Stupid Economy?
Too true:
Thursday, July 31, 2008 | 03:00 PM | Permalink
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Jr. screwed up more than just the economy.
Posted by: Mel | Jul 31, 2008 3:16:00 PM
The FASB - under pressure from Jr.? - decided to delay the rule that forces big companies to bring off balance sheet items, SIVs and such, onto their balance sheets. Do you think think wouldn't have happened if Bush/Paulson/Cheney et al had anything to say?
Now this shouldn't have any real impact on equity prices since we all know the SIVs are out there... just like we know that Jr.'s $500B deficit is really more like $800B (Iraq, Afghanistan, Social Security coverage etc.. are off-budget.)
So, where's my "off budget?"
Posted by: VennData | Jul 31, 2008 3:27:13 PM
Not being sure where to ask this Q, so I'll it here:
How does Oil closer to U$D 50, than U$D 100, play out for the Economy? (yes, read that as under U$D 75)
Posted by: Mark E Hoffer | Jul 31, 2008 3:38:27 PM
The sad thing is GHWB was pretty responsible on the economic front and was cleaning up a lot of Reagan's mess.
I always think that GWB was GHWB's revenge against the psychos of the GOP. A Greenwich Candidate, if you so please.
Posted by: Dervin | Jul 31, 2008 3:40:43 PM
Tho' both Bushes were pretty sorry presidents, the economic woes of their periods of presiding have about as much to do with their policies as the DotCom bubble had to do with Clinton policies...very little.
Bush II's tax cuts were beneficial; his profligate spending (including Iraq), harmful. But all of that is overwhelmed by the global credit bubble & its on-going collapse.
Posted by: algernon | Jul 31, 2008 3:48:48 PM
Cartoons are okay, but I'd rather see an indictments. Bush is no longer a joke.
Posted by: Marcus Aurelius | Jul 31, 2008 3:50:49 PM
Dervin;
Agree entirely about Bush pere. He put his country before his party by breaking his tax pledge and his party hate him for it. No matter that it was necessary to clean up the oceans of red ink left by their dream lover, he raised taxes hence he's a skunk. It wasn't enough of course and Clinton had to raise them again. I voted for him over Clinton in 02 and thought and think him a good public servant who used the rules of the game to his advantage but basically respected the system and constitution. He left the country stronger than he found it which is more than can be said for is offspring. From being a mild Republican I'm astounded at the cesspit of corruption, incompetence and hypocrisy that my party has become. They have neither morality or commonsense. There was a story in the WSJ today that summed it up, apparently they are attempting to slip by the back door some new DHS regs that would define contraceptive pills and IUD's as abortive elements in order to satisfy their far right constituents. I'm sure the women of America are going to rise up in applause for the news that it's rubbers only in future.
Posted by: John | Jul 31, 2008 4:01:19 PM
For all the portrayal of George W. Bush as an idiot, I think you actually have an economy concocted by Larry Kudlow's "investor class" like the Laffers, Luskins, and that Ewok fellow you sometimes see on Kudlow & Company. Don't blame George W. Bush for this economy, blame the economic puppeteers of the Republican Party. I would even say that the guy everybody hates so much, our Vice President Richard Cheney, just may have been a moderating force against the ravenous high priests of trickle down theory and worthless dollar wealth. With John McCain, who has no intellectual capacity nor interest to actively engage in economic policy and who will have no adult supervision, Larry Kudlow's investor class will have even more of a free reign over the economy.
Posted by: CNBC Sucks | Jul 31, 2008 5:07:27 PM
CNBC.. writes - with John McCain ... Kudlow's investor class will have even more of a free reign over the economy
exactly - and why the trial balloon of John McCain doesn't speak for the Republican Campaign for President was floated this week
thats sort of true - the front man doesn't make the team - the team can change this game ... and we need change
Posted by: Greg0658 | Jul 31, 2008 6:29:54 PM
Yes, we need change, change we can believe in!..... ha ha, idiots.
nothing but an empty suit, all of them.
Posted by: b | Jul 31, 2008 7:31:12 PM
One speeds up the decline, the other *might* slow it down enough that we have a chance of pulling our economy out of the funk.
Backwards and into the shithole with McCain -- or move forwards with Obama -- your choice, folks.
Just check out the economic advisors if you doubt it.
Posted by: donna | Jul 31, 2008 7:42:31 PM
Posted by: BlackSwan2008 | Jul 31, 2008 7:48:06 PM
CNBC Sucks:
Remember O'Neill's characterisation of GWB. A blind and deaf man. No he's not an idiot but neither does he have the mental capacity to be President in 2008. I liken him to the reasonably intelligent son of the local Ford dealer, expensively educated, party boy, Dad made him come into the business when he was about 45. He sits there with not much clue about how the business works, utters the odd buzz word, and is relatively easily manipulated by stronger and more focussed men who defer to him in public where they often have to prop him up and snigger behind his back. I've worked with people exactly like this in multi billion dollar corporations and I remember clearly on one occasion a heavy trying to explain that his nominal boss who was a Bush type was to be taken seriously. Obviously you don't believe in the philosophy of the buck stops here because when you audition for the role of president you're expected to pull your weight. As for the picture of Dick Cheney as enemy of trickle down, don't you remember that other quote from O'Neill's book when he remonstrated about the possible ill effects of huge tax cuts, Cheney said our people ie. the very rich like himself, have earned this, or something similar. There aint no way you can give these guys a pass for the present mess.
Posted by: John | Jul 31, 2008 8:11:05 PM
CNBC Sucks wrote: "the guy everybody hates so much, our Vice President Richard Cheney, just may have been a moderating force against the ravenous high priests of trickle down theory and worthless dollar wealth. "
That would be Dick Cheney who said "deficits don't matter".
And clearly this has been the guiding principle of the Bush years.
Posted by: Jon H | Jul 31, 2008 9:13:01 PM
Bush II is a generational president. It will take a generation to undo the damage he has done - so far. He's still got 6 months to attack Iran and usher in the Great Depression II.
He bankrupted his own company, now he's doing the same to our country
Posted by: JC | Jul 31, 2008 9:14:09 PM
My brothers, I hope that your antipathy toward the present Republican administration translates to energy and action toward preventing another one. Please do not lose my message: If you think things are bad under the Bush / Cheney Administration, it will be twilight for America under John McCain. Please do all you can to make sure Barack Obama and the Democrats win in November. Thanks.
Posted by: CNBC Sucks | Jul 31, 2008 10:39:29 PM
algernon,
"Bush II's tax cuts were beneficial..."
How is throwing money at the Rich & Corporate, with the resulting massive federal deficits and debt, considered "beneficial" ?
.
Posted by: VJ | Jul 31, 2008 10:49:07 PM
i've always liked "it's the economy, stupider"
Posted by: scott hutch | Jul 31, 2008 11:43:56 PM
"How is throwing money at the Rich & Corporate, with the resulting massive federal deficits and debt, considered "beneficial" ?"
Maybe he left off the "for me". :-)
Posted by: OhNoNotAgain | Jul 31, 2008 11:46:08 PM
"If you think things are bad under the Bush / Cheney Administration, it will be twilight for America under John McCain."
Twilight for America? Shit - this is the fall of the roman empire only we have cable TV instead of lions eating Christians in the Coliseum...
I don't disagree with your dread of a brain dead McCain administration but not to worry - FUBAR economy will create an Obama landslide by the time November rolls around. Problem is that GWB will leave such a fiscal and geopolitical mess that not even Superman would be able to clean it up. His final budget is $480 billion in the red for crying out loud, not counting a lot of the off budget stuff...
I want the motherfucker brought up on charges for lying, murder, and gross malfeasance. Not likely to happen with a completely polticized Justice Dept, however. These assholes knew exactly what they were doing.
That's OK - he can answer to his children, and to history.
Posted by: drey | Aug 1, 2008 1:23:10 AM
can someone explain to me how massive tax increases, increased government regulation, the destruction of private contracts, a massive increase in gov spending, greater union clout, less free trade, increased power of tort lawyers, and near government takeover of medicine will improve the economy and make the US more competative globally?
Posted by: pkut | Aug 1, 2008 2:16:27 AM
btw, what is the current debt to gdp ratio and how does it compare historically?
Posted by: pkut | Aug 1, 2008 2:18:04 AM
"can someone explain to me how massive tax increases, increased government regulation, the destruction of private contracts, a massive increase in gov spending, greater union clout, less free trade, increased power of tort lawyers, and near government takeover of medicine will improve the economy and make the US more competative globally?"
Um, you've apparently slipped into a wormhole and come out in a parallel universe. Do you want us to phone some scientists and see if they can get you out of there ?
Posted by: OhNoNotAgain | Aug 1, 2008 7:26:00 AM
I bet some of you bien pensant whiter-than-white peepul ostentatiously praising NoBama will push the button for Bob Dole II in the privacy of the voting booth this fall, ... thinking about those tax increases.
Posted by: David Davenport | Aug 1, 2008 8:15:41 AM
Posted by: b - "nothing but an empty suit, all of them"
that's all we have in a democracy ... you will not survive a revolution (in a happy state of mind)
drey - don't ask for to much!
Posted by: Greg0658 | Aug 1, 2008 9:11:58 AM
