to put his own simple minded spin on economics. He needs money to fund his damned crusade and the money comes from taxes. Taxes are collected on every consumer transaction. If he could get everyone to spend enough, the tax income would increase his funding. Never mind that it would probably require consumers spending several times the GDP.

Okay, maybe I am a bit cynical. [Roll Eyes]

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YaYawoman

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Icon 1 posted December 20, 2006 18:00      Profile for YaYawoman     Send New Private Message       Edit/Delete Post   Reply With Quote 
Hey peebs-cookies sound great!Home-made goodies are always a winner.

Calli-I understand what you are saying, but it still makes me shake my head, and I am the mighty mistress of denial myself. His inability to see reality is mindblowing.

Steen-I think it is a bit more than trying to stimulate taxes, and most sales taxes go to the states. They are missing most of their projected tax numbers lately.

According to a new study released recently by the Center for responsible lending, 2.2 MILLION households are projected to lose their houses to foreclosure in the next few years due to sub-prime and exotic(read:toxic)loans. Also in another Paper released 1 in 5 loans of the 2005/2006 subprime vintage(sounds like wine, eh? Only in this case it is ripple) are expected to enter default leading to foreclosure.

This is beginning to put the breaks on consumer spending. MEW has been in the billions, and much of it has been used for the latest consumer toys, cars, boats,electronics. Turn off that spigot and wham. Consumer spending is now supporting almost 70 percent of GDP. oh, and American citizens have a negative savings rate, so basically we are spending for frivolous crap with debt.

Traditionally, the FED has responded to events like this by lowering their overnite rates, hoping to stimulate borrowing and spending. At this time they will have a hard choice to make.

Lower the rates to try to ease a softlanding for the economy, and watch the dollar tank hard and fast which will lead to less foreign buying of our debt which will lead to a hard recession. OR defend the dollar, which means increasing interest rates, and watch the housingbubble slam even harder into a wall, which will lead to a hardlanding/recession.

So either way, a recession, but I bet they decide to defend the dollar. Not a lot of good that will do them.

so his shopping exhortation is not only a very very irritating thing, but a scary one as well. When the whitehouse is plugging debt and encouraging the consumer to go out and spend in order to shore up the entire friggin economy you know they have a large steaming load in their pants when they consider the whole ponzi-finance world imploding.

PS GarlicGuy--above was just a few of the details. I decided to take your advice at let it out.

PPS Here is a link to Nouriel Roubini's blog and has the links to the NYT and WSJ articles containing the official info I stated above, as well as concerns about HSBC, the english bank. (If anyone wants to check the numbers)
http://www.rgemonitor.com/blog/roubini/169268

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Metasquares
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Icon 1 posted December 20, 2006 19:04      Profile for Metasquares   Author's Homepage     Send New Private Message       Edit/Delete Post   Reply With Quote 
YaYaWoman:

What you're saying makes a lot of sense, and the sad thing is that if the administration had a bit more foresight, they could have seen it coming (of course, they could have avoided it altogether if they kept the debt under control...)

Of the choices you present, it seems that "defending the dollar" would be the more sensible option - though these things tend to have consequences for the entire economy, the housing collapse would probably have a narrower impact on the economy than devaluation of the dollar.

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YaYawoman

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Icon 1 posted December 20, 2006 19:47      Profile for YaYawoman     Send New Private Message       Edit/Delete Post   Reply With Quote 
quote:
Originally posted by Metasquares:
YaYaWoman:

What you're saying makes a lot of sense, and the sad thing is that if the administration had a bit more foresight, they could have seen it coming (of course, they could have avoided it altogether if they kept the debt under control...)

Of the choices you present, it seems that "defending the dollar" would be the more sensible option - though these things tend to have consequences for the entire economy, the housing collapse would probably have a narrower impact on the economy than devaluation of the dollar.

Well that is the interesting thing. I think they did/do see this coming.

2 quick pieces of info that have made me say hmmmm get me my tinfoil propeller beanie.

We are in the middle of one of the biggest pump n dumps in wall street historyl. That bzzzzzz you hear is the shears clipping the sheople. According to CCH Washington Service Bureau(an SEC data mining company) November saw US company executives offload 8.4 BILLION in stock and make just 133 million in purchases. The sell to buy ratio is standing so far at 63.18. They are hearing the dive alarms and preparing.

The white house? How could they not know? Check this list out.

Hank Paulson--Treasury Secretary-Former Goldman Sachs CEO

Reuben Jeffrey--Chief regulator of Commodity futures and options---Former managing partner of Goldman Sachs

Joshua Bolton--White house Chief of Staff--former executive director of Goldman Sachs

Robert Steel- Advisor to the Treasury Secretary for domestic economy--former vice chairman of goldman sachs

Rand Fort-advisor to Condi Rice--former director of security for Goldman Sachs

And if youwant to feel the sour stinging sensation of vomit backing up your throat into your mouth, lets just check out how well goldman has done.

Goldman Sachs profit soared this year 93%

Their total Bonus payout is estimated to be 16.5 Billion. yep. Billion.

So they know. They know, and they are afraid.

Posts: 765 | From: virginia | Registered: Oct 2005  |  IP: Logged
Xanthine

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Icon 1 posted December 20, 2006 20:17      Profile for Xanthine     Send New Private Message       Edit/Delete Post   Reply With Quote 
quote:
Originally posted by TMBWITW,PB:
I don't think I've ever felt more justified giving tins of home made cookies as gifts. *looks at checkbook* Okay, maybe once before. [blush]

Oh man, that sounds delicious...

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And it's one, two, three / On the wrong side of the lee / What were you meant for? / What were you meant for?
- The Decemberists

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The Famous Druid

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Icon 1 posted December 20, 2006 22:51      Profile for The Famous Druid     Send New Private Message       Edit/Delete Post   Reply With Quote 
Remember people, if you pay off your credit card, the terrorists have won.

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If you watch 'The History Of NASA' backwards, it's about a space agency that has no manned spaceflight capability, then does low-orbit flights, then lands on the Moon.

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dragonman97

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Icon 1 posted December 21, 2006 07:09      Profile for dragonman97   Author's Homepage     Send New Private Message       Edit/Delete Post   Reply With Quote 
Nice one, TFD.

Also, I was reading in the Times yesterday about how NY is advertising tourist travel in the Tube, as the current £ has quite a bit of purchasing power right now in the US, so London tourists could have a grand shopping holiday here for not a lot of dosh. Heck, I know Allan makes a point to buy his serious Apple hardware here, and I'm sure he's not the only one. So, if you're going to advise people to spend, this seems like the somewhat smarter group to approach - it's advantageous to them, and less...ahem, taxing on us.

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There are three things you can be sure of in life: Death, taxes, and reading about fake illnesses online...

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The Famous Druid

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Icon 1 posted December 21, 2006 11:47      Profile for The Famous Druid     Send New Private Message       Edit/Delete Post   Reply With Quote 
quote:
Originally posted by YaYawoman:
So here we are in the middle of a very expensive war, and what are the ways we are exhorted to show our support? Go shopping. No call to sacrifice money or bodies, no new taxes to pay for it, no squeeze on business, nothing. If we had to pay as we went, you betcha we would have just sent a strongly worded letter instead.

An aussie commentator recently summarized the Bush administration as split into 2 camps...

"Your war is ruining our tax cuts"
and
"Your tax cuts are ruining our war".


Lets just assess the Bush administration from the point of view of various 'right wing' interest groups, shall we...

1. The fiscal conservative.
----------------------------
- record levels of government debt that will continue to be a problem for decades to come.
- increased government spending
- fiscally irresponsible, cut taxes while increasing spending.
- huge foreign trade deficit

2. The militarist 'hawk'
--------------------------
- bungled invasion of Afghanistan, leading to resurgence of Taliban and Bush going cap-in-hand to other countries to bail him out
- bungled invasion of Iraq, leading to humiliating defeat of USA, which will embolden the USAs enemies, and lead a whole generation of americans to be war-shy. Even if Bush miraculously manages to defeat the insurgents, he'll have 'succeeded' in replacing the secular Saddam regime with a government run by 'The Supreme Council For The Islamic Revolution'.
- failed to catch Osama bin Laden

3. The Religious Conservative.
------------------------------
- failed to ban abortion
- failed to introduce teaching of Genesis in school science classes
- failed to amend constitution to ban gay marriage

4. The 'thinking' conservative
-------------------------------
- tore up the Geneva Convention (torture of prisoners, etc etc...)
- tore up the US constitution (illegally tapped americans phone calls, etc etc...)
- greatly increased government authority in a wide variety of areas, this is not a 'small government' administration

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If you watch 'The History Of NASA' backwards, it's about a space agency that has no manned spaceflight capability, then does low-orbit flights, then lands on the Moon.

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dragonman97

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Icon 1 posted December 21, 2006 14:05      Profile for dragonman97   Author's Homepage     Send New Private Message       Edit/Delete Post   Reply With Quote 
TFD...You're scaring me with that outlined list. Honestly, I'm debating whether to read the post... [Wink]

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There are three things you can be sure of in life: Death, taxes, and reading about fake illnesses online...

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The Famous Druid

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Icon 1 posted December 21, 2006 15:00      Profile for The Famous Druid     Send New Private Message       Edit/Delete Post   Reply With Quote 
Oh yeah?

Well Milosovic did lots of bad things!
So did Hitler, and Stalin, and Attila the Hun !

So that proves I'm right!
[crazy] [crazy] [crazy] [crazy] [crazy]

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If you watch 'The History Of NASA' backwards, it's about a space agency that has no manned spaceflight capability, then does low-orbit flights, then lands on the Moon.

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Colonel Panic
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Icon 1 posted December 21, 2006 16:28      Profile for Colonel Panic         Edit/Delete Post   Reply With Quote 
Yaya,

Walk in Rush Limbaugh's shoes for a moment here.

Can you imagine the overtime that sucker is having to pay his writing staff to spin this one? Hmmm?

In reality, "Bush II-- The Return of Supidity" is nothing more than his Daddy's old "Don't Worry, Be Happy" campaign.

Now it's' "Don't Worry, Go Shopping."

I'm sure this is making Jace Raven warm all over as he does his part to fre America from ...

... well, whatever he's freeing America from right now, anyway.

CP

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Free! Free at last!

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JulioC
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Icon 1 posted January 04, 2007 16:17      Profile for JulioC     Send New Private Message       Edit/Delete Post   Reply With Quote 
Dear god... is it bad when the news channel is funnier than comdey central?

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612toApocalypse

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