Posted on 07/17/2002 5:07:44 AM PDT by JohnHuang2
WASHINGTON — Federal Reserve Chairman Alan Greenspan expressed confidence Tuesday that the U.S. economy would recover from its slump, but he warned that it still faces "considerable uncertainties," including the fallout from corporate accounting scandals. Continues.
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Harken is still dead -- the Sequel.
Drats! Man, is Bush lucky, or what?!
That's likely the Democrat/mediacrat reaction at the sound of the closing bell on Wall Street yesterday, tear-soaked hankies in hand. An up-beat report on the economy by Fed Chairman Alan Greenspan Tuesday did little to calm the jitters on Wall Street, still reeling from a wave of corporate accounting scandals.
Wait a sec: Sinking markets damping the spirits of Democrats? Shouldn't they be happy as a clam at high water?
Well, a little background:
Recall the "wild ride" on Monday? Who could forget, right? The day saw stocks plummet over 400 points -- the media was quick to lay the blame on Bush -- then stage a startling come-back 90 minutes before the bell.
The media attributed the turnaround to 'market forces'.
Oh, I get it.
If the market is down, Bush is to blame; if market is up, why, it's Adam Smith. This from a horde of snake-in-the-grass Trotskyites with no more faith in markets than Michael Newdow in God and angels.
The point is this: As part of their crusade to blame Bush for the 'state of uncertainty' on Wall Street, the President's enemies were hoping the market would go into orbit with Greenspan's upbeat remarks before the Senate Banking Committee yesterday.
Still doesn't compute?
Well, just imagine what giddy Danny boy would be chirping on that nightly soapbox of his:
Good evening, this is Dan Rather.The market surged today, after six straight sessions marked by heavy loses. The dramatic turnaround came on the heels of Federal Reserve Chairman Alan Greenspan's semi-annual testimony on the Hill.
In it he called for a crack down on corporate miscreants, in contrast to Mr. Bush's wimpy, soft-on-crime pollyanna Monday at the University of Alabama.
While Mr. Bush failed to reassure investors, Chairman Greenspan sparked a wave of euphoria and confidence, enabling the market to climb back from triple-digit losses earlier in the session to close on a triple-digit gain.
With us tonight, top-notch market expert and savvy businessman, Terry McAuliff:
RATHER: Mr. McAuliff, thank you for joining us.
MCAULIFF: My pleasure, Dan.
RATHER: Terry, no-one's more qualified in my book to offer a fair and objective assessment on Mr. Bush, given how you managed to convert a paltry $100,000 investment into $18 million, legitimately to boot. Right on! Way to go, Terry! I'm impressed!
MCAULIFF: Thank you, Dan.
RATHER: Terry, what's your take on Bush?
MCAULIFF: Dan, I give Bush an F. You need only look at his shady 'business' dealings back in Texas to see why.
Take Harken Energy.
RATHER: Mr. Bush raked millions from insider trading on that one, didn't he?
MCAULIFF: Absolutely, Dan. No question about it. As they say, a fish rots from the head down. Bush's fishy dealings with Harken sparked a corporate crime spree on Wall Street, and we're paying the price.
RATHER: You are so right, Terry. And particularly remarkable is how the corporate fraud began even while Bush was still governor in Texas -- that's how corrupting an influence he is!
MCAULIFF: Corrupting indeed, Dan. Look at WorldCom and Xerox -- they were cooking and glossing and shamming and scamming the books in the 90s. In the 90s!! Years before Bush became president! Think about it: If Bush could be this corrosive to ethics as governor of Texas, imagine as president!
RATHER: Right again, Terry. By the way, I'd like your insight on a few other things. What's your assessment of Intel? The chipmaker announced job cuts and lower profits today.
MCAULIFF: Blame it on Bush's Harken stock deal, Dan. In fact...
RATHER: What about Apple Computer -- the company warned to expect lower sales and profits for the current quarter....?
MCAULIFF: You can blame Bush's Harken stock deal for that, too, Dan. In fact..
RATHER: What about General Motors, Terry? The leading automaker said it's 2nd quarter results surpassed expectations, but that earnings for the year will fall a tad short of current forecast...?
MCAULIFF: Well, you can credit president Clinton for GM's robust 2nd quarter profits and sales. In fact..
RATHER: But what about less-than-expected sales for the year?
MCAULIFF: Again, you can blame Bush's Harken stock deal for that, Dan. In fact...
RATHER: By the way, I understand you're a big Chicago Cubs fan; as you know, they were beaten by the Atlanta Braves today ... what happened?
MCAULIFF: Again, you can blame Bush's Harken stock deal for that too, Dan. In fact...
RATHER: That'll be all, thank you, Terry...
Kidding aside, the 'Greenspan bounce' was a no-show yesterday.
Yet, that didn't stop the media hosannahs -- the chorus of applause -- for Greenspan. This from the same media which raked Bush over the coals for failing to revive the market Monday.
So, if I get this straight, Greenspan was better for the market than Bush, even though the Dow barely rose 66 points from its session low, compared to a 394-point revival Monday after Bush's speech in Alabama, right?
Yep, by this convolution, a Dow down 166 points is better than a Dow down 45 points.
Talk about fuzzy math.
And weren't these the geniuses urging Bush to tell the world, bullhorn in hand, 'hey, world! Our stock market is rigged, fixed; it ain't just a few bad apples, oh no, American corporate executives, the whole lot of 'em, are nothing but crooks and thieves!'...?
And this conniption somehow was supposed to unruffle the markets, right?
Talk of fuzzy logic.
Oh, by the way, a new ABC News/Washington Post poll, conducted July 11-15, has Bush's job approval rating still straddling the stratosphere -- 72% -- despite a string of political assassination attempts by his rabid enemies.
Memo to Dems: Fire your strategists -- every one of them.
No, wait a sec...I take that back...what was I thinking? Instead, give 'em a big, fat raise and tell them, on behalf of Republicans, 'thank you'
My two cents...
"JohnHuang2"
(From the "Risk of Sounding Stupid Dept.")
What exactly is attorney client privilege? Is this when you talk to your lawyer in secret?
Bigjoe-when you and your attorney discuss ANYTHING it is privileged information that no one, not even a court, can invade or have access to, unless you release the privilege, formally. It is like you and your physician. He would never ever release any information regarding you and your health unless you formally waive the privacy.
One sane voice.
In any event, ABCetc poll shows another $50 million in the presstitutes airtime and column inches is for naught. W is a good man and the people know it.
Bull's-eye
Exactly -- they're so shameless, they don't even try to hide their agenda.
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