Paul Volcker says we’re doomed because of Congress’ failures. I cannot agree significantly more. Again, a greater failure than Hoover, as great as 1937 when FDR obeyed the conservative retards, creating a crisis that could only be fixed by WWII….
Doomed, the short version.
What a surprise: Bank of America just found $10.7 billion in heretofore overlooked debt. (Link.) Of course, one of the way Big Banks have made their numbers look good is by simply denying gobs of debt that will never be paid… that, and in the case of Chase at least, stealing from customers. And they all speculated with government largesse on their own behalf instead of investing it to much of any benefit (not that would-be borrowers are knocking down the doors since they’re fully aware of how weak the underlying economy is, where there won’t be enough demand for much expansion in the first place.)
You know that’s if far from only poor — the “sub-prime” — being underwater. It’s just a rare day the Elite Press points out a significant fact or two instead of acting as an echo chamber for braying retards.
Alexander Cockburn notes: “Political footnote to the foregoing: the recession of 1980 finished off President Jimmy Carter: the recession of 1992 did for George Bush Sr and put Bill Clinton into the White House.” Moral: If the economy is punk enough and the leaders seen to have failed, anyone running against the incumbent gets elected regardless pretty much of anything else. This does not look very good for Obomba and his Great Fail. (Short version explanation here.)
Doomed: This is inane. Government can at least get relief for underwater homeowners, loosening their ability to spend in a consumer economy instead of being forced to pay back obscene loans. Government can again make usury illegal (you stop crying, Jamie Dimon!).The government can pump the economy by increasing employment via government spending — hello, WPA!. Government could have been in a stronger position by not irresponsibly cutting taxes for partisan reasons when they were contra-indicated by economic conditions. The government can give hand outs to the working and middle classes. Certainly, if speculators are entitled to handouts, why not non-speculators who actually keep the economy moving? Of course, when you’re coming off of a period of an “expansion” that fails to do very much in regard to job creation….
Doomed: Because the Republicans believe in fiscal irresponsibility and public sector failure (as does, apparently, Obomba and the Dems).
Doomed: Obomba’s Great Fail.
If this is true, the Elite Press is really inept, crappy and irrelevant. Or something.
Atrios errs: Of course being potty-mouthed young black men in the deep South can be illegal.
The best healthcare system in the world kills again for no good reason. Thank God Obomba’s healthcare reform bill got passed so stuff like this can just keep happening.
Can’t find a link yet but lovely column from Ezra Dyer re hybrids: most are bogus rip-offs offering no actual benefits. (One and a half exceptions come to mind: The Prius and the Ford Fusion. Of course, there’s the gorgeous, irrelevant Porsche 918 as well.) My 2004 Civic EX just gave me a tank that averaged nearly 35 mph. Which means my highway driving, some with A/C on, had to be pushing 40 mpg. Like Honda’s Insight hybrid, which comes with a premium price but only seats four, has less trunk space, no sunroof and no manual transmission but does include an extra 200 pounds as well as the ecological stresses involved in building a hybrid over a conventional vehicle. In a word, like most hybrids, unjustifiable. And inexcuseable, and actually dishonest. Actually, probably the greenest way to purchase a vehicle is go used….
Scumbags: See how Warner Bros. lie (note that this not atypical). Thank God Big Business is above the law and need no policing, just we little people do….
Asshole: Tom Emmer another sick fuck voters stupid enough to elect him deserve.
Yes, I’m often a sucker for a pretty face: