Dobbs : Our Leaders have sqaundered our Wealth (MSM Alert)

http://www.cnn.com/2008/US/01/22/Dobbs.January23/index.html ^ | Lou Dobbs

[wyowolf]

NEW YORK (CNN) -- President Bush's assurances that we'll all be "just fine" if he and Congress can work out an economic stimulus package seem a little hollow this morning. Much like Federal Reserve Board Chairman Ben Bernanke's assurances last May that the subprime mortgage meltdown would be contained and not affect the broader economy. And it seems Treasury Secretary Henry Paulson has spent most of the past year trying to influence Chinese economic policy rather than setting the direction of U.S. economic policy. There is no question that Bush, House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid will quickly come up with an economic stimulus package simply because they can no longer ignore our economic and financial crisis.

[ex-Texan]

NASDAQ's Fall Leads Markets Down for the Sixth Day

Plunge Protection Team Now Official

The PPT plays exotic games with free money. 'Nuff said about that. But the really BAD news is that the fix is only temporary. Playing games only buys time. One day poor Joe Camel will realize that the free market system is being manipulated by high level insiders.

[Alberta's Child]

For all the complaints about the level of imports to the United States and the so-called "loss of manufacturing jobs" here in the U.S., the reality is that the U.S. is still the largest importer in the world -- and by a wide margin, too.

Funny how you never hear folks like Lou Dobbs point that out.

[trane250]

For all the complaints about the level of imports to the United States and the so-called "loss of manufacturing jobs" here in the U.S., the reality is that the U.S. is still the largest importer? in the world -- and by a wide margin, too.

Freudian slip perhaps? Or as J. Edgar Hoover was fond of saying, "the wish is father to the thought."

[Alberta's Child]

Oh, it's both. LOL.

The U.S. is the world's biggest importer, but we're also the world's largest MANUFACTURER (which is what I meant to say!).

Thanks for the heads-up on that. LOL.

[Travis McGee]

The PPT had a BIG day today!

[ex-Texan]

PPT . . .

The Fed cannot prevent the (US) economy going into recession,' said Nouriel Roubini, an economics professor at New York University who correctly foresaw the current problems in the United States.

'The point is not about a soft or hard landing, but how hard the hard landing is going to be,' he added. 'I believe we are going to have a severe (US) recession lasting for four quarters.'

Stephen Roach, a star economist as head of investment bank Morgan Stanley in Asia, also forecast a US recession, adding: 'When the US consumer is in trouble this has great consequences for the world economy.'

Source: Flurry of recession warnings fall amid snow at World Economic Forum in Davos

[Travis McGee]

Interesting times, dead ahead.