Fumblebutt President Bush Hee-Haws With Press While U.S. Economy In Chernobyl Meltdown
The American economy is now part of a comedy routine acted out by our President and fumblebutt, George Bush:
“Visualize the Dow at 6,000″ by Mike Whitney
At an improvised press conference last week, George Bush gave what might have been the most comical performance of his eight-year presidency. Looking like the skipper on the flight-deck of the Hindenburg, Bush tried his best to reassure the public that “all’s well” with the economy and that everyone’s deposits were perfectly safe in the rapidly disintegrating US banking system.
Leaning lazily on the presidential podium, Bush shrugged his shoulders and said, “My hope is that people take a deep breath and realize that their deposits are protected by our government. We’re not seeing the growth we’d like to see, but the financial system is basically sound.”
…Fed-chief Bernanke again: “The economy continues to face numerous difficulties, including ongoing strains in financial markets, declining house prices, a softening labor market, and rising prices of oil, food, and some other commodities. . . . The deteriorating performance of subprime mortgages in the United States triggered turbulence in domestic and international financial markets as investors became markedly less willing to bear credit risks of any type. . . . Many financial markets and institutions remain under considerable stress, in part because the outlook for the economy, and thus for credit quality, remains uncertain.”
As Bernanke delivered one hammer-blow after another, our engaging Commander in Chief was busy swapping funny stories and rough-housing with his pals in the Washington press corps. The media confab turned out to be a typical Bush frat-party with plenty of back-slapping and hee-haws to go around.
“You had a question, Stretch?”… (onlinejournal.com)
Our regular news compilation from the homeowner front, or rather, the mortgage meltdown, continues below, courtesy of Patrick Killelea:
Mon Jul 28 2008
The repugnant bailout nation (articles.moneycentral.msn.com)
‘Stealth’ Housing Bailout: It’s Bigger Than You Think (biz.yahoo.com)
Fannie Mae bailout: Taxing America’s poorest to help the richest (blogs.law.harvard.edu)
What Does the Housing Bill Do? (theconglomerate.org)
Bailouts are taxation without representation (eyeonmiami.blogspot.com)
Why Housing Bill Won’t Help Housing Market (seekingalpha.com)
Government should get out of the business of assuming risk (nytimes.com)
Why few decry Fannie-Freddie bailout’s socialism (money.cnn.com)
Official Senator Contact List (senate.gov)
House Votes on Bill To Betray Responsible Savers (govtrack.us)
68% Price Reduction in Los Banos Benefits Responsible Family (patrick.net)
Average S. Florida house dropped $4,100 a month for 2 years straight (cbs4.com)
U.S. regulators seize two more banks (news.yahoo.com)
Why wasn’t IndyMac on FDIC problem list? (sfgate.com)
My experience at IndyMac (appraisersforum.com)
Visualize the Dow at 6,000 (onlinejournal.com)
Why millions just 11 days from financial ruin (dailymail.co.uk)
Higher Interest Rates Last Straw for Foolish Houseowners (fool.com)
Dumpy $625,000 house proves bubble not over yet (ocregister.com)
Pimco’s Gross approves of blowing up 1 million houses (business.smh.com.au)
