Posted on 09/03/2009 8:20:31 PM PDT by sickoflibs
One warns us of the phony debt economy and the coming crash. The other tells us we will be sorry because we didn't appreciate the ‘great’ Bush economy and minority homeownership that Bush accomplished. Notice in this fictional letter Levin reads, Bush is not warning us about Barney Frank or Clinton or CRA (all of which were partially responsible, but only partially, negated politically by Republican political bragging.) But both Levin and Hannity explained to us how these three were ruining the Bush economy, AFTER the crash Oct 2008! What is incredible is these outlooks were both made at the same time May 2007
“ Growth is in the Eye of the Beholder“ May 04, 2007 by Peter Schiff
“Also ignored in the rhapsodizing over U.S. GDP growth is the extent to which consumption has been paid for with borrowed money. Since these debts must be repaid with interest, GDP will likely decline even more significantly in the future. Had we borrowed primarily to finance capital investment this would not be the case, as the loans could have been repaid out of increased income. However, as the vast majority of borrowing is simply used to purchase consumer goods, the income needed to repay the debts will have to come at the expense of reduced future consumption.”
“Compounding the problem is the fact that job growth is stalling. April's 88,000 gain in non-farm payrolls is the most anemic in over two years. As falling real estate prices, rising mortgage payments, and tighter lending standards knock the legs out from under American consumers, look for even worse jobs reports in the months ahead. If Americans are struggling to make ends meet now, imagine how much harder it will be without paychecks!”
"Growth" is in the Eye of the Beholder at Safe haven/Europacific Capital
“The speech George W Bush SHOULD give (by Mark Levin on his Radio Show)“ May 10, 2007. Filed under Mark Levin Audio
“I’m fed up because you have no understanding of what’s really going on in the world. Or of what’s going on in this once-great nation of ours. And the majority of you are too lazy to do your homework and figure it out.
Let’s start local. You’ve been sold a bill of goods by politicians and the news media. Polls show that the majority of you think the economy is in the tank. And that’s despite record numbers of homeowners including record numbers of MINORITY homeowners. And while we’re mentioning minorities, I’ll point out that minority business ownership is at an all-time high. Our unemployment rate is as low as it ever was during the Clinton Administration. I’ve mentioned all those things before, but it doesn’t seem to have sunk in.
Despite the shock to our economy of 9/11, the stock market has rebounded to record levels and more Americans than ever are participating in these markets. Meanwhile, all you can do is whine about gas prices, and most of you do not understand that gas prices are high because there’s increased demand in other parts of the world, and because a small handful of noisy people are more worried about polar bears and beachfront property than your economic security.”
The speech George W Bush SHOULD give at Mark Levin Show.com
Moral: Always be critical of what you are told by anyone, even if your party is in charge and you want it to be true. Everyone has an agenda or a bias.
I bet many here would have done the same.
-Snicker-
Everyone was carrying the water back then.
“Plenty of conservatives have criticized Fannie, Freddie and the CRA in the attempt to push back against the Newer Deals and Greater Societies liberals advocate in the name of economic stimulus. Mr. Woods goes much further, blaming not just affirmative-action-loving bureaucrats, lax lenders and boneheaded borrowers: The real villain in “Meltdown” is the Federal Reserve."
"Nobody wants to hear this, of course. So policymakers immediately return, once more with feeling, to their spending, borrowing and credit creation in a desperate attempt to re-create the boom or at least forestall the bust. Mr. Woods is persuasive that doing so only guarantees a worse day of reckoning down the road, like having a 15th glass of whiskey rather than calling it a night.“
at :
Thanks for the link. Saving to read later.
He also admitted the errors of his ways, so why the continued animus? I don't see that he is still carrying water for the Republicans.
“Nobody wants to hear this, of course. So policymakers immediately return, once more with feeling, to their spending, borrowing and credit creation in a desperate attempt to re-create the boom or at least forestall the bust. Mr. Woods is persuasive that doing so only guarantees a worse day of reckoning down the road, like having a 15th glass of whiskey rather than calling it a night.“
You might be interested *ping*
Oh boy Mark. Foot meet mouth!
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