Here are some highlights from the crashing US economy complements of GW Bush, Alan Greenspan, Ben Bernanke and our other crooked Washington public servants. It is nice to see who their most important constituents are: Wall Street buddies and special interest backed corporations who they will rescue at all costs, including through intentional devaluation of the dollar which will hit hardest on the backs of the middle and lower class. This is like watching a car crash in slow motion. Prepare yourselves for some very tough times ahead!
Bank Collapses:
"Bear Stearns Cos., teetering on the brink of collapse from a lack of cash, got emergency funding from the Federal Reserve and JPMorgan Chase & Co. in the largest government bailout of a U.S. securities firm."
"Now we know. The Federal Reserve will not hesitate to bail out Wall Street firms that got into trouble because of their involvement in mortgage-backed securities."
Crash of the US Dollar:
"The dollar remained under pressure Friday after touching new lows against the euro and Swiss franc, undermined by cool inflation data and weakness on Wall Street as the market digested news of Bear Stearns Cos.' bailout."
"Negative dollar sentiment is growing in nations where the dollar was historically accepted as equal or better than local currency — and dollar aversion is even extending to some quarters in the United States."
Soaring Gold and Oil Prices:
"Gold breached the $1,000 a troy ounce mark this week, marking a significant milestone for global financial markets, while oil prices extended their run above the $100 level as the dollar plumbed new lows."
Crashing Home Prices:
"Southern California home prices are now 19% below their peak last year. Home values also plunged 19% during the last real estate bust, but that was over a six-year period ending in 1997. Prices have now fallen just as much in less than a year."
"The rapid pace of the decline has led Los Angeles economist Christopher Thornberg, who last year predicted a 20% decline in Southern California home prices, to revise his projection. He now thinks prices will fall 40%"
"Home prices plunged to their lowest levels in four years in February as sales slowed to a crawl in Sonoma County and across the Bay Area. Sonoma County’s median price tumbled to $400,000, down 22.3 percent from a year ago, the biggest drop in the Bay Area. It is the lowest since February 2004, when the median price stood at $390,000."
Slowing Consumer Spending:
"US consumers cut spending in February, and the labour market continued to weaken, suggesting the household-spending pillar that had supported the economy's expansion may be giving way."
But don't worry, here are some comforting words from our president:
"Speaking just hours after the Federal Reserve helped to engineer a rescue loan for investment bank Bear Stearns, Bush said that, although times are tough, the economy is resilient."
"Bernanke is doing a good job, he said."
Amen! Thank you Mr. President... January 2009 cannot come soon enough!!!
"Bear Stearns Cos., teetering on the brink of collapse from a lack of cash, got emergency funding from the Federal Reserve and JPMorgan Chase & Co. in the largest government bailout of a U.S. securities firm."
"Now we know. The Federal Reserve will not hesitate to bail out Wall Street firms that got into trouble because of their involvement in mortgage-backed securities."
Crash of the US Dollar:
"The dollar remained under pressure Friday after touching new lows against the euro and Swiss franc, undermined by cool inflation data and weakness on Wall Street as the market digested news of Bear Stearns Cos.' bailout."
"Negative dollar sentiment is growing in nations where the dollar was historically accepted as equal or better than local currency — and dollar aversion is even extending to some quarters in the United States."
Soaring Gold and Oil Prices:
"Gold breached the $1,000 a troy ounce mark this week, marking a significant milestone for global financial markets, while oil prices extended their run above the $100 level as the dollar plumbed new lows."
Crashing Home Prices:
"Southern California home prices are now 19% below their peak last year. Home values also plunged 19% during the last real estate bust, but that was over a six-year period ending in 1997. Prices have now fallen just as much in less than a year."
"The rapid pace of the decline has led Los Angeles economist Christopher Thornberg, who last year predicted a 20% decline in Southern California home prices, to revise his projection. He now thinks prices will fall 40%"
"Home prices plunged to their lowest levels in four years in February as sales slowed to a crawl in Sonoma County and across the Bay Area. Sonoma County’s median price tumbled to $400,000, down 22.3 percent from a year ago, the biggest drop in the Bay Area. It is the lowest since February 2004, when the median price stood at $390,000."
Slowing Consumer Spending:
"US consumers cut spending in February, and the labour market continued to weaken, suggesting the household-spending pillar that had supported the economy's expansion may be giving way."
But don't worry, here are some comforting words from our president:
"Speaking just hours after the Federal Reserve helped to engineer a rescue loan for investment bank Bear Stearns, Bush said that, although times are tough, the economy is resilient."
"Bernanke is doing a good job, he said."
Amen! Thank you Mr. President... January 2009 cannot come soon enough!!!
1 comment:
Have you taken a look at what condition our economy was in when Bush first took office and? Clinton ruined our economy and then 9/11 hit us. We also have a full democratic congress. But, we survived and we're going to survive again, unless we have a full liberal congress and white house and move into socialism.
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