The United States has had as much of Phil Gramm as we can stand. While Americans expect almost everyone to be on somebody’s payroll, we are now at a point where we wonder about two main subjects: “Who was paying Phil Gramm for stupidity?”, and “Where am I going to be working next week?”
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According to a TIME 24/7 article this morning, “Someone who took out a subprime loan in 2003 is the “patient zero” who began the great recession.” A single borrower set off the series of events that may lead the economy into its greatest downturn since The Great Depression? Blaming the financial meltdown on one borrower is probably the most ridiculous thing I have read since mortgage lending hit the skids. I have a novel idea, “Why don’t we call the mortgage lender or the underwriter “Zero”?
Category: Opinion
One Comment
As we finish the last day of 2008 the reality of the matter is that 18 months have passed since red lights came on and warning sirens sounded in the summer of 2007. Letting the air out of the mortgage bubble, and subsequently starting the collapse of Wall Street, the summer of 2007 was only a prelude to bigger unthinkable things to come.
Category: Editorial, Opinion
5 Comments
Republicans wearing blinders want four more years as they claim the United States has experienced eight years of growth. What’s up with that? Consumer confidence sank to its third-lowest level ever in June, according to a study released Friday by Reuters and the University of Michigan. Democrats look back to a balanced budget of years ago during the Clinton era, but it didn’t help Hillary Clinton. Americans had Bob Barr running for president who claimed to lick whipped cream from two women’s breasts (there are photos.) Ralph Nader is in the race too, but may be unsafe at any speed. Oil prices climb wildly as Americans are afraid of Nigerians and Mumar Gadfly (sic) of Libya. Rebates were a failure. “US consumer spending rose more than forecast in May as tax rebates drove the biggest gain in incomes in almost three years” claimed one article. Reality check for Bush: you gave out $78 billion as of today and consumer confidence is the third lowest ever recorded.
Category: Opinion
2 Comments
Fed chariman Ben Bernanke still won’t admit that the United States is in a recession. On the other hand More than once in the past, three consecutive months of job losses have marked the start of a recession. “It is our view that we are already in one,” said Drew Matus, a Lehman Brothers economist, offering a view widely held on Wall Street. The view is also widely held by Main Street. Americans are not stupid. Statistics only count those who did not fall off the back side, still unemployed and without unemployment benefits.
Category: Opinion
One Comment
