From a Lame Duck Administration to a Dead Duck Economy

Photo licensed under Creative Commons by Tim Parkinson

From a Lame Duck Administration to a Dead Duck Economy

Oh boy, here we go again. The economy is crippled but does not appear quite as dead as the duck in Tim Parkinson's image.


In truth, we had hoped for the failure of the Financial Recovery Bill (obtained from c-span.org). Now the legislator's have (with alarming speed) posted, a new bill - click on the hyperlinks to view the new bill. You can read the previous bill by clicking on the link in yesterday's post.

We suspect the main cause of the bill failure was not the dissension among the GOP leaders, so much as the anger felt by the citizens of our country as well as their lack of faith in the leadership - so much brought about by the wars, the attempt at privatizing Social Security, the Attorneys General politically-motivated termination scandal, Abu Ghraib, Guantanamo Bay, warrantless wiretapping, Plamegate and so many other false, out-of-touch moves by the current administration. Not to mention the less-than-apparent fact of having a Financial Emperor created in the guise of the Frankensteinian (to rip off The Daily Show) Henry Paulson. Mr. Paulson has not created a suitable atmosphere of trust in his "imperious" handling of the economy. We almost miss the semi-avuncular, ham-fisted, cloth-eared handling of the economy by John Snow.

This Administration has just done so much to irk its citizens that they can no longer trust their leadership. That, coupled with the fact that the leadership is a lame duck.

But, the truth is we're out of time. We haven't had a chance to read the new bill, barely skimming through the previous one. The mere facts of which made our call for failure only more than premonitory. It became a fact of and in itself.

Will the trillion-dollar loss in the markets of yesterday prevent another grim failure? We're watching and waiting. Truth is, we don't have much hope for the next bill. If only Mr. Buffet hadn't given away so many billions, he might have been able to lend some of the money needed. Then he wouldn't feel so compelled to ask us to fix our dead duck economy.

Our still pleading President - hat in hand - might do better to have Laura Bush do the pleading. Somehow, we think she is the last compelling, compassionate and appealing figure linked to this Administration. Indeed, this could be her siren song to greatness. Give it a try, Mrs. Bush. Behind you we could stand.

With that said, here are the news links:

Financial crisis triggering 'herd mentality,' scientists say

http://www.yahoo.com/s/962401

US shares make recovery

http://news.bbc.co.uk/2/hi/business/7643441.stm

Why did the bill fail?

http://news.bbc.co.uk/2/hi/business/7643199.stm

Where did the votes go?

http://news.bbc.co.uk/2/hi/business/7644259.stm

McCain, Obama push Congress for action

http://www.msnbc.msn.com/id/26955707/

Peston's view: Irish guarantee

http://www.bbc.co.uk/blogs/thereporters/robertpeston/

Citizens at boiling point

http://www.msnbc.msn.com/id/26948627/

World media blame US Congress

http://news.bbc.co.uk/2/hi/in_depth/7644129.stm

Financial crisis shock waves hit municipalities

http://www.msnbc.msn.com/id/26946065/

No bailout, here's Plan B

http://money.cnn.com/2008/09/30/news/economy/plan_b/index.htm?cnn=yes

Asia stocks fall after US failure

http://news.bbc.co.uk/2/hi/business/7643340.stm

1 in 4 chance McCain may not survive 2nd term

http://www.msnbc.msn.com/id/26959868/

Ticker: Post-debate polls not good for McCain

http://www.cnn.com/linkto/ticker.html

Friend turns on Sen. Ted Stevens in corruption trial

http://www.yahoo.com/s/962521

Analysis: Bailout defeat now a political credibility crisis

http://news.yahoo.com/s/time/20080930/us_time/thebailoutdefeatapoliticalcredibilitycrisis;_ylt=AgAs6J49P3KEecGcTBHs2sOs0NUE


Voting begins in US state of Ohio

http://news.bbc.co.uk/2/hi/americas/7643682.stm

For Monday, September 29, 2008

Wall Street bail-out goes to vote

http://news.bbc.co.uk/2/hi/business/7641733.stm

House to decide on huge bailout

http://www.msnbc.msn.com/id/26884523/

Fed makes huge cash injection

http://www.msnbc.msn.com/id/26941860/

Gut Check: Anger on Main St.

http://www.msnbc.msn.com/id/26903309/

Live vote: What do you think?

http://mhwolk.newsvine.com/_question/2008/09/28/1926787-is-the-congressional-compromise-on-the-bailout-bill-a-good-deal

Financial Markets Bill

http://c-span.org/pdf/finance_bill_092808.pdf

Wall Street plummets ahead of bailout vote

http://www.msnbc.msn.com/id/3683270/

Investigator to probe attorney firings

http://www.msnbc.msn.com/id/26942127/

Federal grand jury to probe Fannie, Freddie


Four rules travelers should know for 2009

http://www.msnbc.msn.com/id/26905467/

How to find a job during a recession

http://www.cnn.com/2008/LIVING/worklife/09/29/cb.job.searching.recession/index.html

'Great progress' in US bail-out

http://news.bbc.co.uk/2/hi/business/7640223.stm

Q&A: US $700bn bail-out plan

http://news.bbc.co.uk/2/hi/business/7631321.stm

US rescue deal: Sticking points

http://news.bbc.co.uk/2/hi/business/7637365.stm

How we got into this mess

http://www.newsweek.com/id/161199

Deal reached on financial markets bailout

http://www.msnbc.msn.com/id/26884523/

Vote: Should Congress OK deal?

http://sfomurchu.newsvine.com/_question/2008/09/25/1910444-as-congress-moves-closer-to-a-deal-on-the-700-billion-bailout-plan-do-you-think-lawmakers-should-approve-it

Senate sends big spending bill to Bush to sign

http://www.msnbc.msn.com/id/26915459/

AP Investigation: Palin got zoning aid, gifts

http://news.yahoo.com/s/ap/20080928/ap_on_el_pr/palin_ethics;_ylt=AhIxjM6dg.ubeY3ql.quRiWs0NUE

What $700B won't buy: a quick fix for the economy

http://news.yahoo.com/s/ap/20080927/ap_on_bi_ge/bailout_fallout;_ylt=Aj_vjTsSrq3Q6O31JXNGgbOs0NUE

The Bailout Scandal

The Bailout Scandal

This one appears to be a scandal with virtually no precedent. You're probably bored to death with this one by now. Well, so are we. But we find it important to voice our opinion on this newest scandal.

The sometimes-pithy Joe Scarborough has railed on about how nobody saw this coming. Boy, is he wrong. The BBC news predicted at least one major US bank would fail just over a month ago. Somebody did see this one coming, but apparently Joe and members of Congress and other officials chose to just go along with business-as-usual attitudes. Boy, were they wrong about that.

Its no more business-as-usual and Chicken Little is running for cover. The sub prime sky isn't falling. It fell. Hard. And loud. And now everybody is trying to gain good faith as appearing to pick up the pieces - which makes this sorry and terrible spectacle all the more scandalous.

The banking giants are toppling like the Twin Towers did in 911. But, the terrorists aren't "out there". They are hiding within our boundaries. Sneering and gnashing their teeth, all the while consuming Dom Pérignon and Beluga Caviar off the tops of our financial heads. Too bad there's nothing we can do about that - legally, anyway. We're waiting for the real fallout. A real hard rain of a s***storm is just about here. The rope makers are in for a banner year, because a certain kind of neck wear is coming back in fashion.

No, we know its not pleasant and probably illegitimate to even mention this stuff. But, its just a prediction of harder times to come. Its likely to be a real hard winter this year. Jobs will be lost, more homes lost, more unemployment coming, the rising trade deficit and the bailout will likely be the causes and makers of more hard times for more of the masses. And we're wondering "Where's your bailout? Where's mine?" Our legislature and our leadership appear to be barely concerned for our needs. Oh, wait a minute, that's right - they're going to fix Wall Street. That's how they're going to help you and me. Yeah, right, and 5 bucks will get you a cappuccino at Starbuck's. We can't even afford a taste of Starbuck's - let alone a chili dog, or a car payment, or a mortgage payment, and so on and so forth.

So, where's the chance to vote on this bailout? What you say? There is no vote for you on the bailout? Did you notice how you have been cut out of the equation? Bush and his cronies seem perfectly willing to vote with your dollars, however. Here is our vote - Vote NO on the bailout by contacting your senator and/or congressman today. Do it now.