The Swamp
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Posted March 17, 2008 10:45 AM
The Swamp

by Mark Silva

President Bush spoke up on the economy today to say that "one thing is for certain, we are in challenging times. But another thing is for certain, that we’ve taken strong and decisive action.''

Following weekend moves by the the Federal Reserve to make more capital availabe to banks and the takeover of the failing Bear Stearns investment banking house by J.P. Morgan with a bailout from the federal government, the president said the Feds had "moved quickly to bring order to the financial markets.’’

Treasury Secretary Henry Paulson, working through the weekend on the Stears-Morgan deal, has "shown the country and the world that the United States is on top of the situation,'' Bush said at the White House this morning. Paulson has reassured all "that our financial institutions are strong, and that our capital markets are functioning efficiently and effectivlely.''

Pledging to monitor the situation and "to act decisively'' when necessary, the president said, "In the long run, our economy is going to be fine...

"Right now, we are dealing with a difficult situation.''

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Comments

Come onn peeple. can we git better spilling on thes profesional blog?

>>make more capital availabe to banks

>>the Stears-Morgan deal

WAKE UP SILVA!!


Yes, a difficult situation made worse by the $12B per month shrub is spending (off the books, btw) on the illegal occupation of Iraq. This mis-administration was shocked, just shocked, to find that people in Iraq valued their religion more than national unity. And now, the only people that still support this failed presidency are people that value their religion more than national unity. The republitards are destroying the very little that is left of the country. Are YOU better off than you were seven years ago? It's the economy, stupid.


This is the typical Republican economy, just like we had after 12 years of Reagan/Bush.


News gets better and better every day. Inflation is through the roof, gas prices are ridiculous, property taxes are insane, raises are lower than inflation, and our local government decides it's a good time to raise our local taxes to the highest in the nation. Fault for this economy is WIDESPREAD. I hope people start being smart with their money and start living within their means. Govmt handouts of money are few and far between.


"BIG POPPY SPEAKS"

TO THE MEN AND WOMEN SERVING IN IRAQ AND AFGANISTAN.

NO I DIDN'T FORGET THAT THIS WAS OUR "IRAQ OIL LIBERATION 5TH ANNIVERSARY"

WE'VE BEEN A LITTLE BUSY AT HOMEFRONT. TRYING TO KEEP YOUR SPOUSES JOBS, AND YOUR CHILDREN SAFE FROM LOSS OF INCOME AND FORECLOSURES. "AMERICA IS NOW LIKE IRAQ, A WORK IN PROGRESS"

BUT I GOT YOUR BACK. I'M SENDING CONDI TO THE REGION, I'M SENDING JOHN MCCAIN, YA'LL KNOW HE'S RUNNING FOR MY COMMANDER GUY CHAIR, AND LINDSEY GRAHAM.

ALSO THERE WILL BE A SURPRISE, SURPRISE, SURPRISE. DICK CHENEY IS COMING TOO.

SO WE GOT YOUR BACKS AT THE "MOTHERLAND" YOUR JOBS, ARE STILL OUT THERE, A YOUR TOWNS ARE STILL THERE, A, A, A, YOUR WIVES, AND HUSBANDS STILL REMEMBER WHO YOU ARE.

SO STAY STEADFAST, WE ARE WORKING ON ANOTHER CAMPAIGN TO GET THAT OIL RECONCILIATION THERE AND IMMUNITY BACK HOME.

SO JUST SIT TIGHT, BECAUSE BEN AND I GOT YA'LLS BACK.
OH YEA, AND YOUR FAMILYS' TOO!


rncbs - Actually we are in better shape as a whole than we were 7 years ago. if you review the stock market (which everyone has the ability to invest in whether they realize it or not), the value has increased considerably. Technically, 7-8 years ago, we were also in a down cycle, which played itself out and led to years of profitability and advancement. Now we are correcting those years... its only natural and you can't always blame it on the administration/policy. And no - I didn't blame blindly Clinton for the 2000 crash. That was a sorely needed correction as well.


Steve Hussein S - please do the (non-fuzzy) math: $100 invested in the S&P 500 on the first trading day of 2000 would fetch $86.10 today: i.e., a 13.9% DECREASE, not a "considerable increase" as you call it.

Just like GOP Ronnie Reagan with his (yes, HIS, since he signed it) S&L Crisis of the late '80s, GOP Dumbya is giving America the Credit Crisis of the '00s.

Let's not elect another moron like these two, please, people.


Really - goes to show you what 8 years of GOP leadership will do to the US. People, lets move the US forward in the next election cycle....


the "Borrow and Spend" Conservatives really screwed the pooch this time..


Doomiss... you're correct. Since the peak, the Nasdaq and S&P have yet to reach those marks again, at least considering the latest downturn. The DOW however has exceeded its previous 2000 peak. If you measure it from the bottom point in 2002 or (whenever it was exactly) the growth has been phenomenal... obviously too strong as we are in a correction yet again. We have to ride it out.


ok all....calma down...I WORK FOR A MAJOR wall street firm...
bottom line: Billy Boy Clinton HAD OSAMA AND LET HIM GO THEN WE HAD 9/11...HAD HE GOTTEN OSAMA, NO 911 NO WAR! GET IT PEOPLE?!?!? BOTTOM LIINE WE ARE AT WAR: THIS WAR HAS CAUSED THE OIL PROBLEMS AMONGST MANY OTHER ENORMOUS PROBLEMS FOR OUR ECONOMY!!!!!!!!!! BLAME GW AS U LIKE BUT BOTTOM LINE: BILL COULD HAVE STOPPED THIS AND DIDN'T PROBABLY TOO BUSY WITH MONICA...AND PEOPLE WANT TO VOTE FOR THE WIFE OF AN IMPEACHED PREZ NICE!!!!!!!!!!!!!! Thousands lost their lives in NYC on 9/11 and this is not your typical war...quit blaming GW for everything...I'd HATE TO SEE WHAT WOULD HAVE HAPPENED IF AL GORE WAS AT THE HELM BACK THEN....WHO KNOWS HOW MANY MORE TERRORIST ATTACKS WOULD HAVE HAPPENED. ALSO....BUYING IN THE MARKETS IN 2000 AND REINVESTING SHARES, YES YOU WOULD HAVE MADE MONEY NOT LOST HELLO!??!? WAKE UP MCBS AND DOOMIS, GO BACK TO BASIC MATH.


SAM: YOU DON'T HAVE A CLUE ABOUT ANYTHING. THE WAR HAD NOTHING TO DO WITH 9/11 AND WHETHER CLINTON WAS HAVING SEX WITH MONICA OR HILLARY HE STILL HAD AMPLE TIME TO DO HIS JOB. BUSH HAD TIME FOR A MONTH OF VACATION PRIOR TO 9/11, YET THAT SEEMS TO HAVE ESCAPED YOUR DRUG-ADDLED NOTICE.

GO BACK TO YOUR 8-BALL OF BLOW WHERE YOU WILL CONTINUE TO GET GREAT IDEAS.


Posted by: Steve Hussein S | March 17, 2008 12:04 PM


Since the stock market TRIPLED in the 8 years while Clinton was in office, and America added over 22 MILLION NEW JOBS, please post proof of how the economy under Dubya has achieved the same results.


Since the stock market TRIPLED in the 8 years while Clinton was in office, and America added over 22 MILLION NEW JOBS, please post proof of how the economy under Dubya has achieved the same results.

Posted by: BC | March 17, 2008 7:26 PM

Just thought it was worth repeating. This business cycle has lasted LESS THAN HALF of the time of the Bush I/ Clinton expansion.

If a united Democratic government oversaw a business recovery/ cycle that was this uneven and jobless, with inflation exploding, the dollar crashing, and America becoming essentially poorer vis a vis our creditor nations, there is no doubt that Steve S and his ilk would screaming "FIRE!" about the economy as loud and often as they could. Come to think of it, that's exactly what they were doing all throughout the Clinton years.

The reason the recession that followed the dot.com bust was mild had a lot to do with how broad and deep the gains of 1991-2001 were. Poverty decreased, wages increased, the Dow tripled, the budget balanced with change left over. Its possible this recession will be as mild as 2001-3, but I highly doubt it.

Very few have benefited in an appreciable way from the last 5 years of expansion. This is born out both anecdotally and statistically. The triangle of our society, with the wealthiest at the top and the poorest at the bottom, has flattened out whereas in the 1990's it got taller, meaning there fewer very poor people, more middle class and more rich.

I fear that the imbalance of the gains from this economic expansion will result in a much deeper and wider recession than most people remember. Under those circumstance, it doesn't seem very wise to elect a man for president who admits he doesn't know much of anything about the economy, and that man is John Sidney McCain III. He lives and breathes war, and has essentially no other answer to America's national concerns.

Since the times of Herbert Hoover, this nation has done better economically under Democratic presidents. In these uncertain economic times, it is time to restore fiscal sanity (and yes, people, someone's taxes MUST go up to be fiscally sane/ responsible in this situation) and elect a Democrat to lead this nation and its economy.

http://www.washingtonmonthly.com/archives/individual/2005_05/006282.php


HATE TO SEE WHAT WOULD HAVE HAPPENED IF AL GORE WAS AT THE HELM BACK THEN....WHO KNOWS HOW MANY MORE TERRORIST ATTACKS WOULD HAVE HAPPENED. ALSO....BUYING IN THE MARKETS IN 2000 AND REINVESTING SHARES, YES YOU WOULD HAVE MADE MONEY NOT LOST HELLO!??!? WAKE UP MCBS AND DOOMIS, GO BACK TO BASIC MATH.

Posted by: SAM | March 17, 2008 1:12 PM

Just curious what drugs your on??? Street or prescription???

Well either way that is SOME KRAZY TALK!!!


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