People Just Don't Get It

Honestly, I think most Americans are still walking around in a state of shock since Bush moron Paulson took center stage and announced that world finances were about to collapse. If that wasn't an exercise in poor judgment there never was one.

Anyhow - it isn't just California ($28 billion shortfall) - it's Detroit the city ($10 Billion), too. New Jersey isn't in the news but it's sucking air. NYC is raising taxes and tolls. Funny that, so far, they are all very "Blue."

The Detroit City Council passed a resolution today calling for a $10-billion bailout for the city of Detroit.

Council President Pro Tem JoAnn Watson sponsored the resolution to use the money for public service employment, to fund mass transit plans and to place a moratorium on home foreclosures for two years.

Raise taxes and fees in a bad economy? ha! Good luck with that. No, Jeremiah Wright, it didn't happen on 9/11 but American's chickens are coming home to roost. And our chickens are our politicians who, so far, lack the courage to tell people there isn't enough to go around to support the lifestyles too many people have been living based upon credit. People, businesses, - governments, especially ... welcome to the "new" New Deal, America. How does it feel?

Between compassionate conservatives and liberal Dems, no one wants to let anyone fail. And the only solution is taking more from people who earn it and "spread the wealth." Now where have I heard that before?

Comments

[Lala]

Soros is talkiing now. The market has dropped, Dow down 224 pts

[Fred Beloit]

I'm no longer looking for low-priced stocks. I am on the lookout for free ones.

[jharp]

"Raise taxes and fees in a bad economy?"

Do you mean like Reagan did?

[WBestPresidentEver]

All the democratic Mayors and governors are asking for handouts now. I heard today that Atlanta's excuse for a Mayor threw their hat into the mix as well. Not a suprise.

The stock market does not mean anything to these people that voted in "The New Messiah". They don't own stock. Why should it matter to them.
They are waiting for their free handouts.

I hate Unions. They are a large part of the problem. Get rid of the Unions and the economy would be much better off. And, that's a fact.

[mary]

dealbreaker is live blogging the hearings.

[mary]

Did anyone just see GWB's speech in defense of free market capitalism. According to liesman it "lays down a marker to the summit tomorrow". Most of us regular folk would say it looked like he drew a line in the sand?

[Todd]

No one knows if letting a big player fail is a good idea or not. The markets cratered just after the government let Lehman fail. Maybe it would have cratered anyway, or maybe it wouldn't have. No one knows. The point is that letting some of those too-big-to-fail-entities isn't a panacea to the economic problems we face, because there isn't one. We only have bad choices.

[Todd]

"Did anyone just see GWB's speech in defense of free market capitalism. According to liesman it "lays down a marker to the summit tomorrow". Most of us regular folk would say it looked like he drew a line in the sand?
Posted by: mary | Thursday, November 13, 2008 at 02:28 PM"
---------
Liesman also pointed out the irony of George W. Bush making a speech in defense of capitalism after his $700 billion bailout plan.

[SacTownMan]

So Todd in your moonbat deranged BDS world is the current worldwide economic crisis the fault of President Bush too?

Must be just like those charges he had placed in WTC Tower 7 eh?

But as long as we have Barney Frank, Chris Dodd and the braindead tandom of Pelosi/Reed watching out for us we will be just fine right?

[WBestPresidentEver]

Mary, When President Bush got through talking the markets hauled boogy, up up an away they went.

Rather strange huh? Hmmm

SacTownMan, Todd can't help himself. That Kool-aide really messed with his brain. LOL

[WBestPresidentEver]

Dan, have you ever thought about having an "Open Thread" every Friday ? We could speak our mind on whatever. You could call it "Sound off Fridays" or whatever you think would be appropriate.
Think about it.

[Todd]

"So Todd in your moonbat deranged BDS world is the current worldwide economic crisis the fault of President Bush too?
Must be just like those charges he had placed in WTC Tower 7 eh?
But as long as we have Barney Frank, Chris Dodd and the braindead tandom of Pelosi/Reed watching out for us we will be just fine right?
Posted by: SacTownMan | Thursday, November 13, 2008 at 07:04 PM"
-----------------------
Yes,absolutely Sac. Bush bears a whole lot of responsibility in this economic crisis. It's not all his fault but he's a major player. After all, he's the man in charge the last 8 years. Are you saying in your moonbat deranged world that you say Bush had no role in the crisis? What happened to accepting personal responsibility in the Republican Party? When did that exactly go out the window?

And, please educate yourself, Sac, by reading archives of Barry Ritholtz's The Big Picture (http://bigpicture.typepad.com/), especially the September/October archives where Ritholtz doesn't mince words and makes strictly fact-based posts about who the bad players in the economic crisis were. The only way we don't allow history to repeat itself is to study history for it's mistakes. There is no excuse to not read this stuff and instead keep on believing that everything can be blamed on Barney Frank and Chris Dodd.

[Todd]

"But as long as we have Barney Frank, Chris Dodd and the braindead tandom of Pelosi/Reed watching out for us we will be just fine right?"
---------------------
And, no I don't believe everything will be alright, no matter who's in charge. I think a veritable Pandora's Box of economic problems has been unleshed and we are headed for either an incredibly deep recession or depression no matter what. That's what happens when you have a totally unregulated, wild-west free market economy that allows leverage of massive proportions. It happened in 1929 when margin was just 10% in the stock market. With the leveraging up to 40x by investment banks and who knows how much by hedge funds, not to mention the horrendous lack of regulation of the lending industry (I'm looking at you, Alan Greenspan), I feel nothing can be done to avoid a truly grisly economic scenario.

[Todd]

"Mary, When President Bush got through talking the markets hauled boogy, up up an away they went.
Rather strange huh? Hmmm
SacTownMan, Todd can't help himself. That Kool-aide really messed with his brain. LOL
Posted by: WBestPresidentEver | Thursday, November 13, 2008 at 07:26 PM"
-------------
If speeches were all it took to move markets higher, where has Bush been the last 13 months? Or the last 8 years? He should have been out there giving speeches every day, and then the DJIA would be at 100,0000 right, WBPE?

[sal]

It would be very interesting to see data on the financial condition of states--deficit or surplus--overlaid with red or blue.

[scarshapedstar]

"Honestly, I think most Americans are still walking around in a state of shock since Bush moron Paulson took center stage and announced that world finances were about to collapse."

...what would you propose he say instead? That everything's hunky-dory?

Do you think Nouriel Roubini is a moron as well?

[seekeronos]

"--- Raise taxes and fees in a bad economy? ha! Good luck with that. No, Jeremiah Wright, it didn't happen on 9/11 but American's chickens are coming home to roost. ---"

I'd say that it is more of a sign of a nation that doesn't know how to keep its financial houses in order.

We spend, spend, spend way too much, and produce very little in terms of exportable goods.

But fret not - after this horrendous judgment the God is will take us through, many souls will repent and turn to Christ, and if we repent and prayerfully seek God's mercy... we will once again learn the harsh lesson of what it means to live below our means, in order to provide a future for our children.

[scarshapedstar]

"But fret not - after this horrendous judgment the God is will take us through, many souls will repent and turn to Christ"

This is why I can never, ever trust you end-timers. You openly state a desire for the world to go to hell in a handbasket. Can't have peace in the middle east; Jesus won't come back. Can't have clean, renewable energy; life would be too good and nobody would suffer enough to beg deliverance from the Almighty.

And thus, after bankrupting our nation for no good reason, spending trillions of dollars that would be infinitely better used building lots of solar Stirling motors or, hell, set afire to heat our homes... you tell us that the world of sh*t our children will inherit will make them more Godly people.

Republicans are the Drunk Dad party. Your only regret is that you didn't give us a few broken bones in addition to the black eyes, because life's a bitch and we need to know that not everyone's going to beat us as lovingly as dear old Dad. How about you just kind of lay low for a while and we'll try to make a world where the lights are on and the faucets work and people can STILL come to Jesus even if they're not suffering? Pretty please?

[joymc]

Just thinking out loud here. OK so the US government passes a butt load of laws and regulations such as carbon emission or safety standards; or via community organizers scares the pants off banks making them loan money to noncredit worthy folk,and the involved businesses begin to falter or really get into deep dooodoo because , well just because. then the government prints a few billion $$$ in fiat money and loans it to said businesses and industries because they cannot be allowed to fail ( costs too many jobs, boo hoo). Then in the terms of these loans the businesses agree to agree with just about anything the government wants them to do. Right about then the savior arrives to help all parties as long as they aren't the evil rich. The helped parties just have to go along with everything the savior wants n terms of how things ought to be in America. In no time the US is basically flushed down the toilet. NO?