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In an interview with the Washington Times yesterday, Sen. John McCain’s “econ brain,” former senator Phil Gramm, complained that America has become a “nation of whiners” over the economy because he believes “the economy is not as bad as you read in the newspaper every day.” “This is a mental recession,” said Gramm.
All arguments suggest that for many people, it is a mental recession. This "recession" is an economic downturn, and not even close to a real recession.
Phil Gramm has always seen America's working poor as our nation's most pressing problem. He'd like to apply the soylent green solution. It's not that Phil hates America. He clearly does not. He just doesn't like the people living here.
Government considers Fannie Mae, Freddie Mac takeover: report
Reuters - 1 hour ago
By Kevin Plumberg HONG KONG (Reuters) - The government is considering taking over mortgage finance companies Fannie Mae and Freddie Mac if their funding problems worsen, in a plan that could leave shareholders nothing,
"Gramm believed that the destructive incursion of government into the realm of markets was unassailable as long as deficits concealed the true cost of government programs."
Phil Gramm has always seen America's working poor as our nation's most pressing problem. He'd like to apply the soylent green solution. It's not that Phil hates America. He clearly does not. He just doesn't like the people living here.
Well said and I doubt that the right will enter this forum to challenge or protect the newly emerging Cheney/Bush soon to be Gramm/McCain puppets.
All arguments suggest that for many people, it is a mental recession. This "recession" is an economic downturn, and not even close to a real recession.
Perhaps you can convince the Market to change it's mind? It's all mental afterall....
U.S. stocks sink again in face of heightened worries
S&P 500 closes in bear market turf as anxiety reigns about results ahead
By Kate Gibson (http://www.marketwatch.com/news/mailto.asp?x=107+103+105+98+115+111+110&y=Kate+Gib son&z=marketwatch.com&guid=%7B81ef2ba5-787a-4552-b3fd-e413f1006a8b%7D&siteid=mktw - broken link), MarketWatch
Last update: 5:34 p.m. EDT July 9, 2008
NEW YORK (MarketWatch) -- U.S. stocks crumpled Wednesday, with the S&P 500 closing in bear market territory, as financial and technology stocks took it on the chin in the face of escalating fears about the impact of the slowing economy and credit crunch on coming earnings reports.
Perhaps you can convince the Market to change it's mind? It's all mental afterall....
U.S. stocks sink again in face of heightened worries
S&P 500 closes in bear market turf as anxiety reigns about results ahead
By Kate Gibson (http://www.marketwatch.com/news/mailto.asp?x=107+103+105+98+115+111+110&y=Kate+Gib son&z=marketwatch.com&guid=%7B81ef2ba5-787a-4552-b3fd-e413f1006a8b%7D&siteid=mktw - broken link), MarketWatch
Last update: 5:34 p.m. EDT July 9, 2008
NEW YORK (MarketWatch) -- U.S. stocks crumpled Wednesday, with the S&P 500 closing in bear market territory, as financial and technology stocks took it on the chin in the face of escalating fears about the impact of the slowing economy and credit crunch on coming earnings reports.
Personally I think its really bad and we have not even begun to feel the impacts yet. The only things people are starting to feel so far are the gas and food price increases. There is a ton more to come when more jobs are lost, house values fall even more, portfolio values continue to drop, and inflation is felt across even more areas of the economy.
We might not really feel anything until the end of the year when the "holiday numbers" start to come out for retail...just in time for our new president (whoever it is) to start getting blamed for it. Or if the government bails out Freddie and Fannie, then look out because that extra few BILLION $ that the Fed prints is really going to hurt the value of the dollar.
Lowering corporate tax rates would go a long way to helping businesses, too.
Yes, yes, while lowering spending.
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