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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: Oklahoma

Your right, the standard of living is at an all time high and I have been very frugal.

But I feel the bottom is about to drop out


81 posted on 03/09/2008 3:45:07 PM PDT by mylife (The Roar Of The Masses Could Be Farts)
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To: yorkie

I feel bad for folks on fixed incomes


82 posted on 03/09/2008 3:45:51 PM PDT by mylife (The Roar Of The Masses Could Be Farts)
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To: PghBaldy
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.

Dow and S&P 500 both landed pretty hard around the time we first invaded Iraq, lo these many years ago.

And "inflation adjusted" we *STILL* haven't caught up to the boom levels of the dot-bomb era.

83 posted on 03/09/2008 3:46:16 PM PDT by grey_whiskers (The opinions are solely those of the author and are subject to change without notice.)
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To: Age of Reason
The fact remains that we would get about one million barrels/day from ANWR (EXACTLY what we get from Saudi Arabia every day). We could get that million barrels/day for 30 years....30 YEARS!!!!

I'd much rather NOT send that $100 million/day (base on $100/barrel) to Saudi,,,,while we work on the "AND THEN WHAT" part of the equation.

84 posted on 03/09/2008 3:47:11 PM PDT by stockstrader ( B. 'whose middle name must not be spoken' Obama--"Eloquent, but Empty" (a charitable description))
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To: BikerJoe

I thought for sure readers would recognize my sarcasm-oh well. Let’s assume the pres. said he was going to use an executive order. Who would do the actual drilling? Why an oil co. So they show up and put a pipe in the ground. The Senate, no friend of Bush or oil, says to the oil companies, ‘Soon as we get our attorney general in office we’re going to have endless investigations and lawsuits against you. So you start drilling but your whole investment may sink a lot deeper than the oil.’
Now how many oil companies you think would go north to Alaska under those conditions? You can’t drill oil from behind a pulpit.


85 posted on 03/09/2008 3:47:17 PM PDT by count-your-change (you don't have to be brilliant, not being stupid is enough.)
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To: EternalVigilance

Until we have 2 (TWO) Quarters of negative growth....we are NOT in a recession....so far, I don’t believe we’ve had ONE Quarter of negative growth....but the Democrats sure are hopin’ and prayin’


86 posted on 03/09/2008 3:47:17 PM PDT by goodnesswins (Being Challenged Builds Character; Being Coddled Destroys Character)
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To: fweingart

Lets both chew on that a while and try to think of some examples where patriotism trumps the sacred almighty buck.

If businesses wanted to be patriots, they would keep production here in the states where we could either employ our people at good wages or allow immigrants to come in and be employed at good wages, building up our economy.

Instead, they are sending good jobs overseas. China makes everything now, soon to include motor vehicles. Doesn’t strike me as very patriotic.

I can’t think of the modern politician who put principal over money. These aren’t the founding fathers we are talking about. I mean, this money over patriotism goes right down to the Iraq war.

I’m not saying Bush started the war over economic issues, but you can be damn sure that very high level cabinet meetings included the positive economic stimulus that would be provided by a continual wartime economy. All of those people working for Lockheed and Northrop and TRW were buying homes during the bubble too.


87 posted on 03/09/2008 3:48:47 PM PDT by Freedom_Is_Not_Free
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To: stockstrader
It would have been a million barrels/day less from 'nut-case' countries in the Middle East--

We've had more than thirty years to conserve oil, but we didn't.

Now you want a few more years so you can continue to waste oil?

This is like promising mommy the next cookie will be the last cookie--then after eating it, you're right back begging for another.

88 posted on 03/09/2008 3:49:09 PM PDT by Age of Reason
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To: PghBaldy

I would say it a bit differently, “the value of most commodities, not just oil, has increased as the dollar collapses.”


89 posted on 03/09/2008 3:49:53 PM PDT by Freedom_Is_Not_Free
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To: fweingart

And....pray tell...how much in TAXES do oil companies pay......


90 posted on 03/09/2008 3:50:03 PM PDT by goodnesswins (Being Challenged Builds Character; Being Coddled Destroys Character)
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To: stockstrader
The fact remains that we would get about one million barrels/day from ANWR (EXACTLY what we get from Saudi Arabia every day).

We could have conserved that much every day for thirty years, but didn't.

So don't come crying to me.

91 posted on 03/09/2008 3:50:47 PM PDT by Age of Reason
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To: Age of Reason
Now you want a few more years so you can continue to waste oil?

Where did I say that? Please cite my comment where I said that.

I said that it makes much, MUCH more sense to NOT send that money to Saudi--WHILE,,,,and the operative word here is WHILE (and yes we have to) we do find other energy sources,,,and yes, conserve.

It's absolutely OUTRAGEOUS to NOT drill ANWR.

92 posted on 03/09/2008 3:51:11 PM PDT by stockstrader ( B. 'whose middle name must not be spoken' Obama--"Eloquent, but Empty" (a charitable description))
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To: Oklahoma

True, living standards have never been higher. Personal debt has never been higher. Coincidence? I don’t think so. Reagan taught us all too well to borrow and spend and don’t worry about the deficits — national or personal. You can have your cake and eat it to. For a while...


93 posted on 03/09/2008 3:51:17 PM PDT by Freedom_Is_Not_Free
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To: Oklahoma
Living standards have never been higher.

And much of it is free...Just ask the 30,000,000 illegal aliens that are happy making 8 bucks an hour. Of course most of that is tax free income.

94 posted on 03/09/2008 3:51:56 PM PDT by dragnet2
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To: goodnesswins

That’s what I was thinkin’.


95 posted on 03/09/2008 3:52:11 PM PDT by EternalVigilance (The Reds haven't gone anywhere. They just put on a Green cloak...)
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To: Age of Reason

We have to expand our exploration or reign in china and india

Ethanol aint the answer


96 posted on 03/09/2008 3:53:05 PM PDT by mylife (The Roar Of The Masses Could Be Farts)
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To: Age of Reason
So don't come crying to me.

I am hardly crying to you....lol It looks like you are making that up too. I see a pattern here.

But I'm still waiting for you to show where I want to WASTE oil for a few more years??? Or do you always make completely bogus, untrue and unsubstantiated comments like that?

97 posted on 03/09/2008 3:53:07 PM PDT by stockstrader ( B. 'whose middle name must not be spoken' Obama--"Eloquent, but Empty" (a charitable description))
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To: stockstrader
It's always the same. Even if we drilled for oil, it wouldn't do any good. And most of those folks call us doom and gloomers!
98 posted on 03/09/2008 3:53:43 PM PDT by bjs1779
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To: mylife
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.

Because Americans don't want to admit that we're humans like everyone else, and that the market is now global.

--We ban drilling in the Gulf of Mexico, where China/Cuba are teaming up to drill. That doesn't benefit us or the environment, but I don't hear much objection to changing the handcuffs we placed on ourselves (can't stop them--it's international waters).

--When there's a disaster in Southeast Asia, we borrow money from China to give away, yet nobody asks, "why isn't China giving us debt relief to cover it--it's in THEIR backyard?"

--We think Chinese workers should get paid less than Americans, just because they are Chinese, and get upset when companies want to hire them to do things at lower wages than here.

--We continue to view our income tax scheme as progressive, when in reality it remains regressive as implemented--without taxes on wealth, it simply holds down anyone trying to get ahead of their low position by taxing the higher incomes more.

--Etc.
But hey, eat the bread and watch the showgames, my fellow citizens...don't let anything bother you!
99 posted on 03/09/2008 3:55:31 PM PDT by Gondring (I'll give up my right to die when hell freezes over my dead body!)
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To: milwguy
And btw the reserves in Alaska are not poor quality, and Chevron is introducing a new process for refining high su;phur oil which if proven efficient promises to vastly increas our capacity to refine that stuff into gas and other refined products we need.
So, you're saying that Alaskan oil needs special treatment because of the high sulfur content (which makes it low quality), and Chevron's process is, as yet, unproven.
100 posted on 03/09/2008 3:55:58 PM PDT by Clara Lou (This is how it is this election cycle: Choose your poison.)
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