Greenspan: Economy improving despite uncertainties: [Harken is still dead -- the Sequel]

Miami Herald Online ^ | Wednesday, July 17, 2002 | By KEN MORITSUGU

[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.

===============================================================

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"

[JohnHuang2]

Wednesday, July 17, 2002

Quote of the Day posted by Alias Sandman

[steveegg]

Great work, JH. The only variable is the number of Enrons that the Klintoon Gang planted in the last 2 years of S(l)ick Willie's occuptation.

[JohnHuang2]

Thanks, my friend.

[JohnHuang2]

Gotta run -- have a nice day, y'all.

[MJY1288]

"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."

LOL

[Lazamataz]

Gotta run -- have a nice day, y'all.

Of course you have to leave. The sun is coming up and vampires cannot take the sun. ;^)

[randita]

One of your best--JH.

Greenspan's upbeat economic forecast was another nail in the coffin for Democrat's hope of riding a bad economy to victory in November.

Bush will sign the business accounting reform act (or whatever it's called) with great fanfare and deftly take that issue out of Democrat's hands.

The whole business scandal thing is getting so convoluted and complex and with the ongoing heat waves in many parts of the country, people are using all their brain cells to stay cool, not decipher how businesses used accounting gimmicks.

By November, I think the economy will be stronger and the Dow up a bit and becoming stable.

Earth to Democrats--get another issue, this ain't it.

[MeekOneGOP]

.........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...

LOL! Love your spoof on the interview!

[Wm Bach]

Why aren't you writing for the Wall Street Journal? Your
articles would bring in revenue for the paper, they are that
good.

[OldFriend]

The American people have figured out that the democrats are part of the problem and not part of the solution.

[dokmad]

"72% -- despite a string of political assassination attempts by his rabid enemies. "

Rabid! You have such a way with words. Always right on the money!!

[eureka!]

"Kidding aside [re Rather/McAuliffe exchange]"

Unfortunately, good sir, that strikes incredibly close to the truth.

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. Great 2 Cent poke in the eyes of the enemies of W and, arguably, this country...

[texjan]

I was also disgusted when Sarbanes pointed out right after the testimony how the market had gone up while Greenspan was talking. It was very obvious that he was contrasting it to the market action the day before when Bush spoke.

[isthisnickcool]

Many people see the American Economy as Wall Street. But the real economy is not Wall Street, it's Main Street. It's us. The men and women that rise every day and do what we do. Build stuff. Sell things. Fix things. Invent things. Etc.

And when we put our hard earned money into the American stock market we expect honesty. We expect integrity and truth and all the good things you find in the average Joe American.

Crooks and con artists have been at work these past few years. People have lied, cheated and they have stolen. They have shown they cannot be trusted. That they can't handle our money and they no longer deserve to be in their self-serving positions. They have no respect for a dollar.

So, we need to reform the system. We need to expell these people and make sure honesty and integrity is the rule rather than the exception.

So? Do we need to reform Wall street? Nope. We need to reform Congress! Vote the rascals out! And put people in that will represent us. As the founders wanted.

[isthisnickcool]

PS - I bet the equities markets soar today.....

[Grampa Dave]

So far your prediction is correct!

[Republic]

LOL!!! Great one, John, oh King of Ping and King of the solid, direct Political Essay!!! Your writing RULES!

BTW- why do we NEVER hear people comment on the fact that during the SEC investigation of the Harken balance sheets-PRESIDENT BUSH, at that time, WAIVED his attorney client privilege rights in order to facilitate the investigation.

WHAT?

I mean What...........................????

YOU MEAN GW ACTUALLY WAIVED ATTORNEY CLIENT PRIVILEGE?????????????????To help investigators?????

How, how, well, CONSIDERATE of the tax payer funded SEC investigations. How, statesmanlike!! How honorable! How genuinely concerned that the right thing was done.

Did billy klinton EVER..

once...

in all the investigations against him....

ever..or did any of his sick cohorts

EVER....

waive their rights to attorney-client privilege in order to help an investigation arrive at the truth??????????????

hell no

Of course none of them did.......they could not afford to do the honorable thing because they knew they had done the WRONG THINGS....

To me....this action on our President's part, way back when, says it all.

Period.

rantoff!

[blackie]

Great "Two Cents" John, another keeper, good job !!

Freedom Is Worth Fighting For !!

Molon Labe !!

[corlorde]

Great post my man. You too John :->

[Wphile]

Great post John.

I sure wish the congresscriters would just shut the h*ll up. They are the ones spooking Wall Street. Criminy - all that legislation!! They are going to totally overshoot it just like they did with federalizing the airport security screeners. Makes me sick to watch all the yammering going on on Capitol Hill. These guys are a bunch of IDIOTS!!!