It's The Economy, STUPID!.....

[Gaspar]

Tisk Tisk RM!

I challenge you to actually read your cheese slices.  There is NO dairy in most of them, and you should know that Cheeze Wiz is reserved for Philly Steak sandwiches.

The American standard of forcing cheese producers to pasteurize the product before sale eliminates the possibility of the US ever producing a quality cheese product.

We are the only country that limits our dairy farmers with such restrictive and, mind you, ridiculous government regulation.

Get the government out of my cheese and I will tout the american varieties!

Love the canned biscuits though.  Sometimes this forum reminds me of a canned biscuit fight.  Ever do monkey bread with canned biscuits?

Now that's good!

[FOTD]

Any of you light hearted non serious cheese balls paying attention?

Look bach through these threads on the economy? See what's happening as a result of a 12 year repiglican congress and an 8 year result of a dry drunk ruining our country.....and now the trickle down to the rest of the world?

Keep joking. Hope your jobs are secure. Then again, if you lose you can all be chef boy ardees.....

"How to convince your loved ones that the economic crisis in the United States will have global consequences: be prepared "
http://www.chycho.com/?q=node/1674


Fannie, Freddie `Insolvent' After Losses, Poole Says (Update1)
http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=a7NPAG.LEjHQ
July 11, 2008

The Treasury Department is "not talking about nationalizing" struggling mortgage giants Fannie Mae and Freddie Mac, according to a person familiar with the administration's thinking. In an unusual move, Treasury Secretary Henry Paulson issued a written statement Friday saying that the Bush administration's "primary focus is supporting Fannie Mae and Freddie Mac in their current form." The person familiar with the matter said Paulson's statement was intended to discount reports suggesting that the administration is considering a plan to place one or both companies in a "conservatorship" -- in effect, taking them over -- if their problems worsen.

Shares of both companies continued to sink Friday. Freddie Mac shares fell $2.91, or 36%, to $5.09 in late-morning trading, while Fannie Mae fell $3.80, or 29%, to $9.40. Both are at 17-year lows.

For more information, see:
http://online.wsj.com/article/SB121577699220645703.html?mod=djemalertNEWS


Mortgage rates now will be headed higher.

[FOTD]

They've only just figgered this out?

 "Went to see the captain, strangest I could find,
Laid my proposition down, laid it on the line.
I wont slave for beggars pay, likewise gold and jewels,
But I would slave to learn the way to sink your ship of fools.

Ship of fools on a cruel sea, ship of fools sail away from me.
It was later than I thought when I first believed you,
Now I cannot share your laughter, ship of fools.

Saw your first ship sink and drown, from rockin of the boat,
And all that could not sink or swim was just left there to float.
I wont leave you drifting down, but woh it makes me wild,
With thirty years upon my head to have you call me child.

Ship of fools on a cruel sea, ship of fools sail away from me.
It was later than I thought when I first believed you,
Now I cannot share your laughter, ship of fools.

The bottles stand as empty, as they were filled before.
Time there was and plenty, but from that cup no more.
Though I could not caution all, I still might warn a few:
Dont lend your hand to raise no flag atop no ship of fools.

Ship of fools on a cruel sea, ship of fools sail away from me.
It was later than I thought, when I first believed you,
Now I cannot share your laughter, ship of fools.

It was later than I thought when I first believed you,
Now I cannot share your laughter, ship of fools."
Garcia/Hunter

http://www.reuters.com/article/politicsNews/idUSN1026543920080710


U.S. needs financial regulatory overhaul: officials

"We should consider how to most appropriately give the Federal Reserve the authority to access necessary information from complex financial institutions ... and the tools to intervene to mitigate systemic risk in advance of a crisis," he said.


Well for one, reinstate all of the regulations already dumped by bushco - incluing the bankruptcy ones - the predatory interest rates charged to those who can least afford it, ete etc etc But I am not holding my breath, thats for darned sure!!

[FOTD]

Phil Gramm, McCains chief economic advisor until Thursday, thought his de-regulation policies were good for the country. This is what happens when banks, utilities, and other segments of our economy are run without government oversight. Congress MUST return to the regulations set up during the depression. The regulations gave Americans and foreign investors confidence in our economy. Capitalism is great until individual greed gets into the picture. The regulations of the past have protected the average person from these excessive risk takers.


Crisis Deepens as Big Bank Fails
http://online.wsj.com/article/SB121581435073947103.html?mod=hpp_us_whats_news


Let's connect the dots.

"....'90-'91 ...when 502 banks failed in 3 years" WAS THE END OF THE FIRST BUSH PRESIDENCY!!!
~~~
In addition to creating Bank failures: 70% of the CURRENT US National Debt was created by 3 Presidents - R Reagan, HW Bush, GW Bush.
~~~
When Reagan came into office the US was the worlds largest Creditor Nation. Today the US is the Worlds Largest DEBTOR Nation
~~~
GET IT ?

March 2008
FDIC Boosts Key Staff by 140 Ahead of Expected Bank Failures: http://www.housingwire.com/2008/03/26/fdic-boosts-key-staff-by-140-ahead-of-expected-bank-failures/
"... The last time the agency was hit hard with failures was during the 1990-91 recession, when 502 banks failed in three years...."

June 2008
FDIC updates rules on big bank deposit coverage: http://uk.reuters.com/article/gc06/idUKN1734810420080617
"...The FDIC has about 90 banks on its list of "troubled" institutions, but Bair recently told U.S. senators that future failures may include "institutions of greater size" than in the recent past...."

July 2008
Federal regulators seize control of IndyMac bank

August 2008...?

[Crash Daily]

Reagan had good reason for what he did. His policies made our nation great again and caused the downfall of the USSR. Bush 1 and 2 are not true conservatives. B1 got 1 term on coat tails and B2 got 2 terms because even a RINO is better than a modern Democrat.

Unfortunately, I'll have to side with you that it's time for Republicans to lose. One, to show the nation just how dangerous and stupid Democrats in power really are, (If we can survive) two, to send a strong message to our own Party that they are off the reservation and need to return back to our Reagan roots and three, sweep out the RINO trash and get some Conservative blood back in our leadership.

Hopefully it will one day be morning in America again. For now, the need is for Democrats to sweep Republicans, or as I call it, mourning in America.

[FOTD]

Reagan gets credit for many decades of facing down the commies. Hell, J. Edgar Hoover and McCarthy deserve more of the credit.....

I guess you believe mobsters run the USSR better than the Kremlin did. We will see....

TulsaNow's Itinerant Exorcism Servicer

[Crash Daily]

I don't like the state of Russia at this point in time, but I do believe that corruption beats the Gulags and at least they are open enough for us to keep track. Also, their collapse put them way behind technologically.

[FOTD]

quote:Originally posted by Crash Daily

I don't like the state of Russia at this point in time, but I do believe that corruption beats the Gulags and at least they are open enough for us to keep track. Also, their collapse put them way behind technologically.

Technologically the USSR will catch up to the rest the world in a nano second. Gulags? Like Gitmo?

[Crash Daily]

Like Club Gitmo? I don't think so.

[FOTD]

Crash......liberals founded this country.

Ok. I'm no fan of Cramer. But I like this....
"I gotta tell you: McCain is the most disorganized, lack of any knowledge whatsoever about economics."
http://www.crooksandliars.com/2008/07/11/jim-cramer-on-mccains-lack-of-any-knowledge-whatsoever-about-economics/

Bitterness is the conservative's revenge for being left out of the revolution.

[FOTD]

UH OH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

"The U.S. economy is in a recession, possibly the worst since World War II, Rogers said.

``They're ruining what has been one of the greatest economies in the world,'' Rogers said. Bernanke and Paulson ``are bailing out their friends on Wall Street but there are 300 million Americans that are going to have to pay for this.''


http://www.bloomberg.com/apps/news?pid=20601087&sid=a7hS5BuYqeR8&refer=home
Fannie Plan a `Disaster' to Rogers; Goldman Says Sell (Update5)

By Carol Massar and Eric Martin

July 14 (Bloomberg) -- The U.S. Treasury Department's plan to shore up Fannie Mae and Freddie Mac is an ``unmitigated disaster'' and the largest U.S. mortgage lenders are ``basically insolvent,'' according to investor Jim Rogers.


Yechhhh...... See what Bill Clinton, Jimmy Carter and those democrats got us! This will be Obama's fault all too soon because it will take years to recover from this ensuing chaos.

[FOTD]

MORE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
UPDATE 1-FDIC says overwhelming majority of US banks are safe


Why are they saying this??
Because it is not true. When people start pulling their money from these banks, everything goes poop.

Whether a bank is safe or not is going to depend on how close it got to the housing bubble. It will depend on each banks' practices over the years. Story notes that bank had $18 billion in deposits of which $1.3 billion was withdrawn. Banks typically keep on hand only about 1/10 of their deposits so a "run" like this drains operational funds and threatens liquidity.


http://uk.reuters.com/article/marketsNewsUS/idUKN1334926220080713



Phil Gramm/John McCain/George W. Bush Economics Alert: IndyMac Bank, a prolific mortgage specialist that helped fuel the housing boom, was seized Friday by federal regulators, in the third-largest bank failure in U.S. history. The collapse is expected to cost the Federal Deposit Insurance Corp. between $4 billion and $8 billion, potentially wiping out more than 10% of the FDIC's $53 billion deposit-insurance fund.

Let's connect the dots.

In the  article below:
http://online.wsj.com/article/SB121581435073947103.html?mod=hpp_us_whats_news
"....'90-'91 ...when 502 banks failed in 3 years" WAS THE END OF THE FIRST BUSH PRESIDENCY!!!  
In addition to creating Bank failures: 70% of the CURRENT US National Debt was created by 3 Presidents - R Reagan, HW Bush, GW Bush.
When Reagan came into office the US was the worlds largest Creditor Nation. Today the US is the Worlds Largest DEBTOR Nation.
GET IT ?
Don't pee on my leg and tell me it's raining.

[FOTD]

Having trouble trusting this liar?

Bush: Troubled financial system is basically sound

http://news.yahoo.com/s/ap/20080715/ap_on_go_pr_wh/bush;_ylt=AjDEk2c4dagyTbMvaVwCFdms0NUE

How could you have voted for this person who went from drunk to candidate overnight??

And then there is this !!!!!

The Death of Reaganomics

Posted on Jul 10, 2008
By E.J. Dionne

The biggest political story of 2008 is getting little coverage. It involves the collapse of assumptions that have dominated our economic debate for three decades.

Since the Reagan years, free-market clichés have passed for sophisticated economic analysis. But in the current crisis, these ideas are falling, one by one, as even conservatives recognize that capitalism is ailing.

You know the talking points: Regulation is the problem and deregulation is the solution. The distribution of income and wealth doesn't matter. Providing incentives for the investors of capital to "grow the pie" is the only policy that counts. Free trade produces well-distributed economic growth, and any dissent from this orthodoxy is "protectionism."

The old script is in rewrite. "We are in a worldwide crisis now because of excessive deregulation," Rep. Barney Frank, D-Mass., the chairman of the House Financial Services Committee, said in an interview.

He notes that in 1999 when Congress replaced the New Deal-era Glass-Steagall Act with a looser set of banking rules, "we let investment banks get into a much wider range of activities without regulation." This helped create the subprime mortgage mess and the cascading calamity in banking.

While Frank is a liberal, the same cannot be said of Ben Bernanke, the chairman of the Federal Reserve. Yet in a speech on Tuesday, Bernanke sounded like a born-again New Dealer in calling for "a more robust framework for the prudential supervision of investment banks and other large securities dealers."

Bernanke said the Fed needed more authority to get inside "the structure and workings of financial markets" because "recent experience has clearly illustrated the importance, for the purpose of promoting financial stability, of having detailed information about money markets and the activities of borrowers and lenders in those markets." Sure sounds like Big Government to me.

This is the third time in 100 years that support for taken-for-granted economic ideas has crumbled. The Great Depression discredited the radical laissez-faire doctrines of the Coolidge era. Stagflation in the 1970s and early '80s undermined New Deal ideas and called forth a rebirth of radical free-market notions. What's becoming the Panic of 2008 will mean an end to the latest Capital Rules era.

What's striking is that conservatives who revere capitalism are offering their own criticisms of the way the system is working. Irwin Stelzer, director of the Center for Economic Policy Studies at the Hudson Institute, says the subprime crisis arose in part because lenders quickly sold their mortgages to others and bore no risk if the loans went bad.

"You have to have the person who's writing the risk bearing the risk," he says. "That means a whole host of regulations. There's no way around that."

While some conservatives now worry about the social and economic impact of growing inequalities, Stelzer isn't one of them. But he is highly critical of "the process that produces inequality."

"I don't like three of your friends on a board voting you a zillion dollars," Stelzer, who is also a business consultant, told me. "A cozy boardroom back-scratching operation offends me." He argues that "the preservation of the capitalist system" requires finding new ways of "linking compensation to performance."

Frank takes a similar view, arguing that CEOs "benefit substantially if the risks they take pay off" but "pay no penalty" if their risks lead to losses or even catastrophe—another sign that capitalism, in its current form, isn't living by its own rules.

Frank also calls for new thinking on the impact of free trade. He argues it can no longer be denied that globalization "is a contributor to the stagnation of wages and it has produced large pools of highly mobile capital." Mobile capital and the threat of moving a plant abroad give employers a huge advantage in negotiations with employees. "If you're dealing with someone and you can pick up and leave and he can't, you have the advantage."

"Free trade has increased wealth, but it's been monopolized by a very small number of people," Frank said. The coming debate will focus not on shutting globalization down but rather on managing its effects with an eye toward the interests of "the most vulnerable people in the country."

In the presidential campaign so far, John McCain has been clinging to the old economic orthodoxy while Barack Obama has proposed a modestly more active role for government. But the economic assumptions are changing faster than the rhetoric of the campaign. "Reality has broken in," says Frank. And none too soon.

[FOTD]

Bank Failure: IndyMac Bank. Lessons from the Great Depression Part XIV. Bank Failures.

http://www.doctorhousingbubble.com/bank-failure-indymac-bank-lessons-from-the-great-depression-part-xiv-bank-failures/

"If the FDIC is telling us that we have 90 to 150 more troubled banks, how can anyone say with a straight face that we will have a second half recovery?"

Even a couple banks here are being credit watched. pancakes?

[FOTD]

Lessons to be learned....

http://www.ft.com/indepth/recession


Fed Chief Bleak on Economic Outlook

http://www.nytimes.com/2008/07/16/business/economy/16econ.html?_r=1&th&emc=th&oref=slogin

"The bottom line is this: We're going through a tough time," Mr. Bush said. "But our economy's continued growing, consumers are spending, businesses are investing, exports continue increasing and American productivity remains strong."

The bottom line is this....Nobody has confidence in a liar who runs this supposide free world.

An Economy Thrown Into Turmoil
U.S. Financial Crisis Increasingly Infecting The Rest of the World

http://www.washingtonpost.com/wp-dyn/content/article/2008/07/15/AR2008071500999.html?wpisrc=newsletter

"But others have argued that soaring energy prices, rising inflation and a weakening dollar are already zapping the strength out of the world economy, with a full blown U.S. recession likely to take the wind out of the sails of global growth. "

Fresh data add to US economic woes

http://www.ft.com/cms/s/0/70c62b4a-5272-11dd-9ba7-000077b07658.html?nclick_check=1

The result of a neo conned, right of atilla the hun, economy.....