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Posted on 11/14/2008 5:48:36 PM PST by rabscuttle385
As we have seen in recent months, financial turmoil anywhere in the world affects economies everywhere in the world. And so this weekend I'm going to host a Summit on Financial Markets and the World Economy with leaders from developed and developing nations that account for nearly 90% of the world economy.
The leaders attending this weekend's meeting agree on a clear purpose -- to address the current crisis, and to lay the foundation for reforms that will help prevent a similar crisis in the future.
This crisis did not develop overnight, and it's not going to be solved overnight. There's going to be difficult days ahead. But the actions taken by the U.S. and other nations are having an impact. Credit markets are beginning to thaw. Businesses are gaining access to essential short-term financing. A measure of stability is returning to financial systems.
(Excerpt) Read more at online.wsj.com ...
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I have a friend in NJ who had a huge plumbing business, 20 workers, ten trucks all doing new home installs and old home retrofits. Just talked to him last night. He has shut down, now has one cash worker, the rest laid off. No business.
Another friend in CA had a custom woodworking business. He has closed and gone on SS. No business for two years. Before he was working 60 hours a week.
You need two things to get things going again, capital investments and willing customers. A place to start would be to re-institute the pre S&L crisis IRS rules on rent property. Lower capital gains, lower corporate income tax ... Obamunism will provide none of the above, he is more into slavery than freedom.
Considering the actions being taken are by the ones who cause this mess, this message instills about as much confidence as appointing a person from Goldman-Sach to manage our way out of this crisis.
Yes, not a bad speech, and I suppose he’s right to avoid partisan charges against the Democrats as the chief cause of the problem in this particular context.
The chief architects of this disaster were LBJ, Jimmy Carter, and Bill Clinton, with lots of help from Alan Greenspan.
But Bush bears some responsibility for not doing more to head off the crisis. And he made a terrible mistake making Paulson his Secretary of the Treasury. Paulson was NOT working for Bush.
Yes, the Democrats in congress pushed for more and more subprime loans and no regulation of Fannie Mae and so forth. But Bush could have done more to point out these dangers. The problem, I think, is that he was really not up to speed on what was happening. And Paulson was not talking to him, he was talking to the DNC and Obama.
Mean while, goberment workers are getting free transportation to work.
Jeeezzzzzzzzz. I give up!
I don't know which way to turn. I love small government, but big goverment serves meals, transportation, retirement, medical, living off others work......................? Someone please shoot me.
Maybe you ought to consider the Chinese; they're cheaper than the Mexicans....just because they're made from lead and melamine shouldn't be an obstacle.
Yes, but it only big government only works as long as some suckers bakes the pies. There is no satisfaction in eating a free lunch — You just want another.
...doesn't add up.
don't you have to produce something besides retail sales and service in order to have an economy ?
When I heard a voice that sounded like President Bush utter these words on the radio yesterday, I was 100% certain that I was listening to a comedy routine.
This is the guy who has presided over the largest expansion of the Federal government in the history of the United States.
Just as it took about 8 months for the economy to tank when oil spiked to $140 and above, it will take six months for the economy to begin picking up again.
ENERGY is the driving force of almost everything in our industrial-technical society.
The quadrupling of oil, which started a few months before Hurricane Katrina, caused US companies and families to stop spending and expanding ... as oil seemed headed for $200 a barrel.
Companies cancelled contracts, and cut back on new hiring as CEO's presumed gasoline would soon be $8 a gallon.
All companies and families who were leveredged to the max, or who had zero-down mortgages, quickly began bleeding red ink as real estate prices dropped 15%... and then another 10%... which effectively reduced their net worth by one third.
Thus the mortgage crisis/ credit crunch was born.... JUST IN TIME to ruin the GOP's chances in the 2008 election.
It was all too contrived for me to think this all just happened by itself.
The industrial sector of the U.S. actually exceeds the combined industrial sectors of the European Union.
Buddy, I am all the way with you. It is a Soros/Limousine LiberalForeign donators purchase of our presidency. Every one must be told that Obama sued Citibank to allow sub prime loans in 1994. Then they must know Obama trained ACORN people to break into bank board meetings and demonstrate in front of their family's homes in order to grant sub-prime loans. The world has faced an evaporation of capital that dwarfs our American wars. Pensioners will be eating dogfood and going without medicine, worldwide, for at least a half decade. Yet they worship the man who precipitated this economic collapse!
what do we make ? porn ? cigarretes? ...everything I see says made in somewhere else on it
I heard an expert (on hugh hewitt radio shaow ) say that the economy will naturally recover early next year, and Obama will get all the credit even though he has nothing to do with it
I’m sure recovery is just around the corner, now that Paulson has
bought up all the “toxic debt”.
What’s that you say, Paulson said “never mind”, don’t need to buy
up the toxic debt?
Then what was Paulson’s “hair (he doesn’t have) on fire” push to
get that bill passed not long ago.
I suppose it all depends on what the meaning of “toxic” “is”.
(/SARC)
You were, but it isn't funny.
I was lucky enough to be able to hear this speech on TV, it is the George W. Bush that I admire so much. A truly great man, one of the best.
These words are the first shot over the bow of those who would take our freedom away from us. These words have a power that transcends any man, indeed they represent God’s law and gift to mankind.
God Bless George W. Bush
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