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U.S. recession: A classic 12-act tragedy
Market Watch ^ | March 4, 2008 | Paul B. Farrell

Posted on 03/09/2008 2:43:35 PM PDT by fweingart

ARROYO GRANDE, Calif. (MarketWatch) -- The buck stops here: This is Bush's recession, his legacy.

It could be a chapter in a future edition of Jacob Weisberg's "The Bush Tragedy," with new comparisons to "Henry V" and other great Shakespearean tragedies. In a few sentences, the opening lines could highlight why this is now Bush's recession, and his alone.

(Excerpt) Read more at marketwatch.com ...


TOPICS: Business/Economy; Editorial; Government; Politics/Elections
KEYWORDS: 110th; antibushrant; economy; pelosi; recession; soros; ubelongtodu; wrongmessagenboard
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To: fweingart

Are you kidding or are you serious? Bush’s friends in the oil industry are making all-time record profits. Why would he want to open up more oil exploration or do anything to reduce the price of oil that is causing record profits for oil companies.

I still never have understood how, when the price of oil skyrockets, the oil companies make monster profits, but when the price of oil collapses, they lose their shirts. That has always struck me as backwards. No matter. Oil companies are laughing all the way to the bank right now. I’m sure they are telling their president not to do anything to upset the apple cart right now.


61 posted on 03/09/2008 3:36:06 PM PDT by Freedom_Is_Not_Free
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To: Gondring

I think you have a point about not using our oil.

We are in a ruff patch here though.
I dont understand why we help China at our expense.
We have more controls on us than them.


62 posted on 03/09/2008 3:36:07 PM PDT by mylife (The Roar Of The Masses Could Be Farts)
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To: safeasthebanks

Read the whole article and didn’t see one sentence from the author on what Bush did or did not do, or should or should not have done to prevent “his” recession.
*************************************************
The author was recounting Roubini’s report ,, Roubini seems to be stating the obvious ... this will be a bad one and there is really nowhere to hide. The author is correct in asserting that this will be hung around Bush’s neck for all time.. I’m convinced Bush is at least partly to blame for encouraging the wholesale dismantling of lending safeguards to pump up the economy after 09/11 and to get Mexicans credit cards and into homes.. the same dismantling of normal lending requirements sucked in legions of speculators and the cash bonanza spawned CDO’s and CMO’s and all sorts of derivatives that are now imploding... Greenspan bailed just in time,, he cheerlead the entire process.


63 posted on 03/09/2008 3:36:08 PM PDT by Neidermeyer
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To: dragnet2

It aint pretty now


64 posted on 03/09/2008 3:36:56 PM PDT by mylife (The Roar Of The Masses Could Be Farts)
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To: fweingart
U.S. recession: A classic 12-act tragedy

With the Big Media, the headline should read "A classic 12-month strategy." When will they stop talking down the economy? After their particular RAT is elected, I'm sure...

65 posted on 03/09/2008 3:37:01 PM PDT by Libloather (March is Liberal Awareness Month.)
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To: Gondring
Our 'leaders' are borrowing the money from China to give us the rebate we're supposed to spend.

I spent $81.00 to fill my sedan's tank with diesel fuel yesterday.

The rebate loan has to be repaid to China and the excessive fuel cost goes to our other good friends in Saudi Arabia.

66 posted on 03/09/2008 3:37:06 PM PDT by fweingart (Obama-Clinton (A real dream team!))
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To: Brett66

Yes we are. They’ll admit as much in 6 months.


67 posted on 03/09/2008 3:37:46 PM PDT by Freedom_Is_Not_Free
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To: fweingart
Our 'leaders' are borrowing the money from China to give us the rebate we're supposed to spend. [...] The rebate loan has to be repaid to China and the excessive fuel cost goes to our other good friends in Saudi Arabia.

But hey, it helps fill their wallets...doesn't that make you feel good?

68 posted on 03/09/2008 3:38:39 PM PDT by Gondring (I'll give up my right to die when hell freezes over my dead body!)
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To: fweingart

“Butbutbutbutbut we are ‘compassionate’. We just have a difference of opinion.”


69 posted on 03/09/2008 3:38:59 PM PDT by LiberConservative
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To: Freedom_Is_Not_Free
Why would he want to open up more oil exploration or do anything to reduce the price of oil that is causing record profits for oil companies.

Because he's a patriot?

Just asking.

(Examine the percentages of net profits of the major oil companies. You may be surprised. I wouldn't want to operate a business with those margins.)

70 posted on 03/09/2008 3:39:01 PM PDT by fweingart (Obama-Clinton (A real dream team!))
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To: stockstrader
The biggest outrage of the Bush Administration,,,is that with a President and Vice-President who both have oil backgrounds,,,,,AND the Republicans holding BOTH Houses of Congress our country never was able to drill ANWR.

If he did, that would mean you could continue to waste energy for a few more years, and then what?

71 posted on 03/09/2008 3:39:03 PM PDT by Age of Reason
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To: mylife

I agree, ML. I sense we are in a BIG bind. And it sure could get worse, as food prices (grocery and Restaurants) are bound to rise due to the excessive gas prices. Housing is in a major slump with sales and forclosures, the dollar has dropped to record lows, companies are going bankrupt, unemployment is on the rise.

Of course I could be wrong, as all the news articles and economists may be lying to (or just kidding) the public.


72 posted on 03/09/2008 3:40:47 PM PDT by yorkie (No surgeon can perfect God's work)
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To: fweingart

The price of MOST commodities have increased, not just oil. It’s about the dollar and asset allocation. Greenspan just postponed the needed stock market correction.


73 posted on 03/09/2008 3:41:02 PM PDT by PghBaldy (Go Hillary! Vote Hillary! Don't give up!)
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To: Age of Reason
It would have been a million barrels/day less from 'nut-case' countries in the Middle East--and yes,,,,,the 'and then what' needs to be addressed (as it should have been many years ago with ANWR drilling an impt part).

At least while reducing some of the money we throw overseas--maybe we'll have a few extra years to address 'the and then what'.

74 posted on 03/09/2008 3:41:03 PM PDT by stockstrader ( B. 'whose middle name must not be spoken' Obama--"Eloquent, but Empty" (a charitable description))
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To: mylife

Living standards have never been higher.

I feel sorry for anyone caught in a financial bind due to poorly thought-out borrowing but most of them brought it on themselves. Let the market take housing prices where it will and then let the chips fall.

We have way too much hand wringing on this site.


75 posted on 03/09/2008 3:41:31 PM PDT by Oklahoma
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To: LiberConservative
Right-O.

We are 'Compassionate Conservatives.'

Now. What's for dinner? Forget about that corn on the cob.

76 posted on 03/09/2008 3:41:37 PM PDT by fweingart (Obama-Clinton (A real dream team!))
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To: yorkie

It aint pretty


77 posted on 03/09/2008 3:42:01 PM PDT by mylife (The Roar Of The Masses Could Be Farts)
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To: fweingart

I had in my memory that it was close to 38 percent of GDP to support horse drawn transportation. I cannot source that but if anybody else could that would be interesting to see.


78 posted on 03/09/2008 3:42:51 PM PDT by Shanty Shaker
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To: Freedom_Is_Not_Free
Yes we are. They’ll admit as much in 6 months.

True. Technically you are not dead until someone says you are.

79 posted on 03/09/2008 3:44:47 PM PDT by bjs1779
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To: milwguy; Clara Lou
Limited in quantity? That is the funniest thing I have heard in a long time. If you call 20+ BILLION bbls limited, then I guess you are correct.

Assumming there's 20 billion to be had, and assuming all 20 billion is economically feasible to pump and refine . . .

How long do you expect 20 billion barrels to last when America burns 7+ billion barrels a year?

And when do we talk conservation, when we are down to the very last drop of oil on the planet?

80 posted on 03/09/2008 3:45:00 PM PDT by Age of Reason
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